Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

FS RIALTO 2022-FL4 ISSUER, LLC, 

as Issuer 
 FS CREDIT REAL ESTATE
INCOME TRUST, INC., 
 as Advancing Agent 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
 COMPUTERSHARE TRUST
COMPANY, NATIONAL ASSOCIATION, 
 as Note Administrator 

and 
 COMPUTERSHARE TRUST COMPANY,
NATIONAL ASSOCIATION, 
 as Custodian 

INDENTURE 
 Dated as of
March 31, 2022 
  
  

 

 TABLE OF CONTENTS 

Page 
  

							
	ARTICLE 1	  

	
	DEFINITIONS	  

			
	 Section 1.1
	 	Definitions	  	 	3	 
	 Section 1.2
	 	Interest Calculation Convention	  	 	57	 
	 Section 1.3
	 	Rounding Convention	  	 	57	 
	
	ARTICLE 2	  

	
	THE NOTES	  

	 Section 2.1
	 	Forms Generally	  	 	57	 
	 Section 2.2
	 	Forms of Notes and Certificate of Authentication	  	 	57	 
	 Section 2.3
	 	Authorized Amount; Stated Maturity Date; and Denominations	  	 	59	 
	 Section 2.4
	 	Execution, Authentication, Delivery and Dating	  	 	60	 
	 Section 2.5
	 	Registration, Registration of Transfer and Exchange	  	 	61	 
	 Section 2.6
	 	Mutilated, Defaced, Destroyed, Lost or Stolen Note	  	 	68	 
	 Section 2.7
	 	Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	  	 	69	 
	 Section 2.8
	 	Persons Deemed Owners	  	 	73	 
	 Section 2.9
	 	Cancellation	  	 	73	 
	 Section 2.10
	 	Global Notes; Definitive Notes; Temporary Notes	  	 	73	 
	 Section 2.11
	 	U.S. Federal Income Tax Treatment of Notes and the Issuer	  	 	75	 
	 Section 2.12
	 	Authenticating Agents	  	 	76	 
	 Section 2.13
	 	Forced Sale on Failure to Comply with Restrictions	  	 	77	 
	 Section 2.14
	 	No Gross Up	  	 	77	 
	 Section 2.15
	 	Credit Risk Retention	  	 	77	 
	 Section 2.16
	 	Exchangeable Notes; Exchange of MASCOT Notes	  	 	78	 
	 Section 2.17
	 	Effect of Benchmark Transition Event	  	 	79	 
	 Section 2.18
	 	Certain U.S. Federal Income Tax Accounting Applicable to Sub-REIT’s Treatment of the Class H Notes.	  	 	80	 
	
	ARTICLE 3	  

	
	CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS	  

			
	 Section 3.1
	 	General Provisions	  	 	82	 
	 Section 3.2
	 	Security for Secured Notes	  	 	84	 
	 Section 3.3
	 	Transfer of Collateral	  	 	86	 

  
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	ARTICLE 4	  

	
	SATISFACTION AND DISCHARGE	  

	 Section 4.1
	 	Satisfaction and Discharge of Indenture	  	 	93	 
	 Section 4.2
	 	Application of Amounts Held in Trust	  	 	95	 
	 Section 4.3
	 	Repayment of Amounts Held by Paying Agent	  	 	95	 
	 Section 4.4
	 	Limitation on Obligation to Incur Company Administrative Expenses	  	 	95	 
	
	ARTICLE 5	  

	
	REMEDIES	  

			
	 Section 5.1
	 	Events of Default	  	 	96	 
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	98	 
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	99	 
	 Section 5.4
	 	Remedies	  	 	103	 
	 Section 5.5
	 	Preservation of Collateral	  	 	105	 
	 Section 5.6
	 	Trustee May Enforce Claims Without Possession of Notes	  	 	106	 
	 Section 5.7
	 	Application of Amounts Collected	  	 	106	 
	 Section 5.8
	 	Limitation on Suits	  	 	106	 
	 Section 5.9
	 	Unconditional Rights of Noteholders to Receive Principal and Interest	  	 	107	 
	 Section 5.10
	 	Restoration of Rights and Remedies	  	 	107	 
	 Section 5.11
	 	Rights and Remedies Cumulative	  	 	108	 
	 Section 5.12
	 	Delay or Omission Not Waiver	  	 	108	 
	 Section 5.13
	 	Control by the Controlling Class	  	 	108	 
	 Section 5.14
	 	Waiver of Past Defaults	  	 	108	 
	 Section 5.15
	 	Undertaking for Costs	  	 	109	 
	 Section 5.16
	 	Waiver of Stay or Extension Laws	  	 	109	 
	 Section 5.17
	 	Sale of Collateral	  	 	110	 
	 Section 5.18
	 	Action on the Notes	  	 	110	 
	
	ARTICLE 6	  

	
	THE TRUSTEE AND NOTE ADMINISTRATOR	  

			
	 Section 6.1
	 	Certain Duties and Responsibilities	  	 	111	 
	 Section 6.2
	 	Notice of Default	  	 	114	 
	 Section 6.3
	 	Certain Rights of Trustee and Note Administrator	  	 	114	 
	 Section 6.4
	 	Not Responsible for Recitals or Issuance of Notes	  	 	117	 
	 Section 6.5
	 	May Hold Notes	  	 	117	 
	 Section 6.6
	 	Amounts Held in Trust	  	 	118	 
	 Section 6.7
	 	Compensation and Reimbursement	  	 	118	 
	 Section 6.8
	 	Corporate Trustee Required; Eligibility	  	 	119	 
	 Section 6.9
	 	Resignation and Removal; Appointment of Successor	  	 	120	 
	 Section 6.10
	 	Acceptance of Appointment by Successor	  	 	122	 

  
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	 Section 6.11
	 	Merger, Conversion, Consolidation or Succession to Business of Trustee and Note Administrator	  	 	123	 
	 Section 6.12
	 	Co-Trustees and Separate Trustee	  	 	123	 
	 Section 6.13
	 	Direction to Enter into the Servicing Agreement	  	 	124	 
	 Section 6.14
	 	Representations and Warranties of the Trustee	  	 	124	 
	 Section 6.15
	 	Representations and Warranties of the Note Administrator	  	 	125	 
	 Section 6.16
	 	Requests for Consents	  	 	126	 
	 Section 6.17
	 	Withholding	  	 	126	 
	
	ARTICLE 7	  

	
	COVENANTS	  

			
	 Section 7.1
	 	Payment of Principal and Interest	  	 	127	 
	 Section 7.2
	 	Maintenance of Office or Agency	  	 	127	 
	 Section 7.3
	 	Amounts for Note Payments to be Held in Trust	  	 	128	 
	 Section 7.4
	 	Existence of the Issuer	  	 	130	 
	 Section 7.5
	 	Protection of Collateral	  	 	131	 
	 Section 7.6
	 	Notice of Any Amendments	  	 	132	 
	 Section 7.7
	 	Performance of Obligations	  	 	132	 
	 Section 7.8
	 	Negative Covenants	  	 	133	 
	 Section 7.9
	 	Statement as to Compliance	  	 	135	 
	 Section 7.10
	 	Issuer May Consolidate or Merge Only on Certain Terms	  	 	135	 
	 Section 7.11
	 	Successor Substituted	  	 	137	 
	 Section 7.12
	 	No Other Business	  	 	137	 
	 Section 7.13
	 	Reporting	  	 	138	 
	 Section 7.14
	 	Calculation Agent	  	 	138	 
	 Section 7.15
	 	REIT Status	  	 	139	 
	 Section 7.16
	 	Permitted Subsidiaries	  	 	139	 
	 Section 7.17
	 	Repurchase Requests	  	 	140	 
	 Section 7.18
	 	Servicing of Commercial Real Estate Loans and Control of Servicing Decisions	  	 	141	 
	
	ARTICLE 8	  

	
	SUPPLEMENTAL INDENTURES	  

			
	 Section 8.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	141	 
	 Section 8.2
	 	Supplemental Indentures with Consent of Noteholders	  	 	144	 
	 Section 8.3
	 	Execution of Supplemental Indentures	  	 	146	 
	 Section 8.4
	 	Effect of Supplemental Indentures	  	 	148	 
	 Section 8.5
	 	Reference in Notes to Supplemental Indentures	  	 	148	 

  
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	ARTICLE 9	  

	
	REDEMPTION OF NOTES; REDEMPTION PROCEDURES	  

			
	 Section 9.1
	 	Clean-up Call; Tax Redemption; Optional Redemption; and Auction Call Redemption	  	 	148	 
	 Section 9.2
	 	Record Date for Redemption	  	 	150	 
	 Section 9.3
	 	Notice of Redemption or Maturity	  	 	150	 
	 Section 9.4
	 	Notes Payable on Redemption Date	  	 	151	 
	 Section 9.5
	 	Mandatory Redemption.	  	 	151	 
	
	ARTICLE 10	  

	
	ACCOUNTS, ACCOUNTINGS AND RELEASES	  

			
	 Section 10.1
	 	Collection of Amounts; Custodial Account	  	 	152	 
	 Section 10.2
	 	Reinvestment Account	  	 	152	 
	 Section 10.3
	 	Payment Account	  	 	153	 
	 Section 10.4
	 	[Reserved].	  	 	154	 
	 Section 10.5
	 	[Reserved].	  	 	154	 
	 Section 10.6
	 	Interest Advances	  	 	154	 
	 Section 10.7
	 	Reports by Parties	  	 	158	 
	 Section 10.8
	 	Reports; Accountings	  	 	158	 
	 Section 10.9
	 	Release of Collateral Interests; Release of Collateral	  	 	161	 
	 Section 10.10
	 	Information Available Electronically	  	 	163	 
	 Section 10.11
	 	Investor Q&A Forum; Investor Registry	  	 	165	 
	 Section 10.12
	 	Certain Procedures	  	 	168	 
	
	ARTICLE 11	  

	
	APPLICATION OF FUNDS	  

			
	 Section 11.1
	 	Disbursements of Amounts from Payment Account	  	 	168	 
	 Section 11.2
	 	Securities Accounts	  	 	175	 
	
	ARTICLE 12	  

	
	SALE OF COLLATERAL INTERESTS; REINVESTMENT COLLATERAL INTERESTS; EXCHANGE COLLATERAL INTERESTS; FUTURE FUNDING ESTIMATES	  

			
	 Section 12.1
	 	Sales of Collateral Interests	  	 	175	 
	 Section 12.2
	 	Reinvestment Collateral Interests.	  	 	179	 
	 Section 12.3
	 	Conditions Applicable to All Transactions Involving Sale or Grant	  	 	180	 
	 Section 12.4
	 	Modifications to Note Protection Tests	  	 	181	 
	 Section 12.5
	 	Future Funding Agreement	  	 	181	 
	 Section 12.6
	 	Cross-Collateralized and Cross-Defaulted Collateral Interests.	  	 	182	 

  
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	ARTICLE 13	  

	
	NOTEHOLDERS’ RELATIONS	  

			
	 Section 13.1
	 	Subordination	  	 	182	 
	 Section 13.2
	 	Standard of Conduct	  	 	185	 
	
	ARTICLE 14	  

	
	MISCELLANEOUS	  

			
	 Section 14.1
	 	Form of Documents Delivered to the Trustee and Note Administrator	  	 	185	 
	 Section 14.2
	 	Acts of Noteholders	  	 	186	 
	 Section 14.3
	 	Notices, etc., to the Trustee, the Note Administrator, the Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Placement Agents, the Collateral Manager and the Rating Agencies	  	 	187	 
	 Section 14.4
	 	Notices to Noteholders; Waiver	  	 	189	 
	 Section 14.5
	 	Effect of Headings and Table of Contents	  	 	190	 
	 Section 14.6
	 	Successors and Assigns	  	 	190	 
	 Section 14.7
	 	Severability	  	 	190	 
	 Section 14.8
	 	Benefits of Indenture	  	 	190	 
	 Section 14.9
	 	Governing Law; Waiver of Jury Trial	  	 	190	 
	 Section 14.10
	 	Submission to Jurisdiction	  	 	190	 
	 Section 14.11
	 	Counterparts	  	 	191	 
	 Section 14.12
	 	17g-5 Information	  	 	191	 
	 Section 14.13
	 	Rating Agency Condition	  	 	193	 
	 Section 14.14
	 	Patriot Act Compliance	  	 	194	 
	
	ARTICLE 15	  

	
	ASSIGNMENT OF THE COLLATERAL INTEREST PURCHASE AGREEMENT	  

			
	 Section 15.1
	 	Assignment of Collateral Interest Purchase Agreement	  	 	194	 
	
	ARTICLE 16	  

	
	CURE RIGHTS; PURCHASE RIGHTS	  

			
	 Section 16.1
	 	Collateral Interest Purchase Agreements	  	 	196	 
	 Section 16.2
	 	Representations and Warranties Related to Reinvestment Collateral Interests and Exchange Collateral Interests	  	 	196	 
	 Section 16.3
	 	Purchase Right; Majority Class H Noteholder	  	 	197	 

  
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	ARTICLE 17	  

	
	ADVANCING AGENT	  

			
	 Section 17.1
	 	Liability of the Advancing Agent	  	 	198	 
	 Section 17.2
	 	Merger or Consolidation of the Advancing Agent	  	 	198	 
	 Section 17.3
	 	Limitation on Liability of the Advancing Agent and Others	  	 	198	 
	 Section 17.4
	 	Representations and Warranties of the Advancing Agent	  	 	199	 
	 Section 17.5
	 	Resignation and Removal; Appointment of Successor	  	 	200	 
	 Section 17.6
	 	Acceptance of Appointment by Successor Advancing Agent	  	 	201	 
	 Section 17.7
	 	Removal and Replacement of Backup Advancing Agent	  	 	201	 
			
	 SCHEDULES
	 		  			
			
	 Schedule A
	 	Schedule of Collateral Interests	  			
	 Schedule B
	 	Benchmark	  			
	 Schedule C
	 	List of Authorized Officers of Collateral Manager	  			

 EXHIBITS 
  

			
	Exhibit A-1	  	Form of Class A Senior Secured Floating Rate Note (Global Note)
	Exhibit A-2	  	Form of Class A Senior Secured Floating Rate Note (Definitive Note)
	Exhibit B-1	  	Form of Class A-S Second Priority Secured Floating Rate Note (Global Note
	Exhibit B-2	  	Form of Class A-S Second Priority Secured Floating Rate Note (Definitive Note)
	Exhibit C-1	  	Form of Class B Third Priority Secured Floating Rate Note (Global Note)
	Exhibit C-2	  	Form of Class B Third Priority Secured Floating Rate Note (Definitive Note)
	Exhibit D-1	  	Form of Class C Fourth Priority Secured Floating Rate Note (Global Note)
	Exhibit D-2	  	Form of Class C Fourth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit E-1	  	Form of Class D Fifth Priority Secured Floating Rate Note (Global Note)
	Exhibit E-2	  	Form of Class D Fifth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit F-1	  	Form of Class E Sixth Priority Secured Floating Rate Note (Global Note)
	Exhibit F-2	  	Form of Class E Sixth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit G-1	  	Form of Class F Seventh Priority Secured Floating Rate Note (Global Note)
	Exhibit G-2	  	Form of Class F Seventh Priority Secured Floating Rate Note (Definitive Note)
	Exhibit G-3	  	Form of Class F-E Seventh Priority Secured Floating Rate Note (Global Note)
	Exhibit G-4	  	Form of Class F-E Seventh Priority Secured Floating Rate Note (Definitive Note)
	Exhibit G-5	  	Form of Class F-X Seventh Priority Secured Floating Rate Note (Global Note)
	Exhibit G-6	  	Form of Class F-X Seventh Priority Secured Floating Rate Note (Definitive Note)
	Exhibit H-1	  	Form of Class G Eighth Priority Secured Floating Rate Note (Global Note)
	Exhibit H-2	  	Form of Class G Eighth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit H-3	  	Form of Class G-E Eighth Priority Secured Floating Rate Note (Global Note)
	Exhibit H-4	  	Form of Class G-E Eighth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit H-5	  	Form of Class G-X Eighth Priority Secured Floating Rate Note (Global Note)
	Exhibit H-6	  	Form of Class G-X Eighth Priority Secured Floating Rate Note (Definitive Note)
	Exhibit I-1	  	Form of Class H Income Note (Global Note)

  
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	Exhibit I-2	  	Form of Class H Income Note (Definitive Note)
	Exhibit J-1	  	Form of Transfer Certificate – Regulation S Global Note
	Exhibit J-2	  	Form of Transfer Certificate – Rule 144A Global Note
	Exhibit J-3	  	Form of Transfer Certificate – Definitive Note
	Exhibit K	  	[Reserved]
	Exhibit L	  	Form of Custodian Receipt
	Exhibit M	  	Form of Request for Release of Documents and Receipt
	Exhibit N	  	Form of Auction Call Procedure
	Exhibit O	  	Form of NRSRO Certification
	Exhibit P	  	Form of Note Administrator’s Monthly Report
	Exhibit Q-1	  	Form of Investor Certification (for Non-Borrower Affiliates)
	Exhibit Q-2	  	Form of Investor Certification (for Borrower Affiliates)
	Exhibit R	  	Form of Online Market Data Provider Certification
	Exhibit S	  	Form of Officer’s Certificate of the Collateral Manager with Respect to the Acquisition of Collateral Interests
	Exhibit T	  	MASCOT Note Officer’s Certificate
	Exhibit U	  	Beneficial Holder Information Form

  
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 INDENTURE, dated as of March 31, 2022, by and among FS RIALTO 2022-FL4 ISSUER, LLC, as issuer (the “Issuer”), WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (herein, together with its permitted successors and assigns in the trusts hereunder, the
“Trustee”), COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as note administrator, paying agent, calculation agent, transfer agent, authenticating agent, notes registrar and backup advancing agent (in all of the foregoing
capacities, together with its permitted successors and assigns, the “Note Administrator”), COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as custodian (herein, together with its permitted successors and assigns in the trusts
hereunder, the “Custodian”), and FS CREDIT REAL ESTATE INCOME TRUST, INC. (including any successor by merger, “FS Credit REIT”), as advancing agent (herein, together with its permitted successors and assigns in the
trusts hereunder, the “Advancing Agent”). 
 PRELIMINARY STATEMENT 

The Issuer is duly authorized to execute and deliver this Indenture to provide for the Notes issuable as provided in this Indenture. All
covenants and agreements made by the Issuer herein are for the benefit and security of the Secured Parties. The Issuer, the Note Administrator, in all of its capacities hereunder, the Custodian, the Trustee and the Advancing Agent are entering into
this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 

All things necessary to make this Indenture a valid agreement of the Issuer in accordance with this Indenture’s terms have been done.

 GRANTING CLAUSE 
 The Issuer
hereby Grants to the Trustee, for the benefit and security of the Secured Parties, all of its right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising out of (in each case, to the
extent of the Issuer’s interest therein and specifically excluding any interest in the related Future Funding Participation therein): 

(a) the Closing Date Collateral Interests listed on Schedule A hereto which the Issuer purchases on the Closing Date and
causes to be delivered to the Trustee (directly or through the Custodian) herewith, including all payments thereon or with respect thereto, and all Collateral Interests which are delivered to the Trustee (directly or through the Custodian) after the
Closing Date pursuant to the terms hereof (including the Reinvestment Collateral Interests, Exchange Collateral Interests and Contribution Collateral Interests acquired by the Issuer after the Closing Date) and all payments thereon or with respect
thereto, in each case, other than Retained Interest, if any, under, and as defined in, the Collateral Interest Purchase Agreement; 

(b) the Servicing Accounts, the Indenture Accounts and the related Security Entitlements and all income from the investment of
funds in any of the foregoing at any time credited to any of the foregoing accounts; 
 (c) the Eligible Investments; 

 

 (d) the rights of the Issuer under the Collateral Management Agreement, the
Collateral Interest Purchase Agreement and the Servicing Agreement; 
 (e) all amounts delivered to the Note Administrator
(or its bailee) (directly or through a Securities Intermediary); 
 (f) all other investment property, Instruments and
General Intangibles in which the Issuer has an interest; 
 (g) the Issuer’s ownership interest in, and rights to, all
Permitted Subsidiaries; and 
 (h) all proceeds with respect to the foregoing clauses (a) through (g).

 The collateral described in the foregoing clauses (a) through (h) is referred to herein as the
“Collateral.” Such Grants are made to secure the Secured Notes equally and ratably without prejudice, priority or distinction between any Secured Note and any other Secured Note, for any reason, except as expressly provided in this
Indenture (including, but not limited to, the Priority of Payments) and to secure (i) the payment of all amounts due on and in respect of the Secured Notes in accordance with their terms, (ii) the payment of all other sums payable under
this Indenture and (iii) compliance with the provisions of this Indenture, all as provided in this Indenture. The foregoing Grant shall, for the purpose of determining the property subject to the lien of this Indenture, be deemed to include any
securities and any investments granted by or on behalf of the Issuer to the Trustee for the benefit of the Secured Parties, whether or not such securities or such investments satisfy the criteria set forth in the definitions of “Collateral
Interest” or “Eligible Investment,” as the case may be. 
 Except to the extent otherwise provided in this Indenture, this
Indenture shall constitute a security agreement under the laws of the State of New York applicable to agreements made and to be performed therein, for the benefit of the Noteholders. Upon the occurrence and during the continuation of any Event of
Default hereunder, and in addition to any other rights available under this Indenture or any other Collateral held for the benefit and security of the Noteholders or otherwise available at law or in equity but subject to the terms hereof, the
Trustee shall have all rights and remedies of a secured party under the laws of the State of New York and other applicable law to enforce the assignments and security interests contained herein and, in addition, shall have the right, subject to
compliance with any mandatory requirements of applicable law and the terms of this Indenture, to exercise, sell or apply any rights and other interests assigned or pledged hereby in accordance with the terms hereof at public and private sale. 

The Trustee acknowledges such Grants, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties
herein in accordance with, and subject to, the terms hereof, in order that the interests of the Secured Parties may be adequately and effectively protected in accordance with this Indenture. 

Notwithstanding anything in this Indenture to the contrary, for all purposes hereunder, no holder of the Class H Notes shall be a secured
party for purposes of the Grant by virtue of holding such Notes. 

  
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 CREDIT RISK RETENTION 

On the Closing Date, pursuant to the U.S. Risk Retention Agreement and the EU/UK Risk Retention Letter, the Retention Holder will retain 100%
of the Class H Notes. The Class H Notes are referred to in this Indenture as the EHRI. 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 Definitions. 

Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below
for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms. The word “including” and its
variations shall mean “including without limitation.” Whenever any reference is made to an amount the determination of which is governed by Section 1.2, the provisions of Section 1.2
shall be applicable to such determination or calculation, whether or not reference is specifically made to Section 1.2, unless some other method of calculation or determination is expressly specified in the particular
provision. All references in this Indenture to designated “Articles,” “Sections,” “Subsections” and other subdivisions are to the designated Articles, Sections, Subsections and other subdivisions of this Indenture as
originally executed. The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section, Subsection or other subdivision. 

“17g-5 Information”: The meaning specified in
Section 14.12(a). 
 “17g-5 Information Provider”: The
meaning specified in Section 14.12(a). 
 “17g-5 Website”:
A password-protected internet website maintained by the 17g-5 Information Provider, which shall initially be located at www.ctslink.com, under the “NRSRO” tab for this transaction. Any change
of the 17g-5 Website shall only occur after notice has been delivered by the 17g-5 Information Provider to the Issuer, the Note Administrator, the Trustee, the
Collateral Manager, the Placement Agents and the Rating Agencies, which notice shall set forth the date of change and new location of the 17g-5 Website. 

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

“Accepted Loan Servicer”: Any commercial mortgage servicer or special servicer, as the case may be, (i) that (a)
has a current ranking from DBRS Morningstar of at least “MOR CS3” or (b) if not ranked by DBRS Morningstar, is acting as servicer or special servicer, as the case may be, for a commercial mortgage-backed securities transaction rated
by DBRS Morningstar and as to which DBRS Morningstar has not, in the past 12 months, publicly cited servicing concerns with respect to such servicer or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal
of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal, which qualification, downgrade, withdrawal 

  
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or placement on “watch status” has not been withdrawn within 60 days of such rating action) of securities in such commercial mortgage-backed securities transaction and serviced by such
servicer or special servicer prior to the time of determination, and (ii) that has acted as servicer or special servicer, as the case may be, for a commercial mortgage-backed securities transaction rated by Moody’s and as to which
Moody’s has not, in the past 12 months, publicly cited servicing concerns with respect to such servicer or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on
“watch status” in contemplation of a ratings downgrade or withdrawal, which qualification, downgrade, withdrawal or placement on “watch status” has not been withdrawn within 60 days of such rating action) of securities in such
commercial mortgage-backed securities transaction and serviced by such servicer or special servicer prior to the time of determination. 

“Access Termination Notice”: The meaning specified in the Future Funding Agreement. 

“Account”: Any of the Servicing Accounts, the Indenture Accounts and the Future Funding Reserve Account. 

“Accountants’ Report”: A report of a firm of Independent certified public accountants of recognized national reputation.

 “Acquisition and Disposition Requirements”: With respect to any acquisition (whether by purchase or otherwise) or
disposition of a Collateral Interest, satisfaction of each of the following conditions: (a) such Collateral Interest is being acquired or disposed of in accordance with the terms and conditions set forth in this Indenture; (b) the
acquisition or disposition of such Collateral Interest does not result in a reduction or withdrawal of the then current rating issued by Moody’s or DBRS Morningstar on any Class of Notes then outstanding; and (c) such Collateral
Interest is not being acquired or disposed of for the primary purpose of recognizing gains or decreasing losses resulting from market value changes. 

“Acquisition Criteria”: The meaning specified in Section 12.2(a). 

“Act” or “Act of Noteholders”: The meaning specified in Section 14.2. 

“Additional Note Administrator Compensation”: The meaning specified in Section 10.3(c). 

“Administrative Modification”: The meaning specified in the Servicing Agreement. 

“Advance Rate”: The meaning specified in the Servicing Agreement. 

“Advancing Agent”: FS Credit REIT, solely in its capacity as advancing agent hereunder, unless a successor Person shall have
become the Advancing Agent pursuant to the applicable provisions of this Indenture, and thereafter “Advancing Agent” shall mean such successor Person. 

  
 -4- 

 “Advancing Agent Fee”: The fee payable monthly in arrears on each Payment
Date to the Advancing Agent or Backup Advancing Agent, as applicable, in accordance with the Priority of Payments, equal to 0.02% per annum on the Aggregate Outstanding Amount of the Class A Notes, the
Class A-S Notes and the Class B Notes on such Payment Date prior to giving effect to distributions with respect to such Payment Date; which fee is hereby waived by the Advancing Agent for so long as
(i) FS Credit REIT (or any of its Affiliates) is the Advancing Agent and (ii) any of its Affiliates owns the Class H Notes. Such fee shall accrue on the basis of the actual number of days during the related Interest Accrual Period
divided by 360. 
 “Advisers Act”: The Investment Advisers Act of 1940, as amended. 

“Advisory Committee”: The meaning specified in the Collateral Management Agreement. 

“Affiliate”: With respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or controlled
by, or is under common control with, such Person or (ii) any other Person who is a director, Officer or employee (a) of such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described in
clause (i) above. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of such
Person, or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. The Note Administrator, the Servicer and the Trustee may rely on certifications of any Holder or party hereto
regarding such Person’s affiliations. 
 “Agent Members”: Members of, or participants in, the Depository, Clearstream,
Luxembourg or Euroclear. 
 “Aggregate Outstanding Amount”: With respect to any Class or Classes of the Notes as of
any date of determination, the aggregate principal balance of such Class or Classes of Notes Outstanding as of such date of determination, plus, in the case of the Deferred Interest Notes, any Deferred Interest on such Classes. 

“Aggregate Outstanding Notional Amount”: With respect to any MASCOT Interest Only Notes on any date of determination, the
aggregate notional amount of such MASCOT Interest Only Notes, which shall equal the Aggregate Outstanding Amount on such date of the MASCOT P&I Notes that were issued with such MASCOT Interest Only Notes in connection with an exchange. For the
avoidance of doubt, any payment of principal to any MASCOT P&I Notes shall constitute a corresponding reduction of the Aggregate Outstanding Notional Amount of the related MASCOT Interest Only Notes. 

“Aggregate Outstanding Portfolio Balance”: On the date of determination thereof, the sum (without duplication) of
(i) the aggregate Principal Balance of the Collateral Interests, (ii) the aggregate Principal Balance of Cash and Eligible Investments held as Principal Proceeds, and (iii) the aggregate Principal Balance of Cash and Eligible
Investments held in the Reinvestment Account. 

  
 -5- 

 “Aggregate Principal Balance”: When used with respect to any Collateral
Interests as of any date of determination, the sum of the Principal Balances on such date of determination of all such Collateral Interests. 

“Applicable DBRS Morningstar Eligible Investment Rating”: (A) in the case of such investments with a maturity of 30 days or
less, the short-term debt obligations of which are rated at least “R-1 (middle)” or the long term obligations of which are rated at least “A”, (B) in the case of such investments with a
maturity of 90 days or less but greater than 30 days, the short-term debt obligations of which are rated at least “R-1 (middle)” or the long term obligations of which are rated at least “AA
(low)”, (C) in the case of such investments with a maturity of 180 days or less but greater than 90 days, the short-term debt obligations of which are rated at least “R-1 (high)” or the long
term obligations of which are rated at least “AA”, and (D) in the case of such investments with a maturity of 365 days or less but greater than 180 days, the short term debt obligations of which are rated at least “R-1 (high)” or the long term obligations of which are rated at least “AAA”, in the case of each of clauses (A) through (D), if then rated by DBRS Morningstar, or, if not then rated by DBRS
Morningstar, an equivalent or higher rating by two other NRSROs (which may include Moody’s). 
 “Applicable Moody’s
Eligible Investment Rating”: in the case of such investments with a maturity of 30 days or less, the short-term debt obligations of which are rated at least “P-1” by Moody’s or the
long-term debt obligations of which are rated at least “A2” by Moody’s. 
 “Appraisal”: The meaning
specified in the Servicing Agreement. 
 “Appraisal Reduction Amount”: For any Collateral Interest with respect to which an
Appraisal Reduction Event has occurred, an amount calculated by the Special Servicer equal to the excess, if any, of (a) the Principal Balance thereof, plus all other amounts due and unpaid with respect thereto, over (b) the sum of
(i) an amount equal to 90% of the aggregate appraised value of the related Mortgaged Property or Mortgaged Properties (net of any liens senior to the lien of the related mortgage) as determined by an Updated Appraisal on each such Mortgaged
Property related to such Collateral Interest, plus (ii) the aggregate amount of all reserves, letters of credit and escrows held in connection therewith (other than escrows and reserves for unpaid real estate taxes and assessments and insurance
premiums), plus (iii) all insurance and casualty proceeds and condemnation awards that constitute collateral therefor (whether paid or then payable by any insurance company or government authority). With respect to any Collateral Interest that
is a Participation, any Appraisal Reduction Amount will be allocated to such participation interest as provided under the applicable Participation Agreement. 

“Appraisal Reduction Event”: With respect to any Collateral Interest, the occurrence of any of the following events:
(i) the 90th day following the occurrence of any uncured delinquency in any monthly payment; (ii) receipt of notice that the related borrower has filed a bankruptcy petition or the date on which a receiver is appointed and continues in
such capacity or the 90th day after the related borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed; (iii) the date on which any related Mortgaged Property becomes an REO Property as set
forth pursuant to the Servicing Agreement; (iv) the date on which such Collateral Interest becomes a Modified Collateral Interest; or (v) a payment default occurs with respect to a balloon payment due on such Collateral Interest;
provided, however, that 

  
 -6- 

 
if (a) the related borrower is diligently seeking a refinancing commitment or sale of the related Mortgaged Property, (b) the related borrower continues to make its assumed scheduled
payments, (c) no other Appraisal Reduction Event has occurred with respect to such Collateral Interest, and (d) the Collateral Manager consents, then an Appraisal Reduction Event with respect to this clause (v) will be deemed
not to occur on or before the 60th day after the original maturity date (inclusive of all extension options that the related borrower had the right to elect and did so elect pursuant to the instrument related to such Collateral Interest) of such
Collateral Interest; and provided, further, that if the related borrower has delivered to the Special Servicer, on or before the 60th day after the original maturity date, refinancing documentation, purchase and sale agreement or
letter of intent to acquire the related Mortgaged Property reasonably acceptable to the Special Servicer, and the borrower continues to make its assumed scheduled payments and no other Appraisal Reduction Event has occurred with respect to such
Collateral Interest, then an Appraisal Reduction Event will be deemed not to occur until the earlier of (A) 120 days following the original maturity date of such Collateral Interest and (B) termination of the refinancing documentation, purchase
and sale agreement or letter of intent. 
 “ARRC”: Alternative Reference Rates Committee of the Federal Reserve Bank of New
York. 
 “Article 15 Agreement”: The meaning specified in Section 15.1(a).

 “As-Stabilized LTV”: With respect to any Collateral Interest, the ratio,
expressed as a percentage, as calculated by the Collateral Manager in accordance with the Collateral Management Standard, of the Principal Balance of such Collateral Interest to the value estimate of the related Mortgaged Property as reflected in an
appraisal that was obtained not more than 18 months prior to the date of determination, which value is based on the appraisal or portion of an appraisal that states an “as-stabilized” value and/or “as-renovated” value for such property, which may be based on the assumption that certain events will occur, including without limitation, with respect to the
re-tenanting, renovation or other repositioning of such property and, may be based on the capitalization rate reflected in such appraisal; provided, further, that if the appraisal was not
obtained within three months prior to the date of determination, the Collateral Manager may adjust such capitalization rate in its reasonable good faith judgment executed in accordance with the Collateral Management Standard. In determining As-Stabilized LTV for any Reinvestment Collateral Interest, Exchange Collateral Interest and Contribution Collateral Interest that is a Participation, the calculation of
As-Stabilized LTV will take into account the outstanding Principal Balance of the Participation being acquired by the Issuer and the related Companion Participation(s) (assuming fully funded). In determining
the As-Stabilized LTV for any Reinvestment Collateral Interest, Exchange Collateral Interest and Contribution Collateral Interest that is cross-collateralized with one or more other Collateral Interests, the As-Stabilized LTV will be calculated with respect to the cross-collateralized group in the aggregate. 

“Asset Replacement Percentage”: For so long as the Benchmark is Compounded SOFR, on any date of calculation, a fraction
(expressed as a percentage) where (1) the numerator is the Aggregate Principal Balance of the Collateral Interests for which interest payments of such Collateral Interests are calculated with a benchmark other than Compounded SOFR or LIBOR and
(2) the denominator is the Aggregate Principal Balance of all the Collateral Interests as of such calculation date. The Collateral Manager shall be entitled to conclusively rely upon information received from the Issuer or the Servicer to
determine the Asset Replacement Percentage. 

  
 -7- 

 “Auction Call Redemption”: The meaning specified in
Section 9.1(d). 
 “Authenticating Agent”: With respect to the Notes or a Class of the
Notes, the Person designated by the Note Administrator to authenticate such Notes on behalf of the Note Administrator pursuant to Section 2.12. 

“Authorized Officer”: With respect to the Issuer, any Officer (or attorney-in-fact appointed by the Issuer) who is authorized to act for the Issuer in matters relating to, and binding upon, the Issuer. With respect to the Collateral Manager, the Persons listed on
Schedule C attached hereto or such other Person or Persons specified by the Collateral Manager by written notice to the other parties hereto. With respect to the Servicer or the Special Servicer, a “Responsible Officer” of
the Servicer or the Special Servicer as set forth in the Servicing Agreement. With respect to the Note Administrator or the Trustee or any other bank or trust company acting as trustee of an express trust, a Trust Officer. Each party may receive and
accept a certification of the authority of any other party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the
contrary. 
 “Backup Advancing Agent”: The Note Administrator, solely in its capacity as Backup Advancing Agent hereunder,
or any successor Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having (i) a long-term unsecured debt rating at least equal to “A2” by Moody’s and a
short-term unsecured debt rating from Moody’s at least equal to “P-1” and (ii) a long-term unsecured debt rating at least equal to “A” by DBRS Morningstar or, if not rated by DBRS
Morningstar, an equivalent by two other NRSROs, one of which may be Moody’s. 
 “Bankruptcy Code”: The federal
Bankruptcy Code, Title 11 of the United States Code, as amended from time to time. 
 “Barclays”: Barclays Capital Inc.

 “Benchmark”: The reference rate used to determine the rate at which interest will accrue on a Class of Notes, which
(1) initially shall be Compounded SOFR and (2) from and after the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date shall be the applicable Benchmark Replacement. 

“Benchmark Determination Date”: With respect to any Interest Accrual Period, (1) if the Benchmark is Compounded SOFR,
the second SOFR Business Day preceding the first Business Day of such Interest Accrual Period and (2) if the Benchmark is not Compounded SOFR, the date determined in accordance with the Benchmark Replacement Conforming Changes. 

“Benchmark Replacement”: The first alternative set forth in the order below that can be determined by the Collateral Manager
as of the Benchmark Replacement Date: 

  
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 (1) Term SOFR; 

(2) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body
as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; 

(3) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and 

(4) the sum of: (a) the alternate rate of interest that has been selected by the Collateral Manager as the replacement for
the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated securitizations at such time and
(b) the Benchmark Replacement Adjustment. 
 In no event may the Benchmark Replacement be less than zero. 

“Benchmark Replacement Adjustment”: The first alternative set forth in the order below that can be determined by the
Collateral Manager as of the Benchmark Replacement Date: 
 (1) the spread adjustment, or method for calculating or
determining such spread adjustment (which may be a positive or negative value or zero), that has been selected, endorsed or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback
Adjustment; and 
 (3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by
the Collateral Manager giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar denominated securitization transactions at such time. 
 “Benchmark Replacement Conforming
Changes”: With respect to any Benchmark Replacement, any technical, administrative or operational changes (including, but not limited to, changes to the definition of “Interest Accrual Period,” setting an applicable Benchmark
Determination Date and Reference Time, the timing and frequency of determining rates and making payments of interest, the method for calculating the Benchmark Replacement and other administrative matters, which may, for the avoidance of doubt, have
a material economic impact on the Notes) that the Collateral Manager decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Collateral Manager decides
that adoption of any portion of such market practice is not administratively feasible or if the Collateral Manager determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Collateral Manager
determines is reasonably necessary). 

  
 -9- 

 “Benchmark Replacement Date”: The date selected by the Collateral Manager,
in its sole discretion, to be an appropriate Benchmark Replacement Date based on market practice. 
 “Benchmark Transition
Event”: The occurrence of one or more of the following events with respect to the then-current Benchmark: 
 (1) a
public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that the administrator has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 
 (2) a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the
Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the
Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark
announcing that the Benchmark is not, or as of a date specified in the future will no longer be, representative; or 
 (4) if
the Benchmark is Compounded SOFR and the Collateral Manager requests to change the Benchmark to Term SOFR, either (a) the Collateral Manager determines that at least 50% of Freddie Mac floating rate commercial mortgage-backed securitization K-F00 Series, K-Deals® issued in the preceding 6 months bear interest based on Term SOFR or (b) the Asset
Replacement Percentage is at least 50.00%.. 
 “Beneficial Holder Information Form”: A beneficial holder information form
substantially in the form of Exhibit U hereto. 
 “Business Day”: Any day other than (i) a Saturday or Sunday
or (ii) a day on which commercial banks are authorized or required by applicable law, regulation or executive order to close in New York, New York, Charlotte, North Carolina, Concord, California, Miami, Florida, or the location of the Corporate
Trust Office of the Note Administrator or the Trustee, or (iii) days when the New York Stock Exchange or the Federal Reserve Bank of New York are closed. 

“Calculation Agent”: The meaning specified in Section 7.14(a). 

“Calculation Amount”: With respect to (a) any Modified Collateral Interest, the Principal Balance thereof minus
any related Appraisal Reduction Amounts; and with respect to (b) any Defaulted Collateral Interest, the lowest of (i) the Moody’s Recovery Rate of such Collateral Interest multiplied by the Principal Balance of such Collateral
Interest, (ii) the market value of such Collateral Interest, as determined by the Collateral Manager in accordance with the Collateral 

  
 -10- 

 
Management Standard based upon, among other things, a recent Appraisal and information from one or more third party commercial real estate brokers and such other information as the Collateral
Manager deems appropriate and (iii) the Principal Balance of such Collateral Interest minus any applicable Appraisal Reduction Amounts. 

“Cash”: Such coin or currency of the United States of America as at the time shall be legal tender for payment of all public
and private debts. 
 “Cash Collateral Account”: The meaning specified in the Servicing Agreement. 

“Certificate of Authentication”: The meaning specified in Section 2.1. 

“Certificated Security”: A “certificated security” as defined in
Section 8-102(a)(4) of the UCC. 
 “Class”: The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes or the Class H Notes, as
applicable. 
 “Class A Benchmark Spread”: (i) With respect to each Payment Date (and related Interest
Accrual Period), 1.90% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in February 2028, 0.25%. 

“Class A Defaulted Interest Amount”: With respect to the Class A Notes as of each Payment Date, the
accrued and unpaid amount due to Holders of the Class A Notes on account of any shortfalls in the payment of the Class A Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest
accrued thereon (to the extent lawful) at the Class A Rate. 
 “Class A Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class A Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class A Notes on the first day of the related Interest
Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class A Rate. 

“Class A Notes”: The Class A Senior Secured Floating Rate Notes Due 2039, issued by the Issuer
pursuant to this Indenture. 
 “Class A Rate”: With respect to any Class A Note, the per annum rate
at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class A Benchmark Spread. 

“Class A-S Benchmark Spread”: (i) With respect to each Payment
Date (and related Interest Accrual Period), 2.40% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in February 2028, 0.25%. 

  
 -11- 

 “Class A-S Defaulted
Interest Amount”: With respect to the Class A-S Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class A-S Notes on
account of any shortfalls in the payment of the Class A-S Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent
lawful) at the Class A-S Rate. 

“Class A-S Interest Distribution Amount”: On each Payment Date,
the amount due to Holders of the Class A-S Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class A-S
Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class A-S
Rate. 
 “Class A-S Notes”: The
Class A-S Second Priority Secured Floating Rate Notes Due 2039, issued by the Issuer pursuant to this Indenture. 

“Class A-S Rate”: With respect to any Class A-S Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus
(b) the Class A-S Benchmark Spread. 
 “Class B Benchmark
Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period), 2.85% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in February 2028, 0.50%. 

“Class B Defaulted Interest Amount”: With respect to the Class B Notes as of each Payment Date, the
accrued and unpaid amount due to Holders of the Class B Notes on account of any shortfalls in the payment of the Class B Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest
accrued thereon (to the extent lawful) at the Class B Rate. 
 “Class B Interest Distribution
Amount”: On each Payment Date, the amount due to Holders of the Class B Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class B Notes on the first day of the related Interest
Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class B Rate. 

“Class B Notes”: The Class B Third Priority Secured Floating Rate Notes Due 2039, issued by the
Issuer pursuant to this Indenture. 
 “Class B Rate”: With respect to any Class B Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class B Benchmark Spread. 

“Class C Benchmark Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period),
3.25% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in February 2028, 0.50%. 

  
 -12- 

 “Class C Defaulted Interest Amount”: If no Class A
Notes, Class A-S Notes or Class B Notes are outstanding, with respect to the Class C Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class C Notes on
account of any shortfalls in the payment of the Class C Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class C Rate. 

“Class C Deferred Interest”: So long as any of the Class A Notes, the
Class A-S Notes or the Class B Notes are outstanding, any interest due on the Class C Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date. 

“Class C Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the
Class C Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class C Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest
Accrual Period divided by three hundred sixty (360) and (iii) the Class C Rate. 
 “Class C
Notes”: The Class C Fourth Priority Secured Floating Rate Notes Due 2039, issued by the Issuer pursuant to this Indenture. 

“Class C Rate”: With respect to any Class C Note, the per annum rate at which interest accrues on
such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class C Benchmark Spread. 

“Class D Benchmark Spread”: (i) With respect to each Payment Date (and related Interest Accrual Period),
4.00% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in February 2028, 0.50%. 

“Class D Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes, Class B Notes or Class C Notes are outstanding, with respect to the Class D Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class D
Notes on account of any shortfalls in the payment of the Class D Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class D Rate.

 “Class D Deferred Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes or the Class C Notes are outstanding, any interest due on the Class D Notes that is not paid as a result of the operation of the Priority of Payments on any
Payment Date. 
 “Class D Interest Distribution Amount”: On each Payment Date, the amount due to Holders
of the Class D Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class D Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such
Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class D Rate. 

“Class D Notes”: The Class D Fifth Priority Secured Floating Rate Notes Due 2039, issued by the
Issuer pursuant to this Indenture. 
 “Class D Rate”: With respect to any Class D Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class D Benchmark Spread. 

  
 -13- 

 “Class E Benchmark Spread”: (i) With respect to each
Payment Date (and related Interest Accrual Period), 4.75% plus (ii) with respect to each Payment Date (and related Interest Accrual Period) on and after the Payment Date in February 2028, 0.50%. 

“Class E Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes, Class B Notes, Class C Notes or Class D Notes are outstanding, with respect to the Class E Notes as of each Payment Date, the accrued and unpaid amount due to holders
of the Class E Notes on account of any shortfalls in the payment of the Class E Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the
Class E Rate. 
 “Class E Deferred Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes or the Class D Notes are outstanding, any interest due on the Class E Notes that is not paid as a result of the operation of the
Priority of Payments on any Payment Date. 
 “Class E Interest Distribution Amount”: On each Payment
Date, the amount due to Holders of the Class E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class E Notes on the first day of the related Interest Accrual Period, (ii) the
actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class E Rate. 

“Class E Notes”: The Class E Sixth Priority Secured Floating Rate Notes Due 2039, issued by the
Issuer pursuant to this Indenture. 
 “Class E Rate”: With respect to any Class E Note, the per
annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class E Benchmark Spread. 

“Class F Benchmark Spread”: With respect to each Payment Date (and related Interest Accrual Period),
5.75%. 
 “Class F Defaulted Interest Amount”: If no Class A Notes,
Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F Notes as of each Payment Date, the accrued and unpaid
amount due to holders of the Class F Notes on account of any shortfalls in the payment of the Class F Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the
extent lawful) at the Class F Rate. 
 “Class F Deferred Interest”: So long as any of the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes or the Class E Notes are outstanding, any interest due on the Class F Notes that
is not paid as a result of the operation of the Priority of Payments on any Payment Date. 
 “Class F Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class F Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class F Notes on the first day of the
related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the Class F Rate. 

  
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 “Class F Notes”: The Class F Seventh Priority
Secured Floating Rate Notes Due 2039, issued by the Issuer pursuant to this Indenture. 
 “Class F
Rate”: With respect to any Class F Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus
(b) the Class F Benchmark Spread. 
 “Class F-E Defaulted
Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F-E Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class F-E Notes on account of any shortfalls in the payment of the Class F-E Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class F-E Notes described in Section 2.16. 
 “Class F-E Deferred Interest”: So long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D
Notes or the Class E Notes are outstanding, any interest due on the Class F-E Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date. Any Class F-E Deferred Interest added to the Aggregate Outstanding Amount of the Class F-E Notes shall have the effect of increasing the Aggregate Outstanding Notional
Amount of the Class F-X Notes. 

“Class F-E Interest Distribution Amount”: On each Payment Date,
the amount due to Holders of the Class F-E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class F-E
Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on the
Class F-E Notes described in Section 2.16. 

“Class F-E Notes”: The meaning specified in
Section 2.3. 
 “Class F-X Defaulted Interest
Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, with respect to the Class F-X Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class F-X Notes on account of any shortfalls in the payment of the Class F-X Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class F-X Notes described in Section 2.16. 
 “Class F-X Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the Class F-X Notes on account of interest equal to the product of
(i) the Aggregate Outstanding Notional Amount of the Class F-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period
divided by three hundred sixty (360) and (iii) the interest rate on the Class F-X Notes described in Section 2.16. 

“Class F-X Notes”: The meaning specified in
Section 2.3. 

  
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 “Class G Benchmark Spread”: With respect to each Payment
Date (and related Interest Accrual Period), 7.25%. 
 “Class G Defaulted Interest Amount”: If no
Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class G Notes on account of any shortfalls in the
payment of the Class G Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the Class G Rate. 

“Class G Deferred Interest”: So long as any of the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes or
the Class F-X Notes are outstanding, any interest due on the Class G Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date. 

“Class G Interest Distribution Amount”: On each Payment Date, the amount due to Holders of the
Class G Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class G Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest
Accrual Period divided by three hundred sixty (360) and (iii) the Class G Rate. 
 “Class G
Notes”: The Class G Eighth Priority Secured Floating Rate Notes Due 2039, issued by the Issuer pursuant to this Indenture. 

“Class G Rate”: With respect to any Class G Note, the per annum rate at which interest accrues on
such Note for any Interest Accrual Period, which shall be equal to the sum of (a) the Benchmark (determined as described herein) plus (b) the Class G Benchmark Spread. 

“Class G-E Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G-E Notes as of each Payment Date, the accrued and unpaid amount due to holders of the Class G-E Notes on account of any shortfalls in the payment of the Class G-E Interest Distribution Amount with respect to any preceding Payment Date or Payment
Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class G-E Notes described in Section 2.16. 

“Class G-E Deferred Interest”: So long as any of the Class A
Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes or the Class F-X Notes are outstanding, any interest due on the Class G-E Notes that is not paid
as a result of the operation of the Priority of Payments on any Payment Date. Any Class G-E Deferred Interest added to the Aggregate Outstanding Amount of the
Class G-E Notes shall have the effect of increasing the Aggregate Outstanding Notional Amount of the Class G-X Notes. 

“Class G-E Interest Distribution Amount”: On each Payment Date,
the amount due to Holders of the Class G-E Notes on account of interest equal to the product of (i) the Aggregate Outstanding Amount of the Class G-E
Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the interest rate on the
Class G-E Notes described in Section 2.16. 

  
 -16- 

 “Class G-E
Notes”: The meaning specified in Section 2.3. 
 “Class G-X Defaulted Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes,
Class F Notes, Class F-E Notes or Class F-X Notes are outstanding, with respect to the Class G-X Notes as of
each Payment Date, the accrued and unpaid amount due to holders of the Class G-X Notes on account of any shortfalls in the payment of the Class G-X Interest
Distribution Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful) at the interest rate on the Class G-X Notes described in
Section 2.16. 
 “Class G-X Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class G-X Notes on account of interest equal to the product of (i) the Aggregate Outstanding Notional Amount of
the Class G-X Notes on the first day of the related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360) and (iii) the
interest rate on the Class G-X Notes described in Section 2.16. 

“Class G-X Notes”: The meaning specified in
Section 2.3. 
 “Class H Notes”: The Class H Income Notes Due 2039,
issued by the Issuer pursuant to this Indenture. 
 “Clean-up Call”: The meaning
specified in Section 9.1(a). 
 “Clearing Agency”: An organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act. 
 “Clearstream, Luxembourg”: Clearstream Banking,
société anonyme, a limited liability company organized under the laws of the Grand Duchy of Luxembourg. 
 “Closing
Date”: March 31, 2022. 
 “Closing Date Collateral Interests”: The Mortgage Loans and the Participations
listed on Schedule A attached hereto that are acquired by the Issuer on the Closing Date. 

“Code”: The United States Internal Revenue Code of 1986, as amended. 

“Collateral”: The meaning specified in the first paragraph of the Granting Clause of this Indenture. 

“Collateral Interest File”: The meaning specified in Section 3.3(e). 

“Collateral Interest Purchase Agreement”: The collateral interest purchase agreement entered into between the Issuer, the
Seller, FS Credit REIT and Sub-REIT on or about the Closing Date, as amended or supplemented from time to time, which agreement is assigned to the Trustee on behalf of the Secured Parties pursuant to this
Indenture, together with any collateral interest purchase agreement or subsequent transfer instrument entered into between the Issuer and the Seller in connection with the acquisition of a Reinvestment Collateral Interest, Exchange Collateral
Interests and/or an Contribution Collateral Interest. 

  
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 “Collateral Interests”: The Closing Date Collateral Interests, the
Reinvestment Collateral Interests, the Exchange Collateral Interests and the Contribution Collateral Interests, individually or collectively as the context may require. 

“Collateral Management Agreement”: The Collateral Management Agreement, dated as of the Closing Date, by and between the
Issuer and the Collateral Manager, as amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Collateral Management Standard”: The meaning specified in the Collateral Management Agreement. 

“Collateral Manager”: FS Credit REIT, each of FS Credit REIT’s permitted successors and assigns or any successor Person
that shall have become the Collateral Manager pursuant to the provisions of the Collateral Management Agreement and thereafter “Collateral Manager” shall mean such successor Person. 

“Collateral Manager Fee”: The meaning specified in the Collateral Management Agreement. 

“Collateral Net WAC”: With respect to any Payment Date, a per annum rate (greater than or equal to zero) equal to:
(A) the total amount of Interest Proceeds available for actual payment to holders of the Notes, divided by (B) the Aggregate Outstanding Portfolio Balance immediately preceding such Payment Date, expressed as a percentage and as an
annualized rate at which interest would have to accrue on the Aggregate Outstanding Portfolio Balance on an actual/360 basis in order to produce the aggregate amount of interest described in clause (A) to accrue on the Aggregate Outstanding
Portfolio Balance during the related one-month Interest Accrual Period. 
 “Collection
Account”: The meaning specified in the Servicing Agreement. 
 “Commercial Real Estate Loan”: Any Mortgage Loan
that is a Collateral Interest and any Participated Loan in which a Participation therein is a Collateral Interest, as applicable and as the context may require. 

“Committed Reinvestment Collateral Interest”: Any Reinvestment Collateral Interest for which, on or before the last day of
the Reinvestment Period, the Issuer (or the Collateral Manager (or an affiliate or third party on behalf of the Collateral Manager) on behalf of the Issuer) has entered into a binding commitment to purchase, or a loan application with respect to,
such Reinvestment Collateral Interest. 
 “Companion Participation”: With respect to each Participation held by the Issuer,
the related companion participation interest or promissory note in the related Participated Loan that will not be held by the Issuer unless such Companion Participation is later acquired, in whole or in part, by the Issuer pursuant to the applicable
provisions of this Indenture. 

  
 -18- 

 “Company Administrative Expenses”: All fees, expenses and other amounts due
or accrued with respect to any Payment Date and payable by the Issuer or any Permitted Subsidiary (including legal fees and expenses) to (i) the Note Administrator, the Custodian and the Trustee pursuant to this Indenture or any co-trustee appointed pursuant to Section 6.7 (including amounts payable by the Issuer as indemnification pursuant to this Indenture), (ii) to provide for the costs of liquidating the Issuer
following redemption of the Notes, (iii) the limited liability company managers of the Issuer (including indemnification), (iv) the independent accountants, agents and counsel of the Issuer for reasonable fees and expenses (including amounts
payable in connection with the preparation of tax forms on behalf of the Issuer), and any registered office and government filing fees, in each case, payable in the order in which invoices are received by the Issuer, (v) a Rating Agency for
fees and expenses in connection with any rating (including the annual fee payable with respect to the monitoring of any rating) of the Notes, including fees and expenses due or accrued in connection with any credit assessment or rating of the
Collateral Interests, (vi) the Collateral Manager under this Indenture and the Collateral Management Agreement (including amounts payable by the Issuer as indemnification pursuant to this Indenture or the Collateral Management Agreement), (vii)
other Persons as indemnification pursuant to the Collateral Management Agreement, (viii) the Advancing Agent or other Persons as indemnification pursuant to the provisions pertaining to the Advancing Agent in this Indenture, (ix) the
Servicer or the Special Servicer as indemnification or reimbursement of expenses pursuant to the Servicing Agreement, (x) the CREFC® Intellectual Property Royalty License Fee,
(xi) each member of the Advisory Committee (including amounts payable as indemnification) under each agreement among such Advisory Committee member, the Collateral Manager and the Issuer (and the amounts payable by the Issuer to each member of
the Advisory Committee as indemnification pursuant to each such agreement), (xii) any other Person in respect of any governmental fee, charge or tax in relation to the Issuer (as certified by an Authorized Officer of the Issuer to the Note
Administrator), in each case, payable in the order in which invoices are received by the Issuer, and (xiii) any other Person in respect of any other fees or expenses (including indemnifications) permitted under this Indenture (including,
without limitation, any costs or expenses incurred in connection with certain modeling systems and services) and the documents delivered pursuant to or in connection with this Indenture and the Notes and any amendment or other modification of any
such documentation, in each case unless expressly prohibited under this Indenture (including, without limitation, the payment of all transaction fees and all legal and other fees and expenses required in connection with the purchase of any
Collateral Interests or any other transaction authorized by this Indenture), in each case, payable in the order in which invoices are received by the Issuer; provided that Company Administrative Expenses shall not include (a) amounts
payable in respect of the Notes and (b) any Collateral Manager Fee payable pursuant to the Collateral Management Agreement. 

“Compounded SOFR”: The compounded average of SOFRs calculated for the preceding
30-day period, which will be determined as described on Schedule B hereto. 

“Compounded SOFR Administrator”: The Federal Reserve Bank of New York or a successor administrator of the secured overnight
financing rate or the rate currently identified as “30-Day Average SOFR”, as applicable. 

“Compounded SOFR Source”: The website of the Federal Reserve Bank of New York, currently at https://apps.newyorkfed.org/markets/autorates/sofr-avg-ind, or any successor source for the rate currently identified as “30-Day Average SOFR” identified as
such by the Compounded SOFR Administrator from time to time. 

  
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 “Contribution Collateral Interest”: The meaning specified in
Section 12.2(c). 
 “Controlling Class”: The Class A Notes, so long as any Class A
Notes are Outstanding, then the Class A-S Notes, so long as any Class A-S Notes are Outstanding, then the Class B Notes, so long as any Class B Notes
are Outstanding, then the Class C Notes, so long as any Class C Notes are Outstanding, then the Class D Notes, so long as any Class D Notes are Outstanding, then the Class E Notes, so long as any Class E Notes are
Outstanding, then the Class F Notes and the Class F-E Notes, so long as any Class F Notes or Class F-E Notes are Outstanding; and then the
Class G Notes and the Class G-E Notes, so long as any Class G Notes or Class G-E Notes are Outstanding. 

“Corporate Trust Office”: The designated corporate trust office of (a) the Trustee, currently located at 1100 North
Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – FS Rialto 2022-FL4, (b) the Note Administrator, currently located at (i) with respect to the delivery of Loan Documents, at 1055
10th Avenue SE, Minneapolis, Minnesota, 55414, Attention: Document Custody Group – FS Rialto 2022-FL4, (ii) with respect to the delivery of Note transfers and surrenders, at 600 South 4th Street, 7th
Floor, Minneapolis, Minnesota 55415, Attention: Certificate Transfer Services – FS Rialto 2022-FL4; and (iii) for all other purposes, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951,
Attention: Corporate Trust Services (CMBS), FS Rialto 2022-FL4, telecopy number (410) 715-2380 or (c) such other address as the Trustee or the Note Administrator,
as applicable, may designate from time to time by notice to the Noteholders, the 17g-5 Information Provider and the parties hereto. 

“Corresponding Tenor”: With respect to a Benchmark Replacement, a tenor having approximately the same length (disregarding
business day adjustment) as the applicable tenor for the then-current Benchmark. 
 “Credit Risk Collateral Interest”: Any
Collateral Interest as to which the related Commercial Real Estate Loan is a Credit Risk Commercial Real Estate Loan. 
 “Credit
Risk Commercial Real Estate Loan”: Any Commercial Real Estate Loan that, in the Collateral Manager’s reasonable business judgment, has a significant risk of, with a lapse of time, becoming a Defaulted Commercial Real Estate Loan. 

“Credit Risk Exchange Limitation”: With respect to exchanges of Credit Risk Collateral Interests (other than those that are
Defaulted Collateral Interests) after the Reinvestment Period, the condition that will be satisfied if, immediately after giving effect to any such exchange, the aggregate Principal Balance of Credit Risk Collateral Interests exchanged by the Issuer
for Exchange Collateral Interests after the Reinvestment Period, is equal to or greater than 10.0% of the aggregate Principal Balance of the Closing Date Collateral Interests as of the Closing Date. 

“Credit Risk Retention Rules”: Regulation RR (17 C.F.R. Part 246), as such rule may be amended from time to time, and subject
to such clarification and interpretation as have been provided by the Department of Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities and Exchange Commission and the
Department of Housing and Urban Development in the adopting release (79 F.R. 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective from time to time.

  
 -20- 

 “Credit Risk/Defaulted Collateral Interest Cash Purchase”: The meaning
specified in Section 12.1(b)(iii). 

“CREFC® Intellectual Property Royalty License Fee”:
With respect to each Collateral Interest and for any Payment Date, an amount accrued during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on
the Principal Balance of such Collateral Interest as of the close of business on the Determination Date in such Interest Accrual Period. Such amounts shall be computed for the same period and on the same interest accrual basis respecting which any
related interest payment due or deemed due on the related Collateral Interest is computed and shall be prorated for partial periods. 

“CREFC® Intellectual Property Royalty License Fee
Rate”: With respect to each Collateral Interest, a rate equal to 0.0005% per annum. 
 “CREFC® Loan Periodic Update File”: The meaning specified in the Servicing Agreement. 

“Criteria-Based Modification”: The meaning specified in the Servicing Agreement. 

“Custodial Account”: An account at the Securities Intermediary established pursuant to
Section 10.1(b). 
 “Custodian”: The meaning specified in
Section 3.3(a). 
 “Cut-off Date”: With respect to each
Collateral Interest, the later of March 9, 2022 or the date of origination. 
 “DBRS Morningstar”: DBRS, Inc., or any
successor thereto. 
 “Debt Service”: With respect to any Collateral Interest, the monthly payments of principal and
interest due pursuant to the terms of the related Loan Documents, excluding (1) any balloon payments, (2) required (non-monthly) principal paydowns and (3) reserve payments for the following 12
payment dates. 
 “Default”: Any Event of Default or any occurrence that is, or with notice or the lapse of time or both
would become, an Event of Default. 
 “Defaulted Collateral Interest”: Any Collateral Interest as to which the related
Commercial Real Estate Loan is a Defaulted Commercial Real Estate Loan. 
 “Defaulted Commercial Real Estate Loan”: Any
Commercial Real Estate Loan as to which there has occurred and is continuing for more than 60 days either (x) a payment default (after giving effect to any applicable grace period but without giving effect to any waiver) or (y) a material non-monetary event of default that is known to the Special Servicer (after giving effect to 

  
 -21- 

 
any applicable grace period but without giving effect to any waiver); provided, however, that any Collateral Interest as to which an Appraisal Reduction Event has not occurred due
to the circumstances specified in clause (v) of the definition thereof and which is not otherwise a Defaulted Commercial Real Estate Loan will be deemed not to be a Defaulted Commercial Real Estate Loan for purposes of determining the
Calculation Amount for the Par Value Test. If a Defaulted Commercial Real Estate Loan is the subject of a work-out, modification or otherwise has cured the default such that the subject Defaulted Commercial
Real Estate Loan is no longer in default pursuant to its terms (as such terms may have been modified), such Collateral Interest will no longer be treated as a Defaulted Commercial Real Estate Loan. 

“Deferred Interest”: The Class C Deferred Interest, the Class D Deferred Interest, the Class E Deferred
Interest, the Class F Deferred Interest, the Class F-E Deferred Interest, the Class G Deferred Interest and the Class G-E Deferred Interest. 

“Deferred Interest Notes”: The Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class F-E Notes, Class G Notes and Class G-E Notes, to the extent such Class is not the most senior Class Outstanding. 

“Definitive Notes”: The meaning specified in Section 2.2(b). 

“Depository” or “DTC”: The Depository Trust Company, its nominees, and their respective successors. 

“Determination Date”: The 11th day of each month or, if such day is not a Business Day, the preceding Business Day,
commencing in May 2022. 
 “Disposition Limitation Threshold”: A threshold that shall be met at any time that (x) the
sum of (i) the cumulative aggregate Principal Balance of Credit Risk Collateral Interests (other than those that are Defaulted Collateral Interests) sold by the Issuer to the Collateral Manager or its Affiliates plus (ii) the cumulative
aggregate Principal Balance of Credit Risk Collateral Interests (other than those that are Defaulted Collateral Interests) exchanged for Exchange Collateral Interests, is equal to or greater than (y) 10% of the aggregate Principal Balance of the
Closing Date Collateral Interests as of the Closing Date. 
 “Disqualified Transferee”: The meaning specified in
Section 2.5(m). 
 “Dissolution Expenses”: The amount of expenses reasonably likely to be
incurred in connection with the discharge of this Indenture, the liquidation of the Collateral and the dissolution of the Issuer, as reasonably certified by the Collateral Manager or the Issuer, based in part on expenses incurred by the Trustee,
Custodian and Note Administrator and reported to the Collateral Manager. 
 “Dodd-Frank”: The Dodd Frank Wall Street Reform
and Consumer Protection Act, as amended from time to time. 
 “Dollar” or “$”: A U.S. dollar or other
equivalent unit in Cash. 
 “Due Diligence Service Provider”: The meaning specified in
Section 14.12(i). 

  
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 “Due Period”: With respect to any Payment Date, the period commencing on
the day immediately succeeding the second preceding Determination Date (or commencing on and excluding the Closing Date, in the case of the Due Period relating to the first Payment Date) and ending on and including the Determination Date immediately
preceding such Payment Date. 
 “EHRI”: Any interest in the Issuer that satisfies the definition of “eligible
horizontal residual interest” in the Credit Risk Retention Rules. As of the Closing Date, the Class H Notes shall constitute the EHRI. 

“Eligibility Criteria”: The criteria set forth below with respect to any Reinvestment Collateral Interest, Exchange
Collateral Interest or Contribution Collateral Interest, compliance with which shall be evidenced by an Officer’s Certificate of the Collateral Manager delivered to the Trustee and Note Administrator as of the date of such acquisition: 

(i) it is a Mortgage Loan or a fully funded Senior AB Participation, Senior AB Pari Passu Participation or Pari Passu
Participation in a mortgage loan that is secured by a Multifamily Property (that is not a Student Housing Property), Life Science Property, Industrial Property, Office Property, Mixed-Use Property,
Self-Storage Property, Hospitality Property or Retail Property; 
 (ii) (A) the aggregate Principal Balance of the
Collateral Interests secured by properties that are of the following types are subject to limitations as follows (it being understood that, for all purposes hereof, no maximum concentration limitation will apply with respect to Multifamily
Properties): (a) Industrial Properties does not exceed 35.0% of the Aggregate Outstanding Portfolio Balance, (b) (i) Office Properties and Life Science Properties, collectively, do not exceed 35.0% of the Aggregate Outstanding Portfolio
Balance and (ii) Office Properties does not exceed 25.0% of the Aggregate Outstanding Portfolio Balance, (c) Mixed-Use Properties does not exceed 20.0% of the Aggregate Outstanding Portfolio Balance,
(d) Self-Storage Properties does not exceed 20.0% of the Aggregate Outstanding Portfolio Balance, (e) Hospitality Properties does not exceed 15.0% of the Aggregate Outstanding Portfolio Balance, and (f) Retail Properties does not
exceed 5.0% of the Aggregate Outstanding Portfolio Balance; 
 (B) the sum of (x) the aggregate Principal Balance of the
Collateral Interests secured by Multifamily Properties and (y) the aggregate Principal Balance of all Principal Proceeds held as cash and Eligible Investments is not lower than 40.0% of the Aggregate Outstanding Portfolio Balance; 

(iii) the obligor is incorporated or organized under the laws of, and the Collateral Interest is secured by property located
in, the United States; 
 (iv) it provides for monthly payments of interest at a floating rate based on one-month LIBOR (or a rate that is (a) a SOFR based rate, (b) materially consistent with the ARRC fallback language or (c) acceptable to the Rating Agencies); 

  
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 (v) it has a Moody’s rating; 

(vi) it has a maturity date, assuming the exercise of all extension options (if any) that are exercisable at the option of the
related borrower under the terms of such Collateral Interest, that is not more than five years from its acquisition date (which, in the case of newly originated loans, will be calculated without regard to the initial stub interest period); 

(vii) it is not an Equity Interest; 

(viii) it is not a ground-up construction loan; 

(ix) the Collateral Manager has determined that it has an As-Stabilized LTV that is not
greater than (i) in the case of Collateral Interests secured by Multifamily Properties, 80.0%, (ii) in the case of Collateral Interests secured by Industrial Properties, Mixed-Use Properties, Office
Properties, Self-Storage Properties or Retail Properties, 75.0% and (iii) in the case of Collateral Interests secured by Hospitality Properties, 70.0%; 

(x) the Collateral Manager has determined that it has an U/W Stabilized NCF DSCR that is not less than (i) in the case of
Collateral Interests secured by Multifamily Properties, 1.15x, (ii) in the case of Collateral Interests secured by Industrial Properties, Mixed-Use Properties, Office Properties, Self-Storage Properties
or Retail Properties, 1.25x, and (iii) in the case of Collateral Interests secured by Hospitality Properties, 1.40x; 

(xi) the Principal Balance of such Collateral Interest (plus any previously-acquired participation interests in the same
underlying Commercial Real Estate Loan) is less than 10.0% of the Aggregate Outstanding Portfolio Balance; 
 (xii)
(A) the Weighted Average Life of the Collateral Interests, assuming the exercise of all contractual extension options (if any) that are exercisable by the borrower under each Collateral Interest, is less than or equal to the number of years
(rounded to the nearest one hundredth thereof) during the period from such date of determination to 5.5 years from the Closing Date; 

(B) the Weighted Average Spread of the Collateral Interests is not less than 2.95%; 

(C) the aggregate Principal Balance of Collateral Interests secured by Mortgaged Properties located in (x) Florida,
Georgia and Texas is (in each case) no more than 40.0% of the Aggregate Outstanding Portfolio Balance and (y) any other state (in each case) is no more than 25.0% of the Aggregate Outstanding Portfolio Balance; and 

(D) the Herfindahl Score is greater than or equal to 18.0; 

  
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 (xiii) the weighted average Moody’s Rating Factor (weighted by
Principal Balance of the Collateral Interests) is in no event greater than 5,000; 
 (xiv) a No Downgrade Confirmation has
been received from DBRS Morningstar with respect to the acquisition of such Collateral Interest; 
 (xv) the sum of the
Principal Balance of such Collateral Interest and the Principal Balance of all Collateral Interests that have the same guarantor or an affiliated guarantor does not exceed 20.0% of the Aggregate Outstanding Portfolio Balance; 

(xvi) it will not require the Issuer to make any future payments after the Issuer’s purchase thereof; 

(xvii) if it is a Collateral Interest with a related Future Funding Participation: 

(A) the Future Funding Indemnitor has Segregated Liquidity (evidenced by a certification) in an amount at least equal to the
greater of (i) the Largest One Quarter Future Advance Estimate and (ii) the Two Quarter Future Advance Estimate for the immediately following two calendar quarters (based on the Future Funding Amounts for all outstanding Future Funding
Participations related to the Collateral Interests); 
 (B) the maximum principal amount of all Future Funding
Participations with respect to all Collateral Interests does not exceed 20.0% of the maximum commitment amount of all Commercial Real Estate Loans; and 

(C) the maximum principal amount of the related Future Funding Participation does not exceed 35.0% of the maximum commitment
amount of the related Commercial Real Estate Loan; 
 (xviii) it is not prohibited under its Loan Documents from being
purchased by the Issuer and pledged to the Trustee; 
 (xix) it is not currently, and has not recently been, the subject of
any request by the borrower to amend, modify or waive any provision of any of the related Loan Documents that would have a material adverse effect on such Collateral Interest; 

(xx) it is not a Credit Risk Collateral Interest; 

(xxi) it is not a Defaulted Collateral Interest (as determined by the Collateral Manager after reasonable inquiry); 

(xxii) it is Dollar denominated and may not be converted into an obligation payable in any other currencies; 

  
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 (xxiii) if such Collateral Interest is a Participation, it does not have
“buy/sell” rights as a dispute resolution mechanism; 
 (xxiv) it provides for the repayment of principal at not
less than par no later than upon its maturity or upon redemption, acceleration or its full prepayment; 
 (xxv) it is
serviced pursuant to the Servicing Agreement or it is serviced by an Accepted Loan Servicer pursuant to a commercial mortgage servicing arrangement that includes the servicing provisions substantially similar to those that are standard in commercial
mortgage-backed securities (“CMBS”) transactions; 
 (xxvi) (a) it is purchased from the Seller, FS
Credit REIT, or a wholly-owned subsidiary of FS Credit REIT and (b) the requirements set forth in this Indenture regarding the representations and warranties with respect to such Collateral Interest and the underlying Mortgaged Property (as
applicable) have been met (subject to such exceptions as are reasonably acceptable to the Collateral Manager); 
 (xxvii) if
it is a participation interest, the related Participating Institution is (and any “qualified transferee” is required to be) any of (1) a special purpose affiliate of the Sponsor or a “qualified institutional lender” as such
terms are typically defined in the Loan Documents related to participations; (2) an entity (or a wholly-owned subsidiary of an entity) that has (y) a long-term unsecured debt rating from Moody’s of “A3” or higher, and
(z) a long-term unsecured debt rating from DBRS Morningstar of “A(low)” or higher (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include
Moody’s)) (3) a securitization trust, a collateralized loan obligation issuer or a similar securitization vehicle, or (4) a special purpose entity that is 100% directly or indirectly owned by the Sponsor, for so long as the separateness
provisions of its organizational documents have not been amended (unless the Rating Agency Condition was satisfied in connection with such amendment), and if any Participating Institution is not the Issuer, the related Loan Documents will be held by
a third party custodian; 
 (xxviii) its acquisition will be in compliance with Section 206 of the Advisers Act; 

(xxix) its acquisition, ownership, enforcement and disposition will not cause the Issuer to fail to be a Qualified REIT
Subsidiary or other disregarded entity of a REIT; 
 (xxx) its acquisition would not cause the Issuer or the pool of
Collateral to be required to register as an investment company under the 1940 Act; and if the borrowers with respect to the Collateral Interest are excepted from the definition of an “investment company” solely by reason of
Section 3(c)(1) of the 1940 Act, then either (x) such Collateral Interest does not constitute a “voting security” for purposes of the 1940 Act or (y) the aggregate amount of such Collateral Interest held by the Issuer is
less than 10% of the entire issue of such Collateral Interest; 

  
 -26- 

 (xxxi) it does not provide for any payments which are or will be subject to
deduction or withholding for or on account of any withholding or similar tax (other than withholding on amendment, modification and waiver fees, late payment fees, commitment fees, exit fees, extension fees or similar fees), unless the borrower
under such Collateral Interest is required to make “gross up” payments that ensure that the net amount actually received by the Issuer (free and clear of taxes) will equal the full amount that the Issuer would have received had no such
deduction or withholding been required; 
 (xxxii) after giving effect to its acquisition, together with the acquisition of
any other Collateral Interests to be acquired (or as to which a binding commitment to acquire was entered into) on the same date, the aggregate Principal Balance of Collateral Interests held by the Issuer that are EU/UK Retention Holder Originated
Collateral Interests is in excess of 50% of the aggregate Principal Balance of Collateral Interests held by the Issuer; and 

(xxxiii) it is not acquired for the primary purpose of recognizing gains or decreasing losses resulting from market value
changes; 
 provided, however, that (a) any Funded Companion Participation related to a Collateral Interest that is already owned by the
Issuer will not be required to satisfy clauses (ix) or (x) above, (b) for purposes of clauses (ii), (xii) (xiii), (xv) and (xvii)(B) above, if the acquisition of such Collateral Interest
would either improve compliance with or maintain the same degree of compliance with the applicable concentration limits after giving effect to such acquisition, then such Eligibility Criteria will be deemed to have been satisfied, and (c) any
determination of a percentage pursuant to the Eligibility Criteria (except for the Weighted Average Spread of all Collateral Interests) will be rounded to the nearest 1/10th of one percent. 

“Eligible Account”: 

(i) An account maintained with a federal or state chartered depository institution or trust company which has, or in the case of the Securities
Intermediary, the clearing entity used by the Securities Intermediary, has (x) a long-term unsecured debt rating of at least “A2” by Moody’s if deposits in such account shall be held therein for more than thirty (30) days,
(y) a long-term unsecured debt rating of at least “BBB(high)” by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include
Moody’s)) and (z) a short-term unsecured debt rating of at least “P-1” by Moody’s if deposits in such account shall be held therein for thirty (30) days or less; 

(ii) an account maintained by or with Wells Fargo Bank, National Association so long as (x) Wells Fargo Bank, National Association’s
long-term senior unsecured debt obligations, deposits, or commercial paper rating is at least (1) “A2” by Moody’s, in the case of accounts in which funds are held more than thirty (30) days, and “BBB(high)” by DBRS
Morningstar (if then rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an 

  
 -27- 

 
equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)) and (y) Wells Fargo Bank, National Association’s short-term senior unsecured debt obligations,
deposits or commercial paper rating is at least “P-1” by Moody’s in the case of accounts in which funds are held for thirty (30) days or less; 

(iii) a segregated trust account maintained with the trust department of a federal or state chartered depository institution or trust company
acting in its fiduciary capacity; provided that (a) any such institution or trust company has a long-term unsecured rating of at least “Baa1” by Moody’s and a capital surplus of at least $200,000,000, (b) any such
institution or trust company has a long-term unsecured debt rating of at least “BBB(high)” by DBRS Morningstar if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, at least an equivalent rating by two other NRSROs (one of
which may be Moody’s) and (c) any such account is subject to fiduciary funds on deposit regulations (or internal guidelines) substantially similar to 12 C.F.R. § 9.10(b); or 

(iv) any other account approved by the Rating Agencies. 

“Eligible Investments”: Any Dollar-denominated investment, the maturity for which corresponds to the Issuer’s expected
or potential need for funds, that, at the time it is Granted to the Trustee (directly or through a Securities Intermediary or bailee) is Registered and is one or more of the following obligations or securities: 

(i) direct obligations of, and obligations the timely payment of principal of and interest on which is fully and expressly
guaranteed by, the United States, or any agency or instrumentality of the United States, the obligations of which are expressly backed by the full faith and credit of the United States; 

(ii) demand and time deposits in, certificates of deposit of, bankers’ acceptances issued by, or federal funds sold by,
any depository institution or trust company incorporated under the laws of the United States or any state thereof or the District of Columbia (including the Note Administrator or the commercial department of any successor Note Administrator, as the
case may be; provided that such successor otherwise meets the criteria specified herein) and subject to supervision and examination by federal and/or state banking authorities so long as the commercial paper and/or the debt obligations
of such depositary institution or trust company (or, in the case of the principal depositary institution in a holding company system, the commercial paper or debt obligations of such holding company) at the time of such investment or contractual
commitment providing for such investment that satisfy the Applicable DBRS Morningstar Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

(iii) unleveraged repurchase or forward purchase obligations with respect to (a) any security described in
clause (i) above or (b) any other security issued or guaranteed by an agency or instrumentality of the United States of America, in either case entered into with a depository institution or trust company (acting as
principal) described in clause (ii) above (including the Note Administrator or the commercial department of any successor Note Administrator, as the case may be; provided that such Person otherwise meets the
criteria specified herein) or entered into with a corporation (acting as principal) whose unsecured debt rating satisfies the Applicable DBRS Morningstar Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

  
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 (iv) a reinvestment agreement issued by any bank (if treated as a deposit by
such bank) that has a short-term credit rating of not less than “P-1” by Moody’s; provided that the issuer thereof must also have at the time of such investment a long-term
unsecured debt rating that satisfies the Applicable DBRS Morningstar Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 

(v) commercial paper or other similar short-term obligations (including that of the Note Administrator or the commercial
department of any successor Note Administrator, as the case may be, or any affiliate thereof, provided that such Person otherwise meets the criteria specified herein) having at the time of such investment a debt rating that satisfies the Applicable
DBRS Morningstar Eligible Investment Rating and the Applicable Moody’s Eligible Investment Rating; 
 (vi) any money
market fund (including those managed or advised by the Note Administrator or its Affiliates, and the Goldman Sachs Government Money Market Fund #465 (Institutional Class – FGTXX)) that maintain a constant asset value and that is rated “Aaa-mf” by Moody’s and in the highest long-term or short-term rating category by DBRS Morningstar or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs (which may include
Moody’s); and 
 (vii) any other investment similar to those described in clauses (i) through
(v) above that (1) Moody’s has confirmed may be included in the portfolio of Collateral as an Eligible Investment without adversely affecting its then-current ratings on the Notes and (2) DBRS Morningstar has confirmed may
be included in the portfolio of Collateral as an Eligible Investment without adversely affecting its then-current ratings on the Notes; 

provided that mortgage-backed securities and interest only securities shall not constitute Eligible Investments; provided,
further, that (a) Eligible Investments acquired with funds in the Collection Account shall include only such obligations or securities as mature no later than three Business Days prior to the next Payment Date succeeding the acquisition
of such obligations or securities, (b) Eligible Investments shall not include obligations bearing interest at inverse floating rates, (c) Eligible Investments shall be treated as indebtedness for U.S. federal income tax purposes and such
investment shall not cause the Issuer to fail to be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT, (d) Eligible Investments shall not be subject to deduction or withholding for or on account of any withholding or
similar tax (other than any taxes imposed pursuant to FATCA), unless the payor is required to make “gross up” payments that ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such
obligor or the Issuer) will equal the full amount that the Issuer would have received had no such deduction or withholding been required, (e) Eligible Investments shall not be purchased for a price in excess of par and (f) Eligible
Investments shall not include margin stock. Eligible Investments may be purchased from the Trustee and its Affiliates so long as the Trustee has a capital and surplus of at least $200,000,000 and has a long-term unsecured credit rating of at least
“Baa1” by Moody’s, and may include obligations for which the Trustee or an Affiliate thereof receives compensation for providing services. 

  
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 “Entitlement Order”: The meaning specified in Section 8-102(a)(8) of the UCC. 
 “Equity Interest”: A security or other interest
that does not entitle the holder thereof to receive periodic payments of interest and one or more installments of principal, including (i) any bond or note or similar instrument that is by its terms convertible into or exchangeable for an
equity interest, (ii) any bond or note or similar instrument that includes warrants or other interests that entitle its holder to acquire an equity interest, or (iii) any other similar instrument that would not entitle its holder to
receive periodic payments of interest or a return of a residual value. 
 “ERISA”: The United States Employee Retirement
Income Security Act of 1974, as amended. 
 “Escrow Account”: The meaning specified in the Servicing Agreement. 

“EU/UK Retention Holder”: FS Credit REIT. 

“EU/UK Retention Holder Originated Collateral Interest”: A Collateral Interest as to which the EU/UK Retention Holder either
(i) itself or through related entities, directly or indirectly, was involved in the original agreement which created such Collateral Interest or (ii) acquired such Collateral Interest from a third party for its own account before the sale
or transfer of that Collateral Interest to the Issuer, in each case as contemplated by Article 2(3) of each Securitization Regulation (as defined in the EU/UK Risk Retention Letter). 

“EU/UK Risk Retention Letter”: That certain risk retention letter delivered by the EU/UK Retention Holder and the Retention
Holder to the Issuer, the Collateral Manager, the Trustee, the Note Administrator and the Placement Agents, dated the Closing Date. 

“Euroclear”: Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

“Event of Default”: The meaning specified in Section 5.1. 

“Exchange Act”: The Securities Exchange Act of 1934, as amended. 

“Exchange Collateral Interest”: The meaning specified in Section 12.1(e). 

“Exchangeable Notes”: The meaning specified in Section 2.3. 

“Exchanged Notes”: The meaning specified in Section 2.16. 

“Expense Year”: (i) For the first year, the period commencing on the Closing Date and ending on the next January Payment Date
and (ii) thereafter, each 12-month period commencing on the Business Day following a January Payment Date and ending on the following January Payment Date. 

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

“Federal Reserve Bank of New York’s Website”: The website of the Federal Reserve Bank of New York at
http://www.newyorkfed.org, or any successor source. 
 “Financial Asset”: The meaning specified in Section 8-102(a)(9) of the UCC. 
 “Financing Statements”: Financing statements
relating to the Collateral naming the Issuer, as debtor, and the Trustee, on behalf of the Secured Parties, as secured party. 
 “FS
Credit REIT”: FS Credit Real Estate Income Trust, Inc., a Maryland corporation. 
 “Funded Companion
Participation”: With respect to each Collateral Interest that is a Participation, each fully funded pari passu or junior participation interest or promissory note in the related Participated Loan that (unless later acquired, in whole
or in part, by the Issuer pursuant to the applicable provisions of this Indenture) is not an asset of the Issuer and is not part of the Collateral. 

“Future Funding Agreement”: The meaning specified in the Servicing Agreement. 

“Future Funding Amount”: With respect to any Future Funding Participation, the amount of the unfunded portion thereof. 

“Future Funding Indemnitor”: FS Credit REIT. 

“Future Funding Participation”: With respect to each Collateral Interest that is a Participation, each related future funding
participation which is not an asset of the Issuer and is not part of the Collateral. 
 “Future Funding Reserve Account”:
The meaning specified in the Servicing Agreement. 
 “Future Funding Reserve Account Control Agreement”: That certain
future funding reserve account control agreement, dated as of the date hereof, by and among Sub-REIT, as pledgor, the Trustee and the Securities Intermediary, as the same may be amended, supplemented or
replaced from time to time. 
 “GAAP”: The meaning specified in Section 6.3(k). 

“General Intangible”: The meaning specified in Section 9-102(a)(42) of the UCC.

  
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 “Global Notes”: The Rule 144A Global Notes and the Regulation S Global
Notes. 
 “Goldman Sachs”: Goldman Sachs & Co. LLC. 

“Governing Documents”: With respect to all Persons, the articles of incorporation, certificate of incorporation, by-laws, certificate of limited partnership, limited partnership agreement, limited liability company agreement, certificate of formation, articles of association and similar charter documents, as applicable to any
such Person. 
 “Government Items”: A security (other than a security issued by the Government National Mortgage
Association) issued or guaranteed by the United States of America or an agency or instrumentality thereof representing a full faith and credit obligation of the United States of America and, with respect to each of the foregoing, that is maintained
in book-entry form on the records of a Federal Reserve Bank. 
 “Grant”: To grant, bargain, sell, warrant, alienate,
remise, demise, release, convey, assign, transfer, mortgage, pledge, create and grant a security interest in and right of setoff against, deposit, set over and confirm. A Grant of the Collateral or of any other security or instrument shall include
all rights, powers and options (but none of the obligations) of the granting party thereunder, including without limitation the immediate continuing right to claim, collect, receive and take receipt for principal and interest payments in respect of
the Collateral (or any other security or instrument), and all other amounts payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in
the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Herfindahl Score”: On any date of determination, the quotient of (i) one divided by (ii) the sum of the
series of products obtained for each Collateral Interest and Principal Proceeds (whether held as Cash or Eligible Investments), determined by squaring the quotient of (x) the Principal Balance of each such Collateral Interest (or in the case of
Principal Proceeds in increments of $10,000,000) divided by (y) the Aggregate Outstanding Portfolio Balance. 

“Holder” or “Noteholder”: With respect to any Note, the Person in whose name such Note is registered in the
Notes Register. 
 “Hospitality Property”: A real property comprised of hospitality space (including mixed-use property) as to which the majority of the underwritten revenue is from hospitality space. 

“IAI”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
(7) under Regulation D under the Securities Act or an entity in which all of the equity owners are such “accredited investors.” 

“Indenture”: This instrument as originally executed and, if from time to time supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended. 

  
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 “Indenture Accounts”: The Payment Account, the Reinvestment Account and the
Custodial Account. 
 “Independent”: As to any Person, any other Person (including, in the case of an accountant, or
lawyer, a firm of accountants or lawyers and any member thereof or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person
or in any Affiliate of such Person, and (ii) is not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions. “Independent” when used
with respect to any accountant may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above the accountant is independent with respect to such Person within the meaning of Rule 101 of the
Code of Ethics of the American Institute of Certified Public Accountants. 
 Whenever any Independent Person’s opinion or certificate
is to be furnished to the Trustee or Note Administrator such opinion or certificate shall state, or shall be deemed to state, that the signer has read this definition and that the signer is Independent within the meaning hereof. 

“Industrial Property”: A real property comprised of industrial space (including
mixed-use property) as to which the majority of the underwritten revenue is from industrial space. 

“Initial MASCOT Note Issuance Date”: The 15th day following the Closing
Date (or if such 15th day is not a Business Day, the next Business Day). 

“Inquiry”: The meaning specified in Section 10.11(a). 

“Instrument”: The meaning specified in Section 9-102(a)(47) of the UCC. 

“Interest Accrual Period”: With respect to the Notes and (i) the first Payment Date, the period from and including the
Closing Date to but excluding such Payment Date, and (ii) each successive Payment Date, the period from and including the immediately preceding Payment Date to but excluding such Payment Date occurs. 

“Interest Advance”: The meaning specified in Section 10.6(a). 

“Interest Coverage Ratio”: As of any Measurement Date, the number (expressed as a percentage) calculated by dividing: 

(a) (i) the sum of (A) the expected scheduled interest payments due (in each case regardless of whether the due date
for any such interest payment has yet occurred) in the Due Period in which such Measurement Date occurs on (x) the Collateral Interests (excluding, subject to clause (3) of the last paragraph of this definition, accrued and unpaid
interest on Defaulted Collateral Interests); provided that no interest (or dividends or other distributions) will be included with respect to any Collateral Interest to the extent that such Collateral Interest does not provide for the
scheduled payment of interest (or dividends or other distributions) in Cash and (y) the Eligible Investments held in the Accounts other than the Payment Account (whether purchased with Interest Proceeds or Principal Proceeds), plus
(B) Interest Advances, if any, advanced by the Advancing Agent, the 

  
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Backup Advancing Agent or the Trustee, with respect to the related Payment Date, minus (ii) any amounts scheduled to be paid pursuant to
Section 11.1(a)(i)(1) through (4) (other than any Collateral Manager Fees that the Collateral Manager has agreed to waive in accordance with this Indenture and the Collateral Management Agreement); by 

(b) the sum of (i) the scheduled interest on the Class A Notes payable on the Payment Date immediately following such
Measurement Date, plus (ii) any Class A Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (iii) the scheduled interest on the
Class A-S Notes payable on the Payment Date immediately following such Measurement Date, plus (iv) any Class A-S Defaulted Interest Amount payable
on the Payment Date immediately following such Measurement Date, plus (v) the scheduled interest on the Class B Notes payable on the Payment Date immediately following such Measurement Date, plus (vi) any Class B
Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (vii) the scheduled interest on the Class C Notes payable on the Payment Date immediately following such Measurement Date,
plus (viii) any Class C Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (ix) any Class C Deferred Interest payable on the Payment Date immediately following
such Measurement Date, plus (x) the scheduled interest on the Class D Notes payable on the Payment Date immediately following such Measurement Date, plus (xi) any Class D Defaulted Interest Amount payable on the
Payment Date immediately following such Measurement Date, plus (xii) any Class D Deferred Interest payable on the Payment Date immediately following such Measurement Date plus (xiii) the scheduled interest on the
Class E Notes payable on the Payment Date immediately following such Measurement Date, plus (xiv) any Class E Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus
(xv) any Class E Deferred Interest payable on the Payment Date immediately following such Measurement Date. 
 For purposes of
calculating any Interest Coverage Ratio, (1) the expected interest income on the Collateral Interests and Eligible Investments and the expected interest payable on the Offered Notes shall be calculated using the interest rates applicable
thereto on the applicable Measurement Date, (2) accrued original issue discount on Eligible Investments shall be deemed to be a scheduled interest payment thereon due on the date such original issue discount is scheduled to be paid,
(3) there will be excluded all scheduled or deferred payments of interest on or principal of Collateral Interests and any payment that the Collateral Manager has determined in its reasonable judgment will not be made in Cash or received when
due and (4) with respect to any Collateral Interest as to which any interest or other payment thereon is subject to withholding tax of any relevant jurisdiction, each payment thereon shall be deemed to be payable net of such withholding tax
unless the related borrower is required to make additional payments to fully compensate the Issuer for such withholding taxes (including in respect of any such additional payments). 

“Interest Coverage Test”: The test that will be met as of any Measurement Date on which any Offered Notes remain Outstanding
if the Interest Coverage Ratio as of such Measurement Date is equal to or greater than 120.00%. 

  
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 “Interest Distribution Amount”: Each of the Class A Interest
Distribution Amount, the Class A-S Interest Distribution Amount, the Class B Interest Distribution Amount, the Class C Interest Distribution Amount, the Class D Interest Distribution
Amount, the Class E Interest Distribution Amount, the Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount, the Class F-X
Interest Distribution Amount, the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution
Amount. 
 “Interest Proceeds”: With respect to any Payment Date, (A) the sum of (without duplication): 

(1) all Cash payments of interest (including any deferred interest and any amount representing the accreted portion of a
discount from the face amount of a Collateral Interest or an Eligible Investment) or other distributions (excluding Principal Proceeds) received during the related Due Period on all Collateral Interests other than Defaulted Collateral Interests (net
of any fees and other compensation and reimbursement of expenses and Servicing Advances and interest thereon (but not net of amounts payable pursuant to any indemnification provisions) to which the Servicer or the Special Servicer are entitled
pursuant to the terms of the Servicing Agreement (and, with respect to each Non-Serviced Commercial Real Estate Loan, net of amounts payable to the servicer and special servicer under the applicable servicing
agreement)) and Eligible Investments, including, in the Collateral Manager’s commercially reasonable discretion (exercised as of the trade date), the accrued interest received in connection with a sale of such Collateral Interests or Eligible
Investments (to the extent such accrued interest was not applied to the purchase of Reinvestment Collateral Interests), in each case, excluding any accrued interest included in Principal Proceeds pursuant to clause (A)(3) or
(4) of the definition of “Principal Proceeds” and excluding any origination fees and exit fees, which will be retained by the Seller and will not be assigned to the Issuer; 

(2) all make whole premiums, spread maintenance, yield maintenance or prepayment premiums or any interest amount paid in excess
of the stated interest amount of a Collateral Interest received during the related Due Period; 
 (3) all amendment,
modification, consent and waiver fees, late payment fees, extension fees and other fees and commissions (to the extent not paid to the Servicer or the Special Servicer as additional servicing compensation) received by the Issuer during such Due
Period in connection with such Collateral Interests and Eligible Investments (except for fees and commissions received in connection with a Defaulted Collateral Interest); 

(4) Interest Advances, if any, advanced by the Advancing Agent, the Backup Advancing Agent or the Trustee, with respect to such
Payment Date; 
 (5) all Cash payments corresponding to accrued original issue discount on Eligible Investments; 

(6) any interest payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted
Subsidiary that is not a Defaulted Collateral Interest; 

  
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 (7) all payments of principal on Eligible Investments purchased with any
other Interest Proceeds; 
 (8) Cash and Eligible Investments that are contributed by the holders of the Class H Notes
and designated as “Interest Proceeds” by such holders on or before the related Determination Date; and 
 (9) all
other cash payments received by the Issuer with respect to the Collateral Interests during the related Due Period that are not included in the definition of “Principal Proceeds”; 

minus (B) the aggregate amount of any Nonrecoverable Interest Advances that were previously reimbursed to the Advancing Agent, the Backup
Advancing Agent or the Trustee. 
 “Interest Shortfall”: The meaning specified in
Section 10.6(a). 
 “Interested Person”: The Servicer, the Special Servicer, the Primary Servicer
any independent contractor engaged by the Special Servicer, the Collateral Manager, or, in connection with any individual Commercial Real Estate Loan, the borrower, the manager of the related Mortgaged Property, the holder of a related Companion
Participation, or any Affiliate of any of the preceding entities. 
 “Investor Certification”: A certificate, substantially
in the form of Exhibit Q-1 or Exhibit Q-2 hereto, representing that such Person executing the certificate is a Noteholder, a beneficial owner of a Note or
a prospective purchaser of a Note and that either (a) such Person is not a borrower, an agent of, or an investment advisor to, any borrower or affiliate of any borrower under a Commercial Real Estate Loan, in which case such person will have
access to all the reports and information made available to Noteholders under this Indenture, or (b) such Person is a borrower, an agent or Affiliate of, or an investment advisor to, any borrower under a Commercial Real Estate Loan, in which
case such person will only receive access to the Monthly Report. The Investor Certification may be submitted electronically by means of the Note Administrator’s Website. 

“Investor Q&A Forum”: The meaning specified in Section 10.11(a). 

“ISDA Definitions”: The 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment”: The spread adjustment, (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate”: The rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

  
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 “Issuer”: FS Rialto 2022-FL4
Issuer, LLC, a Delaware limited liability company, until a successor Person shall have become the Issuer pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person. 

“Issuer Order” and “Issuer Request”: A written order or request (which may be in the form of a standing
order or request) dated and signed in the name of the Issuer by an Authorized Officer of the Issuer or by an Authorized Officer of the Collateral Manager on behalf of the Issuer. For the avoidance of doubt, an order or request provided in an email
(or other electronic communication) sent by an Authorized Officer of the Issuer or Collateral Manager, as applicable, shall constitute an Issuer Order, in each case except to the extent that the Trustee or Note Administrator reasonably requests
otherwise. 
 “Junior Participation”: One or more junior participation interests (or B notes) in a Commercial Real Estate
Loan pursuant to a participation agreement (or intercreditor agreement) in which the related Senior AB Participation or Senior AB Pari Passu Participation is a Collateral Interest that has been acquired by the Issuer. 

“Largest One Quarter Future Advance Estimate”: The meaning specified in the Servicing Agreement. 

“LIBOR”: The London Interbank Offer Rate for a one month tenor. 

“Life Science Property”: A real property as to which the majority of the underwritten revenue is from life science space.

 “Liquidation Fee”: The meaning specified in the Servicing Agreement. 

“Loan Documents”: The indenture, loan agreement, note, mortgage, intercreditor agreement, participation agreement, co-lender agreement or other agreement pursuant to which a Collateral Interest or an Eligible Investment has been issued or created and each other agreement that governs the terms of or secures the obligations
represented by such Collateral Interest or an Eligible Investment or of which holders of such Collateral Interest or an Eligible Investment are the beneficiaries. 

“Loss Value Payment”: A Cash payment made, subject to the consent of a Majority of the Controlling Class (excluding any Note
held by the Seller or any of its Affiliates), to the Issuer by the Seller in connection with a Material Breach of a representation or warranty or Material Document Defect with respect to any Collateral Interest pursuant to the Collateral Interest
Purchase Agreement in an amount that the Collateral Manager on behalf of the Issuer determines is sufficient to compensate the Issuer for such Material Breach of representation or warranty or Material Document Defect, which Loss Value Payment will
be deemed to cure such Material Breach or Material Document Defect. 
 “Majority”: With respect to any Class of Notes,
the Holders of more than 50% of the Aggregate Outstanding Amount of the Notes of such Class. 

  
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 “Majority Class H Noteholder”: The Holder(s) of a
Majority of the Class H Notes. 
 “MASCOT Interest Only Notes”: The meaning specified in
Section 2.3. 
 “MASCOT Notes”: The meaning specified in Section 2.3.

 “MASCOT P&I Notes”: The meaning specified in Section 2.3. 

“Material Breach”: With respect to each Collateral Interest, the meaning specified in the Collateral Interest Purchase
Agreement. 
 “Material Document Defect”: With respect to each Collateral Interest, the meaning specified in the Collateral
Interest Purchase Agreement. 
 “Maturity”: With respect to any Note, the date on which the unpaid principal of such Note
becomes due and payable as therein or herein provided, whether at the Stated Maturity Date or by declaration of acceleration or otherwise. 

“McCoy & Orta”: McCoy & Orta, P.C. 

“Measurement Date”: Any of the following: (i) the Closing Date, (ii) the date of acquisition or disposition of any
Collateral Interest, (iii) any date on which any Collateral Interest becomes a Defaulted Collateral Interest, (iv) each Determination Date and (v) with reasonable notice to the Issuer, the Collateral Manager and the Note
Administrator, any other Business Day that any Rating Agency or the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of any Class of Notes requests be a “Measurement Date”;
provided that if any such date would otherwise fall on a day that is not a Business Day, the relevant Measurement Date will be the immediately preceding Business Day. 

“Membership Interests”: The limited liability company membership interests of the Issuer. 

“Minnesota Collateral”: The meaning specified in Section 3.3(b)(ii). 

“Mixed-Use Property”: A real property comprised of real property with five or more
residential units (including mixed-use multifamily/office and multifamily/retail), office space, industrial space, retail space, hospitality space, self-storage space and/or pad sites for manufactured homes as
to which no such property type represents a majority of the underwritten revenue. 
 “Modified Collateral Interest”: Any
Collateral Interest that is a Modified Loan or a participation interest in a Modified Loan. 
 “Modified Loan”: A
Commercial Real Estate Loan that has been modified, other than pursuant to an Administrative Modification or a Criteria-Based Modification, by the Special Servicer pursuant to the Servicing Agreement in a manner that: 

  
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 (a) except as expressly contemplated by the related Loan Documents, reduces
or delays in a material and adverse manner the amount or timing of any payment of principal or interest due thereon; 
 (b)
except as expressly contemplated by the related Loan Documents or except for releases of unimproved parcels that were not attributed material credit in connection with underwriting at origination, results in a release of the lien of the mortgage on
any material portion of the related Mortgaged Property without a corresponding principal prepayment in an amount not less than the fair market value (as is), as determined by an appraisal delivered to the Special Servicer (at the expense of the
related borrower and upon which the Special Servicer may conclusively rely), of the property to be released; or 
 (c) in the
reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for such Commercial Real Estate Loan or reduces the likelihood of timely payment of amounts due thereon. 

No Commercial Real Estate Loan that is subject to an Administrative Modification or Criteria-Based Modification shall become a Modified Loan
solely as a result of such Administrative Modification or Criteria-Based Modification, as applicable. 
 “Monthly Report”:
The meaning specified in Section 10.8(a). 
 “Moody’s”: Moody’s Investors Service,
Inc., and its successor-in-interest. 

“Moody’s Rating Factor”: With respect to any Collateral Interest, the number set forth in the table below opposite the
Moody’s rating of such Collateral Interest: 
  

							
	 Moody’s Rating
	  	 Moody’s Rating Factor
	  	 Moody’s Rating
	  	 Moody’s Rating Factor

	Aaa	  	1	  	Ba1	  	940
	Aa1	  	10	  	Ba2	  	1,350
	Aa2	  	20	  	Ba3	  	1,766
	Aa3	  	40	  	B1	  	2,220
	A1	  	70	  	B2	  	2,720
	A2	  	120	  	B3	  	3,490
	A3	  	180	  	Caa1	  	4,770
	Baa1	  	260	  	Caa2	  	6,500
	Baa2	  	360	  	Caa3	  	8,070
	Baa3	  	610	  	Ca or lower	  	10,000

  
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 “Moody’s Recovery Rate”: With respect to each Collateral Interest, the
rate specified in the table set forth below with respect to the property type of the related Mortgaged Property or Mortgaged Properties: 
  

					
	 Property Type
	  	Moody’s Recovery Rate	 
	 Industrial, multifamily (including student housing) and anchored retail properties
	  	 	60	% 
	 Office, self-storage, mixed-use and unanchored retail
properties
	  	 	55	% 
	 Hospitality properties
	  	 	45	% 
	 All other property types
	  	 	40	% 

 “Mortgage Loan”: A commercial or multifamily real estate mortgage loan, which mortgage loan
is secured by a first-lien mortgage or deed-of-trust on commercial, multifamily and/or manufactured-housing community properties or ground lease interests therein. 

“Mortgage Note”: With respect to any Mortgage Loan, the note or other evidence of indebtedness and/or agreements evidencing
the indebtedness of a borrower under such Mortgage Loan including the mortgage, any amendments or modifications, or any renewal or substitution notes, as of such date. 

“Mortgaged Property”: With respect to any Commercial Real Estate Loan, the commercial and/or multifamily mortgaged property
or properties securing such Commercial Real Estate Loan. 
 “Multifamily Property”: A real property with five or more
residential rental units (including mixed-use multifamily/office and multifamily/retail) as to which the majority of the underwritten revenue is from residential rental units. 

“Net Outstanding Portfolio Balance”: On any Measurement Date, the sum (without duplication) of: 

(a) the Aggregate Principal Balance of the Collateral Interests other than any Modified Collateral Interests and Defaulted
Collateral Interests; 
 (b) the aggregate Principal Balance of Cash and Eligible Investments held as Principal Proceeds; and

 (c) the aggregate Principal Balance of Cash and Eligible Investments held in the Reinvestment Account; and 

(d) with respect to each Modified Collateral Interest and Defaulted Collateral Interest, the Calculation Amount of such
Collateral Interest; 

  
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 provided, however, that (i) with respect to any Collateral Interest for which the
purchase price paid by the Issuer is less than 95% of its Principal Balance at acquisition, the purchase price (instead of the Principal Balance) of such Collateral Interest will be used in calculating the Net Outstanding Portfolio Balance in
clause (a) above, (ii) with respect to each Defaulted Collateral Interest that has been owned by the Issuer for more than three years after becoming a Defaulted Collateral Interest, the Principal Balance of such Defaulted Collateral
Interest will be zero for purposes of computing the Net Outstanding Portfolio Balance and (iii) in the case of a Collateral Interest subject to a Credit Risk/Defaulted Collateral Interest Cash Purchase or an exchange for an Exchange Collateral
Interest, the Collateral Manager will have 45 days to exercise such purchase or exchange and during such period such Collateral Interest will not be treated as a Defaulted Collateral Interest for purposes of computing the Net Outstanding Portfolio
Balance. In connection with any Collateral Interest acquired pursuant to clause (i) above, the Collateral Manager shall notify the Note Administrator promptly upon acquiring such discounted Collateral Interest identifying it as a
discounted Defaulted Collateral Interest and provide the purchase price. 
 “No Downgrade Confirmation”: A confirmation
from a Rating Agency that any proposed action, or failure to act or other specified event will not, in and of itself, result in the downgrade or withdrawal of the then-current rating assigned to any Class of Notes then rated by such Rating
Agency; provided that if the Requesting Party receives a written waiver or acknowledgment indicating its decision not to review the matter for which the No Downgrade Confirmation is sought, then the requirement to receive a No Downgrade
Confirmation from the Rating Agency with respect to such matter shall not apply. For the purposes of this definition, any confirmation, waiver, request, acknowledgment or approval which is required to be in writing may be in the form of electronic
mail. Notwithstanding anything to the contrary set forth in this Indenture, at any time during which the Notes are no longer rated by a Rating Agency, a No Downgrade Confirmation shall not be required from such Rating Agency under this Indenture.

 “Non-call Period”: The period from the Closing Date to and including the
Business Day immediately preceding the Payment Date in April 2024, during which no Optional Redemption is permitted to occur. 
 “Non-Permitted Holder”: The meaning specified in Section 2.13(b). 

“Non-Serviced Commercial Real Estate Loans”: The meaning specified in the Servicing
Agreement. 
 “Nonrecoverable Interest Advance”: Any Interest Advance previously made or proposed to be made pursuant to
Section 10.6 that the Advancing Agent, the Backup Advancing Agent or the Trustee, as applicable, has determined in its sole discretion, exercised in good faith, that the amount so advanced or proposed to be advanced
plus interest expected to accrue thereon, will not be ultimately recoverable from subsequent payments or collections with respect to the Collateral Interests. 

“Note Administrator”: Computershare Trust Company, National Association, solely in its capacity as note administrator
hereunder, unless a successor Person shall have become the Note Administrator pursuant to the applicable provisions of this Indenture, and thereafter “Note Administrator” shall mean such successor Person. Computershare Trust Company,
National Association, will perform its duties as Note Administrator through its Corporate Trust Services division. 

  
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 “Note Administrator’s Website”: Initially, www.ctslink.com;
provided that such address may change upon notice by the Note Administrator to the parties hereto, the 17g-5 Information Provider and Noteholders. 

“Note Interest Rate”: With respect to the Class A Notes, the Class A Rate, with respect to the Class A-S Notes, the Class A-S Rate, with respect to the Class B Notes, the Class B Rate, with respect to the Class C Notes, the Class C Rate,
with respect to the Class D Notes, the Class D Rate, with respect to the Class E Notes, the Class E Rate, with respect to the Class F Notes, the Class F Rate, with respect to the
Class F-E Notes, the interest rate on the Class F-E Notes described in Section 2.16, with respect to the Class F-X Notes, the interest rate on the Class F-X Notes described in Section 2.16, with respect to the Class G Notes, the
Class G Rate, with respect to the Class G-E Notes, the interest rate on the Class G-E Notes described in Section 2.16 and with
respect to the Class G-X Notes, the interest rate on the Class G-X Notes described in Section 2.16. 

“Note Protection Tests”: The Par Value Test and the Interest Coverage Test. 

“Noteholder”: The Person in whose name such Note is registered in the Notes Register. 

“Notes”: The Class A Notes, the Class A-S Notes, the Class B Notes,
the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G
Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes, collectively, authorized by, and authenticated and delivered under, this Indenture.

 “Notes Register” and “Notes Registrar”: The respective meanings specified in
Section 2.5(a). 
 “NRSRO”: Any nationally recognized statistical rating organization, including
the Rating Agencies. 
 “NRSRO Certification”: A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as Exhibit O or (b) provided electronically and executed by an NRSRO by means of a click-through confirmation on the 17g-5 Website. 
 “Offered Notes”: The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, authorized by, and authenticated and delivered under, this Indenture. 

“Offering Memorandum”: The Offering Memorandum, dated March 24, 2022, relating to the offering of the Offered Notes.

 “Office Property”: A real property comprised of office space (including
mixed-use property and medical office space) as to which the majority of the underwritten revenue is from office space. 

  
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 “Officer”: With respect to any company, corporation or limited liability
company, including the Issuer and the Collateral Manager, any Director, Manager, the Chairman of the Board of Directors, the President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary, any Assistant
Secretary, the Treasurer, any Assistant Treasurer, General Partner of such entity or any authorized person designated by such company, corporation or limited liability company as an “Officer”; and with respect to the Note Administrator and
the Trustee, any Trust Officer; and with respect to the Servicer or Special Servicer, a “Responsible Officer” (as defined in the Servicing Agreement). 

“Officer’s Certificate”: With respect to the Issuer, the Collateral Manager, Servicer and the Special Servicer, any
certificate executed by an Authorized Officer thereof. 
 “Opinion of Counsel”: A written opinion addressed to the Trustee
and the Note Administrator and, if required by the terms hereof, the Rating Agencies (each, a “Recipient”) in form and substance reasonably satisfactory to each Recipient, of an outside third party counsel of national recognition,
which attorney may, except as otherwise expressly provided in this Indenture, be counsel for the Issuer, and which attorney shall be reasonably satisfactory to the Trustee and the Note Administrator. Whenever an Opinion of Counsel is required
hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory which opinions of other counsel shall accompany such Opinion of Counsel and shall either be addressed to each Recipient or shall state
that each Recipient shall each be entitled to rely thereon. 
 “Optional Redemption”: The meaning specified in
Section 9.1(c). 
 “Other Tranche”: The meaning specified in
Section 16.3. 
 “Outstanding”: With respect to the Notes, as of any date of determination, all
of the Notes or any Class of Notes, as the case may be, theretofore authenticated and delivered under this Indenture except: 

(i) Notes theretofore canceled by the Notes Registrar or delivered to the Notes Registrar for cancellation; 

(ii) Notes or portions thereof for whose payment or redemption funds in the necessary amount have been theretofore irrevocably
deposited with the Note Administrator or the Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii); provided that, if such Notes or portions thereof are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture; 
 (iii) Notes in exchange for or in lieu of which other
Notes have been authenticated and delivered pursuant to this Indenture, unless proof satisfactory to the Note Administrator is presented that any such Notes are held by a Holder in due course; and 

(iv) Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided
in Section 2.6; 

  
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 provided that in determining whether the Noteholders of the requisite Aggregate Outstanding
Amount have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (x) Notes owned by the Issuer or any Affiliate thereof shall be disregarded and deemed not to be Outstanding, except that Notes so owned that
have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Note Administrator or the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the
Issuer or any other obligor upon the Notes or any Affiliate of the Issuer, the Collateral Manager or such other obligor and (y) in relation to (i) the exercise by the Noteholders of their right, in connection with certain Events of
Default, to accelerate amounts due under the Notes and (ii) any amendment or other modification of, or assignment or termination of, any of the express rights or obligations of the Collateral Manager under the Collateral Management Agreement or
this Indenture, Notes owned by the Collateral Manager or any of its Affiliates, or by any accounts managed by them, will be disregarded and deemed not to be Outstanding. The Note Administrator and the Trustee will be entitled to rely on certificates
from Noteholders to determine any such affiliations and shall be protected in so relying, except to the extent that a Trust Officer of the Trustee or Note Administrator, as applicable, has actual knowledge of any such affiliation. 

“Par Purchase Price”: With respect to a Collateral Interest, the sum of (A) the Principal Balance of such Collateral
Interest as of the date of purchase; plus (B) all accrued and unpaid interest on such Collateral Interest at the related interest rate to but not including the date of purchase; plus (C) all related unreimbursed Servicing
Advances and accrued and unpaid interest on such Servicing Advances at the Advance Rate, plus (D) all Special Servicing Fees and either workout fees or Liquidation Fees (but not both) allocable to such Collateral Interest; plus
(E) all unreimbursed expenses incurred by the Issuer (and if applicable, the Seller), the Servicer and the Special Servicer in connection with such Collateral Interest. 

“Par Value Ratio”: As of any Measurement Date, the number (expressed as a percentage) calculated by dividing
(a) the Net Outstanding Portfolio Balance on such Measurement Date by (b) the sum of the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes, the Class B Notes, the
Class C Notes, the Class D Notes and the Class E Notes and the amount of any unreimbursed Interest Advances. 
 “Par
Value Test”: A test that will be satisfied as of any Measurement Date on which any Offered Notes remain outstanding if the Par Value Ratio on such Measurement Date is equal to or greater than 118.25%. 

“Pari Passu Participation”: A Collateral Interest that is a participation interest (or an A note) in a Commercial Real Estate
Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is pari passu with one or more other senior pari passu participation interests (or A notes) that are not acquired by the Issuer and
which each are the senior-most interest in such Commercial Real Estate Loan. 
 “Participated Loan”: Any commercial or
multifamily real estate mortgage loans that has been participated into Participations. 
 “Participated Loan Collection
Account”: The meaning specified in the Servicing Agreement. 

  
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 “Participating Institution”: With respect to any Participation, the entity
that holds legal title to the participated asset. 
 “Participation”: A fully-funded pari passu, senior or senior
pari passu participation interest or promissory note in a commercial or multifamily real estate mortgage loan. 

“Participation Agreement”: With respect to each Participated Loan, the participation,
co-lender or similar agreement that governs the rights and obligations of the holders of the Participation and each related Companion Participation(s). 

“Paying Agent”: The Note Administrator, in its capacity as Paying Agent hereunder, authorized by the Issuer, with respect to
the Offered Notes, or the Issuer, with respect to the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, to pay the principal of or interest on any Notes on behalf of the Issuer as specified in
Section 7.2. 
 “Payment Account”: The payment account established by the Note Administrator
pursuant to Section 10.3. 
 “Payment Date”: The 6th Business Day following the Determination
Date occurring in each month, commencing on the Payment Date in May 2022 and ending on the Stated Maturity Date unless the Notes are redeemed or repaid prior thereto. 

“Permitted Subsidiary”: Any one or more single purpose entities that are wholly-owned by the Issuer and are established
exclusively for the purpose of taking title to mortgage, real estate or any Sensitive Asset in connection, in each case, with the exercise of remedies or otherwise; provided, however, that any such Permitted Subsidiary (i) shall be organized
under U.S. law and (ii) shall be an entity that is disregarded for U.S. tax purposes; provided that Sub-REIT may organize such Permitted Subsidiary, or elect that such Permitted Subsidiary be treated, as
a corporation for U.S. federal income tax purposes if Sub-REIT determines that it is in the best interest of managing its affairs as a REIT, or as a result of such Permitted Subsidiary taking title to a
mortgage, real estate or any Sensitive Asset, Sub-REIT would become subject to tax on “net income from foreclosure property” within the meaning of Section 857(b)(4) of the Code. 

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

“Placement Agreement”: The placement agency agreement relating to the Offered Notes dated as of March 24, 2022, by and
among the Issuer, FS Credit REIT and the Placement Agents. 
 “Placement Agents”: WFS, Barclays and Goldman Sachs. 

“Pledged Collateral Interest”: On any date of determination, any Collateral Interest that has been Granted to the Trustee and
not been released from the lien of this Indenture pursuant to Section 10.9. 

  
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 “Pre-Closing
17g-5 Information”: The meaning specified in Section 14.12(b). 

“Primary Servicer”: The meaning specified in the Servicing Agreement. 

“Principal Balance” or “par”: With respect to (i) any Commercial Real Estate Loan, Collateral Interest,
Participated Loan, Companion Participation or Eligible Investment, as of any date of determination, the outstanding principal amount of such Commercial Real Estate Loan, Collateral Interest (as reduced by all payments or other collections of
principal received or deemed received, and any principal forgiven by the Special Servicer and other principal losses realized, on such Collateral Interest during the related collection period) or Eligible Investment; provided that the
Principal Balance of any Eligible Investment that does not pay Cash interest on a current basis will be the accreted value thereof, and (ii) Cash, the face amount thereof. 

“Principal Proceeds”: With respect to any Payment Date, (A) the sum (without duplication) of: 

(1) all principal payments (including Unscheduled Principal Payments and any casualty or condemnation proceeds and any proceeds
from the exercise of remedies (including liquidation proceeds)) received during the related Due Period in respect of (a) Eligible Investments (other than Eligible Investments purchased with Interest Proceeds and any amount representing the
accreted portion of a discount from the face amount of a Collateral Interest or an Eligible Investment) and (b) Collateral Interests as a result of (i) a maturity, scheduled amortization or mandatory prepayment on a Collateral Interest,
(ii) optional prepayments made at the option of the related borrower, (iii) recoveries on Defaulted Collateral Interests and Credit Risk Collateral Interests, or (iv) any other principal payments received with respect to Collateral
Interests; 
 (2) Sale Proceeds received during such Due Period in respect of sales in accordance with the Transaction
Documents and excluding (i) accrued interest included in Sale Proceeds, (ii) any reimbursement of expenses included in such Sale Proceeds and (iii) other than in the case of any Sales Proceeds attributable to REO Properties, any
portion of such Sale Proceeds that are in excess of the outstanding principal balance of the related Collateral Interest or Eligible Investment; 

(3) any interest received during such Due Period on such Collateral Interests or Eligible Investments to the extent such
interest constitutes proceeds from accrued interest purchased with Principal Proceeds other than accrued interest purchased by the Issuer on or prior to the Closing Date; 

(4) all Cash payments of interest received during such Due Period on Defaulted Collateral Interests; 

(5) any principal payments received in Cash by the Issuer during the related Due Period on any asset held by a Permitted
Subsidiary; 
 (6) any Loss Value Payment received by the Issuer from the Seller; 

  
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 (7) Cash and Eligible Investments that are contributed by the holders of the
Class H Notes and designated as “Principal Proceeds” on or before the Determination Date; and 
 (8) Cash and
Eligible Investments transferred from the Reinvestment Account to the Payment Account pursuant to Section 10.2; 
 minus
(B) the aggregate amount of (1) any Nonrecoverable Interest Advances that were not previously reimbursed to the Advancing Agent, the Backup Advancing Agent or the Trustee from Interest Proceeds and (2) any amounts paid to the Servicer
or Special Servicer pursuant to the terms of the Servicing Agreement out of amounts that would otherwise be Principal Proceeds. 

“Priority of Payments”: The meaning specified in Section 11.1(a). 

“Privileged Person”: Any of the following: the Placement Agents and their designees, the Servicer, the Primary Servicer, the
Special Servicer, the Trustee, the Paying Agent, the Note Administrator, the Seller, the Collateral Manager, the Advancing Agent, the Issuer, any Person who provides the Note Administrator with an Investor Certification and any Rating Agency or
other NRSRO that delivers an NRSRO Certification to the Note Administrator (which Investor Certification and NRSRO Certification may be submitted electronically by means of the Note Administrator’s Website). Any Person who provides the Note
Administrator with an Investor Certification in the form of Exhibit Q-2 shall not be deemed a Privileged Person and shall be entitled to access only the Monthly Report. 

“Proceeding”: Any suit in equity, action at law or other judicial or administrative proceeding. 

“QIB”: A “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Purchaser”: A “qualified purchaser” within the meaning of Section 2(a)(51) of the 1940 Act or an
entity owned exclusively by one or more such “qualified purchasers.” 
 “Qualified REIT Subsidiary”: A
corporation that, for U.S. federal income tax purposes, is wholly-owned by a real estate investment trust under Section 856(i)(2) of the Code. 

“Rating Agencies”: DBRS Morningstar and Moody’s and any successor thereto, or, with respect to the Collateral generally,
if at any time DBRS Morningstar or Moody’s or any such successor ceases to provide rating services with respect to the Notes or certificates similar to the Notes, any other NRSRO selected by the Issuer and reasonably satisfactory to a Majority
of the Notes voting as a single Class. 
 “Rating Agency Condition”: A condition that is satisfied if: 

(a) the party required to satisfy the Rating Agency Condition (the “Requesting Party”) has made a written
request to each Rating Agency for a No Downgrade Confirmation; and 

  
 -47- 

 (b) any one of the following has occurred with respect to each such Rating
Agency: 
 (i) a No Downgrade Confirmation has been received from such Rating Agency; or 

(ii) (A) within ten (10) Business Days of such request being sent to such Rating Agency, such Rating Agency has not
replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for confirmation; 

(B) the Requesting Party has confirmed that such Rating Agency has received the confirmation request; 

(C) the Requesting Party promptly requests the No Downgrade Confirmation a second time; and 

(D) there is no response to either confirmation request within five (5) Business Days of such second request. 

“Rating Agency Test Modification”: The meaning specified in Section 12.4. 

“Record Date”: With respect to any Holder and any Payment Date, the Business Day immediately preceding such Payment Date.

 “Redemption Date”: Any Payment Date specified for a redemption of the Notes pursuant to
Section 9.1. 
 “Redemption Price”: The Redemption Price of each Class of Notes on a
Redemption Date will be calculated as follows: 
 Class A Notes. The redemption price for the Class A Notes
will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class A Notes to be redeemed, together with the Class A Interest Distribution Amount (plus any Class A Defaulted
Interest Amount) due on the applicable Redemption Date; 
 Class A-S
Notes. The redemption price for the Class A-S Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the
Class A-S Notes to be redeemed, together with the Class A-S Interest Distribution Amount (plus any
Class A-S Defaulted Interest Amount) due on the applicable Redemption Date; 

Class B Notes. The redemption price for the Class B Notes will be calculated on the related Determination Date
and will equal the Aggregate Outstanding Amount of the Class B Notes to be redeemed, together with the Class B Interest Distribution Amount (plus any Class B Defaulted Interest Amount) due on the applicable Redemption Date;

  
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 Class C Notes. The redemption price for the Class C Notes
will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class C Notes (including any Class C Deferred Interest) to be redeemed, together with the Class C Interest Distribution Amount
(plus any Class C Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class D Notes.
The redemption price for the Class D Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class D Notes (including any Class D Deferred Interest) to be redeemed, together
with the Class D Interest Distribution Amount (plus any Class D Defaulted Interest Amount) due on the applicable Redemption Date; 

Class E Notes. The redemption price for the Class E Notes will be calculated on the related Determination Date
and will equal the Aggregate Outstanding Amount of the Class E Notes (including any Class E Deferred Interest) to be redeemed, together with the Class E Interest Distribution Amount (plus any Class E Defaulted Interest
Amount) due on the applicable Redemption Date; 
 Class F Notes. The redemption price for the Class F Notes
will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class F Notes (including any Class F Deferred Interest) to be redeemed, together with the Class F Interest Distribution Amount
(plus any Class F Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class F-E Notes. The redemption price for the Class F-E Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of
the Class F-E Notes (including any Class F-E Deferred Interest) to be redeemed, together with the Class F-E
Interest Distribution Amount (plus any Class F-E Defaulted Interest Amount) due on the applicable Redemption Date; 

Class F-X Notes. The redemption price for the
Class F-X Notes will be calculated on the related Determination Date and will equal the Class F-X Interest Distribution Amount (plus any Class F-X Defaulted Interest Amount) due on the applicable Redemption Date; 

Class G Notes. The redemption price for the Class G Notes will be calculated on the related Determination Date
and will equal the Aggregate Outstanding Amount of the Class G Notes (including any Class G Deferred Interest) to be redeemed, together with the Class G Interest Distribution Amount (plus any Class G Defaulted Interest
Amount) due on the applicable Redemption Date; 
 Class G-E Notes. The
redemption price for the Class G-E Notes will be calculated on the related Determination Date and will equal the Aggregate Outstanding Amount of the Class G-E
Notes (including any Class G-E Deferred Interest) to be redeemed, together with the Class G-E Interest Distribution Amount (plus any Class G-E Defaulted Interest Amount) due on the applicable Redemption Date; 
 Class G-X Notes. The redemption price for the Class G-X Notes will be calculated on the related Determination Date and will equal the
Class G-X Interest Distribution Amount (plus any Class G-X Defaulted Interest Amount) due on the applicable Redemption Date; and 

  
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 Class H Notes. The redemption price for the Class H Notes
will be calculated on the related Determination Date and will be equal to the sum of all net proceeds from the sale of the Collateral in accordance with Article 12 and Cash, if any, remaining after payment of all amounts
and expenses, including payments made in respect of the Notes, described under clauses (1) through (18) of Section 11.1(a)(iii); provided that if there are no such net proceeds or Cash
remaining, the redemption price for the Class H Notes shall be equal to $0. 
 “Reference Time”: With respect to any
determination of the Benchmark, (i) if the Benchmark is Compounded SOFR, 3:00 p.m. (New York time) on the Benchmark Determination Date and (ii) if the Benchmark is not Compounded SOFR, the time determined by the Collateral Manager in
accordance with the Benchmark Replacement Conforming Changes. 
 “Registered”: With respect to any debt obligation, a debt
obligation that is issued after July 18, 1984, and that is in registered form for purposes of the Code. 
 “Regulation
S”: Regulation S under the Securities Act. 
 “Regulation S Global Note”: The meaning specified in
Section 2.2(b)(iii). 
 “Reimbursement Interest”: Interest accrued on the amount of any Interest
Advance made by the Advancing Agent, the Backup Advancing Agent or the Trustee for so long as it is outstanding, at the Reimbursement Rate, which Reimbursement Interest is hereby waived by the Advancing Agent for so long as (i) the Advancing
Agent is FS Credit REIT or any of its Affiliates and (ii) any of FS Credit REIT or any of its Affiliates owns the Class H Notes. 

“Reimbursement Rate”: A rate per annum equal to the “prime rate” as published in the “Money Rates”
section of The Wall Street Journal, as such “prime rate” may change from time to time. If more than one “prime rate” is published in The Wall Street Journal for a day, the average of such “prime rates” will
be used, and such average will be rounded up to the nearest one-eighth of one percent (0.125%). If the “prime rate” contained in The Wall Street Journal is not readily ascertainable, the Collateral
Manager will select an equivalent publication that publishes such “prime rate,” and if such “prime rates” are no longer generally published or are limited, regulated or administered by a governmental authority or
quasigovernmental body, then the Collateral Manager will select, in its reasonable discretion, a comparable interest rate index. 

“Reinvestment Account”: The account established by the Note Administrator pursuant to Section 10.2.

 “Reinvestment Collateral Interest”: Any Collateral Interest acquired by the Issuer during the Reinvestment Period (or
within sixty (60) days after the Reinvestment Period, in the case of any Committed Reinvestment Collateral Interest) with Principal Proceeds received during the Reinvestment Period from the Collateral Interests (or any Cash contributed by the
Holders of the Class H Notes to the Issuer) and that satisfies the Eligibility Criteria and the Acquisition Criteria. 

  
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 “Reinvestment Period”: The period beginning on the Closing Date and ending
on and including the first to occur of the following events or dates: (i) the end of the Due Period related to the Payment Date in April 2024; (ii) the end of the Due Period related to the Payment Date on which all of the Notes are redeemed as
described under Section 9.1 herein; and (iii) the date on which principal of and accrued and unpaid interest on all of the Notes is accelerated following the occurrence and continuation of an Event of Default. 

“REIT”: A “real estate investment trust” under the Code. 

“Relevant Governmental Body”: The Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Remittance Date”: The meaning specified in the Servicing Agreement. 

“REO Account”: The meaning specified in the Servicing Agreement. 

“REO Property”: The meaning specified in the Servicing Agreement. 

“Repurchase Request”: The meaning specified in Section 7.17. 

“Retail Property”: A real property comprised of retail space (including mixed-use
property) as to which the majority of the underwritten revenue is from retail space. 
 “Retained Interest”: The meaning
specified in the Collateral Interest Purchase Agreement. 
 “Retained Notes”: 100% of the Class F Notes, the
Class G Notes (and related MASCOT Notes for which the Class F Notes or the Class G Notes are exchanged) and the Class H Notes. 

“Retention Holder”: FS Rialto 2022-FL4 Holder, LLC, a Delaware limited liability
company. 
 “Rule 144A”: Rule 144A under the Securities Act. 

“Rule 144A Global Note”: The meaning specified in Section 2.2(b)(i). 

“Rule 144A Information”: The meaning specified in Section 7.13. 

“Rule 17g-5”: The meaning specified in Section 14.12(a).

 “Sale”: The meaning specified in Section 5.17(a). 

“Sale Proceeds”: All proceeds (including accrued interest) received with respect to Collateral Interests and Eligible
Investments as a result of sales of such Collateral Interests and Eligible Investments, sales in connection with the exercise of a purchase option by a mezzanine lender, and sales in connection with a repurchase for a Material Breach or a Material
Document Defect, in each case, net of any reasonable out-of-pocket expenses of the Collateral Manager, the Trustee, the Custodian, the Note Administrator, or the
Servicer under the Servicing Agreement in connection with any such sale. 

  
 -51- 

 “SEC”: The Securities and Exchange Commission. 

“Secured Notes”: The Offered Notes together with the Class F Notes and the Class G Notes (and related MASCOT Notes
for which the Class F Notes or the Class G Notes are exchanged). 
 “Secured Parties”: Collectively, the
Collateral Manager, the Trustee, the Custodian, the Note Administrator, the Advancing Agent, the holders of the Secured Notes, the Servicer and the Special Servicer, each as their interests appear in applicable Transaction Documents. 

“Securities Account”: The meaning specified in Section 8-501(a) of the UCC. 

“Securities Account Control Agreement”: The meaning specified in Section 3.3(b). 

“Securities Act”: The Securities Act of 1933, as amended. 

“Securities Intermediary”: The meaning specified in Section 3.3(b) or another financial institution
whose long-term rating is at least equal to “A2” by Moody’s and a long term unsecured debt rating of at least BBB(high) by DBRS Morningstar, or if not rated by DBRS Morningstar, at least an equivalent rating by two other NRSROs (or
such lower rating as the Rating Agencies shall approve) and agrees to act as a “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC as in effect in the State of New
York) on behalf of the Note Administrator on behalf of the Secured Parties pursuant to an account control agreement in form and substance similar to the Securities Account Control Agreement. 

“Security Entitlement”: The meaning specified in Section 8-102(a)(17) of the
UCC. 
 “Segregated Liquidity”: The meaning specified in the Servicing Agreement. 

“Self-Storage Property”: A real property comprised of self-storage space (including
mixed-use property) as to which the majority of the underwritten revenue is from self-storage space. 

“Seller”: FS CREIT Finance Holdings LLC, a Delaware limited liability company. 

“Senior AB Pari Passu Participation”: A Collateral Interest that is a participation interest (or an A Note) in a Commercial
Real Estate Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is senior to one or more Junior Participations but is pari passu with one or more other senior pari passu
participation interests (or A notes) that are not acquired by the Issuer and which each are the senior-most interest in such Commercial Real Estate Loan. 

“Senior AB Participation”: A Collateral Interest that is a participation interest (or an A note) in a Commercial Real Estate
Loan pursuant to a participation agreement (or intercreditor agreement) in which the interest acquired by the Issuer is senior to one or more Junior Participations. 

  
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 “Sensitive Asset”: Means (i) a Collateral Interest, or a portion
thereof, or (ii) a real property or other interest (including, without limitation, an interest in real property) resulting from the conversion, exchange, other modification or exercise of remedies with respect to a Collateral Interest or
portion thereof, in either case, as to which the Collateral Manager has determined, based on an Opinion of Counsel (independent of the Collateral Manager), could give rise to a material liability of the Issuer (including liability for taxes) if held
directly by the Issuer. 
 “Serviced Commercial Real Estate Loans”: The meaning specified in the Servicing Agreement. 

“Servicer”: Wells Fargo Bank, National Association, solely in its capacity as servicer under the Servicing Agreement,
together with its permitted successors and assigns or any successor Person that shall have become the servicer pursuant to the appropriate provisions of the Servicing Agreement. 

“Servicing Accounts”: The Escrow Accounts, the Collection Account, the Participated Loan Collection Account, the REO Accounts
and the Cash Collateral Accounts, each as established under and defined in the Servicing Agreement. 
 “Servicing
Advances”: The meaning specified in the Servicing Agreement. 
 “Servicing Agreement”: The Servicing Agreement,
dated as of the Closing Date, by and among the Issuer, the Trustee, the Collateral Manager, the Note Administrator, the Servicer, the Special Servicer and the Advancing Agent, as amended, supplemented or otherwise modified from time to time in
accordance with its terms. 
 “Servicing Standard”: The meaning specified in the Servicing Agreement. 

“Similar Law”: Any federal, state, local or other law that is substantially similar to Section 406 of ERISA or
Section 4975 of the Code. 
 “SOFR”: With respect to any calendar day, the secured overnight financing rate published
for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website. 

“SOFR Business Day”: Any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets
Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

“Special Servicer”: Rialto Capital Advisors, LLC, a Delaware limited liability company, solely in its capacity as special
servicer under the Servicing Agreement, together with its permitted successors and assigns or any successor Person that shall have become the special servicer pursuant to the appropriate provisions of the Servicing Agreement. 

“Special Servicing Fee”: The meaning specified in the Servicing Agreement. 

“Specially Serviced Loan”: The meaning specified in the Servicing Agreement. 

  
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 “Specified Person”: The meaning specified in
Section 2.6. 
 “Sponsor”: FS Credit REIT. 

“Stated Maturity Date”: The Payment Date in January 2039. 

“Student Housing Property”: A Multifamily Property as to which the majority of the underwritten revenue is from residential
rental units leased to student tenants. 
 “Sub-Advisor”: Rialto Capital
Management, LLC. 
 “Sub-REIT”: FS Rialto
Sub-REIT LLC, a Delaware limited liability company. 
 “Subsequent Transfer
Instrument”: A transfer instrument substantially in the form of Exhibit C to the Collateral Interest Purchase Agreement. 

“Successful Auction”: Either (i) an auction that is conducted in accordance with the provisions specified in this
Indenture, which includes the requirement that the aggregate Cash purchase price for all of the Collateral Interests, together with the balance of all Eligible Investments and Cash in the Payment Account, will be at least equal to the Total
Redemption Price or (ii) the purchase of all of the Collateral Interests by the Majority Class H Noteholder for a price that, together with the balance of all Eligible Investments and Cash in the Payment Account, is equal to the Total
Redemption Price. 
 “Supermajority”: With respect to any Class of Notes, the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of the Notes of such Class. 
 “Tax Event”:
(i) Any borrower is, or on the next scheduled payment date under any Collateral Interest, will be, required to deduct or withhold from any payment under any Collateral Interest to the Issuer for or on account of any tax for whatever reason and such
borrower is not required to pay to the Issuer such additional amount as is necessary to ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such borrower or the Issuer) will equal the full
amount that the Issuer would have received had no such deduction or withholding been required, (ii) any jurisdiction imposes net income, profits, or similar tax on the Issuer or (iii) the Issuer fails to maintain its status as a Qualified
REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes. 
 “Tax Materiality Condition”:
The condition that will be satisfied if either (i) as a result of the occurrence of a Tax Event, a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full
amount that the Issuer would have received had no such deduction occurred and such amount exceeds, in the aggregate, $1,000,000 during any twelve (12)-month period or (ii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary
or other disregarded entity of a REIT for U.S. federal income tax purposes. 
 “Tax Redemption”: The meaning specified in
Section 9.1(b). 

  
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 “Term SOFR”: The one-month
forward-looking term SOFR, as reported on the CME Market Data Platform (or any alternative source designated by CME Group Benchmark Administration Limited, as administrator of Term SOFR, from time to time) for the rate currently identified as
“1 Month CME Term SOFR.” 
 “Total Redemption Price”: The amount equal to funds sufficient to pay all amounts and
expenses described under clauses (1) through (4) of Section 11.1(a)(i) (without regard to any cap contained therein) and to redeem all Notes at their applicable Redemption Prices. 

“Transaction Documents”: This Indenture, the Collateral Management Agreement, the Placement Agreement, the Collateral
Interest Purchase Agreement, the U.S. Risk Retention Agreement, the EU/UK Risk Retention Letter, the Participation Agreements, the Future Funding Agreement, the Securities Account Control Agreement, the Future Funding Reserve Account Control
Agreement and the Servicing Agreement. 
 “Transfer Agent”: The Person or Persons, which may be the Issuer, authorized by
the Issuer to exchange or register the transfer of Notes in its capacity as Transfer Agent. 
 “Treasury Regulations”:
Temporary or final regulations promulgated under the Code by the United States Treasury Department. 
 “Trust Officer”:
When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee with direct responsibility for the administration of this Indenture and also, with respect to a particular matter, any other officer to whom
such matter is referred because such officer’s knowledge of and familiarity with the particular subject and (ii) the Note Administrator, any officer of the Corporate Trust Services group of the Note Administrator with direct responsibility
for the administration of this Indenture and also, with respect to a particular matter, any other officer to whom a particular matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Trustee”: Wilmington Trust, National Association, solely in its capacity as trustee hereunder, unless a successor Person
shall have become the Trustee pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Person. 

“Trustee and Note Administrator Fee”: The fee payable monthly in arrears on each Payment Date to the Note Administrator and
the Trustee in accordance with the Priority of Payments, equal to $5,750 (a portion of which shall be payable to the Trustee by the Note Administrator). 

“Two Quarter Future Advance Estimate”: The meaning specified in the Servicing Agreement. 

“UCC”: The applicable Uniform Commercial Code. 

“Unadjusted Benchmark Replacement”: The Benchmark Replacement, excluding the applicable Benchmark Replacement Adjustment.

  
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 “Underlying Commercial Real Estate Loan”: With respect to any Collateral
Interest that is a Participation, the Commercial Real Estate Loan in which such Participation represents a participation interest. 

“United States” and “U.S.”: The United States of America, including any state and any territory or
possession administered thereby. 
 “Unscheduled Principal Payments”: Any proceeds received by the Issuer from an
unscheduled prepayment or redemption (in whole but not in part) by the obligor of a Commercial Real Estate Loan prior to the stated maturity date of such related Collateral Interest. 

“Updated Appraisal”: The meaning specified in the Servicing Agreement. 

“U.S. Person”: The meaning specified in Regulation S. 

“U.S. Risk Retention Agreement”: The U.S. Credit Risk Retention Agreement, dated as of the Closing Date, by and between the
Sponsor and the Issuer as amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “U/W
Stabilized NCF DSCR”: With respect to any Collateral Interest, the ratio, as calculated by the Collateral Manager in accordance with the Collateral Management Standard, of (a) the “stabilized” annual net cash flow generated
from the related Mortgaged Property before interest, depreciation and amortization, based on the stabilized underwriting, which may include the completion of certain proposed capital expenditures and the realization of stabilized occupancy and/or
rents to (b) the annual Debt Service. In determining U/W Stabilized NCF DSCR for any Reinvestment Collateral Interest, Exchange Collateral Interest or Contribution Collateral Interest that is a Participation, the calculation of U/W Stabilized
NCF DSCR will take into account the annual Debt Service due on the Participation being acquired by the Issuer and the related Companion Participation(s) (assuming fully funded) or related note also secured by the related Mortgaged Property or
properties, as applicable, that is senior or pari passu in right to the Participation being acquired by the Issuer but not any Companion Participation(s) or related note also secured by the related Mortgaged Property or properties, as
applicable, that is junior in right to the Participation being acquired by the Issuer. In determining the U/W Stabilized NCF DSCR for any Reinvestment Collateral Interest, Exchange Collateral Interest or Contribution Collateral Interest that is
cross-collateralized with one or more other Collateral Interests, the U/W Stabilized NCF DSCR was calculated with respect to the cross-collateralized group in the aggregate. 

“Weighted Average Life”: As of any Measurement Date with respect to the Collateral Interests (other than Defaulted Collateral
Interests), the number obtained by (i) summing the products obtained by multiplying (a) the Average Life at such time of each Collateral Interest (other than Defaulted Collateral Interests) by (b) the outstanding Principal
Balance of such Collateral Interest and (ii) dividing such sum by the aggregate Principal Balance at such time of all Collateral Interests (other than Defaulted Collateral Interests), where “Average Life” means, on any
Measurement Date with respect to any Collateral Interest (other than a Defaulted Collateral Interest), the quotient obtained by the Collateral Manager by dividing (i) the sum of the products of (a) the number of years (rounded to
the nearest one tenth thereof) from such Measurement Date to the respective dates of each successive expected distribution of principal of such Collateral Interest and (b) the respective amounts of such expected distributions of principal by
(ii) the sum of all successive expected distributions of principal on such Collateral Interest. 

  
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 “Weighted Average Spread”: As of any date of determination, the number
obtained (rounded up to the next 0.001%), by (A) summing the products obtained by multiplying (i) with respect to any Collateral Interest (other than a Defaulted Collateral Interest), the greater of (x) the current spread above
Compounded SOFR (or applicable successor benchmark rate, including any applicable spread adjustment) (net of any servicing fees and expenses) at which interest accrues on each such Collateral Interest and (y) if such Collateral Interest
provides for a minimum interest rate thereunder, the excess, if any, of the minimum interest rate applicable to such Collateral Interest (net of any servicing fees and expenses) over Compounded SOFR (or the applicable successor benchmark rate,
including any applicable spread adjustment) by (ii) the Principal Balance of such Collateral Interest as of such date, and (B) dividing such sum by the aggregate Principal Balance of all Collateral Interests (excluding all Defaulted
Collateral Interests). 
 “WFS”: Wells Fargo Securities, LLC. 

Section 1.2 Interest Calculation Convention. All calculations of interest hereunder that are made with respect to the Notes shall
be made on the basis of the actual number of days during the related Interest Accrual Period divided by three hundred sixty (360). 

Section 1.3 Rounding Convention. Unless otherwise specified herein, test calculations that are evaluated as a percentage will be
rounded to the nearest ten thousandth of a percentage point and test calculations that are evaluated as a number or decimal will be rounded to the nearest one hundredth of a percentage point. 

ARTICLE 2 
 THE NOTES

 Section 2.1 Forms Generally. 

The Notes and the Authenticating Agent’s certificate of authentication thereon (the “Certificate of Authentication”)
shall be in substantially the forms required by this Article 2, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon, as may be consistent herewith, determined by the Authorized Officers of the Issuer executing such Notes as evidenced by their execution of such Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

Section 2.2 Forms of Notes and Certificate of Authentication. 

(a) Form. The form of each Class of the Notes, including the Certificate of Authentication, shall be substantially as set forth in
Exhibits A-1, A-2, B-1, B-2, C-1, C-2, D-1, D-2,
E-1, E-2, F-1, F-2,
G-1, G-2, G-3, G-4,
G-5, G-6, H-1, H-2,
H-3, H-4, H-5, H-6, I-1 and I-2 hereto. 

  
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 (b) Global Notes and Definitive Notes. 

(i) The Notes initially offered and sold in the United States to (or to U.S. Persons who are) QIBs may be represented by one or
more permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A-1,
B-1, C-1, D-1, E-1,
F-1, G-1, G-3, G-5,
H-1, H-3, H-5 and I-1 hereto added to the form of such Notes (each, a “Rule 144A Global
Note”), which shall be registered in the name of Cede & Co., as the nominee of the Depository and deposited with the Note Administrator, as custodian for the Depository, duly executed by the Issuer and authenticated by the
Authenticating Agent as hereinafter provided. The aggregate principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made on the records of the Note Administrator or the Depository or its nominee,
as the case may be, as hereinafter provided. 
 (ii) Notes initially offered and sold in the United States to (or to U.S.
Persons who are) IAIs shall be, and the Notes offered and sold in the United States to (or to U.S. Persons who are) QIBs may be, issued in definitive form, registered in the name of the legal or beneficial owner thereof attached without interest
coupons with the applicable legend set forth in Exhibits A-2, B-2, C-2,
D-2, E-2, F-2, F-4,
F-6, G-2, G-4, G-6 and I-2 hereto added to the form of
such Notes (each, a “Definitive Note”), which shall be duly executed by the Issuer and authenticated by the Authenticating Agent as hereinafter provided. The aggregate principal amount of the Definitive Notes may from time to time
be increased or decreased by adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided. 

(iii) The Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by one or more
permanent global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A-1, B-1, C-1, D-1, E-1, F-1, G-1,
G-3, G-5, H-1, H-3,
H-5 and I-1 hereto added to the form of such Notes (each, a “Regulation S Global Note”), which shall be deposited on behalf of the
subscribers for such Notes represented thereby with the Note Administrator as custodian for the Depository and registered in the name of a nominee of the Depository for the respective accounts of Euroclear and Clearstream, Luxembourg or their
respective depositories, duly executed by the Issuer and authenticated by the Authenticating Agent as hereinafter provided. The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by
adjustments made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided. 

(c) Book-Entry Provisions. This Section 2.2(c) shall apply only to Global Notes deposited with or on behalf
of the Depository. 
 The Issuer shall execute and the Authenticating Agent shall, in accordance with this
Section 2.2(c), authenticate and deliver initially one or more Global Notes that shall be (i) registered in the name of the nominee of the Depository for such Global Note or Global Notes and (ii) delivered by the
Note Administrator to such Depository or pursuant to such Depository’s instructions or held by the Note Administrator’s agent as custodian for the Depository. 

  
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 Agent Members shall have no rights under this Indenture with respect to any Global Note held
on their behalf by the Note Administrator, as custodian for the Depository or under the Global Note, and the Depository may be treated by the Issuer, the Trustee, the Note Administrator, the Servicer and the Special Servicer and any of their
respective agents as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee, the Note Administrator, the Servicer and the Special Servicer or any of
their respective agents, from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices governing the
exercise of the rights of a Holder of any Global Note. 
 (d) Delivery of Definitive Notes in Lieu of Global Notes. Except as
provided in Section 2.10, owners of beneficial interests in a Class of Global Notes shall not be entitled to receive physical delivery of a Definitive Note. 

Section 2.3 Authorized Amount; Stated Maturity Date; and Denominations. 

(a) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is limited to $1,081,911,248 except
for (i) Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.5, 2.6 or 8.5 and (ii) any Deferred Interest. 

Such Notes shall be divided into nine (9) Classes having designations and original principal amounts as follows: 

 

					
	 Designation
	  	Original
Principal
Amount	 
	 Class A Senior Secured Floating Rate Notes Due 2039
	  	$	586,936,000	 
	 Class A-S Second Priority Secured Floating Rate Notes
Due 2039
	  	$	97,372,000	 
	 Class B Third Priority Secured Floating Rate Notes Due 2039
	  	$	56,801,000	 
	 Class C Fourth Priority Secured Floating Rate Notes Due 2039
	  	$	68,972,000	 
	 Class D Fifth Priority Secured Floating Rate Notes Due 2039
	  	$	68,971,000	 
	 Class E Sixth Priority Secured Floating Rate Notes Due 2039
	  	$	17,581,000	 
	 Class F Seventh Priority Secured Floating Rate Notes Due 2039(1)
	  	$	60,858,000	 
	 Class G Eighth Priority Secured Floating Rate Notes Due 2039(1)
	  	$	39,219,000	 
	 Class H Income Notes Due 2039
	  	$	85,201,248	 

  

	(1) 	 At any time on or after the Initial MASCOT Note Issuance Date the Class F Notes and the Class G Notes
are exchangeable notes (the “Exchangeable Notes”) and are exchangeable for proportionate interests in the related 

  
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MASCOT Notes as set forth in Section 2.16. All or a portion of (i) the Class F Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the
“Class F-X Notes”) and (ii) the Class G Notes may be exchanged for proportionate interests in the Class G-E Notes (the
“Class G-E Notes” and, collectively with the Class F-E Notes, the “MASCOT P&I Notes”) and the Class G-X Notes (the “Class G-X Notes” and, collectively with the Class F-X Notes, the
“MASCOT Interest Only Notes,” and together with the MASCOT P&I Notes, the “MASCOT Notes”), and vice versa. 

(b) The Notes shall be issuable in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 Section 2.4 Execution, Authentication, Delivery and Dating. 

The Notes shall be executed on behalf of the Issuer by an Authorized Officer of the Issuer. The signature of such Authorized Officers on the
Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile signatures of individuals who were at any time the Authorized
Officers of the Issuer shall bind the Issuer, notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of issuance
of such Notes. 
 At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes
executed by the Issuer to the Authenticating Agent for authentication and the Authenticating Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided in this Indenture and not otherwise. 

Each Note authenticated and delivered by the Authenticating Agent upon Issuer Order on the Closing Date shall be dated as of the Closing Date.
All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture shall be dated the date of their authentication. 

Notes issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original
aggregate principal amount of the Notes so transferred, exchanged or replaced, but shall represent only the current outstanding principal amount of the Notes so transferred, exchanged or replaced. In the event that any Note is divided into more than
one Note in accordance with this Article 2, the original principal amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor and shall be deemed to be the original aggregate
principal amount of such subsequently issued Notes. 
 No Note shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Note a Certificate of Authentication, substantially in the form provided for herein, executed by the Note Administrator or by the Authenticating Agent by the manual signature of one of their
Authorized Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

  
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 Section 2.5 Registration, Registration of Transfer and Exchange. 

(a) The Issuer shall cause to be kept a register (the “Notes Register”) in which, subject to such reasonable regulations as
it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers and exchanges of Notes. The Note Administrator is hereby initially appointed “Notes Registrar” for the purpose of maintaining
the Notes Registrar and registering Notes and transfers and exchanges of such Notes with respect to the Notes Register kept in the United States as herein provided. Upon any resignation or removal of the Notes Registrar, the Issuer shall promptly
appoint a successor or, in the absence of such appointment, assume the duties of Notes Registrar. 
 The name and address of each Noteholder
and the principal amounts and stated interest of each such Noteholder in its Notes shall be recorded by the Notes Registrar in the Notes Register. For the avoidance of doubt, the Notes Register is intended to be and shall be maintained so as to
cause the Notes to be considered issued in registered form under Treasury Regulations Section 5f.103-1(c). 

If a Person other than the Note Administrator is appointed by the Issuer as Notes Registrar, the Issuer shall give the Note Administrator
prompt written notice of the appointment of a successor Notes Registrar and of the location, and any change in the location, of the Notes Register, and the Note Administrator shall have the right to inspect the Notes Register at all reasonable times
and to obtain copies thereof and the Note Administrator shall have the right to rely upon a certificate executed on behalf of the Notes Registrar by an Authorized Officer thereof as to the names and addresses of the Holders of the Notes and the
principal amounts and numbers of such Notes. In addition, the Notes Registrar shall be required, within one (1) Business Day of each Record Date, to provide the Note Administrator with a copy of the Notes Registrar in the format required by,
and with all accompanying information regarding the Noteholders as may reasonably be required by the Note Administrator. 
 Subject to this
Section 2.5, upon surrender for registration of transfer of any Notes at the office or agency of the Issuer to be maintained as provided in Section 7.2, the Issuer shall execute, and the
Authenticating Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate principal amount. 

At the option of the Holder, Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate principal
amount, upon surrender of the Notes to be exchanged at the office or agency of the Issuer to be maintained as provided in Section 7.2. Whenever any Note is surrendered for exchange, the Issuer shall execute, and the
Authenticating Agent shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive. 
 All Notes
issued and authenticated upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such
registration of transfer or exchange. 
 Every Note presented or surrendered for registration of transfer or exchange shall be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Notes Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. 

  
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 No service charge shall be made to a Holder for any registration of transfer or exchange of
Notes, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Neither the Notes Registrar nor the Issuer shall be required (i) to issue, register the transfer of or exchange any Note during a period
beginning at the opening of business fifteen (15) days before any selection of Notes to be redeemed and ending at the close of business on the day of the mailing of the relevant notice of redemption, or (ii) to register the transfer of or
exchange any Note so selected for redemption. 
 (b) No Note may be sold or transferred (including, without limitation, by pledge or
hypothecation) unless such sale or transfer is exempt from the registration requirements of the Securities Act and is exempt from the registration requirements under applicable securities laws of any state or other jurisdiction. 

(c) No Note may be offered, sold, resold or delivered, within the United States or to, or for the benefit of, U.S. Persons except in
accordance with Section 2.5(e) below and in accordance with Rule 144A to QIBs or, solely with respect to Definitive Notes, IAIs who are also Qualified Purchasers purchasing for their own account or for the accounts of one
or more QIBs or IAIs who are also Qualified Purchasers, for which the purchaser is acting as fiduciary or agent. The Notes may be offered, sold, resold or delivered, as the case may be, in offshore transactions to
non-U.S. Persons in reliance on Regulation S which are also Qualified Purchasers. None of the Issuer, the Note Administrator, the Trustee or any other Person may register the Notes under the Securities Act or
the securities laws of any state or other jurisdiction. 
 (d) Upon final payment due on the Stated Maturity Date of a Note, the Holder
thereof shall present and surrender such Note at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent (outside the United States if then required by applicable law in the case of a Note in definitive form issued
in exchange for a beneficial interest in a Regulation S Global Note pursuant to Section 2.10). 
 (e) Transfers
of Global Notes. Notwithstanding any provision to the contrary herein, so long as a Global Note remains outstanding and is held by or on behalf of the Depository, transfers of a Global Note, in whole or in part, shall be made only in accordance
with Section 2.2(c) and this Section 2.5(e). 
 (i) Except as otherwise
set forth below, transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to nominees of the Depository or to a successor of the Depository or such successor’s nominee. Transfers of a Global Note
to a Definitive Note may only be made in accordance with Section 2.10. 
 (ii) Regulation S
Global Note to Rule 144A Global Note or Definitive Note. If a holder of a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding Rule
144A Global Note or for a Definitive Note or to transfer its interest in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Rule 144A Global Note or for a Definitive Note,
such holder may, 

  
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subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream, Luxembourg and/or DTC, as the case may be, exchange or transfer, or cause the exchange or
transfer of, such interest for an equivalent beneficial interest in the corresponding Rule 144A Global Note or for a Definitive Note. Upon receipt by the Note Administrator or the Notes Registrar of: 

(1) if the transferee is taking a beneficial interest in a Rule 144A Global Note, instructions from Euroclear, Clearstream,
Luxembourg and/or DTC, as the case may be, directing the Notes Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A Global Note in an amount equal to the beneficial interest in such Regulation S Global Note, but not
less than the minimum denomination applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain information regarding the participant account with DTC to be credited with such increase and a duly completed
certificate in the form of Exhibit J-2 attached hereto; or 
 (2) if the
transferee is taking a Definitive Note, a duly completed transfer certificate in substantially the form of Exhibit J-3 hereto, certifying that such transferee is an IAI, 

then the Notes Registrar shall either (x) if the transferee is taking a beneficial interest in a Rule 144A Global Note, approve the instructions at DTC
to reduce, or cause to be reduced, the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Regulation S Global Note to be transferred or exchanged and the Notes Registrar shall instruct DTC, concurrently with
such reduction, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note equal to the reduction in the principal amount of the
Regulation S Global Note or (y) if the transferee is taking an interest in a Definitive Note, the Notes Registrar shall record the transfer in the Notes Register in accordance with Section 2.5(a) and, upon execution by
the Issuer, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes, as applicable, registered in the names specified in the instructions described above, in principal amounts designated by the transferee (the aggregate
of such principal amounts being equal to the aggregate principal amount of the interest in the Regulation S Global Note transferred by the transferor). 

(iii) Definitive Note or Rule 144A Global Note to Regulation S Global Note. If a holder of a beneficial interest in a
Rule 144A Global Note or a Holder of a Definitive Note wishes at any time to exchange its interest in such Rule 144A Global Note or Definitive Note for an interest in the corresponding Regulation S Global Note, or to transfer its interest in
such Rule 144A Global Note or Definitive Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such holder, provided such holder or, in the case of a transfer, the
transferee is a non- U.S. person and is acquiring such interest in an offshore transaction, may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or
cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Regulation S Global Note. Upon receipt by the Note Administrator or the Notes Registrar of: 

  
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 (1) instructions given in accordance with DTC’s procedures from an
Agent Member directing the Note Administrator or the Notes Registrar to credit or cause to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the minimum denomination applicable to such holder’s
Notes, in an amount equal to the beneficial interest in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and in the case of a transfer of Definitive Notes, such Holder’s Definitive Notes properly endorsed for
assignment to the transferee; 
 (2) a written order given in accordance with DTC’s procedures containing information
regarding the participant account of DTC and the Euroclear or Clearstream, Luxembourg account to be credited with such increase; 

(3) in the case of a transfer of Definitive Notes, a Holder’s Definitive Note properly endorsed for assignment to the
transferee; and 
 (4) a duly completed certificate in the form of Exhibit J-1
attached hereto, 
 then the Note Administrator or the Notes Registrar shall approve the instructions at DTC to reduce the principal amount of the Rule 144A
Global Note (or, in the case of a transfer of Definitive Notes, the Note Administrator or the Notes Registrar shall cancel such Definitive Notes) and to increase the principal amount of the Regulation S Global Note by the aggregate principal amount
of the beneficial interest in the Rule 144A Global Note or Definitive Note to be exchanged or transferred, and to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the
corresponding Regulation S Global Note equal to the reduction in the principal amount of the Rule 144A Global Note (or, in the case of a cancellation of Definitive Notes, equal to the principal amount of Definitive Notes so cancelled). 

(iv) Transfer of Rule 144A Global Notes to Definitive Notes. If, in accordance with
Section 2.10, a holder of a beneficial interest in a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for a Definitive Note or to transfer its interest in such Rule 144A Global
Note to a Person who wishes to take delivery thereof in the form of a Definitive Note in accordance with Section 2.10, such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC,
exchange or transfer, or cause the exchange or transfer of, such interest for a Definitive Note. Upon receipt by the Note Administrator or the Notes Registrar of (A) a duly complete certificate substantially in the form of Exhibit J-3 and (B) appropriate instructions from DTC, if required, the Note Administrator or the Notes Registrar shall approve the instructions at DTC to reduce, or cause to be reduced, the Rule 144A Global Note
by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be transferred or exchanged, record the transfer in the Notes Register in accordance with Section 2.5(a) and upon execution by the
Issuer, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes, registered in the names specified in the instructions described in clause (B) above, in principal amounts designated by the transferee (the
aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Rule 144A Global Note transferred by the transferor). 

  
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 (v) Transfer of Definitive Notes to Rule 144A Global Notes. If a
holder of a Definitive Note wishes at any time to exchange its interest in such Definitive Note for a beneficial interest in a Rule 144A Global Note or to transfer such Definitive Note to a Person who wishes to take delivery thereof in the form of a
beneficial interest in a Rule 144A Global Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such Definitive Note for beneficial
interest in a Rule 144A Global Note (provided that no IAI may hold an interest in a Rule 144A Global Note). Upon receipt by the Note Administrator or the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for
assignment to the transferee; (B) a duly completed certificate substantially in the form of Exhibit J-2 attached hereto; (C) instructions given in accordance with DTC’s procedures from an
Agent Member to instruct DTC to cause to be credited a beneficial interest in the Rule 144A Global Notes in an amount equal to the Definitive Notes to be transferred or exchanged; and (D) a written order given in accordance with DTC’s
procedures containing information regarding the participant’s account of DTC to be credited with such increase, the Note Administrator or the Notes Registrar shall cancel such Definitive Note in accordance herewith, record the transfer in the
Notes Register in accordance with Section 2.5(a) and approve the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of the Person specified in such
instructions a beneficial interest in the corresponding Rule 144A Global Note equal to the principal amount of the Definitive Note transferred or exchanged. 

(vi) Transfers of EHRI. Transfers of the Class H Notes and restrictions on the transfer of the EHRI shall also be
subject to Section 2.5(o). 
 (vii) Other Exchanges. In the event that, pursuant to
Section 2.10, a Global Note is exchanged for Definitive Notes, such Notes may be exchanged for one another only in accordance with such procedures as are substantially consistent with the provisions above (including
certification requirements intended to ensure that such transfers are to a QIB or are to a non-U.S. Person, or otherwise comply with Rule 144A or Regulation S, as the case may be) and as may be from time to
time adopted by the Issuer and the Note Administrator. 
 (f) Removal of Legend. If Notes are issued upon the transfer, exchange or
replacement of Notes bearing the applicable legends set forth in Exhibits A-1, A-2, B-1, B-2, C-1, C-2, D-1,
D-2, E-1, E-2, F-1, F-2, G-1, G-2, G-3, G-4,
G-5, G-6, H-1, H-2,
H-3, H-4, H-5, H-6,
I-1 and I-2 hereto, and if a request is made to remove such applicable legend on such Notes, the Notes so issued shall bear such applicable legend, or such
applicable legend shall not be removed, as the case may be, unless there is delivered to the Issuer such satisfactory evidence, which may include an Opinion of Counsel of an attorney at law licensed to practice law in the State of New York (and
addressed to the Issuer and the Note Administrator), as may be reasonably required by the Issuer, to the effect that neither such applicable legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof
comply with the provisions of Rule 144A or Regulation S, as applicable, the 1940 Act or ERISA. So long as the Issuer is relying on an exemption or exclusion under or promulgated pursuant to the 1940 Act, the Issuer shall not remove that portion of
the legend required to maintain an exemption or exclusion under or promulgated pursuant to the 1940 Act. Upon provision of such satisfactory evidence, as confirmed in writing by the Issuer to the Note Administrator, the Note Administrator, at the
direction of the Issuer, shall authenticate and deliver Notes that do not bear such applicable legend. 

  
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 (g) Each beneficial owner of Regulation S Global Notes shall be deemed to make the
representations and agreements set forth in Exhibit J-1 hereto. 
 (h) Each beneficial owner
of Rule 144A Global Notes shall be deemed to make the representations and agreements set forth in Exhibit J-2 hereto. 

(i) Each Holder of Definitive Notes shall make the representations and agreements set forth in the certificate attached as Exhibit J-3 hereto. 
 (j) Any purported transfer of a Note not in accordance with
Section 2.5(a) shall be null and void and shall not be given effect for any purpose hereunder. 
 (k)
Notwithstanding anything contained in this Indenture to the contrary, neither the Trustee, the Note Administrator nor the Notes Registrar (nor any other Transfer Agent) shall be responsible or liable for compliance with applicable federal or state
securities laws (including, without limitation, the Securities Act or Rule 144A or Regulation S promulgated thereunder), the 1940 Act, ERISA or the Code (or any applicable regulations thereunder); provided, however, that if a specified
transfer certificate or Opinion of Counsel is required by the express terms of this Section 2.5 to be delivered to the Note Administrator or Notes Registrar prior to registration of transfer of a Note, the Note
Administrator and/or Notes Registrar, as applicable, is required to request, as a condition for registering the transfer of the Note, such certificate or Opinion of Counsel and to examine the same to determine whether it conforms on its face to the
requirements hereof (and the Note Administrator or Notes Registrar, as the case may be, shall promptly notify the party delivering the same if it determines that such certificate or Opinion of Counsel does not so conform). 

(l) [Reserved] 
 (m) If the Note
Administrator has actual knowledge or is notified by the Issuer or the Collateral Manager that (i) a transfer or attempted or purported transfer of any interest in any Note was consummated in compliance with the provisions of this
Section 2.5 on the basis of a materially incorrect certification from the transferee or purported transferee, (ii) a transferee failed to deliver to the Note Administrator any certification required to be delivered
hereunder or (iii) the holder of any interest in a Note is in breach of any representation or agreement set forth in any certification or any deemed representation or agreement of such holder, the Note Administrator shall not register such
attempted or purported transfer and if a transfer has been registered, such transfer shall be absolutely null and void ab initio and shall vest no rights in the purported transferee (such purported transferee, a “Disqualified
Transferee”) and the last preceding holder of such interest in such Note that was not a Disqualified Transferee shall be restored to all rights as a Holder thereof retroactively to the date of transfer of such Note by such Holder. 

  
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 In addition, the Note Administrator may require that the interest in the Note referred to in
(i), (ii) or (iii) in the preceding paragraph be transferred to any Person designated by the Issuer or the Collateral Manager at a price determined by the Issuer or the Collateral Manager, based upon its estimation of the prevailing price of
such interest and each Holder, by acceptance of an interest in a Note, authorizes the Note Administrator to take such action. In any case, none of the Issuer, the Collateral Manager and the Note Administrator shall be held responsible for any losses
that may be incurred as a result of any required transfer under this Section 2.5(m). 
 (n) Each Holder of Notes
approves and consents to (i) the purchase of the Closing Date Collateral Interests by the Issuer from the Seller on the Closing Date, (ii) the purchase of any Reinvestment Collateral Interest, Exchange Collateral Interest and/or
Contribution Collateral Interest by the Issuer and (iii) any other transaction between the Issuer and the Collateral Manager or its Affiliates that are permitted under the terms of this Indenture or the Collateral Interest Purchase Agreement.

 (o) As long as any Note is Outstanding, any retained or repurchased Notes, any of the Retained Notes and the Membership Interests held by
Sub-REIT or the Retention Holder or any other disregarded entity of Sub-REIT for U.S. federal income tax purposes may not be transferred (whether by means of an actual
transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), pledged or hypothecated to any Person unless (i)(A) 100% of the retained or repurchased Notes, the Retained Notes or the Membership Interests are transferred,
pledged or hypothecated to a Qualified REIT Subsidiary or other disregarded entity of Sub-REIT or (B) 100% of the retained or repurchased Notes, the Retained Notes or the Membership Interests are transferred,
pledged or hypothecated to another REIT or a Qualified REIT Subsidiary or another disregarded entity of a another REIT or (ii) with respect to such transfer, pledge or hypothecation the Issuer receives an opinion from Cadwalader,
Wickersham & Taft LLP or another nationally recognized tax counsel experienced in such matters to the effect that upon such transfer, pledge or hypothecation the Issuer will continue to be treated as a Qualified REIT Subsidiary or other
disregarded entity of a REIT. 
 For the avoidance of doubt, the Indenture Accounts (including income, if any, earned on the investments of
funds in such account) will be owned by Sub-REIT, if the Issuer is wholly-owned by Sub-REIT, or a subsequent REIT that wholly-owns the Issuer, for U.S. federal income
tax purposes. The Issuer shall provide to the Note Administrator (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date, and (ii) any
additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time or times required by applicable law or upon the reasonable request of the Note Administrator as may be necessary (x) to reduce
or eliminate the imposition of U.S. withholding taxes and (y) to permit the Note Administrator to fulfill its tax reporting obligations under applicable law with respect to the Indenture Accounts or any amounts paid to the Issuer. If any IRS
form or other documentation previously delivered becomes obsolete or inaccurate in any respect, Issuer shall timely provide to the Note Administrator accurately updated and complete versions of such IRS forms or other documentation. The Note
Administrator shall have no liability to Issuer or any other person in connection with any tax withholding amounts paid or withheld from the Indenture Accounts pursuant to applicable law arising from the Issuer’s failure to timely provide an
accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this paragraph. For the avoidance of doubt, no
funds shall be invested with respect to such Indenture Accounts absent the Note Administrator having first received (i) the requisite written investment direction from the Issuer with respect to the investment of such funds, and (ii) the
IRS forms and other documentation required by this paragraph. 

  
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 Section 2.6 Mutilated, Defaced, Destroyed, Lost or Stolen Note. 

If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Trustee, the
Note Administrator and the relevant Transfer Agent (each, a “Specified Person”) evidence to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to each Specified Person such
security or indemnity as may be required by each Specified Person to save each of them and any agent of any of them harmless, then, in the absence of notice to the Specified Persons that such Note has been acquired by a bona fide purchaser,
the Issuer shall execute and, upon Issuer Request (which Issuer Request shall be deemed to have been given upon receipt by the Note Administrator of a Note that has been signed by the Issuer), the Note Administrator shall cause the Authenticating
Agent to authenticate and deliver, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal principal amount, registered in the same manner, dated the date of
its authentication, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing a number not contemporaneously outstanding. 

If, after delivery of such new Note, a bona fide purchaser of the predecessor Note presents for payment, transfer or exchange such predecessor
Note, any Specified Person shall be entitled to recover such new Note from the Person to whom it was delivered or any Person taking therefrom, and each Specified Person shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by such Specified Person in connection therewith. 
 In case any such mutilated,
defaced, destroyed, lost or stolen Note has become due and payable, the Issuer, in its discretion may, instead of issuing a new Note, pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall be surrendered.

 Upon the issuance of any new Note under this Section 2.6, the Issuer may require the payment by the registered
Holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Note issued pursuant to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note
shall constitute an original additional contractual obligation of the Issuer, and such new Note shall be entitled, subject to the second paragraph of this Section 2.6, to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section 2.6 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes. 

  
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 Section 2.7 Payment of Principal and Interest and Other Amounts; Principal and
Interest Rights Preserved. 
 (a) Each Class of Notes shall accrue interest during each Interest Accrual Period at the Note
Interest Rate applicable to such Class and such interest will be payable in arrears on each Payment Date on the Aggregate Outstanding Amount thereof on the first day of the related Interest Accrual Period (after giving effect to payments of
principal thereof on such date), except as otherwise set forth below. Payment of interest on each Class of Notes will be subordinated to the payment of interest on each related Class of Notes senior thereto. Any payment of interest due on
a Class of Deferred Interest Notes on any Payment Date to the extent sufficient funds are not available to make such payment in accordance with the Priority of Payments on such Payment Date, but only if such Class is not the most senior
Class Outstanding, shall constitute “Deferred Interest” with respect to such Class and shall not be considered “due and payable” for the purposes of Section 5.1(a) (and the failure to pay such
interest shall not be an Event of Default) until the earliest of (i) the Payment Date on which funds are available to pay such Deferred Interest in accordance with the Priority of Payments, (ii) the Redemption Date with respect to such
Class of Deferred Interest Notes and (iii) the Stated Maturity Date (or the earlier date of Maturity) of such Class of Deferred Interest Notes. Deferred Interest on any Class of Deferred Interest Notes shall be added to the
principal balance of such Class of Deferred Interest Notes. Regardless of whether any more senior Class of Notes is Outstanding with respect to any Class of Deferred Interest Notes, to the extent that funds are not available on any
Payment Date (other than the Redemption Date with respect to, or Stated Maturity Date of, such Class of Deferred Interest Notes) to pay previously accrued Deferred Interest, such previously accrued Deferred Interest will not be due and payable
on such Payment Date and any failure to pay such previously accrued Deferred Interest on such Payment Date will not be an Event of Default. Interest will cease to accrue on each Note, or in the case of a partial repayment, on such repaid part, from
the date of repayment or the Stated Maturity Date unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. To the extent lawful and enforceable, interest on any interest that
is not paid when due on the Class A Notes; or, if no Class A Notes are Outstanding, the Notes of the Controlling Class, shall accrue at the Note Interest Rate applicable to such Class until paid as provided herein. 

(b) (i) So long as any of the Class A Notes, the Class A-S Notes or the Class B
Notes are outstanding, the Class C Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class C Notes and will not be considered “due and payable” until the Payment Date on which funds are
available to pay such Class C Deferred Interest in accordance with the Priority of Payments, (ii) so long as any of the Class A Notes, the Class A-S Notes, the Class B Notes or the
Class C Notes are outstanding, the Class D Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class D Notes and will not be considered “due and payable” until the Payment Date on which
funds are available to pay such Class D Deferred Interest in accordance with the Priority of Payments, (iii) so long as any of the Class A Notes, the Class A-S Notes, the Class B
Notes, the Class C Notes or the Class D Notes are outstanding, the Class E Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class E Notes and will not be considered “due and
payable” until the Payment Date on which funds are available to pay such Class E Deferred Interest in accordance with the Priority of Payments, (iv) so long as any of the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes or the Class E Notes are outstanding, the Class F Deferred Interest and the
Class F-E Deferred Interest will be deferred and added to the Aggregate Outstanding Amount of the Class F Notes or the Class F-E Notes, as applicable, and
will not be considered “due and payable” until the Payment Date on which funds are available to pay such Class F Deferred Interest and Class F-E Deferred Interest in accordance with the
Priority of Payments, and (v) so long as any of the Class A Notes, the Class A-S Notes, the Class B Notes, 

  
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the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes or the Class F-X Notes are outstanding, the Class G Deferred Interest and the Class G-E Deferred Interest will be deferred and added to the Aggregate Outstanding
Amount of the Class G Notes or the Class G-E Notes, as applicable, and will not be considered “due and payable” until the Payment Date on which funds are available to pay such Class G
Deferred Interest and Class G-E Deferred Interest in accordance with the Priority of Payments. The failure to pay such Class C Deferred Interest, Class D Deferred Interest, Class E Deferred
Interest, Class F Deferred Interest, Class F-E Deferred Interest, Class G Deferred Interest or Class G-E Deferred Interest as a result of the
operation of the Priority of Payments will not constitute an Event of Default under this Indenture. 
 (c) The principal of each
Class of Notes matures at par and is due and payable on the Stated Maturity Date, unless such principal has been previously repaid or unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of
acceleration, call for redemption or otherwise. Notwithstanding the foregoing, the payment of principal of each Class of Notes may only occur pursuant to the Priority of Payments. The payment of principal on any Note (x) may only occur
(other than amounts constituting Deferred Interest thereon which will be payable from Interest Proceeds) after each Class more senior thereto is no longer Outstanding and (y) is subordinated to the payment on each Payment Date of the
principal due and payable on each Class more senior thereto and certain other amounts in accordance with the Priority of Payments. Payments of principal on any Class of Notes that are not paid, in accordance with the Priority of Payments,
on any Payment Date (other than the Payment Date which is the Stated Maturity Date (or the earlier date of Maturity) of such Class of Notes or any Redemption Date), because of insufficient funds therefor shall not be considered “due and
payable” for purposes of Section 5.1(a) until the Payment Date on which such principal may be paid in accordance with the Priority of Payments or all Classes of Notes most senior thereto with respect to such
Class have been paid in full. Payments of principal on the Notes in connection with a Clean-up Call, Tax Redemption, Auction Call Redemption or Optional Redemption will be made in accordance with
Section 9.1 and the Priority of Payments. 
 (d) As a condition to the payment of principal of and interest on any
Note without the imposition of U.S. withholding tax, the Issuer shall require certification acceptable to it to enable the Issuer, the Trustee and the Paying Agent to determine their duties and liabilities with respect to any taxes or other charges
that they may be required to deduct or withhold from payments in respect of such Note under any present or future law or regulation of the United States or any present or future law or regulation of any political subdivision thereof or taxing
authority therein or to comply with any reporting or other requirements under any such law or regulation. Such certification may include U.S. federal income tax forms (such as IRS Form W-8BEN (Certificate of
Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner
for United States Tax Withholding and Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity or Certain U.S. Branches for United States Tax Withholding and
Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income Is
Effectively Connected with the Conduct of a Trade or Business in the United States) or any successors to such IRS forms). In addition, each of the Issuer, the Trustee or any Paying Agent may require certification acceptable to it to enable the
Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its Collateral and otherwise as may be necessary or desirable to ensure compliance with all applicable laws. Each Holder
and each beneficial owner of Notes agree to provide any certification requested pursuant to this Section 2.7(d) and to update or replace such form or certification in accordance with its terms or its subsequent amendments.

  

  
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 (e) Payments in respect of interest on and principal on the Notes shall be payable by wire
transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the Paying Agent on or before the related Record Date or, if wire
transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register. The Issuer expects that the Depository or its nominee, upon receipt of any payment
of principal or interest in respect of a Global Note held by the Depository or its nominee, shall immediately credit the applicable Agent Members’ accounts with payments in amounts proportionate to the respective beneficial interests in such
Global Note as shown on the records of the Depository or its nominee. The Issuer also expects that payments by Agent Members to owners of beneficial interests in such Global Note held through Agent Members will be governed by standing instructions
and customary practices, as is now the case with securities held for the accounts of customers registered in the names of nominees for such customers. Such payments will be the responsibility of the Agent Members. Upon final payment due on the
Maturity of a Note, the Holder thereof shall present and surrender such Note at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent (or, to a foreign paying agent appointed by the Note Administrator outside of
the United States if then required by applicable law, in the case of a Definitive Note issued in exchange for a beneficial interest in the Regulation S Global Note) on or prior to such Maturity. None of the Issuer, the Trustee, the Note
Administrator or the Paying Agent will have any responsibility or liability with respect to any records maintained by the Holder of any Note with respect to the beneficial holders thereof or payments made thereby on account of beneficial interests
held therein. In the case where any final payment of principal and interest is to be made on any Note (other than on the Stated Maturity Date thereof) the Issuer or, upon Issuer Request, the Note Administrator, in the name and at the expense of the
Issuer, shall not more than thirty (30) nor fewer than five (5) Business Days prior to the date on which such payment is to be made, mail to the Persons entitled thereto at their addresses appearing on the Notes Register, a notice which
shall state the date on which such payment will be made and the amount of such payment and shall specify the place where such Notes may be presented and surrendered for such payment. 

(f) Subject to the provisions of Sections 2.7(a) and (e), Holders of Notes as of the Record Date in respect of a Payment Date
shall be entitled to the interest accrued and payable in accordance with the Priority of Payments and principal payable in accordance with the Priority of Payments on such Payment Date. All such payments that are mailed or wired and returned to the
Paying Agent shall be held for payment as herein provided at the office or agency of the Issuer to be maintained as provided in Section 7.2 (or returned to the Trustee). 

(g) Interest on any Note which is payable, and is punctually paid or duly provided for, on any Payment Date shall be paid to the Person in
whose name that Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

  
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 (h) Payments of principal to Holders of the Notes of each Class shall be made in the
proportion that the Aggregate Outstanding Amount of the Notes of such Class registered in the name of each such Holder on such Record Date bears to the Aggregate Outstanding Amount of all Notes of such Class on such Record Date. 

(i) Interest accrued with respect to the Notes shall be calculated as described in the applicable form of Note attached hereto. 

(j) All reductions in the principal amount of a Note (or one or more predecessor Notes) effected by payments of installments of principal made
on any Payment Date, Redemption Date or upon Maturity shall be binding upon all future Holders of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not such payment is
noted on such Note. 
 (k) Notwithstanding anything contained in this Indenture to the contrary, the obligations of the Issuer under the
Notes, this Indenture and the other Transaction Documents are limited recourse obligations of the Issuer payable solely from the Collateral and following realization of the Collateral, all obligations of the Issuer and any claims of the Noteholders,
the Trustee or any other parties to any Transaction Documents shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the Notes against any Officer, director, employee,
shareholder, limited partner or incorporator of the Issuer or any of its successors or assigns for any amounts payable under the Notes or this Indenture. It is understood that the foregoing provisions of this paragraph shall not (i) prevent
recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes
or secured by this Indenture (to the extent it relates to the obligation to make payments on the Notes) until such Collateral have been realized, whereupon any outstanding indebtedness or obligation in respect of the Notes, this Indenture and the
other Transaction Documents shall be extinguished and shall not thereafter revive. It is further understood that the foregoing provisions of this paragraph shall not limit the right of any Person to name the Issuer as a party defendant in any
Proceeding or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or
entity. 
 (l) Subject to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture
and upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights of unpaid interest and principal that were carried by such other Note. 

(m) Notwithstanding any of the foregoing provisions with respect to payments of principal of and interest on the Notes (but subject to
Sections 2.7(f) and (i)), if the Notes have become or been declared due and payable following an Event of Default and such acceleration of Maturity and its consequences have not been rescinded and annulled and the provisions of
Section 5.5 are not applicable, then payments of principal of and interest on such Notes shall be made in accordance with Section 5.7. 

  
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 Section 2.8 Persons Deemed Owners. 

The Issuer, the Trustee, the Note Administrator, the Servicer, the Special Servicer, and any of their respective agents may treat as the owner
of a Note the Person in whose name such Note is registered on the Notes Register on the applicable Record Date for the purpose of receiving payments of principal of and interest and other amounts on such Note and on any other date for all other
purposes whatsoever (whether or not such Note is overdue), and none of the Note Administrator, the Servicer, the Special Servicer, or any of their respective agents shall be affected by notice to the contrary; provided, however, that
the Depository, or its nominee, shall be deemed the owner of the Global Notes, and owners of beneficial interests in Global Notes will not be considered the owners of any Notes for the purpose of receiving notices. 

Section 2.9 Cancellation. 

All Notes surrendered for payment, registration of transfer, exchange or redemption, or deemed lost or stolen, shall, upon delivery to the
Notes Registrar, be promptly canceled by the Notes Registrar and may not be reissued or resold. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as
expressly permitted by this Indenture. All canceled Notes held by the Notes Registrar shall be destroyed or held by the Notes Registrar in accordance with its standard retention policy. Notes of the most senior Class Outstanding (and no other
Class of Notes) that are held by the Issuer, the Collateral Manager or any of their respective Affiliates may be submitted to the Notes Registrar for cancellation at any time. 

Section 2.10 Global Notes; Definitive Notes; Temporary Notes. 

(a) Definitive Notes. Definitive Notes shall only be issued in the following limited circumstances: 

(i) at the discretion of the Issuer, at the direction of the Collateral Manager, with respect to any Class of Notes, 

(ii) upon Transfer of Global Notes to an IAI or a QIB in accordance with the procedures set forth in
Section 2.5(e)(ii), (iii) or (vi); 
 (iii) if a holder of a Definitive Note wishes
at any time to exchange such Definitive Note for one or more Definitive Notes or transfer such Definitive Note to a transferee who wishes to take delivery thereof in the form of a Definitive Note in accordance with this
Section 2.10, such holder may effect such exchange or transfer upon receipt by the Notes Registrar of (A) a Holder’s Definitive Note properly endorsed for assignment to the transferee, and (B) duly completed
certificates in the form of Exhibit J-3, upon receipt of which the Notes Registrar shall then cancel such Definitive Note in accordance herewith, record the transfer in the Notes Register in accordance
with Section 2.5(a) and upon execution by the Issuer, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes bearing the same designation as the Definitive Note endorsed for transfer,
registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Definitive
Note surrendered by the transferor); 

  
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 (iv) in the event that the Depository notifies the Issuer that it is
unwilling or unable to continue as Depository for a Global Note or if at any time such Depository ceases to be a “Clearing Agency” registered under the Exchange Act and a successor depository is not appointed by the Issuer within ninety
(90) days of such notice, the Global Notes deposited with the Depository pursuant to Section 2.2 shall be transferred to the beneficial owners thereof subject to the procedures and conditions set forth in this
Section 2.10. 
 (b) Any Global Note that is exchanged for a Definitive Note shall be surrendered by the
Depository to the Note Administrator’s Corporate Trust Office together with necessary instruction for the registration and delivery of a Definitive Note to the beneficial owners (or such owner’s nominee) holding the ownership interests in
such Global Note. Any such transfer shall be made, without charge, and the Authenticating Agent shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of the
same Class and authorized denominations. Any Definitive Notes delivered in exchange for an interest in a Global Note shall, except as otherwise provided by Section 2.5(f), bear the applicable legend set forth in
Exhibits A-2, B-2, C-2, D-2, E-2, F-2, G-2, G-4, G-6,
H-2, H-4, H-6 and I-2, as applicable, and shall be subject to
the transfer restrictions referred to in such applicable legend. The Holder of each such registered individual Global Note may transfer such Global Note by surrendering it at the Corporate Trust Office of the Note Administrator, or at the office of
the Paying Agent. 
 (c) Subject to the provisions of Section 2.10(b) above, the registered Holder of a Global
Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(d) [Reserved] 
 (e) In the
event of the occurrence of either of the events specified in Section 2.10(a) above, the Issuer shall promptly make available to the Notes Registrar a reasonable supply of Definitive Notes. 

Pending the preparation of Definitive Notes pursuant to this Section 2.10, the Issuer may execute and, upon Issuer
Order, the Authenticating Agent shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise reproduced, in any authorized denomination, substantially of the tenor of the Definitive Notes in
lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Officers executing such Definitive Notes may determine, as conclusively evidenced by their execution of such Definitive Notes.

 If temporary Definitive Notes are issued, the Issuer shall cause permanent Definitive Notes to be prepared without unreasonable delay.
The Definitive Notes shall be printed, lithographed, typewritten or otherwise reproduced, or provided by any combination thereof, or in any other manner permitted by the rules and regulations of any applicable notes exchange, all as

  
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determined by the Officers executing such Definitive Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the
applicable temporary Definitive Notes at the office or agency maintained by the Issuer for such purpose, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Definitive Note, the Issuer shall execute, and the
Authenticating Agent shall authenticate and deliver, in exchange therefor the same aggregate principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Notes. 
 Section 2.11 U.S. Federal Income Tax Treatment of Notes and the Issuer.

 (a) The Issuer intends that, for U.S. federal income tax purposes, (i) the Notes (unless held by
Sub-REIT (or another disregarded entity wholly-owned by Sub-REIT or a subsequent REIT)) be treated as debt, (ii) 100% of any retained or repurchased Notes, the Retained
Notes and the Membership Interests be beneficially owned by the Retention Holder, and (iii) the Issuer be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes. Each prospective
purchaser and any subsequent transferee of a Note or any interest therein shall, by virtue of its purchase or other acquisition of such Note or interest therein, be deemed to have agreed to treat such Note in a manner consistent with the preceding
sentence for U.S. federal income tax purposes. 
 (b) The Issuer shall account for the Notes and prepare any reports to Noteholders and tax
authorities consistent with the intentions expressed in Section 2.11(a) above. 
 (c) Each Holder of Notes agrees
that by virtue of being a Holder it shall timely furnish to the Issuer or its agent any completed U.S. federal income tax form or certification (such as IRS Form W-8BEN (Certificate of Foreign Status of
Beneficial Owner for United States Tax Withholding and Reporting (Individuals), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States
Tax Withholding and Reporting (Entities)) IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with
the Conduct of a Trade or Business in the United States) or any successors to such IRS forms) that the Issuer or its agent may reasonably request and shall update or replace such forms or certification in accordance with its terms or its subsequent
amendments. Furthermore, Noteholders shall timely furnish any information required pursuant to Section 2.7(d). 

(d) The Issuer shall be responsible for all calculations of original issue discount on the Notes, if any. 

(e) Each prospective purchaser, any subsequent transferee, and each Holder of a Note or any interest therein shall, by virtue of its purchase
or other acquisition of such Note or interest therein, be deemed to agree (i) to provide accurate information and documentation that may be required for the Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA
and (ii) that the Issuer, the Note Administrator, the Trustee or the Paying Agent may (1) provide such information and documentation and any other information concerning its investment in such Notes to the U.S. Internal Revenue Service and
any other relevant tax authority and (2) take any other actions necessary for the Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA. 

  
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 (f) [Reserved] 

(g) The Retention Holder, by acceptance of any retained or repurchased Notes, the Retained Notes and the Membership Interests, agrees to take
no action inconsistent with such treatment and, for so long as any Note is Outstanding, agrees not to sell, transfer (whether by means of an actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), convey,
setover, pledge or encumber any retained or repurchased Notes, any Retained Notes and/or the Membership Interests, except to the extent permitted pursuant to Section 2.5(o). 

Section 2.12 Authenticating Agents. 

Upon the request of the Issuer, the Note Administrator shall, and if the Note Administrator so chooses the Note Administrator may, pursuant to
this Indenture, appoint one (1) or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4,
2.5, 2.6 and 8.5, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of
Notes by an Authenticating Agent pursuant to this Section 2.12 shall be deemed to be the authentication of Notes by the Note Administrator. 

Any corporation or banking association into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or
any corporation or banking association resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating Agent, shall be the
successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. Any Authenticating Agent may at any time resign by
giving written notice of resignation to the Note Administrator, the Trustee and the Issuer. The Note Administrator may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent,
the Trustee and the Issuer. Upon receiving such notice of resignation or upon such a termination, the Note Administrator shall promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuer. 

The Note Administrator agrees to pay to each Authenticating Agent appointed by it from time to time reasonable compensation for its services,
and reimbursement for its reasonable expenses relating thereto and the Note Administrator shall be entitled to be reimbursed for such payments, subject to Section 6.7. The provisions of Sections 2.9, 6.4 and
6.5 shall be applicable to any Authenticating Agent. 

  
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 Section 2.13 Forced Sale on Failure to Comply with Restrictions. 

(a) Notwithstanding anything to the contrary elsewhere in this Indenture, any transfer of a Note or interest therein to a U.S. Person who is
determined not to have been both (i) either (A) a QIB or (B) an IAI and (ii) a Qualified Purchaser at the time of acquisition of the Note or interest therein, or any transfer of a Note or interest therein that could result in the
Issuer being subject to ERISA or Section 4975 of the Code or a violation of any Similar Law or that could constitute or result in a non-exempt prohibited transaction under ERISA or Section 4975 of
the Code, in any case, shall be null and void and any such proposed transfer of which the Issuer, the Note Administrator or the Trustee shall have written notice (which includes via electronic mail) may be disregarded by the Issuer, the Note
Administrator and the Trustee for all purposes. 
 (b) If the Issuer determines that any Holder of a Note has not satisfied the applicable
requirement described in Section 2.13(a) above (any such Person a “Non-Permitted Holder”), then the Issuer shall promptly after discovery that such Person is a Non-Permitted Holder by the Issuer or a Responsible Officer of each of the Note Administrator and the Trustee (and notice by the Note Administrator, the Trustee (in the case of each of the Note Administrator and the
Trustee, only if a Trust Officer has actual knowledge and makes such discovery)), send notice to such Non-Permitted Holder demanding that such Non-Permitted Holder
transfer its interest to a Person that is not a Non-Permitted Holder within thirty (30) days (10 days in the case of a Non-Permitted Holder for ERISA-related
reasons) of the date of such notice. If such Non-Permitted Holder fails to so transfer its Note or interest therein, the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such Note or interest therein to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may choose.
The Issuer, or a third party acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Note, and selling such Note
to the highest such bidder. However, the Issuer may select a purchaser by any other means determined by it in its sole discretion. The Holder of such Note, the Non-Permitted Holder and each other Person in the
chain of title from the Holder to the Non-Permitted Holder, by its acceptance of an interest in the Note, agrees to cooperate with the Issuer and the Note Administrator to effect such transfers. The proceeds
of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted Holder. The terms and conditions of any sale under this
Section 2.13(b) shall be determined in the sole discretion of the Issuer, and the Issuer shall not be liable to any Person having an interest in the Note sold as a result of any such sale of exercise of such discretion.

 Section 2.14 No Gross Up. 

The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of any
withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges. 

Section 2.15 Credit Risk Retention. 

The Sponsor shall timely deliver (or cause to be timely delivered) to the Trustee and the Note Administrator any notices contemplated by
Section 10.10(a)(vi). 

  
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 Section 2.16 Exchangeable Notes; Exchange of MASCOT Notes. 

(a) At any time on or after the Initial MASCOT Note Issuance Date all or a portion of the Class F Notes and the Class G Notes may be
exchanged for proportionate interests in one or more classes of certain other Notes and vice versa (such Notes received in such an exchange, the “Exchanged Notes”). The Exchangeable Notes may be exchanged by the Holders
thereof for (1) a corresponding MASCOT P&I Note with the same principal balance as the Class F Note or the Class G Note, as applicable, surrendered in the exchange but with a reduced Note Interest Rate, and (2) an MASCOT
Interest Only Note that has a notional balance equal to the principal balance of the MASCOT P&I Note received in such exchange with a fixed interest rate equal to such reduction in Note Interest Rate. Specifically, with respect to the exchange
of the Class F Notes or the Class G Notes for corresponding MASCOT Notes, the per annum interest rates payable on the MASCOT P&I Notes and the MASCOT Interest Only Notes shall be determined, on the date of such exchange, by the holder
of the Class F Notes or the Class G Notes, as applicable, surrendered in such exchange. The aggregate interest rates of the Exchanged Notes received in the exchange shall equal the aggregate interest rate of the Exchangeable Notes
surrendered for exchange. The MASCOT Interest Only Notes are not entitled to any payments of principal and shall have an Aggregate Outstanding Amount of zero. 

(b) (i) With respect to the exchange of the Class F Notes or the Class G Notes for corresponding MASCOT Notes, each of
(1) the Aggregate Outstanding Amount of the MASCOT P&I Note received in the exchange and (2) the Aggregate Outstanding Notional Amount of the MASCOT Interest Only Notes received in the exchange shall equal the Aggregate Outstanding
Amount of the Class F Notes or the Class G Notes, as applicable, exchanged. The MASCOT Interest Only Notes are not entitled to any payments of principal and have an Aggregate Outstanding Amount of zero. 

(ii) The aggregate Note Interest Rates of the Exchanged Notes received in the exchange must equal the aggregate Note Interest
Rate of the Exchangeable Notes surrendered for exchange. 
 (c) Exchanges of the Class F Notes or the Class G Notes for MASCOT
Notes and any subsequent exchange of such MASCOT Notes for the Class F Notes or the Class G Notes may occur repeatedly. 
 (d)
With respect to an exchange of some or all of the Class F Notes or the Class G Notes, as applicable, the Holders of such MASCOT P&I Notes shall be entitled to exercise all the voting rights (including any rights as the Controlling
Class) and objection rights that are allocated to such exchanged the Class F Notes or the Class G Notes, as applicable, and the Aggregate Outstanding Amount of such MASCOT P&I Notes shall be used to determine if the requisite
percentage of Holders under this Indenture has voted, consented or otherwise given direction; provided that, in connection with any supplemental indenture that affects a Class of MASCOT Notes in a manner that is materially
different from the effect of such supplemental indenture on the Class F Notes or the Class G Notes, as applicable, the Holders of the applicable MASCOT Notes shall be entitled to vote as a separate class. 

(e) The Class F-X Notes and the Class G-X Notes are
interest only notes that receive interest payments but do not receive principal payments. Interest on the MASCOT Interest Only Notes is calculated on a balance equal to the “Aggregate Outstanding Notional Amount,” which shall, as of any
date, equal the Aggregate Outstanding Amount on such date of the related MASCOT P&I Note. 

  
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 (f) In order to effect an exchange of Exchangeable Notes, the Holder shall submit a duly
executed Officer’s Certificate in the form of Exhibit T to this Indenture to the Note Administrator no earlier than ten (10) Business Days before the proposed exchange date and no later than five (5) Business Days before the
proposed exchange date. Such Officer’s Certificate shall to be in writing, and may be by email to CREBondAdmin@wellsfargo.com. The Officer’s Certificate must be on the Holder’s letterhead and set forth the following information:
(i) the CUSIP number of each Exchangeable Note and Exchanged Note; (ii) the Aggregate Outstanding Amount and the Aggregate Outstanding Notional Amount, as applicable, of the Notes to be exchanged; (iii) the Holder’s DTC
participant number to be debited and credited; and (iv) the proposed exchange date. The exchange date with respect to any exchange may be any Business Day other than (1) the first or last Business Day of the month, (2) any Payment
Date, (3) any Record Date or (4) any day between a Record Date and the next Payment Date. Any such notice shall become irrevocable on the second Business Day before the proposed exchange date. The Holder must pay the Note Administrator a
fee equal to $5,000 for each exchange request and such fee must be received by the Note Administrator prior to the exchange date or such exchange shall not be effected. In addition, any Holder wishing to effect such an exchange must pay any other
expenses related to such exchange, including any fees charged by DTC. The Note Administrator shall make the first payment on any Exchanged Note received by a Holder in an exchange transaction on the Payment Date related to the next Record Date
following the effective date of such exchange. 
 Section 2.17 Effect of Benchmark Transition Event. 

(a) The Collateral Manager shall be responsible for determining whether a Benchmark Transition Event has occurred with respect to any
Benchmark. The Collateral Manager shall provide prompt written notice to the Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Trustee, the Note Administrator, the Calculation Agent (if different from the Note Administrator), the
Noteholders and the Rating Agencies of its determination that a Benchmark Transition Event has occurred. In addition, not less than thirty (30) days prior to any Benchmark Replacement Date, the Collateral Manager shall provide prompt written
notice to the Issuer, the Advancing Agent, the Servicer, the Special Servicer, the Trustee, the Note Administrator, the Calculation Agent (if different from the Note Administrator), the Noteholders and the Rating Agencies of such Benchmark
Replacement Date and applicable Benchmark Replacement. 
 (b) After a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred, any Benchmark and the related Benchmark Determination Date shall be replaced for all purposes of this Indenture by the Benchmark Replacement and Benchmark Determination Date determined by the Collateral Manager. Notwithstanding the
occurrence of a Benchmark Transition Event, amounts payable on the Notes shall be determined with respect to the then-current Benchmark until the occurrence of the related Benchmark Replacement Date. 

(c) In connection with the occurrence of any Benchmark Transition Event and its related Benchmark Replacement Date, and from time to time
thereafter, the Collateral Manager may direct the parties hereto by Issuer Order to enter into a supplemental indenture in accordance with Section 8.1(b)(iv) to make such Benchmark Replacement Conforming Changes, if any, as
the Collateral Manager determines may be necessary or desirable to administer, implement or adopt the applicable Benchmark or the Benchmark Replacement. 

  
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 (d) Any determination, implementation, adoption, decision, proposal or election that may be
made by the Collateral Manager with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment or Benchmark Replacement Conforming Changes, including any determination with respect
to a tenor, observation period, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, shall be
conclusive and binding on the parties hereto and the Noteholders absent manifest error, may be made in the sole discretion of the Collateral Manager and may be relied upon by the Issuer, the Note Administrator, the Trustee, the Calculation Agent and
the Servicer without investigation. 
 (e) The Collateral Manager may (at the Collateral Manager’s expense) assign to another entity
(other than the Trustee, the Note Administrator, the Calculation Agent or the Custodian) any or all of the Collateral Manager’s rights to make determinations with respect to the Benchmark Replacement, but only so long as the Collateral Manager
has provided advance notice of such assignment to the Issuer, the Advancing Agent, the Servicer, the Trustee, the Note Administrator, the Calculation Agent (if different from the Note Administrator), the Noteholders and the Rating Agencies. Any out-of-pocket costs and expenses incurred by such assignee in discharging its obligations, and any indemnification amounts or liquidated damages payable to such assignee will
be payable as Company Administrative Expenses in accordance with the Priority of Payments. Any fees of such assignee will be payable by the Collateral Manager. 

(f) Notwithstanding anything to the contrary in this Indenture, the Collateral Manager may send any notices with respect to any Benchmark
Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other determination or selection made under this Section 2.17, by email
(or other electronic communication). 
 (g) The Collateral Manager shall not have any liability for the determination or selection with
respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other determination or selection made under this
Section 2.17 (including, without limitation, whether the conditions for such determination or selection have been satisfied). 

Section 2.18 Certain U.S. Federal Income Tax Accounting Applicable to
Sub-REIT’s Treatment of the Class H Notes. 
 (a) Solely
for certain U.S. federal income tax accounting applicable to Sub-REIT, the Class H Notes shall be deemed to be subdivided into each of (i) the “Class H-P Subcomponent”, (ii) the “Class H-X Subcomponent” and the (iii) “Class H-R Subcomponent” (collectively, the “Class H Subcomponents”). 

  
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 (b) Deemed Payments to Class H Subcomponents. The Class H-P Subcomponent shall have a subcomponent note balance from time to time equal to the Aggregate Outstanding Portfolio Balance minus the sum of: (i) the Aggregate Outstanding Amount of all Classes of
Notes (other than the Class H Notes) and (ii) the subcomponent note balances, if any, of the sum of the Class H-X Subcomponent and the Class H-R
Subcomponent. The Class H-P Subcomponent will not be entitled to receive interest. 
 The Class H-X Subcomponent shall have a subcomponent notional balance from time to time equal to the Aggregate Outstanding Portfolio Balance minus the Aggregate Outstanding Amount of all Classes of Notes (other
than the Class H Notes) (the “Class H-X Notional Amount”). The subcomponent note rate on the Class H-X Subcomponent will
equal the difference between (1) the Collateral Net WAC and (2) the total interest accrued on all Classes of Notes (other than the Class H Notes) with respect to such Payment Date, such aggregate expressed as an annualized rate at
which interest would have to accrue on the Class H-X Notional Amount on an actual/360 basis in order to produce the aggregate amount of interest described in clause (2) to accrue on the Class H-X Notional Amount. Such subcomponent note rate shall be applied to the Class H-X Notional Amount. 

The Class H-R Subcomponent shall be entitled to any amount remaining after all payments to the Class H-P Subcomponent and the Class H-X Subcomponent have been made in accordance with the priority of payments described herein. 

(i) Interest Proceeds. On each Payment Date, Interest Proceeds shall be deemed paid in the following order of priority:

 (1) to the Class H-X Subcomponent, to the extent of accrued interest thereon;
and 
 (2) to the Class H-R Subcomponent, any remaining Interest Proceeds. 

(ii) Principal Proceeds. On each Payment Date, Principal Proceeds shall be deemed paid in the following order of
priority: 
 (1) to the Class H-P Subcomponent, until the subcomponent note
balance of the Class H-P Subcomponent has been reduced to zero; and 
 (2) to
the Class H-R Subcomponent, any remaining Principal Proceeds. 
 For the avoidance of doubt, the
Note Administrator shall make computations, distributions and reports with respect to the Class H Notes without regard to the Class H Subcomponents and the payments described in this Section 2.18. Furthermore, the
Note Administrator shall not be responsible for any tax filings or reporting in respect of the Class H Notes. 

  
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 ARTICLE 3 

CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS 

Section 3.1 General Provisions. 

The Notes to be issued on the Closing Date shall be executed by the Issuer upon compliance with Section 3.2 and
shall be delivered to the Authenticating Agent for authentication and thereupon the same shall be authenticated and delivered by the Authenticating Agent upon Issuer Request. The Issuer shall cause the following items to be delivered to the Trustee
on or prior to the Closing Date: 
 (a) an Officer’s Certificate of the Issuer (i) evidencing the authorization by resolution of
the Issuer’s sole member of the execution and delivery of this Indenture, the Servicing Agreement and the Placement Agreement and related documents, the execution, authentication and delivery of the Notes and specifying the Stated Maturity Date
of each Class of Notes, the principal amount of each Class of Notes and the applicable Note Interest Rate of each Class of Notes to be authenticated and delivered, and (ii) certifying that (A) the attached copy of the
resolutions of the Issuer’s sole member is a true and complete copy thereof, (B) such resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and (C) the individuals authorized to execute and
deliver such documents hold the offices and have the signatures indicated thereon; 
 (b) an opinion of Cadwalader, Wickersham &
Taft LLP, special counsel to the Issuer, the Seller, the Advancing Agent, the Collateral Manager, the Retention Holder, the Special Servicer and certain Affiliates thereof (which opinions may be limited to the laws of the State of New York and the
federal law of the United States and may assume, among other things, the correctness of the representations and warranties made or deemed made by the owners of Notes pursuant to Sections 2.5(h), (i) and (j)) dated the Closing
Date, as to certain enforceability matters of New York law and certain 1940 Act issues, United States federal income tax and securities law matters, in a form satisfactory to the Placement Agents; 

(c) an opinion of Cadwalader, Wickersham & Taft LLP, special counsel to the Issuer, dated the Closing Date, relating to the validity
of the Grant hereunder, the perfection of the Trustee’s security interest in the Collateral and certain matters of Minnesota law with respect to the Minnesota Collateral in a form satisfactory to the Placement Agents; 

(d) an opinion of Cadwalader, Wickersham & Taft LLP, counsel to the Issuer, dated the Closing Date, relating to certain bankruptcy
matters, in a form satisfactory to the Placement Agents; 
 (e) an opinion of Cadwalader, Wickersham & Taft LLP, counsel to Seller,
dated the Closing Date, relating to certain Credit Risk Retention Rules, in a form satisfactory to the Placement Agents; 
 (f) an opinion
of Cadwalader, Wickersham & Taft LLP, special counsel to Sub-REIT, dated the Closing Date, regarding its qualification and taxation as a REIT in a form satisfactory to the Placement Agents; 

  
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 (g) an opinion of Cadwalader, Wickersham & Taft LLP, counsel to Sponsor, dated the
Closing Date, relating to certain Credit Risk Retention Rules, in a form satisfactory to the Placement Agents; 
 (h) an opinion of
Richards, Layton & Finger P.A., special Delaware counsel to the Issuer, dated the Closing Date, regarding certain issues of Delaware law; 

(i) opinions of Richards, Layton & Finger P.A., special Delaware counsel to the Issuer, dated the Closing Date, regarding certain
issues of Delaware law and regarding authority to file bankruptcy in a form satisfactory to the Placement Agents; 
 (j) an opinion of
Richards, Layton & Finger P.A., special Delaware counsel to the Retention Holder, dated the Closing Date, regarding certain issues of Delaware law in a form satisfactory to the Placement Agents; 

(k) opinions of Richards, Layton & Finger P.A., special Delaware counsel to the Retention Holder, dated the Closing Date, regarding
certain issues of Delaware law and regarding authority to file bankruptcy in a form satisfactory to the Placement Agents; 
 (l) an opinion
of Richards, Layton & Finger P.A., special Delaware counsel to the Special Servicer, Seller and Sub-REIT, dated the Closing Date, regarding certain issues of Delaware law in a form satisfactory to the
Placement Agents; 
 (m) an opinion of Mayer Brown LLP, counsel to the Servicer, and an opinion of
in-house counsel to the Servicer, each dated the Closing Date, regarding certain issues of New York and United States law; 

(n) an opinion of Aini & Associates PLLC, counsel to Trustee; 

(o) an opinion of (i) in-house counsel of the Note Administrator and Securities Intermediary, and
(ii) Aini & Associates PLLC, counsel to the Note Administrator and Securities Intermediary, each dated as of the Closing Date; 

(p) an Officer’s Certificate given on behalf of the Issuer and without personal liability, stating that the Issuer is not in Default
under this Indenture and that the issuance of the Notes by the Issuer will not result in a breach of any of the terms, conditions or provisions of, or constitute a Default under, the Governing Documents of the Issuer, any indenture or other
agreement or instrument to which the Issuer is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the Issuer is a party or by which it may be bound or to which it may be subject;
that all conditions precedent provided in this Indenture relating to the authentication and delivery of the Notes applied for have been complied with and that all expenses due or accrued with respect to the offering or relating to actions taken on
or in connection with the Closing Date have been paid; 
 (q) executed counterparts of the Collateral Interest Purchase Agreement, the
Servicing Agreement, the Collateral Management Agreement, the Advisory Committee Member Agreement, the Participation Agreements relating to the Closing Date Collateral Interests, the Future Funding Agreement, the Placement Agreement, the Securities
Account Control Agreement, the U.S. Risk Retention Agreement, the EU/UK Risk Retention Letter and the Future Funding Reserve Account Control Agreement; 

  
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 (r) (i) an Accountants’ Report on applying agreed-upon procedures with respect to
certain information concerning the Closing Date Collateral Interests in the data tape, dated March 10, 2022, (ii) an Accountants’ Report on applying agreed-upon procedures with respect to certain information concerning the Closing Date
Collateral Interests in the Preliminary Offering Memorandum of the Issuer, dated March 15, 2022, and the Structural and Collateral Term Sheet dated March 15 2022, and (iii) an Accountants’ Report on applying agreed-upon
procedures with respect to certain information concerning the Closing Date Collateral Interests in the Offering Memorandum; 
 (s) evidence
of preparation for filing at the appropriate filing office in the State of Delaware of a financing statement, on behalf of the Issuer, relating to the perfection of the lien of this Indenture in that Collateral in which a security interest may be
perfected by filing under the UCC; 
 (t) an Issuer Order executed by the Issuer directing the Authenticating Agent to (i) authenticate
the Notes specified therein, in the amounts set forth therein and registered in the name(s) set forth therein and (ii) deliver the authenticated Notes as directed by the Issuer; and 

(u) the Future Funding Indemnitor certification pursuant to Section 12.5(b). 

Section 3.2 Security for Secured Notes. Prior to the issuance of the Notes on the Closing Date, the Issuer shall cause the
following conditions to be satisfied: 
 (a) Grant of Security Interest; Delivery of Collateral Interests. The Grant pursuant to the
Granting Clause of this Indenture of all of the Issuer’s right, title and interest in and to the Collateral and the transfer of all Closing Date Collateral Interests acquired in connection therewith purchased by the Issuer on the Closing Date
(as set forth in Schedule A hereto) to the Trustee, without recourse (except as expressly provided in each applicable Collateral Interest Purchase Agreement), in the manner provided in Section 3.3(a). 

(b) Certificate of the Issuer. A certificate of an Authorized Officer of the Issuer given on behalf of the Issuer and without personal
liability, dated as of the Closing Date, delivered to the Trustee and the Note Administrator, to the effect that, in the case of each Closing Date Collateral Interest pledged to the Trustee for inclusion in the Collateral on the Closing Date and
immediately prior to the delivery thereof on the Closing Date: 
 (i) the Issuer is the owner of such Closing Date Collateral
Interest free and clear of any liens, claims or encumbrances of any nature whatsoever except for those which are being released on the Closing Date; 

(ii) the Issuer has acquired its ownership in such Closing Date Collateral Interest in good faith without notice of any adverse
claim, except as described in paragraph (i) above; 

  
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 (iii) the Issuer has not assigned, pledged or otherwise encumbered any
interest in such Closing Date Collateral Interest (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture; 

(iv) the Loan Documents with respect to such Closing Date Collateral Interest do not prohibit the Issuer from Granting a
security interest in and assigning and pledging such Closing Date Collateral Interest to the Trustee; 
 (v) the information
set forth with respect to each such Closing Date Collateral Interest on Schedule A is true and correct; 
 (vi) the
Closing Date Collateral Interests included in the Collateral satisfy the requirements of Section 3.2(a); 

(vii) (1) the Grant pursuant to the Granting Clause of this Indenture shall, upon execution and delivery of this Indenture
by the parties hereto, result in a valid and continuing security interest in favor of the Trustee for the benefit of the Secured Parties in all of the Issuer’s right, title and interest in and to the Closing Date Collateral Interests pledged to
the Trustee for inclusion in the Collateral on the Closing Date; and 
 (2) upon the delivery of each mortgage note
evidencing the obligations of the borrowers under each Collateral Interest to the Custodian on behalf of the Trustee, at the Custodian’s office in Minneapolis, Minnesota, the Trustee’s security interest in all Collateral Interests shall be
a validly perfected, first priority security interest under the UCC as in effect in the State of Minnesota. 
 (c) Rating Letters.
The Issuer’s receipt of a signed letter from the Rating Agencies confirming that (i) the Class A Notes have been issued with a rating of at least “Aaa(sf)” by Moody’s and “AAA(sf)” by DBRS Morningstar,
(ii) the Class A-S Notes be issued with a rating of “AAA(sf)” by DBRS Morningstar, (iii) the Class B Notes be issued with a rating of at least “AA(low)(sf)” by DBRS
Morningstar, (iv) the Class C Notes be issued with a rating of at least “A(low)(sf)” by DBRS Morningstar, (v) the Class D Notes be issued with a rating of at least “BBB(sf)” by DBRS Morningstar, (vi) the
Class E Notes be issued with a rating of at least “BBB(low)(sf)” by DBRS Morningstar, (vii) the Class F Notes be issued with a rating of at least “BB(low)(sf)” by DBRS Morningstar, and (viii) the Class G
Notes be issued with a rating of at least “B(low)(sf)” by DBRS Morningstar, and that such ratings are in full force and effect on the Closing Date. 

(d) Accounts. Evidence of the establishment of the Payment Account, the Reinvestment Account, the Custodial Account, the Collection
Account, the Future Funding Reserve Account and the Participated Loan Collection Account. 

  
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 Section 3.3 Transfer of Collateral. 

(a) Computershare Trust Company, National Association, acting through its document custody division, as document custodian (in such capacity,
the “Custodian”), is hereby appointed as Custodian to hold all of the mortgage notes or participation certificates required to be delivered to it by the Issuer in accordance with this Section 3.3 on the
Closing Date or on the closing date of the acquisition of any Reinvestment Collateral Interest or Exchange Collateral Interest, at its office in Minneapolis, Minnesota. Any successor to the Custodian shall be a U.S. state or national bank or trust
company that is not an Affiliate of the Issuer and has capital and surplus of at least $200,000,000 and whose long-term unsecured debt is rated at least “Baa1” by Moody’s and “BBB(high)” by DBRS Morningstar (if rated by DBRS
Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)). Subject to the limited right to relocate Collateral set forth in Section 7.5(b),
the Custodian shall hold all Loan Documents at its Corporate Trust Office. 
 (b) All Eligible Investments and other investments purchased
in accordance with this Indenture in the respective Accounts in which the funds used to purchase such investments shall be held in accordance with Article 10 and, in respect of each Indenture Account, the Trustee on behalf
of the Secured Parties shall have entered into a securities account control agreement with the Issuer, as debtor and Computershare Trust Company, National Association, as “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC as in effect in the State of New York) (together with its permitted successors and assigns in the trusts hereunder, the “Securities Intermediary”), and the
Trustee, as secured party (the “Securities Account Control Agreement”) providing, inter alia, that the establishment and maintenance of such Indenture Account will be governed by the law of the State of New York. The security
interest of the Trustee in Collateral shall be perfected and otherwise evidenced as follows: 
 (i) in the case of Collateral
consisting of Security Entitlements, by the Issuer (A) causing the Securities Intermediary, in accordance with the Securities Account Control Agreement, to indicate by book entry that a Financial Asset has been credited to the Custodial Account
and (B) causing the Securities Intermediary to agree pursuant to the Securities Account Control Agreement that it will comply with Entitlement Orders originated by or on behalf of the Trustee with respect to each such Security Entitlement
without further consent by the Issuer; 
 (ii) in the case of Collateral consisting of Instruments or Certificated Securities
(the “Minnesota Collateral”), to the extent that any such Minnesota Collateral does not constitute a Financial Asset forming the basis of a Security Entitlement acquired by the Trustee pursuant to clause (i), by the Issuer
causing (A) the Custodian, on behalf of the Trustee, to acquire possession of such Minnesota Collateral in the State of Minnesota or (B) another Person (other than the Issuer or a Person controlling, controlled by, or under common control
with, the Issuer) (1) to (x) take possession of such Minnesota Collateral in the State of Minnesota and (y) authenticate a record acknowledging that it holds such possession for the benefit of the Trustee or (2) to (x) authenticate a
record acknowledging that it will hold possession of such Minnesota Collateral for the benefit of the Trustee and (y) take possession of such Minnesota Collateral in the State of Minnesota; 

(iii) in the case of Collateral consisting of General Intangibles and all other Collateral of the Issuer in which a security
interest may be perfected by filing a financing statement under Article 9 of the UCC as in effect in the State of Delaware, filing or causing the filing of a UCC financing statement naming the Issuer as debtor and the Trustee as secured party,
which financing statement reasonably identifies all such Collateral, with the Secretary of State of the State of Delaware; 

  
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 (iv) in the case of Collateral consisting of General Intangibles, causing
the registration of the security interests granted under this Indenture in the register of mortgages and charges of the Issuer maintained at the Issuer’s registered office; and 

(v) in the case of Collateral consisting of Cash on deposit in any Servicing Account managed by the Servicer or Special
Servicer pursuant to the terms of the Servicing Agreement, to deposit such Cash in a Servicing Account, which Servicing Account is in the name of the Servicer or Special Servicer on behalf of the Trustee. 

(c) The Issuer hereby authorizes the filing of UCC financing statements describing as the collateral covered thereby “all of the
debtor’s personal property and Collateral,” or words to that effect, notwithstanding that such wording may be broader in scope than the Collateral described in this Indenture. 

(d) Without limiting the foregoing, the Trustee shall cause the Note Administrator to take such different or additional action as the Trustee
may be advised by advice of counsel to the Trustee, Note Administrator or the Issuer (delivered to the Trustee and the Note Administrator) is reasonably required in order to maintain the perfection and priority of the security interest of the
Trustee in the event of any change in applicable law or regulation, including Articles 8 and 9 of the UCC and Treasury Regulations governing transfers of interests in Government Items (it being understood that the Note Administrator shall be
entitled to rely upon an Opinion of Counsel, including an Opinion of Counsel delivered in accordance with Section 3.1(c), as to the need to file any financing statements or continuation statements, the dates by which such
filings are required to be made and the jurisdictions in which such filings are required to be made). 
 (e) Without limiting any of the
foregoing, in connection with each Grant of a Collateral Interest hereunder as of the date such Collateral Interest is acquired, the Issuer shall deliver (or cause to be delivered by the Seller) to the Custodian the following documents
(collectively, the “Collateral Interest File”): 
 (i) if such Collateral Interest is a Mortgage Loan: 

(1) the original mortgage notes bearing, or accompanied by, all intervening endorsements, endorsed in blank or endorsed
“Pay to the order of FS Rialto 2022-FL4 Issuer, LLC, a Delaware limited liability company, without recourse, as expressly set forth in that certain Collateral Interest Purchase Agreement, dated as of
March 31, 2022” and signed in the name of the last endorsee by an authorized Person and if endorsed to the Issuer, an assignment in blank from the Issuer; 

(2) the original mortgage (or a recorded copy thereof or a copy thereof certified from the applicable recording office) and, if
applicable, the originals of all intervening assignments of mortgage (or recorded copies thereof or copies thereof certified from the applicable recording office), in each case, with evidence of recording thereon, showing an unbroken chain of title
from the originator thereof to the last endorsee; 

  
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 (3) the original assignment of leases and rents (or a recorded copy thereof
or a copy thereof certified from the applicable recording office), if any, and, if applicable, the originals of all intervening assignments of assignment of leases and rents (or recorded copies thereof or copies thereof certified from the applicable
recording office), in each case, with evidence of recording thereon, showing an unbroken chain of recordation from the originator thereof to the last endorsee; 

(4) an original blanket assignment of all unrecorded documents (including a complete chain of intervening assignments, if
applicable) in favor of the Issuer; 
 (5) a filed copy of the UCC-1 financing
statements with evidence of filing thereon, and UCC-3 assignments showing a complete chain of assignment from the secured party named in such UCC-1 financing statement
to the Issuer, with evidence of filing thereon; 
 (6) originals or copies of all assumption, modification, consolidation or
extension agreements, with evidence of recording thereon, together with any other recorded document relating to such Collateral Interest; 

(7) an original or a copy (which may be in electronic form) of the mortgagee policy of title insurance or a conformed version
of the mortgagee’s title insurance commitment either marked as binding for insurance or attached to an escrow closing letter, countersigned by the title company or its authorized agent if the original mortgagee’s title insurance policy has
not yet been issued; 
 (8) the original or copy of any security agreement, chattel mortgage or equivalent document, if any;

 (9) the original or copy of any related loan agreement as well as any related letter of credit, lockbox agreement, cash
management agreement and construction contract; 
 (10) the original or copy of any related guarantee; 

(11) the original or copy of any related environmental indemnity agreement; 

(12) copies of any property management agreements; 

(13) a copy of a survey of the related Mortgaged Property, together with the surveyor’s certificate thereon; 

(14) a copy of any power of attorney relating to such Mortgage Loan; 

  
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 (15) with respect to any Collateral Interest secured in whole or in part by
a ground lease, copies of any ground leases; 
 (16) a copy of any related environmental insurance policy and environmental
report with respect to the related Mortgaged Properties; 
 (17) with respect to any Mortgage Loan secured by a hospitality
property, a copy of any related franchise agreement, an original or copy of any comfort letter related thereto, and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer or assign
the benefits of such comfort letter to the Issuer, if any, a copy of the notice by the Seller to the franchisor of the transfer of such Mortgage Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Issuer (in
each case, as and to the extent required pursuant to the terms of such comfort letter as determined by the Issuer or Seller); 

(18) the following additional original documents, (a) allonge, endorsed in blank; (b) assignment of mortgage, in
blank, in form and substance acceptable for recording; (c) if applicable, assignment of leases and rents, in blank, in form and substance acceptable for recording; and (d) assignment of unrecorded documents. 

(ii) if such Collateral Interest is a Participation: 

(1) (a) with respect to any Collateral Interest related to a Serviced Commercial Real Estate Loan, each of the documents
specified in clause (i) above (other than the documents specified in (i)(18) with respect to such Participated Loan and, with respect to clause (i)(1), the endorsement will instead be in blank or to “Pay to the order of FS Rialto 2022-FL4 Issuer, LLC, a Delaware limited liability company, for the benefit of itself, and for the benefit of any companion participation holder(s), without recourse, except as expressly set forth in that certain
Collateral Interest Purchase Agreement, dated as of March 31, 2022, and subject to the rights and obligations of any companion participation holder(s) under any related participation agreement(s)”) and (b) with respect to any
Collateral Interest related to a Non-Serviced Commercial Real Estate Loan, unless the Custodian is custodian for the Non-Serviced Commercial Real Estate Loan, a copy of
each of the documents specified in clause (i) above; 
 (2) in the case of a Participation, an original
participation certificate evidencing such Participation in the name of the Issuer; 
 (3) an original assignment of the
participation certificate evidencing such Participation from the Issuer to blank; 
 (4) a copy of the participation
certificate evidencing each related Companion Participation(s); and 
 (5) a copy of the related Participation Agreement.

  
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 With respect to any documents which have been delivered or are being delivered to recording offices for
recording and have not been returned to the Issuer (or the Seller) in time to permit their delivery hereunder at the time required, the Issuer (or the Seller) shall deliver such original recorded documents to the Custodian promptly when received by
the Issuer (or the Seller) from the applicable recording office. Any document in the Collateral Interest File may be electronically signed or signed with a signature stamp. As used in this definition, the term “original” shall include any
documents electronically signed or signed with a signature stamp. 
 (f) The execution and delivery of this Indenture by the Custodian shall
constitute certification that, in connection with each Closing Date Collateral Interest, (i) each original note and participation certificate, if applicable, required to be delivered to the Custodian on behalf of the Trustee by the Issuer (or
the Seller) and all allonges thereto, if any, and a copy of the participation agreement have been received by the Custodian (directly or through a bailee); and (ii) such original note and participation certificate, if applicable, has been
reviewed by the Custodian and (A) appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the borrower), (B) appears to have been executed and (C) purports to relate to
the related Collateral Interest. The Custodian agrees to review or cause to be reviewed the Collateral Interest Files within sixty (60) days after the Closing Date, and to deliver to the Issuer, the Note Administrator, the Servicer, the Special
Servicer, the Collateral Manager, the Trustee and McCoy & Orta a certification in the form of Exhibit L attached hereto, indicating, subject to any exceptions found by it in such review (and any related exception report and any
subsequent reports thereto shall be delivered to the other parties hereto, the Servicer in electronic format, including Excel-compatible format), (A) those documents referred to in Section 3.3(e) that have been received,
and (B) that such documents have been executed, appear on their face to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate to
the Collateral Interest. The Custodian shall have no responsibility for reviewing the Collateral Interest File except as expressly set forth in this Section 3.3(f). None of the Trustee, the Note Administrator, and the
Custodian shall be under any duty or obligation to inspect, review, or examine any such documents, instruments or certificates to independently determine that they are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate
for the represented purpose, whether the text of any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms to the requirements of Section 3.3(e)), whether any document
has been recorded in accordance with the requirements of any applicable jurisdiction, to independently determine that any document has actually been filed or recorded in the appropriate office, that any document is other than what it purports to be
on its face, or whether the title insurance policies relate to the Mortgaged Property. 
 (g) No later than the one hundred twentieth
(120th) day after the Closing Date, and every quarter thereafter until all exceptions are cleared, the Custodian shall (i) deliver to the Issuer, with a copy to the Note Administrator, the Trustee, the Collateral Manager, McCoy & Orta,
the Servicer and the Special Servicer an exception report (which report and any updates or modifications thereto shall be delivered in electronic format, including Excel-compatible format) as to any remaining documents that are required to be, but
are not in the Collateral Interest File and (ii) request that the Issuer cause such document deficiency to be cured. 

  
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 (h) Without limiting the generality of the foregoing: 

(i) from time to time upon the request of the Trustee, the Collateral Manager, Servicer or Special Servicer, the Issuer shall
deliver (or cause to be delivered) to the Custodian any Loan Document in the possession of the Issuer and not previously delivered hereunder (including originals of Loan Documents not previously required to be delivered as originals) and as to which
the Trustee, Collateral Manager, Servicer or Special Servicer, as applicable, shall have reasonably determined, or shall have been advised, to be necessary or appropriate for the administration of such Collateral Interest hereunder or under the
Servicing Agreement or for the protection of the security interest of the Trustee under this Indenture; 
 (ii) in connection
with any delivery of documents to the Custodian pursuant to clause (i) above, the Custodian shall deliver to the Collateral Manager and the Servicer, on behalf of the Issuer, a certification in the form of Exhibit L acknowledging
the receipt of such documents by the Custodian and that it is holding such documents subject to the terms of this Indenture; and 

(iii) from time to time upon request of the Servicer or the Special Servicer, the Custodian shall, upon delivery by the
Collateral Manager, the Servicer or Special Servicer, as applicable, of a request for release in the form of Exhibit M hereto (such request, a “Request for Release”), release to the Servicer or the Special Servicer, as
applicable, such of the Loan Documents then in its custody as the Servicer or Special Servicer, as applicable, reasonably so requests. By submission of any such Request for Release, the Servicer or the Special Servicer, as applicable, shall be
deemed to have represented and warranted that it has determined in accordance with the Servicing Standard set forth in the Servicing Agreement that the requested release is necessary for the administration of such Collateral Interest hereunder or
under the Servicing Agreement or for the protection of the security interest of the Trustee under this Indenture. The Servicer or the Special Servicer shall return to the Custodian each Loan Document released from custody pursuant to this
clause (iii) within twenty (20) Business Days of receipt thereof (except such Loan Documents as are released in connection with a sale, exchange or other disposition, in each case only as permitted under this
Indenture, of the related Collateral Interest that is consummated within such twenty (20)-day period). Notwithstanding the foregoing provisions of this clause (iii), any note, participation certificate
or other instrument evidencing a Pledged Collateral Interest shall be released only for the purpose of (1) a sale, exchange or other disposition of such Pledged Collateral Interest that is permitted in accordance with the terms of this
Indenture, (2) presentation, collection, renewal or registration of transfer of such Collateral Interest or (3) in the case of any note, in connection with a payment in full of all amounts owing under such note. The Custodian shall not be
responsible for the contents of any Collateral Interest File while not in the Custodian’s possession pursuant to a Request for Release. In connection with any Request for Release, unless otherwise specified in such request, the participation
certificate shall be released along with the Collateral Interest loan files for the requested Collateral Interest. 

  
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 (i) As of the Closing Date (with respect to the Collateral owned or existing as of the
Closing Date) and each date on which any Collateral is acquired (only with respect to each Collateral so acquired or arising after the Closing Date), the Issuer represents and warrants as follows: 

(i) this Indenture creates a valid and continuing security interest (as defined in the UCC) in the Collateral in favor of the
Trustee for the benefit of the Secured Parties, which security interest is prior to all other liens, and is enforceable as such against creditors of and purchasers from the Issuer; 

(ii) the Issuer owns and has good and marketable title to such Collateral free and clear of any lien, claim or encumbrance of
any Person; 
 (iii) in the case of each Collateral, the Issuer has acquired its ownership in such Collateral in good faith
without notice of any adverse claim as defined in Section 8-102(a)(1) of the UCC as in effect on the date hereof; 

(iv) other than the security interest granted to the Trustee for the benefit of the Secured Parties pursuant to this Indenture,
the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral; 

(v) the Issuer has not authorized the filing of, and is not aware of, any financing statements against the Issuer that include
a description of collateral covering the Collateral other than any financing statement (x) relating to the security interest granted to the Trustee for the benefit of the Secured Parties hereunder or (y) that has been terminated; the
Issuer is not aware of any judgment lien, Pension Benefit Guarantee Corporation lien or tax lien filings against the Issuer; 

(vi) the Issuer has received all consents and approvals required by the terms of each Collateral and the Transaction Documents
to grant to the Trustee its interest and rights in such Collateral hereunder; 
 (vii) the Issuer has caused or will have
caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the
Trustee for the benefit of the Secured Parties hereunder; 
 (viii) all of the Collateral constitutes one or more of the
following categories: an Instrument, a General Intangible, a Certificated Security or an uncertificated security, or a Financial Asset in which a Security Entitlement has been created and that has been or will have been credited to a Securities
Account and proceeds of all the foregoing; 
 (ix) the Securities Intermediary has agreed to treat all Collateral credited to
the Custodial Account as a Financial Asset; 
 (x) the Issuer has delivered a fully executed Securities Account Control
Agreement pursuant to which the Securities Intermediary has agreed to comply with all instructions originated by the Trustee relating to the Indenture Accounts without further consent of the Issuer; none of the Indenture Accounts is in the name of
any Person other than the Issuer, on behalf of the Trustee, for the benefit of the Secured Parties; the Issuer has not consented to the Securities Intermediary to comply with any Entitlement Orders in respect of the Indenture Accounts and any
Security Entitlement credited to any of the Indenture Accounts originated by any Person other than the Trustee or the Note Administrator on behalf of the Trustee; 

  
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 (xi) (A) all original executed copies of each promissory note,
participation certificate or other writings that constitute or evidence any pledged obligation that constitutes an Instrument have been delivered to the Custodian for the benefit of the Trustee and (B) none of the promissory notes,
participation certificates or other writings that constitute or evidence such collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed by the Issuer to any Person other than the Trustee; 

(xii) each of the Indenture Accounts constitutes a Securities Account in respect of which Computershare Trust Company, National
Association, has agreed to be Securities Intermediary pursuant to the Securities Account Control Agreement on behalf of the Trustee as secured party under this Indenture. 

(j) The Note Administrator shall cause all Eligible Investments delivered to the Note Administrator on behalf of the Issuer (upon receipt by
the Note Administrator thereof) to be promptly credited to the applicable Account. 
 ARTICLE 4 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of Indenture. 

This Indenture shall be discharged and shall cease to be of further effect except as to (i) rights of registration of transfer and
exchange, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) the rights, protections, indemnities and immunities of
the Note Administrator (in each of its capacities), the Custodian and the Trustee and the specific obligations set forth below hereunder, (v) the rights, obligations and immunities of (a) the Collateral Manager hereunder, under the
Collateral Management Agreement and under the Servicing Agreement and (b) the Servicer hereunder and under the Servicing Agreement, and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property deposited with the
Custodian or Securities Intermediary (on behalf of the Trustee) and payable to all or any of them (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture) when: 
 (a) (i) either: 

(1) all Notes theretofore authenticated and delivered to Noteholders (other than (A) Notes which have been mutilated,
defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.6 and (B) Notes for which payment has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer
or discharged from such trust, as provided in Section 7.3) have been delivered to the Notes Registrar for cancellation; or 

  
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 (2) all Notes not theretofore delivered to the Notes Registrar for
cancellation (A) have become due and payable, or (B) shall become due and payable at their Stated Maturity Date within one year, or (C) are to be called for redemption pursuant to Article 9 under an
arrangement satisfactory to the Note Administrator for the giving of notice of redemption by the Issuer pursuant to Section 9.3 and either (x) the Issuer has irrevocably deposited or caused to be deposited with the
Note Administrator, Cash or non-callable direct obligations of the United States of America; which obligations are entitled to the full faith and credit of the United States of America or are debt obligations
which are rated “Aaa” by Moody’s and “AAA” DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs) in an amount sufficient to pay and
discharge the entire indebtedness (including, in the case of a redemption pursuant to Section 9.1, the Redemption Price) on such Notes not theretofore delivered to the Note Administrator for cancellation, for principal and
interest to the date of such deposit (in the case of Notes which have become due and payable), or to the respective Stated Maturity Date or the respective Redemption Date, as the case may be or (y) in the event all of the Collateral is
liquidated following the satisfaction of the conditions specified in Article 5, the Issuer shall have deposited or caused to be deposited with the Note Administrator, all proceeds of such liquidation of the Collateral, for
payment in accordance with the Priority of Payments; 
 (ii) the Issuer has paid or caused to be paid all other sums then due
and payable hereunder (including any amounts then due and payable pursuant to the Collateral Management Agreement and the Servicing Agreement) by the Issuer and no other amounts are scheduled to be due and payable by the Issuer other than
Dissolution Expenses; and 
 (iii) the Issuer has delivered to the Trustee and the Note Administrator Officer’s
Certificates and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with; 

provided, however, that in the case of clause (a)(i)(2)(x) above, the Issuer has delivered to the Trustee and Note Administrator an
opinion of Cadwalader, Wickersham & Taft LLP or an opinion of another tax counsel of nationally recognized standing in the United States experienced in such matters to the effect that the Noteholders would recognize no income gain or loss
for U.S. federal income tax purposes as a result of such deposit and satisfaction and discharge of this Indenture; or 
 (b) (i) the
Issuer has delivered to the Trustee and Note Administrator a certificate stating that (1) there is no Collateral (other than (x) the Collateral Management Agreement, the Servicing Agreement and the Servicing Accounts related thereto and
the Securities Account Control Agreement and the Indenture Accounts related thereto and (y) Cash in an amount not greater than the Dissolution Expenses) that remain subject to the lien of this Indenture, and (2) all funds on deposit in or
to the credit of the Accounts have been distributed in accordance with the terms of this Indenture or have otherwise been irrevocably deposited with the Servicer under the Servicing Agreement for such purpose; and 

  
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 (ii) the Issuer has delivered to the Note Administrator and the Trustee
Officer’s Certificates and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Trustee, the Note
Administrator, and, if applicable, the Noteholders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.7, 7.3 and 14.12 shall survive. 

Section 4.2 Application of Amounts Held in Trust. 

All amounts deposited with the Note Administrator pursuant to Section 4.1 shall be held in trust and applied by it
in accordance with the provisions of the Notes and this Indenture (including, without limitation, the Priority of Payments) to the payment of the principal and interest, either directly or through any Paying Agent, as the Note Administrator may
determine, and such amounts shall be held in a segregated account identified as being held in trust for the benefit of the Secured Parties. 

Section 4.3 Repayment of Amounts Held by Paying Agent. 

In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all amounts then held by any Paying Agent, upon
demand of the Issuer shall be remitted to the Note Administrator to be held and applied pursuant to Section 7.3 and, in the case of amounts payable on the Notes, in accordance with the Priority of Payments and thereupon
such Paying Agent shall be released from all further liability with respect to such amounts. 
 Section 4.4 Limitation on Obligation
to Incur Company Administrative Expenses. 
 If at any time after an Event of Default has occurred and the Notes have been declared
immediately due and payable, the sum of (i) Eligible Investments, (ii) Cash and (iii) amounts reasonably expected to be received by the Issuer with respect to the Collateral Interests in Cash during the current Due Period (as
certified by the Collateral Manager in its reasonable judgment) is less than the sum of Dissolution Expenses and any accrued and unpaid Company Administrative Expenses, then notwithstanding any other provision of this Indenture, the Issuer shall no
longer be required to incur Company Administrative Expenses as otherwise required by this Indenture to any Person, other than with respect to fees and indemnities of, and other payments, charges and expenses incurred in connection with opinions,
reports or services to be provided to or for the benefit of, the Trustee, the Note Administrator, or any of their respective Affiliates. Any failure to pay such amounts or provide or obtain such opinions, reports or services no longer required
hereunder shall not constitute a Default hereunder. 

  
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 ARTICLE 5 

REMEDIES 

Section 5.1 Events of Default. 

“Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) a default in the payment of any interest on any of the Class A Notes, the Class A-S
Notes or the Class B Notes (or, if none of the Class A Notes, the Class A-S Notes or the Class B Notes are Outstanding, any Note of the most senior Class Outstanding) when the same
becomes due and payable and the continuation of any such default for three (3) Business Days after a Trust Officer of the Note Administrator has actual knowledge or receives notice from any holder of Notes of such payment default;
provided that in the case of a failure to disburse funds due to an administrative error or omission by the Collateral Manager, the Note Administrator, the Trustee or any paying agent, such failure continues for five (5) Business
Days after a Trust Officer of the Note Administrator receives written notice or has actual knowledge of such administrative error or omission; 

(b) a default in the payment of principal (or the related Redemption Price, if applicable) of any Class of Notes when the same becomes
due and payable, at its Stated Maturity Date or any Redemption Date; provided, in each case, that in the case of a failure to disburse funds due to an administrative error or omission by the Collateral Manager, the Note Administrator, the
Trustee or any paying agent, such failure continues for five (5) Business Days after a Trust Officer of the Note Administrator receives written notice or has actual knowledge of such administrative error or omission; 

(c) the failure on any Payment Date to disburse amounts in excess of $100,000 available in the Payment Account in accordance with the Priority
of Payments set forth under Section 11.1(a) (other than a default in payment described in clause (a) or (b) above), which failure continues for a period of three (3) Business Days or, in the case of
a failure to disburse such amounts due to an administrative error or omission by the Note Administrator, Trustee or Paying Agent, which failure continues for five (5) Business Days; 

(d) either the Issuer or the pool of Collateral becomes an investment company required to be registered under the 1940 Act; 

(e) a default in the performance, or breach, of any other covenant or other agreement of the Issuer (other than the covenant to make the
payments described in clauses (a), (b) or (c) above or to satisfy the Note Protection Tests) or any representation or warranty of the Issuer hereunder or in any certificate or other writing delivered pursuant hereto or in
connection herewith proves to be incorrect in any material respect when made, and the continuation of such default or breach for a period of 30 days (or, if such default, breach or failure has an adverse effect on the validity, perfection or
priority of the security interest granted hereunder, 15 days) after either the Issuer or the Collateral Manager has actual knowledge thereof or after notice thereof to the Issuer by the Trustee or to the Issuer, the Collateral Manager and the
Trustee by Holders of at least 25% of the Aggregate Outstanding Amount of the Controlling Class; 

  
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 (f) the entry of a decree or order by a court having competent jurisdiction adjudging the
Issuer as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer under the Bankruptcy Code or any other similar applicable law, or appointing a
receiver, liquidator, assignee, or sequestrator (or other similar official) of the Issuer or of any substantial part of its property, respectively, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or
order unstayed and in effect for a period of 60 consecutive days; 
 (g) the institution by the Issuer of proceedings to be adjudicated as
bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or any other similar
applicable law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Issuer or of any substantial part of its property,
respectively, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of any action by the Issuer in furtherance of any such
action; 
 (h) one or more final judgments being rendered against the Issuer which exceed, in the aggregate, $1,000,000 and which remain
unstayed, undischarged and unsatisfied for 30 days after such judgment(s) becomes nonappealable, unless adequate funds have been reserved or set aside for the payment thereof, and unless (except as otherwise specified in writing by the Rating
Agencies) a No Downgrade Confirmation has been received from the Rating Agencies; or 
 (i) the Issuer loses its status as a Qualified REIT
Subsidiary or other disregarded entity of Sub-REIT or another REIT for U.S. federal income tax purposes, unless (A) within 90 days, the Issuer either (1) delivers an opinion of tax counsel of
nationally recognized standing in the United States experienced in such matters to the effect that, notwithstanding the Issuer’s loss of Qualified REIT Subsidiary or disregarded entity status for U.S. federal income tax purposes, the Issuer is
not, and has not been, subject to U.S. federal income tax on a net income basis and the Noteholders are not otherwise materially adversely affected by the loss of Qualified REIT Subsidiary or disregarded entity status for U.S. federal income tax
purposes or (2) receives an amount from the Holders of the Class H Notes sufficient to discharge in full the amounts then due and unpaid on the Notes and amounts and expenses described in clauses (1) through (4) and
(19) under Section 11.1(a)(i) in accordance with the Priority of Payments or (B) all Classes of the Notes are subject to a Tax Redemption announced by the Issuer in compliance with this Indenture, and such
redemption has not been rescinded. 
 Upon becoming aware of the occurrence of an Event of Default, the Issuer, shall promptly notify (or
shall procure the prompt notification of) the Trustee, the Note Administrator, the Servicer, the Special Servicer and the Holders of the Class H Notes in writing. If the Collateral Manager or Note Administrator has actual knowledge of the
occurrence of an Event of Default, the Collateral Manager or Note Administrator shall promptly notify, in writing, the Trustee, the Noteholders and the Rating Agencies of the occurrence of such Event of Default. 

  
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 Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default shall occur and be continuing (other than the Events of Default specified in
Section 5.1(f) or 5.1(g)), the Trustee may (and shall at the direction of a Majority, by outstanding principal amount, of each Class of Offered Notes, voting as a separate Class (excluding any Notes owned by the
Seller or any of its Affiliates), or if no Class of Offered Notes is outstanding, a majority, by outstanding principal amount, of the Class F Notes and the Class F-E Notes or, if no
Class of Offered Notes and no Class F Notes or Class F-E Notes are outstanding, a majority by outstanding principal amount, of the Class G Notes and the
Class G-E Notes, or, if no Class of Offered Notes, Class G Notes or Class G-E Notes are outstanding, a majority by outstanding principal amount, of
the Class H Notes), declare the principal of and accrued and unpaid interest on all the Notes to be immediately due and payable (and any such acceleration shall automatically terminate the Reinvestment Period). Upon any such declaration such
principal, together with all accrued and unpaid interest thereon, and other amounts payable thereunder in accordance with the Priority of Payments will become immediately due and payable. If an Event of Default described in
Section 5.1(f) or 5.1(g) above occurs, such an acceleration shall occur automatically and without any further action, and any such acceleration shall automatically terminate the Reinvestment Period. If the Notes are
accelerated, payments shall be made in the order and priority set forth in Section 11.1(a). 
 (b) At any time
after such a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as hereinafter provided in this Article 5, a
Majority of each Class of Offered Notes (voting as a separate Class), or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes, the
Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in
Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i), by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if: 

(i) the Issuer has paid or deposited with the Note Administrator a sum sufficient to pay: 

(A) all unpaid installments of interest on and principal on the Notes that would be due and payable hereunder if the Event of
Default giving rise to such acceleration had not occurred; 
 (B) all unpaid taxes of the Issuer, Company Administrative
Expenses and other sums paid or advanced by or otherwise due and payable to the Note Administrator or to the Trustee hereunder; 

(C) with respect to the Advancing Agent and the Backup Advancing Agent, any amount due and payable for unreimbursed Interest
Advances and Reimbursement Interest; and 

  
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 (D) with respect to the Collateral Management Agreement, any Collateral
Manager Fee then due and any Company Administrative Expense due and payable to the Collateral Manager thereunder; and 
 (ii)
the Trustee has received notice that all Events of Default, other than the non-payment of the interest and principal on the Notes that have become due solely by such acceleration, have been cured and a
Majority of the Controlling Class, by written notice to the Trustee, has agreed with such notice (which agreement shall not be unreasonably withheld or delayed) or waived as provided in Section 5.14. 

At any such time that the Trustee, subject to Section 5.2(b), shall rescind and annul such declaration and its
consequences as permitted hereinabove, the Collateral shall be preserved in accordance with the provisions of Section 5.5 with respect to the Event of Default that gave rise to such declaration; provided,
however, that if such preservation of the Collateral is rescinded pursuant to Section 5.5, the Notes may be accelerated pursuant to the first paragraph of this Section 5.2, notwithstanding
any previous rescission and annulment of a declaration of acceleration pursuant to this paragraph. 
 No such rescission shall affect any
subsequent Default or impair any right consequent thereon. 
 (c) Subject to Sections 5.4 and 5.5, a Majority of the
Controlling Class shall have the right to direct the Trustee in the conduct of any Proceedings for any remedy available to the Trustee or in the sale of any or all of the Collateral; provided that (i) such direction will not
conflict with any rule of law or this Indenture; (ii) the Trustee may take any other action not inconsistent with such direction; (iii) the Trustee has received security or indemnity satisfactory to it; and (iv) any direction to
undertake a sale of the Collateral may be made only as described in Section 5.17. The Trustee shall be entitled to refuse to take any action absent such direction. 

(d) As security for the payment by the Issuer of the compensation and expenses of the Trustee, the Note Administrator, and any sums the
Trustee or Note Administrator shall be entitled to receive as indemnification by the Issuer, the Issuer hereby grants the Trustee a lien on the Collateral, which lien is senior to the lien of the Holders of the Secured Notes. The Trustee’s lien
shall be subject to the Priority of Payments and exercisable by the Trustee only if the Notes have been declared due and payable following an Event of Default and such acceleration has not been rescinded or annulled. 

(e) A Majority of each Class of Notes may, prior to the time a judgment or decree for the payment of amounts due has been obtained by the
Trustee, waive any past Default on behalf of the holders of all the Notes and its consequences in accordance with Section 5.14. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

(a) The Issuer covenants that if a Default shall occur in respect of the payment of any interest on any Class A Note, the payment of
principal on any Class A Note (but only after interest with respect to the Class A Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of
interest on any Class A-S Note (but only after interest and principal with respect to the Class A Notes and any amounts payable 

  
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pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class A-S Note
(but only after interest and principal with respect to the Class A Notes and interest with respect to the Class A-S Notes and any amounts payable pursuant to Section 11.1(a)
having a higher priority have been paid in full), the payment of interest on any Class B Note (but only after interest with respect to the Class A Notes and the Class A-S Notes and any amounts
payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class B Note (but only after interest and principal with respect to the Class A Notes and the Class A-S Notes and interest with respect to the Class B Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of
interest on any Class C Note (but only after interest with respect to the Class A Notes, the Class A-S Notes and Class B Notes and any amounts payable pursuant to
Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class C Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes and the Class B Notes and interest with respect to the Class C Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been
paid in full), the payment of interest on any Class D Note (but only after interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes and
any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of principal on any Class D Note (but only after interest and principal with respect to the Class A
Notes, the Class A-S Notes, the Class B Notes and the Class C Notes and interest with respect to the Class D Notes and any amounts payable pursuant to
Section 11.1(a) having a higher priority have been paid in full), the payment of interest on any Class E Note (but only after interest with respect to the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been
paid in full), the payment of principal on any Class E Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the
Class C Notes and the Class D Notes and interest with respect to the Class E Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the payment of interest
on any Class F Note, the Class F-E Note and the Class F-X Note (but only after interest with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and any amounts payable pursuant to Section 11.1(a) having a higher
priority have been paid in full), the payment of principal on any Class F Note or the Class F-E Note (but only after interest and principal with respect to the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and interest with respect to the Class F Notes, the
Class F-E Notes, the Class F-X Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in
full), the payment of interest on any Class G Note, the Class G-E Note and the Class G-X Note (but only after interest with respect to the Class A
Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in
full), the payment of principal on any Class G Note or the Class G-E Note (but only after interest and principal with respect to the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes,
the Class F-X Notes and interest with respect to the Class G Notes, the Class G-E Notes and the Class G-X
Notes and any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the Issuer, with respect to the Offered Notes, the Class F Notes, the
Class F-E Notes, the Class F-X 

  
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Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, shall, upon demand of the
Trustee or any affected Noteholder, pay to the Note Administrator on behalf of the Trustee, for the benefit of the Holder of such Note, the whole amount, if any, then due and payable on such Note for principal and interest or other payment with
interest on the overdue principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest, at the applicable interest rate and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Note Administrator, the Trustee and such Noteholder and their respective agents and counsel. 

If the Issuer fails to pay such amounts forthwith upon such demand, the Trustee, as Trustee of an express trust, and at the expense of the
Issuer, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer, or any other obligor upon the Notes and collect the
amounts adjudged or decreed to be payable in the manner provided by law out of the Collateral. 
 If an Event of Default occurs and is
continuing, the Trustee shall proceed to protect and enforce its rights and the rights of the Noteholders by such Proceedings (x) as directed by a Majority of the Controlling Class or (y) in the absence of direction by a Majority of
the Controlling Class, as determined by the Trustee acting in good faith; provided that (a) such direction must not conflict with any rule of law or with any express provision of this Indenture, (b) the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with such direction, (c) the Trustee has been provided with security or indemnity satisfactory to it, and (d) notwithstanding the foregoing, any direction to the Trustee to
undertake a sale of Collateral may be given only in accordance with the preceding paragraph, in connection with any sale and liquidation of all or a portion of the Collateral, the preceding sentence, and, in all cases, the applicable provisions of
this Indenture. Such Proceedings shall be used for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right
vested in the Trustee by this Indenture or by law. Any direction to the Trustee to undertake a sale of Collateral shall be forwarded to the Special Servicer, and the Special Servicer shall conduct any such sale in accordance with the terms of the
Servicing Agreement. 
 In the case where (x) there shall be pending Proceedings relative to the Issuer under the Bankruptcy Code or
any other applicable bankruptcy, insolvency or other similar law, (y) a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer
or its property, or (z) there shall be any other comparable Proceedings relative to the Issuer, or the creditors or property of the Issuer, regardless of whether the principal of any Notes shall then be due and payable as therein expressed or
by declaration, or otherwise and regardless of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.3, the Trustee shall be entitled and empowered, by intervention in such Proceedings
or otherwise: 

  
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 (i) to file and prove a claim or claims for the whole amount of principal
and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each
predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or bad
faith) and of the Noteholders allowed in any Proceedings relative to the Issuer or other obligor upon the Notes or to the creditors or property of the Issuer or such other obligor; 

(ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee or
a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or of a Person performing similar functions in comparable Proceedings; and 

(iii) to collect and receive (or cause the Note Administrator to collect and receive) any amounts or other property payable to
or deliverable on any such claims, and to distribute (or cause the Note Administrator to distribute) all amounts received with respect to the claims of the Noteholders and of the Trustee on their behalf; the Secured Parties, and any trustee,
receiver or liquidator, custodian or other similar official is hereby authorized by each of the Noteholders to make payments to the Trustee (or the Note Administrator on its behalf), and, in the event that the Trustee shall consent to the making of
payments directly to the Noteholders, to pay to the Trustee and the Note Administrator such amounts as shall be sufficient to cover reasonable compensation to the Trustee and the Note Administrator, each predecessor trustee and note administrator,
and their respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Backup Advancing Agent and each predecessor backup advancing agent. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize, consent to, vote for, accept or adopt, on behalf of any
Noteholder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as
aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 All rights of action and of asserting claims under this
Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any action or Proceedings instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment, shall be applied as set forth in Section 5.7. 

Notwithstanding anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Collateral
or institute Proceedings in furtherance thereof pursuant to this Section 5.3 unless the conditions specified in Section 5.5(a) are met and any sale of Collateral contemplated to be conducted by the
Trustee under this Indenture shall be effected by the Special Servicer pursuant to the terms of the Servicing Agreement, and the Trustee shall have no liability or responsibility for or in connection with any such sale. 

  
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 Section 5.4 Remedies. 

(a) If an Event of Default has occurred and is continuing, and the Notes have been declared due and payable and such declaration and its
consequences have not been rescinded and annulled, the Issuer agrees that the Trustee, or, with respect to any sale of any Collateral Interests, the Special Servicer, may, after notice to the Note Administrator and the Noteholders, and shall, upon
direction by a Majority of the Controlling Class, to the extent permitted by applicable law, exercise one or more of the following rights, privileges and remedies: 

(i) institute Proceedings for the collection of all amounts then payable on the Notes or otherwise payable under this Indenture
(whether by declaration or otherwise), enforce any judgment obtained and collect from the Collateral any amounts adjudged due; 

(ii) sell all or a portion of the Collateral or rights of interest therein, at one or more public or private sales called and
conducted in any manner permitted by law and in accordance with Section 5.17 (provided that any such sale shall be conducted by the Special Servicer pursuant to the Servicing Agreement); 

(iii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the
Collateral; 
 (iv) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect
and enforce the rights and remedies of the Secured Parties hereunder; and 
 (v) exercise any other rights and remedies that
may be available at law or in equity; 
 provided, however, that no sale or liquidation of the Collateral or institution of Proceedings in
furtherance thereof pursuant to this Section 5.4 may be effected unless either of the conditions specified in Section 5.5(a) are met. 

The Issuer shall, at the Issuer’s expense, upon request of the Trustee or the Special Servicer, obtain and rely upon an opinion of an
Independent investment banking firm as to the feasibility of any action proposed to be taken in accordance with this Section 5.4 and as to the sufficiency of the proceeds and other amounts expected to be received with
respect to the Collateral to make the required payments of principal of and interest on the Notes and other amounts payable hereunder, which opinion shall be conclusive evidence as to such feasibility or sufficiency. 

(b) If an Event of Default as described in Section 5.1(e) shall have occurred and be continuing, the Trustee may,
and at the request of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall, institute a Proceeding solely to compel performance of the covenant or agreement or to cure the representation or
warranty, the breach of which gave rise to the Event of Default under such Section, and enforce any equitable decree or order arising from such Proceeding. 

  
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 (c) Upon any Sale in connection with an Event of Default, whether made under the power of
sale hereby given or by virtue of judicial proceedings, any Noteholder, the Collateral Manager, the Servicer or the Special Servicer or any of their respective Affiliates may bid for and purchase the Collateral or any part thereof and, upon
compliance with the terms of Sale, may hold, retain, possess or dispose of such property in its or their own absolute right without accountability; and any purchaser at any such Sale may, in paying the purchase money, turn in any of the Notes in
lieu of Cash equal to the amount which shall, upon distribution of the net proceeds of such sale, be payable on the Notes so turned in by such Holder (taking into account the Class of such Notes). Such Notes, in case the amounts so payable
thereon shall be less than the amount due thereon, shall either be returned to the Holders thereof after proper notation has been made thereon to show partial payment or a new note shall be delivered to the Holders reflecting the reduced interest
thereon. 
 Upon any Sale, whether made under the power of sale hereby given or by virtue of judicial proceedings, the receipt of the Note
Administrator or of the Officer making a sale under judicial proceedings shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase money and such purchaser or purchasers shall not be obliged to see to the
application thereof. 
 Any such Sale, whether under any power of sale hereby given or by virtue of judicial proceedings, shall
(x) bind the Issuer, the Trustee, the Note Administrator and the Noteholders, shall operate to divest all right, title and interest whatsoever, either at law or in equity, of each of them in and to the property sold and (y) be a perpetual
bar, both at law and in equity, against each of them and their successors and assigns, and against any and all Persons claiming through or under them. 

(d) Notwithstanding any other provision of this Indenture or any other Transaction Document, none of the Advancing Agent, the Trustee, the
Note Administrator or any other Secured Party, any other party to any Transaction Document, the Holder of the Notes and the holders of the equity in the Issuer or third party beneficiary of this Indenture may, prior to the date which is one year and
one day, or, if longer, the applicable preference period then in effect after the payment in full of all Notes, institute against, or join any other Person in instituting against, the Issuer or any Permitted Subsidiary, any petition for bankruptcy,
reorganization, arrangement, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any jurisdiction. Nothing in this Section 5.4 shall preclude, or be deemed to stop, the
Advancing Agent, the Trustee, the Note Administrator, or any other Secured Party or any other party to any Transaction Document (i) from taking any action prior to the expiration of the aforementioned one year and one day period, or, if longer,
the applicable preference period then in effect in (A) any case or proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency proceeding filed or commenced by a Person other than the Trustee, the Note
Administrator or any other Secured Party or any other party to any Transaction Document, or (ii) from commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency,
moratorium or liquidation proceeding. 

  
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 Section 5.5 Preservation of Collateral. 

(a) Notwithstanding anything to the contrary herein, if an Event of Default shall have occurred and be continuing when any of the Notes are
Outstanding, the Trustee and the Note Administrator, as applicable, shall (except as otherwise expressly permitted or required under this Indenture) retain the Collateral securing the Secured Notes, collect and cause the collection of the proceeds
thereof and make and apply all payments and deposits and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and the provisions of Articles 10, 12 and 13 and shall not
sell or liquidate the Collateral, unless either: 
 (i) the Note Administrator, pursuant to
Section 5.5(c), determines (based upon information delivered to it in accordance with this Indenture) that the anticipated proceeds of a sale or liquidation of the Collateral (after deducting the reasonable expenses of such
sale or liquidation) would be sufficient to discharge in full the amounts then due and unpaid on the Notes, Company Administrative Expenses due and payable pursuant to the Priority of Payments, the Collateral Manager Fees due and payable pursuant to
the Priority of Payments and amounts due and payable to the Advancing Agent, the Backup Advancing Agent and the Trustee, in respect of unreimbursed Interest Advances and Reimbursement Interest, for principal and interest, and, upon receipt of
information from Persons to whom fees and expenses are payable, all other amounts payable prior to payment of principal on the Notes due and payable pursuant to Section 11.1(a)(iii) and the holders of a Majority of the
Controlling Class agrees with such determination; or 
 (ii) a Supermajority of each Class of Notes (each voting as
a separate Class and excluding any Notes held by the Seller or any of its affiliates) directs, subject to the provisions of this Indenture, the sale and liquidation of all or a portion of the Collateral. 

In the event of a sale of all or a portion of the Collateral pursuant to clause (ii) above, the Special Servicer on behalf of the Trustee shall
sell that portion of the Collateral identified by the requisite Noteholders and all proceeds of such sale shall be remitted to the Note Administrator for distribution in the order set forth in Section 11.1(a). The Note
Administrator shall give written notice of the retention of the Collateral by the Custodian to the Issuer, the Collateral Manager, the Trustee, the Servicer, the Special Servicer and the Rating Agencies. So long as such Event of Default is
continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when the conditions specified in clause (i) or (ii) above exist. 

(b) Nothing contained in Section 5.5(a) shall be construed to require a sale of the Collateral securing the Secured
Notes if the conditions set forth in Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve the Collateral securing the Secured
Notes if prohibited by applicable law. 
 (c) In determining whether the condition specified in Section 5.5(a)(i)
exists, the Collateral Manager shall obtain bid prices with respect to each Collateral Interest from two dealers (Independent of the Collateral Manager and any of its Affiliates) at the time making a market in such Collateral Interests that, at that
time, engage in the trading, origination or securitization of whole loans or participations similar to the Collateral Interests (or, if only one such dealer can be engaged, then the Collateral Manager shall obtain a bid price from such dealer or, if
no such dealer can be engaged, from a pricing service). The Collateral Manager shall compute the anticipated proceeds of sale or liquidation on the basis of the lowest of such bid prices for each such Collateral Interest and provide the Trustee and
the Note Administrator with the results thereof. For the purposes of determining issues relating to the market value of any 

  
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Collateral Interest and the execution of a sale or other liquidation thereof, the Special Servicer may, but need not, retain at the expense of the Issuer and rely on an opinion of an Independent
investment banking firm of national reputation or other appropriate advisors (the cost of which shall be payable as a Company Administrative Expense) in connection with a determination as to whether the condition specified in
Section 5.5(a)(i) exists. 
 The Note Administrator shall promptly deliver to the Noteholders and the Servicer,
and the Note Administrator shall post to the Note Administrator’s Website, a report stating the results of any determination required to be made pursuant to Section 5.5(a)(i) based solely on the Collateral
Manager’s determination made pursuant to this Section 5.5(c). 
 Section 5.6 Trustee May Enforce
Claims Without Possession of Notes. 
 All rights of action and claims under this Indenture or under any of the Notes may be prosecuted
and enforced by the Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceeding relating thereto, and any such action or Proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust. Any recovery of judgment in respect of the Notes shall be applied as set forth in Section 5.7. 

In any Proceedings brought by the Trustee (and in any Proceedings involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party) in respect of the Notes, the Trustee shall be deemed to represent all the Holders of the Notes. 

Section 5.7 Application of Amounts Collected. 

Any amounts collected by the Note Administrator with respect to the Notes pursuant to this Article 5 and any amounts
that may then be held or thereafter received by the Note Administrator with respect to the Notes hereunder shall be applied subject to Section 13.1 and in accordance with the Priority of Payments set forth in
Section 11.1(a)(iii), at the date or dates fixed by the Note Administrator. 
 Section 5.8 Limitation on
Suits. 
 No Holder of any Notes shall have any right to institute any Proceedings (the right of a Noteholder to institute any
proceeding with respect to this Indenture or the Notes is subject to any non-petition covenants set forth in this Indenture or the Notes), judicial or otherwise, with respect to this Indenture or the Notes, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) such Holder has previously given to the
Trustee written notice of an Event of Default; 
 (b) except as otherwise provided in Section 5.9, the Holders of
at least 25% of the then Aggregate Outstanding Amount of the Controlling Class shall have made written request to the Trustee to institute Proceedings in respect of such Event of Default in its own name as Trustee hereunder and such Holders
have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 

  
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 (c) the Trustee for 30 days after its receipt of such notice, request and offer of indemnity
has failed to institute any such Proceeding; and 
 (d) no direction inconsistent with such written request has been given to the Trustee
during such 30-day period by a Majority of the Controlling Class; it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatsoever by virtue of, or by
availing of, any provision of this Indenture or the Notes to affect, disturb or prejudice the rights of any other Holders of Notes of the same Class or to obtain or to seek to obtain priority or preference over any other Holders of the Notes of
the same Class or to enforce any right under this Indenture or the Notes, except in the manner herein or therein provided and for the equal and ratable benefit of all the Holders of Notes of the same Class subject to and in accordance with
Section 13.1 and the Priority of Payments. 
 In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of the Controlling Class, each representing less than a Majority of the Controlling Class, the Trustee shall not be required to take any action until it shall have received the direction of a
Majority of the Controlling Class. 
 Section 5.9 Unconditional Rights of Noteholders to Receive Principal and Interest. 

Notwithstanding any other provision in this Indenture (except for Section 2.7(e) and 2.7(n)), the Holder of
any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note as such principal, interest and other amounts become due and payable in accordance with the Priority of Payments and
Section 13.1, and, subject to the provisions of Sections 5.4 and 5.8 to institute Proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder;
provided, however, that the right of such Holder to institute proceedings for the enforcement of any such payment shall not be subject to the 25% threshold requirement set forth in Section 5.8(b). 

Notwithstanding the foregoing, at any time when the Retention Holder holds 100% of the Class H Notes, the Retention Holder may designate
all or any portion of the available funds that would otherwise be distributed by the Paying Agent for payment on the Class H Notes, for deposit into the Payment Account as a contribution to the Issuer. Any such amounts paid to the Issuer as a
contribution shall be deemed for all purposes as having been paid by the Paying Agent pursuant to the Priority of Payments in this Indenture. 

Section 5.10 Restoration of Rights and Remedies. 

If the Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has
been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Noteholder, then (and in every such case) the Issuer, the Trustee, and the Noteholder shall, subject to any determination in such Proceeding,
be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

  
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 Section 5.11 Rights and Remedies Cumulative. 

No right or remedy herein conferred upon or reserved to the Trustee, the Note Administrator or to the Noteholders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.12 Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein or a waiver of a subsequent Event of Default. Every right and remedy given by this Article 5 or by law to the Trustee, or
to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee, or by the Noteholders, as the case may be. 

Section 5.13 Control by the Controlling Class. 

Subject to Sections 5.2(a) and (b), but notwithstanding any other provision of this Indenture, if an Event of Default shall have
occurred and be continuing when any of the Notes are Outstanding, a Majority of the Controlling Class shall have the right to cause the institution of, and direct the time, method and place of conducting, any Proceeding for any remedy available
to the Trustee and for exercising any trust, right, remedy or power conferred on the Trustee in respect of the Notes; provided that: 

(a) such direction shall not conflict with any rule of law or with this Indenture; 

(b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; provided,
however, that, subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability (unless the Trustee has received indemnity satisfactory to it against such liability as set
forth below); 
 (c) the Trustee shall have been provided with indemnity satisfactory to it; and 

(d) notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Collateral shall be performed by the Special
Servicer on behalf of the Trustee, and must satisfy the requirements of Section 5.5. 
 Section 5.14
Waiver of Past Defaults. 
 Prior to the time a judgment or decree for payment of the amounts due has been obtained by the Trustee,
as provided in this Article 5, a Majority of each and every Class of Notes (voting as a separate Class) may, on behalf of the Holders of all the Notes, waive any past Default in respect of the Notes and its
consequences, except a Default: 
 (a) in the payment of principal of any Note; 

  
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 (b) in the payment of interest in respect of the Controlling Class; 

(c) in respect of a covenant or provision hereof that, under Section 8.2, cannot be modified or amended without the
waiver or consent of the Holder of each Outstanding Note adversely affected thereby; or 
 (d) in respect of any right, covenant or
provision hereof for the individual protection or benefit of the Trustee or the Note Administrator, without the Trustee’s or the Note Administrator’s express written consent thereto, as applicable. 

In the case of any such waiver, the Issuer, the Trustee, and the Holders of the Notes shall be restored to their respective former positions
and rights hereunder, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 
 Upon any
such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereto. Any such waiver shall be effectuated upon receipt by the Trustee and the Note Administrator of a written waiver by such Majority of each Class of Notes. 

Section 5.15 Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by (x) the Trustee, (y) any Noteholder, or group of Noteholders, holding in the
aggregate more than 10% of the Aggregate Outstanding Amount of the Controlling Class or (z) any Noteholder for the enforcement of the payment of the principal of or interest on any Note or any other amount payable hereunder on or after the
Stated Maturity Date (or, in the case of redemption, on or after the applicable Redemption Date). 
 Section 5.16 Waiver of Stay or
Extension Laws. 
 The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead or in
any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force (including but not limited to filing a voluntary petition under Chapter 11 of the Bankruptcy Code and
by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar
laws now or hereafter in effect), which may affect the covenants, the performance of or any remedies under this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law,
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

  
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 Section 5.17 Sale of Collateral. 

(a) The power to effect any sale (a “Sale”) of any portion of the Collateral pursuant to Sections 5.4 and 5.5
shall not be exhausted by any one or more Sales as to any portion of such Collateral remaining unsold, but shall continue unimpaired until all amounts secured by the Collateral shall have been paid or if there are insufficient proceeds to pay such
amount until the entire Collateral shall have been sold. The Special Servicer may, upon notice to the Noteholders, and shall, upon direction of a Majority of the Controlling Class, from time to time postpone any Sale by public announcement made at
the time and place of such Sale; provided, however, that if the Sale is rescheduled for a date more than three (3) Business Days after the date of the determination by the Special Servicer pursuant to
Section 5.5(a)(i), such Sale shall not occur unless and until the Special Servicer has again made the determination required by Section 5.5(a)(i). The Trustee hereby expressly waives its rights to
any amount fixed by law as compensation for any Sale; provided that the Special Servicer shall be authorized to deduct the reasonable costs, charges and expenses incurred by it, or by the Trustee or the Note Administrator in connection
with such Sale from the proceeds thereof notwithstanding the provisions of Section 6.7. 
 (b) The Notes need not
be produced in order to complete any such Sale, or in order for the net proceeds of such Sale to be credited against amounts owing on the Notes. 

(c) The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Collateral
in connection with a Sale thereof, which, in the case of any Collateral Interests, shall be upon request and delivery of any such instruments by the Special Servicer. In addition, the Special Servicer, with respect to Collateral Interests, and the
Trustee, with respect to any other Collateral, is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in any portion of the Collateral in connection with a Sale thereof, and to take all
action necessary to effect such Sale. No purchaser or transferee at such a Sale shall be bound to ascertain the Trustee’s or Special Servicer’s authority, to inquire into the satisfaction of any conditions precedent or to see to the
application of any amounts. 
 (d) In the event of any Sale of the Collateral pursuant to Section 5.4 or
5.5, payments shall be made in the order and priority set forth in Section 11.1(a) in the same manner as if the Notes had been accelerated. 

(e) Notwithstanding anything herein to the contrary, any sale by the Trustee of any portion of the Collateral shall be executed by the Special
Servicer on behalf of the Issuer, and the Trustee shall have no responsibility or liability therefor. 
 Section 5.18 Action on the
Notes. 
 The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the
application for or obtaining of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of any judgment by the
Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the Collateral of the Issuer. 

  
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 ARTICLE 6 

THE TRUSTEE AND NOTE ADMINISTRATOR 

Section 6.1 Certain Duties and Responsibilities. 

(a) Except during the continuance of an Event of Default: 

(i) each of the Trustee and the Note Administrator undertakes to perform such duties and only such duties as are set forth in
this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee or the Note Administrator; and any permissive right of the Trustee or the Note Administrator contained herein shall not be construed as a
duty; and 
 (ii) in the absence of manifest error, or bad faith on its part, each of the Note Administrator and the Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and the Note Administrator, as the case may be, and conforming to the requirements
of this Indenture; provided, however, that in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee or the Note Administrator, the Trustee and the Note
Administrator shall be under a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture and shall promptly notify the party delivering the same if such certificate or opinion does not
conform. If a corrected form shall not have been delivered to the Trustee or the Note Administrator within 15 days after such notice from the Trustee or the Note Administrator, the Trustee or the Note Administrator, as applicable, shall notify the
party providing such instrument and requesting the correction thereof. 
 (b) In case an Event of Default actually known to a Trust Officer
of the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions, if any, from a Majority of the Controlling Class (or other Noteholders to the extent provided in Article 5 hereof),
exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(c) If, in performing its duties under this Indenture, the Trustee or the Note Administrator is required to decide between alternative courses
of action, the Trustee and the Note Administrator may request written instructions from the Collateral Manager as to courses of action desired by it. If the Trustee and the Note Administrator does not receive such instructions within three
(3) Business Days after it has requested them, it may, but shall be under no duty to, take or refrain from taking such action. The Trustee and the Note Administrator shall act in accordance with instructions received after such three
(3) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions. The Trustee and the Note Administrator shall be entitled to request and rely on the advice of legal
counsel and Independent accountants in performing its duties hereunder and be deemed to have acted in good faith and shall not be subject to any liability if it acts in accordance with such advice. 

  
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 (d) No provision of this Indenture shall be construed to relieve the Trustee or the Note
Administrator from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that neither the Trustee nor the Note Administrator shall be liable: 

(i) for any error of judgment made in good faith by a Trust Officer, unless it shall be proven that it was negligent in
ascertaining the pertinent facts; or 
 (ii) with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Issuer, the Collateral Manager, and/or a Majority of the Controlling Class relating to the time, method and place of conducting any Proceeding for any remedy available to the Trustee or the Note
Administrator in respect of any Note or exercising any trust or power conferred upon the Trustee or the Note Administrator under this Indenture. 

(e) No provision of this Indenture shall require the Trustee or the Note Administrator to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it unless such risk or liability relates to its ordinary services under this Indenture, except where this Indenture provides otherwise. 

(f) Neither the Trustee nor the Note Administrator shall be liable to the Noteholders for any action taken or omitted by it at the direction
of the Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Controlling Class, the Trustee (in the case of the Note Administrator), the Note Administrator (in the case of the Trustee) and/or a Noteholder under circumstances in
which such direction is required or permitted by the terms of this Indenture. 
 (g) Neither the Trustee nor the Note Administrator shall
have any obligations to confirm the compliance by the Issuer, the EU/UK Retention Holder or the Retention Holder with the Credit Risk Retention Rules or the EU/UK Risk Retention Letter. 

(h) Neither the Trustee nor the Note Administrator shall have any liability or responsibility for the determination or selection of an
alternative or successor base rate to the Benchmark (including, without limitation, whether the conditions for the designation of such rate have been satisfied). 

(i) For all purposes under this Indenture, neither the Trustee nor the Note Administrator shall be deemed to have notice or knowledge of any
Event of Default, unless a Trust Officer of either the Trustee or the Note Administrator, as applicable, has actual knowledge thereof or unless written notice of any event which is in fact such an Event of Default or Default is received by the
Trustee or the Note Administrator, as applicable at the respective Corporate Trust Office, and such notice references the Notes and this Indenture. For purposes of determining the Trustee’s 

  
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and Note Administrator’s responsibility and liability hereunder, whenever reference is made in this Indenture to such an Event of Default or a Default, such reference shall be construed to
refer only to such an Event of Default or Default of which the Trustee or Note Administrator, as applicable, is deemed to have notice as described in this Section 6.1. 

(j) The Trustee and the Note Administrator shall, upon reasonable prior written notice, permit the Issuer, the Collateral Manager and their
designees, during its normal business hours, to review all books of account, records, reports and other papers of the Trustee relating to the Notes and to make copies and extracts therefrom (the reasonable out-of-pocket expenses incurred in making any such copies or extracts to be reimbursed to the Trustee or the Note Administrator, as applicable, by such Person). 

(k) The Note Administrator and the Trustee shall be entitled to rely upon the notices provided by the Collateral Manager facilitating or
specifying the Benchmark Replacement, Benchmark Replacement Date, Benchmark Replacement Conforming Changes and such other administrative procedures with respect to the calculation of any Benchmark Replacement. Further, to the extent the Note
Administrator in its capacity as Calculation Agent is unable to calculate the Benchmark Replacement based on the methodology chosen by the Collateral Manager, then the Collateral Manager shall provide to the Calculation Agent, on a monthly basis,
the rate calculated using the Benchmark Replacement. 
 (l) None of the Trustee, Note Administrator, Paying Agent or Calculation Agent shall
be under any obligation (i) to monitor, determine or verify the unavailability or cessation of Compounded SOFR (or other applicable Benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the
occurrence of, any Benchmark Transition Event or Benchmark Replacement Date, (ii) to select or designate any Benchmark Replacement or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate
have been satisfied, or (iii) to select or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary
or advisable, if any, in connection with any of the foregoing. None of the Trustee, Note Administrator, Paying Agent, nor Calculation Agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in
this Indenture as a result of the unavailability of Compounded SOFR (or other applicable Benchmark) and absence of a designated replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other
transaction party, including without limitation the Collateral Manager, in providing any direction, instruction, notice or information required or contemplated by the terms of this Indenture and reasonably required for the performance of such
duties. The Calculation Agent shall, in respect of any Determination Date, have no liability for the application of Compounded SOFR as determined on the previous Determination Date if so required under the definition of Compounded SOFR. None of the
Trustee, Note Administrator, Paying Agent or Calculation Agent shall be responsible or liable for the actions or omissions of the Collateral Manager, or any failure or delay in the performance of its duties or obligations, nor shall they be under
any obligation to oversee or monitor its performance; and each of the Trustee, Note Administrator, Paying Agent or Calculation Agent shall be entitled to rely conclusively upon, any determination made, and any instruction, notice, officer
certificate, or other instrument or information provided, by the Collateral Manager, without independent verification, investigation or inquiry of any kind by the Trustee, Note Administrator, Paying Agent or Calculation Agent. 

  
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 (m) Upon written request, the Trustee and the Note Administrator shall provide to the
Issuer, the Placement Agents or any agent thereof any information specified by such parties regarding the Holders of the Notes and payments on the Notes that is reasonably available to the Trustee or the Note Administrator, as the case may be, and
may be necessary for compliance with FATCA, subject in all cases to confidentiality provisions. 
 (n) For the avoidance of doubt, the Note
Administrator will have no responsibility for the preparation of any tax returns or related reports on behalf of or for the benefit of the Issuer or any Noteholder, or the calculation of any original issue discount on the Notes. 

Section 6.2 Notice of Default. 

Promptly (and in no event later than three (3) Business Days) after the occurrence of any Default actually known to a Trust Officer of
the Trustee or after any declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall transmit by mail to the 17g-5 Information
Provider and to the Note Administrator (who shall post such notice the Note Administrator’s Website) and the Note Administrator shall deliver to the Collateral Manager, all Holders of Notes as their names and addresses appear on the Notes
Register, notice of such Default, unless such Default shall have been cured or waived. 
 Section 6.3 Certain Rights of Trustee and
Note Administrator. 
 Except as otherwise provided in Section 6.1: 

(a) the Trustee and the Note Administrator may rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order, as the case
may be; 
 (c) whenever in the administration of this Indenture the Trustee or the Note Administrator shall deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee and the Note Administrator (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an
Officer’s Certificate; 
 (d) as a condition to the taking or omitting of any action by it hereunder, the Trustee and the Note
Administrator may consult with counsel and the advice of such counsel or any Opinion of Counsel (including with respect to any matters, other than factual matters, in connection with the execution by the Trustee or the Note Administrator of a
supplemental indenture pursuant to Section 8.3) shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance thereon; 

  
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 (e) neither the Trustee nor the Note Administrator shall be under any obligation to exercise
or to honor any of the rights or powers vested in it by this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, or to make any investigation of matters arising hereunder or to institute, conduct or defend any
litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders unless such Noteholders shall have offered to the Trustee and the Note Administrator, as applicable indemnity acceptable to it against the costs,
expenses and liabilities which might reasonably be incurred by it in compliance with such request or direction; 
 (f) neither the Trustee
nor the Note Administrator shall be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper documents
and shall be entitled to rely conclusively thereon; 
 (g) each of the Trustee and the Note Administrator may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys, and upon any such appointment of an agent or attorney, such agent or attorney shall be conferred with all the same rights, indemnities, and
immunities as the Trustee or Note Administrator, as applicable; 
 (h) neither the Trustee nor the Note Administrator shall be liable for
any action it takes or omits to take in good faith that it reasonably and prudently believes to be authorized or within its rights or powers hereunder; 

(i) neither the Trustee nor the Note Administrator shall be responsible for the accuracy of the books or records of, or for any acts or
omissions of, the Depository, any Transfer Agent (other than the Note Administrator itself acting in that capacity), Clearstream, Luxembourg, Euroclear, any Calculation Agent (other than the Note Administrator itself acting in that capacity) or any
Paying Agent (other than the Note Administrator itself acting in that capacity); 
 (j) neither the Trustee nor the Note Administrator shall
be liable for the actions or omissions of the Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Trustee (in the case of the Note Administrator) or the Note Administrator (in the case of the Trustee); and without limiting the
foregoing, neither the Trustee nor the Note Administrator shall be under any obligation to verify compliance by any party hereto with the terms of this Indenture (other than itself) to verify or independently determine the content, completeness or
accuracy of information received by it from the Servicer or Special Servicer (or from any selling institution, agent bank, trustee or similar source) with respect to the Collateral Interest; 

(k) to the extent any defined term hereunder, or any calculation required to be made or determined by the Trustee or Note Administrator
hereunder, is dependent upon or defined by reference to generally accepted accounting principles in the United States in effect from time to time (“GAAP”), the Trustee and Note Administrator shall be entitled to request and receive
(and rely upon) instruction from the Issuer or accountants appointed by the Issuer as to the application of GAAP in such connection, in any instance; 

  
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 (l) neither the Trustee nor the Note Administrator shall have any responsibility to the
Issuer or the Secured Parties hereunder to make any inquiry or investigation as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants by the Issuer (or the Collateral Manager on its behalf);
provided, however, that the Trustee and Note Administrator shall be authorized, upon receipt of an Issuer Order directing the same, to execute any acknowledgement or other agreement with the Independent accountants required for the
Trustee and Note Administrator to receive any of the reports or instructions provided for herein, which acknowledgement or agreement may include, among other things, (i) acknowledgement that the Issuer has agreed that the “agreed upon
procedures” between the Issuer and the Independent accountants are sufficient for its purposes, (ii) releases by each of the Trustee and Note Administrator (on behalf of itself and the Holders) of claims and acknowledgement of other
limitation of liability in favor of the Independent accountants, and (iii) restrictions or prohibitions on the disclosure of information or documents provided to it by such firm of Independent accountants (including to the Holders).
Notwithstanding the foregoing, in no event shall the Trustee or Note Administrator be required to execute any agreement in respect of the Independent accountants that the Trustee or Note Administrator determines adversely affects it in its
individual capacity; 
 (m) the Trustee and the Note Administrator shall be entitled to all of the same rights, protections, immunities and
indemnities afforded to it as Trustee or as Note Administrator, as applicable, in each capacity for which it serves hereunder and under the Future Funding Agreement, the Servicing Agreement and the Securities Account Control Agreement (including,
without limitation, as Secured Party, Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar); 

(n) in determining any affiliations of Noteholders with any party hereto or otherwise, each of the Trustee and the Note Administrator shall be
entitled to request and conclusively rely on a certification provided by a Noteholder; 
 (o) in no event shall the Trustee or Note
Administrator be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee or Note Administrator has been advised of the likelihood of such loss or
damage and regardless of the form of action; 
 (p) neither the Trustee nor the Note Administrator shall be required to give any bond or
surety in respect of the execution of the trusts created hereby or the powers granted hereunder; 
 (q) in no event shall the Trustee or the
Note Administrator be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to acts of God, flood, war (whether declared or undeclared), terrorism,
fire, riot, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by this Indenture, inability to obtain
material, equipment, or communications or computer facilities, or the failure of equipment or interruption of communications or computer facilities, and other causes beyond the Trustee’s or the Note Administrator’s control, as applicable,
whether or not of the same class or kind as specifically named above; 

  
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 (r) except as otherwise expressly set forth in this Indenture, Computershare Trust Company,
National Association, acting in any particular capacity hereunder will not be deemed to be imputed with knowledge of (a) Computershare Trust Company, National Association, acting in a capacity that is unrelated to the transactions contemplated
by this Indenture, or (b) Computershare Trust Company, National Association, acting in any other capacity hereunder or under the Servicing Agreement, except, in the case of either clause (a) or (b), where some or all of the
obligations performed in such capacities are performed by one or more employees within the same group or division of Computershare Trust Company, National Association, or the groups or divisions responsible for performing the obligations in such
capacities have one or more of the same Responsible Officers; provided, however, the knowledge of employees performing special servicing functions shall not be imputed to employees performing master servicing functions, and the
knowledge of employees performing master servicing functions shall not be imputed to employees performing special servicing functions; 

(s) neither the Trustee nor the Note Administrator shall be under any obligation to take any action in the performance of its respective
duties hereunder that would be in violation of applicable law; 
 (t) the Trustee and the Note Administrator may request, and are entitled
to rely on, the written direction of the Collateral Manager with respect to the matters described in Section 2.17 of this Indenture. 

(u) Each of the Note Administrator and the Trustee shall be entitled to disclose and furnish any information, reports or findings in its
possession only as may be required pursuant to applicable law, subpoena or court order. 
 Section 6.4 Not Responsible for Recitals
or Issuance of Notes. 
 The recitals contained herein and in the Notes, other than the Certificate of Authentication thereon, shall be
taken as the statements of the Issuer, and neither the Trustee nor the Note Administrator assumes any responsibility for their correctness. Neither the Trustee nor the Note Administrator makes any representation as to the validity or sufficiency of
this Indenture, the Collateral or the Notes. Neither the Trustee nor the Note Administrator shall be accountable for the use or application by the Issuer of the Notes or the proceeds thereof or any amounts paid to the Issuer pursuant to the
provisions hereof. 
 Section 6.5 May Hold Notes. 

The Trustee, the Note Administrator, the Paying Agent, the Notes Registrar or any other agent of the Issuer, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer with the same rights it would have if it were not Trustee, Note Administrator, Paying Agent, Notes Registrar or such other agent. 

  
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 Section 6.6 Amounts Held in Trust. 

Amounts held by the Note Administrator hereunder shall be held in trust to the extent required herein. The Note Administrator shall be under
no liability for interest on any amounts received by it hereunder except to the extent of income or other gain on investments received by the Note Administrator on Eligible Investments. 

Section 6.7 Compensation and Reimbursement. 

(a) The Issuer agrees: 

(i) to pay the Trustee and Note Administrator on each Payment Date in accordance with the Priority of Payments the Trustee and
Note Administrator Fee for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee or note administrator of an express trust); 

(ii) except as otherwise expressly provided herein, to reimburse the Trustee, Custodian and Note Administrator in a timely
manner upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee, Custodian or Note Administrator in connection with its performance of its obligations under, or otherwise in accordance with any
provision of this Indenture, the Servicing Agreement, the Future Funding Agreement and the Securities Account Control Agreement; 

(iii) to indemnify the Trustee, Custodian or Note Administrator and their respective Officers, directors, employees and agents
for, and to hold them harmless against, any loss, liability, cost or expense (including reasonable attorneys’ fees), including in connection with its enforcement of the indemnity in this Section 6.7(a)(iii), incurred
without negligence, willful misconduct or bad faith on their respective parts, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending themselves against any claim or
liability in connection with the exercise or performance of any of their powers or duties hereunder and under the Future Funding Agreement and the Securities Account Control Agreement, including any costs and expenses (including reasonable
attorneys’ fees) incurred in connection with the enforcement of any indemnity afforded to them hereunder; and 
 (iv) to
pay the Trustee and Note Administrator reasonable additional compensation together with its expenses (including reasonable counsel fees) for any collection action taken pursuant to Section 6.13. 

(b) The Issuer may remit payment for such fees and expenses to the Trustee and Note Administrator or, in the absence thereof, the Note
Administrator may from time to time deduct payment of its and the Trustee’s fees and expenses hereunder from amounts on deposit in the Payment Account in accordance with the Priority of Payments. 

  
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 (c) The Note Administrator, in its capacity as Note Administrator, Paying Agent, Calculation
Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, hereby agrees not to institute against, or join any other Person in institution against, the Issuer or any Permitted Subsidiary any bankruptcy,
reorganization, arrangement, insolvency, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any jurisdiction until at least one year (or, if longer, the applicable preference period then in
effect) and one day after the payment in full of all Notes issued under this Indenture. This Section 6.7(c) shall survive termination of this Indenture and resignation or removal of the Trustee or the Note Administrator.

 (d) The Trustee and Note Administrator agree that the payment of all amounts to which it is entitled pursuant to Sections
6.7(a)(i), (a)(ii), (a)(iii) and (a)(iv) shall be subject to the Priority of Payments, shall be payable only to the extent funds are available in accordance with such Priority of Payments, shall be payable solely from the
Collateral and following realization of the Collateral, any such claims of the Trustee or Note Administrator against the Issuer, and all obligations of the Issuer, shall be extinguished. The Trustee will have a lien upon the Collateral to secure the
payment of such payments to it in accordance with the Priority of Payments; provided that the Trustee shall not institute any proceeding for enforcement of such lien except in connection with an action taken pursuant to
Section 5.3 for enforcement of the lien of this Indenture for the benefit of the Noteholders. 
 The Trustee and
Note Administrator shall receive amounts pursuant to this Section 6.7 and Section 11.1(a) only to the extent that such payment is made in accordance with the Priority of Payments and the failure to
pay such amounts to the Trustee and Note Administrator will not, by itself, constitute an Event of Default. Subject to Section 6.9, the Trustee and Note Administrator shall continue to serve under this Indenture
notwithstanding the fact that the Trustee and Note Administrator shall not have received amounts due to it hereunder; provided that the Trustee and Note Administrator shall not be required to expend any funds or incur any expenses
unless reimbursement therefor is reasonably assured to it. No direction by a Majority of the Controlling Class shall affect the right of the Trustee and Note Administrator to collect amounts owed to it under this Indenture. 

If on any Payment Date, an amount payable to the Trustee and Note Administrator pursuant to this Indenture is not paid because there are
insufficient funds available for the payment thereof, all or any portion of such amount not so paid shall be deferred and payable on any later Payment Date on which sufficient funds are available therefor in accordance with the Priority of Payments.

 Section 6.8 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee and a Note Administrator hereunder which shall be (i) a corporation, national bank, national
banking association or trust company, organized and doing business under the laws of the United States of America or of any State thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at
least $200,000,000 and subject to supervision or examination by federal or State authority and, in each case, having an office in the United States and (ii) (a) with respect to the Note Administrator, has a long-term senior unsecured debt
rating or an issuer credit rating of at least “Baa3” by Moody’s and at least “BBB(high)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs, which may include
Moody’s), except in the case of Computershare Trust Company, National Association, it may maintain a long-

  
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term senior unsecured debt rating or an issuer credit rating of at least “BBB” by DBRS Morningstar (or if not rated by DBRS Morningstar, an equivalent rating by any other NRSRO, which
may include Moody’s), (b) with respect to the Trustee and the Backup Advancing Agent, each having a long-term counterparty risk rating of “A2(cr)” by Moody’s or a long-term senior unsecured debt rating or an issuer credit rating
of at least “A2” by Moody’s and “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)); provided that with respect to the
Backup Advancing Agent, it may maintain a long-term senior unsecured debt rating or an issuer credit rating of at least “Baa3” by Moody’s and “BBB(low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, at least an
equivalent (or higher) rating by any other NRSRO, including Moody’s) for so long as the Trustee is eligible pursuant to this Section 6.8, or (c) with respect to each of (a) and (b) above, any
other rating as to which a No Downgrade Confirmation is provided by each Rating Agency with respect to such party serving in the applicable role despite having lower ratings. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee or the Note Administrator shall cease to be eligible in accordance with the provisions of this Section 6.8,
the Trustee or the Note Administrator, as applicable, shall resign immediately in the manner and with the effect hereinafter specified in this Article 6. 

Section 6.9 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Note Administrator or the Trustee and no appointment of a successor Note Administrator or Trustee, as
applicable, pursuant to this Article 6 shall become effective until the acceptance of appointment by such successor Note Administrator or Trustee under Section 6.10. 

(b) Each of the Trustee and the Note Administrator may resign at any time by giving written notice thereof to the Issuer, the Collateral
Manager, the Servicer, the Special Servicer, the Noteholders, the Note Administrator (in the case of the Trustee), the Trustee (in the case of the Note Administrator), and the Rating Agencies. Upon receiving such notice of resignation, the Issuer
shall promptly appoint a successor trustee or trustees, or a successor Note Administrator, as the case may be, by written instrument, in duplicate, executed by an Authorized Officer of the Issuer, one copy of which shall be delivered to the Note
Administrator or the Trustee so resigning and one copy to the successor Note Administrator, the Collateral Manager, Trustee or Trustees, together with a copy to each Noteholder, the Servicer, the parties hereto and the Rating Agencies;
provided that such successor Note Administrator and Trustee shall be appointed only upon the written consent of a Majority of the Notes or, at any time when an Event of Default shall have occurred and be continuing or when a successor
Note Administrator and Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class. If no successor Note Administrator and Trustee shall have been appointed and an instrument of
acceptance by a successor Trustee or Note Administrator shall not have been delivered to the Trustee or the Note Administrator within 30 days after the giving of such notice of resignation, the resigning Trustee or Note Administrator, as the case
may be, the Controlling Class of Notes or any Holder of a Note, on behalf of himself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee or a successor Note
Administrator, as the 

  
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case may be and in the case of such a petition by the Trustee or the Note Administrator, at the expense of the Issuer. No resignation or removal of the Note Administrator or the Trustee and no
appointment of a successor Note Administrator or Trustee will become effective until the acceptance of appointment by the successor Note Administrator or Trustee, as applicable. To the extent the Trustee or Note Administrator is removed without
cause, the expenses incurred in connection with transferring such party’s responsibilities hereunder shall be reimbursed by the Issuer. 

(c) The Note Administrator and Trustee may be removed at any time by Act of a Supermajority of the Notes or when a successor Trustee has been
appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class, in each case, upon at least thirty (30) days’ prior written notice delivered to the parties hereto. If no successor Note
Administrator and Trustee shall have been appointed and an instrument of acceptance by a successor Trustee or Note Administrator shall not have been delivered to the Trustee or the Note Administrator within 30 days after the giving of such notice of
removal, the removed Trustee or Note Administrator, as the case may be, may, at the expense of the Issuer, petition a court of competent jurisdiction for the appointment of a successor. 

(d) If at any time: 

(i) the Trustee or the Note Administrator shall cease to be eligible under Section 6.8 and shall fail
to resign after written request therefor by the Issuer or by any Holder; or 
 (ii) the Trustee or the Note Administrator
shall become incapable of acting or there shall be instituted any proceeding pursuant to which it could be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee or the Note Administrator or of its respective property shall be
appointed or any public officer shall take charge or control of the Trustee or the Note Administrator or of its respective property or affairs for the purpose of rehabilitation, conservation or liquidation; 

then, in any such case (subject to Section 6.9(a)), (a) the Issuer, by Issuer Order, may remove the Trustee or the Note
Administrator, as applicable, or (b) subject to Section 5.15, a Majority of the Controlling Class or any Holder may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee or the Note Administrator, as the case may be, and the appointment of a successor thereto. 

(e) If the Trustee or the Note Administrator shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office
of the Trustee or the Note Administrator for any reason, the Issuer, by Issuer Order, subject to the written consent of the Collateral Manager, shall promptly appoint a successor Trustee or Note Administrator, as applicable, and the successor
Trustee or Note Administrator so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee or the successor Note Administrator, as the case may be. If the Issuer shall fail to appoint a successor Trustee or
Note Administrator within 30 days after such resignation, removal or incapability or the occurrence of such vacancy, a successor Trustee or Note Administrator may be appointed by Act of a Majority of the Controlling Class delivered to the
Collateral Manager and the parties hereto, including the retiring Trustee or the 

  
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retiring Note Administrator, as the case may be, and the successor Trustee or Note Administrator so appointed shall, forthwith upon its acceptance of such appointment, become the successor
Trustee or Note Administrator, as applicable, and supersede any successor Trustee or Note Administrator proposed by the Issuer. If no successor Trustee or Note Administrator shall have been so appointed by the Issuer or a Majority of the Controlling
Class and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15, the Controlling Class or any Holder may, on behalf of itself or himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee or Note Administrator. 
 (f) The Issuer shall give
prompt notice of each resignation and each removal of the Trustee or Note Administrator and each appointment of a successor Trustee or Note Administrator by mailing written notice of such event by first class mail, postage prepaid, to the Rating
Agencies, the Collateral Manager, the Servicer, the parties hereto, and to the Holders of the Notes as their names and addresses appear in the Notes Register. Each notice shall include the name of the successor Trustee or Note Administrator, as the
case may be, and the address of its respective Corporate Trust Office. If the Issuer fails to mail such notice within ten days after acceptance of appointment by the successor Trustee or Note Administrator, the successor Trustee or Note
Administrator shall cause such notice to be given at the expense of the Issuer. 
 (g) The resignation or removal of the Note Administrator
in any capacity in which it is serving hereunder, including Note Administrator, Paying Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent and Notes Registrar, shall be deemed a
resignation or removal, as applicable, in each of the other capacities in which it serves. 
 Section 6.10 Acceptance of Appointment
by Successor. 
 Every successor Trustee or Note Administrator appointed hereunder shall execute, acknowledge and deliver to the
Collateral Manager, the Servicer, and the parties hereto including the retiring Trustee or the retiring Note Administrator, as the case may be, an instrument accepting such appointment. Upon delivery of the required instruments, the resignation or
removal of the retiring Trustee or the retiring Note Administrator shall become effective and such successor Trustee or Note Administrator, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties
and obligations of the retiring Trustee or Note Administrator, as the case may be; but, on request of the Issuer or a Majority of the Controlling Class, the Collateral Manager or the successor Trustee or Note Administrator, such retiring Trustee or
Note Administrator shall, upon payment of its fees, indemnities and other amounts then unpaid, execute and deliver an instrument transferring to such successor Trustee or Note Administrator all the rights, powers and trusts of the retiring Trustee
or Note Administrator, as the case may be, and shall duly assign, transfer and deliver to such successor Trustee or Note Administrator all property and amounts held by such retiring Trustee or Note Administrator hereunder, subject nevertheless to
its lien, if any, provided for in Section 6.7(d). Upon request of any such successor Trustee or Note Administrator, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to
such successor Trustee or Note Administrator all such rights, powers and trusts. 

  
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 No successor Trustee or successor Note Administrator shall accept its appointment unless
(a) at the time of such acceptance such successor shall be qualified and eligible under this Article 6, (b) such successor shall have a long-term unsecured debt rating satisfying the requirements set forth in
Section 6.8, and (c) the Rating Agency Condition is satisfied. If the outgoing Trustee or outgoing Note Administrator, as applicable, is terminated for cause, the same shall be responsible (i) for any reasonable out-of-pocket expenses (excluding successor Trustee fees or Note Administrator fees) incurred by the Issuer and such successor (including the reasonable expenses of counsel of
such Person) in connection with the appointment of a successor Trustee or successor Note Administrator, as applicable, and (ii) for the reasonable out-of-pocket
expenses to assign the Collateral Interests to such successor (as agreed to in advance by the outgoing Trustee). 
 Section 6.11
Merger, Conversion, Consolidation or Succession to Business of Trustee and Note Administrator. 
 Any entity into which the Trustee
or the Note Administrator may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee or the Note Administrator, shall be a party, or any entity
succeeding to all or substantially all of the corporate trust business of the Trustee or the Note Administrator, shall be the successor of the Trustee or the Note Administrator, as applicable, hereunder; provided that with respect to
the Trustee, such entity shall be otherwise qualified and eligible under this Article 6, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any of the Notes
have been authenticated, but not delivered, by the Note Administrator then in office, any successor by merger, conversion or consolidation to such authenticating Note Administrator may adopt such authentication and deliver the Notes so authenticated
with the same effect as if such successor Note Administrator had itself authenticated such Notes. 
 Section 6.12 Co-Trustees and Separate Trustee. 
 At any time or times, including for the purpose of meeting the
legal requirements of any jurisdiction in which any part of the Collateral may at the time be located, for enforcement actions, or where a conflict of interest exists, the Issuer and the Trustee shall have power to appoint, one or more Persons to
act as co-trustee jointly with the Trustee or as a separate trustee of all or any part of the Collateral, with the power to file such proofs of claim and take such other actions pursuant to
Section 5.6 herein and to make such claims and enforce such rights of action on behalf of the Holders of the Notes as such Holders themselves may have the right to do, subject to the other provisions of this
Section 6.12. 
 The Issuer shall join with the Trustee in the execution, delivery and performance of all
instruments and agreements necessary or proper to appoint a co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt of a request to do so, the Trustee shall have power to
make such appointment on its own. 
 Should any written instrument from the Issuer be required by any
co-trustee, so appointed, more fully confirming to such co-trustee such property, title, right or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Issuer. The Issuer agrees to pay (but only from and to the extent of the Collateral) to the extent funds are available therefor under the Priority of Payments, for any reasonable fees and expenses in connection with
such appointment. 

  
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 Every co-trustee, shall, to the extent permitted by
law, but to such extent only, be appointed subject to the following terms: 
 (a) all rights, powers, duties and obligations hereunder in
respect of the custody of securities, Cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely by the Trustee; 

(b) the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by the
appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee jointly in the case of the
appointment of a co-trustee as shall be provided in the instrument appointing such co-trustee, except to the extent that under any law of any jurisdiction in which any
particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by a
co-trustee; 
 (c) the Trustee at any time, by an instrument in writing executed by it, with the
concurrence of the Issuer evidenced by an Issuer Order, may accept the resignation of, or remove, any co-trustee appointed under this Section 6.12, and in case an Event of Default has
occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any such co-trustee without the concurrence of the Issuer. A successor to any co-trustee so resigned or removed may be appointed in the manner provided in this Section 6.12; 

(d) no co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee
hereunder, and any co-trustee hereunder shall be entitled to all the privileges, rights and immunities under Article 6 hereof, as if it were named the Trustee hereunder; and 

(e) any Act of Noteholders delivered to the Trustee shall be deemed to have been delivered to each
co-trustee. 
 Section 6.13 Direction to Enter into the Servicing Agreement. 

The Issuer hereby directs the Trustee and the Note Administrator to enter into the Servicing Agreement. Each of the Trustee and the Note
Administrator shall be entitled to the same rights, protections, immunities and indemnities afforded to each herein in connection with any matter contained in the Servicing Agreement. 

Section 6.14 Representations and Warranties of the Trustee. 

The Trustee represents and warrants for the benefit of the other parties to this Indenture and the parties to the Servicing Agreement that:

  
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 (a) the Trustee is a national banking association with trust powers, duly and validly
existing under the laws of the United States of America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and is duly eligible and qualified to act as Trustee under
this Indenture and the Servicing Agreement; 
 (b) this Indenture and the Servicing Agreement have each been duly authorized, executed and
delivered by the Trustee and each constitutes the valid and binding obligation of the Trustee, enforceable against it in accordance with its terms except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency,
reorganization, liquidation, receivership, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a proceeding in equity or at
law, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought; 

(c) neither the execution, delivery and performance of this Indenture or the Servicing Agreement, nor the consummation of the transactions
contemplated by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Trustee to obtain any consent, authorization, approval or registration under, any law, statute, rule, regulation, or any judgment, order, writ,
injunction or decree that is binding upon the Trustee or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of the Trustee; and 

(d) there are no proceedings pending or, to the best knowledge of the Trustee, threatened against the Trustee before any Federal, state or
other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Collateral or the performance by the Trustee of its obligations under
this Indenture or the Servicing Agreement. 
 Section 6.15 Representations and Warranties of the Note Administrator. 

The Note Administrator represents and warrants for the benefit of the other parties to this Indenture and the parties to the Servicing
Agreement that: 
 (a) the Note Administrator is a national banking association with trust powers, duly and validly existing under the laws
of the United States of America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and is duly eligible and qualified to act as Note Administrator under this
Indenture and the Servicing Agreement; 
 (b) this Indenture and the Servicing Agreement have each been duly authorized, executed and
delivered by the Note Administrator and each constitutes the valid and binding obligation of the Note Administrator, enforceable against it in accordance with its terms except (i) as limited by bankruptcy, fraudulent conveyance, fraudulent
transfer, insolvency, reorganization, liquidation, receivership, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a
proceeding in equity or at law, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may
be brought; 

  
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 (c) neither the execution, delivery and performance of this Indenture of the Servicing
Agreement, nor the consummation of the transactions contemplated by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Note Administrator to obtain any consent, authorization, approval or registration under, any
law, statute, rule, regulation, or any judgment, order, writ, injunction or decree that is binding upon the Note Administrator or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of the Note
Administrator; and 
 (d) there are no proceedings pending or, to the best knowledge of the Note Administrator, threatened against the Note
Administrator before any Federal, state or other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could have a material adverse effect on the Collateral or the
performance by the Note Administrator of its obligations under this Indenture or the Servicing Agreement. 
 Section 6.16 Requests
for Consents. 
 In the event that the Trustee and Note Administrator receives written notice of any offer or any request for a waiver,
consent, amendment or other modification with respect to any Collateral Interest (before or after any default) or in the event any action is required to be taken in respect to a Loan Document, the Note Administrator shall promptly forward such
notice to the Issuer, the Collateral Manager, the Servicer and the Special Servicer. The Special Servicer shall take such action as required under the Servicing Agreement as described in Section 10.9(f). 

Section 6.17 Withholding. 

(a) If any amount is required to be deducted or withheld from any payment to any Noteholder or payee, such amount shall reduce the amount
otherwise distributable to such Noteholder or payee. The Note Administrator is hereby authorized to withhold or deduct from amounts otherwise distributable to any Noteholder or payee sufficient funds for the payment of any tax that is legally
required to be withheld or deducted (but such authorization shall not prevent the Note Administrator from contesting any such tax in appropriate proceedings and legally withholding payment of such tax, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to any Noteholder or payee shall be treated as Cash distributed to such Noteholder or payee at the time it is deducted or withheld by the Issuer or the Note Administrator, as applicable, and
remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Note Administrator may in its sole discretion withhold such amounts in accordance with this
Section 6.17. The Issuer agrees to timely provide to the Trustee accurate and complete copies of all documentation received from Noteholders or payee pursuant to Sections 2.7(c) and 2.11(c). Solely with
respect to FATCA compliance and reporting, nothing herein shall impose an obligation on the part of the Note Administrator to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Notes. In
addition, initial purchasers and transferees of Definitive Notes shall provide the Issuer, the Trustee, the Note Administrator or their agents, all information, documentation or certifications reasonably required to permit the Issuer to comply with
its tax reporting obligations under applicable law, including any applicable cost basis reporting obligation. 

  
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 (b) For the avoidance of doubt, the Note Administrator shall reasonably cooperate with
Issuer, at Issuer’s direction and expense, to permit Issuer to fulfill its obligations under FATCA; provided that the Note Administrator shall have no independent obligation to cause or maintain Issuer’s compliance with FATCA
and shall have no liability for any withholding on payments to Issuer as a result of Issuer’s failure to achieve or maintain FATCA compliance. 

ARTICLE 7 
 COVENANTS

 Section 7.1 Payment of Principal and Interest. 

The Issuer shall duly and punctually pay the principal of and interest on each Class of Notes in accordance with the terms of this
Indenture. Amounts properly withheld under the Code or other applicable law by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer for all purposes of this Indenture. 

The Note Administrator shall, unless prevented from doing so for reasons beyond its reasonable control, give notice to each Noteholder of any
such withholding requirement no later than ten days prior to the related Payment Date from which amounts are required (as directed by the Issuer (or the Collateral Manager on its behalf)) to be withheld; provided that, despite the
failure of the Note Administrator to give such notice, amounts withheld pursuant to applicable tax laws shall be considered as having been paid by the Issuer, as provided above. 

Section 7.2 Maintenance of Office or Agency. 

The Issuer hereby appoints the Note Administrator as a Paying Agent for the payment of principal of and interest on the Notes and where Notes
may be surrendered for registration of transfer or exchange and the Issuer hereby appoints CT Corporation System, 28 Liberty Street, New York, New York 10005, as its agent where notices and demands to or upon the Issuer in respect of the Notes or
this Indenture may be served. 
 The Issuer may at any time and from time to time vary or terminate the appointment of any such agent or
appoint any additional agents for any or all of such purposes; provided, however, that the Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served; provided, further, that no paying agent shall be appointed in a jurisdiction which subjects payments on the Notes to withholding tax. The Issuer shall give prompt written notice to
the Trustee, the Note Administrator, the Rating Agencies and the Noteholders of the appointment or termination of any such agent and of the location and any change in the location of any such office or agency. 

  
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 If at any time the Issuer shall fail to maintain any such required office or agency in the
Borough of Manhattan, The City of New York, or shall fail to furnish the Trustee and the Note Administrator with the address thereof, presentations and surrenders may be made (subject to the limitations described in the preceding paragraph) at and
notices and demands may be served on the Issuer and Notes may be presented and surrendered for payment to the appropriate Paying Agent at its main office and the Issuer hereby appoints the same as their agent to receive such respective
presentations, surrenders, notices and demands. 
 Section 7.3 Amounts for Note Payments to be Held in Trust. 

(a) All payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Payment Account shall
be made on behalf of the Issuer by the Note Administrator or a Paying Agent (in each case, from and to the extent of available funds in the Payment Account and subject to the Priority of Payments). 

When the Paying Agent is not also the Notes Registrar, the Issuer shall furnish, or cause the Notes Registrar to furnish, no later than the
fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request, of the names and addresses of the Holders of Notes and of the certificate numbers of individual Notes held by each such Holder
together with wiring instructions, contact information, and such other information reasonably required by the paying agent. 
 Whenever the
Paying Agent is not also the Note Administrator, the Issuer and such Paying Agent shall, on or before the Business Day next preceding each Payment Date or Redemption Date, as the case may be, direct the Note Administrator to deposit on such Payment
Date with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due pursuant to the terms of this Indenture (to the extent funds are then available for such purpose in the Payment Account, and subject to the
Priority of Payments), such sum to be held for the benefit of the Persons entitled thereto and (unless such Paying Agent is the Note Administrator) the Issuer shall promptly notify the Note Administrator of its action or failure so to act. Any
amounts deposited with a Paying Agent (other than the Note Administrator) in excess of an amount sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit was made shall be paid over by such Paying Agent to the
Note Administrator for application in accordance with Article 11. Any such Paying Agent shall be deemed to agree by assuming such role not to institute against, or join any other Person in instituting against, the Issuer or
any Permitted Subsidiary, any petition for bankruptcy, reorganization, arrangement, moratorium, liquidation or other similar proceedings under federal or State bankruptcy or similar laws of any jurisdiction for the
non-payment to the Paying Agent of any amounts payable thereto until at least one year (or, if longer, the applicable preference period then in effect) and one day after the payment in full of all Notes issued
under this Indenture. 
 The initial Paying Agent shall be as set forth in Section 7.2. Any additional or
successor Paying Agents shall be appointed by Issuer Order of the Issuer and at the sole cost and expense (including such Paying Agent’s fee) of the Issuer, with written notice thereof to the Note Administrator; provided, however,
that so long as any Class of the Notes are rated by a Rating Agency and with respect to any additional or successor Paying Agent for the Notes, either (i) such Paying Agent has a long-term senior unsecured debt rating of “Aa3” or
higher by Moody’s and a 

  
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long term unsecured debt rating of at least “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs, which may include Moody’s)
or (ii) each of the Rating Agencies confirms that employing such Paying Agent shall not adversely affect the then-current ratings of the Notes. In the event that such successor Paying Agent ceases to have a long-term senior unsecured debt
rating of “Aa3” or higher by Moody’s and a long term unsecured debt rating of at least “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs, which may include
Moody’s), the Issuer shall promptly remove such Paying Agent and appoint a successor Paying Agent. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment, a depository institution or trust company subject to
supervision and examination by federal and/or state and/or national banking authorities. The Issuer shall cause the Paying Agent other than the Note Administrator to execute and deliver to the Note Administrator an instrument in which such Paying
Agent shall agree with the Note Administrator (and if the Note Administrator acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 7.3, that such Paying Agent will: 

(i) allocate all sums received for payment to the Holders of Notes in accordance with the terms of this Indenture; 

(ii) hold all sums held by it for the payment of amounts due with respect to the Notes for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(iii) if such Paying Agent is not the Note Administrator, immediately resign as a Paying Agent and forthwith pay to the Note
Administrator all sums held by it for the payment of Notes if at any time it ceases to satisfy the standards set forth above required to be met by a Paying Agent at the time of its appointment; 

(iv) if such Paying Agent is not the Note Administrator, immediately give the Note Administrator notice of any Default by the
Issuer (or any other obligor upon the Notes) in the making of any payment required to be made; and 
 (v) if such Paying
Agent is not the Note Administrator at any time during the continuance of any such Default, upon the written request of the Note Administrator, forthwith pay to the Note Administrator all sums so held by such Paying Agent. 

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by
Issuer Order direct the Paying Agent to pay, to the Note Administrator all sums held by the Issuer or held by the Paying Agent for payment of the Notes, such sums to be held by the Note Administrator in trust for the same Noteholders as those upon
which such sums were held by the Issuer or the Paying Agent; and, upon such payment by the Paying Agent to the Note Administrator, the Paying Agent shall be released from all further liability with respect to such amounts. 

  
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 Except as otherwise required by applicable law, any amounts deposited with the Note
Administrator in trust or deposited with the Paying Agent for the payment of the principal of or interest on any Note and remaining unclaimed for two years after such principal or interest has become due and payable shall be paid to the Issuer on
request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of such amounts and all liability of the Note Administrator or the Paying Agent with respect to such amounts (but only to
the extent of the amounts so paid to the Issuer) shall thereupon cease. The Note Administrator or the Paying Agent, before being required to make any such release of payment, may, but shall not be required to, adopt and employ, at the expense of the
Issuer, any reasonable means of notification of such release of payment, including, but not limited to, mailing notice of such release to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest
in amounts due and payable but not claimed is determinable from the records of the Paying Agent, at the last address of record of each such Holder. 

Section 7.4 Existence of the Issuer. 

(a) So long as any Note is Outstanding, the Issuer shall, to the maximum extent permitted by applicable law, maintain in full force and effect
its existence and rights as a limited liability company organized under the laws of Delaware; provided that the Issuer shall be entitled to change its jurisdiction of formation from Delaware to any other jurisdiction reasonably selected by
the Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the Notes, (ii) it delivers written notice of such change to the Note Administrator for delivery to the Holders of the Notes and the
Rating Agencies and (iii) on or prior to the fifteenth (15th) Business Day following delivery of such notice by the Note Administrator to the Noteholders, the Note Administrator shall not have received written notice from a Majority of the
Controlling Class objecting to such change. So long as any rated Notes are Outstanding, the Issuer will maintain at all times at least one director who is Independent of the Collateral Manager and its Affiliates. 

(b) So long as any Note is Outstanding, the Issuer shall ensure that all limited liability company formalities or other formalities regarding
its existence are followed (including correcting any known misunderstanding regarding its separate existence). So long as any Note is Outstanding, the Issuer shall not take any action or conduct its affairs in a manner that is likely to result in
its separate existence being ignored or its Collateral and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. So long as any Note is Outstanding, the Issuer shall
maintain and implement administrative and operating procedures reasonably necessary in the performance of the Issuer’s obligations hereunder, and the Issuer shall at all times keep and maintain, or cause to be kept and maintained, separate
books, records, accounts and other information customarily maintained for the performance of the Issuer’s obligations hereunder. Without limiting the foregoing, so long as any Note is Outstanding, the Issuer shall not (A) have any
subsidiaries (other than a Permitted Subsidiary), (B) guarantee any obligation of any Person, including any Affiliate, or become obligated for the debts of any other Person, (C) join in any transaction with any member that is not permitted
under the terms of the Servicing Agreement or this Indenture, (D) pay dividends other than in accordance with the terms of this Indenture, (E) commingle its funds or Collateral with those of any other Person, or (F) enter into any
contract or agreement with any of its Affiliates, except upon terms and conditions that are commercially reasonable and substantially similar to those available in arm’s-length transactions with an
unrelated party. 

  
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 Section 7.5 Protection of Collateral. 

(a) The Note Administrator, at the expense of the Issuer and pursuant to any Opinion of Counsel received pursuant to
Section 7.5(e), shall execute and deliver all such Financing Statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable or
desirable to secure the rights and remedies of the Holders and to: 
 (i) Grant more effectively all or any portion of the
Collateral; 
 (ii) maintain or preserve the lien (and the priority thereof) of this Indenture or to carry out more
effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of any Grant made or to be made
by this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations); 

(iv) instruct the Special Servicer with respect to enforcement on any of the Collateral Interests or enforce on any other
instruments or property included in the Collateral; 
 (v) instruct the Special Servicer to preserve and defend title to the
Collateral Interests and preserve and defend title to the other Collateral and the rights of the Trustee, the Holders of the Notes in the Collateral against the claims of all persons and parties; and 

(vi) pursuant to Sections 11.1(a)(i)(1) and 11.1(a)(ii)(1), pay or cause to be paid any and all taxes levied or
assessed upon all or any part of the Collateral. 
 The Issuer hereby designates the Note Administrator as its agent and attorney-in-fact to execute any Financing Statement, continuation statement or other instrument required pursuant to this Section 7.5. The Note
Administrator agrees that it will from time to time execute and cause such Financing Statements and continuation statements to be filed (it being understood that the Note Administrator shall be entitled to rely upon an Opinion of Counsel described
in Section 7.5(e) below, at the expense of the Issuer, as to the need to file such Financing Statements and continuation statements, the dates by which such filings are required to be made and the jurisdictions in which
such filings are required to be made). 
 (b) Neither the Trustee nor the Note Administrator shall (except in accordance with
Section 10.10(a), (b) or (c) and except for payments, deliveries and distributions otherwise expressly permitted under this Indenture) cause or permit the Custodial Account or the Custodian to be located
in a different jurisdiction from the jurisdiction in which the Custodian was located on the Closing Date, unless the Trustee or the Note Administrator, as applicable, shall have first received an Opinion of Counsel to the effect that the lien and
security interest created by this Indenture with respect to such property will continue to be maintained after giving effect to such action or actions. 

  
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 (c) The Issuer shall (i) pay or cause to be paid taxes, if any, levied on account of
the beneficial ownership by the Issuer of any Collateral that secure the Notes and timely file all tax returns and information statements as required, (ii) take all actions necessary or advisable to prevent the Issuer from becoming subject to
any withholding or other taxes or assessments and to allow the Issuer to comply with FATCA, including, appointing any agent or representative to perform due diligence, withholding or reporting obligations of the Issuer pursuant to FATCA and
(iii) if required to prevent the withholding or imposition of United States income tax, deliver or cause to be delivered an IRS Form W-9 (or the applicable IRS Form
W-8, if appropriate) or successor applicable form, to each borrower, counterparty or paying agent with respect to (as applicable) an item included in the Collateral at the time such item is purchased or
entered into and thereafter prior to the expiration or obsolescence of such form. 
 (d) The Issuer (or an agent acting on its behalf) shall
take such reasonable actions, including hiring agents or advisors, consistent with law and its obligations under this Indenture, as are necessary for compliance with FATCA, including appointing any agent or representative to perform due diligence,
withholding or reporting obligations of the Issuer to enable compliance with FATCA, and any other action that the Issuer would be permitted to take under this Indenture necessary for compliance with FATCA. The Issuer shall provide any certification
or documentation (including an IRS Form W-9 or the applicable IRS Form W-8, if appropriate, or any successor form) to any payor (as defined in FATCA) from time to time
as provided by law to minimize U.S. withholding tax or backup withholding tax or to ensure compliance with FATCA. 
 (e) For so long as the
Notes are Outstanding, within the six-month period preceding the fifth anniversary of the Closing Date and every 60 months thereafter, the Issuer (or the Collateral Manager on its behalf) shall deliver to the
Trustee and the Note Administrator, for the benefit of the Trustee, the Collateral Manager, the Note Administrator and the Rating Agencies, at the expense of the Issuer, an Opinion of Counsel stating what is required, in the opinion of such counsel,
as of the date of such opinion, to maintain the lien and security interest created by this Indenture with respect to the Collateral, and confirming the matters set forth in the Opinion of Counsel, furnished pursuant to
Section 3.1(c), with regard to the perfection and priority of such security interest (and such Opinion of Counsel may likewise be subject to qualifications and assumptions similar to those set forth in the Opinion of
Counsel delivered pursuant to Section 3.1(c)). 
 Section 7.6 Notice of Any Amendments. 

The Issuer shall give notice to the 17g-5 Information Provider of, and satisfy the Rating Agency
Condition with respect to, any amendments to its Governing Documents. 
 Section 7.7 Performance of Obligations. 

(a) The Issuer shall not take any action, and shall use commercially reasonable efforts not to permit any action to be taken by others, that
would release any Person from any of such Person’s covenants or obligations under any Instrument included in the Collateral, except in the case of enforcement action taken with respect to any Defaulted Collateral Interest in accordance with the
provisions hereof and as otherwise required hereby. 

  
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 (b) The Issuer may, with the prior written consent of the Majority of the Notes, contract
with other Persons, including the Servicer, the Special Servicer, the Note Administrator, the Collateral Manager or the Trustee, for the performance of actions and obligations to be performed by the Issuer, hereunder by such Persons and the
performance of the actions and other obligations with respect to the Collateral of the nature set forth in this Indenture. Notwithstanding any such arrangement, the Issuer, shall remain primarily liable with respect thereto. In the event of such
contract, the performance of such actions and obligations by such Persons shall be deemed to be performance of such actions and obligations by the Issuer; and the Issuer shall punctually perform, and use commercially reasonable efforts to cause the
Servicer, the Special Servicer, the Collateral Manager or such other Person to perform, all of their obligations and agreements contained in this Indenture or such other agreement. 

(c) Unless the Rating Agency Condition is satisfied with respect thereto, the Issuer shall maintain the Servicing Agreement in full force and
effect so long as any Notes remain Outstanding and shall not terminate the Servicing Agreement with respect to any Collateral Interest except upon the sale or other liquidation of such Collateral Interest in accordance with the terms and conditions
of this Indenture. 
 (d) If the Issuer receives a notice from the Rating Agencies stating that they are not in compliance with Rule 17g-5, the Issuer shall take such action as mutually agreed between the Issuer and the Rating Agencies in order to comply with Rule 17g-5. 

Section 7.8 Negative Covenants. 

(a) The Issuer shall not: 

(i) sell, assign, participate, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise
encumber (or permit such to occur or suffer such to exist), any part of the Collateral, except as otherwise expressly permitted by this Indenture, the Servicing Agreement or the Collateral Management Agreement; 

(ii) claim any credit on, make any deduction from, or dispute the enforceability of, the payment of the principal or interest
payable in respect of the Notes (other than amounts required to be paid, deducted or withheld in accordance with any applicable law or regulation of any governmental authority) or assert any claim against any present or future Noteholder by reason
of the payment of any taxes levied or assessed upon any part of the Collateral; 
 (iii) (A) incur or assume or
guarantee any indebtedness, other than the Notes and this Indenture and the transactions contemplated hereby; (B) issue any additional class of securities, other than the Notes and the Membership Interests; or (C) issue any additional
beneficial ownership interests in the Issuer; 
 (iv) (A) permit the validity or effectiveness of this Indenture or any
Grant hereunder to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Indenture or the
Notes, except as may be expressly permitted hereby; (B) permit any lien, charge, adverse claim, security interest, 

  
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mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof, any interest therein or
the proceeds thereof, except as may be expressly permitted hereby; or (C) take any action that would permit the lien of this Indenture not to constitute a valid first priority security interest in the Collateral, except as may be expressly
permitted hereby; 
 (v) amend the Servicing Agreement, except pursuant to the terms thereof; 

(vi) to the maximum extent permitted by applicable law, dissolve or liquidate in whole or in part, except as permitted
hereunder; 
 (vii) make or incur any capital expenditures, except as reasonably required to perform its functions in
accordance with the terms of this Indenture; 
 (viii) become liable in any way, whether directly or by assignment or as a
guarantor or other surety, for the obligations of the lessee under any lease, hire any employees or pay any dividends to its shareholders; 

(ix) maintain any bank accounts other than the Accounts in which (inter alia) the proceeds of the Issuer’s issued share
capital and the transaction fees paid to the Issuer for agreeing to issue the Notes will be kept; 
 (x) conduct business
under an assumed name, or change its name without first delivering at least 30 days’ prior written notice to the Trustee, the Note Administrator, the Noteholders and the Rating Agencies and an Opinion of Counsel to the effect that such name
change will not adversely affect the security interest hereunder of the Trustee or the Secured Parties; 
 (xi) take any
action that would result in it failing to qualify as a Qualified REIT Subsidiary or other disregarded entity of Sub-REIT for U.S. federal income tax purposes (including, but not limited to, an election to
treat the Issuer as a “taxable REIT subsidiary,” as defined in Section 856(l) of the Code), unless based on an Opinion of Counsel of Cadwalader, Wickersham & Taft LLP or another nationally-recognized tax counsel experienced
in such matters, (A) the Issuer will be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT, or (B) the Issuer will not be treated as an association taxable as a corporation, a “taxable mortgage pool” or
a “publicly traded partnership” for U.S. federal income tax purposes; 
 (xii) except for any agreements involving
the purchase and sale of Collateral Interests having customary purchase or sale terms and documented with customary loan trading documentation, enter into any agreements unless such agreements contain
“non-petition” and “limited recourse” provisions; or 
 (xiii)
amend their respective organizational documents without satisfaction of the Rating Agency Condition in connection therewith. 

  
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 (b) Neither the Issuer nor the Trustee shall sell, transfer, exchange or otherwise dispose
of Collateral, or enter into or engage in any business with respect to any part of the Collateral, except as expressly permitted or required by this Indenture, the Servicing Agreement or the Collateral Management Agreement. 

(c) For so long as any of the Notes are Outstanding, the Issuer shall not issue any limited liability company membership interests of the
Issuer to any Person other than Sub-REIT or a wholly-owned subsidiary of Sub-REIT. 

(d) The Issuer shall not enter into any material new agreements (other than any Collateral Interest Purchase Agreement or other agreement
contemplated by this Indenture), including, without limitation, in connection with the sale of Collateral by the Issuer, without the prior written consent of the Holders of at least a Majority of the Notes and shall provide notice of all new
agreements (other than the Collateral Interest Purchase Agreement or other agreement specifically contemplated by this Indenture) to the Holders of the Notes. The foregoing notwithstanding, the Issuer may agree to any material new agreements;
provided that (i) the Issuer (or the Collateral Manager on its behalf) determines that such new agreements would not, upon becoming effective, adversely affect the rights or interests of any Class or Classes of Noteholders
and (ii) subject to satisfaction of the Rating Agency Condition. 
 (e) As long as any Note is Outstanding, the Advancing Agent shall
not permit the Retention Holder and Sub-REIT to transfer (whether by means of an actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes), pledge or hypothecate any retained
or repurchased Notes, any of the Retained Notes and the Membership Interests to any other Person (except to an affiliate that is wholly-owned by Sub-REIT or a subsequent REIT that holds all equity interests in
the Issuer and is disregarded as a separate entity for U.S. federal income tax purposes) unless the Issuer receives an opinion from Cadwalader, Wickersham & Taft LLP or another nationally recognized tax counsel experienced in such matters
that the Issuer will be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT with respect to such transfer, pledge or hypothecation; provided that no opinion shall be required with respect to a transfer to an Affiliate
that is directly or indirectly wholly-owned by Sub-REIT or a subsequent REIT and is disregarded for U.S. federal income tax purposes into Sub-REIT or such subsequent
REIT. 
 Section 7.9 Statement as to Compliance. 

On or before January 31, in each calendar year, commencing in 2023 or immediately if there has been a Default in the fulfillment of an
obligation under this Indenture, the Issuer shall deliver to the Trustee, the Note Administrator and the 17g-5 Information Provider an Officer’s Certificate given on behalf of the Issuer and without
personal liability stating, as to each signer thereof, that, since the date of the last certificate or, in the case of the first certificate, the Closing Date, to the knowledge, information and belief of such Officer, the Issuer has fulfilled all of
its obligations under this Indenture or, if there has been a Default in the fulfillment of any such obligation, specifying each such Default known to them and the nature and status thereof. 

Section 7.10 Issuer May Consolidate or Merge Only on Certain Terms. 

(a) The Issuer shall not consolidate or merge with or into any other Person or transfer or convey all or substantially all of its Collateral to
any Person, unless permitted by the Governing Documents and unless: 

  
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 (i) the Issuer shall be the surviving entity, or the Person (if other than
the Issuer) formed by such consolidation or into which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer is transferred shall be an entity organized and existing under the laws of Delaware or such other
jurisdiction approved by a Majority of each and every Class of the Notes (each voting as a separate Class); provided that no such approval shall be required in connection with any such transaction undertaken solely to effect a
change in the jurisdiction of formation pursuant to Section 7.4; and provided, further, that the surviving entity shall expressly assume, by an indenture supplemental hereto, executed and delivered to the
Trustee, the Note Administrator, and each Noteholder, the due and punctual payment of the principal of and interest on all Notes and other amounts payable hereunder and under the Servicing Agreement and the performance and observance of every
covenant of this Indenture and the Servicing Agreement on the part of the Issuer to be performed or observed, all as provided herein; 

(ii) the Rating Agency Condition shall be satisfied; 

(iii) if the Issuer is not the surviving entity, the Person formed by such consolidation or into which the Issuer is merged or
to which all or substantially all of the Collateral of the Issuer is transferred shall have agreed with the Trustee and the Note Administrator (A) to observe the same legal requirements for the recognition of such formed or surviving entity as
a legal entity separate and apart from any of its Affiliates as are applicable to the Issuer with respect to its Affiliates and (B) not to consolidate or merge with or into any other Person or transfer or convey all or substantially all of the
Collateral or all or substantially all of its Collateral to any other Person except in accordance with the provisions of this Section 7.10, unless in connection with a sale of the Collateral pursuant to
Article 5, Article 9 or Article 12; 
 (iv) if
the Issuer is not the surviving entity, the Person formed by such consolidation or into which the Issuer is merged or to which all or substantially all of the Collateral of the Issuer is transferred shall have delivered to the Trustee, the Note
Administrator, the Servicer, the Special Servicer, the Collateral Manager and the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and in good standing in the
jurisdiction in which such Person is organized; that such Person has sufficient power and authority to assume the obligations set forth in Section 7.10(a)(i) above and to execute and deliver an indenture supplemental hereto
for the purpose of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of an indenture supplemental hereto for the purpose of assuming such obligations and that such supplemental indenture is a
valid, legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to
general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); that, immediately following the event which causes such Person to become the successor to the Issuer, (A) such Person
has good and marketable title, free and clear of any lien, security interest or charge, other than the lien and security interest of this Indenture, to the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the
Secured Notes or, in the case of any transfer or conveyance of the Collateral 

  
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securing any of the Notes, such Notes, (B) the Trustee continues to have a valid perfected first priority security interest in the Collateral securing, in the case of a consolidation or
merger of the Issuer, all of the Secured Notes, or, in the case of any transfer or conveyance of the Collateral securing any of the Notes, such Notes and (C) such other matters as the Trustee, the Note Administrator, the Servicer, the Special
Servicer, the Collateral Manager or any Noteholder may reasonably require; 
 (v) immediately after giving effect to such
transaction, no Default or Event of Default shall have occurred and be continuing; 
 (vi) the Issuer shall have delivered to
the Trustee, the Note Administrator and each Noteholder, an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture comply with this
Article 7 and that all conditions precedent in this Article 7 provided for relating to such transaction have been complied with; 

(vii) the Issuer has received an opinion from Cadwalader, Wickersham & Taft LLP or another nationally recognized tax
counsel experienced in such matters that the Issuer or the Person referred to in clause (a) will be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes; and 

(viii) after giving effect to such transaction, (A) the Issuer shall not be required to register as an investment company
under the 1940 Act and (B) none of the Issuer or the pool of Collateral will constitute a “covered fund” for purposes of the regulations adopted to implement Section 619 of Dodd-Frank (79 F.R. 77601). 

Section 7.11 Successor Substituted. 

Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the Collateral of the Issuer, in accordance with
Section 7.10, the Person formed by or surviving such consolidation or merger (if other than the Issuer), or the Person to which such consolidation, merger, transfer or conveyance is made, shall succeed to, and be
substituted for, and may exercise every right and power of, the Issuer, as the case may be, under this Indenture with the same effect as if such Person had been named as the Issuer, herein. In the event of any such consolidation, merger, transfer or
conveyance, the Person named as the “Issuer” in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Article 7 may be dissolved, wound-up and liquidated at any time thereafter, and such Person thereafter shall be released from its liabilities as obligor and maker on all the Notes and from its obligations under this Indenture. 

Section 7.12 No Other Business. 

The Issuer shall not engage in any business or activity other than issuing and selling the Notes pursuant to this Indenture and any supplements
thereto, and acquiring, owning, holding, disposing of and pledging the Collateral in connection with the Notes and such other activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected
therewith. 

  
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 Section 7.13 Reporting. 

At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Issuer shall promptly furnish or cause to be furnished “Rule 144A Information” (as defined below) to such
Holder or beneficial owner, to a prospective purchaser of such Note designated by such Holder or beneficial owner or to the Note Administrator for delivery to such Holder or beneficial owner or a prospective purchaser designated by such Holder or
beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner with Rule 144A under the Securities Act in connection with the resale of such Note by such Holder or beneficial owner. “Rule 144A
Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto). The Note Administrator shall reasonably cooperate with the Issuer in mailing or otherwise
distributing (at the Issuer’s expense) to such Noteholders or prospective purchasers, at and pursuant to the Issuer’s written direction the foregoing materials prepared by or on behalf of the Issuer; provided, however, that
the Note Administrator shall be entitled to prepare and affix thereto or enclose therewith reasonable disclaimers to the effect that such Rule 144A Information was not assembled by the Note Administrator, that the Note Administrator has not reviewed
or verified the accuracy thereof, and that it makes no representation as to such accuracy or as to the sufficiency of such information under the requirements of Rule 144A or for any other purpose. 

Section 7.14 Calculation Agent. 

(a) The Issuer hereby agrees that for so long as any Notes remain Outstanding there shall at all times be an agent appointed to calculate the
Benchmark in respect of each Interest Accrual Period in accordance with the terms of Schedule B attached hereto (the “Calculation Agent”). The Issuer initially have appointed the Note Administrator as Calculation Agent for
purposes of determining the Benchmark for each Interest Accrual Period. The Calculation Agent may be removed by the Issuer at any time upon 30 days’ written notice delivered to the Calculation Agent. The Calculation Agent may resign at any time
by giving written notice thereof to the Issuer, the Collateral Manager, the Noteholders and the Rating Agencies. If the Calculation Agent is unable or unwilling to act as such, or if the Calculation Agent fails to determine the rate using the
Benchmark or the Interest Distribution Amount for any Class of Notes for any Interest Accrual Period, the Issuer shall promptly appoint as a replacement Calculation Agent a leading bank that does not control or is not controlled by or under
common control with the Issuer or its affiliates. If the Calculation Agent is removed without cause, the expenses incurred in connection with transferring the Calculation Agent’s responsibilities hereunder shall be reimbursed by the Issuer. The
Calculation Agent may not resign its duties without a successor having been duly appointed. If no successor Calculation Agent shall have been appointed within 30 days after giving of a notice of resignation, the resigning Calculation Agent or the
Majority Class H Noteholder with regard to the determination that a Benchmark Transition Event has occurred, may petition a court of competent jurisdiction for the appointment of a successor Calculation Agent, and if such petition is commenced
by the Calculation Agent, then such petition will be at the expense of the Issuer. 

  
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 (b) The Calculation Agent shall calculate, on each Benchmark Determination Date, the
Benchmark for the related Interest Accrual Period and will communicate such information to the Note Administrator, who shall include such calculation on the next Monthly Report following such Benchmark Determination Date. The Calculation Agent shall
notify the Issuer and the Collateral Manager before 5:00 p.m. (New York time) on each Benchmark Determination Date if it has not determined and is not in the process of determining the Benchmark and the Interest Distribution Amounts for each
Class of Notes, together with the reasons therefor. The determination of the Note Interest Rates and the related Interest Distribution Amounts, respectively, by the Calculation Agent shall, absent manifest error, be final and binding on all
parties to this Indenture and the Noteholders. 
 Section 7.15 REIT Status. 

(a) Sub-REIT shall not take any action that results in the Issuer failing to qualify as a Qualified
REIT Subsidiary or other disregarded entity of Sub-REIT for U.S. federal income tax purposes, unless (i) based on an Opinion of Counsel, the Issuer will be treated as a Qualified REIT Subsidiary or other
disregarded entity of a REIT; provided that no such opinion shall be required with respect to a transfer to an affiliate that is directly or indirectly wholly-owned by Sub-REIT or a subsequent REIT and
is disregarded for U.S. federal income tax purposes from Sub-REIT or such subsequent REIT.). 

(b) Without limiting the generality of Section 7.15(a), if the Issuer is no longer a Qualified REIT
Subsidiary or other disregarded entity of a REIT, prior to the time that: 
 (i) any Collateral Interest would cause the
Issuer become subject to U.S. federal income tax on a net income basis; 
 (ii) the Issuer would acquire or receive any asset
in connection with a workout or restructuring of a Collateral Interest that could cause the Issuer to become subject to U.S. federal income tax on a net income basis; 

(iii) the Issuer would acquire the real property underlying any Collateral Interest pursuant to a foreclosure or deed-in-lieu of foreclosure; or 
 (iv) any
Collateral Interest is modified in such a manner that could cause the Issuer to become subject to U.S. federal income tax on a net income basis, 
 the
Issuer will either (x) organize one or more Permitted Subsidiaries and contribute the subject property to such Permitted Subsidiary, (y) contribute such Collateral Interest to an existing Permitted Subsidiary, or (z) sell such
Collateral Interest in accordance with Section 12.1; provided that such Permitted Subsidiary shall be an entity treated as a corporation for U.S. federal income tax purposes. 

Section 7.16 Permitted Subsidiaries. 

Notwithstanding any other provision of this Indenture, the Collateral Manager on behalf of the Issuer shall, following delivery of an Issuer
Order to the parties hereto, be permitted to sell or transfer to a Permitted Subsidiary at any time any Sensitive Asset for consideration consisting entirely of the equity interests of such Permitted Subsidiary (or for an increase in the value of
equity interests already owned). Such Issuer Order shall certify that the sale of a Sensitive 

  
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Asset is being made in accordance with satisfaction of all requirements of this Indenture. The Custodian shall, upon receipt of a Request for Release with respect to a Sensitive Asset, release
such Sensitive Asset and shall deliver such Sensitive Asset as specified in such Request for Release. The following provisions shall apply to all Sensitive Asset and Permitted Subsidiaries: 

(a) For all purposes under this Indenture, any Sensitive Asset transferred to a Permitted Subsidiary shall be treated as if it were an asset
owned directly by the Issuer. 
 (b) Any distribution of Cash by a Permitted Subsidiary to the Issuer shall be characterized as Interest
Proceeds or Principal Proceeds to the same extent that such Cash would have been characterized as Interest Proceeds or Principal Proceeds if received directly by the Issuer and each Permitted Subsidiary shall cause all proceeds of and collections on
each Sensitive Asset owned by such Permitted Subsidiary to be deposited into the Payment Account. 
 (c) To the extent applicable, the Issuer
shall form one or more Securities Accounts with the Securities Intermediary for the benefit of each Permitted Subsidiary and shall, to the extent applicable, cause Sensitive Asset to be credited to such Securities Accounts. 

(d) Notwithstanding the complete and absolute transfer of a Sensitive Asset to a Permitted Subsidiary, the ownership interests of the Issuer in
a Permitted Subsidiary or any property distributed to the Issuer by a Permitted Subsidiary shall be treated as a continuation of its ownership of the Sensitive Asset that was transferred to such Permitted Subsidiary (and shall be treated as having
the same characteristics as such Sensitive Asset). 
 (e) If the Special Servicer on behalf of the Trustee, or any other authorized party
takes any action under this Indenture to sell, liquidate or dispose of all or substantially all of the Collateral, the Issuer (or the Collateral Manager on its behalf) shall cause each Permitted Subsidiary to sell each Sensitive Asset and all other
Collateral held by such Permitted Subsidiary and distribute the proceeds of such sale, net of any amounts necessary to satisfy any related expenses and tax liabilities, to the Issuer in exchange for the equity interest in such Permitted Subsidiary
held by the Issuer. 
 Section 7.17 Repurchase Requests. 

If the Issuer, the Trustee, the Note Administrator, the Collateral Manager, the Servicer or the Special Servicer receives any request or demand
that a Collateral Interest be repurchased or replaced arising from any Material Breach of a representation or warranty made with respect to such Collateral Interest or any Material Document Defect (any such request or demand, a “Repurchase
Request”) or a withdrawal of a Repurchase Request from any Person other than the Special Servicer, then the Collateral Manager (on behalf of the Issuer), the Servicer, the Trustee or the Note Administrator, as applicable, shall promptly
forward such notice of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, to the Special Servicer and include the following statement in the related correspondence: “This is a “[Repurchase
Request]/[withdrawal of a Repurchase Request]” under Section 3.19 of the Servicing Agreement relating to FS Rialto 2022-FL4 Issuer, LLC, requiring action from you as the “Repurchase Request
Recipient” thereunder.” Upon receipt of such Repurchase Request or withdrawal of a Repurchase Request by the Special Servicer pursuant to the prior sentence, the Special Servicer shall be deemed to be the Repurchase Request Recipient in
respect of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, and shall be responsible for complying with the procedures set forth in Section 3.19 of the Servicing Agreement with respect to such Repurchase
Request. 

  
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 Section 7.18 Servicing of Commercial Real Estate Loans and Control of Servicing
Decisions. 
 The Commercial Real Estate Loans (other than the Non-Serviced Commercial Real
Estate Loans) will be serviced by the Servicer and the Special Servicer, in each case pursuant to the Servicing Agreement, subject to the consultation, consent and direction rights of the Collateral Manager, as set forth in the Servicing Agreement,
and subject to any consent and/or consultation rights of the holder of the related Companion Participation under the related Participation Agreement, subject to those conditions, restrictions or termination events expressly provided therein. Nothing
in this Indenture shall be interpreted to limit in any respect the rights of the Collateral Manager under the Servicing Agreement and none of the Issuer, Note Administrator and Trustee shall take any action under this Indenture inconsistent with the
Collateral Manager’s rights set forth under the Servicing Agreement. 
 ARTICLE 8 

SUPPLEMENTAL INDENTURES 

Section 8.1 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes, and without satisfaction of the Rating Agency Condition, the Issuer, the Trustee and the
Note Administrator, at any time and from time to time subject to the requirement provided below in this Section 8.1, may enter into one or more indentures supplemental hereto, in form satisfactory to the parties thereto,
for any of the following purposes: 
 (i) evidence the succession of any Person to the Issuer and the assumption by any such
successor of the covenants of the Issuer herein and in the Notes; 
 (ii) add to the covenants of the Issuer, the Note
Administrator or the Trustee for the benefit of the Holders of the Notes or to surrender any right or power herein conferred upon the Issuer; 

(iii) convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or add to the conditions, limitations
or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Notes; 
 (iv)
evidence and provide for the acceptance of appointment hereunder of a successor Trustee or a successor Note Administrator and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of Sections 6.9, 6.10 and 6.12; 

  
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 (v) correct or amplify the description of any property at any time subject
to the lien of this Indenture, or to better assure, convey and confirm unto the Trustee any property subject or required to be subject to the lien of this Indenture (including, without limitation, any and all actions necessary or desirable as a
result of changes in law or regulations) or to subject any additional property to the lien of this Indenture; 
 (vi) modify
the restrictions on and procedures for resales and other transfers of Notes to reflect any changes in applicable law or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any exemption or exclusion from registration
under the Securities Act, the Exchange Act or the 1940 Act (including, without limitation, (A) to prevent any Class of Notes from being considered an “ownership interest” under Section 619 of Dodd-Frank (such statutory
provision together with such implementing regulations, the “Volcker Rule”) or (B) to prevent the Issuer or the pool of Collateral from being considered a “covered fund” under the Volcker Rule) or to remove
restrictions on resale and transfer to the extent not required thereunder; 
 (vii) accommodate the issuance, if any, of
Notes in global or book-entry form through the facilities of DTC or otherwise; 
 (viii) take any action commercially
reasonably necessary or advisable as required for the Issuer to comply with the requirements of FATCA; or to prevent the Issuer from failing to qualify as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax
purposes or to prevent the Issuer or the Trustee from being subject to withholding or other taxes, fees or assessments or from otherwise being subject to U.S. federal, state, local or foreign income or franchise tax on a net income basis; 

(ix) amend or supplement any provision of this Indenture to the extent necessary to maintain the then-current ratings assigned
to the Notes; 
 (x) accommodate the settlement of the Notes in book-entry form through the facilities of DTC, Euroclear or
Clearstream, Luxembourg or otherwise; 
 (xi) authorize the appointment of any listing agent, transfer agent, paying agent or
additional registrar for any Class of Notes required or advisable in connection with the listing of any Class of Notes on any stock exchange, and otherwise to amend this Indenture to incorporate any changes required or requested by any
governmental authority, stock exchange authority, listing agent, transfer agent, paying agent or additional registrar for any Class of Notes in connection therewith; 

(xii) evidence changes to applicable laws and regulations; 

(xiii) to modify, eliminate or add to any of the provisions of this Indenture in the event the Credit Risk Retention Rules, the
EU Securitization Laws (as defined in the EU/UK Risk Retention Letter) or the UK Securitization Rules (as defined in the EU/UK Risk Retention Letter) are amended or repealed, in order to modify or eliminate the risk retention requirements (or, in
respect of the EU Securitization Rules or the UK Securitization Laws, other requirements, including those relating to transparency, disclosure and credit-granting) in the event of such amendment or repeal; provided that (x)

  
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in relation to the Credit Risk Retention Rules, the Trustee has received an opinion of counsel or (y) in relation to the EU Securitization Rules or the UK Securitization Laws, the Collateral
Manager certifies to the Trustee that it has received written legal advice, in each case, to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention Rules, the EU Securitization Rules or the UK
Securitization Laws (as applicable); 
 (xiv) reduce the minimum denominations required for transfer of the Notes; 

(xv) modify the provisions of this Indenture with respect to reimbursement of Nonrecoverable Interest Advances if (a) the
Collateral Manager determines that the commercial mortgage securitization industry standard for such provisions has changed, in order to conform to such industry standard and (b) such modification does not adversely affect the status of Issuer
for U.S. federal income tax purposes, as evidenced by an Opinion of Counsel; 
 (xvi) modify the procedures set forth in this
Indenture relating to compliance with Rule 17g-5 of the Exchange Act; provided that the change would not materially increase the obligations of the Collateral Manager, the Note Administrator,
Trustee, any paying agent, the Servicer or the Special Servicer (in each case, without such party’s consent) and would not adversely affect in any material respect the interests of any Noteholder; provided, further, that the
Collateral Manager must provide a copy of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Website and provide notice of any such amendment
to the Rating Agencies; 
 (xvii) make any change to any other provisions with respect to matters or questions arising under
this Indenture; provided that the party requesting the supplemental indenture represents that it believes the required action will not adversely affect in any material respect the interests of any Noteholder not consenting thereto, as
evidenced by (A) an Opinion of Counsel or (B) an Officer’s Certificate of the Collateral Manager; 
 (xviii)
providing for and/or facilitating the exchange of Exchangeable Notes for Exchanged Notes to the extent permitted by this Indenture and to extend to such Exchanged Notes (to the extent explicitly provided herein) the benefits and provisions of this
Indenture; and 
 (xix) make any modification or amendment determined by the Issuer or the Collateral Manager (in
consultation with legal counsel of national reputation experienced in such matters and independent of the Issuer and any of its affiliates) as necessary or advisable (A) for any Class of Notes to not be considered an “ownership
interest” as defined for purposes of the Volcker Rule or (B) (1) to enable the Issuer to rely upon the exemption or exclusion from registration as an investment company provided by
Rule 3a-7 under the 1940 Act or another exemption or exclusion from registration as an investment company under the 1940 Act (other than Section 3(c)(1) or Section 3(c)(7) thereof) or
(2) for the Issuer to not otherwise be considered a “covered fund” as defined for purposes of the Volcker Rule, in each case so long as any such modification or amendment would not have a material adverse effect on any Class of
Notes. 

  
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 The Note Administrator and Trustee are each hereby authorized to join in the execution of
any such supplemental indenture and to make any further appropriate agreements and stipulations which may be therein contained, but the Note Administrator and Trustee shall not be obligated to enter into any such supplemental indenture which affects
the Note Administrator’s or Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, except to the extent required by law. 

(b) Notwithstanding Section 8.1(a) or any other provision of this Indenture, without prior notice to, and without the
consent of the Holders of any Notes, and without satisfaction of the Rating Agency Condition, the Issuer, the Trustee and the Note Administrator, may enter into one or more indentures supplemental hereto for any of the following purposes: 

(i) to conform this Indenture to the provisions described in the Offering Memorandum (or any supplement thereto); 

(ii) to correct any defect or ambiguity in this Indenture in order to address any manifest error, omission or mistake in any
provision of this Indenture; 
 (iii) to conform this Indenture to any Rating Agency Test Modification; 

(iv) to make Benchmark Replacement Conforming Changes at the direction of the Collateral Manager; and/or 

(v) to provide for the Notes of each Class to bear interest based on the applicable Benchmark Replacement from and after
the related Benchmark Replacement Date. 
 (c) In the event that any or all restrictions and/or limitations under the Credit Risk Retention
Rules, the EU Securitization Laws (as defined in the EU/UK Risk Retention Letter) or the UK Securitization Laws (as defined in the EU/UK Risk Retention Letter) are withdrawn, repealed or modified to be less restrictive on the Sponsor, at the request
of the Sponsor and, in the case of the EU Securitization Laws or the UK Securitization Laws, the EU/UK Retention Holder, the Retention Holder, the Issuer, the Trustee and the Note Administrator agree to modify any corresponding terms of this
Indenture in accordance with Section 8.1(a)(xiii) hereto to reflect any such withdrawal, repeal or modification. 

Section 8.2 Supplemental Indentures with Consent of Noteholders. 

Except as set forth below, the Note Administrator, the Trustee and the Issuer may enter into one or more indentures supplemental hereto to add
any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or modify in any manner the rights of the Holders of any Class of Notes under this Indenture only with (x) the written consent of the holders
of at least a Majority of the Notes of each Class materially and adversely affected thereby (excluding any Notes owned by the Collateral Manager or any of its Affiliates as identified in the Beneficial Holder Information Form submitted along
with the related Noteholder’s consent) by Act of said Noteholders delivered to the Trustee, the Note Administrator and the Issuer and (y) satisfaction of the Rating Agency Condition, notice of which may be in electronic form. In connection
with any such supplemental indenture, the Collateral Manager may determine whether the Holders of any Class of Notes (evaluated individually on a Class-by-Class
basis) will be materially and adversely affected by a supplemental indenture. Such determination shall be conclusive and binding on all present and future Noteholders. 

  
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 Notwithstanding the foregoing, any supplemental indenture to add or modify any of the
provisions of this Indenture with respect to (a) the definitions of “Controlling Class,” “Majority” and “Supermajority” and (b) the Eligibility Criteria, the Acquisition Criteria or the Note Protection Tests,
other than with respect to a Rating Agency Test Modification, shall require the consent of the holders of at least a Supermajority of the Notes of each Class. 

Without the consent of all of the Holders of each Outstanding Class of Notes materially adversely affected, no supplemental indenture
may: 
 (a) change the Stated Maturity Date of the principal of or the due date of any installment of interest on any Note, reduce the
principal amount thereof or the Note Interest Rate thereon or the Redemption Price with respect to any Note, change the earliest date on which any Note may be redeemed at the option of the Issuer, change the provisions of this Indenture that apply
proceeds of any Collateral to the payment of principal of or interest on Notes or change any place where, or the coin or currency in which, any Note or the principal thereof or interest thereon is payable, or impair the right to institute suit for
the enforcement of any such payment on or after the Stated Maturity Date thereof (or, in the case of redemption, on or after the applicable Redemption Date); 

(b) reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class of the Holders thereof whose consent is
required for the authorization of any such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain Defaults hereunder or their consequences provided for in this Indenture; 

(c) impair or adversely affect the Collateral except as otherwise permitted in this Indenture; 

(d) permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Collateral
or terminate such lien on any property at any time subject hereto or deprive the Holder of any Secured Note of the security afforded by the lien of this Indenture; 

(e) reduce the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class whose consent is required to request the
Trustee to preserve the Collateral or rescind any election to preserve the Collateral pursuant to Section 5.5 or to sell or liquidate the Collateral pursuant to Section 5.4 or 5.5; 

(f) modify any of the provisions of Section 8.1 and this Section 8.2, except to increase
the percentage of Outstanding Notes whose holders’ consent is required for any such action or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected
thereby; 
 (g) modify the definitions of the terms “Outstanding,” “Priority of Payments” or “Reinvestment
Period” or the provisions of Section 11.1(a) or Section 13.1; 

  
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 (h) modify any of the provisions in this Indenture in such a manner as to affect the
requirement that the Issuer be treated as a Qualified REIT Subsidiary or disregarded entity of a REIT for U.S. federal income tax purposes; 

(i) modify any of the provisions of this Indenture in such a manner as to affect the calculation of the amount of any payment of interest on or
principal of any Note on any Payment Date (or any other date) or to affect the rights of the Holders of Notes to the benefit of any provisions for the redemption of such Notes contained herein; 

(j) reduce the permitted minimum denominations of the Notes below the minimum denomination necessary to maintain an exemption from the
registration requirements of the Securities Act or the 1940 Act; or 
 (k) modify any provisions regarding
non-recourse or non-petition covenants with respect to the Issuer; 

provided that the holders of each Class of Notes will be deemed to be materially adversely affected by any supplemental indenture with respect to
clauses (b) and (f) above. 
 The Trustee and Note Administrator shall be entitled to rely upon an Officer’s Certificate of
the Issuer (or the Collateral Manager on its behalf) in determining whether or not the Holders of Notes would be materially or adversely affected by such change (after giving notice of such change to the Holders of Notes). Such determination shall
be conclusive and binding on all present and future Holders of Notes. Neither the Trustee nor the Note Administrator shall be liable for any such determination made in good faith. 

Section 8.3 Execution of Supplemental Indentures. 

In executing or accepting the additional trusts created by any supplemental indenture permitted by this Article 8 or
the modifications thereby of the trusts created by this Indenture, the Note Administrator and Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied (which Opinion of Counsel may rely upon an Officer’s Certificate as to whether or not the Noteholders would be materially and
adversely affected by such supplemental indenture). The Note Administrator and Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects its own rights, duties or immunities under this Indenture or
otherwise. 
 The Servicer and Special Servicer will be bound to follow any amendment or supplement to this Indenture of which it has
received written notice at least ten (10) Business Days prior to the execution and delivery of such amendment or supplement; provided, however, that with respect to any amendment or supplement to this Indenture which may, in the
judgment of the Servicer or Special Servicer adversely affect the Servicer or Special Servicer, the Servicer or Special Servicer, as applicable, shall not be bound (and the Issuer agrees that it will not permit any such amendment to become
effective) unless the Servicer or Special Servicer, as applicable, gives written consent to the Note Administrator, the Trustee and the Issuer to such amendment. The Issuer, the Trustee and the Note Administrator shall give written notice to the
Servicer and Special Servicer of any amendment made to this Indenture pursuant to its terms. In addition, the Servicer or Special Servicer’s written consent, as applicable, shall be required prior to any amendment to this Indenture by which it
is adversely affected. 

  
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 The Collateral Manager will be bound to follow any amendment or supplement to this Indenture
of which it has received written notice at least ten (10) Business Days prior to the execution and delivery of such amendment or supplement; provided, however, that with respect to any amendment or supplement to this Indenture
which may, in the judgment of the Collateral Manager adversely affect the Collateral Manager, the Collateral Manager shall not be bound (and the Issuer agrees that it will not permit any such amendment to become effective) unless the Collateral
Manager, as applicable, gives written consent to the Note Administrator, the Trustee and the Issuer to such amendment. The Issuer and the Note Administrator shall give written notice to the Collateral Manager of any amendment made to this Indenture
pursuant to its terms. In addition, the Collateral Manager’s written consent shall be required prior to any amendment to this Indenture by which it is adversely affected. 

The Sponsor’s written consent shall be required prior to any amendment to this Indenture by which the Sponsor is adversely affected. 

At the cost of the Issuer, the Note Administrator shall provide to each Noteholder and, for so long as any Class of Notes shall remain
Outstanding and is rated, the Note Administrator shall provide to the 17g-5 Information Provider and the Rating Agencies a copy of any proposed supplemental indenture at least fifteen (15) Business Days
prior to the execution thereof by the Note Administrator, and following execution shall provide to the 17g-5 Information Provider and the Rating Agencies a copy of the executed supplemental indenture. 

Neither the Trustee nor the Note Administrator shall enter into any such supplemental indenture unless the Trustee and the Note Administrator
have received an Opinion of Counsel from Cadwalader, Wickersham & Taft LLP or another nationally recognized tax counsel experienced in such matters that the proposed supplemental indenture will not cause the Issuer to fail to be treated as
a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes or otherwise become subject to U.S. federal income tax on a net income basis. The Trustee and the Note Administrator shall be entitled to rely
upon (i) the receipt of notice from the Rating Agencies or the Requesting Party, which may be in electronic form, that the Rating Agency Condition has been satisfied and (ii) receipt of an Opinion of Counsel forwarded to the Trustee and
Note Administrator certifying that, following provision of notice of such supplemental indenture to the Noteholders, that the Holders of Notes would not be materially and adversely affected by such supplemental indenture. Such determination shall be
conclusive and binding on all present and future Holders of Notes. Neither the Trustee nor the Note Administrator shall be liable for any such determination made in good faith and in reliance upon such Opinion of Counsel, as the case may be. 

It shall not be necessary for any Act of Noteholders under this Section 8.3 to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

  
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 Promptly after the execution by the Issuer, the Note Administrator and the Trustee of any
supplemental indenture pursuant to this Section 8.3, the Note Administrator, at the expense of the Issuer, shall mail to the Noteholders, the Servicer, the Special Servicer and, so long as the Notes are Outstanding and so
rated, the Rating Agencies a copy thereof based on an outstanding rating. Any failure of the Trustee and the Note Administrator to publish or mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture. 
 Section 8.4 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article 8, this Indenture shall be modified in
accordance therewith, such supplemental indenture shall form a part of this Indenture for all purposes and every Holder of Notes theretofore and thereafter authenticated and delivered hereunder, shall be bound thereby. 

Section 8.5 Reference in Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article 8 may,
and if required by the Note Administrator shall, bear a notice in form approved by the Note Administrator as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Notes, so modified as to conform in the
opinion of the Note Administrator and the Issuer to any such supplemental indenture, may be prepared and executed by the Issuer and authenticated and delivered by the Note Administrator in exchange for Outstanding Notes. Notwithstanding the
foregoing, any Note authenticated and delivered hereunder shall be subject to the terms and provisions of this Indenture, and any supplemental indenture. 

ARTICLE 9 
 REDEMPTION
OF NOTES; REDEMPTION PROCEDURES 
 Section 9.1 Clean-up Call; Tax Redemption; Optional
Redemption; and Auction Call Redemption. 
 (a) The Notes shall be redeemable by the Issuer, in whole but not in part, at the option of
and upon written notice by the Collateral Manager which shall be delivered in accordance with Section 9.3(a), at their applicable Redemption Prices on any Payment Date on or after the Payment Date on which the Aggregate
Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices (such
redemption, a “Clean-up Call”); provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total
Redemption Price. 
 (b) The Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and upon at the written
notice by the Majority Class H Noteholder (which shall be delivered in accordance with Section 9.3(a)), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a
price equal to their applicable Redemption Prices (such redemption, a “Tax Redemption”); provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

  
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 (c) The Notes shall be redeemable by the Issuer, in whole but not in part, at the option of
and upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with Section 9.3(a)), on any Payment Date after the end of the Non-call Period
at a price equal to their applicable Redemption Prices (such redemption, an “Optional Redemption”); provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the
Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional
Redemption. 
 (d) From and after the Payment Date in April 2032, the Special Servicer will be required to conduct an auction prior to each
Payment Date occurring in January, April, July and October in accordance with the requirements set forth in this Indenture. Notes shall be redeemed by the Issuer, in whole but not in part, at their respective Redemption Prices if a Successful
Auction is completed pursuant to the procedures set forth on Exhibit N hereto (each, an “Auction Call Redemption”). An Auction Call Redemption may only occur on a Payment Date in January, April, July and October. 

(e) In connection with any redemption pursuant to Section 9.1(a), (b) or (c), if the holders of the
Class H Notes and/or one or more affiliates thereof own any Notes, such holder(s) may elect to include such Notes as part of the consideration for such redemption and the Total Redemption Price shall be reduced by the outstanding principal
balance of such Notes (plus the interest accrued thereon). If such holder(s) own less than 100% of the Notes of any such Class, the Note Administrator shall cooperate with such holder(s) in order to effect such redemption (including, if necessary,
converting such Notes into definitive form). 
 (f) A redemption pursuant to Section 9.1(a), (b) or
(c) shall not occur unless at least six (6) Business Days prior to the scheduled Redemption Date, the Collateral Manager certifies to the Trustee and the Note Administrator that: 

(i) the Collateral Manager, on behalf of the Issuer, has entered into a binding commitment or agreement (which may be an
agreement with an affiliate of the Collateral Manager or an entity managed by the Collateral Manager) to sell (directly, by participation or other arrangement) all or part of the Collateral not later than the Business Day immediately preceding the
scheduled Redemption Date or FS Credit REIT (or an Affiliate or agent thereof) has priced but not yet closed another securitization transaction; 

(ii) the related Sale Proceeds (in immediately available funds), together with all other available funds (including proceeds
from the sale of the Collateral Interests, Eligible Investments maturing on or prior to the scheduled Redemption Date, all amounts in the Accounts and available Cash), shall be an aggregate amount sufficient to pay the Total Redemption Price; and

 (iii) all of the other conditions for such redemption, as applicable, have been satisfied. 

  
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 (g) In connection with an Optional Redemption, a
Clean-Up Call, a Tax Redemption or an Auction Call Redemption, the Collateral Manager, on behalf of the Issuer, and acting pursuant to the Collateral Management Agreement, shall sell such Collateral Interests
and may at any time direct the Trustee in writing by Issuer Order to execute any transfer documents required in order to effectuate the sale of such Collateral Interests, in the manner directed by the Collateral Manager without regard to any of the
limitations in Section 12.1(a). Upon any such sale, the Trustee shall release any such Collateral Interest pursuant to Section 10.11. 

Section 9.2 Record Date for Redemption. 

In connection with a Clean-up Call pursuant to Section 9.1(a), a Tax
Redemption pursuant to Section 9.1(b), an Optional Redemption pursuant to Section 9.1(c) or an Auction Call Redemption pursuant to Section 9.1(d), the Note Administrator shall
set the applicable Record Date ten (10) Business Days prior to the proposed Redemption Date. 
 Section 9.3 Notice of
Redemption or Maturity. 
 (a) Notice of redemption (or a withdrawal thereof) or Clean-up Call
pursuant to Section 9.1 or the Maturity of any Notes shall be given by first class mail, postage prepaid, mailed not less than ten (10) Business Days (or four (4) Business Days (or promptly thereafter upon receipt
of written notice, if later) where the notice of an Optional Redemption, an Auction Call Redemption, a Clean-up Call or a Tax Redemption is withdrawn pursuant to Section 9.3(c)) prior
to the applicable Redemption Date or Maturity, to the Trustee, the Note Administrator, the Servicer, the Special Servicer, the Rating Agencies, and each Holder of Notes to be redeemed, at its address in the Notes Register. If any Notes are held as
Definitive Notes when called for redemption, such Notes must be surrendered at the office of the Paying Agent. 
 All notices of redemption
shall state: 
 (i) the applicable Redemption Date; 

(ii) the applicable Redemption Price; 

(iii) that all the Notes are being paid in full and that interest on the Notes shall cease to accrue on the Redemption Date
specified in the notice; and 
 (iv) the place or places where any Notes held as Definitive Notes to be redeemed in whole are
to be surrendered for payment of the Redemption Price which shall be the office or agency of the Paying Agent as provided in Section 7.2. 

(b) Notice of redemption shall be given by the Issuer, or at its request, by the Note Administrator in its name, and at the expense of the
Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Notes. 

(c) Any such notice of an Optional Redemption, an Auction Call Redemption, a Clean-up Call or Tax
Redemption may be withdrawn by the Issuer at the direction of the Collateral Manager up to the Business Day prior to the scheduled Redemption Date by written 

  
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notice to the Trustee, the Note Administrator, the Servicer, the Special Servicer and each Holder of Notes to be redeemed, and the Collateral Manager. The failure of any Optional Redemption,
Auction Call Redemption, Clean-up Call or Tax Redemption that is withdrawn in accordance with this Indenture shall not constitute an Event of Default. 

(d) The Redemption Price shall be determined no earlier than sixty (60) days prior to the proposed Redemption Date. 

Section 9.4 Notes Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Notes to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after the Redemption Date (unless the Issuer shall Default in the payment of the Redemption Price and accrued interest thereon) the Notes shall cease to bear interest on the Redemption Date. Upon
final payment on a Note to be redeemed, the Holder shall present and surrender such Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided, however, that if there is delivered to the
Issuer, the Note Administrator and the Trustee such security or indemnity as may be required by them to hold each of them harmless and an undertaking thereafter to surrender such Note, then, in the absence of notice to the Issuer, the Note
Administrator and the Trustee that the applicable Note has been acquired by a bona fide purchaser, such final payment shall be made without presentation or surrender. Payments of interest on Notes of a Class to be so redeemed whose Maturity is
on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such at the close of business on the relevant Record Date according to the terms and provisions of
Section 2.7(j). 
 If any Note called for redemption shall not be paid upon surrender thereof for redemption, the
principal thereof shall, until paid, bear interest from the Redemption Date at the applicable Note Interest Rate for each successive Interest Accrual Period the Note remains Outstanding. Subject to applicable escheatment law, any funds not
distributed to any Noteholder on the Payment Date because of the failure of such Holder or Holders to tender their Notes, shall, on such date, be set aside and held for the benefit of the appropriate
non-tendering Holder or Holders. 
 Section 9.5 Mandatory Redemption. 

On any Payment Date on which either of the Note Protection Tests is not satisfied as of any Determination Date, the Offered Notes shall be
redeemed (a “Mandatory Redemption”), from Interest Proceeds as set forth in Section 11.1(a)(i)(14) in an amount necessary, and only to the extent necessary, for such Note Protection Test to be satisfied or,
if sooner, until the Offered Notes have been paid in full. On or promptly after such Mandatory Redemption, the Issuer shall certify or cause to be certified to the Rating Agencies and the Note Administrator whether the Note Protection Tests have
been satisfied. 

  
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 ARTICLE 10 

ACCOUNTS, ACCOUNTINGS AND RELEASES 

Section 10.1 Collection of Amounts; Custodial Account. 

(a) Except as otherwise expressly provided herein, the Note Administrator may demand payment or delivery of, and shall receive and collect,
directly and without intervention or assistance of any fiscal agent or other intermediary, all amounts and other property payable to or receivable by the Note Administrator pursuant to this Indenture, including all payments due on the Collateral in
accordance with the terms and conditions of such Collateral. The Note Administrator shall segregate and hold all such amounts and property received by it in an Eligible Account in trust for the Secured Parties, and shall apply such amounts as
provided in this Indenture. Any Indenture Account may include any number of subaccounts deemed necessary or appropriate by the Note Administrator for convenience in administering such account. 

(b) The Note Administrator shall credit all Collateral Interests and Eligible Investments to an Eligible Account in the name of the Issuer for
the benefit of the Secured Parties designated as the “Custodial Account,” except that Mortgage Notes and Participations may be held by the Custodian in the State of Minnesota pursuant to Section 3.3 of this
Indenture. 
 Section 10.2 Reinvestment Account. 

(a) The Issuer shall cause the Securities Intermediary to establish, on or prior to the Closing Date, a single, segregated trust account which
shall be designated as the “Reinvestment Account,” which shall be held in trust in the name of the Issuer on behalf of the Trustee, for the benefit of the Secured Parties and over which the Note Administrator shall have exclusive control
and the sole right of withdrawal; provided, however, that the Note Administrator shall only withdraw such amounts as directed by the Issuer or the Collateral Manager on behalf of the Issuer. All amounts credited to the Reinvestment
Account pursuant to Section 11.1(a)(ii) or otherwise shall be held by the Note Administrator as part of the Collateral and shall be applied to the purposes herein provided. 

(b) The Note Administrator agrees to give the Issuer and the Collateral Manager prompt notice if it becomes aware that the Reinvestment Account
or any funds on deposit therein, or otherwise to the credit of the Reinvestment Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Issuer shall have no legal, equitable or beneficial
interest in the Reinvestment Account other than in accordance with the Priority of Payments. The Reinvestment Account shall remain at all times an Eligible Account. 

(c) The Collateral Manager, on behalf of the Issuer, may direct the Note Administrator to, and upon such direction the Note Administrator
shall, cause the Securities Intermediary to invest all funds in the Reinvestment Account in Eligible Investments designated by the Collateral Manager as provided in Section 11.2. All interest and other income from such
investments shall be deposited in the Reinvestment Account, any gain realized from such investments shall be credited to the Reinvestment Account, and any loss resulting from such investments shall be charged to the Reinvestment Account. The Note
Administrator shall not in 

  
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any way be held liable (except as a result of negligence, willful misconduct or bad faith) by reason of any insufficiency of such Reinvestment Account resulting from any loss relating to any such
investment. If the Note Administrator or the Securities Intermediary does not receive written investment instructions from an Authorized Officer of the Collateral Manager, funds in the Reinvestment Account shall be invested in accordance with
Section 11.2. 
 (d) Amounts in the Reinvestment Account shall remain in the Reinvestment Account (or invested in
Eligible Investments) until the earlier of (i) the time the Collateral Manager instructs the Note Administrator in writing to transfer any such amounts (or related Eligible Investments) to the Payment Account, (ii) the time the Collateral
Manager notifies the Note Administrator in writing that such amounts (or related Eligible Investments) are to be applied to the acquisition of Reinvestment Collateral Interests and Funded Companion Participations in accordance with
Section 12.2, and (iii) the later of (x) the first Business Day after the last day of the Reinvestment Period and (y) if after the last day of the Reinvestment Period, the last settlement date within sixty
(60) days of the last day of the Reinvestment Period with respect to any Committed Reinvestment Collateral Interest. Upon receipt of notice pursuant to clause (i) above and on the dates described in clauses (ii) and
(iii) above, the Note Administrator shall transfer the applicable amounts (or related Eligible Investments) to the Payment Account, in each case for application on the next Payment Date pursuant to
Section 11.1(a)(ii) as Principal Proceeds. 
 (e) During the Reinvestment Period (and up to sixty (60) days
thereafter to the extent necessary to acquire any Committed Reinvestment Collateral Interests using Principal Proceeds received during the Reinvestment Period), the Collateral Manager on behalf of the Issuer may by notice to the Note Administrator
direct the Note Administrator to, and upon receipt of such notice the Note Administrator shall, reinvest amounts (and related Eligible Investments) credited to the Reinvestment Account in Commercial Real Estate Loans and Participations selected by
the Collateral Manager as permitted under and in accordance with the requirements of Article 12 and such notice. The Note Administrator shall be entitled to conclusively rely on such notice and shall not be required to make
any determination as to whether any loans or participations satisfy the Eligibility Criteria and the Acquisition Criteria. 

Section 10.3 Payment Account. 

(a) The Issuer shall cause the Securities Intermediary to establish, on or prior to the Closing Date, a single, segregated trust account which
shall be designated as the “Payment Account,” which shall be held in trust in the name of the Issuer, on behalf of the Trustee, for the benefit of the Secured Parties and over which the Note Administrator shall have exclusive control and
the sole right of withdrawal. All funds received by the Note Administrator from the Servicer on each Remittance Date shall be credited to the Payment Account. Any and all funds at any time on deposit in, or otherwise to the credit of, the Payment
Account shall be held in trust by the Note Administrator, in its capacity as Securities Intermediary, in the name of the Issuer on behalf of the Trustee for the benefit of the Secured Parties. Except as provided in Sections 10.3(c),
11.1 and 11.2, the only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall be (i) to pay the interest on and the principal of the Notes and make other payments
in respect of the Notes in accordance with their terms and the provisions of this Indenture, (ii) upon Issuer Order, to pay other amounts specified therein, and (iii) otherwise to pay amounts payable pursuant to and in accordance with the
terms of this Indenture, each in accordance with the Priority of Payments. 

  
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 (b) The Note Administrator agrees to give the Issuer and the Collateral Manager prompt
notice if it becomes aware that the Payment Account or any funds on deposit therein, or otherwise to the credit of the Payment Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Issuer
shall have no legal, equitable or beneficial interest in the Payment Account other than in accordance with the Priority of Payments. The Payment Account shall remain at all times an Eligible Account. 

(c) The Note Administrator may direct the Securities Intermediary to invest the funds on deposit in the Payment Account in one or more
Eligible Investments; provided that (i) any amounts held in the Payment Account that are invested shall be (x) invested only in short-term Eligible Investments and (y) sold no later than each Payment Date and prior to the
operation of the Priority of Payments, and (ii) in all cases, such funds shall be either (x) immediately available or (y) available in accordance with a schedule which will permit the Note Administrator to meet its payment obligations
hereunder. The Note Administrator shall be entitled to all income and gain realized from the investment of funds deposited in the Payment Account (such amount, “Additional Note Administrator Compensation”) in accordance with the
Priority of Payments. The Note Administrator shall deposit from its own funds in the Payment Account the amount of any loss incurred in respect of any such investment of funds immediately upon the realization of such loss; provided that the
Note Administrator shall not be required to deposit the amount of any loss on any investment of funds if such loss is incurred solely as a result of the insolvency of the federal or state-chartered depository institution or trust company that holds
the Payment Account, so long as such depository institution or trust company satisfied the qualifications set forth in the definition of “Eligible Account” in the month in which the loss occurred and at the time such investment was made.

 Section 10.4 [Reserved]. 

Section 10.5 [Reserved]. 

Section 10.6 Interest Advances. 

(a) With respect to each Payment Date for which the sum of Interest Proceeds and, if applicable, Principal Proceeds, collected during the
related Due Period and remitted to the Note Administrator that are available to pay interest on the Class A Notes, the Class A-S Notes and the Class B Notes in accordance with the Priority of
Payments, are insufficient to remit the interest due and payable with respect to the Class A Notes, the Class A-S Notes and the Class B Notes on such Payment Date as a result of interest
shortfalls on the Collateral Interests (or the application of interest received on the Collateral Interests to pay certain expenses in accordance with the terms of the Servicing Agreement) (the amount of such insufficiency, an “Interest
Shortfall”), the Note Administrator shall provide the Advancing Agent with email notice of such Interest Shortfall no later than 12:00 p.m. (New York time) on the Business Day preceding such Payment Date, at the following addresses:
FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com, or such other email address as provided by the Advancing Agent to the Note Administrator. The Note Administrator

  
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shall provide the Advancing Agent with additional email notice, prior to any funding of an Interest Advance by the Advancing Agent, of any additional interest remittances received by the Note
Administrator after delivery of such initial notice that reduces such Interest Shortfall. No later than 10:00 a.m. (New York time) on the related Payment Date, the Advancing Agent shall advance the difference between such amounts (each such advance,
an “Interest Advance”) by deposit of an amount equal to such Interest Advance in the Payment Account, subject to a determination of recoverability by the Advancing Agent as described in Section 10.6(b), and
subject to a maximum limit in respect of any Payment Date equal to the lesser of (i) the aggregate amount of the Interest Shortfalls that would otherwise occur on the Class A Notes, the
Class A-S Notes and the Class B Notes on such Payment Date and (ii) the aggregate amount of the interest payments not received in respect of Collateral Interests with respect to such Payment
Date (including, for such purpose, interest payments received on the Collateral Interests but applied to pay certain expenses in accordance with the terms of the Servicing Agreement). 

Notwithstanding the foregoing, in no circumstance will the Advancing Agent be required to make an Interest Advance in respect of a Collateral
Interest to the extent that the aggregate outstanding amount of all unreimbursed Interest Advances would exceed the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes and the
Class B Notes. In addition, in no event will the Advancing Agent, Backup Advancing Agent or the Trustee be required to advance any payments in respect of (i) interest on any Class of Notes other than the Class A Notes, the Class A-S Notes and the Class B Notes or (ii) principal of any Note. Any Interest Advance made by the Advancing Agent with respect to a Payment Date that is in excess of the actual Interest Shortfall
for such Payment Date shall be refunded to the Advancing Agent by the Note Administrator on the next Business Day (or, if such Interest Advance is made prior to final determination by the Note Administrator of such Interest Shortfall, on the
Business Day of such final determination). 
 The Advancing Agent shall provide the Note Administrator written notice of a determination by
the Advancing Agent that a proposed Interest Advance would constitute a Nonrecoverable Interest Advance no later than 10:00 a.m. (New York time) on the related Payment Date. If the Advancing Agent shall fail to make any required Interest Advance no
later than 10:00 a.m. (New York time) on the Payment Date upon which distributions are to be made pursuant to Section 11.1(a)(i), the Note Administrator shall remove the Advancing Agent in its capacity as advancing agent
hereunder as required under Section 17.5(d) and the Backup Advancing Agent shall be required to make such Interest Advance no later than 11:00 a.m. (New York time) on the Payment Date, subject to a determination of
recoverability by the Backup Advancing Agent as described in Section 10.6(b). If the Backup Advancing Agent fails to make any required Interest Advance by 12:00 p.m. on the Payment Date, then the Backup Advancing Agent
shall notify the Trustee, via email at cmbstrustee@wilmingtontrust.com no later than 12:00 p.m. on the Payment Date and shall furnish to the Trustee any information requested by the Trustee to determine recoverability of such Interest Advance. The
Trustee shall, based on its determination of recoverability, make such Interest Advance no later than 3:00 p.m. on the Payment Date. The Trustee shall be entitled to conclusively rely on any notice given by the Advancing Agent or Backup Advancing
Agent with respect to a Nonrecoverable Interest Advance hereunder. Based upon available information at the time, the Backup Advancing Agent or the Advancing Agent or the Collateral Manager, as applicable, will provide fifteen (15) days prior
notice to the Rating Agencies if recovery of a Nonrecoverable Interest Advance would result in an Interest Shortfall 

  
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on the next succeeding Payment Date. No later than the close of business on the Determination Date related to a Payment Date on which the recovery of a Nonrecoverable Interest Advance would
result in an Interest Shortfall, the Backup Advancing Agent or the Advancing Agent or the Collateral Manager, as applicable, shall provide the Rating Agencies with notice of such recovery. 

(b) Notwithstanding anything herein to the contrary, neither the Advancing Agent, the Backup Advancing Agent nor the Trustee, as applicable,
shall be required to make any Interest Advance unless such Person determines, in its sole discretion, exercised in good faith that such Interest Advance, or such proposed Interest Advance, plus interest expected to accrue thereon at the
Reimbursement Rate, will not be a Nonrecoverable Interest Advance. In determining whether any proposed Interest Advance will be, or whether any Interest Advance previously made is, a Nonrecoverable Interest Advance, the Advancing Agent, the Backup
Advancing Agent or the Trustee, as applicable, will take into account: 
 (i) amounts that may be realized on each Mortgaged
Property in its “as is” or then-current condition and occupancy; 
 (ii) the potential length of time before such
Interest Advance may be reimbursed and the resulting degree of uncertainty with respect to such reimbursement; and 
 (iii)
the possibility and effects of future adverse changes with respect to the Mortgaged Properties, and 
 (iv) the fact that
Interest Advances are intended to provide liquidity only and not credit support to the Holders of the Notes. 
 For purposes of any such
determination of whether an Interest Advance constitutes or would constitute a Nonrecoverable Interest Advance, an Interest Advance will be deemed to be nonrecoverable if the Advancing Agent, the Backup Advancing Agent or the Trustee, as applicable,
determines that future Interest Proceeds and Principal Proceeds may be ultimately insufficient to fully reimburse such Interest Advance, plus interest thereon at the Reimbursement Rate within a reasonable period of time. The Backup Advancing
Agent and the Trustee will be entitled to conclusively rely on any affirmative determination by the Advancing Agent that an Interest Advance would have been a Nonrecoverable Interest Advance. Absent bad faith, the determination by the Advancing
Agent, the Backup Advancing Agent or the Trustee, as applicable, as to the nonrecoverability of any Interest Advance shall be conclusive and binding on the Holders of the Class A Notes, the Class A-S
Notes and the Class B Notes. 
 (c) Each of the Advancing Agent, the Backup Advancing Agent and the Trustee may recover any previously
unreimbursed Interest Advance made by it (including any Nonrecoverable Interest Advance), together with interest thereon, first, from Interest Proceeds and second (to the extent that there are insufficient Interest Proceeds for such reimbursement),
from Principal Proceeds to the extent that such reimbursement would not trigger an additional Interest Shortfall; provided that if at any time an Interest Advance is determined to be a Nonrecoverable Interest Advance, the Advancing
Agent, the Backup Advancing Agent or the Trustee shall be entitled to recover all outstanding Interest Advances from the Collection Account pursuant to the Servicing Agreement on any Business Day during any Interest Accrual Period prior to the
related 

  
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Determination Date. The Advancing Agent or Backup Advancing Agent, as the case may be, shall be permitted (but not obligated) to defer or otherwise structure the timing of recoveries of
Nonrecoverable Interest Advances in such manner as the Advancing Agent or Backup Advancing Agent, as the case may be, determines is in the best interest of the Holders of the Notes, as a collective whole, which may include being reimbursed for
Nonrecoverable Interest Advances in installments. 
 (d) The Advancing Agent, the Backup Advancing Agent and the Trustee will each be
entitled with respect to any Interest Advance made by it (including Nonrecoverable Interest Advances) to interest accrued on the amount of such Interest Advance for so long as it is outstanding at the Reimbursement Rate. 

(e) The obligations of the Advancing Agent, the Backup Advancing Agent and the Trustee to make Interest Advances in respect of the
Class A Notes, the Class A-S Notes and the Class B Notes will continue through the Stated Maturity Date, unless such Notes are previously redeemed or repaid in full. 

(f) In no event shall the Advancing Agent, in its capacity as such hereunder, the Note Administrator, in its capacity as Backup Advancing
Agent hereunder, or the Trustee, in its capacity as backup advancing agent hereunder, be required to advance any amounts in respect of payments of principal of any Notes, nor payments in respect of interest, other than with respect to the
Class A Notes, the Class A-S Notes and the Class B Notes. Additionally, in no event will the Advancing Agent, in its capacity as such hereunder, or the Note Administrator, in its capacity as
Backup Advancing Agent hereunder, be required to advance any amounts in respect of payments of principal or interest, or any other amounts, of any Collateral Interest. 

(g) In consideration of the performance of its obligations hereunder, the Advancing Agent shall be entitled to receive, at the times set forth
herein and subject to the Priority of Payments, to the extent funds are available therefor, the Advancing Agent Fee. For so long as (i) FS Credit REIT (or any of its Affiliates) is the Advancing Agent and (ii) any of FS Credit REIT’s
affiliates owns the Class H Notes, FS Credit REIT hereby agrees, on behalf of itself and its affiliates, to waive its rights to receive the Advancing Agent Fee and any Reimbursement Interest. In the event that the Advancing Agent fails to make
an Interest Advance required to be made by the Advancing Agent pursuant to the terms of this Indenture, (x) the Advancing Agent shall be in default of its obligations under this Indenture, (y) the Backup Advancing Agent shall be required
to make such Interest Advance and shall be entitled to receive, in consideration thereof, the Advancing Agent Fee in accordance with the Priority of Payments and (z) the Note Administrator shall terminate the Advancing Agent and use commercially
reasonable efforts for up to 90 days following such termination to replace the Advancing Agent with a successor advancing agent that satisfies the requirements set forth in this Indenture. If the Advancing Agent is terminated for failing to make an
Interest Advance hereunder (as provided in Section 17.5(d)) (or for failing to make a Servicing Advance under the Servicing Agreement) that the Advancing Agent did not determine to be nonrecoverable, any applicable subsequent
successor advancing agent will be entitled to receive the Advancing Agent Fee (plus Reimbursement Interest on any Interest Advance made by the applicable subsequent successor advancing agent). 

  
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 (h) The determination by the Advancing Agent, the Backup Advancing Agent or the Trustee (in
its capacity as successor Advancing Agent), as applicable, (i) that it has made a Nonrecoverable Interest Advance (together with Reimbursement Interest thereon) or (ii) that any proposed Interest Advance, if made, would constitute a
Nonrecoverable Interest Advance, shall be evidenced by an Officer’s Certificate delivered promptly to the Trustee, the Note Administrator, the Issuer and the 17g-5 Information Provider, setting forth the
basis for such determination; provided that failure to give such notice, or any defect therein, shall not impair or affect the validity of, or the Advancing Agent, the Backup Advancing Agent or the Trustee, entitlement to reimbursement
with respect to, any Interest Advance. 
 (i) With respect to any Interest Advance made by the Trustee, the Trustee shall succeed to all of
the Backup Advancing Agent’s rights, protections and immunities hereunder, including, without limitation, the Backup Advancing Agent’s rights of reimbursement and interest on each Interest Advance at the reimbursement rate, the Advancing
Agent Fee and the right to determine that a proposed Interest Advance is a Nonrecoverable Interest Advance. Without limiting the generality of the foregoing, all references to “Backup Advancing Agent” in
Section 11.1 relating to reimbursing the Backup Advancing Agent for any Interest Advance or interest thereon shall include the “Trustee” so the Note Administrator shall be entitled to withdraw from the Payment
Account any amounts available to pay the Trustee, reimburse the Trustee for such Interest Advances and other items and use such amounts instead to reimburse the Trustee for such Interest Advances; provided that the Trustee shall have priority
over the Backup Advancing Agent for such reimbursements. 
 (j) The Trustee will remain eligible to act as Backup Advancing Agent for so
long as it maintains its eligibility requirements as Trustee under Section 6.8. 
 Section 10.7 Reports by
Parties. 
 The Note Administrator shall supply, in a timely fashion, to the Issuer, the Trustee, the Special Servicer, the Servicer and
the Collateral Manager any information regularly maintained by the Note Administrator that the Issuer, the Trustee, the Special Servicer, the Servicer or the Collateral Manager may from time to time request in writing with respect to the Collateral
or the Indenture Accounts and provide any other information reasonably available to the Note Administrator by reason of its acting as Note Administrator hereunder and required to be provided by Section 10.8 or to permit the
Collateral Manager to perform its obligations under the Collateral Management Agreement. Each of the Issuer, the Servicer, and the Special Servicer shall promptly forward to the Collateral Manager, the Trustee and the Note Administrator any
information in their possession or reasonably available to them concerning any of the Collateral that the Trustee or the Note Administrator reasonably may request or that reasonably may be necessary to enable the Note Administrator to prepare any
report or to enable the Trustee or the Note Administrator to perform any duty or function on its part to be performed under the terms of this Indenture. 

Section 10.8 Reports; Accountings. 

(a) Based on the CREFC® Loan Periodic Update File prepared by the Servicer with
respect to the Serviced Commercial Real Estate Loans and delivered by the Servicer to the Note Administrator no later than 2:00 p.m. (New York time) on the 2nd Business Day prior to each Remittance Date, the Note Administrator shall prepare and make
available on the Note Administrator’s Website, on each Payment Date to Privileged Persons, a report substantially in the form of Exhibit P hereto (the “Monthly Report”), setting forth the following information: 

  
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 (i) the amount of the distribution of principal and interest on such Payment
Date to the Noteholders and any reduction of the Aggregate Outstanding Amount of the Notes; 
 (ii) the aggregate amount of
compensation paid to the Note Administrator, the Trustee and servicing compensation paid to the Servicer during the related Due Period; 

(iii) the Aggregate Outstanding Portfolio Balance outstanding immediately before and immediately after the Payment Date; 

(iv) the number, Aggregate Outstanding Portfolio Balance, weighted average remaining term to maturity and weighted average
interest rate of the Collateral Interests as of the end of the related Due Period; 
 (v) the number and aggregate principal
balance of Collateral Interests that are (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days or more and (D) current but
Specially Serviced Loans or in foreclosure but not an REO Property; 
 (vi) the value of any REO Property owned by the Issuer
or any Permitted Subsidiary as of the end of the related Due Period, on an individual Collateral Interest basis, based on the most recent appraisal or valuation; 

(vii) the amount of Interest Proceeds and Principal Proceeds received in the related Due Period; 

(viii) the amount of any Interest Advances made by the Advancing Agent, the Backup Advancing Agent or the Trustee, as
applicable; 
 (ix) the payments due pursuant to the Priority of Payments with respect to each clause thereof; 

(x) the number and related principal balances of any Collateral Interests that have been (or are related to Participated Loans
that have been) extended or modified during the related Due Period on an individual basis; 
 (xi) the amount of any
remaining unpaid Interest Shortfalls as of the close of business on the Payment Date; 
 (xii) a listing of each Collateral
Interest that was the subject of a principal prepayment during the related collection period and the amount of principal prepayment occurring; 

(xiii) the aggregate unpaid principal balance of the Collateral Interests outstanding as of the close of business on the
related Determination Date; 

  
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 (xiv) with respect to any Collateral Interest as to which a liquidation
occurred during the related Due Period (other than through a payment in full), (A) the number thereof and (B) the aggregate of all liquidation proceeds which are included in the Payment Account and other amounts received in connection with the
liquidation (separately identifying the portion thereof allocable to distributions of the Notes); 
 (xv) with respect to any
REO Property owned by the Issuer or any Permitted Subsidiary thereof, as to which the Special Servicer determined that all payments or recoveries with respect to the related property have been ultimately recovered during the related collection
period, (A) the related Collateral Interest and (B) the aggregate of all liquidation proceeds and other amounts received in connection with that determination (separately identifying the portion thereof allocable to distributions on the
Notes); 
 (xvi) [Reserved]; 

(xvii) the aggregate amount of interest on monthly debt service advances in respect of the Collateral Interests paid to the
Advancing Agent, the Backup Advancing Agent and/or the Trustee since the prior Payment Date; 
 (xviii) a listing of each
material modification, extension or waiver made with respect to each Collateral Interest; 
 (xix) an itemized listing of any
Special Servicing Fees received from the Special Servicer or any of its affiliates during the related Due Period; 
 (xx) the
Net Outstanding Portfolio Balance; and 
 (xxi) confirmation that the Trustee has received, within the preceding month, a
certificate from FS Credit REIT and the Retention Holder in accordance with Section 1(d)(i) of the EU/UK Risk Retention Letter. 
 (b)
The Note Administrator will post on the Note Administrator’s Website, any report received from the Servicer or Special Servicer detailing any breach of the representations and warranties with respect to any Collateral Interest by the Seller or
any of its affiliates and the steps taken by the Seller or any of its affiliates to cure such breach; a listing of any breach of the representations and warranties with respect to any Collateral Interest by the Seller or any of its affiliates and
the steps taken by the Seller or any of its affiliates to cure such breach. 
 (c) All information made available on the Note
Administrator’s Website will be restricted and the Note Administrator will only provide access to such reports to Privileged Persons in accordance with this Indenture. In connection with providing access to its website, the Note Administrator
may require registration and the acceptance of a disclaimer. 
 (d) Not more than five (5) Business Days after receiving an Issuer
Request requesting information regarding an Auction Call Redemption, a Clean-up Call, a Tax Redemption, or an Optional Redemption as of a proposed Redemption Date, the Note Administrator shall, subject to its
timely receipt of the necessary information to the extent not in its possession, compute the following information and provide such information in a statement delivered to the Collateral Manager and the Holders of the Class H Notes: 

  
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 (i) the Aggregate Outstanding Amount of the Notes of the Class or
Classes to be redeemed as of such Redemption Date; 
 (ii) the amount of accrued interest due on such Notes as of the last
day of the Due Period immediately preceding such Redemption Date; 
 (iii) the Redemption Price; 

(iv) the sum of all amounts due and unpaid under Section 11.1(a) (other than amounts payable on the
Notes being redeemed or to the Noteholders thereof); and 
 (v) the amounts in the Collection Account and the Indenture
Accounts available for application to the redemption of such Notes. 
 (e) Commencing after the quarter ending on June 30, 2022, the
Issuer (or the Collateral Manager on its behalf) shall use its reasonable best efforts to provide quarterly updates on the status of the business plan for each Collateral Interest, which reports shall be posted to the Note Administrator’s
Website. Such reports shall be delivered by the Issuer via email to the Note Administrator at CREBondAdmin@wellsfargo.com. 
 (f)
Commencing in May 2022, the Issuer (or the Collateral Manager on its behalf) shall provide monthly updates with respect to any Commercial Real Estate Loan where the related obligors have formally requested any forbearance and/or material monetary
modification, which reports will be posted to the Note Administrator’s Website. No such report will be required for any month in which no such request has been made and no previously reported request (including any request disclosed in the
Offering Memorandum) is resolved or remains under consideration. Such reports shall be delivered by the Issuer via email to the Note Administrator at CREBondAdmin@wellsfargo.com. 

Section 10.9 Release of Collateral Interests; Release of Collateral. 

(a) If no Event of Default has occurred and is continuing and subject to Article 12 hereof, the Issuer (or the
Collateral Manager on its behalf) may direct the Trustee to release a Pledged Collateral Interest from the lien of this Indenture, by Issuer Order delivered to the Trustee and the Custodian at least two (2) Business Days prior to the settlement
date for any sale of a Pledged Collateral Interest, which Issuer Order shall be accompanied by a certification of the Collateral Manager (i) that the Pledged Collateral Interest has been sold pursuant to and in compliance with
Article 12 or (ii) in the case of a redemption pursuant to Section 9.1, that the Pledged Collateral Interest has been sold in compliance with Section 9.1(g), and,
upon receipt of a Request for Release of such Collateral Interest from the Collateral Manager, the Servicer or the Special Servicer, the Custodian shall deliver any such Pledged Collateral Interest, if in physical form, duly endorsed to the broker
or purchaser designated in such Issuer Order or to the Issuer if so requested in the Issuer Order, or, if such Pledged Collateral Interest is represented by a Security Entitlement, cause an appropriate transfer thereof to be made, in each case
against receipt of the sales price therefor as set forth in such Issuer Order. If requested, the Custodian may deliver any 

  
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such Pledged Collateral Interest in physical form for examination (prior to receipt of the sales proceeds) in accordance with street delivery custom. The Custodian shall (i) deliver any
agreements and other documents in its possession relating to such Pledged Collateral Interest and (ii) the Trustee, if applicable, duly assign each such agreement and other document, in each case, to the broker or purchaser designated in such
Issuer Order or to the Issuer if so requested in the Issuer Order. 
 (b) The Issuer (or the Collateral Manager on behalf of the Issuer) may
deliver to the Trustee and Custodian at least three (3) Business Days prior to the date set for redemption or payment in full of a Pledged Collateral Interest, an Issuer Order certifying that such Pledged Collateral Interest is being paid in
full. Thereafter, the Collateral Manager, the Servicer or the Special Servicer, by delivery of a Request for Release, may direct the Custodian to deliver such Pledged Collateral Interest and the related Collateral Interest File therefor on or before
the date set for redemption or payment, to the Collateral Manager, the Servicer or the Special Servicer for redemption against receipt of the applicable redemption price or payment in full thereof. 

(c) With respect to any Collateral Interest subject to a workout or restructuring, the Issuer (or the Collateral Manager on behalf of the
Issuer) may, by Issuer Order delivered to the Trustee and Custodian at least two (2) Business Days prior to the date set for an exchange, tender or sale, certify that a Collateral Interest is subject to a workout or restructuring and setting
forth in reasonable detail the procedure for response thereto. Thereafter, the Collateral Manager, the Servicer or the Special Servicer may, in accordance with the terms of, and subject to any required consent and consultation obligations set forth
in the Servicing Agreement, direct the Custodian, by delivery to the Custodian of a Request for Release, to deliver any Collateral to the Collateral Manager, the Servicer or the Special Servicer in accordance with such Request for Release. 

(d) The Special Servicer shall remit to the Servicer for deposit into the Collection Account any proceeds received by it from the disposition
of a Pledged Collateral Interest and treat such proceeds as Principal Proceeds, for remittance by the Servicer to the Note Administrator on the first Remittance Date occurring thereafter. None of the Trustee, the Note Administrator or the Securities
Intermediary shall be responsible for any loss resulting from delivery or transfer of any such proceeds prior to receipt of payment in accordance herewith. 

(e) The Trustee shall, upon receipt of an Issuer Order declaring that there are no Notes Outstanding and all obligations of the Issuer
hereunder have been satisfied, release the Collateral from the lien of this Indenture. 
 (f) Upon receiving actual notice of any offer or
any request for a waiver, consent, amendment or other modification with respect to any Collateral Interest, or in the event any action is required to be taken in respect to a Loan Document, the Special Servicer on behalf of the Issuer will promptly
notify the Collateral Manager and the Servicer of such request, and the Special Servicer shall grant any waiver or consent, and enter into any amendment or other modification pursuant to the Servicing Agreement in accordance with the Servicing
Standard. In the case of any modification or amendment that results in the release of the related Collateral Interest, notwithstanding anything to the contrary in Section 5.5(a), the Custodian, upon receipt of a Request for
Release, shall release the related Collateral Interest File upon the written instruction of the Special Servicer. 

  
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 Section 10.10 Information Available Electronically. (a) The Note
Administrator shall make available to any Privileged Person (in each case, as applicable, to the extent received by it) by means of the Note Administrator’s Website the following items (to the extent such items were prepared by or delivered to
the Note Administrator in electronic format): 
 (i) the following documents, which will initially be available under a tab
or heading designated “deal documents”: 
 (1) the final Offering Memorandum related to the Offered Notes; 

(2) the Servicing Agreement, and any schedules, exhibits and supplements thereto; 

(3) this Indenture, and any schedules, exhibits and supplements thereto; and 

(4) the CREFC® Loan Setup file; 

(ii) the following documents will initially be available under a tab or heading designated “periodic reports”: 

(1) the Monthly Reports prepared by the Note Administrator pursuant to Section 10.8(a); and 

(2) certain information and reports specified in the Servicing Agreement (including the collection of reports specified by CRE
Finance Council or any successor organization reasonably acceptable to the Note Administrator and the Servicer) known as the “CREFC® Investor Reporting Package” relating to the
Collateral Interests (including Reinvestment Collateral Interests, Exchange Collateral Interests and Contribution Collateral Interests) to the extent that the Note Administrator receives such information and reports from the Servicer and the Special
Servicer from time to time; 
 (iii) the following documents, which will initially be available under a tab or heading
designated “additional documents”: 
 (1) inspection reports delivered to the Note Administrator under the terms of
the Servicing Agreement; 
 (2) appraisals delivered to the Note Administrator under the terms of the Servicing Agreement;

 (3) any quarterly updates on the status of the business plan for each Collateral Interest delivered by the Issuer to the
Note Administrator; 
 (4) any monthly updates on the status of borrower requests for forbearance and/or material monetary
modification relating to each Collateral Interest delivered by the Issuer to the Note Administrator and 

  
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 (5) upon direction of the Issuer, any reports or such other information
that, from time to time, the Issuer or the Special Servicer provides to the Note Administrator to be made available on the Note Administrator’s Website; 

(iv) the following documents, which will initially be available under a tab or heading designated “special notices”:

 (1) notice of final payment on the Notes delivered to the Note Administrator pursuant to
Section 2.7(e); 
 (2) notice of termination of the Servicer or the Special Servicer; 

(3) notice of a servicer termination event (with respect to the Servicer or the Special Servicer, as applicable), as defined in
the Servicing Agreement and delivered to the Note Administrator under the terms of the Servicing Agreement; 
 (4) notice of
the resignation of any party to this Indenture and notice of the acceptance of appointment of a replacement for any such party, to the extent such notice is prepared or received by the Note Administrator; 

(5) officer’s certificates supporting the determination that any Interest Advance was (or, if made, would be) a
Nonrecoverable Interest Advance delivered to the Note Administrator pursuant to Section 10.6(b); 

(6) any direction received by the Note Administrator from the Collateral Manager for the termination of the Special Servicer
during any period when such person is entitled to make such a direction; 
 (7) any direction received by the Note
Administrator from a Majority of the Controlling Class or a Supermajority of the Notes for the termination of the Note Administrator or the Trustee pursuant to Section 6.9(c); 

(8) any notices from the Collateral Manager with respect to any Benchmark Transition Event, Benchmark Replacement Date,
Benchmark Replacement, Benchmark Replacement Adjustment or any supplemental indenture implementing Benchmark Replacement Conforming Changes; 

(9) any notice or documents provided to the Note Administrator by the Collateral Manager or the Servicer directing the Note
Administrator to post to the “special notices” tab; and 
 (10) any notice of a proposed supplement, amendment or
modification to this Indenture. 
 (v) Any notices required pursuant to the EU/UK Risk Retention Letter and provided by the
EU/UK Retention Holder, the Retention Holder, or the Collateral Manager to the Note Administrator, which will initially be available under a tab or heading designated “EU/UK Risk Retention”; 

  
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 (vi) The following notices provided by the Retention Holder or the
Collateral Manager to the Note Administrator, if any, which will initially be available under a tab or heading designated “U.S. Risk Retention Special Notices”: 

(1) any changes to the fair values set forth in the “Credit Risk Retention” section of the Offering Memorandum
between the date of the Offering Memorandum and the Closing Date; 
 (2) any material differences between the valuation
methodology or any of the key inputs and assumptions that were used in calculating the fair value or range of fair values prior to the pricing of the Notes and the Closing Date; and 

(3) any noncompliance by the Sponsor with the Credit Risk Retention Rules; 

(vii) the “Investor Q&A Forum” pursuant to Section 10.11; and 

(viii) solely to Noteholders, the “Investor Registry” pursuant to Section 10.11. 

(b) Privileged Persons who execute Exhibit Q-2 shall only be entitled to access the Monthly
Report, and shall not have access to any other information on the Note Administrator’s Website. 
 (c) The Note Administrator’s
Website shall initially be located at www.ctslink.com. The foregoing information shall be made available by the Note Administrator on the Note Administrator’s Website promptly following receipt. The Note Administrator may change the
titles of the tabs and headings on portions of its website, and may re-arrange the files as it deems proper. The Note Administrator shall have no obligation or duty to verify, confirm or otherwise determine
whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any such information is delivered or posted in error, the Note
Administrator may remove it from the Note Administrator’s Website. The Note Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Note Administrator’s Website to the
extent such information was not produced by the Note Administrator. In connection with providing access to the Note Administrator’s Website, the Note Administrator may require registration and the acceptance of a disclaimer. The Note
Administrator shall not be liable for the dissemination of information in accordance with the terms of this Indenture, makes no representations or warranties as to the accuracy or completeness of such information being made available, and assumes no
responsibility for such information. Assistance in using the Note Administrator’s Website can be obtained by calling (866) 846-4526. 

Section 10.11 Investor Q&A Forum; Investor Registry. 

(a) The Note Administrator shall make the “Investor Q&A Forum” available to Privileged Persons and prospective purchasers
of Notes that are Privileged Persons by means of the Note Administrator’s Website, where Noteholders (including beneficial owners of Notes) may (i) submit inquiries to the Note Administrator relating to the Monthly Reports, and submit
inquiries to the Collateral Manager, the Servicer or the Special Servicer (each, a “Q&A Respondent”) 

  
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relating to any servicing reports prepared by that party, the Collateral Interests, or the properties related thereto (each, an “Inquiry” and collectively,
“Inquiries”), and (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of an Inquiry for a Q&A Respondent, the Note Administrator shall forward the Inquiry to
the applicable Q&A Respondent, in each case via email within a commercially reasonable period of time following receipt thereof. Following receipt of an Inquiry, the Note Administrator and the applicable Q&A Respondent, unless such party
determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the applicable Q&A Respondent shall be by email (or such other method as to which the Note Administrator, the Collateral Manager, the Servicer
and the Special Servicer may mutually agree) to the Note Administrator. The Note Administrator shall post (within a commercially reasonable period of time following preparation or receipt of such answer, as the case may be) such Inquiry and the
related answer to the Note Administrator’s Website. If the Note Administrator or the applicable Q&A Respondent determines, in its respective sole discretion, that (i) any Inquiry is not of a type described above, (ii) answering
any Inquiry would not be in the best interests of the Issuer or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law, the Loan Documents, this Indenture, the Servicing Agreement, the Collateral Management
Standard or the Collateral Management Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Note Administrator, the Servicer, the Special Servicer or the
Collateral Manager, as applicable or (v) answering any such Inquiry would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work product, or is otherwise not advisable to answer, it
shall not be required to answer such Inquiry and shall promptly notify the Note Administrator of such determination. The Note Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry shall not be answered in
accordance with the terms of this Indenture. Any notice by the Note Administrator to the Person who submitted an Inquiry that shall not be answered shall include the following statement: “Because the Indenture and the Servicing Agreement
provides that the Note Administrator, the Servicer, the Special Servicer or the Collateral Manager shall not answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described
in the Indenture, (ii) answering any Inquiry would not be in the best interests of the Issuer and/or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law or the Loan Documents, the Collateral Management
Agreement, the Indenture or the Servicing Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Note Administrator, the Servicer, the Special Servicer or the
Collateral Manager, as applicable, or (v) answering any such Inquiry would reasonably be expected to result in the waiver of an attorney client privilege or the disclosure of attorney work product, or is otherwise not advisable to answer, no
inference shall be drawn from the fact that the Note Administrator, the Servicer, the Special Servicer or the Collateral Manager has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum shall be attributable only to the
respondent, and shall not be deemed to be answers from any of the Issuer, the Collateral Manager, the Placement Agents or any of their respective Affiliates. None of the Placement Agents, the Issuer, the Seller, the Collateral Manager, the Advancing
Agent, the Future Funding Indemnitor, the Retention Holder, the Servicer, the Special Servicer, the Note Administrator or the Trustee, or any of their respective Affiliates shall certify to any of the information posted in the Investor Q&A Forum
and no such party shall have any responsibility or liability for the content of any such information. The Note Administrator shall not be required to post to the Note Administrator’s 

  
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Website any Inquiry or answer thereto that the Note Administrator determines, in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum shall not reflect
questions, answers and other communications that are not submitted via the Note Administrator’s Website. Additionally, the Note Administrator may require acceptance of a waiver and disclaimer for access to the Investor Q&A Forum. 

(b) The Note Administrator shall make available to any Noteholder and any beneficial owner of a Note, the Investor Registry. The
“Investor Registry” shall be a voluntary service available on the Note Administrator’s Website, where Noteholders and beneficial owners of Notes can register and thereafter obtain information with respect to any other
Noteholder or beneficial owner that has so registered. Any Person registering to use the Investor Registry shall be required to certify that (i) it is a Noteholder or a beneficial owner of a Note and (ii) it grants authorization to the
Note Administrator to make its name and contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered Noteholders and registered beneficial owners or Notes. Such Person shall then
be asked to enter certain mandatory fields such as the individual’s name, the company name and email address, as well as certain optional fields such as address, and phone number. If any Noteholder or beneficial owner of a Note notifies the
Note Administrator that it wishes to be removed from the Investor Registry (which notice may not be within forty-five (45) days of its registration), the Note Administrator shall promptly remove it from the Investor Registry. The Note
Administrator shall not be responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Note Administrator may require acceptance
of a waiver and disclaimer for access to the Investor Registry. 
 (c) Certain information concerning the Collateral and the Notes,
including the Monthly Reports, CREFC® reports and supplemental notices, shall be provided by the Note Administrator to certain market data providers upon receipt by the Note Administrator from
such persons of a certification in the form of Exhibit R hereto, which certification may be submitted electronically via the Note Administrator’s Website. The Issuer hereby authorizes the provision of such information to Bloomberg, L.P.,
Trepp, LLC, Intex Solutions, Inc., Markit Group Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics, Inc., KBRA Analytics, LLC, MBS Data, LLC, RealInsight, Thomson Reuters Corporation and
PricingDirect Inc. 
 (d) The 17g-5 Information Provider will make the “Rating Agency Q&A
Forum and Servicer Document Request Tool” available to NRSROs via the 17g-5 Information Providers Website, where NRSROs may (i) submit inquiries to the Trustee or Note Administrator relating to the
Monthly Report, (ii) submit inquiries to the Servicer, Collateral Manager or the Special Servicer relating to servicing reports, or the Collateral, except to the extent already obtained, (iii) submit requests for loan-level reports and
information, and (iv) view previously submitted inquiries and related answers or reports, as the case may be. The Collateral Manager, the Trustee, the Note Administrator, the Servicer or the Special Servicer, as applicable, will be required to
answer each inquiry, unless it determines that (a) answering the inquiry would be in violation of applicable law, the Servicing Standard, this Indenture, the Servicing Agreement, the Collateral Management Standard, the Collateral Management
Agreement or the applicable Loan Documents, (b) answering the inquiry would or is reasonably expected to result in a waiver of an 

  
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attorney-client privilege or the disclosure of attorney work product, or (c) answering the inquiry would materially increase the duties of, or result in significant additional cost or
expense to, such party, and the performance of such additional duty or the payment of such additional cost or expense is beyond the scope of its duties under this Indenture or the Servicing Agreement, as applicable. In the event that any of the
Collateral Manager, the Trustee, the Note Administrator, the Servicer or the Special Servicer declines to answer an inquiry, it shall promptly email the 17g-5 Information Provider with the basis of such
declination. The 17g-5 Information Provider will be required to post the inquiries and the related answers (or reports, as applicable) on the Rating Agency Q&A Forum and Servicer Document Request Tool
promptly upon receipt, or in the event that an inquiry is unanswered, the inquiry and the basis for which it was unanswered. The Rating Agency Q&A Forum and Servicer Document Request Tool may not reflect questions, answers, or other
communications which are not submitted through the 17g-5 Website. Answers and information posted on the Rating Agency Q&A Forum and Servicer Document Request Tool will be attributable only to the
respondent, and will not be deemed to be answers from any other Person. No such other Person will have any responsibility or liability for, and will not be deemed to have knowledge of, the content of any such information. 

Section 10.12 Certain Procedures. 

(a) For so long as the Notes may be transferred only in accordance with Rule 144A, the Issuer (or the Collateral Manager on its behalf)
will ensure that any Bloomberg screen containing information about the Rule 144A Global Notes includes the following (or similar) language: 

(i) the “Note Box” on the bottom of the “Security Display” page describing the Rule 144A Global Notes will
state: “Iss’d Under 144A”; 
 (ii) the “Security Display” page will have the flashing red indicator
“See Other Available Information”; and 
 (b) the indicator will link to the “Additional Security Information” page,
which will state that the Offered Notes “are being offered in reliance on the exemption from registration under Rule 144A of the Securities Act to persons who are qualified institutional buyers (as defined in Rule 144A under the Securities
Act).” 
 ARTICLE 11 

APPLICATION OF FUNDS 

Section 11.1 Disbursements of Amounts from Payment Account. 

(a) Notwithstanding any other provision in this Indenture, but subject to the other subsections of this
Section 11.1, on each Payment Date, the Note Administrator shall disburse amounts transferred to the Payment Account in accordance with the following priorities (the “Priority of Payments”): 

  
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 (i) Interest Proceeds. On each Payment Date that is not a Redemption
Date, the Stated Maturity Date or a Payment Date following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Interest Proceeds with respect to the related Due Period shall be distributed in the following
order of priority: 
 (1) to the payment of taxes and filing fees (including any registered office and government fees) owed
by the Issuer, if any; 
 (2) (a) first, to the extent not previously reimbursed, to the Trustee, the Backup Advancing
Agent and the Advancing Agent, in that order, the aggregate amount of any Nonrecoverable Interest Advances due and payable to such party; (b) second, to the Advancing Agent (or to the Backup Advancing Agent or the Trustee, as
applicable), the Advancing Agent Fee and any previously due but unpaid Advancing Agent Fee (with respect to amounts owed to the Advancing Agent, unless waived by the Advancing Agent) (provided that the Advancing Agent, the Backup Advancing
Agent or the Trustee, as applicable, has not failed to make any Interest Advance required to be made in respect of any Payment Date pursuant to the terms of this Indenture); and (c) third, to the Trustee, the Backup Advancing Agent and
the Advancing Agent, in that order and to the extent due and payable to such party, Reimbursement Interest and reimbursement of any outstanding Interest Advances not to exceed, in each case, the amount that would result in an Interest Shortfall with
respect to such Payment Date; 
 (3) (a) first, to the payment to the Note Administrator and the Trustee of the
accrued and unpaid fees in respect of their services equal to, in the aggregate, $5,750 per month, and to the Note Administrator, the Additional Note Administrator Compensation, (b) second, to the payment of other accrued and
unpaid Company Administrative Expenses of the Note Administrator, the Trustee, the Custodian and the Paying Agent and (c) third, to the payment of any other accrued and unpaid Company Administrative Expenses, the aggregate of all
such amounts in this clause (c) (other than amounts payable to the Servicer or the Special Servicer) per Expense Year not to exceed $150,000 per annum for the Note Administrator and $100,000 per annum for the Trustee; 

(4) to the payment of the Collateral Manager Fee and any previously due but unpaid Collateral Manager Fee (if not waived by the
Collateral Manager); 
 (5) to the payment of the Class A Interest Distribution Amount, plus, any Class A
Defaulted Interest Amount; 
 (6) to the payment of the Class A-S Interest
Distribution Amount, plus, any Class A-S Defaulted Interest Amount; 

(7) to the payment of the Class B Interest Distribution Amount, plus, any Class B Defaulted Interest Amount;

 (8) to the payment of the Class C Interest Distribution Amount, plus, any Class C Defaulted Interest
Amount; 

  
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 (9) to the payment of the Class C Deferred Interest (in reduction of
the Aggregate Outstanding Amount of the Class C Notes); 
 (10) to the payment of the Class D Interest Distribution
Amount, plus, any Class D Defaulted Interest Amount; 
 (11) to the payment of the Class D Deferred Interest
(in reduction of the Aggregate Outstanding Amount of the Class D Notes); 
 (12) to the payment of the Class E
Interest Distribution Amount, plus, any Class E Defaulted Interest Amount; 
 (13) to the payment of the
Class E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class E Notes); 
 (14) if
either of the Note Protection Tests is not satisfied as of the Determination Date relating to such Payment Date, to the payment of, (i) first, principal on the Class A Notes, (ii) second, principal on the Class A-S Notes, (iii) third, principal on the Class B Notes, (iv) fourth, principal on the Class C Notes, (v) fifth, principal on the Class D
Notes, and (vi) sixth, principal on the Class E Notes, in each case to the extent necessary to cause each of the Note Protection Tests to be satisfied or, if sooner, until the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes have been paid in full; 

(15) pro rata, based on entitlement, to the payment of the Class F Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X Interest Distribution Amount plus, any Class F Defaulted Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted Interest Amount; 

(16) pro rata, based on entitlement, to the payment of the Class F Deferred Interest (in reduction of the Aggregate
Outstanding Amount of the Class F Notes) and the Class F-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class F-E Notes);

 (17) pro rata, based on entitlement, to the payment of the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount, plus, any Class G Defaulted Interest Amount, any Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount; 

(18) pro rata, based on entitlement, to the payment of the Class G Deferred Interest (in reduction of the Aggregate
Outstanding Amount of the Class G Notes) and the Class G-E Deferred Interest (in reduction of the Aggregate Outstanding Amount of the Class G-E Notes);

  
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 (19) to the payment of any Company Administrative Expenses not paid pursuant
to clause (3) above in the order specified therein; and 
 (20) any remaining Interest Proceeds to be paid to the
holders of the Class H Notes. 
 (ii) Principal Proceeds. On each Payment Date that is not a Redemption Date, the
Stated Maturity Date or a Payment Date following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Principal Proceeds with respect to the related Due Period shall be distributed in the following order of
priority: 
 (1) to the payment of the amounts referred to in clauses (1) through (5) of
Section 11.1(a)(i) in the same order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent not paid in full thereunder; 

(2) during the Reinvestment Period and for so long as the Note Protection Tests are satisfied, so long as the Issuer is
permitted to purchase Reinvestment Collateral Interests at the direction of the Collateral Manager, the amount designated by the Collateral Manager during the related Interest Accrual Period to be held for reinvestment in Reinvestment Collateral
Interests or for payment of the purchase price of Reinvestment Collateral Interests (it being understood that the Collateral Manager will be deemed to have directed the reinvestment of all Principal Proceeds until such time as it has provided the
Note Administrator with a notice to the contrary); 
 (3) to the payment of principal of the Class A Notes until the
Class A Notes have been paid in full; 
 (4) to the payment of the
Class A-S Interest Distribution Amount plus any Class A-S Defaulted Interest Amount, to the extent not paid pursuant to clause (6) of
Section 11.1(a)(i) above; 
 (5) to the payment of principal of the
Class A-S Notes until the Class A-S Notes have been paid in full; 

(6) to the payment of the Class B Interest Distribution Amount plus any Class B Defaulted Interest Amount, to
the extent not paid pursuant to clause (7) of Section 11.1(a)(i) above; 

(7) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full; 

(8) to the payment of the Class C Interest Distribution Amount plus any Class C Defaulted Interest Amount, to
the extent not paid pursuant to clause (8) of Section 11.1(a)(i) above; 

  
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 (9) to the payment of principal of the Class C Notes (including any
Class C Deferred Interest) until the Class C Notes have been paid in full; 
 (10) to the payment of the
Class D Interest Distribution Amount plus any Class D Defaulted Interest Amount, to the extent not paid pursuant to clause (10) of Section 11.1(a)(i) above; 

(11) to the payment of principal of the Class D Notes (including any Class D Deferred Interest) until the
Class D Notes have been paid in full; 
 (12) to the payment of the Class E Interest Distribution Amount
plus any Class E Defaulted Interest Amount, to the extent not paid pursuant to clause (12) of Section 11.1(a)(i) above; 

(13) to the payment of principal of the Class E Notes (including any Class E Deferred Interest) until the
Class E Notes have been paid in full; 
 (14) pro rata, based on entitlement, to the payment of the Class F
Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X Interest Distribution Amount plus, any Class F Defaulted
Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted Interest Amount, to the extent not paid pursuant to clause
(15) of Section 11.1(a)(i) above; 
 (15) pro rata, based on Aggregate Outstanding Amount,
to the payment of principal of the Class F Notes (including any Class F Deferred Interest) and the Class F-E Notes (including any Class F-E Deferred
Interest) until the Class F Notes and the Class F-E Notes have been paid in full; 

(16) pro rata, based on entitlement, to the payment of the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount plus, any Class G Defaulted Interest Amount, any Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount, to the extent not paid pursuant to clause (17) of
Section 11.1(a)(i) above; 
 (17) pro rata, based on Aggregate Outstanding Amount, to the payment
of principal of the Class G Notes (including any Class G Deferred Interest) and the Class G-E Notes (including any Class G-E Deferred Interest) until
the Class G Notes and the Class G-E Notes have been paid in full; and 

(18) any remaining Principal Proceeds to be paid to the holders of the Class H Notes. 

During the Reinvestment Period, the Collateral Manager may request that the Servicer remit Principal Proceeds to the Note Administrator, no
later than five (5) Business Days after receipt by the Servicer of the related Principal Proceeds, for deposit into the Reinvestment Account prior to a Payment Date upon certification by the Collateral Manager to each of the Servicer and the
Note Administrator that (i) the Note Protection Tests were satisfied as of the immediately preceding Payment Date, (ii) the Collateral Manager reasonably expects the Note 

  
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Protection Tests to be satisfied on the immediately succeeding Payment Date and (iii) the Collateral Manager reasonably expects that such Principal Proceeds will not be necessary to make
payments in accordance with clause (1) of this Section 11.1(a)(ii), and Principal Proceeds available for distribution in accordance with this Section 11.1(a)(ii) shall be reduced
accordingly. The Collateral Manager shall provide each such request to the Servicer at least five (5) Business Days prior to the expected receipt of Principal Proceeds subject to such request. Any such request referred to above (a) shall
be allowed no more than once in each Due Period and only during the Reinvestment Period and (b) shall specify the requested date of remittance and amount of the Principal Proceeds to be remitted. Upon receipt of such certification by the Note
Administrator and receipt of such funds from the Servicer, the Note Administrator shall be entitled to release any such funds upon direction from the Collateral Manager. 

(iii) Redemption Dates and Payment Dates During Events of Default. On any Redemption Date, the Stated Maturity Date or a
Payment Date following an acceleration of the Notes due to the occurrence and continuation of an Event of Default, Interest Proceeds and Principal Proceeds with respect to the related Due Period will be distributed in the following order of
priority: 
 (1) to the payment of the amounts referred to in clauses (1) through (4) of
Section 11.1(a)(i) in the same order of priority specified therein, but without giving effect to any limitations on amounts payable set forth therein; 

(2) to the payment of any out-of-pocket fees
and expenses of the Issuer, the Note Administrator, Custodian and Trustee (including legal fees and expenses) incurred in connection with an acceleration of the Notes following an Event of Default, including in connection with sale and liquidation
of any of the Collateral in connection therewith, to the extent not previously paid or withheld; 
 (3) to the payment of the
Class A Interest Distribution Amount plus any Class A Defaulted Interest Amount; 
 (4) to the payment in
full of principal of the Class A Notes; 
 (5) to the payment of the
Class A-S Interest Distribution Amount plus any Class A-S Defaulted Interest Amount; 

(6) to the payment in full of principal of the Class A-S Notes; 

(7) to the payment of the Class B Interest Distribution Amount plus any Class B Defaulted Interest Amount;

 (8) to the payment in full of principal of the Class B Notes; 

(9) to the payment of the Class C Interest Distribution Amount plus any Class C Defaulted Interest Amount;

 (10) to the payment in full of principal of the Class C Notes (including any Class C Deferred Interest); 

  
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 (11) to the payment of the Class D Interest Distribution Amount
plus any Class D Defaulted Interest Amount; 
 (12) to the payment in full of principal of the Class D Notes
(including any Class D Deferred Interest); 
 (13) to the payment of the Class E Interest Distribution Amount
plus any Class E Defaulted Interest Amount; 
 (14) to the payment in full of principal of the Class E Notes
(including any Class E Deferred Interest); 
 (15) pro rata, based on entitlement, to the payment of the Class F
Interest Distribution Amount, the Class F-E Interest Distribution Amount and the Class F-X Interest Distribution Amount, plus, any Class F
Defaulted Interest Amount, any Class F-E Defaulted Interest Amount and any Class F-X Defaulted Interest Amount; 

(16) pro rata, based on Aggregate Outstanding Amount, to the payment in full of principal of the Class F Notes and the Class F-E Notes (including any Class F Deferred Interest and any Class F-E Deferred Interest); 

(17) pro rata, based on entitlement, to the payment of the Class G Interest Distribution Amount, the Class G-E Interest Distribution Amount and the Class G-X Interest Distribution Amount, plus, any Class G Defaulted Interest Amount, any Class G-E Defaulted Interest Amount and any Class G-X Defaulted Interest Amount; 

(18) pro rata, based on Aggregate Outstanding Amount, to the payment in full of principal of the Class G Notes and the Class G-E Notes (including any Class G Deferred Interest and any Class G-E Deferred Interest); and 

(19) any remaining Interest Proceeds and Principal Proceeds to be paid to the Class H Noteholders. 

(b) On or before the Business Day prior to each Payment Date, the Issuer shall, pursuant to Section 10.3, remit or
cause to be remitted to the Note Administrator for deposit in the Payment Account an amount of Cash sufficient to pay the amounts described in Section 11.1(a) required to be paid on such Payment Date. 

(c) If on any Payment Date the amount available in the Payment Account from amounts received in the related Due Period are insufficient to
make the full amount of the disbursements required by any clause of Sections 11.1(a)(i), (a)(ii) or (a)(iii), such payments will be made to Noteholders of each applicable Class, as to each such clause, ratably
in accordance with the respective amounts of such disbursements then due and payable to the extent funds are available therefor. 

  
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 (d) In connection with any required payment by the Issuer to the Servicer or the Special
Servicer pursuant to the Servicing Agreement of any amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the Collateral Interests, the Servicer or the Special Servicer, as applicable, shall be
entitled to retain or withdraw such amounts from the Collection Account and the Participated Loan Collection Account pursuant to the terms of the Servicing Agreement. 

Section 11.2 Securities Accounts. 

The Issuer hereby directs the Note Administrator to invest all amounts held by, or deposited with, the Securities Intermediary in the
Reinvestment Account pursuant to the provisions of this Indenture. Such amounts shall be invested in Eligible Investments as directed in writing by the Collateral Manager on behalf of the Issuer and credited to the Reinvestment Account, as the case
may be. Absent such direction, all amounts deposited with the Note Administrator in the Reinvestment Account shall be invested in Goldman Sachs Government Money Market Fund #465 (Institutional Class – FGTXX), so long as such investment
continues to be an Eligible Investment. Amounts held by or deposited with the Securities Intermediary in the Payment Account may be invested pursuant to Section 10.3(c). Any amounts not invested in Eligible Investments as
herein provided shall be credited to one or more Securities Accounts established and maintained pursuant to the Securities Account Control Agreement with the Securities Intermediary. The Custodial Account held by the Note Administrator shall be held
uninvested. 
 ARTICLE 12 

SALE OF COLLATERAL INTERESTS; REINVESTMENT COLLATERAL INTERESTS; EXCHANGE COLLATERAL INTERESTS; FUTURE FUNDING ESTIMATES 

Section 12.1 Sales of Collateral Interests. 

(a) Except as otherwise expressly permitted or required by this Indenture, the Issuer shall not sell or otherwise dispose of any Collateral
Interest. The Collateral Manager, on behalf of the Issuer, acting pursuant to the Collateral Management Agreement may direct the Special Servicer in writing to sell at any time: 

(i) any Defaulted Collateral Interest; 

(ii) any Credit Risk Collateral Interest, unless (A) the Trustee, upon written direction of a majority of the Controlling
Class, has provided written notice to the Collateral Manager that no further sales of Credit Risk Collateral Interests shall be permitted or (B) in the case of a sale of a Credit Risk Collateral Interest to an entity other than the Collateral
Manager or an affiliate thereof that is for a Cash purchase price that is less than the Par Purchase Price, the Note Protection Tests were not satisfied as of the immediately preceding Determination Date and have not been cured as of the proposed
sale date; and 

  
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 (iii) any Collateral Interest acquired in violation of the Eligibility
Criteria or the Acquisition Criteria. 
 The Special Servicer shall sell any Collateral Interest in any sale permitted pursuant to this
Section 12.1(a), as directed by the Collateral Manager. Promptly after any sale pursuant to this Section 12.1(a), the Collateral Manager shall notify the
17g-5 Information Provider of the Collateral Interest sold and the sale price and shall provide such other information relating to such sale as may be reasonably requested by the Rating Agencies. 

(b) In addition, with respect to any Defaulted Collateral Interest or Credit Risk Collateral Interest permitted to be sold pursuant to
Section 12.1(a), such Defaulted Collateral Interest or Credit Risk Collateral Interest may be sold by the Issuer: 

(i) with respect to a Credit Risk Collateral Interest, to an entity, other than an Interested Person; 

(ii) with respect to a Credit Risk Collateral Interest, to an Interested Person that is purchasing such Credit Risk Collateral
Interest from the Issuer for a cash purchase price that is at least equal to: 
 (A) in the case of an Interested Person
other than the Collateral Manager or any of its Affiliates, the Par Purchase Price, or 
 (B) in the case of the Collateral
Manager or any of its Affiliates: 
 A. until the Disposition Limitation Threshold has been met, the Par Purchase Price
thereof; and 
 B. after the Disposition Limitation Threshold has been met, following disclosure to, and approval by, the
Advisory Committee, the greater of (x) the Par Purchase Price thereof and (y) the fair market value thereof; or 

(iii) with respect to a Defaulted Collateral Interest, to any entity (including an Interested Person) for a price that
(x) the Special Servicer, in accordance with the Servicing Standard, or (y) the Trustee, as applicable, determines to be at least equal to the fair market value of such Defaulted Collateral Interest (any purchase in this clause
(iii) or clause (ii) above is referred to herein as a “Credit Risk/Defaulted Collateral Interest Cash Purchase”). 

In connection with the sale of a Credit Risk Collateral Interest or a Defaulted Collateral Interest, the Collateral Manager may cause the
Issuer to create one or more participation interests in such Defaulted Collateral Interest or Credit Risk Collateral Interest and direct the sale of one or more of such participation interests. 

If the Collateral Manager directs the sale of a Collateral Interest acquired in violation of the Eligibility Criteria or the Acquisition
Criteria, the Issuer may sell such Collateral Interest to the Collateral Manager or an Affiliate thereof for a Cash purchase price that is equal to or greater than the Par Purchase Price. 

  
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 If a Collateral Interest that is a Defaulted Collateral Interest is not sold or otherwise
disposed of by the Issuer within three years of such Collateral Interest becoming a Defaulted Collateral Interest, the Collateral Manager will use commercially reasonable efforts to cause the Issuer to sell or otherwise dispose of such Collateral
Interest as soon as commercially practicable thereafter. In no event shall the Issuer or the Collateral Manager be permitted to sell or otherwise dispose of any Collateral Interest for the primary purpose of recognizing gains or decreasing losses
resulting from market value changes. 
 (c) [Reserved]. 

(d) Whether any offer constitutes a fair price for any Defaulted Collateral Interest shall be determined by the Special Servicer, if the
highest offeror is a person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person. If the Trustee is required to determine the fair price for any Defaulted Collateral Interest, Trustee may (at its option
and at the expense of the Issuer), and shall be required to, if the purchaser is the Seller or any of its Affiliates, designate an independent third party expert in real estate or commercial mortgage loan matters with at least five
(5) years’ experience in valuing or investing in mortgage loans similar to the Defaulted Collateral Interest, that has been selected with reasonable care by the Trustee to determine the fair market value for such Defaulted Collateral
Interest. The Trustee shall be entitled to conclusively rely upon any such third party determination; provided that no offer from an Interested Person will constitute a fair price for purposes of this
Section 12.1 unless (i) it is the highest offer received and (ii) if the Defaulted Collateral Interest has been marketed for sale for a period of less than three (3) months, at least one other offer is
received from an independent third party. All reasonable fees and costs of any appraisals, inspection reports, and opinions of value incurred by any such third party shall be covered by, and shall be paid in advance of any determination by the
applicable Interested Person; provided that the Trustee may not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee. 

(e) A Defaulted Collateral Interest or Credit Risk Collateral Interest may be disposed of at any time, following disclosure to, and approval
by, the Advisory Committee, by the Collateral Manager directing the Issuer to exchange such Defaulted Collateral Interest or Credit Risk Collateral Interest for (1) a substitute Collateral Interest owned by the Collateral Manager or an
Affiliate of the Collateral Manager that satisfies the Eligibility Criteria and the Acquisition Criteria (such Collateral Interest, an “Exchange Collateral Interest”) or (2) a combination of an Exchange Collateral Interest and
Cash; provided that: 
 (i) with respect to any Defaulted Collateral Interest, the sum of (1) the Par
Purchase Price of such Exchange Collateral Interest plus (2) the cash amount (if any) to be paid to the Issuer in connection with such exchange, is equal to or greater than the Par Purchase Price of the Defaulted Collateral Interest sought to
be exchanged; 
 (ii) with respect to any Credit Risk Collateral Interest: 

(A) until the Disposition Limitation Threshold has been met, the sum of (1) the Par Purchase Price of such Exchange
Collateral Interest plus (2) the cash amount (if any) to be paid to the Issuer by the Collateral Manager or an affiliate of the Collateral Manager in connection with such exchange, is equal to or greater than the Par Purchase Price of the
Credit Risk Collateral Interest sought to be exchanged; 

  
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 (B) after the Disposition Limitation Threshold has been met, the sum of
(1) the Par Purchase Price of such Exchange Collateral Interest plus (2) the cash amount (if any) to be paid to the Issuer by the Collateral Manager or an affiliate of the Collateral Manager in connection with such exchange, is equal to or
greater than the greater of (x) the Par Purchase Price of the Credit Risk Collateral Interest and (y) the fair market value thereof; and 

(iii) the aggregate Principal Balance of all Credit Risk Collateral Interests subject to such exchange cumulatively after the
Reinvestment Period, including the Credit Risk Collateral Interest proposed for exchange, does not cause the Credit Risk Exchange Limitation to be met. 

(f) In addition to the above, at all times the Majority Class H Noteholder shall have the right to purchase any Defaulted Collateral
Interest and any Credit Risk Collateral Interest for a purchase price equal to: 
 (i) until the Disposition Limitation
Threshold has been met, the Par Purchase Price; and 
 (ii) after the Disposition Limitation Threshold has been met,
following disclosure to, and approval by, the Advisory Committee, the greater of (x) the Par Purchase Price and (y) the fair market value thereof. 

(g) In the event that any Notes remain Outstanding as of the Payment Date occurring six months prior to the Stated Maturity Date of the Notes,
the Collateral Manager will be required to determine whether the proceeds expected to be received on the Collateral Interests prior to the Stated Maturity Date of the Notes will be sufficient to pay in full the principal amount of (and accrued
interest on) the Notes on the Stated Maturity Date. If the Collateral Manager determines, in its sole discretion, that such proceeds will not be sufficient to pay the outstanding principal amount of and accrued interest on the Notes on the Stated
Maturity Date of the Notes, the Issuer will, at the direction of the Collateral Manager, be obligated to liquidate the portion of Collateral Interests sufficient to pay the remaining principal amount of and interest on the Notes on or before the
Stated Maturity Date. The Collateral Interests to be liquidated by the Issuer will be selected by the Collateral Manager. 
 (h)
Notwithstanding anything herein to the contrary, the Collateral Manager on behalf of the Issuer shall be permitted to sell or otherwise transfer (including as a contribution) to a Permitted Subsidiary at any time any Sensitive Asset for
consideration consisting of equity interests in such Permitted Subsidiary (or an increase in the value of equity interests already owned). 

(i) Under no circumstances shall the Trustee in its individual capacity be required to acquire any Collateral Interests or any property
related thereto. 

  
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 (j) Any Collateral Interest sold pursuant to this Section 12.1
shall be released from the lien of this Indenture. 
 (k) Any disposition of a Collateral Interest shall comply with the Acquisition and
Disposition Requirements. 
 Section 12.2 Reinvestment Collateral Interests. 

(a) Except as provided in Section 12.3(c), during the Reinvestment Period (or within sixty (60) days after the
end of the Reinvestment Period, in the case of any Committed Reinvestment Collateral Interest), amounts (or Eligible Investments) credited to the Reinvestment Account may, but are not required to, be reinvested in Reinvestment Collateral Interests
(which shall be, and hereby are upon acquisition by the Issuer, Granted to the Trustee pursuant to the Granting Clause of this Indenture) that satisfy as of the date of the commitment to purchase such Reinvestment Collateral Interests the applicable
Eligibility Criteria and the following additional criteria (the “Acquisition Criteria”), as evidenced by an Officer’s Certificate of the Collateral Manager on behalf of the Issuer delivered to the Trustee and the Note
Administrator, substantially in the form of Exhibit S hereto (which shall include the Subsequent Transfer Instrument attached to such Officer’s Certificate), delivered as of the date of the commitment to purchase such Reinvestment
Collateral Interests: 
 (i) the Note Protection Tests are satisfied; 

(ii) no Event of Default has occurred and is continuing; 

(iii) its acquisition will be in compliance with the Acquisition and Disposition Requirements; and 

(iv) the Sub-Advisor or one of its affiliates acts as the sub-advisor to the Collateral Manager. 
 In addition, the acquisition by the Issuer of any Reinvestment
Collateral Interest shall be conditioned upon receipt by the Note Administrator and Custodian of a Subsequent Transfer Instrument which shall, as of the date of such transfer, (1) list the purchase price for the related Reinvestment Collateral
Interest, (2) warrant and confirm the satisfaction of the conditions precedent specified in Section 3 of the Collateral Interest Purchase Agreement and (3) make the representations and warranties made in Section 4 of the
Collateral Interest Purchase Agreement, subject only to such exceptions, if any, as are taken by the Seller with respect to such Reinvestment Collateral Interest (which are also set forth on such transfer instrument). In connection with any such
acquisition, the Custodian shall receive the Collateral Interest File no later than one (1) Business Day prior to the acquisition of the applicable Collateral Interest, along with a Subsequent Transfer Instrument in accordance with
Section 12.3, and shall review such Collateral Interest File in accordance with Section 3.3(f). 

(b) Notwithstanding the foregoing provisions, (i) Cash on deposit in the Reinvestment Account may be invested in Eligible Investments
pending investment in Reinvestment Collateral Interests and (ii) if an Event of Default shall have occurred and be continuing, no Reinvestment Collateral Interest may be acquired unless it was the subject of a commitment entered into by the
Issuer prior to the occurrence of such Event of Default. 

  
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 (c) Notwithstanding the foregoing provisions, the Holders of the Class H Notes may
contribute additional Cash, Eligible Investments and/or Collateral Interests to the Issuer so long as, in the case of Collateral Interests, any such Collateral Interests satisfy the Eligibility Criteria at the time of such contribution (any such
Collateral Interests, “Contribution Collateral Interests”), including, but not limited to, for purposes of effecting any cure rights reserved for the holder of the Participations, pursuant to and in accordance with the terms of the
related Participation Agreement. Cash or Eligible Investments contributed to the Issuer by the Retention Holder (during the Reinvestment Period) shall be credited to the Reinvestment Account (unless the Retention Holder directs otherwise) and may be
reinvested by the Issuer in Reinvestment Collateral Interests and Funded Companion Participations so long as no Event of Default has occurred and is continuing. 

Section 12.3 Conditions Applicable to All Transactions Involving Sale or Grant. 

(a) Any transaction effected after the Closing Date under this Article 12 or shall be conducted in accordance with
the requirements of the Collateral Management Agreement; provided that (1) the Collateral Manager shall not direct the Trustee to acquire any Collateral Interest for inclusion in the Collateral from the Collateral Manager or any
of its Affiliates as principal or to sell any Collateral Interest from the Collateral to the Collateral Manager or any of its Affiliates as principal unless the transaction is effected in accordance with the Collateral Management Agreement and
(2) the Collateral Manager shall not direct the Trustee to acquire any Collateral Interest for inclusion in the Collateral from any account or portfolio for which the Collateral Manager, FS Real Estate Advisor, LLC, the Sub-Advisor or any of their respective affiliates serves as investment adviser or direct the Special Servicer to sell any Collateral Interest to any account or portfolio for which the Collateral Manager serves as
investment adviser unless such transactions comply with the Collateral Management Agreement and Section 206(3) of the Advisers Act. The Trustee shall have no responsibility to oversee compliance with this clause by the other parties. 

(b) Upon any Grant pursuant to this Article 12 (including any Grant pursuant to the acquisition of any Collateral
Interest as evidenced by any Subsequent Transfer Instrument), all of the Issuer’s right, title and interest to the Collateral Interest or Notes shall be Granted to the Trustee pursuant to this Indenture, such Collateral Interest or Notes shall
be registered in the name of the Issuer, and the Custodian shall receive such Pledged Collateral Interest or Notes. The Trustee and the Note Administrator also shall receive, not later than the date of delivery of any Collateral Interest delivered
after the Closing Date, an Officer’s Certificate of the Collateral Manager, on behalf of the Issuer, certifying that, as of the date of such Grant, such Grant complies with the applicable conditions of and is permitted by this
Article 12 (and setting forth, to the extent appropriate, calculations in reasonable detail necessary to determine such compliance). 

(c) Notwithstanding anything contained in this Article 12 to the contrary, the Issuer shall, subject to this
Section 12.3(c), have the right to effect any transaction that has been consented to by the Holders of Notes evidencing 100% of the Aggregate Outstanding Amount of each and every Class of Notes. 

  
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 Section 12.4 Modifications to Note Protection Tests. 

In the event that (1) Moody’s modifies the definitions or calculations relating to any of the Moody’s specific Eligibility
Criteria or (2) any Rating Agency modifies the definitions or calculations relating to either Note Protection Test (each, a “Rating Agency Test Modification”), in any case in order to correspond with published changes in the
guidelines, methodology or standards established by such Rating Agency, the Issuer may, but is under no obligation solely as a result of this Section 12.4 to, incorporate corresponding changes into this Indenture by an
amendment or supplement hereto without the consent of the Holders of the Notes (except as provided below) (but with written notice to the Noteholders) if (x) in the case of a modification of a Moody’s specific Eligibility Criteria, the
Rating Agency Condition is satisfied with respect to Moody’s, (y) in the case of a modification of a Note Protection Test, the Rating Agency Condition is satisfied with respect to each Rating Agency then rating any Class of Notes and
(z) written notice of such modification is delivered by the Collateral Manager to the Trustee and the Holders of the Notes (which notice may be included in the next regularly scheduled report to Noteholders). Any such Rating Agency Test
Modification shall be effected without execution of a supplemental indenture; provided, however, that such amendment shall be (i) evidenced by a written instrument executed and delivered by each of the Issuer and the Collateral
Manager and delivered to the Trustee, and (ii) accompanied by delivery by the Issuer to the Trustee of an Officer’s Certificate of the Issuer (or the Collateral Manager on behalf of the Issuer) certifying that such amendment has been made
pursuant to and in compliance with this Section 12.4. 
 Section 12.5 Future Funding Agreement. 

(a) The Note Administrator and the Trustee, on behalf of the Noteholders, are hereby directed by the Issuer to (i) enter into the Future
Funding Agreement and the Future Funding Reserve Account Control Agreement, pursuant to which FS Credit REIT will agree to cause the Seller to pledge certain collateral described therein in order to secure certain future funding obligations of
affiliates of the Seller as holders of the related Future Funding Participations under the Participation Agreements and (ii) administer the rights of the Note Administrator and the secured party, as applicable, under the Future Funding
Agreement and the Future Funding Reserve Account Control Agreement. In the event an Access Termination Notice (as defined in the Future Funding Agreement) has been sent by the Note Administrator to the related account bank and for so long as such
Access Termination Notice is not withdrawn by the Note Administrator, the Note Administrator shall direct the use of funds on deposit in the Future Funding Reserve Account in accordance with written instructions delivered pursuant to the terms of
the Future Funding Agreement. Neither the Trustee nor the Note Administrator shall have any obligation to ensure that FS Credit REIT and the Seller are depositing or causing to be deposited all amounts into the Future Funding Reserve Account that
are required to be deposited therein pursuant to the Future Funding Agreement. 
 (b) The 17g-5
Information Provider shall promptly post to the 17g-5 Website pursuant to Section 14.12(d), any certification with respect to the holder of the related Future Funding Participations
that is delivered to it in accordance with the Future Funding Agreement. 

  
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 Section 12.6 Cross-Collateralized and Cross-Defaulted Collateral Interests. 

With respect to any Collateral Interests that are cross-collateralized and cross-defaulted with each other, if one of such Collateral
Interests is to be sold or exchanged in any manner described herein, the Issuer will be obligated to dispose of such Collateral Interest and all of the related cross-collateralized and cross-defaulted Collateral Interests, unless the related
borrower satisfies the conditions in the related Loan Documents for the uncrossing of such Collateral Interests. 
 ARTICLE 13 

NOTEHOLDERS’ RELATIONS 

Section 13.1 Subordination. 

(a) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class A Notes, that the rights of the Holders of the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes,
the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class A Notes to the extent and in the manner set forth in Article 11 of this Indenture;
provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and
outstanding principal on the Class A Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class A Notes consent, other than in Cash, before any further
payment or distribution is made on account of any other Class of Notes, to the extent and in the manner provided in Section 11.1(a)(iii). 

(b) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class A-S Notes, that the rights of the Holders of the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class A-S Notes to the extent and in the manner set forth in
Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of
Default, all accrued and unpaid interest on and outstanding principal on the Class A-S Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100%
of Holders of the Class A-S Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class B Notes, the Class C Notes, the Class D
Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the
Class G-E Notes, the Class G-X Notes and the Class H Notes to the extent and in the manner provided in Section 11.1(a)(iii).

 (c) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the
Holders of the Class B Notes, that the rights of the Holders of the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X

  
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Notes and the Class H Notes shall be subordinate and junior to the Class B Notes to the extent and in the manner set forth in Article 11 of this Indenture;
provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and
outstanding principal on the Class B Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class B Notes consent, other than in Cash, before any further
payment or distribution is made on account of any of the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to
the extent and in the manner provided in Section 11.1(a)(iii). 
 (d) Anything in this Indenture or the Notes to
the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the Class C Notes, that the rights of the Holders of the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class C Notes to the extent and in the manner set forth in Article 11 of this Indenture;
provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and
outstanding principal on the Class C Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class C Notes consent, other than in Cash, before any further
payment or distribution is made on account of any of the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X
Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to the extent and in the manner provided in
Section 11.1(a)(iii). 
 (e) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer
and the Holders agree, for the benefit of the Holders of the Class D Notes, that the rights of the Holders of the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes shall be
subordinate and junior to the Class D Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the
occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class D Notes shall be paid pursuant to
Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class D Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class E Notes,
the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

(f) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class E Notes, that the rights of the Holders of the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class E Notes to the extent and in the manner set forth
in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event
of Default, all accrued and unpaid interest on and outstanding principal on the Class E Notes shall be paid 

  
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pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class E Notes consent, other than in Cash, before any further payment or
distribution is made on account of any of the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to the extent and in the manner provided in Section 11.1(a)(iii). 

(g) Anything in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders
of the Class F Notes, the Class F-E Notes and the Class F-X Notes, that the rights of the Holders of the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes shall be subordinate and junior to the Class F Notes, the
Class F-E Notes and the Class F-X Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided
that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on
the Class F Notes, the Class F-E Notes and the Class F-X Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash
or, to the extent 100% of Holders of the Class F Notes, the Class F-E Notes and the Class F-X Notes consent, other than in Cash, before any further
payment or distribution is made on account of any of the Class G Notes, the Class G-E Notes and the Class G-X Notes or the Class H Notes to the
extent and in the manner provided in Section 11.1(a)(iii). 
 (h) Anything in this Indenture or the Notes to the
contrary notwithstanding, the Issuer and the Holders agree that, for the benefit of the Holders of the Class G Notes, the Class G-E Notes and the
Class G-X Notes that the rights of the Holders of the Class H Notes shall be subordinate and junior to the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes to the extent and in the manner set forth in Article 11 of this Indenture; provided that on each Redemption Date and each Payment Date as a result of the occurrence
and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class G Notes, the Class G-E
Notes and the Class G-X Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class G Notes, the
Class G-E Notes, the Class G-X Notes and the Class H Notes consent, other than in Cash, before any further payment or distribution is made on account of
any of the Class H Notes, to the extent and in the manner provided in Section 11.1(a)(iii). 
 (i) In the event that
notwithstanding the provisions of this Indenture, any Holders of any Class of Notes shall have received any payment or distribution in respect of such Class contrary to the provisions of this Indenture, then, unless and until all accrued
and unpaid interest on and outstanding principal of all more senior Classes of Notes have been paid in full in accordance with this Indenture, such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith
be paid over and delivered to, the Note Administrator, which shall pay and deliver the same to the Holders of the more senior Classes of Notes in accordance with this Indenture. 

(j) Each Holder of any Class of Notes agrees with the Note Administrator on behalf of the Secured Parties that such Holder shall not
demand, accept, or receive any payment or distribution in respect of such Notes in violation of the provisions of this Indenture including Section 11.1(a) and this Section 13.1; provided,
however, that after all accrued and unpaid interest 

  
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on, and principal of, each Class of Notes senior to such Class have been paid in full, the Holders of such Class of Notes shall be fully subrogated to the rights of the Holders of
each Class of Notes senior thereto. Nothing in this Section 13.1 shall affect the obligation of the Issuer to pay Holders of such Class of Notes any amounts due and payable hereunder. 

(k) The Holders of each Class of Notes agree, for the benefit of all Holders of the Notes, not to institute against, or join any other
Person in instituting against, the Issuer or any Permitted Subsidiary, any petition for bankruptcy, reorganization, arrangement, moratorium, liquidation or other similar proceedings under the laws of any jurisdiction before one year and one day or,
if longer, the applicable preference period then in effect and one day, have elapsed since the final payments to the Holders of the Notes. 

Section 13.2 Standard of Conduct. 

In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Noteholder under this Indenture, a
Noteholder or Noteholders shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or them or at its or their direction or
any failure by it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely affects any Noteholder, the Issuer, or any other Person, except for any liability to which such Noteholder
may be subject to the extent the same results from such Noteholder’s taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture. 

ARTICLE 14 

MISCELLANEOUS 

Section 14.1 Form of Documents Delivered to the Trustee and Note Administrator. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Authorized Officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer of the Issuer or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Collateral Manager or any other Person, stating that the information with respect to such factual matters is in
the possession of the Issuer, the Collateral Manager or such other Person, unless such Authorized Officer of the Issuer or such 

  
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counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel also may be based, insofar as it relates to factual matters,
upon a certificate or opinion of, or representations by, an Authorized Officer of the Issuer, or the Servicer or the Special Servicer on behalf of the Issuer, certifying as to the factual matters that form a basis for such Opinion of Counsel and
stating that the information with respect to such matters is in the possession of the Issuer or the Collateral Manager on behalf of the Issuer, unless such counsel knows that the certificate or opinion or representations with respect to such matters
are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever
in this Indenture it is provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition precedent to the taking of any action by the Trustee or the Note Administrator at the request or
direction of the Issuer, then notwithstanding that the satisfaction of such condition is a condition precedent to the Issuer’s rights to make such request or direction, the Trustee or the Note Administrator shall be protected in acting in
accordance with such request or direction if it does not have knowledge of the occurrence and continuation of such Default or Event of Default as provided in Section 6.1(i). 

Section 14.2 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Trustee and the Note Administrator, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action or actions embodied therein
and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and conclusive in favor of the Trustee, the Note Administrator, the Issuer, if made in the manner provided in this Section 14.2. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee or the
Note Administrator deems sufficient. 
 (c) The principal amount and registered numbers of Notes held by any Person, and the date of his
holding the same, shall be proved by the Notes Register. Notwithstanding the foregoing, the Trustee and Note Administrator may conclusively rely on an Investor Certification to determine ownership of any Notes. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Noteholder shall bind such Noteholder (and
any transferee thereof) of such Note and of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Note Administrator or the Issuer
in reliance thereon, whether or not notation of such action is made upon such Note. 

  
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 Section 14.3 Notices, etc., to the Trustee, the Note Administrator, the Issuer, the
Advancing Agent, the Servicer, the Special Servicer, the Placement Agents, the Collateral Manager and the Rating Agencies. 
 Any
request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and addressed in each case as follows: 

(a) if to the Trustee, addressed to Wilmington Trust, National Association, 1100 North Market Street, Wilmington, Delaware 19890, Attention:
CMBS Trustee – FS Rialto 2022-FL4, Facsimile number: (302) 636-6196, with a copy by email to cmbstrustee@wilmingtontrust.com, or at any other address previously
furnished in writing to the parties hereto and the Servicing Agreement, and to the Noteholders; 
 (b) if to the Note Administrator,
addressed to Computershare Trust Company, National Association, Corporate Trust Office, 9062 Old Annapolis Road, Columbia, Maryland 21045 Attention: Corporate Trust Services—FS Rialto 2022-FL4, e-mail: trustadministrationgroup@wellsfargo.com with a copy to CREBondAdmin@wellsfargo.com and, with respect to any certification sent by the EU/UK Retention Holder with respect to EU Compliance, to
eurrcompliance@wellsfargo.com, or at any other address previously furnished in writing to the parties hereto and the Servicing Agreement, and to the Noteholders; 

(c) if to the Issuer, addressed to FS Rialto 2022-FL4 Issuer, LLC, c/o FS Credit Real Estate Income
Trust, Inc., 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department, Email: FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com; with copies to FS Investments, 201
Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department, Email: FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com; Rialto Capital Management, LLC, 600 Madison Avenue, 12th
Floor, New York, New York 10022, Attention: Philip Orban, Managing Director 
 E-mail:
philip.orban@rialtocapital.com; and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address previously furnished in writing to the Trustee and the Note
Administrator by the Issuer, with a copy to the Special Servicer; 
 (d) if to the Advancing Agent, addressed to FS Credit Real Estate
Income Trust, Inc., 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal Department, Email: FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com, with copies to Rialto Capital
Management, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Philip Orban, Managing Director, E-mail: philip.orban@rialtocapital.com and Cadwalader, Wickersham & Taft LLP, 200
Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address previously furnished in writing to the Trustee, the Note Administrator, and the Issuer, with a copy to the Special Servicer at its address set forth below;

  
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 (e) if to the Servicer, addressed to Wells Fargo Bank, National Association, Commercial
Mortgage Servicing, 550 South Tryon Street, 23rd Floor, MAC D1086-23A, Charlotte, North Carolina 28202, Attention: FS Rialto
2022-FL4 Asset Manager, Fax: (704) 715-0036, Email: commercial.servicing@wellsfargo.com, with a copy to Mayer Brown LLP, 214 North Tryon Street, Suite 3800, Charlotte,
North Carolina 28202, Attention: Christopher J. Brady, Esq., Fax: (704) 377-2033, with a copy by email to cbrady@mayerbrown.com, or at any other address previously furnished in writing to the Issuer, the Note
Administrator and the Trustee; 
 (f) if to the Special Servicer, addressed to Rialto Capital Advisors, LLC, Rialto Capital Advisors, LLC,
200 S. Biscayne Blvd., Suite 3550, Miami, Florida 33131, Attention: Adam Singer, Managing Director, E-mail: adam.singer@rialtocapital.com, with copies to Rialto Capital Advisors, LLC, 200 S. Biscayne Blvd.,
Suite 3550, Miami, Florida 33131, Attention: Liat Heller, General Counsel, E-mail: liat.heller@rialtocapital.com and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281,
Attention: Jeffrey Rotblat, or at any other address previously furnished in writing to the Issuer, the Note Administrator and the Trustee; 

(g) if to the Rating Agencies, addressed to them at (i) DBRS, Inc., 22 West Washington St., Chicago, Illinois 60602, Attention:
Commercial Mortgage Surveillance, Fax: (312) 332-3492 (or by electronic mail at cmbs.surveillance@morningstar.com) and (ii) with respect to Moody’s Investor Services, Inc., 7 World Trade Center, 250
Greenwich Street, New York, New York 10007, Attention: CRE CDO Surveillance, (or by electronic mail at moodys_cre_cdo_monitoring@moodys.com), or such other address that any Rating Agency shall designate in the future; provided that any
request, demand, authorization, direction, order, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with the Rating Agencies shall be given in
accordance with, and subject to, the provisions of Section 14.12; 
 (h) if to WFS as a Placement Agent, addressed
to Wells Fargo Securities, LLC, 30 Hudson Yards, New York, New York 10001, Attention: A.J. Sfarra, email: anthony.sfarra@wellsfargo.com, with copies to Troy Stoddard, Wells Fargo Law Department, D1086-341, 550
S. Tryon Street, Charlotte, North Carolina 28202, e-mail: Troy.Stoddard@wellsfargo.com, or at any other address furnished in writing to the Issuer, the Note Administrator and the Trustee; 

(i) if to Barclays as a Placement Agent, addressed to Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019, Attention: Daniel
Vinson, email: Daniel.vinson@barclays.com, or at any other address furnished in writing to the Issuer, the Note Administrator and the Trustee; 

(j) if to Goldman Sachs as a Placement Agent, addressed to Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282,
Attention: Leah Nivison, e-mail: Leah.Nivison@gs.com, with copies to Structured Finance Legal (REFG), gs-refgsecuritization@gs.com and
gs-refglegal@gs.com, or at any other address furnished in writing to the Issuer, the Note Administrator and the Trustee; 

  
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 (k) if to the Collateral Manager, addressed to FS Credit Real Estate Income Trust, Inc., 201
Rouse Boulevard, Philadelphia, Pennsylvania 19112, with copies to Rialto Capital Management, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, Attention: Philip Orban, Managing Director, E-mail:
philip.orban@rialtocapital.com and Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, or at any other address furnished in writing to the Issuer, the Note Administrator and the
Trustee; and 
 (l) if to the Note Administrator, (i) for purposes of note transfers, addressed to 600 South 4th Street, Minneapolis,
Minnesota 55415, Attention: CTS—Note Transfer Services—FS Rialto 2022-FL4, or (ii) otherwise, addressed to the Note Administrator at the Corporate Trust Office of the Note Administrator. 

Section 14.4 Notices to Noteholders; Waiver. 

Except as otherwise expressly provided herein, where this Indenture or the Servicing Agreement provides for notice to Holders of Notes of any
event, 
 (a) such notice shall be sufficiently given to Holders of Notes if in writing and mailed, first class postage prepaid, to each
Holder of a Note affected by such event, at the address of such Holder as it appears in the Notes Register, not earlier than the earliest date and not later than the latest date, prescribed for the giving of such notice; and 

(b) such notice shall be in the English language. 

The Note Administrator shall deliver to the Holders of the Notes any information or notice in its possession, requested to be so delivered by
at least 25% of the Holders of any Class of Notes. 
 Neither the failure to mail any notice, nor any defect in any notice so mailed,
to any particular Holder of a Note shall affect the sufficiency of such notice with respect to other Holders of Notes. In case by reason of the suspension of regular mail service or by reason of any other cause, it shall be impracticable to give
such notice by mail, then such notification to Holders of Notes shall be made with the approval of the Note Administrator and shall constitute sufficient notification to such Holders of Notes for every purpose hereunder. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee and with the Note Administrator, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver. 
 In the event that, by reason of the suspension of the regular mail service as
a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice
as shall be satisfactory to the Trustee and the Note Administrator shall be deemed to be a sufficient giving of such notice. 

  
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 Section 14.5 Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 14.6 Successors and Assigns. 

All covenants and agreements in this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not. 

Section 14.7 Severability. 

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 14.8 Benefits of Indenture. 

Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than (i) the parties hereto and their
successors hereunder and (ii) the Servicer, the Special Servicer, the Collateral Manager, the Notes Registrar and the Noteholders (each of whom shall be an express third party beneficiary hereunder), any benefit or any legal or equitable right,
remedy or claim under this Indenture. 
 Section 14.9 Governing Law; Waiver of Jury Trial. 

THIS INDENTURE AND EACH NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED THEREIN WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 14.10 Submission to Jurisdiction. 

The Issuer hereby irrevocably submits to the nonexclusive jurisdiction of any New York State or federal court sitting in the Borough of
Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes or this Indenture, and the Issuer hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in
such New York State or federal court. The Issuer hereby irrevocably waives, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The Issuer irrevocably consents to
the service of any and all process in any action or proceeding by the mailing or delivery of copies of such process to it at the office of the Issuer’s agent set forth in Section 7.2. The Issuer agrees 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. 

  
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 Section 14.11 Counterparts. 

This Indenture may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same instrument, and the words “executed,” “signed,” “signature,” and words of like import as used above and elsewhere in this Indenture or in any other certificate, agreement or
document related to this transaction shall include, in addition to manually executed signatures, images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”) and other
electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of
electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability
as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

Section 14.12 17g-5 Information. 

(a) The Issuer shall comply with its obligations under Rule 17g-5 promulgated under the Exchange Act
(“Rule 17g-5”), by its or its agent’s posting on the 17g-5 Website, no later than the time such information is provided to the Rating Agencies, all
information that the Issuer or other parties on its behalf, including the Trustee, the Note Administrator, the Servicer and the Special Servicer, provide to the Rating Agencies for the purposes of determining the initial credit rating of the Notes
or undertaking credit rating surveillance of the Notes (the “17g-5 Information”); provided that no party other than the Issuer, the Trustee, the Note Administrator, the
Servicer or the Special Servicer may provide information to the Rating Agencies on the Issuer’s behalf without the prior written consent of the Issuer. At all times while any Notes are rated by any Rating Agency or any other NRSRO, the Issuer
shall engage a third party to post 17g-5 Information to the 17g-5 Website. The Issuer hereby engages the Note Administrator (in such capacity, the “17g-5 Information Provider”), to post 17g-5 Information it receives from the Issuer, the Trustee, the Note Administrator, the Servicer or the Special Servicer to the 17g-5 Website in accordance with this Section 14.12, and the Note Administrator hereby accepts such engagement. 

(b) Any information required to be delivered to the 17g-5 Information Provider by any party under this
Indenture or the Servicing Agreement shall be delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “17g-5 – FS Rialto 2022-FL4 Issuer, LLC” and an identification of the type of information being provided in the body of such electronic mail, or via any alternative electronic mail address following notice to the parties hereto
or any other delivery method established or approved by the 17g-5 Information Provider. 

  
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 Upon delivery by the Issuer to the 17g-5 Information
Provider (in an electronic format mutually agreed upon by the Issuer and the 17g-5 Information Provider) of information designated by the Issuer as having been previously made available to NRSROs by the Issuer
(the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the Issuer and to NRSROs via the 17g-5 Information Provider’s Website pursuant
this Section 14.12(b). The Issuer shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website to any designee or other third party. 

(c) The 17g-5 Information Provider shall make available, solely to NRSROs, the following items to the
extent such items are delivered to it via email at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “17g-5 – FS-Rialto 2022-FL4 Issuer, LLC” and an identification of the type of information being provided in the body of the email, or via any alternate email address following notice to the parties hereto or any other delivery
method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial; provided that such information is not locked or corrupted and is otherwise received in a
readable and uploadable format: 
 (i) any statements as to compliance and related Officer’s Certificates delivered
under Section 7.9; 
 (ii) any information requested by the Issuer or the Rating Agencies (it being
understood the 17g-5 Information Provider shall not disclose on the Note Administrator’s Website which Rating Agencies requested such information as provided in Section 14.12);

 (iii) any notice to the Rating Agencies relating to the Special Servicer’s determination to take action without
satisfaction of the Rating Agency Condition; 
 (iv) any requests for satisfaction of the Rating Agency Condition that are
delivered to the 17g-5 Information Provider pursuant to Section 14.13; 

(v) any summary of oral communications with the Rating Agencies that are delivered to the
17g-5 Information Provider pursuant to Section 14.12(c); provided that the summary of such oral communications shall not disclose which Rating Agencies the communication
was with; 
 (vi) any amendment or proposed supplemental indenture to this Indenture pursuant to
Section 8.3; and 
 (vii) the “Rating Agency Q&A Forum and Servicer Document Request
Tool” pursuant to Section 10.11(d). 
 The foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Website or such other website as the Issuer may notify the parties hereto in writing. 

  
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 (d) Information shall be posted on the same Business Day of receipt;
provided that such information is received by 2:00 p.m. (New York time) or, if received after 2:00 p.m., on the next Business Day. The 17g-5 Information Provider shall have no obligation
or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any information is
delivered or posted in error, the 17g-5 Information Provider may remove it from the website. The 17g-5 Information Provider (and the Trustee) has not obtained and shall
not be deemed to have obtained actual knowledge of any information posted to the 17g-5 Website to the extent such information was not produced by it. Access will be provided by the 17g-5 Information Provider to NRSROs upon receipt of an NRSRO Certification in the form of Exhibit O hereto (which certification may be submitted electronically via the
17g-5 Website). 
 (e) Upon request of the Issuer or a Rating Agency, the 17g-5 Information Provider shall post on the 17g-5 Website any additional information requested by the Issuer or such Rating Agency to the extent such information is delivered
to the 17g-5 Information Provider electronically in accordance with this Section 14.12. In no event shall the 17g-5 Information Provider
disclose on the 17g-5 Website the Rating Agency or NRSRO that requested such additional information. 

(f) The 17g-5 Information Provider shall provide a mechanism to notify each Person that has signed-up for access to the 17g-5 Website in respect of the transaction governed by this Indenture each time an additional document is posted to the 17g-5 Website. 
 (g) Any other information required to be delivered to the Rating Agencies pursuant to
this Indenture shall be furnished to the Rating Agencies so long as such information (x) was previously provided to the 17g-5 Information Provider or (y) is simultaneously delivered to the 17g-5 Information Provider in accordance with this Section 14.12. 
 (h)
Notwithstanding anything to the contrary in this Indenture, a breach of this Section 14.12 shall not constitute a Default or Event of Default. 

(i) If any of the parties to this Indenture receives a Form ABS Due Diligence-15E from any party in
connection with any third-party due diligence services such party may have provided with respect to the Collateral Interests (“Due Diligence Service Provider”), such receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the 17g-5 Website. The 17g-5
Information Provider shall post on the 17g-5 Website any Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to
this Indenture, promptly upon receipt thereof. It being understood that no party to this Indenture shall be required to make a determination as to whether any material provided to such party is Form ABS Due
Diligence-15E and any Form ABS Due Diligence-15E shall be labeled as such. 

Section 14.13 Rating Agency Condition. 

Any request for satisfaction of the Rating Agency Condition made by a Requesting Party pursuant to this Indenture, shall be made in writing,
which writing shall contain a cover page indicating the nature of the request for satisfaction of the Rating Agency Condition, and shall contain all back-up material necessary for the Rating Agencies to
process such request. Such written request for satisfaction of the Rating Agency Condition shall be provided in electronic 

  
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format to the 17g-5 Information Provider in accordance with Section 14.12 and after receiving actual knowledge of such posting
(which may be in the form of an automatic email notification of posting delivered by the 17g-5 Website to such party), the Requesting Party shall send the request for satisfaction of such Rating Agency
Condition to the Rating Agencies in accordance with the instructions for notices set forth in Section 14.3. 

Section 14.14 Patriot Act Compliance. 

In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Trustee and Note Administrator may be required to obtain, verify and record certain information relating to individuals and
entities which maintain a business relationship with the Trustee or Note Administrator, as the case may be. Accordingly, each of the parties agrees to provide to the Trustee and the Note Administrator, upon its request from time to time, such
identifying information and documentation as may be available for such party in order to enable the Trustee and the Note Administrator, as applicable, to comply with Applicable Law. 

ARTICLE 15 
 ASSIGNMENT
OF THE COLLATERAL INTEREST PURCHASE AGREEMENT 
 Section 15.1 Assignment of Collateral Interest Purchase Agreement. 

(a) The Issuer, in furtherance of the covenants of this Indenture and as security for the Secured Notes and amounts payable to the Secured
Parties hereunder and the performance and observance of the provisions hereof, hereby collaterally assigns, transfers, conveys and sets over to the Trustee, for the benefit of the Noteholders (and to be exercised on behalf of the Issuer by persons
responsible therefor pursuant to this Indenture and the Servicing Agreement), all of the Issuer’s estate, right, title and interest in, to and under the Collateral Interest Purchase Agreement (now or hereafter entered into) (an
“Article 15 Agreement”), including, without limitation, (i) the right to give all notices, consents and releases thereunder, (ii) the right to give all notices of termination and to take any legal action
upon the breach of an obligation of the Seller or Collateral Manager thereunder, including the commencement, conduct and consummation of proceedings at law or in equity, (iii) the right to receive all notices, accountings, consents, releases
and statements thereunder and (iv) the right to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided, however, that the Issuer reserves for itself a license to exercise all of the
Issuer’s rights pursuant to the Article 15 Agreement without notice to or the consent of the Trustee or any other party hereto (except as otherwise expressly required by this Indenture, including, without limitation, as set forth in
Section 15.1(f)) which license shall be and is hereby deemed to be automatically revoked upon the occurrence of an Event of Default hereunder until such time, if any, that such Event of Default is cured or waived. 

(b) The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or
diminish the obligations of the Issuer under the provisions of each of the Article 15 Agreement, nor shall any of the obligations contained in each of the Article 15 Agreement be imposed on the Trustee. 

  
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 (c) Upon the retirement of the Notes and the release of the Collateral from the lien of this
Indenture, this assignment and all rights herein assigned to the Trustee for the benefit of the Noteholders shall cease and terminate and all the estate, right, title and interest of the Trustee in, to and under each of the Article 15 Agreement
shall revert to the Issuer and no further instrument or act shall be necessary to evidence such termination and reversion. 
 (d) The Issuer
represents that it has not executed any assignment of the Article 15 Agreement other than this collateral assignment. 
 (e) The Issuer
agrees that this assignment is irrevocable, and that it shall not take any action which is inconsistent with this assignment or make any other assignment inconsistent herewith. The Issuer shall, from time to time upon the request of the Trustee,
execute all instruments of further assurance and all such supplemental instruments with respect to this assignment as the Trustee may specify. 

(f) The Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the Seller in the Collateral Interest Purchase
Agreement to the following: 
 (i) the Seller consents to the provisions of this collateral assignment and agrees to perform
any provisions of this Indenture made expressly applicable to the Seller pursuant to the applicable Article 15 Agreement; 

(ii) the Seller acknowledges that the Issuer is collaterally assigning all of its right, title and interest in, to and under
the Collateral Interest Purchase Agreement to the Trustee for the benefit of the Noteholders, and the Seller agrees that all of the representations, covenants and agreements made by the Seller in the Article 15 Agreement are also for the
benefit of, and enforceable by, the Trustee and the Noteholders; 
 (iii) the Seller shall deliver to the Trustee duplicate
original copies of all notices, statements, communications and instruments delivered or required to be delivered to the Issuer pursuant to the applicable Article 15 Agreement; 

(iv) none of the Issuer or the Seller shall enter into any agreement amending, modifying or terminating the applicable
Article 15 Agreement, (other than in respect of an amendment or modification to cure any inconsistency, ambiguity or manifest error) or selecting or consenting to a successor without notifying the Rating Agencies and without the prior written
consent and written confirmation of the Rating Agencies that such amendment, modification or termination will not cause its then-current ratings of the Notes to be downgraded or withdrawn; 

(v) except as otherwise set forth herein and therein (including, without limitation, pursuant to Section 12 of the
Collateral Management Agreement), the Collateral Manager shall continue to serve as Collateral Manager under the Collateral Management Agreement, notwithstanding that the Collateral Manager shall not have received amounts due it under the Collateral
Management Agreement because sufficient funds were not then available hereunder to pay such amounts pursuant to the Priority of Payments. The Collateral Manager agrees not to cause the filing of a petition in bankruptcy against the Issuer for the
nonpayment of the fees or other amounts payable to the Collateral Manager under the Collateral Management Agreement until the payment in full of all Notes issued under this Indenture and the expiration of a period equal to the applicable preference
period under the Bankruptcy Code plus ten days following such payment; and 

  
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 (vi) the Collateral Manager irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes or this Indenture,
and the Collateral Manager irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State or federal court. The Collateral Manager irrevocably waives, to the fullest extent it may
legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The Collateral Manager irrevocably consents to the service of any and all process in any action or Proceeding by the mailing by certified mail,
return receipt requested, or delivery requiring signature and proof of delivery of copies of such initial process to it at c/o FS Credit Real Estate Income Trust, Inc., 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, Attention: Legal
Department. The Collateral Manager agrees that a final and non-appealable judgment by a court of competent jurisdiction 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. 
 ARTICLE 16 

CURE RIGHTS; PURCHASE RIGHTS 

Section 16.1 Collateral Interest Purchase Agreements. 

Following the Closing Date, unless a Collateral Interest Purchase Agreement is necessary to comply with the provisions of this Indenture, the
Issuer may acquire Collateral Interests in accordance with customary settlement procedures in the relevant markets. In any event, the Issuer (or the Collateral Manager on behalf of the Issuer) shall obtain from any seller of a Collateral Interest,
all Loan Documents with respect to each Collateral Interest that govern, directly or indirectly, the rights and obligations of the owner of the Collateral Interest with respect to the Collateral Interest and any certificate evidencing the Collateral
Interest. 
 Section 16.2 Representations and Warranties Related to Reinvestment Collateral Interests and Exchange Collateral
Interests. 
 (a) Upon the acquisition of any Reinvestment Collateral Interest or Exchange Collateral Interest by the Issuer, the
related seller shall be required to make representations and warranties substantially in the form attached as Exhibit B to the Collateral Interest Purchase Agreement with such exceptions as may be relevant and reasonably acceptable to the Collateral
Manager. 
 (b) The representations and warranties in Section 16.2(a) with respect to the acquisition of any
Reinvestment Collateral Interest or Exchange Collateral Interest may be subject to any modification, limitation or qualification that the Collateral Manager determines to be reasonably acceptable in accordance with the Collateral Management
Standard; provided that the 

  
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Collateral Manager, upon the Rating Agencies’ request, will provide the Rating Agencies with a report (by providing such report to the 17g-5
Information Provider) attached to each Monthly Report identifying each such affected representation or warranty and the modification, exception, limitation or qualification received with respect to the acquisition of any Reinvestment Collateral
Interest and/or Exchange Collateral Interest during the period covered by such Monthly Report, which report may contain explanations by the Collateral Manager as to its determinations. 

(c) The Issuer (or the Collateral Manager on behalf of the Issuer) shall obtain a covenant from the Person making any representation or
warranty to the Issuer pursuant to Section 16.2(a) that such Person shall repurchase the related Collateral Interest if any such representation or warranty is breached (but only after the expiration of any permitted cure
periods and failure to cure such breach). The purchase price for any Collateral Interest repurchased shall be a price equal to the sum of the following (in each case, without duplication) as of the date of such repurchase: (i) the then
outstanding Principal Balance of such Collateral Interest, discounted based on the percentage amount of any discount that was applied when such Collateral Interest was purchased by the Issuer, plus (ii) accrued and unpaid interest on
such Collateral Interest, plus (iii) any unreimbursed advances made under this Indenture or the Servicing Agreement on the Collateral Interest, plus (iv) accrued and unpaid interest on advances made under this Indenture or
the Servicing Agreement on the Collateral Interest, plus (v) any reasonable costs and expenses (including, but not limited to, the cost of any enforcement action, incurred by the Issuer or the Trustee in connection with any such
repurchase), plus (vi) any Liquidation Fee payable to the Special Servicer in connection with a repurchase of the Collateral Interest by the Seller. 

Section 16.3 Purchase Right; Majority Class H Noteholder. 

If the Issuer, as holder of a Participation, has the right pursuant to the related Loan Documents to purchase any other interest in the same
Underlying Commercial Real Estate Loan as the Participation (an “Other Tranche”), the Issuer shall, only if directed by the Majority Class H Noteholder, exercise such right, if the Collateral Manager determines, in accordance
with the Collateral Management Standard, that the exercise of such right would be in the best interest of the Noteholders. The Collateral Manager shall deliver to the Trustee an Officer’s Certificate certifying such determination, accompanied
by an Act of the Majority Class H Noteholder directing the Issuer to exercise such right. In connection with the purchase of any such Other Tranche(s), the Issuer shall assign to the Majority Class H Noteholder or its designee all of its
right, title and interest in such Other Tranche(s) in exchange for a purchase price (such price and any other associated expense of such exercise to be paid by the Holder of a Majority of the Class H Notes) of the Other Tranche(s) (or, if the
Loan Documents permit, the Issuer may assign the purchase right to the Majority Class H Noteholder or its designee; otherwise the Majority Class H Noteholder or its designee shall fund the purchase by the Issuer, which shall then assign
the Other Tranche(s) to the Majority Class H Noteholder or its designee), which purchase price shall be delivered by such Holder or its designee from its own funds to or upon the instruction of the Collateral Manager in accordance with terms of
the related Loan Documents related to the acquisition of such Other Tranche(s). The Issuer shall execute and deliver at the direction of such Majority Class H Noteholder such instruments of transfer or assignment prepared by such Holder, in
each case without recourse, as shall be necessary to transfer title to such Majority Class H Noteholder or its designee of the Other Tranche(s) and the Trustee shall have no responsibility with regard to such Other Tranche(s). Notwithstanding
anything to the contrary herein, any Other Tranche purchased hereunder by the Issuer shall not be subject to the Grant to the Trustee under the Granting Clause. 

  
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 ARTICLE 17 

ADVANCING AGENT 

Section 17.1 Liability of the Advancing Agent. 

The Advancing Agent shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by
the Advancing Agent. 
 Section 17.2 Merger or Consolidation of the Advancing Agent. 

(a) The Advancing Agent will keep in full effect its existence, rights and franchises as a corporation under the laws of the jurisdiction in
which it was formed, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture to
perform its duties under this Indenture. 
 (b) Any Person into which the Advancing Agent may be merged or consolidated, or any corporation
resulting from any merger or consolidation to which the Advancing Agent shall be a party, or any Person succeeding to the business of the Advancing Agent shall be the successor of the Advancing Agent, hereunder, without the execution or filing of
any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding (it being understood and agreed by the parties hereto that the consummation of any such transaction by the Advancing Agent shall
have no effect on the Backup Advancing Agent’s obligations under Section 10.6, which obligations shall continue pursuant to the terms of Section 10.6). 

Section 17.3 Limitation on Liability of the Advancing Agent and Others. 

None of the Advancing Agent or any of its affiliates, directors, officers, employees or agents shall be under any liability for any action
taken or for refraining from the taking of any action in good faith pursuant to this Indenture, or for errors in judgment; provided, however, that this provision shall not protect the Advancing Agent against liability to the Issuer or
Noteholders for any breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of negligent disregard of
obligations and duties hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any
matters arising hereunder. The Advancing Agent and any director, officer, employee or agent of the Advancing Agent shall be indemnified by the Issuer pursuant to the priorities set forth in Section 11.1(a) and held harmless
against any loss, liability or expense incurred in connection with any legal action relating to this Indenture or the Notes, other than any loss, liability or expense (i) specifically required to be borne by the Advancing Agent pursuant to the
terms hereof or otherwise incidental to the performance of obligations and duties hereunder (except as any such loss, liability 

  
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or expense shall be otherwise reimbursable pursuant to this Indenture); or (ii) incurred by reason of any breach of a representation, warranty or covenant made herein, any misfeasance, bad
faith or negligence by the Advancing Agent in the performance of or negligent disregard of, obligations or duties hereunder or any violation of any state or federal securities law. 

Section 17.4 Representations and Warranties of the Advancing Agent. 

The Advancing Agent represents and warrants that: (a) the Advancing Agent (i) has been duly organized, is validly existing and is in
good standing under the laws of the State of Delaware, (ii) has full power and authority to transact the business in which it is currently engaged, and (iii) is duly qualified and in good standing under the laws of each jurisdiction where
the Advancing Agent’s ownership or lease of property or the conduct of the Advancing Agent’s business requires, or the performance of this Indenture would require, such qualification, except for failures to be so qualified that would not
in the aggregate have a material adverse effect on the business, operations or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations under, or on the validity or enforceability of, the provisions
of this Indenture applicable to the Advancing Agent; 
 (b) the Advancing Agent has full power and authority to execute, deliver and perform
this Indenture; this Indenture has been duly authorized, executed and delivered by the Advancing Agent and constitutes a legal, valid and binding agreement of the Advancing Agent, enforceable against it in accordance with the terms hereof, except
that the enforceability hereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and (ii) general principles of equity (regardless
of whether such enforcement is considered in a proceeding in equity or at law); 
 (c) neither the execution and delivery of this Indenture
nor the performance by the Advancing Agent of its duties hereunder conflicts with or will violate or result in a breach or violation of any of the terms or provisions of, or constitutes a default under: (i) the Articles of Incorporation and
bylaws of the Advancing Agent, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement or other evidence of indebtedness or other agreement, obligation, condition, covenant or instrument to which the Advancing
Agent is a party or is bound, (iii) any law, decree, order, rule or regulation applicable to the Advancing Agent of any court or regulatory, administrative or governmental agency, body or authority or arbitrator having jurisdiction over the
Advancing Agent or its properties, and which would have, in the case of any of (i), (ii) or (iii) of this Section 17.4(c), either individually or in the aggregate, a material adverse effect on the business, operations
or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations under this Indenture; 
 (d)
no litigation is pending or, to the best of the Advancing Agent’s knowledge, threatened, against the Advancing Agent that would materially and adversely affect the execution, delivery or enforceability of this Indenture or the ability of the
Advancing Agent to perform any of its obligations under this Indenture in accordance with the terms hereof; and 
 (e) no consent, approval,
authorization or order of or declaration or filing with any government, governmental instrumentality or court or other Person is required for the performance by the Advancing Agent of its duties hereunder, except such as have been duly made or
obtained. 

  
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 Section 17.5 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Advancing Agent and no appointment of a successor Advancing Agent pursuant to this
Article 17 shall become effective until the acceptance of appointment by the successor Advancing Agent under Section 17.6. 

(b) The Advancing Agent may, subject to Section 17.5(a), resign at any time by giving written notice thereof to the
Issuer, the Collateral Manager, the Note Administrator, the Trustee, the Servicer, the Noteholders and the Rating Agencies. 
 (c) The
Advancing Agent may be removed at any time by Act of Supermajority of the Class H Notes upon written notice delivered to the Trustee and to the Issuer. 

(d) If the Advancing Agent fails to make a required Interest Advance and it has not determined such Interest Advance to be a Nonrecoverable
Interest Advance, (i) the Advancing Agent will be in default under this Indenture, (ii) the Backup Advancing Agent shall be required to make such Interest Advance, subject to a determination of recoverability, and (iii) the Note
Administrator shall terminate such Advancing Agent and use commercially reasonable efforts for up to 90 days following such termination to replace such Advancing Agent with a successor Advancing Agent, subject to the satisfaction of the Rating
Agency Condition. Following the termination of the Advancing Agent, the Backup Advancing Agent will be required to make Interest Advances until a successor advancing agent is appointed. 

(e) Subject to Section 17.5(d), if the Advancing Agent shall resign or be removed, upon receiving such notice of
resignation or removal, the Issuer shall promptly appoint a successor advancing agent by written instrument, in duplicate, executed by an Authorized Officer of the Issuer, one copy of which shall be delivered to the Advancing Agent so resigning and
one copy to the successor Advancing Agent, together with a copy to each Noteholder, the Collateral Manager, the Trustee, the Note Administrator, the Servicer and the Special Servicer; provided that such successor Advancing Agent shall
be appointed only subject to satisfaction of the Rating Agency Condition, upon the written consent of the Class H Noteholder. If no successor Advancing Agent shall have been appointed and an instrument of acceptance by a successor Advancing
Agent shall not have been delivered to the Advancing Agent within 30 days after the giving of such notice of resignation, the resigning Advancing Agent, the Trustee, the Note Administrator, or the Class H Noteholders, on behalf of himself and
all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Advancing Agent. 
 (f)
The Issuer shall give prompt notice of each resignation and each removal of the Advancing Agent and each appointment of a successor Advancing Agent by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies,
the Trustee, the Note Administrator, and to the Holders of the Notes as their names and addresses appear in the Notes Register. 

  
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 Section 17.6 Acceptance of Appointment by Successor Advancing Agent. 

(a) Every successor Advancing Agent appointed hereunder shall execute, acknowledge and deliver to the Issuer, the Collateral Manager, the
Servicer, the Special Servicer, the Trustee, the Note Administrator, and the retiring Advancing Agent an instrument accepting such appointment hereunder and under the Servicing Agreement. Upon delivery of the required instruments, the resignation or
removal of the retiring Advancing Agent shall become effective and such successor Advancing Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Advancing
Agent hereunder and under the Servicing Agreement. 
 (b) Except with respect to the Backup Advancing Agent as set forth in
Section 17.5(d), no appointment of a successor Advancing Agent shall become effective unless (1) the Rating Agency Condition has been satisfied with respect to the appointment of such successor Advancing Agent and
(2) such successor has a long-term unsecured debt rating of at least “A2” by Moody’s, and whose short-term unsecured debt rating is at least “P-1” from Moody’s. 

Section 17.7 Removal and Replacement of Backup Advancing Agent. 

The Note Administrator shall replace any such successor Advancing Agent (excluding the Trustee or the Note Administrator in its capacity as
Backup Advancing Agent) upon receiving notice that such successor Advancing Agent’s (i) long-term unsecured debt rating at any time becomes lower than “A2” by Moody’s and whose short-term unsecured debt rating becomes lower
than “P-1” by Moody’s or (ii) long-term unsecured debt rating becomes lower than “A” by DBRS Morningstar, with a successor Advancing Agent that satisfies the foregoing rating
requirements. 

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

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	 /s/ Christopher Condelles

		 	Name: Christopher Condelles
		 	Title: President
	
	FS CREDIT REAL ESTATE INCOME TRUST, INC., as Advancing Agent
		
	By:	 	 /s/ Edward T. Gallivan, Jr

		 	Name: Edward T. Gallivan, Jr.
		 	Title: Chief Financial Officer
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Patrick A. Kanar

		 	Name: Patrick A. Kanar
		 	Title: Banking Officer
	
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as Note Administrator
		
	By:	 	 /s/ Michael J. Baker

		 	Name: Michael J. Baker
		 	Title: Vice President
	
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as Custodian

 FS RIALTO 2022-FL4—Indenture 

 
			
	By:	 	 /s/ Michael J. Baker

		 	Name: Michael J. Baker
		 	Title: Vice President

 FS RIALTO 2022-FL4—Indenture 

 

 SCHEDULE A 

COLLATERAL INTEREST SCHEDULE 
  

									
	 Collateral Interest Name
	  	Collateral Interest
Cut-off Date Balance	 	  	Collateral Interest Type	 
	 Piazza & Liberties Walk
	  	$	134,900,000	 	  	 	Mortgage Loan	 
	 The Beach Place Apartments
	  	$	81,800,000	 	  	 	Participation	 
	 Paradise Plaza
	  	$	74,800,000	 	  	 	Participation	 
	 Marriott Uptown Dallas
	  	$	65,450,000	 	  	 	Mortgage Loan	 
	 Clutter NY4 Portfolio
	  	$	58,265,000	 	  	 	Participation	 
	 Fairmont Grand Del Mar
	  	$	55,000,000	 	  	 	Participation	 
	 Goodfriend Westchester Portfolio 
	  	$	34,326,602	 	  	 	Mortgage Loan	 
	 Goodfriend—Bronx
	  	$	18,828,398	 	  	 	Mortgage Loan	 
	 La Mirada
	  	$	51,191,640	 	  	 	Participation	 
	 The Hendrix Apartments
	  	$	46,180,000	 	  	 	Participation	 
	 Tower 101
	  	$	44,325,000	 	  	 	Participation	 
	 North Arkansas Portfolio
	  	$	43,600,000	 	  	 	Participation	 
	 The Point at Cypress Woods
	  	$	40,374,533	 	  	 	Participation	 
	 Pecan Square
	  	$	39,200,000	 	  	 	Participation	 
	 Pacific Building
	  	$	36,500,000	 	  	 	Participation	 
	 210-214 Main Street
	  	$	36,000,000	 	  	 	Mortgage Loan	 
	 Belaire Tower Apartments
	  	$	35,920,000	 	  	 	Participation	 
	 Nob Hill
	  	$	35,000,000	 	  	 	Participation	 
	 Marsh Creek
	  	$	34,359,576	 	  	 	Participation	 
	 Alexis Towne East
	  	$	32,675,000	 	  	 	Participation	 
	 Trinity Heights
	  	$	30,478,000	 	  	 	Participation	 
	 AKA Brickell
	  	$	26,637,500	 	  	 	Participation	 
	 Bayou Bend
	  	$	26,100,000	 	  	 	Participation	 

  
 Sch. A-1 

 SCHEDULE B 

BENCHMARK 
 Calculation of the Benchmark

 For purposes of calculating the Benchmark (which shall initially be Compounded SOFR), the Issuer shall initially appoint the Note
Administrator as calculation agent (in such capacity, the “Calculation Agent”). 
 Compounded SOFR with respect to any
Interest Accrual Period shall be determined by the Calculation Agent in accordance with the following provisions: 
 1. On each Benchmark
Determination Date, Compounded SOFR shall equal the rate obtained by the Calculation Agent for “30-Day Average SOFR,” as reported on the Compounded SOFR Source as of the Reference Time. 

2. If, on any Benchmark Determination Date, Compounded SOFR does not appear on the Compounded SOFR Source by 5:00 p.m. (New York time), then
Compounded SOFR for purposes of calculating Compounded SOFR shall be the rate published on the last SOFR Business Day preceding such Benchmark Determination Date for which Compounded SOFR was published. 

3. In no event shall Compounded SOFR be less than zero. 

In making the above calculations, all percentages resulting from the calculation shall be rounded, if necessary, to the nearest one hundred
thousandth of a percentage point (0.00001%). 

  
 Sch. B-1 

 SCHEDULE C 

LIST OF AUTHORIZED OFFICERS OF COLLATERAL MANAGER 
  

			
	 Name
	  	 Title

		
	Michael C. Forman	  	President and Chief Executive Officer
		
	Edward T. Gallivan, Jr.	  	Chief Financial Officer
		
	Stephen S. Sypherd	  	Vice President, Treasurer and Secretary
		
	James Volk	  	Chief Compliance Officer

  
 Sch. C-1 

 EXHIBIT A-1 

FORM OF CLASS A SENIOR SECURED FLOATING RATE NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT A-1-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS A SENIOR 
 SECURED FLOATING
RATE NOTE DUE 2039 
  

			
	No. [Reg. S] [144A]—___	  	Up to
	CUSIP No. [U3486MAA3]2 [30326MAA3]3	  	U.S.$586,936,000

 ISIN: [USU3486MAA37]2 [US30326MAA36]3 
 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware
limited liability company (the “Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the
Indenture referred to below), the principal sum of up to U.S.$586,936,000, or such other principal sum as is equal to the aggregate principal amount of the Class A Notes identified from time to time on the records of the Note Administrator and
Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with
the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class A Interest Distribution Amount allocable
to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day
(each, a “Payment Date”). Interest on the Class A Notes shall accrue at the Class A Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest
so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the
payments of the principal, if any, of, and interest on, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes. So long as any Class A Notes are Outstanding, the Class A-S Notes, the Class B Notes, the Class C
Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes will receive payments only in accordance with the Priority of Payments. The principal of this Note
shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

 

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT A-1-3 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that
the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address
in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment,
on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A Senior Secured Floating Rate Notes Due 2039, of the Issuer (the
“Class A Notes”), limited in aggregate principal amount to U.S.$586,936,000 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real
Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company,
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are
(a) up to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (b) up to
U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (c) up to U.S.$ 68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the
“Class C Notes”), (d) up to U.S.$ 68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (e) up to U.S.$17,581,000 Class E Sixth
Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate 

  
 EXHIBIT A-1-4 

 
Notes Due 2039* (the “Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured
Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together with the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
 Reference is hereby made to the Indenture
and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms
upon which the Notes are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class A Notes shall be
payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in
whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which
the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices;
provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the
Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT A-1-5 

 Notes for whose redemption and payment provision is made in accordance with the Indenture
shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class A Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral 

  
 EXHIBIT A-1-6 

 
Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any
representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent
it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed
necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue
Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406
of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the
entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar
Law. 
 Title to Notes shall pass by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust
Office. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 No right or remedy
conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

  
 EXHIBIT A-1-7 

 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT A-1-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT A-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 COMPUTERSHARE TRUST COMPANY,

    NATIONAL ASSOCIATION,

	    as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT A-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

                          
                       

                          
                       
 Please insert
social security or 
 other identifying number of assignee 

Please print or type name 
 and address, including zip code, 

of assignee: 
  

 
  

 
  

 
  

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

					
	Date:	  	Your Signature:	  	  

		  		  	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT A-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[586,936,000]4 [0]5 on the Closing Date. The following exchanges of a part of this
[Rule 144A] [Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following such

decrease (or

increase)
	  	 Signature of

authorized
 officer of
Note
 Administrator

or securities

Custodian

  

 
  

	4 	 Rule 144A Global Note. 

	5 	 Regulation S Global Note. 

  
 EXHIBIT A-1-12 

 EXHIBIT A-2 

FORM OF CLASS A SENIOR SECURED FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT A-2-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS A SENIOR 
 SECURED FLOATING
RATE NOTE DUE 2039 
 No. IAI—___ 

			
	 CUSIP No. [30326MAB1]
	  	 U.S.$[__]

 ISIN: [US30326MAB19] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”)
for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment
Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise and (b) the Class A Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the
6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class A Notes shall accrue at the Class A Rate and
shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one
or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 
 The obligations of the Issuer
under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the
Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. So long as
any Class A Notes are Outstanding, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the
Class G-X Notes and the Class H Notes will receive payments only in accordance with the Priority of Payments. The principal of this Note shall be due and payable no later than the Stated Maturity
Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions
to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 

  
 EXHIBIT A-2-2 

 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such
part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A Senior Secured Floating Rate Notes Due 2039, of the Issuer (the
“Class A Notes”), limited in aggregate principal amount to U.S.$586,936,000 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real
Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company,
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are
(a) up to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (b) up to
U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (c) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the
“Class C Notes”), (d) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (e) up to U.S.$17,581,000 Class E
Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate Notes Due
2039* (the “Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured 

 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT A-2-3 

 
Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the
“Class H Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E
Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 
 Reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon
which the Notes are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class A Notes shall be
payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in
whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which
the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the applicable
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

  
 EXHIBIT A-2-4 

 Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not
satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until
the Notes have been paid in full. 
 If an Event of Default shall occur and be continuing, the Class A Notes may become or be declared
due and payable in the manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity
of the Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is
outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other
than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions
set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with
the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess
thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid
principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The
term “Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes
and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the
extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has
deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

  
 EXHIBIT A-2-5 

 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have
represented to the Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit
plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in
Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law
that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit
plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in the Notes Register
kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any
registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST
ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

  
 EXHIBIT A-2-6 

 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT A-2-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT A-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 COMPUTERSHARE TRUST COMPANY,

        NATIONAL ASSOCIATION,

	        as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT A-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

 
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

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

					
	Date:	  	Your Signature:	  	  

		  		  	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT A-2-10 

 EXHIBIT B-1 

FORM OF CLASS A-S SECOND PRIORITY SECURED FLOATING RATE NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT B-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT B-1-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS A-S SECOND PRIORITY 

SECURED FLOATING RATE NOTE DUE 2039 
  

			
	 No. [Reg. S] [144A] -____
	  	 Up to

	 CUSIP No. [U3486MAB1]2 [30326MAC9]3
	  	 U.S.$97,372,000

 ISIN: [USU3486MAB10]2 [US30326MAC91]3 
 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware
limited liability company (the “Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the
Indenture referred to below), the principal sum of up to U.S.$97,372,000, or such other principal sum as is equal to the aggregate principal amount of the Class A-S Notes identified from time to time on
the records of the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the
extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class A-S Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of
each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”).Interest on the Class A-S Notes shall accrue at the Class A-S Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the
payments of the principal, if any, of, and interest on, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as
set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes and no payments of principal on the Class A-S Notes
will be made until the Class A Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration
of acceleration, call for redemption or otherwise; provided, however, that, except 
  
  

 

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT B-1-3 

 
as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes has been paid in full and is subordinated to the payment on each
Payment Date of the principal and interest due and payable on the Class A Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions
to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A-S Second Priority Secured Floating Rate
Notes Due 2039, of the Issuer (the “Class A-S Notes”), limited in aggregate principal amount to U.S.$97,372,000 issued under an indenture dated as of March 31, 2022
(the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under
the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note
Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to
U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (c) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the
“Class C Notes”), (d) up to U.S. $68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”),

  
 EXHIBIT B-1-4 

 
(e) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to U.S.$60,858,000 Class F
Seventh Priority Secured Floating Rate Notes Due 2039* (the “Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured Floating Rate
Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class A-S Notes shall be payable in accordance with
Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at
the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding
Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided
that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after 
  

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT B-1-5 

 
the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be
sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in
connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall
cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class A-S Notes may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of
Maturity of the Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes
is outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes,
other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain
conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in
accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples
of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date,
unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial 

  
 EXHIBIT B-1-6 

 
owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral
Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement
with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment
decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price
for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility
provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee
benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to
include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes
do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law,
will not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass
by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall
be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 

  
 EXHIBIT B-1-7 

 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT B-1-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT B-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 COMPUTERSHARE TRUST COMPANY,

        NATIONAL ASSOCIATION,

	        as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT B-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

 
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

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

					
	Date:	  	Your Signature:	  	  

		  		  	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT B-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[97,372,000]4 [0]5 on the Closing Date. The following exchanges of a part of this
[Rule 144A] [Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following such

decrease (or

increase)
	  	 Signature of

authorized
 officer of
Note
 Administrator

or securities

Custodian

  

 
  

	4 	 Rule 144A Global Note. 

	5 	 Regulation S Global Note. 

  
 EXHIBIT B-1-12 

 EXHIBIT B-2 

FORM OF CLASS A-S SECOND PRIORITY SECURED FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT B-2-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS A-S SECOND PRIORITY 

SECURED FLOATING RATE NOTE DUE 2039 

No. IAI—____ 

			
	 CUSIP No. [30326MAD7]
	  	 U.S.$[__]

 ISIN: [US30326MAD74] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”)
for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment
Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise and (b) the Class A-S Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on
May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class A-S Notes shall accrue at the Class A-S Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by
360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the
payments of the principal, if any, of, and interest on, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as
set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes and no payments of principal on the Class A-S Notes
will be made until the Class A Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration
of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes has been paid in
full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

  
 EXHIBIT B-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided
that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at
its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class A-S Second Priority Secured Floating Rate
Notes Due 2039, of the Issuer (the “Class A-S Notes”), limited in aggregate principal amount to U.S.$97,372,000 issued under an indenture dated as of March 31, 2022
(the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under
the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note
Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to
U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (c) up to U.S. $68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the
“Class C Notes”), (d) up to U.S. $68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (e) up to U.S.$17,581,000 Class E Sixth
Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate Notes Due
2039* (the “Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured 

 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT B-2-3 

 
Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the
“Class H Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E
Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 
 Reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon
which the Notes are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the
Class A-S Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

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

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the
Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided that the funds
available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

  
 EXHIBIT B-2-4 

 Notes for whose redemption and payment provision is made in accordance with the Indenture
shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class A-S Notes may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of
Maturity of the Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes
is outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes,
other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain
conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in
accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples
of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date,
unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes
and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial,

  
 EXHIBIT B-2-5 

 
accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the
Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of
their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the
Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as
defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in
Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law
that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit
plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in the Notes Register
kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any
registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST
ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

  
 EXHIBIT B-2-6 

 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT B-2-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT B-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 COMPUTERSHARE TRUST COMPANY,

        NATIONAL ASSOCIATION,

	        as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT B-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

 
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

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

					
	Date:	  	Your Signature:	  	  

		  		  	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT B-2-10 

 EXHIBIT C-1 

FORM OF CLASS B THIRD PRIORITY SECURED FLOATING RATE NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT C-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT C-1-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS B THIRD PRIORITY 
 SECURED
FLOATING RATE NOTE DUE 2039 
  

			
	 No. [Reg. S] [144A]—____
	  	 Up to

	 CUSIP No. [U3486MAC9]2 [30326MAE5]3
	  	 U.S.$56,801,000

 ISIN: [USU3486MAC92]2 [US30326MAE57]3 
 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware
limited liability company (the “Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the
Indenture referred to below), the principal sum of up to U.S.$56,801,000, or such other principal sum as is equal to the aggregate principal amount of the Class B Notes identified from time to time on the records of the Note Administrator and
Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with
the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class B Interest Distribution Amount allocable
to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day
(each, a “Payment Date”). Interest on the Class B Notes shall accrue at the Class B Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest
so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the
payments of the principal, if any, of, and interest on, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as
set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes and the Class A-S Notes and no payments of principal
on the Class B Notes will be made until the Class A Notes and the Class A-S Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date
unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided,  
  

 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT C-1-3 

 
however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes and the
Class A-S Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes and the
Class A-S Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions
to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class B Third Priority Secured Floating Rate Notes Due 2039, of the Issuer (the
“Class B Notes”), limited in aggregate principal amount to U.S.$56,801,000 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real
Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company,
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are
(a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority
Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the
“Class C Notes”), (d) up to 

  
 EXHIBIT C-1-4 

 
U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (e) up to U.S.$17,581,000 Class E Sixth Priority
Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the
“Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248
Class H Income Notes Due 2039 (the “Class H Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes,
the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the
Class G-E Notes and the Class G-X Notes, the “Notes”). 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class B Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

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

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the
Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided that the funds
available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT C-1-5 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer, in whole but not in part, at the option of and upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal
to their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the
Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the applicable
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 
 Pursuant to
Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to
cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 
 If an Event of Default shall occur
and be continuing, the Class B Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

At any time after a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of the
amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes,
the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f),
5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth therein. 

The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual amount).

 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due
and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term “Issuer” as
used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

  
 EXHIBIT C-1-6 

 In connection with the purchase of this Note, the Holder and each beneficial owner thereof
agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral
Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement
with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment
decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price
for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility
provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee
benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to
include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes
do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law,
will not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass
by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall
be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 

  
 EXHIBIT C-1-7 

 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT C-1-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT C-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 COMPUTERSHARE TRUST COMPANY,

        NATIONAL ASSOCIATION,

	        as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT C-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

 
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

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

					
	Date:	  	Your Signature:	  	  

		  		  	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT C-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[56,801,000]4 [0]5 on the Closing Date. The following exchanges of a part of this
[Rule 144A] [Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following such

decrease (or

increase)
	  	 Signature of

authorized
 officer of
Note
 Administrator

or securities

Custodian

  

 
  

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT C-1-12 

 EXHIBIT C-2 

FORM OF CLASS B THIRD PRIORITY SECURED FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE
501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN SECTION 2(A)(51)
OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS
SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT
(“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT
TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE
REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE
TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN,
OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT C-2-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS B THIRD PRIORITY 
 SECURED
FLOATING RATE NOTE DUE 2039 
 No. IAI—____ 

			
	CUSIP No. [30326MAF2]	  	U.S.$[__]

 ISIN: [US30326MAF23] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”)
for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment
Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise and (b) the Class B Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the
6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class B Notes shall accrue at the Class B Rate and
shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one
or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 
 The obligations of the Issuer
under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the
Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class C Notes, the
Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the
payments of principal of and interest on the Class A Notes and the Class A-S Notes and no payments of principal on the Class B Notes will be made until the Class A Notes and the Class A-S Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A
Notes and the Class A-S Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes and the Class A-S Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

  
 EXHIBIT C-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided
that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at
its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class B Third Priority Secured Floating Rate Notes Due 2039, of the Issuer (the
“Class B Notes”), limited in aggregate principal amount to U.S.$56,801,000 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real
Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company,
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are
(a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority
Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the
“Class C Notes”), (d) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (e) up to U.S.$17,581,000 Class E Sixth
Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate 

  
 EXHIBIT C-2-3 

 
Notes Due 2039* (the “Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured
Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together with the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
 Reference is hereby made to the Indenture
and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms
upon which the Notes are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class B Notes shall be
payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in
whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which
the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT C-2-4 

 Notes for whose redemption and payment provision is made in accordance with the Indenture
shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class B Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral 

  
 EXHIBIT C-2-5 

 
Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any
representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent
it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed
necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue
Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406
of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the
entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar
Law. 
 Title to Notes shall pass by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust
Office. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 No right or remedy
conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

  
 EXHIBIT C-2-6 

 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT C-2-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	
                     
                            

		 	Name:
		 	Title:

  
 EXHIBIT C-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY,     NATIONAL ASSOCIATION,
	    as Authenticating Agent
		
	By:	 	
                     
    

		 	Name:
		 	Title:

  
 EXHIBIT C-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

	
	  

	  

 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 

	
	  

	
	  

	
	  

	
	  

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

							
	Date:	 		 	Your Signature:	 	  

							
		 		 	 (Sign exactly as your name

appears on this Note)

  
 EXHIBIT C-2-10 

 EXHIBIT D-1 

FORM OF CLASS C FOURTH PRIORITY SECURED FLOATING RATE NOTE DUE 

2039 
 [REGULATION S]
[RULE 144A] GLOBAL NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940
ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A
“QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE
MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A
“QUALIFIED PURCHASER”), AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND
FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE
TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS
THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY
OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL
BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS
NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST
IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT D-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT D-1-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS C FOURTH PRIORITY 
 SECURED
FLOATING RATE NOTE DUE 2039 
  

			
	No. [Reg. S] [144A] -____	  	Up to
	CUSIP No. [U3486MAD7]2 [30326MAG0]3	  	U.S.$68,972,000
	ISIN: [USU3486MAD75]2 [US30326MAG06]3	  	

 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company
(the “Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the
principal sum of up to U.S.$68,972,000, or such other principal sum as is equal to the aggregate principal amount of the Class C Notes identified from time to time on the records of the Note Administrator and Schedule A hereto as being
represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below
unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class C Interest Distribution Amount allocable to this Note in accordance with
the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment
Date”). Interest on the Class C Notes shall accrue at the Class C Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the
payments of the principal, if any, of, and interest on, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes.
Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes and the Class B
Notes and no payments of principal on the Class C Notes will be made until the Class A Notes, the Class A-S Notes and the Class B Notes are paid in full. The principal of this Note shall be
due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for 

 

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT D-1-3 

 
redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the
Class A Notes, the Class A-S Notes and the Class B Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the
Class A Notes, the Class A-S Notes and the Class B Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions
to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class C Fourth Priority Secured Floating Rate Notes Due 2039, of the Issuer (the
“Class C Notes”), limited in aggregate principal amount to U.S.$68,972,000 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real
Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company,
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are
(a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority
Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B 

  
 EXHIBIT D-1-4 

 
Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (d) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes
Due 2039 (the “Class D Notes”), (e) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to U.S.$60,858,000
Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the “Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured
Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together with the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
 Reference is hereby made to the Indenture
and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms
upon which the Notes are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class C Notes shall be
payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in
whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which
the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 
  

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT D-1-5 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer, in whole but not in part, at the option of and upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the
Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total
Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional
Redemption. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the
applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class C Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

  
 EXHIBIT D-1-6 

 In connection with the purchase of this Note, the Holder and each beneficial owner thereof
agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral
Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement
with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment
decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price
for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility
provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee
benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to
include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes
do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law,
will not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass
by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall
be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT D-1-7 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY
APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT D-1-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	          

		 	Name:
		 	Title:

  
 EXHIBIT D-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY,     NATIONAL ASSOCIATION,
	    as Authenticating Agent
		
	By:	 	              

		 	Name:
		 	Title:

  
 EXHIBIT D-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

	
	  

	  

 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 

	
	  

	
	  

	
	  

	
	  

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

							
	Date:	 		 	Your Signature:	 	  

							
		 		 	 (Sign exactly as your name

appears on this Note)

  
 EXHIBIT D-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[68,972,000]4 [0]5 on the Closing Date. The following exchanges of a part of this
[Rule 144A] [Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	  	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	  	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following such

decrease (or increase)
	  	 Signature of

authorized
 officer of
Note
 Administrator

or securities

Custodian

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT D-1-12 

 EXHIBIT D-2 

FORM OF CLASS C FOURTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT D-2-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS C FOURTH PRIORITY 
 SECURED
FLOATING RATE NOTE DUE 2039 
 No. IAI—____ 
  

			
	 CUSIP No. [30326MAH8]
	  	 U.S.$[__]

 ISIN: [US30326MAH88] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”)
for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment
Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise and (b) the Class C Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the
6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class C Notes shall accrue at the Class C Rate and
shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one
or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 
 The obligations of the Issuer
under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the
Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class D Notes, the
Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the
Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to
the payments of principal of and interest on the Class A Notes, the Class A-S Notes and the Class B Notes and no payments of principal on the Class C Notes will be made until the
Class A Notes, the Class A-S Notes and the Class B Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal
of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may
only occur after principal on the Class A Notes, the Class A-S Notes and the Class B has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest
due and payable on the Class A Notes, the Class A-S Notes and the Class B Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

  
 EXHIBIT D-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided
that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at
its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class C Fourth Priority Secured Floating Rate Notes Due 2039, of the Issuer (the
“Class C Notes”), limited in aggregate principal amount to U.S.$68,972,000 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real
Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company,
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are
(a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority
Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the
“Class B Notes”), (d) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (e) up to U.S.$17,581,000 Class E Sixth
Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate 

  
 EXHIBIT D-2-3 

 
Notes Due 2039* (the “Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured
Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together with the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
 Reference is hereby made to the Indenture
and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms
upon which the Notes are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class C Notes shall be
payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in
whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which
the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to 
 pay
the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional
Redemption. 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT D-2-4 

 Notes for whose redemption and payment provision is made in accordance with the Indenture
shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class C Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral 

  
 EXHIBIT D-2-5 

 
Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any
representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent
it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed
necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue
Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406
of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the
entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar
Law. 
 Title to Notes shall pass by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust
Office. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 No right or remedy
conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

  
 EXHIBIT D-2-6 

 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT D-2-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
		 	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT D-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT D-2-9 

 EXHIBIT D-2-9 

ASSIGNMENT FORM 
 For value received
_____________________________________________ 
 hereby sell, assign and transfer unto 

 
  

 
  

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
  

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

					
	Date:	 	Your Signature:	 	  

		 		 	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT D-2-10 

 EXHIBIT E-1 

FORM OF CLASS D FIFTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT E-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT E-1-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS D FIFTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 
  

			
	 No. [Reg. S] [144A]—____
	  	 Up to

	 CUSIP No. [U3486MAE5]2 [30326MAJ4]3
	  	 U.S.$68,971,000

 ISIN: [USU3486MAE58]2 [US30326MAJ45]3 
 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware
limited liability company (the “Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the
Indenture referred to below), the principal sum of up to U.S.$68,971,000, or such other principal sum as is equal to the aggregate principal amount of the Class D Notes identified from time to time on the records of the Note Administrator and
Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with
the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class D Interest Distribution Amount allocable
to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day
(each, a “Payment Date”). Interest on the Class D Notes shall accrue at the Class D Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest
so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the
payments of the principal, if any, of, and interest on, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the
Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as set forth in the Indenture, the payment of principal of this
Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes and no payments of principal on the
Class D Notes will be made until the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes are paid in full. The principal of this Note shall be due and payable
no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set
forth in the Indenture, the 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT E-1-3 

 
payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes and the
Class C Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the Class A-S Notes, the
Class B Notes and the Class C Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions
to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class D Fifth Priority Secured Floating Rate Notes Due 2039, of the Issuer (the
“Class D Notes”), limited in aggregate principal amount to U.S.$68,971,000 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real
Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company,
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are
(a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority
Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the
“Class B Notes”), (d) up to 

  
 EXHIBIT E-1-4 

 
U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (e) up to U.S.$17,581,000 Class E Sixth Priority
Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the
“Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248
Class H Income Notes Due 2039 (the “Class H Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes,
the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the
Class G-E Notes and the Class G-X Notes, the “Notes”). 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class D Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

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

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the
Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided that the funds
available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT E-1-5 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer, in whole but not in part, at the option of and upon written notice by the Majority Class H 
 Noteholder (which shall be delivered in accordance
with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for
such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than
the Retention Holder in connection with an Optional Redemption. 
 Notes for whose redemption and payment provision is made in accordance
with the Indenture shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class D Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or 

  
 EXHIBIT E-1-6 

 
financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any
written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering
memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial,
accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any
advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue
Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406
of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the
entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law
[FOR RETAINED CLASS D NOTES: and the Transferee understands and agrees that no employee benefit plan or plan subject to ERISA or to Section 4975 of the Code, or plan subject to Similar law, or any entity considered to hold the assets of any
such employee benefit plan or plan may acquire any Retained Class D Notes unless the Issuer has received an opinion to the effect that such Notes will be treated as indebtedness for U.S. Federal tax purposes]. 

Title to Notes shall pass by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust Office.

 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 No right or remedy
conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT E-1-7 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY
APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT E-1-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT E-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT E-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

 
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

 
  

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

					
	Date:	 	Your Signature:	 	  

		 		 	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT E-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[68,971,000]4 [0]5 on the Closing Date. The following exchanges of a part of this
[Rule 144A] [Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following such

decrease (or

increase)
	  	 Signature

of authorized
 officer of
Note Administrator
 or securities

Custodian

	  
	 	  
	 	  
	  	  
	  	  

  
  

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT E-1-12 

 EXHIBIT E-2 

FORM OF CLASS D FIFTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT E-2-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS D FIFTH PRIORITY SECURED 

FLOATING RATE NOTE DUE 2039 
 No. IAI-____

			
	CUSIP No. [30326MAK1]	  	U.S.$[__]

 ISIN: [US30326MAK18] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”)
for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment
Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise and (b) the Class D Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the
6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class D Notes shall accrue at the Class D Rate and
shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one
or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 
 The obligations of the Issuer
under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the
Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class E Notes, the
Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the
Class A-S Notes, the Class B Notes and the Class C Notes and no payments of principal on the Class D Notes will be made until the Class A Notes, the
Class A-S Notes, the Class B Notes and the Class C Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal
of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may
only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes have been paid in full and is subordinated to the payment on each Payment Date
of the principal and interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes and the Class C Notes, and other amounts in accordance with the Priority of
Payments, all in accordance with the Indenture. 

  
 EXHIBIT E-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided
that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at
its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class D Fifth Priority Secured Floating Rate Notes Due 2039, of the Issuer (the
“Class D Notes”), limited in aggregate principal amount to U.S.$68,971,000 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real
Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company,
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are
(a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority
Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the
“Class B Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (e) up to U.S.$17,581,000 Class E Sixth
Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate 

  
 EXHIBIT E-2-3 

 
Notes Due 2039* (the “Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured
Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together with the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
 Reference is hereby made to the Indenture
and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms
upon which the Notes are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class D Notes shall be
payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in
whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which
the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT E-2-4 

 Notes for whose redemption and payment provision is made in accordance with the Indenture
shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class D Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral 

  
 EXHIBIT E-2-5 

 
Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any
representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent
it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed
necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue
Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406
of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the
entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law
[FOR RETAINED CLASS D NOTES: and the Transferee understands and agrees that no employee benefit plan or plan subject to ERISA or to Section 4975 of the Code, or plan subject to Similar law, or any entity considered to hold the assets of any
such employee benefit plan or plan may acquire any Retained Class D Notes unless the Issuer has received an opinion to the effect that such Notes will be treated as indebtedness for U.S. Federal tax purposes]. 

Title to Notes shall pass by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust Office.

 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 No right or remedy
conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT E-2-6 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY
APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT E-2-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT E-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT E-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

 
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

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

							
	Date:	 		 	Your Signature:	 	  

		 		 		 	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT E-2-10 

 EXHIBIT F-1 

FORM OF CLASS E SIXTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT F-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT F-1-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS E SIXTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 
  

			
	 No. [Reg. S] [144A]-____
	  	 Up to

	CUSIP No. [U3486MAF2]2 [30326MAL9]3	  	U.S.$17,581,000
	ISIN: [USU3486MAF24]2 [US30326MAL90]3	  	

 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company
(the “Issuer”) for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the
principal sum of up to U.S.$17,581,000, or such other principal sum as is equal to the aggregate principal amount of the Class E Notes identified from time to time on the records of the Note Administrator and Schedule A hereto as being
represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below
unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class E Interest Distribution Amount allocable to this Note in accordance with
the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment
Date”). Interest on the Class E Notes shall accrue at the Class E Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the
payments of the principal, if any, of, and interest on, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the
payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and no payments of principal on the
Class E Notes will be made until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes are paid in full. The principal of this Note
shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided,
however, that, except as set forth in 
  
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT F-1-3 

 
the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B
Notes, the Class C Notes and the Class D Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions
to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class E Sixth Priority Secured Floating Rate Notes Due 2039, of the Issuer (the
“Class E Notes”), limited in aggregate principal amount to U.S.$17,581,000 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real
Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company,
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are
(a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority
Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B 

  
 EXHIBIT F-1-4 

 
Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes
Due 2039 (the “Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$60,858,000
Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the “Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured
Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together with the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
 Reference is hereby made to the Indenture
and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms
upon which the Notes are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class E Notes shall be
payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in
whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which
the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 
  

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT F-1-5 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer, in whole but not in part, at the option of and upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the
Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total
Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional
Redemption. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the
applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class E Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

  
 EXHIBIT F-1-6 

 In connection with the purchase of this Note, the Holder and each beneficial owner thereof
agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or
beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral
Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement
with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment
decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the
Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its
acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price
for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility
provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee
benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to
include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes
do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law,
will not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass
by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall
be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT F-1-7 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY
APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT F-1-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT F-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY,
NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT F-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

_____________________________ 
 ____________________________

 Please insert social security or 
 other identifying number
of assignee 
 Please print or type name 
 and address,
including zip code, 
 of assignee: 
  

 
  

 
  

 
  

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

							
	Date:	 		 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name

appears on this Note)

  
 EXHIBIT F-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[17,581,000]4 [0]5 on the Closing Date. The following exchanges of a part of this
[Rule 144A] [Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	  	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	  	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following such

decrease (or

increase)
	  	 Signature of

authorized
 officer of
Note
Administrator or
 securities Custodian

 
  

	4 	 Rule 144A Global Note. 

	5 	 Regulation S Global Note. 

  
 EXHIBIT F-1-12 

 EXHIBIT F-2 

FORM OF CLASS E SIXTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT F-2-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS E SIXTH PRIORITY SECURED 

FLOATING RATE NOTE DUE 2039 
 No. IAI-____

  

			
	 CUSIP No. [30326MAM7]
	  	U.S.$[__]
	ISIN: [US30326MAM73]	  	

 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company
(the “Issuer”) for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal
sum of U.S.$[__] on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due
and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class E Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19,
2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class E Notes shall
accrue at the Class E Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the
Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is senior to the
payments of the principal, if any, of, and interest on, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the
payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and no payments of principal on the
Class E Notes will be made until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes are paid in full. The principal of this Note
shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided,
however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes,
the Class C Notes and the Class D Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

  
 EXHIBIT F-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided
that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at
its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class E Sixth Priority Secured Floating Rate Notes Due 2039, of the Issuer (the
“Class E Notes”), limited in aggregate principal amount to U.S.$17,581,000 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real
Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company,
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are
(a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority
Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the
“Class B Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth
Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate 

  
 EXHIBIT F-2-3 

 
Notes Due 2039* (the “Class F Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured
Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together with the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
 Reference is hereby made to the Indenture
and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms
upon which the Notes are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class E Notes shall be
payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in
whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which
the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT F-2-4 

 Notes for whose redemption and payment provision is made in accordance with the Indenture
shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class E Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral 

  
 EXHIBIT F-2-5 

 
Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any
representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent
it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed
necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue
Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406
of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the
entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar
Law. 
 Title to Notes shall pass by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust
Office. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 No right or remedy
conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

  
 EXHIBIT F-2-6 

 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT F-2-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT F-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT F-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

_____________________________ 
 _____________________________

 Please insert social security or 
 other identifying number
of assignee 
 Please print or type name 
 and address,
including zip code, 
 of assignee: 
  

  
  

 
   

 
  

  
  

 
   

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

							
	Date:	 		 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name

appears on this Note)

  
 EXHIBIT F-2-10 

 EXHIBIT G-1 

FORM OF CLASS F SEVENTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT G-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT G-1-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS F SEVENTH PRIORITY 
 FLOATING
RATE NOTE DUE 2039 
  

			
	 No. [Reg. S] [144A] -____
	  	Up to
	 CUSIP No. [U3486MAG0]2 [30326MAN5]3
	  	U.S.$60,858,000
	ISIN: [USU3486MAG07]2 [US30326MAN56]3	  	

 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company
(the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below),
the principal sum of up to U.S.$60,858,000, or such other principal sum as is equal to the aggregate principal amount of the Class F Notes identified from time to time on the records of the Note Administrator and Schedule A hereto as being
represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below
unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class F Interest Distribution Amount allocable to this Note in accordance with
the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment
Date”). Interest on the Class F Notes shall accrue at the Class F Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of principal and interest on this Note is
pro rata with the payments of the principal, if any, of, and interest on, the Class F-E Notes and the Class F-X Notes. The payment of interest on this
Note is senior to the payments of the principal, if any, of, and interest on, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the
Class H Notes. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and no payments of principal on the Class F Notes will be made until the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are paid in full. The principal of this Note shall be due 

 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT G-1-3 

 
and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or
otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S
Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal, if any, and interest due and payable on the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and other amounts in accordance with the Priority of Payments,
all in accordance with the Indenture. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this
Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that
the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address
in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment,
on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 EXHIBIT G-1-4 

 This Note is one of a duly authorized issue of Class F Seventh Priority Secured
Floating Rate Notes Due 2039*, of the Issuer (the “Class F Notes”), limited in aggregate principal amount to U.S.$60,858,000 issued under an indenture dated as
of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor
trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the
“Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”),
(b) up to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to
U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the
“Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth
Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured Floating Rate Notes Due 2039* (the “Class G
Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together with the Class A Notes, the Class A-S
Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class F Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

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

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the
Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided that the funds
available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT G-1-5 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer, in whole but not in part, at the option of and upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the
Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total
Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional
Redemption. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the
applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class F Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

  
 EXHIBIT G-1-6 

 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by
virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the
Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial
owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the
Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or
beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the
suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the
Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented to the Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of
any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by
reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or
give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in
a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in the Notes
Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any
registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT G-1-7 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY
APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT G-1-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-1-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

____________________________ 
 ____________________________ 

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

  
  

 
   

 
  

  
  

 
   

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

							
	Date:	 		 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name

appears on this Note)

  
 EXHIBIT G-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This
Note shall be issued in the original principal balance of U.S.$[60,858,000]4 [0]5 on the Closing Date. The following exchanges of a part of
this [Rule 144A] [Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following such

decrease (or

increase)
	  	 Signature of

authorized
 officer of
Note
Administrator
 or securities

Custodian

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT G-1-12 

 EXHIBIT G-2 

FORM OF CLASS F SEVENTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT G-6-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS F SEVENTH PRIORITY 
 FLOATING
RATE NOTE DUE 2039 
 No. IAI—____ 

			
	 CUSIP No. [30326MAP0]
	  	 U.S.$[__]

 ISIN: [US30326MAP05] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”),
for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment
Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise and (b) the Class F Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the
6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class F Notes shall accrue at the Class F Rate and
shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one
or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 
 The obligations of the Issuer
under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the
Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of principal and interest on this Note is pro rata with the payments of the principal, if any, of, and interest on, the Class F-E Notes and the Class F-X Notes. The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the
Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as set forth in the Indenture, the payment of principal of this
Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E
Notes and no payments of principal on the Class F Notes will be made until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the
Class E Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call
for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes has been paid in full and is subordinated to the payment on each Payment Date of the
principal, if any, and interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and other
amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

  
 EXHIBIT G-6-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided
that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at
its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class F Seventh Priority Secured Floating Rate Notes Due 2039*, of the Issuer (the “Class F Notes”), limited in aggregate principal amount to U.S.$60,858,000 issued under an indenture dated as of March 31, 2022 (the
“Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the
Indenture, the “Trustee”), Computershare Trust Company, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note
Administrator”), and as custodian. Also 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT G-6-3 

 
authorized under the Indenture are (a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up
to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to
U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the
“Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth
Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (g) up to U.S.$39,219,000 Class G Eighth Priority Secured Floating Rate Notes Due
2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and,
together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X
Notes, the “Notes”). 
 Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes are, and are to be, executed,
authenticated and delivered. 
 Payments of principal of the Class F Notes shall be payable in accordance with Section 11.1(a) of
the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the
Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided that the funds
available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT G-6-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer, in whole but not in part, at the option of and upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the
Non-call Period at a price equal to their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total
Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional
Redemption. 
 Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the
applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class F Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

  
 EXHIBIT G-6-5 

 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by
virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the
Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial
owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the
Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or
beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the
suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the
Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented to the Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of
any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by
reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or
give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in
a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in the Notes
Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any
registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT G-6-6 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY
APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT G-6-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-6-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-6-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

 
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

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

					
	Date:	  	Your Signature:	  	  

		  		  	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT G-6-10 

 EXHIBIT G-3 

FORM OF CLASS F-E SEVENTH PRIORITY FLOATING RATE NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT G-3-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT G-3-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS F-E SEVENTH PRIORITY 

FLOATING RATE NOTE DUE 2039 
  

			
	No. [Reg. S] [144A] -____	  	Up to
	CUSIP No. [U3486MAJ4]2 [30326MAS4]3	  	U.S.$[__]

 ISIN: [USU3486MAJ46]2 [US30326MAS44]3 
 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware
limited liability company (the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the
Indenture referred to below), the principal sum of up to U.S.$60,858,000, or such other principal sum as is equal to the aggregate principal amount of the Class F-E Notes identified from time to time on
the records of the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the
extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class F-E Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of
each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class F-E Notes shall accrue at the interest rate for the Class F-E Notes determined at the time of exchange of Class F Notes for proportionate interests in the Class F-E Notes and
Class F-X Notes and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is pro rata
with the payments of the principal, if any, of, and interest on, the Class F Notes and the Class F-X Notes. The payment of interest on this Note is senior to the payments of the principal, if any,
of, and interest on, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as set forth in the Indenture, the
payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class E Notes and no payments of principal on the Class F-E Notes will be made until the Class A Notes, the Class A-S
Notes, the Class B Notes, the Class C Notes, the 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT G-3-3 

 
Class D Notes and the Class E Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note
becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur
after principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes has been paid in full and is subordinated
to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and
the Class E Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 
 Payments in
respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to
a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on
a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the Indenture. 

Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or the Stated
Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 EXHIBIT G-3-4 

 This Note is one of a duly authorized issue of
Class F-E Seventh Priority Floating Rate Notes Due 2039*, of the Issuer, issued under an indenture dated as of March 31, 2022 (the
“Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the
Indenture, the “Trustee”), Computershare Trust Company, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note
Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to
U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to
U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the
“Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth
Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (g) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the “Class F
Notes”) and (h) up to U.S.$39,219,000 Class G Eighth Priority Secured Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to
U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the
Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

(the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes”
and, together with the Class A Notes 
 Reference is hereby made to the Indenture and all indentures supplemental thereto for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes are, and are to be,
executed, authenticated and delivered. 
 Payments of principal of the Class F-E Notes shall be
payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in
whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which
the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the
Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust,
Inc. 

  
 EXHIBIT G-3-5 

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the
Issuer, in whole but not in part, at the option of and upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the
Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by a Majority of the Class H Noteholders (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the applicable
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 
 Pursuant to
Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to
cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 
 If an Event of Default shall occur
and be continuing, the Class F-E Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

At any time after a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of the
amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes,
the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f),
5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth therein. 

The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual amount).

 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due
and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

  
 EXHIBIT G-3-6 

 The term “Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 
 Each
purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax
purposes. 
 In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the
Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder
or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note
Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and
(C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including
decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the
Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its acquisition of an
interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes
constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of
Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan
which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include
“plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not
and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will
not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by
registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be
made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 EXHIBIT G-3-7 

 No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or
to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING
OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT
LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT G-3-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-3-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 COMPUTERHSARE TRUST COMPANY,         NATIONAL ASSOCIATION,

        as Authenticating Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-3-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

 
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

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

					
	Date:	  	Your Signature:	  	  

		  		  	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT G-3-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[0]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	  
 Date of

Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following such

decrease (or

increase)
	  	 Signature of

authorized
 officer of Note
Administrator
 or securities

Custodian

	  
	 	  
	 	  
	  	  
	  	  

  
  

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT G-3-12 

 EXHIBIT G-4 

FORM OF CLASS F-E SEVENTH PRIORITY FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT G-4-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS F-E SEVENTH PRIORITY 

FLOATING RATE NOTE DUE 2039 

No. IAI—____ 

			
	 CUSIP No. [30326MAT2]
	  	 U.S.$[__]

 ISIN: [US30326MAT27] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”),
for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment
Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise and (b) the Class F-E Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on
May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class F-E Notes shall accrue at the interest rate for the Class F-E Notes determined at the time of exchange of Class F Notes for proportionate interests in the
Class F-E Notes and Class F-X Notes and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The
interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is pro rata
with the payments of the principal, if any, of, and interest on, the Class F Notes and the Class F-X Notes. The payment of interest on this Note is senior to the payments of the principal, if any,
of, and interest on, the Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. Except as set forth in the Indenture, the
payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class E Notes and no payments of principal on the Class F-E Notes will be made until the Class A Notes, the Class A-S
Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only
occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes has been paid in full and is
subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class E Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

  
 EXHIBIT G-4-3 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided
that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at
its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class F-E Seventh Priority Floating Rate Notes Due
2039*, of the Issuer, issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing
agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note
administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also 
  

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT G-4-4 

 
authorized under the Indenture are (a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up
to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to
U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the
“Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth
Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (g) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the “Class F
Notes”) and (h) up to U.S.$39,219,000 Class G Eighth Priority Secured Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to
U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the
Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class F-E Notes shall be payable in accordance with
Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at
the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding
Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided
that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by a Majority of the Class H Noteholders (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

  
 EXHIBIT G-4-4 

 Notes for whose redemption and payment provision is made in accordance with the Indenture
shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class F-E Notes may become or be
declared due and payable in the manner and with the effect provided in the Indenture. 
 At any time after a declaration of acceleration of
Maturity of the Notes has been made, and before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes
is outstanding, a majority by outstanding principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes,
other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain
conditions set forth in the Indenture are satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in
accordance with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples
of $500 in excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date,
unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral 

  
 EXHIBIT G-4-5 

 
Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any
representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent
it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed
necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue
Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406
of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the
entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar
Law. 
 Title to Notes shall pass by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust
Office. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 No right or remedy
conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

  
 EXHIBIT G-4-6 

 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT G-4-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-4-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERHSARE TRUST COMPANY,         NATIONAL ASSOCIATION,
	        as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-4-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

 
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

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

					
	Date:	  	Your Signature:	  	  

		  		  	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT G-4-10 

 EXHIBIT G-5 

FORM OF CLASS F-X SEVENTH PRIORITY FLOATING RATE NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT G-5-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT G-5-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS F-X SEVENTH PRIORITY 

FLOATING RATE NOTE DUE 2039 
  

			
	 No. [Reg. S] [144A] -____
	  	 Up to

	 CUSIP No. [U3486MAK1]2 [30326MAU9]3
	  	 U.S.$[__]

 ISIN: [USU3486MAK19]2 [US30326MAU99]3 
 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware
limited liability company (the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns the Class F-X Interest Distribution Amount
allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business
Day (each, a “Payment Date”). Interest on the Class F-X Notes shall accrue at the interest rate for the Class F-X Notes determined at the time
of exchange of Class F Notes for proportionate interests in the Class F-E Notes and Class F-X Notes and shall be computed on the basis of the actual
number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at
the close of business on the Record Date for such interest. 
 The obligations of the Issuer under this Note and the Indenture are limited
recourse obligations of the Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are
insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is pro rata with the payments of the interest on the Class F Notes and the Class F-E Notes. The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class G Notes, the Class G-E
Notes, the Class G-X Notes and the Class H Notes. 
 Payments in respect of interest and
any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the
Holder or its nominee; provided that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by
a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on
this Note, or in the case of a partial repayment, on such part, from the date of repayment or the Payment Date occurring in January 2039 (the “Stated Maturity Date”), unless payment of principal is improperly withheld or unless an
Event of Default occurs with respect to such payments of principal. 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT G-5-3 

 Notwithstanding the foregoing, the final payment of interest due on this Note shall be made
only upon presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class F-X Seventh Priority Floating Rate Notes Due
2039*, of the Issuer, issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing
agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note
administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000
Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due
2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B
Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate
Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (g) up to U.S.$60,858,000
Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the “Class F Notes”) and (h) up to U.S.$39,219,000 Class G Eighth Priority Secured Floating Rate Notes Due 2039*(the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together
with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT G-5-4 

 Reference is hereby made to the Indenture and all indentures supplemental thereto for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes are, and are to be,
executed, authenticated and delivered. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at
the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding
Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided
that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by a Majority of the Class H Noteholders (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the applicable
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 
 Pursuant to
Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to
cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 
 If an Event of Default shall occur
and be continuing, the Class F-X Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

  
 EXHIBIT G-5-5 

 At any time after a declaration of acceleration of Maturity of the Notes has been made, and
before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes
and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the
extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has
deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary 

  
 EXHIBIT G-5-6 

 
responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that
is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered
Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 

Title to Notes shall pass by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust Office.

 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 No right or remedy
conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR
OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN
EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES
SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT G-5-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-5-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERHSARE TRUST COMPANY,         NATIONAL ASSOCIATION,
	        as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT G-5-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

 
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

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

					
	Date:	  	Your Signature:	  	  

		  		  	         (Sign exactly as your name

        appears on this Note)

  
 EXHIBIT G-5-10 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[0]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following

such decrease (or
increase)
	  	 Signature of

authorized
 officer of
Note
Administrator
 or securities

Custodian

 
  

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT G-5-11 

 EXHIBIT G-6 

FORM OF CLASS F-X SEVENTH PRIORITY FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT H-1-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS F-X SEVENTH PRIORITY 

FLOATING RATE NOTE DUE 2039 

No. IAI—____ 

			
	CUSIP No. [30326MAV7]	  	U.S.$[__]

 ISIN: [US30326MAV72] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”),
for value received, hereby promises to pay to [_______] or its registered assigns the Class F-X Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on
May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class F-X Notes shall accrue at the interest rate for the Class F-X Notes determined at the time of exchange of Class F Notes for proportionate interests in the
Class F-E Notes and Class F-X Notes and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The
interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is pro rata
with the payments of interest on the Class F Notes and the Class F-E Notes. The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the
Class G Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes. 

Payments in respect of interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a Paying Agent,
subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the
Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Payment Date occurring in January 2039 (the “Stated Maturity Date”), unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

  
 EXHIBIT H-1-2 

 Notwithstanding the foregoing, the final payment of interest due on this Note shall be made
only upon presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class F-X Seventh Priority Floating Rate Notes Due
2039*, of the Issuer, issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing
agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note
administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000
Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due
2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B
Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate
Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (g) up to U.S.$60,858,000
Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the “Class F Notes”) and (h) up to U.S.$39,219,000 Class G Eighth Priority Secured Floating Rate Notes Due 2039*(the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together
with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-1-3 

 Reference is hereby made to the Indenture and all indentures supplemental thereto for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes are, and are to be,
executed, authenticated and delivered. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at
the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding
Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided
that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by a Majority of the Class H Noteholders (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the applicable
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 
 Pursuant to
Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to
cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 
 If an Event of Default shall occur
and be continuing, the Class F-X Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

At any time after a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of the
amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes,
the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f),
5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

  
 EXHIBIT H-1-4 

 The Indenture may be amended and supplemented under the circumstances, and in accordance
with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in
excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the
unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes
and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the
extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has
deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal
Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to
Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such 

  
 EXHIBIT H-1-5 

 
employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes
do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law,
will not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass
by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall
be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST
ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT H-1-6 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	
                     
                

		 	Name:
		 	Title:

  
 EXHIBIT H-1-7 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERHSARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  
 EXHIBIT H-1-8 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
  

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

							
	Date:	 		 	Your Signature:	 	 

                     
                            

		 		 		 	 (Sign exactly as your name
 appears on this
Note)

  
 EXHIBIT H-1-9 

 EXHIBIT H-1 

FORM OF CLASS G EIGHTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT H-1-10 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT H-1-11 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS G EIGHTH PRIORITY 
 FLOATING
RATE NOTE DUE 2039 
  

			
	No. [Reg. S] [144A]—____	  	Up to
	CUSIP No. [U3486MAH8]2 [30326MAQ8]3	  	U.S.$39,219,000

 ISIN: [USU3486MAH89]2 [US30326MAQ87]3 
 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware
limited liability company (the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the
Indenture referred to below), the principal sum of up to U.S.$39,219,000, or such other principal sum as is equal to the aggregate principal amount of the Class G Notes identified from time to time on the records of the Note Administrator and
Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with
the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class G Interest Distribution Amount allocable
to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day
(each, a “Payment Date”). Interest on the Class G Notes shall accrue at the Class G Rate and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest
so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of principal and interest on this Note is
pro rata with the payments of the principal, if any, of and interest on, the Class G-E Notes and the Class G-X Notes. The payment of interest on this
Note is senior to the payments of the principal, if any, of, and interest on, the Class H Notes. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes and the Class F-X Notes and no payments of principal on the Class G Notes will be made until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT H-1-12 

 
are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by
declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal, if any, and interest due and payable on the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes
and the Class F-X Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions
to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class G Eighth Priority Secured Floating Rate Notes Due 2039*, of the Issuer (the “Class G Notes”), limited in aggregate principal 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-1-13 

 
amount to U.S.$39,219,000 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as
advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note
administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000
Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due
2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B
Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate
Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”) and (g) up to
U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the “Class F Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”) 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes are, and are to be, executed, authenticated and delivered. 

Payments of principal of the Class G Notes shall be payable in accordance with Section 11.1(a) of the Indenture. 

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

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the
Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided that the funds
available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-1-14 

 Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the
Issuer, in whole but not in part, at the option of and upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the
Tax Materiality Condition is satisfied at a price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the applicable
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 
 Pursuant to
Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to
cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 
 If an Event of Default shall occur
and be continuing, the Class G Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

At any time after a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of the
amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes,
the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f),
5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth therein. 

The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual amount).

  
 EXHIBIT H-1-15 

 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the
unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes
and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the
extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has
deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue
Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406
of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the
entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar
Law. 
 Title to Notes shall pass by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust
Office. 

  
 EXHIBIT H-1-16 

 No service charge shall be made to a Holder for any registration of transfer or exchange of
this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST
ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT H-1-17 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:

  
 EXHIBIT H-1-18 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:

  
 EXHIBIT H-1-19 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
  

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

							
	Date:	 		 	Your Signature:	 	 

                     
                            

		 		 		 	 (Sign exactly as your name
 appears on this
Note)

  
 EXHIBIT H-1-20 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[39,219,000]4 [0]5 on the Closing Date. The following exchanges of a part of this
[Rule 144A] [Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following such

decrease (or

increase)
	  	 Signature of

authorized
 officer of
Note
Administrator
 or securities

Custodian

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT H-1-21 

 EXHIBIT H-2 

FORM OF CLASS G EIGHTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT H-2-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS G EIGHTH PRIORITY 
 FLOATING
RATE NOTE DUE 2039 
 No. IAI—____ 

			
	CUSIP No. [30326MAR6]	  	U.S.$[__]

 ISIN: [US30326MAR60] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”),
for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[__] on the Payment
Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date
by declaration of acceleration, call for redemption or otherwise and (b) the Class G Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the
6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class G Notes shall accrue at the Class G Rate and
shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one
or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 
 The obligations of the Issuer
under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the
Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of principal and interest on this Note is pro rata with the payments of the principal, if any, of and interest on, the Class G-E Notes and the Class G-X Notes. The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the
Class H Notes. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class A-S Notes,
the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X
Notes and no payments of principal on the Class G Notes will be made until the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes are paid in full. The principal of this Note shall be due and payable
no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth
in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D
Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes has been paid in full and is subordinated to the payment on
each Payment Date of the principal, if any, and 

  
 EXHIBIT H-2-2 

 
interest due and payable on the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the
Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes and other amounts in accordance with the Priority of Payments, all in
accordance with the Indenture. 
 Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note
shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the
Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in
the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on
such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class G Eighth Priority Secured Floating Rate Notes Due 2039*, of the Issuer (the “Class G Notes”), limited in aggregate principal amount to U.S.$39,219,000 issued under an indenture dated as of March 31, 2022 (the
“Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the
Indenture, the “Trustee”), Computershare Trust Company, 
  

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-2-3 

 
National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as
custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third
Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C
Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes
Due 2039 (the “Class E Notes”) and (g) up to U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the
“Class F Notes” and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E
Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes, the “Notes”). 
 Reference is hereby made to the Indenture and all
indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon
which the Notes are, and are to be, executed, authenticated and delivered. 
 Payments of principal of the Class G Notes shall be
payable in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in
whole but not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which
the Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 
  

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-2-4 

 Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the
Issuer, in whole but not in part, at the option of and upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to
their applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell
any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the applicable
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 
 Pursuant to
Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to
cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 
 If an Event of Default shall occur
and be continuing, the Class G-E Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

At any time after a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of the
amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes,
the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f),
5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth therein. 

The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual amount).

 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due
and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term “Issuer” as
used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

  
 EXHIBIT H-2-5 

 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by
virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the
Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial
owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the
Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or
beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the
suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the
Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented to the Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of
any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by
reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or
give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in
a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in the Notes
Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any
registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT H-2-6 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY
APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT H-2-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT H-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY, 
		 	NATIONAL ASSOCIATION,
		 	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT H-2-9 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 

                          
                                       

 

                          
                                       

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
  

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

			
	Date:	  	Your
Signature:                                       
                                     
		  	 (Sign exactly as your name

appears on this Note)

  
 EXHIBIT H-2-10 

 EXHIBIT H-3 

FORM OF CLASS G-E SEVENTH PRIORITY SECURED FLOATING RATE NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT H-3-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT H-3-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS G-E EIGHTH PRIORITY 

FLOATING RATE NOTE DUE 2039 
  

			
	No. [Reg. S] [144A]—____	  	Up to
	CUSIP No. [U3486MAL9]2 [30326MAW5]3	  	U.S.$[__]

 ISIN: [USU3486MAL91]2 [US30326MAW55]3 
 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware
limited liability company (the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the
Indenture referred to below), the principal sum of up to U.S.$39,219,000, or such other principal sum as is equal to the aggregate principal amount of the Class G-E Notes identified from time to time on
the records of the Note Administrator and Schedule A hereto as being represented by this [Rule 144A] [Regulation S] Global Note, on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the
extent not previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class G-E Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of
each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class G-E Notes shall accrue at the interest rate for the Class G-E Notes determined at the time of exchange of Class G Notes for proportionate interests in the Class G-E Notes and
Class G-X Notes and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is pro rata
with the payments of the principal, if any, of, and interest on, the Class G Notes and the Class G-X Notes. The payment of interest on this Note is senior to the payments of the principal, if any,
of, and interest on, the PrefClass H Notes. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes
and the Class F-X Notes and no payments of principal on the Class G-E Notes will be made until the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D 
  

 
  

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT H-3-3 

 
Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes are
paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or
otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the Class A Notes, the Class A-S
Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the
Class F-X Notes has been paid in full and is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes
and the Class F-X Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

Payments in respect of principal and interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a
Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions
to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class G-E Eighth Priority Floating Rate Notes Due
2039*, of the Issuer, issued under an indenture dated as of March 31, 2022 (the 
  

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-3-4 

 
“Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (in such capacity and,
together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note administrator (in such capacity and, together with any successor note administrator
permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000 Class A Senior Secured Floating Rate Notes Due 2039 (the
“Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due 2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (d) up to U.S.$68,972,000
Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the
“Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (g) up to U.S.$60,858,000 Class F
Seventh Priority Floating Rate Notes Due 2039* (the “Class F Notes”) and (h) up to U.S.$39,219,000 Class G Eighth Priority Floating Rate Notes Due
2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and,
together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X
Notes, the “Notes”). 
 Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes are, and are to be, executed,
authenticated and delivered. 
 Payments of principal of the Class G-E Notes shall be payable
in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but
not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the
Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority 

  
 EXHIBIT H-3-5 

 
Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a
price equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the applicable
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 
 Pursuant to
Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to
cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 
 If an Event of Default shall occur
and be continuing, the Class G-E Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

At any time after a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of the
amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes,
the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f),
5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth therein. 

The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual amount).

 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due
and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term “Issuer” as
used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

  
 EXHIBIT H-3-6 

 Each purchaser and any subsequent transferee of this Note or any interest herein shall, by
virtue of its purchase or other acquisition of this Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 

In connection with the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the
Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial
owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the
Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or
beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the
suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the
Note Administrator, the Trustee, or any of their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes,
shall be deemed to have represented to the Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of
any “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a
“plan” (as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any
federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by
reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or
give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in
a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in the Notes
Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any
registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 EXHIBIT H-3-7 

 This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF
THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY
APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT H-3-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT H-3-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY, 
		 	NATIONAL ASSOCIATION,
		 	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT H-3-10 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

                          
                                         
      
  

                          
                                         
      
 Please insert social security or 

other identifying number of assignee 
 Please print or type name

 and address, including zip code, 
 of assignee: 

 
  
  

 
  

 
  

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

			
	Date:	  	Your
Signature:                                       
                                         

		  	 (Sign exactly as your name

appears on this Note)

  
 EXHIBIT H-3-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[0]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 Date of
Exchange
	 	 Amount of
Decrease in
Principal
Amount of
this
Global Note
	 	 Amount of
Increase in
Principal
Amount of
this
Global Note
	  	 Principal
Amount of this
Global Note
following
such
decrease (or
increase)
	  	 Signature of
authorized
officer of
Note
Administrator
or securities
Custodian

  
  

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT H-3-12 

 EXHIBIT H-4 

FORM OF CLASS G-E EIGHTH PRIORITY FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT H-4-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS G-E EIGHTH PRIORITY 

FLOATING RATE NOTE DUE 2039 
 No. IAI -
             

			
	 CUSIP No. [30326MAX3]
	  	 U.S.$[__]

 ISIN: [US30326MAX39] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”),
for value received, hereby promises to pay to [                ] or its registered assigns (a) upon presentation and surrender of this Note (except as
otherwise permitted by the Indenture referred to below), the principal sum of U.S.$[      ] on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not
previously paid, in accordance with the Indenture referred to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) the Class G-E Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of
each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). Interest on the Class G-E Notes shall accrue at the interest rate for the Class G-E Notes determined at the time of exchange of Class G Notes for proportionate interests in the Class G-E Notes and
Class G-X Notes and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is pro rata
with the payments of the principal, if any, of, and interest on, the Class G Notes and the Class G-X Notes. The payment of interest on this Note is senior to the payments of the principal, if any,
of, and interest on, the Class H Notes. Except as set forth in the Indenture, the payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes
and the Class F-X Notes and no payments of principal on the Class G-E Notes will be made until the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes
and the Class F-X Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable at an
earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the
Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes and the Class F-X Notes has been paid in full and 

  
 EXHIBIT H-4-2 

 
is subordinated to the payment on each Payment Date of the principal and interest due and payable on the Class A Notes, the Class A-S Notes, the
Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes and the Class F-X Notes
and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 
 Payments in respect of principal and
interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account
maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the
United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the Indenture. 
 Interest
will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to
such payments of principal. 
 Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made
only upon presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class G-E Eighth Priority Floating Rate Notes Due
2039*, of the Issuer, issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing
agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note
administrator (in such capacity and, together with any successor note 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-4-3 

 
administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000 Class A Senior
Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due 2039 (the
“Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B Notes”), (d)
up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the
“Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (g) up to U.S.$60,858,000 Class F
Seventh Priority Floating Rate Notes Due 2039* (the “Class F Notes”) and (h) up to U.S.$39,219,000 Class G Eighth Priority Floating Rate Notes Due
2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and,
together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the Class G-X
Notes, the “Notes”). 
 Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes, and are to be, executed,
authenticated and delivered. 
 Payments of principal of the Class G-E Notes shall be payable
in accordance with Section 11.1(a) of the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but
not in part, at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the
Aggregate Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, 

  
 EXHIBIT H-4-4 

 
however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer
shall not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the applicable
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 
 Pursuant to
Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to
cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 
 If an Event of Default shall occur
and be continuing, the Class G-E Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

At any time after a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of the
amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes,
the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f),
5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth therein. 

The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual amount).

 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such Note becomes due
and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term “Issuer” as
used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any

  
 EXHIBIT H-4-5 

 
written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective
affiliates, other than any statements in the final offering memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own
legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to
the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of
their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the
Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as
defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in
Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law
that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit
plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in the Notes Register
kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any
registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 

  
 EXHIBIT H-4-6 

 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT H-4-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT H-4-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERHSARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT H-4-9 

 ASSIGNMENT FORM 

For value received
                                         
                                         
                                         
                          

hereby sell, assign and transfer unto 

                          
                                       

 

                          
                                       

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
  

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

			
	Date:	  	Your
Signature:                                       
                                     
		  	 (Sign exactly as your name

appears on this Note)

  
 EXHIBIT H-4-10 

 EXHIBIT H-5 

FORM OF CLASS G-X EIGHTH PRIORITY FLOATING RATE NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT H-5-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT H-5-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS G-X EIGHTH PRIORITY 

FLOATING RATE NOTE DUE 2039 
  

			
	 No. [Reg. S] [144A]—____
	  	 Up to

	 CUSIP No. [U3486MAM7]2 [30326MAY1]3
	  	 U.S.$[__]

 ISIN: [USU3486MAM74]2 [US30326MAY12]3 
 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware
limited liability company (the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns the Class G-X Interest Distribution Amount
allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business
Day (each, a “Payment Date”). Interest on the Class G-X Notes shall accrue at the interest rate for the Class G-X Notes determined at the time
of exchange of Class G Notes for proportionate interests in the Class G-E Notes and Class G-X Notes and shall be computed on the basis of the actual
number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at
the close of business on the Record Date for such interest. 
 The obligations of the Issuer under this Note and the Indenture are limited
recourse obligations of the Issuer payable solely from the Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are
insufficient to satisfy such obligations, any claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 

The payment of interest on this Note is pro rata with the payments of the interest on the Class G Notes and the Class G-E Notes. The payment of interest on this Note is senior to the payments of the principal, if any, of, and interest on, the Class H Notes. 

Payments in respect of interest and any other amounts due on any Payment Date on this Note shall be payable by the Trustee or a Paying Agent,
subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the
Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the Notes Register, as provided in the
Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such part, from the date of repayment or
the Payment Date occurring in January 2039 (the “Stated Maturity Date”), unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

 
  

 

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT H-5-3 

 Notwithstanding the foregoing, the final payment of interest due on this Note shall be made
only upon presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class G-X Eighth Priority Floating Rate Notes Due
2039*, of the Issuer, issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing
agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note
administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000
Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due
2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B
Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate
Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (g) up to U.S.$60,858,000
Class F Seventh Priority Floating Rate Notes Due 2039* (the “Class F Notes”) and (h) up to U.S.$39,219,000 Class G Eighth Priority Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together
with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
  

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-5-4 

 Reference is hereby made to the Indenture and all indentures supplemental thereto for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms upon which the Notes, and are to be,
executed, authenticated and delivered. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at
the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding
Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided
that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the applicable
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 
 Pursuant to
Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to
cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 
 If an Event of Default shall occur
and be continuing, the Class G-X Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

  
 EXHIBIT H-5-5 

 At any time after a declaration of acceleration of Maturity of the Notes has been made, and
before a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes
and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the
extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has
deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue
Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law 

  
 EXHIBIT H-5-6 

 
that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include
“plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not
and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will
not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by
registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be
made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST
ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT H-5-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	 FS RIALTO 2022-FL4 ISSUER, LLC, as
Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 EXHIBIT H-5-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERHSARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT H-5-9 

 ASSIGNMENT FORM 

For value received
                                         
                                         
                                         
                          

hereby sell, assign and transfer unto 

                          
                                       

 

                          
                                       

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
  

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

			
	Date:	  	Your
Signature:                                       
                                     
		  	 (Sign exactly as your name

appears on this Note)

  
 EXHIBIT H-5-10 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[0]4 [0]5 on the Closing Date. The following exchanges of a part of this [Rule 144A]
[Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	 	 Amount of
Decrease in
Principal
Amount of
this
Global Note
	 	 Amount of
Increase in
Principal
Amount of
this
Global Note
	  	 Principal
Amount of this
Global Note
following
such
decrease (or
increase)
	  	 Signature of
authorized
officer of
Note
Administrator
or securities
Custodian

  
  

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT H-5-11 

 EXHIBIT H-6 

FORM OF CLASS G-X EIGHTH PRIORITY FLOATING RATE NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT H-3-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS G-X EIGHTH PRIORITY 

FLOATING RATE NOTE DUE 2039 
 No. IAI -
             

			
	 CUSIP No. [30326MAZ8]
	  	 U.S.$[      ]

 ISIN: [US30326MAZ86] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”),
for value received, hereby promises to pay to [                ] or its registered assigns the Class G-X
Interest Distribution Amount allocable to this Note in accordance with the Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day,
then on the preceding Business Day (each, a “Payment Date”). Interest on the Class G-X Notes shall accrue at the interest rate for the
Class G-X Notes determined at the time of exchange of Class G Notes for proportionate interests in the Class G-E Notes and
Class G-X Notes and shall be computed on the basis of the actual number of days in the related Interest Accrual Period divided by 360. The interest so payable on any Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Offered Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 The payment of interest on this Note is pro rata
with the payments of the principal, if any, of, and interest on the Class G Notes and the Class G-E Notes. The payment of interest on this Note is senior to the payments of the principal, if any, of,
and interest on, the Class H Notes. 
 Payments in respect of interest and any other amounts due on any Payment Date on this Note shall
be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided that the Holder
has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at its address in the
Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial repayment, on such
part, from the date of repayment or the Payment Date occurring in January 2039 (the “Stated Maturity Date”), unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of
principal. 
  

  
 EXHIBIT H-3-2 

 Notwithstanding the foregoing, the final payment of interest due on this Note shall be made
only upon presentation and surrender of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class G-X Eighth Priority Floating Rate Notes Due
2039*, of the Issuer, issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing
agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note
administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000
Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$97,372,000 Class A-S Second Priority Secured Floating Rate Notes Due
2039 (the “Class A-S Notes”), (c) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B
Notes”), (d) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (e) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate
Notes Due 2039 (the “Class D Notes”), (f) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (g) up to U.S.$60,858,000
Class F Seventh Priority Floating Rate Notes Due 2039* (the “Class F Notes”) and (h) up to U.S.$39,219,000 Class G Eighth Priority Floating Rate Notes Due 2039* (the “Class G Notes”) and (h) up to U.S.$85,201,248 Class H Income Notes Due 2039 (the “Class H Notes” and, together
with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the
Class F-E Notes, the Class F-X Notes, the Class G-E Notes and the
Class G-X Notes, the “Notes”). 
 Reference is hereby made to the Indenture
and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent, the Holders of the Notes and the terms
upon which the Notes, and are to be, executed, authenticated and delivered. 
  

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT H-3-3 

 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in
the Indenture. 
 Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part,
at the option of and upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate
Outstanding Amount of the Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices;
provided that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

Notes for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest on the applicable
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 
 Pursuant to
Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to
cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 
 If an Event of Default shall occur
and be continuing, the Class G-X Notes may become or be declared due and payable in the manner and with the effect provided in the Indenture. 

At any time after a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment of the
amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding principal amount, of the Class F Notes,
the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f),
5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are satisfied. 

  
 EXHIBIT H-3-4 

 The Indenture may be amended and supplemented under the circumstances, and in accordance
with the conditions, set forth therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in
excess thereof (plus any residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the
unpaid principal of such Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 

The term “Issuer” as used in this Note includes any
successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes
and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the
extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has
deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue
Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406
of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such 

  
 EXHIBIT H-3-5 

 
employee benefit plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes
do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law,
will not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass
by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall
be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST
ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT H-3-6 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	
                     
            

		 	Name:
		 	Title:

  
 EXHIBIT H-3-7 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERHSARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	
                     
    

		 	Name:
		 	Title:

  
 EXHIBIT H-3-8 

 ASSIGNMENT FORM 

For value received _____________________________________________ 

hereby sell, assign and transfer unto 
  

 
  

Please insert social security or 
 other identifying number of
assignee 
  
  

 
  
  

 
  

 
 Please print or type name 

and address, including zip code, 
 of assignee: 

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

							
	Date:	 		 	Your Signature:	 	 

                     
            

		 		 		 	 (Sign exactly as your name
 appears on this
Note)

  
 EXHIBIT H-3-9 

 EXHIBIT I-1 

FORM OF CLASS H INCOME NOTE DUE 2039 

[REGULATION S] [RULE 144A] GLOBAL NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS
DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE
SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL
MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH
GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT I-1-1 

 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO.). 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS
NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 
 [AN INTEREST IN THIS
NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME.]1 
  
  

	1 	 For Regulation S Global Note. 

  
 EXHIBIT I-1-2 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS H INCOME NOTE DUE 2039 
  

			
	No. [Reg. S] [144A]—____	  	Up to
	 CUSIP No. [U3486MAN5]2 [30326MBA2]3
	  	 U.S.$85,201,248

	ISIN: [USU3486MAN57]2 [US30326MBA27]3	  	

 FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company
(the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below),
any remaining Principal Proceeds on the Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid and to the extent of available funds thereof, in accordance with the Indenture referred
to below unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) any remaining Interest Proceeds allocable to this Note in accordance with the
Indenture payable initially on May 19, 2022, and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment
Date”). 
 The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable
solely from the Collateral Interests and other assets pledged by the Issuer as security for the Secured Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any
claims of the Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 Except as set forth in the Indenture, the
payment of principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the
Class G-X Notes and no payments of principal on the Class H Notes will be made until the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E
Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E
Notes and the Class G-X Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable
at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the
Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes has been paid in full and is
subordinated to the payment on each Payment Date of the principal, if any, and interest due and payable on the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F
Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

 

	2 	 For Regulation S Global Note. 

	3 	 For Rule 144A Global Note. 

  
 EXHIBIT I-1-3 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided
that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at
its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class H Income Notes Due 2039, of the Issuer (the “Class H
Notes”), limited in aggregate principal amount to U.S.$85,201,248, issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing
agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note
administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000
Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B
Notes”), (c) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (d) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate
Notes Due 2039 (the “Class D Notes”), (e) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to

  
 EXHIBIT I-1-4 

 
U.S.$60,858,000 Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the “Class F Notes”)
and (g) up to U.S.$39,219,000 Class G Eighth Priority Secured Floating Rate Notes Due 2039* (the “Class G Notes” and, together with the Class A Notes, the
Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes,
the Class F-X Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes, the
“Notes”). 
 Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent and the Holders of the Notes and the terms upon which the Notes are, and are to be, executed,
authenticated and delivered. 
 Payments of principal of the Class H Notes shall be payable in accordance with Section 11.1(a) of
the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the
Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided that the funds
available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 
  

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust, Inc.

  
 EXHIBIT I-1-5 

 Notes for whose redemption and payment provision is made in accordance with the Indenture
shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class H Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral 

  
 EXHIBIT I-1-6 

 
Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes and any
representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent
it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed
necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of their respective affiliates. 

Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the Issuer, the Note Administrator, the
Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Internal Revenue
Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406
of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the
entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar
Law. 
 Title to Notes shall pass by registration in the Notes Register kept by the Note Administrator, acting through its Corporate Trust
Office. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of this Note, but the Note Administrator
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 No right or remedy
conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

  
 EXHIBIT I-1-7 

 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A PETITION OF BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST ONE YEAR AND ONE DAY
(OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 
 AS
PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

  
 EXHIBIT I-1-8 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT I-1-9 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT I-1-10 

 ASSIGNMENT FORM 

For value received
                                         
                                         
                       
 hereby sell,
assign and transfer unto 
  

                          
                                   

                          
                                   

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
  

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

							
	Date:	 	        	 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name

appears on this Note)

  
 EXHIBIT I-1-11 

 SCHEDULE A 

EXCHANGES IN GLOBAL NOTES 
 This Note shall be
issued in the original principal balance of U.S.$[85,201,248]4 [0]5 on the Closing Date. The following exchanges of a part of this
[Rule 144A] [Regulation S] Global Note have been made: 
  

									
	 Date of

Exchange
	  	 Amount of

Decrease in

Principal
 Amount of
this
 Global Note
	  	 Amount of

Increase in

Principal
 Amount of
this
 Global Note
	  	 Principal

Amount of this
 Global
Note
 following such

decrease (or

increase)
	  	 Signature of

authorized
 officer of
Note
Administrator
 or securities

Custodian

 

	4 	 Rule 144A Global Note 

	5 	 Regulation S Global Note. 

  
 EXHIBIT I-1-12 

 EXHIBIT I-2 

FORM OF CLASS H INCOME NOTE DUE 2039 DEFINITIVE NOTE 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR
(7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN
SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS
THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A
DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH NOTE WAS IN
BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE
ISSUER. 

  
 EXHIBIT I-2-1 

 FS RIALTO 2022-FL4 ISSUER, LLC 

CLASS H INCOME NOTE DUE 2039 
 No. IAI-____

			
	CUSIP No. [30326M204]	  	U.S.$[__]

 ISIN: [US30326M2044] 

FS RIALTO 2022-FL4 ISSUER, LLC, a Delaware limited liability company (the “Issuer”),
for value received, hereby promises to pay to [_______] or its registered assigns (a) upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), any remaining Principal Proceeds on the
Payment Date occurring in January 2039 (the “Stated Maturity Date”), to the extent not previously paid and to the extent of available funds thereof, in accordance with the Indenture referred to below unless the unpaid principal of
this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise and (b) any remaining Interest Proceeds on this Note in accordance with the Indenture payable initially on May 19, 2022,
and thereafter monthly on the 6th Business Day following the 11th day of each month or, if such day is not a Business Day, then on the preceding Business Day (each, a “Payment Date”). 

The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the
Collateral Interests and other assets pledged by the Issuer as security for the Secured Notes under the Indenture, and in the event the Collateral Interests and such other assets are insufficient to satisfy such obligations, any claims of the
Holders of the Notes shall be extinguished, all in accordance with the Indenture. 
 Except as set forth in the Indenture, the payment of
principal of this Note is subordinate to the payments of principal of and interest on the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E Notes and the
Class G-X Notes and no payments of principal on the Class H Notes will be made until the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E
Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes, the Class G-E
Notes and the Class G-X Notes are paid in full. The principal of this Note shall be due and payable no later than the Stated Maturity Date unless the unpaid principal of such Note becomes due and payable
at an earlier date by declaration of acceleration, call for redemption or otherwise; provided, however, that, except as set forth in the Indenture, the payment of principal of this Note may only occur after principal on the
Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the
Class F-X Notes, the Class G Notes, the Class G-E Notes and the Class G-X Notes has been paid in full and is
subordinated to the payment on each Payment Date of the principal, if any, and interest due and payable on the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F
Notes, the Class F-E Notes, the Class F-X Notes, the Class G Notes the Class G-E Notes and the Class F-X Notes and other amounts in accordance with the Priority of Payments, all in accordance with the Indenture. 

  
 EXHIBIT I-2-2 

 Payments in respect of principal and interest and any other amounts due on any Payment Date
on this Note shall be payable by the Trustee or a Paying Agent, subject to any laws or regulations applicable thereto, by wire transfer in immediately available funds to a Dollar account maintained by the Holder or its nominee; provided
that the Holder has provided wiring instructions to the Trustee on or before the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar check mailed to the Holder at
its address in the Notes Register, as provided in the Indenture. 
 Interest will cease to accrue on this Note, or in the case of a partial
repayment, on such part, from the date of repayment or the Stated Maturity Date, unless payment of principal is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. 

Notwithstanding the foregoing, the final payment of interest and principal due on this Note shall be made only upon presentation and surrender
of this Note (except as otherwise provided in the Indenture) at the Corporate Trust Office of the Note Administrator or at the office of the Paying Agent. 

The Holder of this Note shall be treated as the owner hereof for all purposes. 

Except as specifically provided herein and in the Indenture, the Issuer shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Unless the certificate of authentication hereon has been executed by the Note Administrator or by the Authenticating Agent by the manual
signature of one of their Authorized Officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

This Note is one of a duly authorized issue of Class H Income Notes Due 2039, of the Issuer (the “Class H
Notes”), limited in aggregate principal amount to U.S.$85,201,248 issued under an indenture dated as of March 31, 2022 (the “Indenture”) by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing
agent, Wilmington Trust, National Association, as trustee (in such capacity and, together with any successor trustee permitted under the Indenture, the “Trustee”), Computershare Trust Company, National Association, as note
administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. Also authorized under the Indenture are (a) up to U.S.$586,936,000
Class A Senior Secured Floating Rate Notes Due 2039 (the “Class A Notes”), (b) up to U.S.$56,801,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the “Class B
Notes”), (c) up to U.S.$68,972,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the “Class C Notes”), (d) up to U.S.$68,971,000 Class D Fifth Priority Secured Floating Rate
Notes Due 2039 (the “Class D Notes”), (e) up to U.S.$17,581,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the “Class E Notes”), (f) up to U.S.$60,858,000
Class F Seventh Priority Secured Floating Rate Notes Due 2039* (the “Class F  
  

 

	* 	 At any time on or after the Initial MASCOT Note Issuance Date, all or a portion of (i) the Class F
Notes may be exchanged for proportionate interests in the Class F-E Notes (the “Class F-E Notes”) and the Class F-X Notes (the “Class F-X Notes”) and vice versa and (ii) the Class G Notes may be exchanged for proportionate
interests in the Class G-E Notes (the “Class G-E Notes”) and the Class G-X Notes
(the “Class G-X Notes”) and vice versa; provided that the Class F Notes shall only be exchangeable for proportionate interests in the
Class F-E Notes and the Class F-X Notes if such Notes at the time of exchange are owned by a wholly-owned subsidiary of FS Credit Real Estate Income Trust,
Inc. 

  
 EXHIBIT I-2-3 

 
Notes”) and (g) up to U.S.$39,219,000 Class G Eighth Priority Secured Floating Rate Notes Due 2039* (the “Class G Notes” and, together with the Class A Notes,
the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes, the Class F-E Notes, the Class F-X Notes, the Class G-E Notes, the Class G-X Notes and the Class H Notes, the
“Notes”). 
 Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the Note Administrator, the Advancing Agent and the Holders of the Notes and the terms upon which the Notes are, and are to be, executed,
authenticated and delivered. 
 Payments of principal of the Class H Notes shall be payable in accordance with Section 11.1(a) of
the Indenture. 
 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. 

Pursuant to Section 9.1(a) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Collateral Manager which shall be delivered as provided in the Indenture, at their applicable Redemption Prices on any Payment Date on or after the Payment Date on or after which the Aggregate Outstanding Amount of the
Offered Notes (excluding Deferred Interest) has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the Closing Date at a price equal to their applicable Redemption Prices; provided that the funds
available to be used for such Clean-up Call will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(b) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon at the written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date following the occurrence of a Tax Event if the Tax Materiality Condition is satisfied at a price
equal to their applicable Redemption Prices; provided that the funds available to be used for such Tax Redemption will be sufficient to pay the Total Redemption Price. 

Pursuant to Section 9.1(c) of the Indenture, the Notes shall be redeemable by the Issuer, in whole but not in part, at the option of and
upon written notice by the Majority Class H Noteholder (which shall be delivered in accordance with the Indenture), on any Payment Date after the end of the Non-call Period at a price equal to their
applicable Redemption Prices; provided, however, that the funds available to be used for such Optional Redemption will be sufficient to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall
not sell any Collateral to the Collateral Manager or any Affiliate of the Collateral Manager other than the Retention Holder in connection with an Optional Redemption. 

  
 EXHIBIT I-2-4 

 Notes for whose redemption and payment provision is made in accordance with the Indenture
shall cease to bear interest on the applicable Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest thereon). 

Pursuant to Section 9.5 of the Indenture, if the Note Protection Tests are not satisfied as of any Determination Date, the Notes shall be
redeemed in accordance with the Priority of Payments set forth in the Indenture, only, and to the extent necessary, to cause the Note Protection Tests to be satisfied or, if sooner, until the Notes have been paid in full. 

If an Event of Default shall occur and be continuing, the Class H Notes may become or be declared due and payable in the manner and with
the effect provided in the Indenture. 
 At any time after a declaration of acceleration of Maturity of the Notes has been made, and before
a judgment or decree for payment of the amounts due has been obtained by the Trustee as provided in the Indenture, a Majority of each Class of Offered Notes, or if no Class of Offered Notes is outstanding, a majority by outstanding
principal amount, of the Class F Notes, the Class F-E Notes, the Class G Notes and the Class G-E Notes, other than with respect to an Event of
Default specified in Section 5.1(d), 5.1(f), 5.1(g) or 5.1(i) of the Indenture, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if certain conditions set forth in the Indenture are
satisfied. 
 The Indenture may be amended and supplemented under the circumstances, and in accordance with the conditions, set forth
therein. 
 The Notes will be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any
residual amount). 
 The principal of each Note, if any, shall be payable on the Stated Maturity Date, unless the unpaid principal of such
Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. 
 The term
“Issuer” as used in this Note includes any successor-in-interest to the Issuer under the Indenture. 

Each purchaser and any subsequent transferee of this Note or any interest herein shall, by virtue of its purchase or other acquisition of this
Note or any interest herein, be deemed to have agreed to treat this Note as debt for U.S. federal income tax purposes. 
 In connection with
the purchase of this Note, the Holder and each beneficial owner thereof agrees that: (A) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, or any of their respective affiliates is acting as
a fiduciary or financial or investment adviser for such Holder or beneficial owner; (B) such Holder or beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or
representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Notes
and any representations expressly set forth in a written agreement with such party; and (C) such Holder or beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial,

  
 EXHIBIT I-2-5 

 
accounting and other advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the
Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, or any of
their respective affiliates. 
 Each Holder, by its acquisition of an interest in the Notes, shall be deemed to have represented to the
Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel that either (A) no part of the funds being used to pay the purchase price for such Notes constitutes an asset of any “employee benefit plan” (as
defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in
Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975 of the Code or any other employee benefit plan which is subject to any federal, state, local or other law
that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit
plan’s or plan’s investment in the entity or otherwise, or (B) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or in the case of any plan or entity subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law. 
 Title to Notes shall pass by registration in the Notes Register
kept by the Note Administrator, acting through its Corporate Trust Office. 
 No service charge shall be made to a Holder for any
registration of transfer or exchange of this Note, but the Note Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

No right or remedy conferred herein or in the Indenture upon or reserved to the Trustee or to the Holder hereof is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or thereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 THE HOLDER OF THIS NOTE AGREES NOT TO CAUSE THE FILING OF A
PETITION OF BANKRUPTCY, REORGANIZATION, ARRANGEMENT, MORATORIUM, LIQUIDATION OR OTHER SIMILAR PROCEEDINGS UNDER FEDERAL OR STATE BANKRUPTCY LAWS AGAINST THE ISSUER OR ANY PERMITTED SUBSIDIARY IN ANY APPLICABLE OR RELEVANT JURISDICTION UNTIL AT LEAST
ONE YEAR AND ONE DAY (OR, IF LONGER, THE APPLICABLE PREFERENCE PERIOD THEN IN EFFECT), AFTER THE PAYMENT IN FULL OF ALL NOTES ISSUED UNDER THE INDENTURE. 

  
 EXHIBIT I-2-6 

 AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

  
 EXHIBIT I-2-7 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

Dated as of March 31, 2022 
  

			
	FS RIALTO 2022-FL4 ISSUER, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT I-2-8 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT I-2-9 

 ASSIGNMENT FORM 

For value received
                                         
                                         
                       
 hereby sell,
assign and transfer unto 
  

                          
                                   

 

                          
                                   

Please insert social security or 
 other identifying number of
assignee 
 Please print or type name 
 and address, including
zip code, 
 of assignee: 
  

 
  

 
  

 
  

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

							
	Date:	 	        	 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name

appears on this Note)

  
 EXHIBIT I-2-10 

 EXHIBIT J-1 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM A RULE 144A 

GLOBAL NOTE OR DEFINITIVE NOTE TO A REGULATION S GLOBAL NOTE 

(Transfers pursuant to Article 2 of the Indenture) 

Computershare Trust Company, National Association, as Note Administrator 

600 South 4th Street, 7th Floor 
 Minneapolis, Minnesota 55415

 Attention: Note Transfers – FS Rialto 2022-FL4 

Computershare Trust Company, National Association, as Note Administrator 

9062 Old Annapolis Road 
 Columbia, Maryland 21045 

Attention: Corporate Trust Services – FS Rialto 2022-FL4 

 

	 	Re:	 FS Rialto 2022-FL4 Issuer, LLC, as Issuer of: the Class [___] Notes,
Due 2039 (the “Transferred Notes”) 

 Reference is hereby made to the Indenture, dated as of
March 31, 2022 (the “Indenture”) by and among FS Rialto 2022-FL4 Issuer, LLC, as Issuer of the Notes, Computershare Trust Company, National Association, as Note Administrator (the
“Note Administrator”), paying agent, calculation agent, transfer agent, authenticating agent, custodian and backup advancing agent, Wilmington Trust, National Association, as Trustee (the “Trustee”), and FS Credit
Real Estate Income Trust, Inc., as Advancing Agent. Capitalized terms used but not defined herein will have the meanings assigned to such terms in the Indenture and if not defined in the Indenture then such terms will have the meanings assigned to
them in Regulation S (“Regulation S”), or Rule 144A (“Rule 144A”), under the Securities Act of 1933, as amended (the “Securities Act”), and the rules promulgated thereunder. 

This letter relates to the transfer of $[______] aggregate principal amount of Class [___] Notes being transferred for an equivalent
beneficial interest in a Regulation S Global Note of the same Class in the name of [name of transferee] (the “Transferee”). 

In connection with such request, the Transferee hereby certifies that such transfer has been effected in accordance with the transfer
restrictions set forth in the Indenture and the Offering Memorandum dated March 24, 2022, and hereby represents, warrants and agrees for the benefit of the Issuer, the Note Administrator, the Trustee, the Collateral Manager and their counsel
that: 
 (i) at the time the buy order was originated, the Transferee was outside the United States; 

(ii) the Transferee is not a U.S. Person (“U.S. Person”), as defined in Regulation S; 

  
 EXHIBIT J-1-1 

 (iii) the transfer is being made in an “offshore transaction”
(“Offshore Transaction”), as defined in Regulation S, pursuant to Rule 903 or 904 of Regulation S; 
 (iv)
the Transferee is a Qualified Purchaser; 
 (v) the Transferee will notify future transferees of the transfer restrictions;

 (vi) the Transferee understands that the Notes, including the Transferred Notes, are being offered only in a transaction
not involving any public offering in the United States within the meaning of the Securities Act, the Notes, including the Transferred Notes, have not been and will not be registered or qualified under the Securities Act or the securities laws of any
state or other jurisdiction, and, if in the future the owner decides to reoffer, resell, pledge or otherwise transfer the Transferred Notes, such Transferred Notes may only be reoffered, resold, pledged or otherwise transferred only in accordance
with the Indenture and the legend on such Transferred Notes. The Transferee acknowledges that no representation is made by the Issuer or the Placement Agents, as the case may be, as to the availability of any exemption from registration or
qualification under the Securities Act or any state or other securities laws for resale of the Transferred Notes; 
 (vii)
the Transferee is not purchasing the Transferred Notes with a view to the resale, distribution or other disposition thereof in violation of the Securities Act or the securities laws of any state or other jurisdiction. The Transferee understands that
an investment in the Transferred Notes involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The Transferee has had access to such financial and other information concerning
the Issuer and the Transferred Notes as it deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Transferred Notes, including, without limitation, an opportunity to ask questions of and
request information from the Collateral Manager, the Placement Agents and the Issuer, including without limitation, an opportunity to access to such legal and tax representation as the Transferee deemed necessary or appropriate; 

(viii) in connection with the purchase of the Transferred Notes: (A) none of the Issuer, the Placement Agents, the
Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for the Transferee; (B) the Transferee is not relying (for
purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the
Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Transferred Notes and any representations expressly set forth in a written agreement with such party; (C) the Transferee
has read and understands the final offering memorandum 

  
 EXHIBIT J-1-2 

 
relating to the Transferred Notes (including, without limitation, the descriptions therein of the structure of the transaction in which the Transferred Notes are being issued and the risks to
purchasers of the Notes); (D) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates has given to the Transferee (directly or
indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence, or benefit (including legal, regulatory, tax,
financial, accounting, or otherwise) of the Transferee’s purchase of the Transferred Notes; (E) the Transferee has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent
it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed
necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Note Administrator, the Trustee, the Servicer, the Special Servicer or any of their respective affiliates; (F) the Transferee will hold
and transfer at least the minimum denomination of such Transferred Notes; (G) the Transferee was not formed for the purpose of investing in the Transferred Notes; and (H) the Transferee is purchasing the Transferred Notes with a full
understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) these risks; 

(ix) the Transferee understands that the Transferred Notes will bear the applicable legend set forth on such Transferred Notes;

 (x) the Transferee represents and agrees that (a) it is not and will not be, and is not acting on behalf of or using
any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in
Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or
Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or
otherwise or (b) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, or, in the case of a plan or entity subject to Similar Law, a non-exempt violation of Similar Law [FOR RETAINED CLASS D NOTES: and the Transferee
understands and agrees that no employee benefit plan or plan subject to ERISA or to Section 4975 of the Code, or plan subject to Similar law, or any entity considered to hold the assets of any such employee benefit plan or plan may acquire any
Retained Class D Notes unless the Issuer has received an opinion to the effect that such Notes will be treated as indebtedness for U.S. Federal tax purposes]; 

  
 EXHIBIT J-1-3 

 (xi) except to the extent permitted by the Securities Act and any rules
thereunder as in effect and applicable at the time of any such offer, the Transferee will not, at any time, offer to buy or offer to sell the Transferred Notes by any form of general solicitation or advertising, including, but not limited to, any
advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose attendees have been invited by general solicitations or advertising;

 (xii) the Transferee acknowledges that the obligations under the Transferred Notes are limited recourse obligations of the
Issuer payable solely from the Collateral in accordance with the Indenture, and following realization of the Collateral in accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive; 

(xiii) the Transferee understands that (A) the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the
Paying Agent will require certification acceptable to them (1) as a condition to the payment of principal of and interest on any Notes without, or at a reduced rate of, U.S. withholding or backup withholding tax, and (2) to enable the
Issuer, the Collateral Manager, the Note Administrator, the Trustee and the Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in
respect of such Notes or the holder of such Notes under any present or future law or regulation of the United States or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any
reporting or other requirements under any such law or regulation, which certification may include U.S. federal income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for
United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and
Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with
the Conduct of a Trade or Business in the United States) or any successors to such IRS forms); (B) the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent may require certification acceptable to them to enable the
Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its assets; (C) the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent will
require the Transferee to provide the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent with any correct, complete and accurate information that may be required for the Issuer, the Note Administrator, the
Trustee or the Paying Agent to comply with FATCA requirements and will take any other actions necessary for the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA

  
 EXHIBIT J-1-4 

 
requirements and, in the event the Transferee fails to provide such information or take such actions, (1) the Issuer, the Collateral Manager, the Note Administrator, the Trustee and the
Paying Agent are authorized to withhold amounts otherwise distributable to the Transferee as compensation for any amount withheld from payments to the Issuer, the Note Administrator, the Trustee or the Paying Agent as a result of such failure,
(2) to the extent necessary to avoid an adverse effect on the Issuer or any other holder of Notes as a result of such failure, the Transferee may be compelled to sell its Notes or, if the Transferee does not sell its Notes within 10 business
days after notice from the Issuer, the Note Administrator, the Trustee or the Paying Agent, such Notes may be sold at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such sale (taking
into account any taxes incurred by the Issuer in connection with such sale) to the Transferee as payment in full for such Notes and (3) the Issuer may also assign each such Note a separate CUSIP or CUSIPs in the Issuer’s sole discretion;
(D) if the Transferee is a “foreign financial institution” or other foreign financial entity subject to FATCA and does not provide the Issuer, the Collateral Manager, Note Administrator, the Trustee or Paying Agent with evidence that
it has complied with the applicable FATCA requirements, the Issuer, Note Administrator, Trustee or Paying Agent may be required to withhold amounts under FATCA on payments to the Transferee; and (E) the Transferee agrees to provide any
certification requested pursuant to this paragraph and to update or replace such form or certification in accordance with its terms or its subsequent amendments; 

(xiv) the Transferee acknowledges that it is its intent and that it understands it is the intent of the Issuer that, for
purposes of U.S. federal, state and local income and franchise tax and any other income taxes, for so long as Sub-REIT or a direct or indirect wholly-owned disregarded subsidiary of Sub-REIT (or a subsequent REIT) owns 100% of the Retained Notes, the Issuer will be treated as a Qualified REIT Subsidiary and the Offered Notes will be treated as indebtedness solely of Sub-REIT or such subsequent REIT; the Transferee agrees to such treatment and agrees to take no action inconsistent with such treatment; 

(xv) the Transferee agrees to treat the Issuer and the Notes as described in “Certain U.S. Federal Income Tax
Considerations” section of the Offering Memorandum for all U.S. federal, state and local income tax purposes and to take no action inconsistent with such treatment unless required by law; 

(xvi) if the Transferee is not a “United States person” (as defined in Section 7701(a)(30) of the Code),
it hereby represents that (i) either (A) it is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code), a 10%
shareholder of the Issuer within the meaning of Section 871(h)(3) of the Code or a controlled foreign corporation within the meaning of Section 957(a) of the Code that is related to the Issuer within the meaning of Section 881(c)(3)
of the Code, or (B) it is a person that has provided a Form W-8BEN-E indicating that it is eligible for benefits under an income tax treaty with the United States
that completely eliminates U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, and (ii) it is not purchasing the Notes in order to reduce its U.S. federal income tax liability
pursuant to a tax avoidance plan; 

  
 EXHIBIT J-1-5 

 (xvii) the Transferee understands that the Notes have not been approved or
disapproved by the SEC or any other governmental authority or agency or any jurisdiction and that neither the SEC nor any other governmental authority or agency has passed upon the adequacy or accuracy of the final offering memorandum relating to
the Notes. The Transferee further understands that any representation to the contrary is a criminal offense; 
 (xviii) the
Transferee will, prior to any sale, pledge or other transfer by such Transferee of any Note (or interest therein), obtain from the prospective transferee, and deliver to the Note Administrator, a duly executed transferee certificate addressed to
each of the Note Administrator, the Trustee, the Issuer, the Collateral Manager, the Servicer and the Special Servicer in the form of the relevant exhibit attached to the Indenture, and such other certificates and other information as the Issuer,
the Collateral Manager, the Servicer, the Note Administrator or the Trustee may reasonably require to confirm that the proposed transfer complies with the transfer restrictions contained in the Indenture; 

(xix) the Transferee agrees that no Note may be purchased, sold, pledged or otherwise transferred in an amount less than the
minimum denomination set forth in the Indenture. In addition, the Transferee understands that the Notes will be transferable only upon registration of the transferee in the note register of the Issuer following delivery to Computershare Trust
Company, National Association (in such capacity, the “Note Registrar”) of a duly executed transfer certificate and any other certificates and other information required by the Indenture; 

(xx) the Transferee is aware and agrees that no Note (or beneficial interest therein) may be reoffered, resold, pledged or
otherwise transferred except to a person that is (i) both (a) either (1) a “qualified institutional buyer,” as defined in Rule 144A, who purchases such Notes in reliance on the exemption from Securities Act registration provided
by Rule 144A, or (2) solely in the case of Notes that are issued in the form of Definitive Notes, an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities
Act, or an entity in which all of the equity owners are such “accredited investors,” and (b) a Qualified Purchaser; or (ii) both (a) not a “U.S. person” as defined in Regulation S, and is acquiring the Notes in an
“offshore transaction” as defined in Regulation S, in reliance on the exemption from registration provided by Regulation S, and (b) a Qualified Purchaser. The Transferee acknowledges that no representation is made as to the
availability of any exemption from registration or qualification under the Securities Act or any state or other securities laws for resale of the Notes; 

  
 EXHIBIT J-1-6 

 (xxi) the Transferee understands that (a) there is no secondary market
for the Notes, (b) no assurances can be given as to the liquidity of any trading market for the Notes, (c) it is unlikely that a trading market for the Notes will develop, (d) although the Placement Agents may from time to time make a
market in the Notes, the Placement Agents are not under any obligation to do so and, following the commencement of any market-making, may discontinue the same at any time, and (e) the ability of the Placement Agents to make a market in the
Offered Notes may be impacted by changes in any regulatory requirements applicable to marketing and selling of, and issuing quotations with respect to, commercial real estate securities, generally. Accordingly, the Transferee must be prepared to
hold the Notes until the Stated Maturity Date; 
 (xxii) the Transferee agrees that (i) any sale, pledge or other
transfer of a Note (or any beneficial interest therein) made in violation of the transfer restrictions contained in the Indenture, or made based upon any false or inaccurate representation made by the Transferee or a transferee to the Issuer, the
Note Administrator, the Trustee or the Note Registrar, will be void and of no force or effect and (ii) none of the Issuer, the Note Administrator, the Trustee and the Note Registrar has any obligation to recognize any sale, pledge or other
transfer of a Note (or any beneficial interest therein) made in violation of any such transfer restriction or made based upon any such false or inaccurate representation; 

(xxiii) the Transferee approves and consents to any direct trades between the Issuer, the Collateral Manager and the Trustee
and/or its affiliates that is permitted under the terms of the Indenture and the Servicing Agreement; 
 (xxiv) the
Transferee acknowledges that the Issuer, the Note Administrator, the Trustee, the Note Registrar, the Servicer, the Placement Agents, the Collateral Manager and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements and agrees that, if any of the acknowledgments, representations or warranties made or deemed to have been made by it in connection with its purchase of the Notes are no longer accurate, the Transferee will promptly
notify the Issuer, the Trustee, the Note Administrator, Note Registrar, the Servicer, the Collateral Manager and the Placement Agents; and 

(xxv) the Notes will bear a legend to the following effect unless the Issuer determines otherwise in compliance with applicable
law: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940
ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A
“QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE
MEANING OF 

  
 EXHIBIT J-1-7 

 
CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A
“QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN
EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN
A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING
WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY
TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER
THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY.
THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

  
 EXHIBIT J-1-8 

 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

THE OWNER UNDERSTANDS AND AGREES THAT AN ADDITIONAL LEGEND IN SUBSTANTIALLY THE FOLLOWING FORM WILL BE PLACED ON EACH NOTE IN THE FORM OF A
REGULATION S GLOBAL NOTE: 
 AN INTEREST IN THIS NOTE MAY NOT BE HELD BY A PERSON THAT IS A U.S. PERSON (AS DEFINED IN REGULATION S UNDER
THE SECURITIES ACT) AT ANY TIME. IN ADDITION, AN INTEREST IN THIS NOTE MAY BE HELD ONLY THROUGH EUROCLEAR OR CLEARSTREAM, LUXEMBOURG AT ANY TIME. 

You, the Trustee, the Issuer, the Collateral Manager and the Note Administrator are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	[Name of Transferee]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: _______________ 

cc: [______] 
       [______] 

  
 EXHIBIT J-1-9 

 EXHIBIT J-2 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM A REGULATION S 

GLOBAL NOTE OR DEFINITIVE NOTE TO A RULE 144A GLOBAL NOTE 

(Transfers pursuant to Article 2 of the Indenture) 

Computershare Trust Company, National Association, as Note Administrator 

600 South 4th Street, 7th Floor 
 Minneapolis, Minnesota 55415

 Attention: Note Transfers – FS Rialto 2022-FL4 

Computershare Trust Company, National Association, as Note Administrator 

9062 Old Annapolis Road 
 Columbia, Maryland 21045 

Attention: Corporate Trust Services – FS Rialto 2022-FL4 

 

	 	Re:	 FS Rialto 2022-FL4 Issuer, LLC, as Issuer of: the Class [___] Notes,
Due 2039 (the “Transferred Notes”) 

 Reference is hereby made to the Indenture dated as of March 31,
2022 (the “Indenture”), by and among FS Rialto 2022-FL4 Issuer, LLC, as Issuer of the Notes, Computershare Trust Company, National Association, as Note Administrator (the “Note
Administrator”), paying agent, calculation agent, transfer agent, authenticating agent, custodian and backup advancing agent, Wilmington Trust, National Association, as Trustee (the “Trustee”), and FS Credit Real Estate
Income Trust, Inc., as Advancing Agent. Capitalized terms used but not defined herein will have the meanings assigned to such terms in the Indenture and if not defined in the Indenture then such terms will have the meanings assigned to them in
Regulation S (“Regulation S”), or Rule 144A (“Rule 144A”), under the Securities Act of 1933, as amended (the “Securities Act”), and the rules promulgated thereunder. 

This letter relates to the transfer of $[______] aggregate principal amount of Class [___] Notes being transferred in exchange for an
equivalent beneficial interest in a Rule 144A Global Note of the same Class in the name of [name of transferee] (the “Transferee”). 

In connection with such request, the Transferee hereby certifies that such transfer has been effected in accordance with the transfer
restrictions set forth in the Indenture and the Offering Memorandum dated March 24, 2022 and hereby represents, warrants and agrees for the benefit of the Issuer, the Collateral Manager, the Note Administrator and the Trustee that: 

(i) the Transferee is both (A) a “qualified institutional buyer” as defined in Rule 144A (a
“QIB”) and (B) a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended; 

(ii) (A) the Transferee is acquiring a beneficial interest in such Transferred Notes for its own account or for an account
that is a QIB and as to each of which the Transferee exercises sole investment discretion, and (B) the Transferee and each such account is acquiring not less than the minimum denomination of the Transferred Notes; 

  
 EXHIBIT J-2-1 

 (iii) the Transferee will notify future transferees of the transfer
restrictions; 
 (iv) the Transferee is a Qualified Purchaser; 

(v) the Transferee is obtaining the Transferred Notes in a transaction pursuant to Rule 144A; 

(vi) the Transferee is obtaining the Transferred Notes in accordance with any applicable securities laws of any state of the
United States and any other applicable jurisdiction; 
 (vii) the Transferee understands that the Notes, including the
Transferred Notes, are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, the Notes, including the Transferred Notes, have not been and will not be registered or
qualified under the Securities Act or the securities laws of any state or other jurisdiction, and, if in the future the owner decides to reoffer, resell, pledge or otherwise transfer the Transferred Notes, such Transferred Notes may only be
reoffered, resold, pledged or otherwise transferred only in accordance with the Indenture and the legend on such Transferred Notes. The Transferee acknowledges that no representation is made by the Issuer or the Placement Agents, as the case may be,
as to the availability of any exemption from registration or qualification under the Securities Act or any state or other securities laws for resale of the Transferred Notes; 

(viii) the Transferee is not purchasing the Transferred Notes with a view to the resale, distribution or other disposition
thereof in violation of the Securities Act or the securities laws of any state or other jurisdiction. The Transferee understands that an investment in the Transferred Notes involves certain risks, including the risk of loss of all or a substantial
part of its investment under certain circumstances. The Transferee has had access to such financial and other information concerning the Issuer and the Transferred Notes as it deemed necessary or appropriate in order to make an informed investment
decision with respect to its purchase of the Transferred Notes, including, without limitation, an opportunity to ask questions of and request information from the Servicer, the Collateral Manager, the Placement Agents and the Issuer, including
without limitation, an opportunity to access to such legal and tax representation as the Transferee deemed necessary or appropriate; 

(ix) in connection with the purchase of the Transferred Notes: (A) none of the Issuer, the Placement Agents, the
Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for the Transferee; (B) the Transferee is not relying
(for purposes of making any 

  
 EXHIBIT J-2-2 

 
investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the
Note Administrator, the Trustee, or any of their respective affiliates, other than any statements in the final offering memorandum relating to such Transferred Notes and any representations expressly set forth in a written agreement with such party;
(C) the Transferee has read and understands the final offering memorandum relating to the Transferred Notes (including, without limitation, the descriptions therein of the structure of the transaction in which the Transferred Notes are being
issued and the risks to purchasers of the Notes); (D) none of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates has given to the
Transferee (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence, or benefit (including
legal, regulatory, tax, financial, accounting, or otherwise) of the Transferee’s purchase of the Transferred Notes; (E) the Transferee has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other
advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such
advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates;
(F) the Transferee will hold and transfer at least the minimum denomination of such Transferred Notes; (G) the Transferee was not formed for the purpose of investing in the Transferred Notes; and (H) the Transferee is purchasing the
Transferred Notes with a full understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) these risks; 

(x) the Transferee understands that the Transferred Notes will bear the applicable legend set forth on such Transferred Notes;

 (xi) the Transferee represents and agrees that (a) it is not and will not be, and is not acting on behalf of or using
any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to the fiduciary responsibility provisions of Title I of ERISA, a “plan” (as defined in
Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan which is subject to any federal, state, local or other law that is substantially similar to Section 406 of ERISA or
Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the entity or
otherwise or (b) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a plan or entity subject to Similar Law, a non-exempt violation of Similar Law [FOR RETAINED CLASS D NOTES: and the

  
 EXHIBIT J-2-3 

 
Transferee understands and agrees that no employee benefit plan or plan subject to ERISA or to Section 4975 of the Code, or plan subject to Similar law, or any entity considered to hold the
assets of any such employee benefit plan or plan may acquire any Retained Class D Notes unless the Issuer has received an opinion to the effect that such Notes will be treated as indebtedness for U.S. Federal tax purposes]; 

(xii) except to the extent permitted by the Securities Act and any rules thereunder as in effect and applicable at the time of
any such offer, the Transferee will not, at any time, offer to buy or offer to sell the Transferred Notes by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or other communication
published in any newspaper, magazine or similar medium or broadcast over television or radio or at a seminar or meeting whose attendees have been invited by general solicitations or advertising; 

(xiii) the Transferee acknowledges that the Transferred Notes are limited recourse obligations of the Issuer payable solely
from the Collateral in accordance with the Indenture, and following realization of the Collateral in accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive; 

(xiv) the Transferee understands that (A) the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the
Paying Agent will require certification acceptable to them (1) as a condition to the payment of principal of and interest on any Notes without, or at a reduced rate of, U.S. withholding or backup withholding tax, and (2) to enable the
Issuer, the Collateral Manager, the Note Administrator, the Trustee and the Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in
respect of such Notes or the holder of such Notes under any present or future law or regulation of the United States or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply with any
reporting or other requirements under any such law or regulation, which certification may include U.S. federal income tax forms (such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for
United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and
Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim that Income is Effectively Connected with
the Conduct of a Trade or Business in the United States) or any successors to such IRS forms); (B) the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent may require certification acceptable to them to enable the
Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its assets; (C) the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent will

  
 EXHIBIT J-2-4 

 
require the Transferee to provide the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent with any correct, complete and accurate information that may be
required for the Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA requirements and will take any other actions necessary for the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying
Agent to comply with FATCA requirements and, in the event the Transferee fails to provide such information or take such actions, (1) the Issuer, the Collateral Manager, the Note Administrator, the Trustee and the Paying Agent are authorized to
withhold amounts otherwise distributable to the Transferee as compensation for any amount withheld from payments to the Issuer, the Note Administrator, the Trustee or the Paying Agent as a result of such failure, (2) to the extent necessary to
avoid an adverse effect on the Issuer or any other holder of Notes as a result of such failure, the Transferee may be compelled to sell its Notes or, if the Transferee does not sell its Notes within 10 business days after notice from the Issuer, the
Note Administrator, the Trustee or the Paying Agent, such Notes may be sold at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such sale (taking into account any taxes incurred by the
Issuer in connection with such sale) to the Transferee as payment in full for such Notes and (3) the Issuer may also assign each such Note a separate CUSIP or CUSIPs in the Issuer’s sole discretion; (D) if the Transferee is a
“foreign financial institution” or other foreign financial entity subject to FATCA and does not provide the Issuer, the Collateral Manager, Note Administrator, the Trustee, or Paying Agent with evidence that it has complied with the
applicable FATCA requirements, the Issuer, Note Administrator, Trustee, or Paying Agent may be required to withhold amounts under FATCA on payments to the Transferee; and (E) the Transferee agrees to provide any certification requested pursuant
to this paragraph and to update or replace such form or certification in accordance with its terms or its subsequent amendments; 

(xv) the Transferee acknowledges that it is its intent and that it understands it is the intent of the Issuer that, for
purposes of U.S. federal, state and local income and franchise tax and any other income taxes, for so long as Sub-REIT or a direct or indirect wholly-owned disregarded subsidiary of Sub-REIT (or a subsequent REIT) owns 100% of the Retained Notes, the Issuer will be treated as a Qualified REIT Subsidiary and the Offered Notes will be treated as indebtedness solely of Sub-REIT or such subsequent REIT; the Transferee agrees to such treatment and agrees to take no action inconsistent with such treatment; 

(xvi) if the Transferee is not a “United States person” (as defined in Section 7701(a)(30) of the Code),
it hereby represents that (i) either (A) it is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code), a 10%
shareholder of the Issuer within the meaning of Section 871(h)(3) of the Code or a controlled foreign corporation within the meaning of Section 957(a) of the Code that is related to the Issuer within the meaning of Section 881(c)(3)
of the Code, or (B) it is a person that has provided a Form W-8BEN-E indicating that it is eligible for benefits under an income tax treaty with the United States
that completely eliminates U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, and (ii) it is not purchasing the Notes in order to reduce its U.S. federal income tax liability
pursuant to a tax avoidance plan; 

  
 EXHIBIT J-2-5 

 (xvii) the Transferee understands that the Notes have not been approved or
disapproved by the SEC or any other governmental authority or agency or any jurisdiction and that neither the SEC nor any other governmental authority or agency has passed upon the adequacy or accuracy of the final offering memorandum relating to
the Notes. The Transferee further understands that any representation to the contrary is a criminal offense; 
 (xviii) the
Transferee will, prior to any sale, pledge or other transfer by such Transferee of any Note (or interest therein), obtain from the prospective transferee, and deliver to the Note Administrator, a duly executed transferee certificate addressed to
each of the Note Administrator, the Trustee, the Issuer, the Collateral Manager, the Servicer and the Special Servicer in the form of the relevant exhibit attached to the Indenture, and such other certificates and other information as the Issuer,
the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator or the Trustee may reasonably require to confirm that the proposed transfer complies with the transfer restrictions contained in the Indenture; 

(xix) the Transferee agrees that no Note may be purchased, sold, pledged or otherwise transferred in an amount less than the
minimum denomination set forth in the Indenture. In addition, the Transferee understands that the Notes will be transferable only upon registration of the transferee in the note register of the Issuer following delivery to Computershare Trust
Company, National Association (in such capacity, the “Note Registrar”) of a duly executed transfer certificate and any other certificates and other information required by the Indenture; 

(xx) the Transferee is aware and agrees that no Note (or beneficial interest therein) may be reoffered, resold, pledged or
otherwise transferred except to a person that is (a) both (1) either (A) a QIB who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A, or (B) solely in the case of Notes that are
issued in the form of Definitive Notes, an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act, or an entity in which all of the equity owners are such
“accredited investors,” and (2) a Qualified Purchaser; or (b) both (i) not a “U.S. person” as defined in Regulation S, and is acquiring the Notes in an “offshore transaction” as defined in Regulation S, in
reliance on the exemption from registration provided by Regulation S, and (ii) a Qualified Purchaser. The Transferee acknowledges that no representation is made as to the availability of any exemption from registration or qualification under
the Securities Act or any state or other securities laws for resale of the Notes; 

  
 EXHIBIT J-2-6 

 (xxi) the Transferee understands that (a) there is no secondary market
for the Notes, (b) no assurances can be given as to the liquidity of any trading market for the Notes, (c) it is unlikely that a trading market for the Notes will develop, (d) although the Placement Agents may from time to time make a
market in the Notes, the Placement Agents are not under any obligation to do so and, following the commencement of any market-making, may discontinue the same at any time, and (e) the ability of the Placement Agents to make a market in the
Offered Notes may be impacted by changes in any regulatory requirements applicable to marketing and selling of, and issuing quotations with respect to, commercial real estate securities, generally. Accordingly, the Transferee must be prepared to
hold the Notes until the Stated Maturity Date; 
 (xxii) the Transferee agrees that (i) any sale, pledge or other
transfer of a Note (or any beneficial interest therein) made in violation of the transfer restrictions contained in the Indenture, or made based upon any false or inaccurate representation made by the Transferee or a transferee to the Issuer, the
Note Administrator, the Trustee or the Note Registrar, will be void and of no force or effect and (ii) none of the Issuer, the Note Administrator, the Trustee and the Note Registrar has any obligation to recognize any sale, pledge or other
transfer of a Note (or any beneficial interest therein) made in violation of any such transfer restriction or made based upon any such false or inaccurate representation; 

(xxiii) the Transferee approves and consents to any direct trades between the Issuer, the Collateral Manager and the Trustee
and/or its affiliates that is permitted under the terms of the Indenture; 
 (xxiv) the Transferee acknowledges that the
Issuer, the Collateral Manager, the Note Administrator, the Trustee, the Note Registrar, the Servicer, the Placement Agents and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements and agrees
that, if any of the acknowledgments, representations or warranties made or deemed to have been made by it in connection with its purchase of the Notes are no longer accurate, the Transferee will promptly notify the Issuer, the Collateral Manager,
the Note Administrator, the Trustee, the Note Registrar, the Servicer and the Placement Agents; and 
 (xxv) the Notes will
bear a legend to the following effect unless the Issuer determines otherwise in compliance with applicable law: 
 THIS NOTE HAS NOT BEEN
AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A
PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS
A DEFINITIVE NOTE, AN 

  
 EXHIBIT J-2-7 

 
INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED PURCHASER”), AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL
AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS
BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE
904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE,
AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER OF A GLOBAL NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN
SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE
ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME THE ISSUER DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH BENEFICIAL INTEREST IN SUCH GLOBAL NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET
FORTH IN THE INDENTURE, THE TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF SUCH INTEREST IN SUCH GLOBAL NOTE VOID AND REQUIRE THAT SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO. HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY.
THIS NOTE MAY NOT BE EXCHANGED OR TRANSFERRED IN WHOLE OR IN PART FOR A NOTE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THAT DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

  
 EXHIBIT J-2-8 

 PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE NOTE ADMINISTRATOR. 

You, the Trustee, the Issuer, the Collateral Manager and the Note Administrator are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	[Name of Transferee]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: _______________ 

cc: [______] 
       [______] 

  
 EXHIBIT J-2-9 

 EXHIBIT J-3 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM A REGULATION S 

GLOBAL SECURITY, RULE 144A GLOBAL NOTE OR 

DEFINITIVE NOTE TO A DEFINITIVE NOTE 

(Transfers pursuant to Article 2 of the Indenture) 

Computershare Trust Company, National Association, as Note Administrator 

600 South 4th Street, 7th Floor 
 Minneapolis, Minnesota 55415

 Attention: Note Transfers – FS Rialto 2022-FL4 

Computershare Trust Company, National Association, as Note Administrator 

9062 Old Annapolis Road 
 Columbia, Maryland 21045 

Attention: Corporate Trust Services – FS Rialto 2022-FL4 

 

	 	Re:	 FS Rialto 2022-FL4 Issuer, LLC, as Issuer of: the Class [___] Notes,
Due 2039 (the “Transferred Notes”) 

 Reference is hereby made to the Indenture dated as of
March 31, 2022 (the “Indenture”), by and among FS Rialto 2022-FL4 Issuer, LLC, as Issuer of the Notes, Computershare Trust Company, National Association, as Note Administrator
(the “Note Administrator”), paying agent, calculation agent, transfer agent, authenticating agent, custodian and backup advancing agent, Wilmington Trust, National Association, as Trustee (the “Trustee”), and FS
Credit Real Estate Income Trust, Inc., as Advancing Agent. Capitalized terms used but not defined herein will have the meanings assigned to such terms in the Indenture and if not defined in the Indenture then such terms will have the meanings
assigned to them in Regulation S (“Regulation S”), or Rule 144A (“Rule 144A”), under the Securities Act of 1933, as amended (the “Securities Act”), and the rules promulgated thereunder. 

This letter relates to the transfer of $[______] aggregate principal amount of Class [___] Notes being transferred in exchange for a
Definitive Note of the same Class in the name of [name of transferee] (the “Transferee”). 
 In connection with such
request, the Transferee hereby certifies that such transfer has been effected in accordance with the transfer restrictions set forth in the Indenture and the Offering Memorandum dated March 24, 2022 and hereby represents, warrants and agrees
for the benefit of the Issuer, the Collateral Manager, the Note Administrator and the Trustee that: 
 (i) the Transferee is
both (A) a QIB (as defined below) or an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act (an “IAI”), or an entity in which
all of the equity owners are such “accredited investors” and (B) a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended; 

  
 EXHIBIT J-3-1 

 (ii) the Transferee is acquiring the Notes for its own account (and not for
the account of any other Person) in a minimum denomination of $100,000 and in integral multiples of $500 in excess thereof; 

(iii) the Transferee understands that the Notes have not been and will not be registered or qualified under the Securities Act
or the securities laws of any state or other jurisdiction, and, if in the future the Transferee decides to reoffer, resell, pledge or otherwise transfer the Notes, such Notes may be reoffered, resold, pledged or otherwise transferred only in
accordance with the provisions of the Indenture and the legends on such Notes. In particular, the Transferee understands that the Notes may be transferred only to a person that is (a) both (1) either (A) a “qualified institutional
buyer” as defined in Rule 144A (a “QIB”), who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A, or (B) solely in the case of Notes that are issued in the form of
Definitive Securities, an IAI, and (2) a Qualified Purchaser; or (b) both (i) not a “U.S. person” as defined in Regulation S (a “U.S. Person”), and is acquiring the Notes in an “offshore
transaction” as defined in Regulation S (an “Offshore Transaction”), in reliance on the exemption from registration provided by Regulation S, and (ii) a Qualified Purchaser. The Transferee acknowledges that no
representation is made as to the availability of any exemption from registration or qualification under the Securities Act or any state or other securities laws for resale of the Notes; 

(iv) in connection with the Transferee’s purchase of the Notes: (a) none of the Issuer, the Placement Agents, the
Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for the Transferee; (b) the Transferee is not relying
(for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the
Trustee, or any of their respective affiliates, other than any statements in the final Offering Memorandum relating to such Notes and any representations expressly set forth in a written agreement with such party; (c) the Transferee has read
and understands the final Offering Memorandum relating to such Notes (including, without limitation, the descriptions therein of the structure of the transaction in which the Notes are being issued and the risks to purchasers of the Notes); (d) none
of the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates has given to the Transferee (directly or indirectly through any other person)
any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of
the Transferee’s purchase of the Notes; (e) the Transferee has consulted with its own legal, regulatory, tax, business, investment, financial, accounting and other advisers to the extent it has deemed necessary, and has made its own
investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon 

  
 EXHIBIT J-3-2 

 
its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Issuer, the Placement Agents, the Collateral Manager, the Servicer, the
Special Servicer, the Note Administrator, the Trustee, or any of their respective affiliates; (f) the Transferee will hold and transfer at least the minimum denomination of such Notes; (g) the Transferee was not formed for the purpose of
investing in the Notes; and (h) the Transferee is a sophisticated investor and is purchasing the Notes with a full understanding of all of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume those risks;

 (v) the Transferee is acquiring the Notes as principal solely for its own account for investment and not with a view to
the resale, distribution or other disposition thereof in violation of the Securities Act or the securities laws of any state or other jurisdiction; it is not a (A) partnership, (B) common trust fund, or (C) special trust, pension,
profit-sharing or other retirement trust fund or plan in which the partners, beneficiaries or participants may designate the particular investments to be made; it agrees that it shall not hold any Notes for the benefit of any other person, that it
shall at all times be the sole beneficial owner thereof for purposes of the 1940 Act and all other purposes and that it shall not sell participation interests in the Notes or enter into any other arrangement pursuant to which any other person shall
be entitled to a beneficial interest in the distributions on the Notes; 
 (vi) the Transferee represents and agrees that
(a) it is not and will not be, and is not acting on behalf of or using any assets of any person that is or will become, an “employee benefit plan” (as defined in Section 3(3) of ERISA) subject to the fiduciary responsibility
provisions of Title I of ERISA, a “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, any other employee benefit plan which is subject to any federal, state, local or other law that
is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity whose underlying assets are deemed to include “plan assets” by reason of any such employee benefit
plan’s or plan’s investment in the entity or otherwise or (b) in the case of the Offered Notes, its acquisition, holding and disposition of the Transferred Notes do not and will not constitute or give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or, in the case of a plan or entity subject to Similar Law, a non-exempt
violation of Similar Law [FOR RETAINED CLASS D NOTES: and the Transferee understands and agrees that no employee benefit plan or plan subject to ERISA or to Section 4975 of the Code, or plan subject to Similar law, or any entity considered to
hold the assets of any such employee benefit plan or plan may acquire any Retained Class D Notes unless the Issuer has received an opinion to the effect that such Notes will be treated as indebtedness for U.S. Federal tax purposes]; 

  
 EXHIBIT J-3-3 

 (vii) the Transferee understands that (A) the Issuer, the Collateral
Manager, the Note Administrator, the Trustee or the Paying Agent will require certification acceptable to them (1) as a condition to the payment of principal of and interest on any Notes without, or at a reduced rate of, U.S. withholding or
backup withholding tax, and (2) to enable the Issuer, the Collateral Manager, the Note Administrator, the Trustee and the Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be
required to pay, deduct or withhold from payments in respect of such Notes or the holder of such Notes under any present or future law or regulation of the United States or any present or future law or regulation of any political subdivision thereof
or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation, which certification may include U.S. federal income tax forms (such as IRS Form W-8BEN
(Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS Form W-8BEN-E (Certificate of Foreign Status of
Beneficial Owner for United States Tax Withholding and Reporting (Entities)), IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-through Entity, or Certain U.S. Branches for United States Tax
Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate of Foreign Person’s Claim
that Income is Effectively Connected with the Conduct of a Trade or Business in the United States) or any successors to such IRS forms); (B) the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent may require
certification acceptable to them to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its assets; (C) the Issuer, the Collateral Manager, the Note
Administrator, the Trustee or the Paying Agent will require the Transferee to provide the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying Agent with any correct, complete and accurate information that may be
required for the Issuer, the Note Administrator, the Trustee or the Paying Agent to comply with FATCA requirements and will take any other actions necessary for the Issuer, the Collateral Manager, the Note Administrator, the Trustee or the Paying
Agent to comply with FATCA requirements and, in the event the Transferee fails to provide such information or take such actions, (1) the Issuer, the Collateral Manager, the Note Administrator, the Trustee and the Paying Agent are authorized to
withhold amounts otherwise distributable to the Transferee as compensation for any amount withheld from payments to the Issuer, the Note Administrator, the Trustee or the Paying Agent as a result of such failure, (2) to the extent necessary to
avoid an adverse effect on the Issuer or any other holder of Notes as a result of such failure, the Transferee may be compelled to sell its Notes or, if the Transferee does not sell its Notes within 10 business days after notice from the Issuer, the
Note Administrator, the Trustee or the Paying Agent, such Notes may be sold at a public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such sale (taking into account any taxes incurred by the
Issuer in connection with such sale) to the Transferee as payment in full for such Notes and (3) the Issuer may also assign each such Note a separate CUSIP or CUSIPs in the Issuer’s sole discretion; (D) if the Transferee is a
“foreign financial institution” or other foreign financial entity subject to FATCA and does not provide the Issuer, the Collateral Manager, Note Administrator, the Trustee or Paying Agent with evidence that it has complied with the
applicable FATCA requirements, the Issuer, Note Administrator, Trustee or Paying Agent may be required to withhold amounts under FATCA on payments to the Transferee; and (E) the Transferee agrees to provide any certification requested pursuant
to this paragraph and to update or replace such form or certification in accordance with its terms or its subsequent amendments; 

  
 EXHIBIT J-3-4 

 (viii) the Transferee acknowledges that it is its intent and that it
understands it is the intent of the Issuer that, for purposes of U.S. federal, state and local income and franchise tax and any other income taxes, for so long as Sub-REIT or a direct or indirect wholly-owned
disregarded subsidiary of Sub-REIT (or a subsequent REIT) owns 100% of the Retained Notes, the Issuer will be treated as a Qualified REIT Subsidiary and the Offered Notes will be treated as indebtedness solely
of Sub-REIT or such subsequent REIT; the Transferee agrees to such treatment and agrees to take no action inconsistent with such treatment; 

(ix) if the Transferee is not a “United States person” (as defined in Section 7701(a)(30) of the Code),
it hereby represents that (i) either (A) it is not a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code), a 10%
shareholder of the Issuer within the meaning of Section 871(h)(3) of the Code or a controlled foreign corporation within the meaning of Section 957(a) of the Code that is related to the Issuer within the meaning of Section 881(c)(3)
of the Code, or (B) it is a person that has provided a Form W-8BEN-E indicating that it is eligible for benefits under an income tax treaty with the United States
that completely eliminates U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, and (ii) it is not purchasing the Notes in order to reduce its U.S. federal income tax liability
pursuant to a tax avoidance plan; 
 (x) the Transferee acknowledges that the Transferred Notes are limited recourse
obligations of the Issuer payable solely from the Collateral in accordance with the Indenture, and following realization of the Collateral in accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter
revive; 
 (xi) the Transferee agrees not to seek to commence in respect of the Issuer, or cause the Issuer to commence, a
bankruptcy proceeding before a year and a day has elapsed since the payment in full to the holders of the Notes issued pursuant to the Indenture or, if longer, the applicable preference period (plus one day) then in effect; 

(xii) the Transferee acknowledges that, to the extent required by the Issuer, as determined by the Issuer or the Collateral
Manager on behalf of the Issuer, the Issuer may, upon notice to the Note Administrator and the Trustee, impose additional transfer restrictions on the Notes to comply with the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”) and other similar laws or regulations, including, without limitation, requiring each transferee of a Note to make representations to the Issuer in connection
with such compliance; 

  
 EXHIBIT J-3-5 

 (xiii) the Transferee acknowledges that, each investor or prospective
investor will be required to make such representations to the Issuer, as determined by the Issuer or the Collateral Manager on behalf of the Issuer, as the Issuer will require in connection with applicable AML/OFAC obligations, including, without
limitation, representations to the Issuer that such investor or prospective investor (or any person controlling or controlled by the investor or prospective investor; if the investor or prospective investor is a privately held entity, any person
having a beneficial interest in the investor or prospective investor; or any person for whom the investor or prospective investor is acting as agent or nominee in connection with the investment) is not (i) an individual or entity named on any
available lists of known or suspected terrorists, terrorist organizations or of other sanctioned persons issued by the United States government and the government(s) of any jurisdiction(s) in which the Partnership is doing business, including the
List of Specially Designated Nationals and Blocked Persons administered by OFAC, as such list may be amended from time to time; (ii) an individual or entity otherwise prohibited by the OFAC sanctions programs; or (iii) a current or former
senior foreign political figure or politically exposed person, or an immediate family member or close associate of such an individual. Further, such investor or prospective investor must represent to the Issuer that it is not a prohibited foreign
shell bank; 
 (xiv) the Transferee acknowledges that, each investor or prospective investor will also be required to
represent to the Issuer that amounts invested with the Issuer were not directly or indirectly derived from activities that may contravene U.S. federal, state or international laws and regulations, including, without limitation, any applicable
anti-money laundering laws and regulations; 
 (xv) the Transferee acknowledges that, by law, the Issuer, the Placement
Agents, the Collateral Manager, the Servicer, the Special Servicer or other service providers acting on behalf of the Issuer, may be obligated to “freeze” any investment in a Note by such investor. The Issuer, the Placement Agents, the
Collateral Manager, the Servicer, the Special Servicer or other service providers acting on behalf of the Issuer may also be required to report such action and to disclose the investor’s identity to OFAC or other applicable governmental and
regulatory authorities; 
 (xvi) the Transferee understands that (a) there is no secondary market for the Notes,
(b) no assurances can be given as to the liquidity of any trading market for the Notes, (c) it is unlikely that a trading market for the Notes will develop, (d) although the Placement Agents may from time to time make a market in the
Notes, the Placement Agents are not under any obligation to do so and, following the commencement of any market-making, may discontinue the same at any time, and (e) the ability of the Placement Agents to make a market in the Offered Notes may
be impacted by changes in any regulatory requirements applicable to marketing and 

  
 EXHIBIT J-3-6 

 
selling of, and issuing quotations with respect to, commercial real estate securities, generally. Accordingly, the Transferee must be prepared to hold the Notes until the Stated Maturity Date;

 (xvii) the Transferee understands that the Issuer, the Note Administrator, the Trustee and the Placement Agents will rely
upon the accuracy and truth of the foregoing representations, and it hereby consents to such reliance; and 
 (xviii) the
Definitive Notes will bear a legend to the following effect unless the Issuer determines otherwise in compliance with applicable law: 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940
ACT”). THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT: (A) (I) TO, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON THAT IS BOTH (1) EITHER (a) A “QUALIFIED INSTITUTIONAL BUYER” (A
“QIB”), AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), OR (b) SOLELY IN THE CASE OF A NOTE ISSUED AS A DEFINITIVE NOTE, AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, WITHIN THE
MEANING OF CLAUSES (1), (2), (3), OR (7) OF RULE 501(a) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, AND (2) A “QUALIFIED PURCHASER” (A “QUALIFIED
PURCHASER”), AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT AND THE RULES THEREUNDER, IN EACH CASE, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF) FOR THE PURCHASER AND FOR EACH SUCH
ACCOUNT, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE; OR (II) TO AN INSTITUTION THAT IS BOTH (1) A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”,
AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S AND (2) A QUALIFIED PURCHASER IN A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 (AND
INTEGRAL MULTIPLES OF $500 IN EXCESS THEREOF), SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE
JURISDICTION. EACH PURCHASER OF A DEFINITIVE NOTE WILL BE REQUIRED TO MAKE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN SECTION 2.5 OF THE INDENTURE. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB
INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE NOTE ADMINISTRATOR, THE TRUSTEE OR ANY INTERMEDIARY. IF AT ANY TIME, THE ISSUER DETERMINES OR IS NOTIFIED THAT
THE HOLDER OF SUCH NOTE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH IN THE INDENTURE, THE 

  
 EXHIBIT J-3-7 

 
TRUSTEE AND THE NOTE ADMINISTRATOR MAY CONSIDER THE ACQUISITION OF THIS NOTE VOID AND REQUIRE THAT THIS NOTE BE TRANSFERRED TO A PERSON DESIGNATED BY THE ISSUER. 

  
 EXHIBIT J-3-8 

 You, the Trustee, the Issuer, the Collateral Manager and the Note Administrator are entitled
to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
	[Name of Transferee]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: _______________ 
  

	cc:	 [______] 

	    	 [______] 

  
 EXHIBIT J-3-9 

 EXHIBIT K 

[RESERVED] 

  
 EXHIBIT K-1 

 EXHIBIT L 

FORM OF CUSTODIAN RECEIPT 
 FS Rialto 2022-FL4 Issuer, LLC 
 c/o FS Credit Real Estate Income Trust, Inc. 

201 Rouse Boulevard 
 Philadelphia, Pennsylvania 19112 

Attention: Legal Department 
 Email:
FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com 
 with a copy to: 

FS Investments 
 201 Rouse Boulevard 

Philadelphia, Pennsylvania 19112 
 Attention: Legal Department

 Computershare Trust Company, National Association, 
 as note
administrator, 
 9062 Old Annapolis Road 
 Columbia, Maryland
21045 
 Attention: Corporate Trust Services – FS Rialto 2022-FL4 

Wells Fargo Bank, National Association 
 Commercial Mortgage
Servicing 
 550 South Tryon Street, 23rd Floor 
 MAC D1086-23A 
 Charlotte, North Carolina 28202 

Attention: FS Rialto 2022-FL4 Asset Manager 

Email: commercial.servicing@wellsfargo.com 
 Rialto Capital
Advisors, LLC 
 200 S. Biscayne Blvd., Suite 3550 
 Miami,
Florida 33131, 
 Attention: Adam Singer, Managing Director 
 E-mail: adam.singer@rialtocapital.com 
 with a copy to: liat.heller@rialtocapital.com 

FS Credit Real Estate Income Trust, Inc. (the “Collateral Manager”) 

201 Rouse Boulevard 
 Philadelphia, Pennsylvania 19112 

Attention: Legal Department 
 Email:
FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com 

  
 EXHIBIT L-1 

 with copies by email to: philip.orban@rialtocapital.com 

Wilmington Trust, National Association, as Trustee 
 1100 North
Market Street 
 Wilmington, Delaware 19890 
 Attention: CMBS
Trustee – FS Rialto 2022-FL4 
 Fax: (302) 636-6196 

Email:cmbstrustee@wilmingtontrust.com 
 McCoy & Orta,
P.C. 
 100 N. Broadway, 26th Floor 
 Oklahoma City, OK 73102

 Attention: Vanessa Orta 
 Email: vorta@mccoy-orta.com 

 

	 	Re:	 FS RIALTO 2022-FL4 ISSUER, LLC (the “Issuer”)

 Ladies and Gentlemen: 

In accordance with the provisions of the Indenture, dated as of March 31, 2022 (the “Indenture”), by and among the
Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as Trustee, Computershare Trust Company, National Association, as note administrator (in such capacity and, together with any successor
note administrator permitted under the Indenture, the “Note Administrator”), and as custodian, the undersigned, as the Custodian, hereby certifies pursuant to Section 3.3(f) of the Indenture that it has reviewed or caused to be
reviewed the Collateral Interest Files and [subject to any exceptions set forth on Schedule II attached hereto] (A) the documents referred to in Section 3.3(e) of the Indenture and set forth on Schedule I attached hereto have
been received and (B) that such documents have been executed, appear on their face to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces
to relate to the Collateral Interest. Capitalized terms used but not defined in this Receipt have the meanings assigned to them in the Indenture. 

The Custodian shall have no responsibility for reviewing the Collateral Interest File except as expressly set forth in Section 3.3(f) of
the Indenture. None of the Trustee, the Note Administrator, and the Custodian shall be under any duty or obligation to inspect, review, or examine any such documents, instruments or certificates to independently determine that they are valid,
genuine, enforceable, legally sufficient, duly authorized, or appropriate for the represented purpose, whether the text of any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms to the
requirements of Section 3.3(e) of the Indenture), whether any document has been recorded in accordance with the requirements of any applicable jurisdiction, to independently determine that any document has actually been filed or recorded in the
appropriate office, that any document is other than what it purports to be on its face, or whether the title insurance policies relate to the Mortgaged Property. 

  
 EXHIBIT L-2 

 
			
	Computershare Trust Company, National Association,
	 solely in its capacity as Custodian

	
	[ENTITY]
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT L-3 

 EXHIBIT M 

FORM OF REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT 
  

	To:	 Computershare Trust Company, National Association, 

as Custodian 
 1055 10th Avenue SE

 Minneapolis, Minnesota, 55414 

Attn: Document Custody Group – FS Rialto 2022-FL4 

In connection with the administration of the Collateral Interests held by you as the Custodian on behalf of the Issuer, we request the
release, to the [Collateral Manager][Servicer][Special Servicer] of [specify document] for the Collateral Interest described below, for the reason indicated. 
  

			
	 Borrower’s Name, Address & Zip Code:
	  	 Ship Files To:

		
		  	 Name:

		
		  	 Address:

		
		  	Telephone Number:
		
	Collateral Interest Description:	  	  

		
	Current Outstanding Principal Balance:	  	  

 Reason for Requesting Documents (check one): 
  

	1.	 Collateral Interest Paid in Full. The [Servicer][Special Servicer] hereby certifies that all amounts received
in connection therewith that are required to be remitted by the borrower or other obligors thereunder have been paid in full and that any amounts in respect thereof required to be remitted to the Trustee pursuant to the Indenture have been so
remitted. 

  

	2.	 Collateral Interest Sold or Liquidated By ___________________________. The [Collateral
Manager][Servicer][Special Servicer] hereby certifies that all proceeds of sale, exchange, or other disposition or insurance, condemnation or other liquidation have been finally received and that any amounts in respect thereof required to be
remitted to the Trustee pursuant to the Indenture have been so remitted. 

  

	3.	 Other (explain) . 

If box 1 or 2 above is checked, and if all or part of the Asset Documents were previously released to us, please release to us our previous
request and receipt on file with you, as well as any additional documents in your possession relating to the specified Collateral Interest. 

  
 EXHIBIT M-1 

 If box 3 above is checked, upon our return of all of the above documents to you as the
Custodian, please acknowledge your receipt by signing in the space indicated below and returning this form. 
 If box 3 above is checked, it
is hereby acknowledged that a security interest pursuant to the Uniform Commercial Code in the Collateral Interest described above and in the proceeds of said Collateral Interest has been granted to the Trustee pursuant to the Indenture. 

If box 3 above is checked, in consideration of the aforesaid delivery by the Custodian, the [Collateral Manager][Servicer][Special Servicer]
hereby agrees to hold said Collateral Interest in trust for the Trustee, as provided under and in accordance with all provisions of the Indenture and the Servicing Agreement, and to return said Collateral Interest to the Custodian no later than the
close of business on the twentieth (20th) Business Day following the date hereof or, if such day is not a Business Day, on the immediately preceding Business Day. 

Capitalized terms used but not defined in this Request have the meanings assigned to them in the Indenture, dated as of March 31, 2022,
by and among FS Rialto 2022-FL4 Issuer, LLC, as Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as Trustee, Computershare Trust Company, National
Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as custodian. 

 

			
	[COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION][FS CREDIT REAL ESTATE INCOME TRUST, INC.][RIALTO CAPITAL ADVISORS, LLC]
		
	By:	 	          

		 	Name:
		 	Title:

 Acknowledgment of documents returned: 

Computershare Trust Company, National Association, 
 as Custodian

  

			
	By:	 	              

		 	 Name:
 Title:

 Date: 

  
 EXHIBIT M-2 

 EXHIBIT N 

FORM OF AUCTION CALL PROCEDURE 
  

	I.	 Pre-Auction Process 

a) The Collateral Manager will initiate the auction at least 60 days before each Payment Date occurring in January, April, July and
October of each year commencing on the Payment Date in April 2032 (each, an “Auction Call Redemption Date”) by: (i) preparing a list of the Collateral; (ii) deriving a list of not less than three Eligible Bidders (the
“Selected Bidders”) not Affiliates of (or funds or accounts managed by) the Collateral Manager and any additional Eligible Bidders, which may include Affiliates of (or funds or accounts managed by) the Collateral Manager (such
additional Eligible Bidders, together with the Selected Bidders, the “Listed Bidders”) and requesting bids on a date (the “Auction Date”) at least ten Business Days before the Auction Call Redemption Date, and
(iii) notifying the Trustee of the list of Listed Bidders (the “List”). 
 b) The general solicitation package which
the Collateral Manager shall deliver to the Listed Bidders will include: (1) a form of a purchase agreement (“Purchase Agreement”) provided to the Trustee by the Collateral Manager (which shall provide that (A) upon
satisfaction of all conditions precedent therein, the purchaser is irrevocably obligated to purchase, and the Issuer is irrevocably obligated to sell, the Collateral on the date and on the terms stated therein, (B) if any Collateral is to be
sold to multiple different bidders, that the consummation of the purchase of all Collateral must occur simultaneously and that the closing of each purchase is conditional on the closing of all other purchases, and (C) if for any reason
whatsoever the Trustee has not received, by a specified Business Day (which shall be ten or more Business Days before the Auction Call Redemption Date), payment in full in immediately available funds of the aggregate purchase price for all of the
Collateral, at least equal to the aggregate Redemption Price for each Outstanding Class of Offered Notes (the “Minimum Bid Amount”), the obligations of the parties shall terminate and the Issuer shall have no obligation or
liability whatsoever, (2) the minimum aggregate cash purchase price (which shall be determined by the Collateral Manager for the various Collateral or group thereof); (3) the list of the Collateral; (4) a formal bid sheet (which shall
permit the bidder to bid for some or all of the Collateral provided to the Trustee by the Collateral Manager, including a representation from the bidder that it is an Eligible Bidder); (5) a detailed timetable; and (6) copies of a Purchase
Agreement and all other transfer documents provided to the Trustee by the Collateral Manager (including transfer certificates and subscription agreements which a bidder must execute and a list of the requirements which the bidder must satisfy). 

c) The Collateral Manager will send solicitation packages to all Listed Bidders on the List at least 20 Business Days before the Auction Call
Redemption Date. Listed Bidders will be required to submit any due diligence questions (or comments on the draft Purchase Agreement) in writing to the Collateral Manager by a date specified in the solicitation package. The Collateral Manager will be
required to answer all relevant questions by a date specified in the solicitation package and will distribute the revised final Purchase Agreement to all Listed Bidders (with a copy to the Issuer). 

  
 EXHIBIT N-1 

	II.	 Auction Process 

a) To the extent any Holder, any Placement Agent and any of their respective Affiliates are Eligible Bidders, such parties will be allowed to
bid in the auction, but will not be required to do so. 
 b) On the Auction Date, all bids will be due by facsimile to the offices of the
Trustee by 11:00 a.m. New York City time, with the winning bidder to be notified by 3:00 p.m. New York City time. All bids from Listed Bidders on the List will be due on the bid sheet contained in the solicitation package. Each bid shall be for the
purchase and delivery to one purchaser (i) of all (but not less than all) of the Collateral or (ii) identified Collateral. 
 c)
Reserved. 
 d) With the advice of the Collateral Manager, the Trustee shall select the bid or bids which result in the Highest Auction
Price (in excess of the specified Minimum Bid Amount) from one or more Listed Bidders. 
 e) Upon notification to the winning bidder or
bidders, the winning bidder or bidders will be required to deliver to the Trustee a signed counterpart of the Purchase Agreement no later than 4:00 p.m. New York City time on the Auction Date. Each winning bidder shall make payment in full of the
purchase price on the Business Day (the “Auction Purchase Closing Date”) specified in the general solicitation package (which shall be the tenth Business Day before the Auction Call Redemption Date). If a winning bidder so requests,
the Trustee and the Issuer will enter into a bailee letter with the winning bidder and its designated bank (which bank shall be subject to approval by the Issuer or the Collateral Manager on behalf of the Issuer); provided, that such bank enters
into an account control agreement with the Trustee and the Issuer and has been assigned ratings at least equal to those required for a successor Trustee pursuant to the Indenture. If the above requirements are satisfied, the Trustee shall deliver
the Collateral (to be sold to such bidder) pursuant thereto to the bailee bank at least one Business Day prior to the closing on the sale of the Collateral and accept payment of the purchase price pursuant thereto. If payment in full of the purchase
price is not made by the Auction Purchase Closing Date for any reason whatsoever by any winning bidder, the Issuer shall decline to consummate the sale of any Collateral, the Trustee and the Issuer shall direct the bailee bank to return the
Collateral to the Trustee, and (if notice of redemption has been given by the Trustee) the Trustee shall give notice (in accordance with the Trust Deed) that the Auction Call Redemption will not occur. 

As used in this Exhibit M, “Eligible Bidder” means, any person that is able to satisfy the requirements under the Purchase
Agreement and all other transfer documents applicable to the transactions for which such bid is submitted. 
 As used in this Exhibit M,
“Highest Auction Price” means, whichever is higher, (i) the highest price bid by any Listed Bidder for all of the Collateral, or (ii) the sum of the highest prices bid by a Listed Bidder for any Collateral or group of
Collateral. In any case in which more than one bidder bids for one or more items of Collateral in combination with other Collateral, the Collateral Manager will select the bids which maximize the net sales proceeds to be received by the Auction. In
each case, the price bid by a bidder shall be the dollar amount which the Collateral Manager certifies to the Trustee based on the Collateral Manager’s review of the bids, which certification shall be binding and conclusive. 

  
 EXHIBIT N-2 

 EXHIBIT O 

FORM OF NRSRO CERTIFICATION 

[Date] 
 FS Rialto
2022-FL4 Issuer, LLC 
 c/o FS Credit Real Estate Income Trust, Inc. 

201 Rouse Boulevard 
 Philadelphia, Pennsylvania 19112 

Attention: Legal Department 
 Email:
FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com 
 with a copy to: 

FS Investments 
 201 Rouse Boulevard 

Philadelphia, Pennsylvania 19112 
 Attention: Legal Department

 Computershare Trust Company, National Association, 

    as Note Administrator 
 9062 Old Annapolis
Road 
 Columbia, Maryland 21045 
 Attention: Corporate Trust
Services – FS Rialto 2022-FL4 
 Attention: FS Rialto 2022-FL4 Issuer,
LLC 
 In accordance with the requirements for obtaining certain information pursuant to the Indenture, dated as of March 31, 2022 (the
“Indenture”), by and among FS Rialto 2022-FL4 Issuer, LLC (the “Issuer”), as Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National
Association, as Trustee, Computershare Trust Company, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note Administrator”), and as
custodian, the undersigned hereby certifies and agrees as follows: 
 1. The undersigned, is (a) either (i) a Nationally
Recognized Statistical Rating Organization (“NRSRO”) or (ii) a Rating Agency, (b) has provided the Issuer with the appropriate certifications under Exchange Act 17g-5(e), and
(c) agrees that any information obtained from the Issuer’s 17g-5 Website will be subject to the same confidentiality provisions applicable to information obtained from the Issuer’s 17g-5 website. 
 2. The undersigned has access to the 17g-5
Website. 
 3. The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the 17g-5 Information on the 17g-5 Website. 

  
 EXHIBIT O-1 

 4. The undersigned agrees to the terms of the confidentiality agreement applicable to the
NRSRO, attached as Annex A hereto. 
 Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in
the Indenture. 
 IN WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized signatory, as of the
day and year written above. 
  

	
	[Nationally Recognized Statistical Rating Organization]
	
	Name:
	Title:
	
	Company:
	Phone:
	Email:

  
 EXHIBIT O-2 

 ANNEX A 

CONFIDENTIALITY AGREEMENT 
 This
Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with FS Rialto 2022-FL4 Issuer, LLC, as issuer (the “Issuer”, and, together with its
affiliates, the “Furnishing Entities” and each a “Furnishing Entity”) furnishing certain financial, operational, structural and other information relating to the issuance of the floating rate notes issued by the
Issuer (the “Notes”) pursuant to the Indenture, dated as of March 31, 2022 (the “Indenture”), by and among the Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent (the “Advancing
Agent”), Wilmington Trust, National Association, as trustee, Computershare Trust Company, National Association, as note administrator (in such capacity, the “Note Administrator”), and custodian, and the assets underlying or
referenced by the Notes, including the identity of, and financial information with respect to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”) to you (the
“NRSRO”) through the website of Computershare Trust Company, National Association, as 17g-5 Information Provider under the Indenture. Information provided by each Furnishing Entity is labeled
as provided by the specific Furnishing Entity. 
  

	 	(1)	 Definition of Confidential Information. For purposes of this Confidentiality Agreement, the term
“Confidential Information” shall include the following information (irrespective of its source or form of communication, including information obtained by you through access to this site) that may be furnished to you by or on behalf
of a Furnishing Entity in connection with the issuance or monitoring of a rating with respect to the Notes: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents and other information (such information, the
“Evaluation Material”) and (y) any of the terms, conditions or other facts with respect to the transactions contemplated by the Indenture, including the status thereof; provided, however, that the term
Confidential Information shall not include information which: 

  

	 	(a)	 was or becomes generally available to the public (including through filing with the Securities and Exchange
Commission or disclosure in an offering document) other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i) below) in violation of this Confidentiality Agreement;

  

	 	(b)	 was or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives that
(i) is reasonably believed by you to be under no obligation to maintain the information as confidential and (ii) provides it to you without any obligation to maintain the information as confidential; or 

 

	 	(c)	 is independently developed by the NRSRO without reference to any Confidential Information.

  

	 	(2)	 Information to Be Held in Confidence. 

  
 EXHIBIT O-3 

	 	(a)	 You will use the Confidential Information solely for the purpose of determining or monitoring a credit rating
on the Notes and, to the extent that any information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling or research purposes (the “Intended Purpose”). 

 

	 	(b)	 You acknowledge that you are aware that the United States federal and state securities laws impose restrictions
on trading in securities when in possession of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative who is informed of the matters
that are the subject of this Confidentiality Agreement to that effect. 

  

	 	(c)	 You will treat the Confidential Information as private and confidential. Subject to Section 3, without the
prior written consent of the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential Information was furnished to you before, on or after the date of this Confidentiality Agreement.
Notwithstanding the foregoing, you may: 

  

	 	(i)	 disclose the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees,
legal representatives, agents and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such Confidential Information in connection with the Intended Purpose; provided, that,
prior to disclosure of the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that such NRSRO Representative will act in accordance with this Confidentiality
Agreement; 

  

	 	(ii)	 solely to the extent required for compliance with Rule 17g-5(a)(3) of
the Act (17 C.F.R. 240.17g-5), post the Confidential Information to the NRSRO’s password protected website; and 

  

	 	(iii)	 use information derived from the Confidential Information in connection with an Intended Purpose, if such
derived information does not reveal any Confidential Information. 

  

	 	(3)	 Disclosures Required by Law. If you or any NRSRO Representative is requested or required (orally or in
writing, by interrogatory, subpoena, civil investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing or otherwise) to disclose any Confidential Information, you
agree to provide the relevant Furnishing Entity with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise to the extent practical and permitted by law, regulation
or regulatory or other governmental authority) that a 

  
 EXHIBIT O-4 

	 	
request to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective order or other reasonable assurance that confidential
treatment will be accorded the Confidential Information if it so chooses. Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you have been informed by written notice that the related
Furnishing Entity is seeking a protective order or other reasonable assurance for confidential treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential Information while the Furnishing
Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other reasonable
assurance that confidential treatment will be accorded to the portion of the Confidential Information that is being disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be
required to take a position that such information should be entitled to receive such a protective order or reasonable assurance as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree
to comply with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity. If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with
the provisions of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required to disclose, at the sole expense of the relevant Furnishing Entity. 

 

	 	(4)	 Obligation to Return Evaluation Material. Promptly upon written request by or on behalf of the relevant
Furnishing Entity, all material or documents, including copies thereof, that contain Evaluation Material will be destroyed or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may
retain one or more copies of any document or other material containing Evaluation Material to the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s internal policies and procedures designed to ensure legal or
regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation Material that may be found in backup tapes or other archive or electronic media or other documents prepared by the NRSRO and any Evaluation Material obtained in
an oral communication; provided, that any Evaluation Material so retained by the NRSRO will remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

  

	 	(5)	 Violations of this Confidentiality Agreement. 

 

	 	(a)	 The NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO
Representative. 

  

	 	(b)	 You agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized
disclosure or use by any person of the Confidential Information which may come to your attention and to take all steps reasonably requested by such Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized
disclosure or use. 

  
 EXHIBIT O-5 

	 	(c)	 You acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and would be
irreparably harmed in the event that any of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each Furnishing Entity shall be
entitled to specific performance and injunctive relief to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition to any other remedy to which a Furnishing Entity may be entitled at
law or in equity. It is further understood and agreed that no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any right, power or privilege. 

 

	 	(6)	 Term. Notwithstanding the termination or cancellation of this Confidentiality Agreement and regardless
of whether the NRSRO has provided a credit rating on a Security, your obligations under this Confidentiality Agreement will survive indefinitely. 

  

	 	(7)	 Governing Law. This Confidentiality Agreement and any claim, controversy or dispute arising under the
Confidentiality Agreement, the relationships of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed by and construed in accordance with the laws of the State of New York applicable to
agreements made and to be performed within such State. 

  

	 	(8)	 Amendments. This Confidentiality Agreement may be modified or waived only by a separate writing by the
NRSRO and each Furnishing Entity. 

  

	 	(9)	 Entire Agreement. This Confidentiality Agreement represents the entire agreement between you and the
Furnishing Entities relating to the treatment of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings and agreements between us relating to such matters;
provided, however, that, if the terms of this Confidentiality Agreement conflict with another agreement relating to the Confidential Information that specifically states that the terms of such agreement shall supersede, modify
or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms hereof by
entry into this website. 

  

	 	(10)	 Contact Information. Notices for each Furnishing Entity under this Confidentiality Agreement, shall be
directed as set forth below: 

 FS Rialto 2022-FL4 Issuer, LLC 

c/o FS Credit Real Estate Income Trust, Inc. 

201 Rouse Boulevard 

  
 EXHIBIT O-6 

 Philadelphia, Pennsylvania 19112 

Attention: Legal Department 

Email: FSCREIT_TEAM@fsinvestments.com, credit.notices@fsinvestments.com and Portfolio_finance@fsinvestments.com 

with a copy to: 
 FS Investments

 201 Rouse Boulevard 

Philadelphia, Pennsylvania 19112 

Attention: Legal Department 
 and

 Rialto Capital Management, LLC 

600 Madison Avenue, 12th Floor 

New York, New York 10022 

Attention: Philip Orban, Managing Director 

E-mail: philip.orban@rialtocapital.com 

  
 EXHIBIT O-7 

 EXHIBIT P 

FORM OF NOTE ADMINISTRATOR’S MONTHLY REPORT 

(TO BE INSERTED) 

  
 EXHIBIT P-1 

 EXHIBIT Q-1 

FORM OF INVESTOR CERTIFICATION 

(For Non-Borrower Affiliates) 

[Date] 
 Computershare Trust Company, National Association 

9062 Old Annapolis Road 
 Columbia, Maryland 21045 

Attention: Corporate Trust Services – FS Rialto 2022-FL4 Issuer, LLC 

 

	 	Re:	 FS Rialto 2022-FL4 Issuer, LLC 

In accordance with the requirements for obtaining certain information pursuant to the Indenture, dated as of March 31, 2022 (the
“Indenture”), by and among FS Rialto 2022-FL4 Issuer, LLC (the “Issuer”), as Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National
Association (the “Trustee”), as Trustee, Computershare Trust Company, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note
Administrator”), and as custodian, the undersigned hereby certifies and agrees as follows: 
 1. The undersigned is a Noteholder, a
beneficial owner of a Note or a prospective purchaser of a Note. 
 2. The undersigned is not an agent of, or an investment advisor to, any
borrower or affiliate of any borrower under a Collateral Interest. 
 3. The undersigned is requesting access pursuant to the Indenture to
certain information (the “Information”) on the Note Administrator’s Website and/or is requesting the information identified on the schedule attached hereto (also, the “Information”) pursuant to the provisions
of the Indenture. 
 4. In consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned
will keep the Information confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Notes, from its accountants and attorneys, and otherwise from such governmental or banking
authorities or agencies to which the undersigned is subject), and such Information will not, without the prior written consent of the Note Administrator, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part. 
 The
undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Note not previously registered pursuant to Section 5 of the Securities Act. 

  
 EXHIBIT Q-1-1 

 5. The undersigned shall be fully liable for any breach of the Collateral Interest Purchase
Agreement and this Certification by itself or any of its Representatives and shall indemnify the Issuer, the Note Administrator, the Trustee, the Servicer, and the Special Servicer for any loss, liability or expense incurred thereby with respect to
any such breach by the undersigned or any of its Representatives. 
 6. The undersigned shall be deemed to have recertified to the
provisions herein each time it accesses the Information on the Note Administrator’s Website. 
 7. Capitalized terms used but not
defined herein shall have the respective meanings assigned thereto in the Indenture. 

  
 EXHIBIT Q-1-2 

 BY ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be
deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 
  

			
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT Q-1-3 

 EXHIBIT Q-2 

FORM OF INVESTOR CERTIFICATION 

(For Borrower Affiliates) 
 [Date] 

Computershare Trust Company, National Association 
 9062 Old
Annapolis Road 
 Columbia, Maryland 21045 
 Attention:
Corporate Trust Services – FS Rialto 2022-FL4 Issuer, LLC 
  

	 	Re:	 FS Rialto 2022-FL4 Issuer, LLC 

In accordance with the requirements for obtaining certain information pursuant to the Indenture, dated as of March 31, 2022 (the
“Indenture”), by and among FS Rialto 2022-FL4 Issuer, LLC (the “Issuer”), as Issuer, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National
Association (the “Trustee”), as Trustee, Computershare Trust Company, National Association, as note administrator (in such capacity and, together with any successor note administrator permitted under the Indenture, the “Note
Administrator”), and as custodian, the undersigned hereby certifies and agrees as follows: 
 1. The undersigned is a Noteholder, a
beneficial owner of a Note or a prospective purchaser of a Note. 
 2. The undersigned is an agent or Affiliate of, or an investment
advisor to, a borrower under a Collateral Interest. 
 3. The undersigned is requesting access pursuant to the Indenture to the Monthly
Reports (the “Information”) on the Note Administrator’s Website pursuant to the provisions of the Indenture. 
 4. In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting it in making an evaluation in connection with
purchasing the related Notes, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not, without the prior written consent of the
Note Administrator, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part. 

The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration of any Note not previously registered pursuant to Section 5 of the Securities Act. 

  
 EXHIBIT Q-2-1 

 5. The undersigned shall be fully liable for any breach of the Collateral Interest Purchase
Agreement and this Certification by itself or any of its Representatives and shall indemnify the Issuer, the Note Administrator, the Trustee, the Servicer, and the Special Servicer for any loss, liability or expense incurred thereby with respect to
any such breach by the undersigned or any of its Representatives. 
 6. The undersigned shall be deemed to have recertified to the
provisions herein each time it accesses the Information on the Note Administrator’s Website. 
 7. Capitalized terms used but not
defined herein shall have the respective meanings assigned thereto in the Indenture. 

  
 EXHIBIT Q-2-2 

 BY ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be
deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 
  

			
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT Q-2-3 

 EXHIBIT R 

FORM OF ONLINE MARKET DATA PROVIDER CERTIFICATION 

This Certification has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant to the
direction of the Issuer. If you represent a market data provider not listed herein and would like access to the information, please contact CTSLink at 866-846-4526, or
at ctslink.customerservice@wellsfargo.com. 
 In accordance with the requirements for obtaining certain information pursuant to the
Indenture, dated as of March 31, 2022 (the “Indenture”), by and among FS Rialto 2022-FL4 Issuer, LLC, as Issuer (the “Issuer”), FS Credit Real Estate Income Trust, Inc.,
as advancing agent, Computershare Trust Company, National Association, as Note Administrator and Custodian, and Wilmington Trust, National Association, as Trustee, the undersigned hereby certifies and agrees as follows: 

 

	1.	 The undersigned is an employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Markit Group
Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics, Inc., KBRA Analytics, LLC, MBS Data, LLC, RealInsight, Thomson Reuters Corporation and PricingDirect Inc., a market data provider that has
been given access to the Monthly Reports, CREFC reports and supplemental notices on www.ctslink.com (“CTSLink”) by request of the Issuer. 

  

	2.	 The undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified that
the representation above remains true and correct. 

  

	3.	 The undersigned acknowledges and agrees that the provision to it of information and/or reports on CTSLink is
for its own use only, and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent of the Issuer, and any confidentiality agreement applicable to the undersigned with respect to
information obtained from the Issuer’s 17g-5 Website shall also be applicable to information obtained from CTSLink. 

 

	4.	 Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the
Indenture pursuant to which the Notes were issued. 

 BY ITS CERTIFICATION HEREOF, the undersigned has made the
representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified. 
  

			
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT R-1 

 EXHIBIT S 

FORM OF OFFICER’S CERTIFICATE OF THE COLLATERAL MANAGER WITH RESPECT TO THE ACQUISITION OF COLLATERAL INTERESTS 

[DATE] 
 This officer’s
certificate is being delivered pursuant to the Indenture, dated as March 31, 2022 (the “Indenture”), by and among FS Rialto 2022-FL4 Issuer, LLC, as Issuer (the “Issuer”)
of the Offered Notes, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as trustee, and Computershare Trust Company, National Association, as note administrator, paying agent, calculation agent,
transfer agent, authenticating agent, custodian, backup advancing agent and notes registrar. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Indenture. 

Pursuant to the Subsequent Transfer Instrument attached as Schedule B hereto, dated as of the date hereof, FS CREIT Finance Holdings
LLC (the “Seller”) has agreed to sell to the Issuer, and the Issuer has agreed to purchase from the Seller, the Collateral Interests described on Schedule A hereto (the “Reinvestment Collateral Interests”).

 In connection with the foregoing, FS Credit Real Estate Income Trust, Inc. (the “Collateral Manager”) hereby certifies
that, with respect to the acquisition of each Reinvestment Collateral Interest, as of the date hereof: 
  

	 	1.	 The Eligibility Criteria are satisfied. 

 

	 	2.	 The Acquisition Criteria are satisfied. 

[SIGNATURE ON FOLLOWING PAGE] 

  
 EXHIBIT S-1 

 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the
date first set forth above. 
  

			
	FS CREDIT REAL ESTATE INCOME TRUST, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT S-2 

 SCHEDULE A 

LIST OF REINVESTMENT COLLATERAL INTERESTS 
  

					
	 Name
	 	 Purchase Price
	 	 Cut-off
Date

  
 EXHIBIT S-3 

 SCHEDULE B 

SUBSEQUENT TRANSFER INSTRUMENT 

[Attached] 

  
 EXHIBIT S-4 

 EXHIBIT T 

FORM OF MASCOT NOTE OFFICER’S CERTIFICATE 

[To be Printed on Holder’s Letterhead] 

[DATE] 
 Computershare Trust Company, National
Association, as Note Administrator 
 9062 Old Annapolis Road 

Columbia, Maryland 21045 
 Attention: Corporate Trust Services
– FS Rialto 2022-FL4 
 Email:cts.cmbs.bond.admin@wellsfargo.com 

 

	 	Re:	 FS Rialto 2022-FL4 – MASCOT Notes 

This officer’s certificate is being delivered pursuant to that certain indenture, dated as March 31, 2022 (the
“Indenture”), by and among FS Rialto 2022-FL4 Issuer, LLC, as issuer of the Notes, FS Credit Real Estate Income Trust, Inc., as advancing agent, Wilmington Trust, National Association, as
trustee, and Computershare Trust Company, National Association, as note administrator, paying agent, calculation agent, transfer agent, authenticating agent, custodian, backup advancing agent and notes registrar. Capitalized terms used but not
defined herein shall have the meanings assigned to such terms in the Indenture. 
 Pursuant to Section 2.16 of the Indenture, the
undersigned, an authorized officer of [__________] (the “Holder”), a holder of Exchangeable Notes, hereby proposes an exchange of Exchangeable Notes on [__________], 20[__] based on the information set forth below: 

Class of Exchangeable Notes:        ____________________________________ 

CUSIP of Exchangeable Notes:        ____________________________________ 

Interest Rate of Exchangeable Notes:         ____________________________________ 

Classes of Exchanged Notes:        ____________________________________ 

CUSIPs of Exchanged Notes:        ____________________________________ 

Aggregate Outstanding Amount or 
 Aggregate Outstanding Notional
Amount:     ____________________________________ 
 DTC Participant Number of Holder:    
____________________________________ 
 [SIGNATURE FOLLOWS] 

  
 EXHIBIT T-1 

 IN WITNESS of the matters set forth herein, the undersigned has executed this Certificate as
of the date first set forth above. 
 [Insert Medallion Stamp Guarantee] 

 

			
	[HOLDER]
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT T-2 

 EXHIBIT U 

BENEFICIAL HOLDER INFORMATION FORM 

For Holders of: 
 DEAL NAME (include
Series): FS RIALTO 2022-FL4 

 

Please complete the following and return to: 

Alejandra Weisser 
 Computershare
Trust Company, National Association 
 Corporate Trust Services 

MAC N9300-070 

600 South Fourth Street, 7th Floor 

Minneapolis, MN 55415 

Please check one. 
  

	___	 Beneficial Owner. The undersigned hereby represents and warrants that it is a beneficial owner of
the Notes, that the undersigned is authorized to provide direction for their pro rata portion owned and that such power has not been granted nor assigned to any other party or person. 

 

	___	 Nominee or Advisor. The undersigned hereby represents and warrants that it is a nominee or
advisor for the beneficial owner, that the undersigned is authorized to provide direction for their pro rata portion owned and that such power has not been granted nor assigned to any other party or person. 

CLASS: _____________ 

CUSIP:        
                        ORIGINAL FACE AMOUNT: $__________ 

NOMINEE NAME:
                                         
                            

NOMINEE BANK (DTC Participant # if Applicable):
                                         
        
 (The following information is important to facilitate conference calls, if needed) 

Beneficiary Company Name: ___________________________________________ 
  

			
	I. Contact Name:
                                         
   	 	
	Address:
                                         
               	 	
	                                      
                                        	 	
	                                      
                                        	 	
		
	Phone:
                                         
                 	 	Facsimile:
                                         
                   
	E-mail:
                                         
                 	 	
		
	Signature: __________________________________ 	 	Date: ______

  
 EXHIBIT U-1Exhibit 10.1
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 (f/k/a BCI IV OPERATING PARTNERSHIP LP) 
​
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., as a Joint Lead Arranger for the Revolving Credit Facility,
​
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	​
​
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
​
dated as of
March 31, 2022
among
AIREIT Operating Partnership LP (f/k/a BCI IV OPERATING PARTNERSHIP LP) 
The Lenders Party Hereto
and
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent,
BANK OF AMERICA, N.A., as Syndication Agent,
___________________________
WELLS FARGO SECURITIES, LLC, as a Joint Lead Arranger and Joint Bookrunner for the Revolving Credit Facility and the Term Facility, 
BOFA SECURITIES, INC., as a Joint Lead Arranger and Joint Bookrunner for the Revolving Credit Facility and the Term Facility,  
U.S. BANK NATIONAL ASSOCIATION, as a Joint Lead Arranger for the Revolving Credit Facility,
CAPITAL ONE, NATIONAL ASSOCIATION, as a Joint Lead Arranger for the Revolving Credit Facility,
Truist Securities, Inc., as a Joint Lead Arranger for the Revolving Credit Facility,
REGIONS CAPITAL MARKETS, as a Joint Lead Arranger for the Term Facility
and
PNC BANK, NATIONAL ASSOCIATION, as a Joint Lead Arranger for the Term Facility 

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TABLE OF CONTENTS
Page
ARTICLE IDefinitions‌1

SECTION 1.01. Defined Terms.‌1

SECTION 1.02. Classification of Loans and Borrowings  .‌39

SECTION 1.03. Terms Generally.‌39

SECTION 1.04. Accounting Terms; GAAP.‌39

SECTION 1.05. Consolidation of Variable Interest Entities.‌40

SECTION 1.06. Rates.‌40

SECTION 1.07. Divisions..‌40

ARTICLE IIThe Credits‌40

SECTION 2.01. Commitments.‌40

SECTION 2.02. Loans and Borrowings.‌41

SECTION 2.03. Requests for Revolving and Term Borrowings.‌42

SECTION 2.04. [Reserved].‌42

SECTION 2.05. [Reserved].‌42

SECTION 2.06. Letters of Credit.‌42

SECTION 2.07. Funding of Borrowings.‌47

SECTION 2.08. Interest Elections.‌48

SECTION 2.09. Termination and Reduction of Commitments.‌49

SECTION 2.10. Repayment of Loans; Evidence of Debt.‌49

SECTION 2.11. Prepayment of Loans.‌50

SECTION 2.12. Fees.‌51

SECTION 2.13. Interest.‌52

SECTION 2.14. Changed Circumstances.‌53

SECTION 2.15. Increased Costs‌55

SECTION 2.16. Break Funding Payments‌57

SECTION 2.17. Payments Free of Taxes‌57

SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs‌61

SECTION 2.19. Mitigation Obligations; Replacement of Lenders‌62

SECTION 2.20. Defaulting Lenders.‌63

SECTION 2.21. Extension of Revolving Credit Facility Maturity Date.‌66

SECTION 2.22. Increase in Commitments.‌67

SECTION 2.23. Addition and Removal of Unencumbered Properties.‌68

SECTION 2.24. Funds Transfer Disbursements.‌69

ARTICLE IIIRepresentations and Warranties‌69

​
​

SECTION 3.01. Organization; Powers.‌69

SECTION 3.02. Authorization; Enforceability.‌69

SECTION 3.03. Governmental Approvals; No Conflicts.‌69

SECTION 3.04. Financial Condition; No Material Adverse Change.‌69

SECTION 3.05. Properties.‌69

SECTION 3.06. Litigation and Environmental Matters‌70

SECTION 3.07. Compliance with Laws and Agreements‌70

SECTION 3.08. Investment Company Status.‌70

SECTION 3.09. Taxes.‌70

SECTION 3.10. ERISA.‌70

SECTION 3.11. Disclosure.‌72

SECTION 3.12. Anti-Corruption Laws and Sanctions.‌72

SECTION 3.13. Unencumbered Properties‌72

SECTION 3.14. Subsidiaries; Equity Interests.‌74

SECTION 3.15. REIT Status‌74

SECTION 3.16. No Default‌74

SECTION 3.17. Beneficial Ownership Certification..‌74

SECTION 3.18. Affected Financial Institution.‌74

ARTICLE IVConditions‌75

SECTION 4.01. Effective Date of Obligations to Make Loans.‌75

SECTION 4.02. Each Credit Event.‌76

ARTICLE VAffirmative Covenants‌77

SECTION 5.01. Financial Statements; Ratings Change and Other Information.‌77

SECTION 5.02. Notices of Material Events.‌78

SECTION 5.03. Existence; Conduct of Business.‌79

SECTION 5.04. Payment of Obligations.‌79

SECTION 5.05. Maintenance of Properties; Insurance.‌79

SECTION 5.06. Books and Records; Inspection Rights.‌80

SECTION 5.07. Compliance with Laws.‌80

SECTION 5.08. Use of Proceeds and Letters of Credit.‌80

SECTION 5.09. Accuracy of Information.‌80

SECTION 5.10. REIT Status‌81

SECTION 5.11. Subsidiary Guaranties‌81

SECTION 5.12. Investor Guaranties..‌82

SECTION 5.13. No Plan Assets.‌82

​
ii

​

ARTICLE VINegative Covenants‌82

SECTION 6.01. Indebtedness; Negative Pledges.‌82

SECTION 6.02. Liens.‌83

SECTION 6.03. Fundamental Changes.‌83

SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions.‌84

SECTION 6.05. Swap Agreements.‌84

SECTION 6.06. Restricted Payments.‌85

SECTION 6.07. Transactions with Affiliates‌85

SECTION 6.08. Changes to Advisory Agreement‌85

SECTION 6.09. Transfers of Direct or Indirect Interests in Borrower.‌85

SECTION 6.10. Sanctions Laws and Regulations‌86

SECTION 6.11. Financial Covenants‌86

SECTION 6.12. Borrowing Base Covenants.‌86

SECTION 6.13. Exchange Property; Exchange Fee Titleholders.‌88

SECTION 6.14. Special Provisions regarding Permitted Tax Incentive Transactions.‌88

ARTICLE VIIEvents of Default‌89

SECTION 7.01. Events of Default‌89

SECTION 7.02. Application of Funds‌91

ARTICLE VIIIThe Administrative Agent‌92

SECTION 8.01. Appointment and Authorization‌92

SECTION 8.02. Successor Administrative Agent‌93

SECTION 8.03. Lender Credit Decision, Etc.‌93

SECTION 8.04. Communications‌94

SECTION 8.05. Titled Agent‌94

SECTION 8.06. Erroneous Payments‌95

ARTICLE IXMiscellaneous‌96

SECTION 9.01. Notices.‌96

SECTION 9.02. Waivers; Amendments.‌97

SECTION 9.03. Expenses; Indemnity; Damage Waiver.‌99

SECTION 9.04. Successors and Assigns.‌100

SECTION 9.05. Survival.‌104

SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution‌104

SECTION 9.07. Severability.‌105

SECTION 9.08. Right of Setoff.‌106

SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process.‌106

​
iii

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SECTION 9.10. WAIVER OF JURY TRIAL.‌106

SECTION 9.11. Headings.‌107

SECTION 9.12. Confidentiality.‌107

SECTION 9.13. Material Non-Public Information‌108

SECTION 9.14. Interest Rate Limitation‌108

SECTION 9.15. Authorization to Distribute Certain Materials to Public-Siders.‌108

SECTION 9.16. Certain ERISA Matters.‌109

SECTION 9.17. USA PATRIOT Act.‌110

SECTION 9.18. Amendment and Restatement; No Novation.‌110

SECTION 9.19. ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN OF AFFECTED FINANCIAL INSTITUTIONS.‌110

SECTION 9.20. No Fiduciary Duty, etc.‌110

SECTION 9.21. Acknowledgement Regarding Any Supported QFCs.‌111

SCHEDULES:
Schedule 1.01(g) Existing Liens
Schedule 2.01A Commitments
Schedule 2.01B Letter of Credit Commitments
Schedule 2.06 Existing Letters of Credit
Schedule 3.06 Disclosed Matters
Schedule 3.13 Unencumbered Properties
Schedule 3.14 Subsidiaries
Schedule 6.01 Restrictions and Conditions
Schedule 6.07Agreements with Affiliates
​
​

​
iv

​

​

THIRD AMENDED AND RESTATED CREDIT AGREEMENT
​
THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as of March 31, 2022, among AIREIT Operating Partnership LP (f/k/a BCI IV OPERATING PARTNERSHIP LP), a Delaware limited partnership, the LENDERS party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, BANK OF AMERICA, N.A., as Syndication Agent, WELLS FARGO SECURITIES, LLC, as a Joint Lead Arranger and Joint Bookrunner for the Revolving Credit Facility and the Term Facility, BOFA SECURITIES, INC., as a Joint Lead Arranger and Joint Bookrunner for the Revolving Credit Facility and the Term Facility, Capital One, National Association, U.S. Bank National Association, and Truist Securities, Inc., as Joint Lead Arrangers for the Revolving Credit Facility, and Regions Bank and PNC Bank, National Association, as Joint Lead Arrangers for the Term Facility. 
RECITALS
WHEREAS, the Lenders previously made available to the Borrower (i) a $430,000,000 revolving credit facility, with a $25,000,000 swingline subfacility and a $25,000,000 letter of credit subfacility, and (ii) a $415,000,000 senior delayed-draw term loan facility (clauses (i) and (ii), collectively, the “Existing Facilities”), in each case pursuant to the Second Amended and Restated Credit Agreement, dated as of November 19, 2019, by and among the Borrower, the financial institutions party thereto as “Lenders,” Wells Fargo, as Administrative Agent, and the other agent parties thereto, if any (as heretofore amended, modified or supplemented from time to time, collectively, the “Existing Agreement”). 
WHEREAS, the parties hereto desire to amend and restate the Existing Agreement to provide, among other things, that the Lenders will make available to the Borrower (a) a $1,000,000,000 revolving credit facility, with a letter of credit subfacility as described herein, and (b) a new $550,000,000 senior term loan facility, in each case, pursuant to the terms and conditions of this Agreement. 
AGREEMENT
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:
ARTICLE IDefinitions
SECTION 1.01. Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to the Base Rate.
“Adjusted EBITDA” means, Consolidated EBITDA minus, with respect to Properties owned by the Consolidated Group, the Capital Expenditure Reserve, and minus, with respect to Properties owned by Unconsolidated Affiliates, the Consolidated Group Pro Rata Share of the Capital Expenditure Reserve. 
“Adjusted Term SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.

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“Administrative Agent” means Wells Fargo Bank, National Association, in its capacity as administrative agent for the Lenders hereunder.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Advisor” means Ares Commercial Real Estate Management LLC, a Delaware limited liability company. 
“Advisory Agreement” means that certain Advisory Agreement (2022), dated as of February 11, 2022, by and among the Borrower, the Trust, and the Advisor, as the same may be amended, revised, supplemented or otherwise modified in accordance with the terms hereof.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.
“Agency Site” means the Electronic System established by the Administrative Agent to administer this Agreement.
“Agent Party” has the meaning assigned to such term in Section 9.01(d).
“Agreement” has the meaning assigned to such term in the preamble hereto. 
“Announcements” shall have the meaning assigned to such term in Section 1.06.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Trust, the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Applicable Facility Fee” means the percentage set forth in the table below (expressed as basis points per annum) corresponding to the Category at which the Applicable Rate – Rating is then determined.  Any change in the applicable Category at which the Applicable Rate – Rating is determined shall result in a corresponding and simultaneous change in the Applicable Facility Fee.   
	Category
	Rating
	Applicable Facility Fee

	1
	A-/A3 or higher
	12.5

	2
	BBB+/Baa1
	15.0

	3
	BBB/Baa2
	20.0

	4
	BBB-/Baa3
	25.0

	5
	Lower than BBB-/ Baa3
	30.0

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“Applicable Percentage” means, (a) in respect of the Term Facility, with respect to any Term Lender (i) at any time prior to the Initial Term Loan Commitment Expiration Date, the percentage (carried out to the ninth decimal place) of the Term Facility represented by such Term Lender’s principal amount of Term Loans and unused Term Commitment, and (ii) on and after the Initial Term Loan Commitment Expiration Date, the percentage (carried out to the ninth decimal place) of the Term Facility represented by the principal amount of such Term Lender’s Term Loans at such time.  If any Term Commitments have terminated or expired, the Applicable Percentages for the Term Facility shall be determined based upon the 

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Term Commitments most recently in effect, giving effect to any assignments, terminations or expirations, and to any Term Lender’s status as a Defaulting Lender at the time of determination; and (b) in respect of the Revolving Credit Facility, with respect to any Revolving Lender at any time, the percentage (carried out to the ninth decimal place) of the Revolving Credit Facility represented by such Revolving Lender’s Revolving Commitment, provided that in the case of Section 2.20 when a Defaulting Lender shall exist, “Applicable Percentage” means the percentage of the total Revolving Commitments (disregarding any Defaulting Lender’s Revolving Commitment) represented by such Revolving Lender’s Revolving Commitment.  If any Revolving Commitments have terminated or expired, the Applicable Percentages for the Revolving Credit Facility shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments, terminations or expirations, and to any Revolving Lender’s status as a Defaulting Lender at the time of determination.  All references to Applicable Percentage in reference to Letters of Credit shall refer to a Lender’s Applicable Percentage in respect of the Revolving Credit Facility. 
“Applicable Rate” means the Applicable Rate – Ratio, and following Borrower’s written election to Administrative Agent to the effect that the Applicable Rate shall be the rate set forth in the definition of Applicable Rate – Rating, which election shall be irrevocable once made, the Applicable Rate-Rating (such election, the “Election of Applicable Rate – Rating”). 
“Applicable Rate – Rating” means the percentage rate set forth in the table below corresponding to the category (each, a “Category”) into which the Borrower’s Debt Rating then falls.  Any election by Borrower for the Applicable Rate – Rating to apply and any change in the Borrower’s Debt Rating which would cause it to move to a different Category shall be effective as of the first day of the first calendar month immediately following receipt by the Administrative Agent of an Election of Applicable Rate – Rating (such date, the “Applicable Rate – Rating Effectiveness Date”) or written notice delivered by the Borrower in accordance with Section 5.01(h) that the Borrower’s Debt Rating has changed, as applicable; provided, however, if the Borrower has not delivered the notice required by such Section, but the Administrative Agent becomes aware that the Borrower’s Debt Rating has changed, then the Administrative Agent may, in its sole discretion, adjust the Category effective as of the first day of the first calendar month following the date the Administrative Agent becomes aware that the Borrower’s Debt Rating has changed.  Following receipt by the Administrative Agent of the Election of Applicable Rate – Rating, the Borrower shall use commercially reasonable efforts to have two (2) Debt Ratings at all times, at least one of which shall be from S&P or Moody’s.  During any period that the Borrower has received only two (2) Debt Ratings, at least one of which shall be from S&P or Moody’s, that are equivalent, the Applicable Rate – Rating shall be determined based on the Category corresponding to such Debt Ratings.  In the event that (x) the Borrower receives only two (2) Debt Ratings, at least one of which shall be from S&P or Moody’s, and such Debt Ratings are not equivalent, or (y) the Borrower receives more than two (2) Debt Ratings, and such Debt Ratings received are not all equivalent, then, in each case, the Applicable Rate – Rating shall be (a) if the difference between the highest and the lowest such Debt Ratings is one ratings category (e.g. Baa2 by Moody's and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum that would be applicable if the highest of the Debt Ratings were used; and (b) if the difference between the highest and the lowest such Debt Ratings is two ratings categories (e.g. Baal by Moody's and BBB- by S&P or Fitch) or more, the Applicable Rate – Rating shall be the rate per annum that would be applicable if the average of the two (2) highest Debt Ratings were used; provided that if such average is not a recognized rating category (i.e., the difference between the Debt Ratings is an even number of ratings categories), then the Applicable Rate shall be based on the lower of the two (2) highest Debt Ratings.  Following receipt by the Administrative Agent of an Election of Applicable Rate – Rating, during any period for which the Borrower has received a Debt Rating from only one Rating Agency, then the Applicable Rate – Rating shall be determined based on such Debt Rating so long as such Debt Rating is from either S&P or Moody’s.  During any period that the Borrower (A) has not received a Debt Rating or (B) has not received a Debt Rating from S&P and has not received a Debt Rating from Moody’s, the Applicable Rate - Rating shall be determined based on Category 5. 

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	CATEGORY
	Rating
	SOFR Revolving loan
Applicable
Margin
	ABR Revolving Loan
Applicable
Margin
	SOFR Term loan
Applicable
Margin
	ABR Term Loan
Applicable
Margin

	1
	A-/A3 or higher
	72.5
	0.0
	80.0
	0.0

	2
	BBB+/Baa1
	77.5
	0.0
	85.0
	0.0

	3
	BBB/Baa2
	85.0
	0.0
	95.0
	0.0

	4
	BBB-/Baa3
	105.0
	5.0
	120.0
	20.0

	5
	Lower than BBB-/ Baa3
	140.0
	40.0
	160.0
	60.0

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“Applicable Rate – Ratio” means the following basis points per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 5.01(d):
	CATEGORY
	LEVERAGE RATIO
	SOFR Revolving loan
Applicable
Margin
	ABR Revolving Loan
Applicable
Margin
	SOFR Term loan
Applicable
Margin
	ABR Term Loan
Applicable
Margin

	1
	< 40%
	125.0
	25.0
	120.0
	20.0

	2
	>40% and <45%
	135.0
	35.0
	125.0
	25.0

	3
	>45% and <50%
	145.0
	45.0
	135.0
	35.0

	4
	>50% and <55%
	160.0
	60.0
	150.0
	50.0

	5
	>55% and <60%
	180.0
	80.0
	170.0
	70.0

	6
	>60%
	200.0
	100.0
	190.0
	90.0

Any increase or decrease in the Applicable Rate – Ratio resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date the certificate is delivered pursuant to Section 5.01(d) (a “Compliance Certificate”); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, the then-highest Category shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the first Business Day after the date on which such Compliance Certificate is delivered.  The 

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Applicable Rate in effect from the Effective Date through the date of the next change in the Applicable Rate – Ratio pursuant to the preceding sentence shall be determined based upon Category 1.
“Applicable Rate – Rating Effectiveness Date” has the meaning assigned to such term in the definition of Applicable Rate – Rating.
“Approved Fund” has the meaning assigned to such term in Section 9.04(b).
“Asset Under Development” means any Property (a) for which the Consolidated Group is actively pursuing construction, major renovation, or expansion of such Property or (b) for which no construction has commenced but all necessary entitlements (excluding foundation, building and similar permits) have been obtained in order to allow the Consolidated Group to commence constructing improvements on such Property.  Notwithstanding the foregoing, tenant improvements in a previously constructed Property shall not be considered an Asset Under Development and with respect to any existing Property only the major renovation or expansion portion of such Property shall be considered an Asset Under Development.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent.
“Availability Period” means (a) with respect to the Revolving Credit Facility, the period from and including the Effective Date to but excluding the earlier of the Revolving Credit Facility Maturity Date and the date of termination of the Revolving Commitments, and (b) with respect to the Term Facility, the period from and including the Effective Date to and including the Initial Term Loan Commitment Expiration Date.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 2.14(c)(iv).
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.  
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).  
“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, 

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or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
“Base Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 0.50% and (c) Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.0%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Effective Rate or Adjusted Term SOFR, as applicable (provided that clause (c) shall not be applicable during any period in which Adjusted Term SOFR is unavailable or unascertainable).  Notwithstanding the foregoing, in no event shall the Base Rate be less than zero. 
“Benchmark” means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.14(c)(i).
“Benchmark Replacement” means, with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (b) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
(a)in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or
(b)in the case of clause (c) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; provided that such non-representativeness will be determined by 

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reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
(a)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(b)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(c)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof)announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Start Date” means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14(c)(i) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14(c)(i).

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“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Borrower” means AIREIT Operating Partnership LP (f/k/a BCI IV OPERATING PARTNERSHIP LP), a Delaware limited partnership .
“Borrowing” means Revolving Loans or Term Loans of the same Type, made, converted or continued on the same date and, in the case of SOFR Loans, as to which a single Interest Period is in effect.
“Borrowing Base Covenants” means the covenants in Section 6.12.
“Borrowing Request” means a request by the Borrower in the form attached hereto as Exhibit H for a Revolving Loan or Term Loan to be delivered to Administrative Agent in accordance with Section 2.03.
“Business Day” means any day that (a) is not a Saturday, Sunday or other day on which the Federal Reserve Bank of New York is closed and (b) is not a day on which commercial banks in New York City are closed.
“Capital Expenditure Reserve” means $0.10 per square foot of leasable space (as annualized for the applicable ownership period).
“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
“Cash Equivalents” means, as of any date:
(i)securities issued or directly and fully guaranteed or insured by the United States Government or any agency or instrumentality thereof having maturities of not more than one year from such date;
(ii)mutual funds organized under the United States Investment Company Act rated AAm or AAm-G by S&P and P-1 by Moody’s;
(iii)certificates of deposit or other interest-bearing obligations of a bank or trust company which is a member in good standing of the Federal Reserve System having a short term unsecured debt rating of not less than A-1 by S&P and not less than P-1 by Moody’s (or in each case, if no bank or trust company is so rated, the highest comparable rating then given to any bank or trust company, but in such case only for funds invested overnight or over a weekend) provided 

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that such investments shall mature or be redeemable upon the option of the holders thereof on or prior to a date one month from the date of their purchase;
(iv)certificates of deposit or other interest-bearing obligations of a bank or trust company which is a member in good standing of the Federal Reserve System having a short term unsecured debt rating of not less than A-1+ by S&P, and not less than P-1 by Moody’s and which has a long term unsecured debt rating of not less than A1 by Moody’s (or in each case, if no bank or trust company is so rated, the highest comparable rating then given to any bank or trust company, but in such case only for funds invested overnight or over a weekend) provided that such investments shall mature or be redeemable upon the option of the holders thereof on or prior to a date three months from the date of their purchase;
(v)bonds or other obligations having a short term unsecured debt rating of not less than A-1+ by S&P and P-1+ by Moody’s and having a long term debt rating of not less than A1 by Moody’s issued by or by authority of any state of the United States, any territory or possession of the United States, including the Commonwealth of Puerto Rico and agencies thereof, or any political subdivision of any of the foregoing;
(vi)repurchase agreements issued by an entity rated not less than A-1+ by S&P, and not less than P-1 by Moody’s which are secured by U.S. Government securities of the type described in clause (i) of this definition maturing on or prior to a date one month from the date the repurchase agreement is entered into;
(vii)short term promissory notes rated not less than A-1+ by S&P, and  not less than P-1 by Moody’s maturing or to be redeemable upon the option of the holders thereof on or prior to a date one month from the date of their purchase; and
(viii)commercial paper (having original maturities of not more than three hundred sixty-five (365) days) rated at least A-1+ by S&P and P-1 by Moody’s and issued by a foreign or domestic issuer who, at the time of the investment, has outstanding long-term unsecured debt obligations rated at least A1 by Moody’s.
“Category” has the meaning assigned to such term in the definition of Applicable Rate – Rating.
“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) of Equity Interests representing thirty percent (30%) or more of the of the voting stock of Trust; (b) occupation at any time of a majority of the seats (other than vacant seats) on the board of directors or trustees of the Trust (the “Board”) by Persons who were not (i) members of the Board on the date of this Agreement or (ii) nominated or appointed by the Board; (c) Trust consolidates with, is acquired by, or merges into or with any Person (other than a consolidation or merger in which the Trust is the continuing or surviving entity); or (d) Trust fails to own, directly or indirectly, at least fifty-one percent (51%) of the Equity Interests of Borrower and be the sole general partner of Borrower (except for a merger of the Borrower into the Trust as permitted by Section 6.03(a)).
“Change in Law” means the occurrence after the date of this Agreement (or, with respect to any Lender, such later date on which such Lender becomes a party to this Agreement) of (a) the adoption of or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority, or (c) compliance by any Lender 

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or the Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
“Class” means, when used in reference to any Loan, Commitment or Borrowing, whether such Loan or Commitment, or the Loans comprising such Borrowing, are Revolving Loans, Term Loans, Revolving Commitments or Term Commitments.  
“Code” means the Internal Revenue Code of 1986, as amended.
“Commitment” means a Term Commitment or a Revolving Commitment, as the context may require.
“Communications” has the meaning assigned to such term in Section 9.01(c).
“Compliance Certificate” means a certificate substantially in the form of Exhibit G.
“Conforming Changes” means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest period”), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 2.15 and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent reasonably decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent reasonably determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).  
“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
“Consolidated Debt Service” means, for any period, without duplication, (a) Recurring Interest Expense for such period plus (b) the aggregate amount of scheduled principal payments attributable to Total Indebtedness (excluding optional prepayments and prepayment premiums and scheduled balloon principal payments in respect of any such Indebtedness which is not amortized through periodic installments of principal and interest over the term of such Indebtedness) required to be made during such period by any member of the Consolidated Group plus (c) a percentage of all such scheduled principal payments required to be made during such period by any Unconsolidated Affiliate on Indebtedness (excluding optional prepayments and prepayment premiums and scheduled balloon principal payments with respect to any such indebtedness which is not amortized through periodic installments of principal and interest over the term of such Indebtedness) taken into account in calculating Recurring Interest Expense, equal to the greater of 

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(x) the percentage of the principal amount of such Indebtedness for which any member of the Consolidated Group is liable and (y) the Consolidated Group Pro Rata Share of such Unconsolidated Affiliate.
“Consolidated EBITDA” means, for any period, Consolidated Net Income for such period plus (a) adjustments for straight line rent, which adjustment may be included or excluded at Borrower’s discretion, plus (b) to the extent deducted from revenues in determining Consolidated Net Income, (i) Recurring Interest Expense, (ii) expense for taxes paid or accrued, (iii) depreciation, (iv) amortization, (v) impairment charges, (vi) amounts deducted as a result of the application of FAS 141 as it pertains to above-market rents, (vii) non-cash expenses related to employee and trustee stock and stock option plans, (viii) non-recurring financing, acquisition and disposition related fees and costs, (ix) extraordinary losses incurred other than in the ordinary course of business, (x) Performance Fee expense, provided that any addback of such expense pursuant to this clause (x) will only be permitted if Borrower, the Trust and the Advisor have executed a subordination agreement substantially in the form of Exhibit E attached hereto or otherwise on terms reasonably acceptable to the Administrative Agent (and such subordination agreement is in effect at the time of such addback) and the Performance Fee associated with such addback is not paid in contravention of the terms thereof (it being acknowledged and agreed that a subordination agreement is not required to be executed or in effect unless Borrower desires to add back Performance Fee expense as provided in this clause (x)), and (xi) in Borrower’s reasonable discretion, other non-cash charges for such period, minus (c) to the extent added to revenues in determining Consolidated Net Income, (i) amounts added as a result of the application of FAS 141 as it pertains to below-market rents and (ii) extraordinary gains realized other than in the ordinary course of business, in each case for or during such period.   For the avoidance of doubt, Consolidated EBITDA shall not include gains and losses from asset sales.  In addition, Consolidated EBITDA shall be adjusted to include amounts deferred for any given period pursuant to any expense support agreement in effect from time to time among the Advisor (or an Affiliate thereof), the Borrower and the Trust so long as such Expense Support Agreement is a Similar Agreement/Amendment (the “Expense Support Agreement”), including any extensions of the term of such agreement or any similar amendments to such agreement or any similar replacement or successor agreements, and shall be adjusted to exclude the non-cash accrual or subsequent cash reimbursement required in connection therewith, provided that payment of such deferred amount is subordinated to payment of the Obligations so that such payment is not permitted if an Event of Default exists.  For purposes of this definition, (A) a new Expense Support Agreement will be deemed to be a “Similar Agreement/Amendment” if it is on substantially the same terms and conditions as the Prior Expense Support Agreement, including without limitation a limitation on term, similar pre-conditions to the payment of deferred amounts, an outside date after which reimbursement obligations are cancelled, and similar limitations on the right to accelerate the payment of such accrued amounts, and must be subordinated to the Obligations pursuant to a subordination agreement substantially the same as the one delivered for the Prior Expense Support Agreement, (B) an amendment to an existing Expense Support Agreement or a replacement or successor Expense Support Agreement will be deemed to be a Similar Agreement/Amendment if it is on substantially the same terms and conditions as the Expense Support Agreement, including without limitation a limitation on term, similar pre-conditions to the payment of deferred amounts, an outside date after which reimbursement obligations are cancelled, and similar limitations on the right to accelerate the payment of such accrued amounts, and such successor or replacement agreement or amendment must be subordinated to the Obligations pursuant to a subordination agreement substantially the same as the one delivered for the Expense Support Agreement, and (C) the term “Prior Expense Support Agreement” means that certain Second Amended and Restated Expense Support Agreement, dated as of January 1, 2019, among BCI IV Advisors LLC, the Borrower and the Trust.
“Consolidated Fixed Charge Coverage Ratio” means the ratio of Adjusted EBITDA to Fixed Charges.  
“Consolidated Group” means the Trust, the Borrower and all Subsidiaries which are required to be consolidated with them for financial reporting purposes under GAAP.

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“Consolidated Group Pro Rata Share” means (i) with respect to any Unconsolidated Affiliate, the pro rata share of the ownership interests held by the Consolidated Group, in the aggregate, in such Unconsolidated Affiliate, without duplication, and (ii) with respect to any Exchange Fee Titleholder, the pro rata share of the ownership interests in such Exchange Fee Titleholder pledged to the Consolidated Group, in the aggregate, without duplication, which, for purposes of this clause (ii), will be one hundred percent (100%) if all of the ownership interests in such Exchange Fee Titleholder are pledged to the Consolidated Group, in the aggregate, without duplication.  
“Consolidated Leverage Ratio” means, at any time (i) the sum of (a) Total Indebtedness minus Specified Excess Cash, plus (b) the Master Lease Obligations, divided by (ii) Total Asset Value minus Specified Excess Cash, expressed as a percentage.
“Consolidated Net Income” means, for any period, the sum, without duplication, of (i) net earnings (or loss) after taxes of the Consolidated Group (adjusted by eliminating any such earnings or loss attributable to Unconsolidated Affiliates) plus (ii) the applicable Consolidated Group Pro Rata Share of net earnings (or loss) of all Unconsolidated Affiliates for such period, in each case determined in accordance with GAAP (provided, however, that lease payments attributable to Sale-Leaseback Master Leases which are generally excluded from “consolidated net income” in accordance with GAAP shall nonetheless be included as earnings for purposes of this definition).  For the avoidance of doubt, Consolidated Net Income for the Consolidated Group or Unconsolidated Affiliates shall not include unrealized gains or losses on real estate investments or other changes in fair value.
“Consolidated Tangible Net Worth” means, at any time, total assets (excluding accumulated depreciation and intangible assets) minus total liabilities, calculated in accordance with GAAP.  However, for the purpose of this calculation, intangible assets resulting from the application of FAS141 shall not be excluded from Consolidated Tangible Net Worth.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Covered Party” has the meaning assigned to such term in Section 9.21.
“Credit Party” means the Administrative Agent, the Issuing Bank, or any other Lender.
“Current Appraisal” has the meaning assigned to such term in the definition of Property Value.
“Debt Instrument” means any instrument evidencing a debt, including mortgage notes and mezzanine notes, but excluding Exchange Debt Investments.
“Debt Rating” means, as of any date of determination, the non-credit enhanced, senior unsecured long-term debt rating assigned by any of S&P, Moody’s and/or Fitch to the Borrower or Trust or the debt thereof.

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“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.
“Defaulting Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, (d) has become the subject of a Bankruptcy Event and/or (e) has become the subject of a Bail-in Action.  
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“Delaware Divided LLC” means any Delaware LLC which has been formed upon the consummation of a Delaware LLC Division.
“Delaware Divided LP” means a Delaware limited partnership which has been formed upon the consummation of a Delaware LP Division.
“Delaware LLC Division” means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act, as amended from time to time.
“Delaware LP Division” means the statutory division of any Delaware limited partnership into two or more limited partnerships pursuant to Section 17-220 of the Delaware Limited Partnership Act, as amended from time to time.
“Disbursement Instruction Agreement” means an agreement substantially in the form of Exhibit B, as the same may be amended, restated or modified from time to time as reasonably agreed between the Administrative Agent and the Borrower.
 “Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.
“dollars” or “$” means lawful money of the United States of America.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of 

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an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.  
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.  
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.   
“Effective Date” means the date on which this Agreement is executed and delivered by all of the parties hereto and upon which each of the conditions in Section 4.01 is satisfied (or waived in accordance with Section 9.02).
“Election of Applicable Rate – Rating” has the meaning assigned to such term in the definition of Applicable Rate.
“Electronic Record” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.
“Electronic Signature” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.
“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Bank and any of its respective Related Persons or any other Person, providing for access to data protected by passcodes or other security system.
“Eligible Cash 1031 Proceeds” means the cash proceeds held by a “qualified intermediary” from the sale of a Property by Borrower or a Subsidiary, which cash proceeds are intended to be used by the qualified intermediary to acquire one or more “replacement properties” that are of “like-kind” to such Property in an exchange that qualifies as a tax-deferred exchange under Section 1031 of the Code and the Treasury Regulations promulgated thereunder (the “Regulations”), and no portion of which cash proceeds the Borrower or any Subsidiary has the right to receive, pledge, borrow or otherwise obtain the benefits of until the earlier of (i) such time as provided under Regulation Section 1.1031(k)-1(g)(6) and the applicable “exchange agreement” or (ii) such exchange is terminated in accordance with the “exchange agreement” and the Regulations.  Upon the cash proceeds no longer being held by the qualified intermediary pursuant to the Regulations or otherwise qualifying under the Regulations for like-kind exchange treatment, such proceeds shall cease being Eligible Cash 1031 Proceeds.  Terms in quotations in this definition shall have the meanings ascribed to such terms in the Regulations.
“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Loan Party directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, 

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(c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower (including as a result of an affiliation with an ERISA Affiliate) of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower (including as a result of an affiliation with an ERISA Affiliate) of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA.
“Erroneous Payment” has the meaning assigned thereto in Section 8.06(a).
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.    
“Event of Default” has the meaning assigned to such term in Article VII.
“Exchange Beneficial Interest” means a beneficial interest in a Delaware statutory trust that owns Exchange Property.
“Exchange Debt Investments” means purchase money financing provided to an Exchange Property Investor in connection with the Exchange Program, secured by the Exchange Beneficial Interests of the Exchange Property Investor.
“Exchange Depositor” means each Subsidiary that is the depositor under a Delaware statutory trust that is part of the Exchange Program.
“Exchange Fee Titleholder” means the entity which is the owner of a Property pursuant to an exchange that qualifies, qualified, or is intended to qualify, as a reverse exchange under Section 1031 of 

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the Code, which Property is master leased to a Subsidiary of Borrower during the period before the exchange is either completed or fails.
“Exchange Program” means the program whereby Affiliates of Borrower will cause (a)(i) the formation of a Delaware statutory trust which will receive contributions of Properties from the Borrower or an Affiliate of the Borrower or acquire Properties from third parties, in each case which Properties will become Exchange Properties upon addition to the Exchange Program, and (ii) the sale of beneficial ownership interests in such Delaware statutory trust to Exchange Property Investors, and in each case will master lease such Properties to an Affiliate of Borrower (which master leases may be guaranteed by Borrower or the Trust).
“Exchange Property” means a Property owned directly or indirectly by a Delaware statutory trust in connection with the Exchange Program, provided that any such Property shall constitute an Exchange Property only so long as it is master leased to an Affiliate of Borrower which master lease may be guaranteed by Borrower and/or the Trust.
“Exchange Property Investor” means any owner of an Exchange Beneficial Interest.
“Exchange Property Master Lease” means a master lease pursuant to which an Exchange Property is master leased to an Affiliate of Borrower.
“Exchange Property Owner” means the Delaware statutory trust owning directly or indirectly an Exchange Property.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan , Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (g), and (d) any U.S. Federal withholding Taxes imposed under FATCA.
“Existing Agreement” has the meaning assigned to such term in the recitals.
“Existing Facilities” has the meaning assigned to such term in the recitals.
“Existing Letters of Credit” means each of the letters of credit originally issued under the Existing Agreement identified in Schedule 2.06.
“Expense Support Agreement” has the meaning assigned to such term in the definition of Consolidated EBITDA.
“FCA” shall have the meaning assigned to such term in Section 1.06.

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“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code.
“Federal Funds Effective Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the immediately preceding 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 such day on such transactions received by the Administrative Agent from three Federal Funds brokers of recognized standing reasonably selected by the Administrative Agent.  If the Federal Fund Effective Rate determined as provided above would be less than zero, the Federal Fund Effective Rate shall be deemed to be zero.
“Fee Letters” means, collectively, (i) that certain fee letter dated as of March 23, 2022, by and among the Borrower, the Administrative Agent, and Wells Fargo Securities, LLC, as amended, restated or replaced from time to time, (ii) that certain fee letter dated as of March 23, 2022, by and among the Borrower, Bank of America, N.A., and BofA Securities, Inc., as amended, restated or replaced from time to time, and (iii) each other fee letter entered into from time to time by the Borrower and one or more Joint Lead Arrangers in connection herewith.
“Financeable Ground Lease” means, except as otherwise approved by the Required Lenders a ground lease that provides reasonable and customary protections for a potential leasehold mortgagee (“Mortgagee”) which include, among other things (a) a remaining term, including any optional extension terms exercisable unilaterally by the tenant, of no less than twenty-five (25) years from the Effective Date, provided that the remaining term can be less than twenty-five (25) years if there is an option to purchase on terms acceptable to the Administrative Agent and the amount of the option purchase price is deducted from the Unencumbered Property Value of the applicable Unencumbered Property, (b) that the ground lease will not be terminated until the Mortgagee has received notice of a default, has had a reasonable opportunity to cure or complete foreclosure, and has failed to do so, (c) provision for a new lease on the same terms to the Mortgagee as tenant if the ground lease is terminated for any reason or other protective provisions reasonably acceptable to Administrative Agent, (d) non-merger of the fee and leasehold estates, (e) transferability of the tenant’s interest under the ground lease without any requirement for consent of the ground lessor unless based on reasonable objective criteria as to the creditworthiness or line of business of the transferee or delivery of customary assignment and assumption agreements from the transferor and transferee, and (f) that insurance proceeds and condemnation awards (from leasehold interest) will be applied pursuant to the terms of the applicable leasehold mortgage.  For purposes of this Agreement, the terms “own” and “owned” in relation to any Property shall be deemed to include the ownership of the leasehold estate in such Property pursuant to a Financeable Ground Lease.  
“Financial Officer” means any of the following Persons: (a) Co-President; Chief Financial Officer; the Managing Director, Debt Capital Markets; the Principal, Debt Capital Markets; or the Principal, Portfolio Management, in each case, of the Trust and (b) such other Persons proposed by the Trust and reasonably approved by Administrative Agent in writing. 
“Financial Statements” has the meaning assigned to such term in Section 5.01.
“Fitch” means Fitch Ratings Inc.
“Fixed Charges” means, for any period, the sum of (i) Consolidated Debt Service and (ii) all dividends actually paid on account of preferred stock or preferred operating partnership units of the 

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Borrower or any other Person in the Consolidated Group (including dividends actually paid to Unconsolidated Affiliates but excluding dividends paid to members of the Consolidated Group).
“Floor” means a rate of interest equal to 0.0%.
“FMV Option” means, for each Exchange Property, the option, but not the obligation, of the Borrower to, directly or indirectly, purchase such Exchange Property or the Exchange Beneficial Interests relating to such Exchange Property at fair market value at any time (i) beginning on the first to occur of (A) the last day of the 24th month following the final closing of the sale of Exchange Beneficial Interests, and (B) the last day of the 48th month following the date the Exchange Property Owner enters into the Exchange Property Master Lease (such earlier date is the “FMV Option Start Date”) and (ii) expiring on the last day of the 12th month following the FMV Option Start Date.  The consideration for any such purchase shall be the issuance of units in the Borrower.
“Foreign Assets Control Regulations” has the meaning assigned to such term in Section 3.13.
“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender, with respect to such Borrower, that is not a U.S. Person and (b) if the Borrower is not a U.S. Person, a Lender, with respect to such Borrower, that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. 
“FRB” means the Board of Governors of the Federal Reserve System of the United States.
“Fronting Exposure” means, at any time there is a Defaulting Lender that is a Revolving Lender, such Defaulting Lender’s Applicable Percentage of the outstanding LC Exposure, other than LC Exposure as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Lenders or cash collateralized in accordance with the terms hereof.
“GAAP” means generally accepted accounting principles in the United States of America, that are applicable as of the date of determination.
“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.
“Guarantee” of or by any Person (the “guarantor”) means, without duplication, any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.  The amount of any Guarantee shall be deemed to be the maximum stated amount of the primary obligation relating to such Guarantee (or, if less, the maximum stated liability set forth in the instrument embodying such Guarantee), provided, that in the absence of any such stated amount or stated liability the amount of such Guarantee 

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shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith.
“Guarantors” means, collectively, the Trust, all Subsidiary Guarantors and all Investor Guarantors.
“Guaranty” means collectively the Guaranty from the Trust and the Subsidiary Guaranty from the Subsidiary Guarantors made in favor of the Administrative Agent and the Lenders, substantially in the forms of Exhibits D-1 and D-2, and any Investor Guaranty, as the same may be amended, supplemented, reaffirmed or otherwise modified from time to time. 
“Hazardous Materials”  means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.
“IBA” shall have the meaning assigned to such term in Section 1.06. 
“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others (excluding in any calculation of consolidated Indebtedness of the Consolidated Group, Guarantee obligations of one member of the Consolidated Group in respect of primary obligations of any other member of the Consolidated Group), (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, other than any letter of credit or letter of guaranty to the extent secured by cash collateral, and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.  The Indebtedness of any Person shall (i) include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor and (ii) exclude (x) deferrals or accruals by the Borrower or the Trust pursuant to the Expense Support Agreement including any extensions of the term of such agreement or any similar amendments to such agreement or any similar replacement or successor agreements (similarity being determined as set forth in the definition of Consolidated EBITDA), provided that payment of such amount is subordinated to payment of the Obligations so that payment is not permitted if an Event of Default exists, and (y) customary limited exceptions for certain acts or types of liability such as environmental liability, fraud and other customary non-recourse carve-outs.  Indebtedness for purposes of determining compliance with Sections 6.11 and 6.12 shall not include any Indebtedness of any Loan Party to any other Loan Party or any of their Subsidiaries so long as such Indebtedness is not secured by any pledge of equity in any Subsidiary Guarantor and any such Indebtedness owing to a Subsidiary that is not a Loan Party is expressly subordinated in writing to the Obligations on terms reasonably acceptable to the Administrative Agent (which terms shall permit payments in the ordinary course of business prior to an Event of Default but shall prohibit such payments and all claims in respect thereof while an Event of Default exists).  Notwithstanding the foregoing, Indebtedness shall not include (a) any liability under an Exchange Property Master Lease (including any guaranty thereof by the Trust or the Borrower) that would otherwise constitute indebtedness for the purposes of GAAP, or (b) any Indebtedness associated with or attributed to an Exchange Property, other 

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than the Consolidated Group’s pro rata share (corresponding to the pro rata share of the Exchange Beneficial Interests in the Exchange Property Owner that are owned by the Consolidated Group) of such Indebtedness. 
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.
“Ineligible Institution” has the meaning assigned to such term in Section 9.04(b).
“Initial Term Loan” means the term loan made, or to be made, to the Borrower by the Term Lenders pursuant to Section 2.01(b).
“Initial Term Loan Commitment” means, as to each Term Lender, its obligation to make Initial Term Loans to the Borrower pursuant to Section 2.01(b) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term Lender’s name on Schedule 2.01A under the caption “Initial Term Loan Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.  The initial aggregate amount of the Lenders’ Initial Term Loan Commitments is $550,000,000.00.
“Initial Term Loan Commitment Expiration Date” means the earliest of (a) the date upon which the aggregate Initial Term Loan Commitment is fully advanced pursuant to Section 2.01(b), (b) September 30, 2022, and (c) the date of termination of the Initial Term Loan Commitment in accordance with the terms hereof. 
“Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08.
“Interest Payment Date” means (a) with respect to any ABR Loan, the fifth (5th) day of each calendar month, and (b) with respect to any SOFR Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Borrowing of SOFR Loans with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period,.
“Interest Period” means, as to any SOFR Loan, the period commencing on the date such SOFR Loan is disbursed or converted to or continued as a SOFR Loan and ending on the date one (1), three (3) or six (6) months thereafter, in each case as selected by the Borrower in its Borrowing Request or request for conversion or continuation and subject to availability; provided that:
(a)the Interest Period shall commence on the date of advance of or conversion to any SOFR Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period expires;
(b)if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided that if any Interest Period would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day; and
(c)any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period.

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“Investment Grade Rating” means a credit rating (or Debt Rating with respect to the Borrower or Trust or the debt thereof) of BBB-/Baa3 (or the equivalent) or higher from Fitch, Inc., Moody’s or S&P.
“Investor Guarantor” means any shareholders, members, partners or Affiliates of Borrower or the Trust that are a party to the Investor Guaranty.
“Investor Guaranty” means a guaranty which may be executed and delivered by one or more Investor Guarantors in accordance with Section 5.12, in a form approved by the Administrative Agent, which approval shall not be unreasonably withheld, delayed or conditioned, as the same may be amended, supplemented or otherwise modified from time to time.  
“IRS” means the United States Internal Revenue Service.
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).
“Issuing Bank” means individually or collectivley, as the context may suggest or require, Wells Fargo Bank, National Association or Bank of America, N.A., in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i).  Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.  Each reference herein to the “Issuing Bank” shall be deemed to be a reference to the relevant Issuing Bank.  When used individually in this Agreement with respect to any Letter of Credit, “Issuing Bank” shall mean and refer to the Issuing Bank requested to issue, issuing or that has issued such Letter of Credit.
“Joint Bookrunners” means Wells Fargo Securities, LLC and BofA Securities, Inc., each in its capacity as a joint bookrunner for the Term Facility and the Revolving Credit Facility.
“Joint Lead Arrangers” means (i) Wells Fargo Securities, LLC, BofA Securities, Inc., Regions Bank and PNC Bank, National Association, each in its capacity as a joint lead arranger for the Term Facility and (ii) Wells Fargo Securities, LLC, BofA Securities, Inc., Capital One, National Association, U.S. Bank National Association, and Truist Securities, Inc., each in its capacity as a joint lead arranger for the Revolving Credit Facility.  
“Land” means unimproved land on which no material improvements have been commenced.
“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, licenses, authorizations and permits of, and agreements with, any Governmental Authority.
“LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit.

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“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time.  The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.  For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 2.06(k).  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 
“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.
“Lenders” means the Persons listed on Schedule 2.01A and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.  Unless the context otherwise requires, the term “Lenders” includes the Issuing Bank.
“Letter of Credit” means any letter of credit issued pursuant to this Agreement.
“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the applicable Issuing Bank.
“Letter of Credit Commitment” means, with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit hereunder.  The initial amount of each Issuing Bank’s Letter of Credit Commitment is set forth on Schedule 2.01B, or if an Issuing Bank has entered into an Assignment and Assumption or became a party hereto pursuant to an agreement entered into in connection with any increase of Commitments pursuant to Section 2.22, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the Register maintained by the Administrative Agent. The total of all Letter of Credit Commitments shall not exceed the lesser of (i) twenty percent (20%) of the aggregate Revolving Commitments and (ii) $25,000,000.
“Letter of Credit Fees” has the meaning assigned to such term in Section 2.12(c).
“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, monetary encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.
“Loan Documents” means this Agreement, including without limitation, schedules and exhibits thereto and any agreements entered into in connection herewith and designated as a Loan Document, including the Guaranty, each Note, each Fee Letter, and any subordination agreements entered into in connection herewith or required hereunder, and, in each case, amendments, modifications or supplements thereto or waivers thereof, other than any Swap Agreement.
“Loan Parties” means the Borrower and each Guarantor.
“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.

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“Master Lease Obligations” means, as of any date of determination, the sum of all remaining obligations of the Consolidated Group, determined on a consolidated basis, to pay rent under all  Exchange Property Master Leases, which such obligations shall be determined with respect to each Exchange Property Master Lease (a) commencing on the date of the first sale of an Exchange Beneficial Interest in the applicable Exchange Property Owner to an Exchange Property Investor and (b) ending on (i) if the expiration of the FMV Option with respect to the Exchange Property that is the subject of such Exchange Property Master Lease is not yet known, the date that is five years after the date of the commencement of the applicable Exchange Property Master Lease with respect to such Exchange Property, or (ii) if the expiration of the FMV Option with respect to the Exchange Property that is the subject of such Exchange Property Master Lease is known, the date of the expiration of the applicable FMV Option with respect to such Exchange Property.
“Material Acquisition” mean an acquisition of assets with a total cost that is more than ten percent (10%) of the Total Asset Value based on the most recent Compliance Certificate submitted prior to such acquisition.
“Material Adverse Effect” means a material adverse effect on (a) the business property or financial condition of the Consolidated Group taken as a whole, (b) the ability of the Borrower or the Trust to perform any of its material obligations under the Loan Documents to which it is a party, (c) the ability of the Loan Parties collectively taken as a whole to perform their material obligations under the Loan Documents, or (d) the validity or enforceability of any of the material provisions of the Loan Documents and the material rights or material remedies available to the Administrative Agent and the Lenders under the Loan Documents.  
“Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $25,000,000 with respect to Recourse Indebtedness and $125,000,000 with respect to any Indebtedness which is not Recourse Indebtedness provided, however, that prior to the time that the Total Asset Value is at least $500,000,000, the foregoing amounts shall be $10,000,000 with respect to Recourse Indebtedness and $50,000,000 with respect to any Indebtedness which is not Recourse Indebtedness.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.  
“Material Transfer” has the meaning assigned to such term in Section 6.09.
“Maturity Date” means the Revolving Credit Facility Maturity Date and/or Term Facility Maturity Date, as the context may so suggest or require.
“Moody’s” means Moody’s Investors Service, Inc.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Net Operating Income” means, with respect to any Property for any period, (i) revenues therefrom (other than revenues constituting accrued base rent to the extent that a tenant at such Property is in monetary default with respect to the payment of such base rent) (including, without limitation, expense reimbursement, loss of rent income and lease termination fees appropriately amortized to the extent there is no new tenant in the space for which the lease termination fee was paid), calculated, in each case, in accordance with GAAP, minus (ii) the costs of maintaining such Property, including, without limitation, real estate taxes, insurance, repairs, maintenance, actual property management fees paid to third parties or 

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charged internally at a market rate and bad debt expense, but excluding depreciation, amortization, interest expense, tenant improvements, leasing commissions, and capital expenditures, calculated, in each case, in accordance with GAAP.  For any Property owned for less than one (1) full quarter, Net Operating Income for such full quarter shall be determined based on performance during such partial quarter, or if such information is not reasonably available, shall be determined on a proforma basis in the Borrower’s reasonable discretion taking into account any performance information provided by the prior owner of such Property.  
“Note” has the meaning assigned to such term in Section 2.10(e).
“Obligations” means (a) the principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (b) each payment required to be made under this Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursements of LC Disbursements and interest thereon and (c) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Borrower under this Agreement or any other Loan Document, other than contingent indemnity obligations for which no claim has been made.
“OFAC” means the Office of Foreign Assets Control of the U.S. Department of Treasury. 
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit or Loan  Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).
“Participant” has the meaning assigned to such term in Section 9.04.
“Participant Register” has the meaning assigned to such term in Section 9.04(c).
“Parties” means the Borrower or any of its Affiliates.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

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“Performance Fees” means the Performance Component of the Advisory Fee, as such terms are defined in the Advisory Agreement as in effect on the Effective Date or as amended in accordance with Section 6.08.
“Permitted Encumbrances” means:
(a)Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04; 
(b)carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than forty-five (45) days or are being contested in compliance with Section 5.04 or for which a bond or similar security for the full amount thereof has been posted, in form acceptable to Administrative Agent;
(c)pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations;
(d)deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;
(e)judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Section 7.01; 
(f)easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary;
(g)Liens in existence on the date hereof as set forth in Schedule 1.01(g), and extensions, renewals and replacements of such Liens, as long as such extension, renewal and replacement Liens do not spread to any property other than property encumbered by such Liens on the date hereof;
(h)Liens on Properties first acquired by Borrower or a Subsidiary after the date hereof and which are in place at the time such Properties are so acquired;
(i)Liens and rights of setoff of banks and securities intermediaries in respect of deposit accounts and securities accounts maintained in the ordinary course of business and Liens of a collecting bank arising in the ordinary course of business under Section 4-210 of the UCC;
(j)assignments of past due receivables for collection purposes only;
(k)leases or subleases granted in the ordinary course of business;
(l)Liens arising in connection with any Indebtedness permitted hereunder; 
(m)Liens of any Subsidiary in favor of the Borrower or any of the other Loan Parties; and 

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(n)any netting or set-off right under any swap agreement.
“Permitted Investments” means
(a)direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof;
(b)investments in commercial paper maturing within two hundred seventy (270) days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s;
(c)investments in certificates of deposit, banker’s acceptances and time deposits maturing within one hundred eighty (180) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000;
(d)fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and
(e)money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000.
(f)investments (including loans) by any Loan Party in or to any other Loan Party; and
(g)Cash Equivalents and Swap Agreements not prohibited hereunder.
“Permitted Tax Incentive Transaction” means any transaction or series of related transactions relating to an issuance of all Indebtedness and other obligations (collectively, “Tax Incentive Indebtedness”) arising in connection with the issuance of bonds, notes or other obligations by a Governmental Authority located in the United States (each, a “Tax Incentive Issuer”) to mitigate real estate and/or ad valorem Taxes otherwise payable in connection with the ownership of any Property (each, a “Tax Incentive Property”), the fee title to which is owned (or leased) by a Tax Incentive Issuer, and subsequently leased (or subleased) by a Subsidiary from the Tax Incentive Issuer, such transaction or series of transactions being governed by, among other documents, any indenture or other agreement governing or evidencing the Tax Incentive Indebtedness, entered into by and between a Tax Incentive Issuer and the trustee of the bonds in connection with the issuance of such Tax Incentive Indebtedness, if applicable (each, an “Tax Incentive Indenture”), any lease agreement entered into by and between a Subsidiary and an Tax Incentive Issuer (or any affiliate thereof) in connection with the issuance by such Tax Incentive Issuer of Tax Incentive Indebtedness (each, a “Tax Incentive Lease Agreement”), any guaranty or similar agreement entered into by any Subsidiary to guaranty, for the benefit of the bondholder (which, pursuant to clause (iii) below, shall be the applicable Subsidiary, or an affiliate thereof), certain payments due in connection with the issuance of Tax Incentive Indebtedness, including, without limitation, the payment of principal and interest due under the bonds, notes, or other obligations evidencing the Tax Incentive Indebtedness, and Tax Incentive Issuer or trustees fees and expenses, if any, due under the trust indenture (each, an “Tax Incentive Guaranty”), PILOT agreements, tax incentive agreements, and any other certificate, agreement, 

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document or instrument, in each case, executed and delivered by any Subsidiary, Tax Incentive Issuer, or the trustee of any bonds in connection with such issuance of Tax Incentive Indebtedness and related tax incentives (collectively, “Tax Incentive Documents”) which satisfy the following criteria: (i) any net cash proceeds of the Tax Incentive Indebtedness under such Tax Incentive Documents are used for the purpose of acquiring, constructing, developing,  expanding, installing and/or upgrading an Tax Incentive Property, (ii) such Tax Incentive Indebtedness is non-recourse to the Loan Parties (other than as expressly provided in the applicable Tax Incentive Guaranty, if any), and any successors and/or assigns of such Loan Parties in the event of a transfer or assignment of the applicable Tax Incentive Lease Agreement and all of the rights and obligations of such Subsidiary under each other Tax Incentive Document (including any Tax Incentive Guaranty) to an assignee who is a Person that is not a Subsidiary, (iii) the applicable Subsidiary (or any affiliate thereof) is the purchaser of the taxable bonds, or holder of the applicable notes or other obligations issued or to be issued in connection with such Tax Incentive Indebtedness (and, so long as such Tax Incentive Property is an Unencumbered Property, at all times such Subsidiary (or any affiliate thereof) shall remain the owner or holder thereof), (iv) the base payments due under the Tax Incentive Lease Agreement are equivalent to the debt service due under any bonds, notes or other obligations evidencing the Tax Incentive Indebtedness (other than the payment of a nominal sum as additional annual base rent during the term of the Tax Incentive Lease Agreement), (v) the applicable Tax Incentive Lease Agreement or another Tax Incentive Document grants to the applicable Subsidiary the option to re-acquire title to all or any portion of such Tax Incentive Property for a nominal sum at any time without further consent of the Tax Incentive Issuer or any other party other than the Subsidiary (of affiliate thereof) in its capacity as the bondholder or holder of the note or other obligation, either directly or through the trustee of the applicable bonds evidencing the Tax Incentive Indebtedness, (vi) no Tax Incentive Document entered into in connection with such Tax Incentive Indebtedness shall limit in any material respect the use by any Subsidiary of its property or assets (including the applicable Tax Incentive Property), except as may be required by applicable law to maintain the designation of the Tax Incentive Property as a “project” pursuant to the applicable legislation governing such tax incentive structures, (vii) no Tax Incentive Document entered into in connection with such Tax Incentive Indebtedness shall limit the ability of the Subsidiary to finance its interest in the Tax Incentive Property, including mortgaging the leasehold estate created under the Tax Incentive Lease Agreement, (viii) no Tax Incentive Document entered into in connection with such Tax Incentive Indebtedness shall limit the ability of the Subsidiary to transfer its interest in the Tax Incentive Property, except for any requirement for a consent from the Tax Incentive Issuer that is considered administrative and which can reasonably expected to be obtained in the ordinary course of business, and  (ix) no Tax Incentive Document shall contain a “clawback” provision pursuant to which there could be an obligation by the Borrower or the applicable Subsidiary to repay a material portion of prior tax benefits received other than due to material breach by the Borrower or the applicable Subsidiary.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Platform” means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.
“Prime Rate” means, at any time, the rate of interest per annum publicly announced from time to time by the Lender then acting as the Administrative Agent as its prime rate.  Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs.  The parties hereto acknowledge that the rate announced publicly by the Lender acting as Administrative Agent 

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as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.
“Property” means any real estate owned by the Borrower, any Guarantor, any Subsidiary, any Unconsolidated Affiliate, any Exchange Fee Titleholder, or any Exchange Property Owner, and operated or intended to be operated as an investment property.
“Property Value” means, with respect to any Property owned (or (x) subject to the limitations on the value of ground leased properties that may be included in the Total Unencumbered Property Pool Value under Section 6.12(c)(vii) and (x), is ground leased pursuant to a Financeable Ground Lease, or (y) subject to the limitation on the value of leased properties that may be included in the Total Unencumbered Property Pool Value under Section 6.12(xi), is leased pursuant to a Tax Incentive Lease Agreement) directly or indirectly by the Borrower, any Guarantor, any Exchange Fee Titleholder or any Exchange Property Owner, as of any date of determination, , the most recent estimated “as is” fair market value for such Property, as determined by Altus Group or other third party valuation firm engaged by the Borrower or applicable member of the Consolidated Group, but only if, as of such date of determination, either (x) the Property was acquired, or (y) a full appraisal report has been performed by Altus Group or such other third party valuation firm, in either such case of (x) or (y), during the calendar year in which such date of determination occurs or during the immediately preceding calendar year (such full appraisal report, or cost basis solely if such a full appraisal report has not yet been performed a “Current Appraisal”).  For the avoidance of doubt, the estimated “as is” fair market value may be updated periodically in between the “as of” dates of any Current Appraisal provided by Altus Group or such other third party valuation firm to reflect changes in market conditions and/or leasing activity since the date of the last Current Appraisal; provided, however, that if, as of any date of determination, the Borrower does not have a full appraisal report constituting a Current Appraisal for a certain Property and such Property was acquired prior to the beginning of the calendar year that ended immediately prior to the calendar year in which such date of determination occurs, then the Property Value of such Property as of such date of determination will be (i) 90% of the “as is” fair market value for such Property as set forth in the full appraisal report that most recently constituted a “Current Appraisal” (or, if no such full appraisal report has been performed, 75% of the cost basis for such Property) during the period beginning on January 1 of the calendar year in which such date of determination occurs and ending on March 31 of such calendar year, unless and until a new full appraisal report constituting a Current Appraisal is obtained, (ii) 75% of the “as is” fair market value for such Property as set forth in the full appraisal report that most recently constituted a “Current Appraisal” (or, if no such full appraisal report has been performed, 50% of the cost basis for such Property) during the period beginning on April 1 of the calendar year in which such date of determination occurs and ending on June 30 of such calendar year, unless and until a new full appraisal report constituting a Current Appraisal is obtained, or (iii) 60% of the “as is” fair market value for such Property as set forth in the full appraisal report that most recently constituted a “Current Appraisal” (or, if no such full appraisal report has been performed, 0% of the cost basis for such Property) during the period beginning on July 1 of the calendar year in which such date of determination occurs until a new full appraisal report constituting a Current Appraisal is obtained.  A Property contributed to a joint venture by the Borrower or Guarantor shall be deemed to have been owned by such joint venture from the date of such contribution.  A Property acquired from a joint venture in which the Borrower or any Subsidiary or Affiliate is a member shall be deemed to have been owned from the date acquired from such joint venture. 
“Public-Sider” means any representative of a Lender that does not want to receive material non-public information within the meaning of the federal and state securities laws.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
“QFC Credit Support” has the meaning assigned to such term in Section 9.21.

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“Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.
“Recourse Indebtedness” means any Indebtedness of the Borrower or any other member of the Consolidated Group with respect to which the liability of the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness, subject to customary limited exceptions for certain acts or types of liability.
“Recurring Interest Expense” means, for any period without duplication, the sum of (a) the amount of interest (without duplication, whether accrued, paid or capitalized) on Total Indebtedness actually payable by members of the Consolidated Group during such period, plus (b) the applicable Consolidated Group Pro Rata Share of any interest (without duplication, whether accrued, paid or capitalized) on Indebtedness actually payable by Unconsolidated Affiliates during such period, whether recourse or non-recourse, but excluding non-recurring amortized financing related expenses.
“Register” has the meaning assigned to such term in Section 9.04.
“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective, directors, officers, employees, partners, agents and trustees of such Person and such Person’s Affiliates.
“Relevant Governmental Body” means the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the FRB or the Federal Reserve Bank of New York, or any successor thereto. 
“Required Lenders” means, at any time, Lenders having Revolving Credit Exposures, unused Commitments, and outstanding Term Loans representing at least fifty-one percent (51%) of the sum of the total Revolving Credit Exposures, unused Commitments and outstanding Term Loans at such time; provided that, for the purpose of determining the Required Lenders needed for any waiver, amendment, modification or consent, (i) any Lender that is the Borrower, or any Affiliate of the Borrower shall be disregarded, (ii) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (iii) at all times when two (2) or more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term “Required Lenders” shall in no event mean less than two (2) Lenders.
“Required Revolving Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Revolving Commitments representing at least fifty-one percent (51%) of the sum of the total Revolving Credit Exposures and unused Revolving Commitments at such time; provided that, for the purpose of determining the Required Revolving Lenders needed for any waiver, amendment, modification or consent, (i) any Lender that is the Borrower, or any Affiliate of the Borrower shall be disregarded, (ii) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (iii) at all times when two (2) or more Revolving Lenders (excluding Defaulting Lenders) are party to this Agreement, the term “Required Revolving Lenders” shall in no event mean less than two (2) Revolving Lenders. 
“Required Term Lenders” means, at any time, Lenders having outstanding Term Loans and unused Term Commitments representing at least fifty-one percent (51%) of the sum of the total outstanding Term Loans and unused Term Commitments at such time; provided that for the purpose of determining the Required Term Lenders needed for any waiver, amendment, modification or consent, (i) any Lender that is the Borrower, or any Affiliate of the Borrower shall be disregarded, (ii) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (iii) at all times 

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when two (2) or more Term Lenders (excluding Defaulting Lenders) are party to this Agreement, the term “Required Term Lenders” shall in no event mean less than two (2) Term Lenders.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Restricted Payment” means any cash dividend, cash distribution or other cash payment with respect to any equity interests in the Borrower or any Subsidiary, excluding (i) any dividend, distribution or other payment by a member of the Consolidated Group to another member of the Consolidated Group (including in connection with the issuance of equity interests), (ii) any redemption of equity interests by a member of the Consolidated Group (including pursuant to a share buyback program); (iii) any distribution or other payment by an Unconsolidated Affiliate to a member of the Consolidated Group (including promote payments in connection with development joint ventures and regular distributions of cash flow from Unconsolidated Affiliates); and (iv) any distribution or other payment by any Subsidiary or Unconsolidated Affiliate which is a partnership, limited liability company or joint venture or mezzanine lender and operated in the ordinary course of business.
“Revolving Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04, or (c) increased pursuant to Section 2.22 or Section 9.02.  The initial amount of each Lender’s Revolving Commitment is set forth on Schedule 2.01A, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable.  The initial aggregate amount of the Lenders’ Revolving Commitments is $1,000,000,000.00. 
“Revolving Credit Exposure” means, with respect to any Revolving Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure at such time. 
“Revolving Credit Facility” means, at any time, the aggregate amount of the Revolving Lenders’ Revolving Commitments at such time.
“Revolving Credit Facility Maturity Date” means, with respect to the Revolving Credit Facility, March 31, 2025, subject to extension in accordance with Section 2.21.
“Revolving Lender” means any Lender that has a Revolving Commitment or holds Revolving Loans at such time.
“Revolving Loan” means a Loan made pursuant to Section 2.01(a).
“Sale-Leaseback Master Lease” means a master lease entered into by a buyer of a Property, as lessor, and the seller of such Property, as lessee, in connection with a transaction whereby such seller leases all or a portion of such Property after closing.
“S&P” means S&P Global Ratings, or any successor thereto.  
“Sanctioned Country” means at any time, a country, region or territory which is itself, or whose government is, the subject of any Sanctions.
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security 

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Council, the European Union, Her Majesty’s Treasury of the United Kingdom, or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in clauses (a) and (b).  
“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC), the European Union, Her Majesty’s Treasury or other relevant sanctions authority of the United Kingdom, or the United Nations Security Council.  
“SEC” means the Securities and Exchange Commission of the United States of America.
“Similar Agreement/Amendment” has the meaning assigned to such term in the definition of “Consolidated EBITDA”.
“SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.
“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
“SOFR Borrowing” means any Borrowing bearing interest at a rate based on Adjusted Term SOFR.
“SOFR Loan” means any Loan bearing interest at a rate based on Adjusted Term SOFR.
“Specified Excess Cash” means, as of any date of determination, all Unrestricted Cash and Cash Equivalents as of such date held by the Consolidated Group in excess of $25,000,000, not to exceed the outstanding principal balance of the Revolving Loans on such date.
“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than fifty percent (50%) of the equity or more than fifty percent (50%) of the ordinary voting power or, in the case of a partnership, more than fifty percent (50%) of the general partnership interests are, as of such date, owned, controlled or held, by the parent or one or more subsidiaries of the parent provided that any joint venture in which any Loan Party is a majority owner but does not Control and which is not included in such Loan Party’s consolidated financial statements shall not be a subsidiary.
“Subsidiary” means any subsidiary of the Borrower.
“Subsidiary Guarantor” means each Subsidiary Owner, each Subsidiary that is master leasing an Unencumbered Property from an Exchange Fee Titleholder, each Exchange Depositor, and any other Subsidiary that elects to become a party to the Subsidiary Guaranty.
“Subsidiary Guaranty” means that certain Subsidiary Guaranty, dated as of February 28, 2018, executed by the Subsidiary Guarantors, in favor of the Administrative Agent for the benefit of the Lenders, as amended, supplemented, reaffirmed or otherwise modified from time to time.
“Subsidiary Owner” means the Subsidiary that is the owner of the applicable Unencumbered Property (or that is the lessee of the applicable Unencumbered Property pursuant to a Financeable Ground 

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Lease, as applicable), and the Exchange Depositor under a Delaware statutory trust that owns any applicable Unencumbered Property and is part of the Exchange Program or, after the FMV Option has been exercised, an Affiliate of the Borrower that is also the owner of 100% of the Exchange Beneficial Interests.  
“Supplemental Materials” means any business or financial-related disclosures or information supplementing the Financial Statements made available to the holders of the Parties’ securities issued pursuant to Rule 144A of the Securities Act.
“Supported QFC” has the meaning assigned to such term in Section 9.21.
“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
“Term Commitment” means any Initial Term Loan Commitment and, if applicable, any term commitment added pursuant to Section 2.22 or Section 9.02.
“Term Facility” means the Term Loans to be made by the Term Lenders pursuant to this Agreement.
“Term Facility Maturity Date” means, with respect to the Term Facility, March 31, 2027.
“Term Lender” means any Lender that from time to time holds outstanding Term Loans or Term Commitments. 
“Term Loans” means the Initial Term Loans and, if applicable, any term loans added pursuant to Section 2.22 or Section 9.02.
“Term Note” means a promissory note made by the Borrower in favor of a Term Lender evidencing Term Loans made by such Term Lender, substantially in the form of Exhibit F-2.
“Term SOFR” means,
(a)for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (Eastern time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government 

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Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and
(b)for any calculation with respect to a ABR Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (Eastern time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate SOFR Determination Day.

“Term SOFR Adjustment” means, for any calculation with respect to a ABR Loan or a SOFR Loan, a percentage per annum as set forth below for the applicable type of such Loan and (if applicable) Interest Period therefor:
​
ABR Loans:
	0.10%

​
SOFR Loans:
	Interest Period
	Percentage

	One month
	0.10%

	Three months
	0.15%

	Six months
	0.25%

​
“Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).
“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.
“Total Asset Value” means, as of the date of calculation, the aggregate, without duplication, of:  (i) the Property Value of all Properties owned by any member of the Consolidated Group or any Exchange Property Owner; plus (ii) the Consolidated Group Pro Rata Share of the Property Value of Properties  owned by Unconsolidated Affiliates or any Exchange Fee Titleholder; plus (iii) Unrestricted Cash and Cash Equivalents owned directly or indirectly by any member of the Consolidated Group or any Exchange Property Owner; plus (iv) the applicable Consolidated Group Pro Rata Share of Unrestricted Cash and Cash Equivalents owned directly or indirectly by any Exchange Fee Titleholder or by Borrower or any Guarantor through an Unconsolidated Affiliate; plus (v) investments in Debt Instruments (based on current book value) of any member of the Consolidated Group and Exchange Debt Investments (based on current book value) of any member of the Consolidated Group; provided that no Exchange Debt Investment shall be included under this clause if it relates to an Exchange Property already included in the calculation of Total Asset Value; plus (vi) an amount equal to the Consolidated Group Pro Rata Share of investments in Debt Instruments (based on current book value) and Exchange Debt Investments (based on current book value) owned by Unconsolidated Affiliates, any Exchange Fee Titleholder or any Exchange Property Owner; plus (vii) proceeds due from transfer agent; plus (viii) the amount of all Eligible Cash 1031 Proceeds resulting from the sale of Properties.  Further, if the FMV Option for any Exchange Property owned by an Exchange Property Owner has expired, then for purposes of calculations under clauses (i) and (iii) above with respect 

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to such Exchange Property Owner, only the pro rata share of the Exchange Beneficial Interests owned by the Exchange Depositor in such Exchange Property Owner shall be counted; provided, however, that if the FMV Option is exercised, the pro rata share of the Exchange Beneficial Interests owned by a Subsidiary Owner shall be counted.
“Total Indebtedness” means, as of any date of determination, without duplication, the sum of: (a) all Indebtedness of the Consolidated Group outstanding at such date, determined on a consolidated basis; plus (b) the greater of (i) the applicable Consolidated Group Pro Rata Share of all Indebtedness of each Unconsolidated Affiliate (other than Indebtedness of such Unconsolidated Affiliate to a member of the Consolidated Group) and (ii) the amount of Indebtedness of such Unconsolidated Affiliate which is also Recourse Indebtedness of a member of the Consolidated Group.
“Total Revolving Credit Exposure” means, the sum of the outstanding principal amount of all Lenders’ Revolving Loans and their LC Exposure at such time.
“Total Secured Indebtedness” means, as of any date of determination, that portion of Total Indebtedness (excluding (i) the Obligations under the Loan Documents, (ii) obligations under Swap Agreements not secured by a Lien on a Property, (iii) contingent liabilities under customary completion guarantees, non-recourse carveout guarantees and hazardous materials indemnity agreements (except to the extent that a claim for payment or performance has been made thereunder and such obligations are secured by a Lien on a Property) and (iv) contingent obligations relating to performance or surety bonds in the ordinary course of business (except to the extent that a claim for payment or performance has been made thereunder and such obligations are secured by a Lien on a Property)) which is secured by a Lien on a Property, any ownership interests in any Subsidiary or Unconsolidated Affiliate or any other assets which had, in each case, in the aggregate, a value in excess of the amount of the applicable Indebtedness at the time such Indebtedness was incurred.  Such Indebtedness that is secured only with a pledge of ownership interests and is also recourse to the Borrower or any Guarantor shall not be treated as Total Secured Indebtedness.  
“Total Secured Recourse Indebtedness” means, as of any date of determination, that portion of Total Secured Indebtedness with respect to which the liability of the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness (subject to customary limited exceptions for certain acts or types of liability such as environmental liability, fraud and other customary non-recourse carve-outs); provided that Indebtedness of a single-purpose entity (or any holding company or other entity which owns such single-purpose entity) which is secured by substantially all of the assets of such single-purpose entity (or any holding company or other entity which owns such single-purpose entity) but for which there is no recourse to another Person beyond the single-purpose entity or holding company or other entity which owns such single-purpose entity (other than with respect to customary limited exceptions for certain acts or types of liability such as environmental liability, fraud and other customary non-recourse carve-outs) shall not be considered a part of Total Secured Recourse Indebtedness even if such Indebtedness is fully recourse to such single-purpose entity (or any holding company or other entity which owns such single-purpose entity) and unsecured guarantees provided by Borrower or the Trust of mortgage loans to Subsidiaries or Unconsolidated Affiliates shall not be included in Total Secured Recourse Indebtedness.  
“Total Unencumbered Property Pool Value” means, as of any date of calculation, the aggregate, without duplication, of: (a) the Unencumbered Property Values of all Unencumbered Properties; plus (b) an amount equal to one hundred percent (100%) of the then current book value of each Exchange Debt Investment, provided that such Exchange Debt Investment is not subject to any Liens or encumbrances and so long as the Exchange Property Investor with respect to such Exchange Debt Investment is not delinquent thirty (30) days or more in any payment of interest or principal payments thereunder; plus (c) the amount in excess of $10,000,000 of the total of (i) all Unrestricted Cash and Cash Equivalents, plus (ii) the amount of Eligible Cash 1031 Proceeds resulting from the sale of Unencumbered Properties. 

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“Total Unsecured Indebtedness” means, as of any date of determination, that portion of Total Indebtedness which does not constitute Total Secured Indebtedness; provided that for purposes of calculating Total Unsecured Indebtedness, the amount of the Consolidated Group Pro Rata Share of all Indebtedness of each Unconsolidated Affiliate (other than Indebtedness of such Unconsolidated Affiliate to a member of the Consolidated Group) shall be excluded for all purposes of this definition.  For the avoidance of doubt, the Obligations under the Loan Documents shall be included in Total Unsecured Indebtedness (and contingent liabilities under customary completion guarantees, non-recourse carveout guarantees and hazardous materials indemnity agreements shall not be included in Total Unsecured Indebtedness (except to the extent that a claim for payment or performance has been made thereunder and such obligations do not constitute Total Secured Indebtedness)).
“Transactions” means the execution, delivery and performance by the Borrower of this Agreement, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.
“Trust” means Ares Industrial Real Estate Income Trust Inc. (f/k/a Black Creek Industrial REIT IV Inc.), the general partner of Borrower.
“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to Adjusted Term SOFR or the Base Rate.
“UCP” means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
“Unconsolidated Affiliate” means, any Person in which the Consolidated Group, directly or indirectly, has any ownership interest of $1,000,000 or more (valued as of the most recent quarterly financial statement), whose financial results are not consolidated under GAAP with the financial results of the Consolidated Group.
“Unencumbered Property Pool Leverage Ratio” means, for any period, Total Unsecured Indebtedness to Total Unencumbered Property Pool Value.  
“Unencumbered Interest Coverage Ratio” means, at any time, (a) Unencumbered Property NOI for the most recent quarter plus interest income from Exchange Debt Investments, annualized, divided by (b) Unsecured Interest Expense for the immediately preceding calendar quarter, annualized.
“Unencumbered Property” means, a Property (other than an Exchange Property, except as hereinafter provided) that is designated by the Borrower as an Unencumbered Property and:  (i) is completed and located in the continental United States or, subject to the limitations on the value of Assets Under 

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Development that may be included in the Total Unencumbered Property Pool Value under Section 6.12, is an Asset Under Development located in the continental United States; (ii) is one hundred percent (100%) owned in fee simple (or (x) subject to the limitations on the value of ground leased properties that may be included in the Total Unencumbered Property Pool Value under Section 6.12(c)(vii) and (x), is ground leased pursuant to a Financeable Ground Lease, or (y) subject to the limitation on the value of leased properties that may be included in the Total Unencumbered Property Pool Value under Section 6.12(c)(xi), is leased pursuant to a Tax Incentive Lease Agreement) by the Borrower, an Exchange Fee Titleholder or a Subsidiary Owner that is at least ninety-five percent (95%) owned directly or indirectly by Borrower, provided that no consent from any minority owner is required in order for the Borrower to cause a sale or refinancing of such Unencumbered Property, and so long as any such Subsidiary (whether or not wholly-owned) is a Guarantor (to the extent required pursuant to Section 5.11); (iii) is not subject to any Liens or encumbrances other than clauses (a), (b), (c), (d), (f), (j), (k) and (m) of the definition of Permitted Encumbrances or a Lien securing bonds, notes or other obligations issued pursuant to a Permitted Tax Incentive Transaction; (iv) is not subject to any agreement (including Borrower’s, or any applicable Subsidiary Owner’s organizational documents) which prohibits or limits the ability of the Borrower or any applicable Subsidiary Owner, as the case may be, to create, incur, assume or suffer to exist any Lien securing any monetary obligation upon any such Unencumbered Property (or the leasehold estate therein created by a Financeable Ground Lease or  Tax Incentive Agreement, as applicable) or Equity Interests of such Subsidiary Owner that owns such Unencumbered Property, except for covenants that are not materially more restrictive than the covenants contained in this Agreement, in favor of holders of unsecured Indebtedness of the Borrower and such Subsidiary Owner not prohibited hereunder; (v) is not subject to any agreement (including (a) any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such Property, and (b) if applicable, the Borrower’s or Subsidiary Owner’s organizational documents) which entitles any Person to the benefit of any Lien on such Property (other than the Lien securing repayment of bonds, notes or other obligations issued pursuant to, or fees and expenses of the Tax Incentive Issuer or trustee in connection with, a Permitted Tax Incentive Transaction), or the Equity Interests in the Borrower or such Subsidiary Owner or Exchange Fee Titleholder that in each case owns such Unencumbered Property or would entitle any Person to the benefit of any Lien on such Property or Equity Interests upon the occurrence of any contingency (including, without limitation, pursuant to an “equal and ratable” clause) other than any agreement entered into in connection with the financing of such Property and the pledge of such Property as security for any financing pending the closing of such financing, provided that such Property shall cease to be an Unencumbered Property upon the closing of such financing; (vi) is not subject to any agreement (including (a) any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such Property, and (b) if applicable, the Borrower’s or Subsidiary Owner’s organizational documents) which prohibits or limits the ability of the Borrower or such Subsidiary Owner or Exchange Fee Titleholder, as the case may be, to make pro rata Restricted Payments to Borrower, or any applicable Subsidiary Owner of income arising out of such Property or prevents such Subsidiary Owner from transferring such Property (other than (x) any restriction with respect to a Property imposed pursuant to an agreement entered into for the sale or disposition of such Property pending the closing of such sale or disposition or in connection with a 1031 exchange or any restriction in connection with a Permitted Tax Incentive Transaction that complies with the condition set forth in clause (viii) of the criteria for such transactions, (y) any restriction with respect to a Subsidiary Owner that owns such Property imposed pursuant to an agreement entered into for the sale or disposition of all or substantially all the Equity Interests or assets of such Subsidiary Guarantor pending the closing of such sale or disposition, and (z) restrictions which are not materially more restrictive than the restrictions contained herein, in favor of holders of unsecured Indebtedness of the Borrower not prohibited hereunder or which terminate at the time that such property ceases to be an Unencumbered Property in connection with any other facility); and (vii) is not the subject of any material issues which would impact the operation of such Property.  No Property owned by a Subsidiary Owner shall be deemed to be an Unencumbered Property unless (a) both such Property and all Equity Interests of the Subsidiary Owner held directly or indirectly by the Borrower are not subject to any Lien, except as otherwise expressly permitted herein, including, without limitation, in connection with a Permitted Tax Incentive Transaction, (b) each intervening entity between the Borrower 

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and such Subsidiary Owner does not have any Indebtedness for borrowed money or, if such entity has any Indebtedness, such Indebtedness is unsecured, and (c) neither such Subsidiary Owner nor any intervening entity between the entity immediately below the Borrower and such Subsidiary Owner is subject to insolvency proceedings, unable to pay debts or subject to any writ or warrant of attachment.  A Property that is subject to an option to purchase shall not be disqualified by the requirement in clause (vi) from being an Unencumbered Property so long as the Property can be transferred subject to the rights of the optionee provided that if the option to purchase is for a fixed price as distinguished from a market price, the Unencumbered Property Value for such Property shall be equal to the lesser of (x) the amount determined in accordance with the definition of Unencumbered Property Value, or (y) the option price for such Property.  Notwithstanding the foregoing, Exchange Properties that are part of the Exchange Program may be included as Unencumbered Properties (1) during the period of time that the Exchange Beneficial Interests are being marketed, such marketing period not to exceed 24 months, and (2) if the FMV Option is exercised with respect to such Exchange Beneficial Interests, at all times after such exercise of the FMV Option, if all of the requirements set forth in this definition for an Unencumbered Property are met other than (A) the ownership percentage requirement (including without limitation the requirement set forth in clause (ii) of this definition), (B) the requirement that they not be Exchange Properties, (C) any requirement that the owner of such Property become a Subsidiary Guarantor (so long as the applicable Exchange Depositor (or, after the exercise of the FMV Option with respect to such Exchange Beneficial Interests, the Subsidiary Owner with respect thereto) is a Subsidiary Guarantor), (D) any requirement that the Unencumbered Property not be subject to any agreement which prohibits or limits the ability of the Borrower or any applicable Subsidiary Owner, as the case may be, to create, incur, assume or suffer to exist any Lien upon any Unencumbered Property; provided that (for the avoidance of doubt), with respect to Exchange Properties, the Equity Interests of the Subsidiary Owner shall not be subject to any agreement that prohibits or limits the ability of the Borrower or such Subsidiary Owner, as the case may be, to create, incur, assume or suffer to exist any Lien on such Equity Interests, or (E) any requirement set forth in clauses (a), (b) or (c) immediately above, except that for purposes of calculating unencumbered pool financial covenants, only the pro rata share of value and income (corresponding to the pro rata share of the Exchange Beneficial Interests in the Exchange Property Owner that are owned by the Consolidated Group) shall be counted.  Nothing herein shall prohibit an Unencumbered Property hereunder from constituting an Unencumbered Property in connection with any other indebtedness, provided that such indebtedness is not prohibited pursuant to the terms of this Agreement. 
“Unencumbered Property NOI” means, with respect to any Unencumbered Property for any period, the Net Operating Income for such Unencumbered Property for such period, less the Capital Expenditure Reserve.  For purposes of calculating Unencumbered Property NOI for any Exchange Property that constitutes an Unencumbered Property, only the pro rata share of Unencumbered Property NOI (corresponding to the pro rata share of the Exchange Beneficial Interests in the Exchange Property Owner that are still owned by the Consolidated Group) shall be counted.  For purposes of calculating Unencumbered Property NOI for any other Unencumbered Property that is owned by a Subsidiary Owner that is not wholly owned directly or indirectly by the Borrower, only the pro rata share of Unencumbered Property NOI (corresponding to the pro rata share of such Subsidiary Owner that is owned by the Borrower) shall be counted. 
“Unencumbered Property Value” shall mean for an Unencumbered Property, as of any date of determination, the Property Value of such Unencumbered Property.  For purposes of calculating Unencumbered Property Value for any Exchange Property that constitutes an Unencumbered Property, only the pro rata share of Unencumbered Property Value (corresponding to the pro rata share of the Exchange Beneficial Interests in the Exchange Property Owner that are owned by the Consolidated Group) shall be counted.  For purposes of calculating Unencumbered Property Value for any Property owned by an Exchange Fee Titleholder that constitutes an Unencumbered Property, only the Consolidated Group Pro Rata Share of Unencumbered Property Value of such Property shall be counted.  For purposes of calculating Unencumbered Property Value for any other Unencumbered Property that is owned by a Subsidiary Owner 

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that is not wholly owned directly or indirectly by the Borrower, only the pro rata share of Unencumbered Property Value (corresponding to the pro rata share of such Subsidiary Owner that is owned by the Borrower) shall be counted.  A Property contributed to a joint venture by the Borrower or any Subsidiary shall be deemed to have been owned by such joint venture from the date of such contribution and any Property acquired by the Borrower or any Subsidiary from an affiliated joint venture shall be deemed to have been acquired by the Borrower or any Subsidiary on the date of such acquisition from such joint venture.
“Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as in effect in the State of Delaware or any other applicable jurisdiction.
“Unrestricted Cash and Cash Equivalents” means, in the aggregate, all cash and Cash Equivalents which are not pledged for the benefit of any party (whether a creditor, seller or otherwise) having a claim (whether liquidated or not) against a member of the Consolidated Group, to be valued for purposes of this Agreement at one hundred percent (100%) of its then-current book value, as determined under GAAP.
“Unsecured Interest Expense” means for any period, the amount of interest (without duplication, whether accrued, paid or capitalized), on Total Unsecured Indebtedness, but excluding amortized financial related expenses.
“Unused Fee Rate” means an annualized percentage equal to two-tenths of one percent (0.20%) if the Total Revolving Credit Exposure during the applicable day is less than or equal to fifty percent (50%) of the aggregate amount of Lenders’ Revolving Commitments and otherwise shall be equal to fifteen-hundredths of one percent (0.15%).
“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S. Special Resolution Regime” has the meaning assigned to such term in Section 9.21.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).
“Wells Fargo” means Wells Fargo Bank, National Association, and its successors and assigns.
“Wholly-Owned Subsidiary” means, as to the Trust, any Subsidiary of the Trust that is directly or indirectly owned at least ninety percent (90%) by the Trust; provided that if such Subsidiary is not one hundred percent (100%) owned by the Trust, no consent of any minority owner is required for the Trust to cause a pledge, sale or refinancing of such Subsidiary that has not been obtained.
“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.
“Write-Down and Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are 

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described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.   
SECTION 1.02. Classification of Loans and Borrowings  .  For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “SOFR Loan”) or by Class and Type (e.g., a “SOFR Revolving Loan”).  Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “SOFR Borrowing”) or by Class and Type (e.g., a “SOFR Revolving Borrowing”).
SECTION 1.03. Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
SECTION 1.04. Accounting Terms; GAAP.  Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until  such notice shall have been withdrawn or such provision  amended in accordance herewith.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of Holdings, the Borrower or any Subsidiary at “fair value”, as defined therein.  Notwithstanding anything to the contrary contained in this Section 1.04 or in the definition of “Capital Lease Obligations,” in the event of an accounting change after November 19, 2019 requiring all leases to be capitalized, only those leases (assuming for purposes hereof that such leases were in existence on such date) that would constitute capital leases in conformity with GAAP on such date shall be considered capital leases, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith.

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SECTION 1.05. Consolidation of Variable Interest Entities.  All references herein to consolidated financial statements of the Trust, the Borrower and its Subsidiaries or to the determination of any amount for the Trust, the Borrower and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that the Borrower is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein. 
SECTION 1.06. Rates.  The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or with respect to any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 2.14(c), will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes.  The Administrative Agent and its Affiliates or other related entities may engage in transactions that affect the calculation of the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any other Benchmark, any component definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.
SECTION 1.07.   Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.
ARTICLE IIThe Credits
SECTION 2.01. Commitments.
(a)Subject to the terms and conditions set forth herein, each Revolving Lender agrees to make Revolving Loans to the Borrower from time to time during the Availability Period for the Revolving Credit Facility in an aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment (ii) the Total Revolving Credit Exposure exceeding the total Revolving Commitments, or (iii) a violation of the Borrowing Base Covenants.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.  Upon the effectiveness of the Revolving Commitments hereunder, each “Revolving Lender” under and as defined in the Existing Agreement (each, an “Existing Revolving Lender”) immediately prior to such effectiveness will automatically and without further act be deemed to have assigned to the applicable Revolving Lenders hereunder, and each such Revolving Lender hereunder, as applicable, 

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will automatically and without further act be deemed to have assumed a portion of such Existing Revolving Lender’s outstanding Revolving Loans and participations under the Existing Agreement in any outstanding Letters of Credit, in each case in accordance with the Standard Terms and Conditions attached to the Assignment and Assumption attached hereto as Exhibit A, such that, after giving effect to the Revolving Commitments hereunder and to each such deemed assignment and assumption, (i) the Total Revolving Credit Exposure of each Revolving Lender shall not exceed such Lender’s Revolving Commitment and (ii) each Revolving Lender will hold outstanding Revolving Loans and participations in any outstanding Letters of Credit in accordance with such Lender’s Applicable Percentage in respect of the Revolving Credit Facility.  
(b)Subject to the terms and conditions set forth herein, each Term Lender severally (and not jointly) agrees to make Initial Term Loans to the Borrower during the Availability Period for the Term Facility in an aggregate principal amount not to exceed such Term Lender’s Initial Term Loan Commitment.  Initial Term Loans (i) shall be funded on the Effective Date in the aggregate principal amount of $450,000,000, and (ii) may be funded in up to two (2) additional Borrowings, each in a minimum amount of $50,000,000, during the period commencing on April 1, 2022 and ending on the Initial Term Loan Commitment Expiration Date.  Amounts prepaid or repaid in respect of Initial Term Loans may not be reborrowed.  The aggregate Initial Term Loan Commitment shall automatically reduce immediately upon and in the principal amount of each Initial Term Loan made hereunder, and any remaining Initial Term Loan Commitments of the Term Lenders shall terminate on the Initial Term Loan Commitment Expiration Date. 
SECTION 2.02. Loans and Borrowings.  
(a)Each Revolving Loan and Term Loan shall be made as part of a Borrowing consisting of Revolving Loans or Term Loans as the case may be, made by the Lenders ratably in accordance with their respective Commitments for the Revolving Credit Facility or Term Facility as the case may be.  The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.  
(b)Subject to Section 2.14 each Revolving Borrowing or Term Borrowing shall be comprised entirely of ABR Loans or SOFR Loans as the Borrower may request in accordance herewith.  Each Lender at its option may make any SOFR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (so long as such funding does not change any tax status under Section 2.17); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.
(c)At the commencement of each Interest Period for any SOFR Revolving Borrowing, such Revolving Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000.  At the time that each ABR Revolving Borrowing is made, such Revolving Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e).  Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of seven (7) SOFR Borrowings outstanding. 

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(d)Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the applicable Maturity Date.
SECTION 2.03. Requests for Revolving and Term Borrowings.  To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone or by electronic mail (a) in the case of a SOFR Borrowing, not later than 2:00 p.m., Minneapolis time, three (3) U.S. Government Securities Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 10:00 a.m., Minneapolis time, on the date of the proposed Borrowing.  Each such Borrowing Request shall be irrevocable, and each such telephonic and electronic mail Borrowing Request shall be confirmed promptly in writing (which may include a PDF Borrowing Request attached to any such electronic mail request) to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower.  Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02:
(i)  the aggregate amount of the requested Borrowing, and if such Borrowing is requested during the Availability Period for the Term Facility, whether such Borrowing is of Revolving Loans or Initial Term Loans;
(ii)  the date of such Borrowing, which shall be a Business Day;
(iii)  whether such Borrowing is to be an ABR Borrowing or a SOFR Borrowing;
(iv)  in the case of a SOFR Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and
(v)  the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.
If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested SOFR Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a  Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.
SECTION 2.04. [Reserved].  ​
SECTION 2.05. [Reserved].
SECTION 2.06. Letters of Credit. 
(a)General.  Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to the Administrative Agent  and the Issuing Bank, at any time and from time to time during the Availability Period for the Revolving Credit Facility.  In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of Letter Of Credit Application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.  Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder to issue, and shall not issue, any Letter of 

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Credit if the proceeds would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions or (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement. The parties hereto agree that each of the Existing Letters of Credit shall, from and after the Effective Date, be deemed to be a Letter of Credit issued under this Agreement.
(b)Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.  To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than three Business Days) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be reasonably necessary to prepare, amend, renew or extend such Letter of Credit.  If reasonably requested by the Issuing Bank, the Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit.  A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i)  (x) the aggregate undrawn amount of all outstanding Letters of Credit issued by the Issuing Bank at such time plus (y) the aggregate amount of all LC Disbursements made by the Issuing Bank that have not yet been reimbursed by or on behalf of the Borrower at such time shall not exceed its Letter of Credit Commitment, (ii) no Lender’s Revolving Credit Exposure shall exceed its Revolving Commitment, and (iii) the Total Revolving Credit Exposure shall not exceed the total Revolving Commitments.  The Borrower may, at any time and from time to time, reduce the Letter of Credit Commitment of any Issuing Bank with the consent of such Issuing Bank (not to be unreasonably withheld); provided that the Borrower shall not reduce the Letter of Credit Commitment of any Issuing Bank if, after giving effect of such reduction, the conditions set forth in clauses (i) through (iii) above shall not be satisfied.  
(c)Expiration Date.  Each Letter of Credit shall expire (or be subject to termination by notice from the Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the then current Maturity Date for the Revolving Credit Facility, provided that a Letter of Credit may have an expiration date beyond such date, so long as (a) the expiration of the Letter of Credit is not later than twelve (12) months after the then current Maturity Date for the Revolving Credit Facility, (b) the Letter of Credit is approved by all Lenders or secured by cash collateral in a manner reasonably satisfactory to the Administrative Agent and the Issuing Lender (provided that if the Lenders approve the issuance of such Letter of Credit without cash collateral, such cash collateral shall be required at the then current Maturity Date for the Revolving Credit Facility if the Letter of Credit is still outstanding), and (iii) Lenders have received payment of all fees otherwise payable in connection with Letters of Credit with expiry dates occurring on or prior to five Business Days before the then current Maturity Date of the Revolving Credit Facility; provided further that any Letter of Credit 

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with a one year term may provide (if acceptable to the Issuing Bank) for the automatic renewal thereof for additional one year periods (which shall in no event extend beyond the date referred to in clause (ii) above).
(d)Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit.  In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason.  Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.
(e)Reimbursement.  If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, Minneapolis time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Minneapolis time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, Minneapolis time, on (i) the Business Day that the Borrower receives such notice, if such notice is received prior to 10:00 a.m., Minneapolis time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing.  If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Lender’s Applicable Percentage thereof.  Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders.  Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Revolving Lenders and the Issuing Bank as their interests may appear.  Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) 

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shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
(f)Obligations Absolute.  The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder.  Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination.  In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.
(g)Disbursement Procedures.  The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit.  The Issuing Bank shall promptly notify the Administrative Agent and the Borrower in writing or by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement.
(h)Interim Interest.  If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from 

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and including the date such LC Disbursement is made to but excluding the date that the reimbursement is due and payable at the rate per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement is payable; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(d) shall apply.  Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.
(i)Replacement of the Issuing Bank.  The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank.  The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank.  At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(c).  From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require.  After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.
(j)Cash Collateralization.  If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Revolving Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than fifty-one percent (51%) of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon as of such date; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII, and upon the maturity of Loans, whether by acceleration or lapse of time.  Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account.  Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such investments shall accumulate in such account.  Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure  representing at least fifty-one percent (51%) of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement.  If the Borrower is 

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required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived.  
(k)Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that by its terms (or the terms of any agreement related thereto between the Borrower (or any Subsidiary) and the Issuing Bank) provides for one or more automatic increases or decreases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases or decreases, whether or not such maximum stated amount is in effect at such time.  
(l)Limitations on Issuance.  Notwithstanding anything to the contrary contained herein, no Issuing Bank shall be under any obligation to issue any Letter of Credit if any order, judgment or decree of any Governmental Authority or arbitrator having jurisdiction over such Issuing Bank shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any Law applicable to such Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on the date hereof, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense which was not applicable as of the date hereof and which such Issuing Bank in good faith deems material to it.
(m)Applicability of ISP and UCP; Limitation of Liability.  Unless otherwise expressly agreed by the applicable Issuing Bank and the Borrower when a Letter of Credit is issued by such Issuing Bank, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit. 
SECTION 2.07. Funding of Borrowings.  
(a)Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, Minneapolis time for SOFR Loans and 1:00 p.m. for ABR Loans, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.  The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank.
(b)Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the 

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applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to the applicable Borrowing.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
SECTION 2.08. Interest Elections.  
(a)Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a SOFR Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a SOFR Borrowing, may elect Interest Periods therefor, all as provided in this Section.  The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.  
(b)To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone or in writing by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.  Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly in writing to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower.
(c)Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:
(i)  the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);
(ii)the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;
(iii)whether the resulting Borrowing is to be an ABR Borrowing or a SOFR Borrowing; and
(iv)if the resulting Borrowing is a SOFR Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”.
If any such Interest Election Request requests a SOFR Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

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(d)Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.
(e)If the Borrower fails to deliver a timely Interest Election Request with respect to a SOFR Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a SOFR Borrowing with a one month Interest Period.  Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a SOFR Borrowing and (ii) unless repaid, each SOFR Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.
SECTION 2.09. Termination and Reduction of Commitments.  
(a)Unless previously terminated, the Revolving Commitments shall terminate on the Revolving Credit Maturity Date and the Initial Term Loan Commitments shall terminate upon the Initial Term Loan Commitment Expiration Date. 
(b)The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $10,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures would exceed the total Revolving Commitments; provided, however, the Borrower may not reduce the aggregate amount of the Revolving Commitments below $25,000,000 pursuant to this Section unless the Borrower is terminating the Revolving Commitments in full.  
(c)The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof.  Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Any termination or reduction of the Revolving  Commitments shall be permanent.  Each reduction of the Revolving Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving Commitments.
SECTION 2.10. Repayment of Loans; Evidence of Debt.  
(a)The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Revolving Credit Maturity Date and the unpaid principal amount of each Term Loan on the Term Facility Maturity Date. 

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(b)Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(c)The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.
(d)The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.
(e)Any Lender may request that Loans made by it be evidenced by a promissory note.  In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in the form attached hereto as Exhibit F-1 for notes evidencing Revolving Loans and Exhibit F-2 for notes evidencing Term Loans (each a “Note”).  Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).
SECTION 2.11. Prepayment of Loans.  
(a)The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.
(b)The Borrower shall notify the Administrative Agent by telephone or in writing of any prepayment hereunder (i) in the case of prepayment of a SOFR Revolving Borrowing or SOFR Term Borrowing, not later than 11:00 a.m., Minneapolis time, on the date of prepayment, or (ii) in the case of prepayment of an ABR Revolving Borrowing or ABR Term Borrowing, not later than 11:00 a.m., Minneapolis time, on the date of prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09.  Promptly following receipt of any such notice relating to (x) a Revolving Borrowing, the Administrative Agent shall advise the Revolving Lenders of the contents thereof and (y) a Term Borrowing, the Administrative Agent shall advise the Term Lenders of the contents thereof.  Each partial prepayment of any Revolving Borrowing or Term Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing or Term Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a 

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Revolving Borrowing or Term Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.  Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13.  
SECTION 2.12. Fees.  
(a)During the period from and including the Effective Date to, but excluding, the earlier of (x) the Applicable Rate – Rating Effectiveness Date and (y) the date on which the Revolving Commitment terminates, subject to adjustment in accordance with Section 2.20, the Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender, an unused fee, which shall accrue at the Unused Fee Rate on the daily amount of the difference between the Revolving Commitment of such Lender and the sum of (i) the outstanding principal balance of such Lender’s Revolving Loans and (ii) such Lender’s LC Exposure.  The Unused Fee Rate shall be calculated on a daily basis, and accrued unused fees shall be payable quarterly in arrears on the last day of each March, June, September and December of each year occurring during such period and on the earlier of (x) the Applicable Rate – Rating Effectiveness Date and (y) the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the date hereof.  All unused fees shall be computed on the basis of a year of three hundred sixty (360) days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
(b)During the period from and including the Applicable Rate – Rating Effectiveness Date to, but excluding, the date on which the Revolving Commitment terminates, subject to adjustment in accordance with Section 2.20, the Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender, a facility fee equal to the daily aggregate amount of the Revolving Commitment of such Lender (whether or not utilized) multiplied by a rate per annum equal to the Applicable Facility Fee.  Such facility fee shall be computed on a daily basis and payable quarterly in arrears on the last day of each March, June, September and December of each year occurring during such period and on the date on which the Revolving Commitment terminates, commencing on the first such date to occur after the Applicable Rate – Rating Effectiveness Date.  The facility fee shall be computed on the basis of a year of three hundred sixty (360) days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  
(c)The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to SOFR Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder.  Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the fifth day 

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following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.  Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand.  All participation fees and fronting fees (collectively, “Letter of Credit Fees”) shall be computed on the basis of a year of three hundred sixty (360) days and shall be payable for the actual number of days elapsed.
(d)For the period commencing on June 30, 2022 and ending on and including the Initial Term Loan Commitment Expiration Date, the Borrower agrees to pay to the Administrative Agent, for the account of each Term Lender, a ticking fee, which shall accrue at the rate of 0.15% per annum on the average daily undrawn amount of such Term Lender’s Initial Term Loan Commitment during such period.  Accrued ticking fees shall be payable in arrears on the last day of each March, June, September and December occurring during such period and on the Initial Term Loan Commitment Expiration Date.  All ticking fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
(e)The Borrower agrees to pay to the Administrative Agent and the Joint Lead Arrangers, for their own respective accounts, fees payable in the amounts and at the times specified in the applicable Fee Letters, and such other fees as may separately be agreed upon between the Borrower and the Administrative Agent.
(f)All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of unused fees and participation and ticking fees, to the Lenders.  Fees paid shall not be refundable under any circumstances.
SECTION 2.13. Interest.​
(a)The Loans comprising each ABR Borrowing shall bear interest at the Base Rate plus the Applicable Rate.
(b)The Loans comprising each SOFR Borrowing shall bear interest at Adjusted Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c)Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, two percent (2%) plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, two percent (2%) plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.
(d)Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments in accordance with the terms hereof; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR 

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Revolving Loan prior to the end of the Availability Period for the Revolving Credit Facility), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any SOFR Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e)All computations of interest for ABR Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest provided hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365/366-day year), including the first day but excluding the last day.  The applicable Base Rate and Adjusted Term SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(f)If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lenders determine that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the Issuing Bank, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the Issuing Bank), an amount equal to the excess of the amount of interest that should have been paid for such period over the amount of interest actually paid for such period.  This paragraph shall not limit the rights of the Administrative Agent, any Lender or the Issuing Bank, as the case may be, under clause (b) above or under Article VII.  The Borrower’s obligations under this paragraph shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder for a period of one hundred eighty (180) days.
(g)In connection with the use or administration of Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.  The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR.
SECTION 2.14. Changed Circumstances.
(a)Circumstances Affecting Benchmark Availability.  Subject to clause (c) below, in connection with any request for a SOFR Loan or a conversion to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for ascertaining Adjusted Term SOFR for the applicable Interest Period with respect to a proposed SOFR Loan on or prior to the first day of such Interest Period or (ii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that Adjusted Term SOFR does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period and, in 

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the case of clause (ii), the Required Lenders have provided notice of such determination to the Administrative Agent, then, in each case, the Administrative Agent shall promptly give notice thereof to the Borrower.  Upon notice thereof by the Administrative Agent to the Borrower, any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to convert any Loan to or continue any Loan as a SOFR Loan, shall be suspended (to the extent of the affected SOFR Loans or the affected Interest Periods) until the Administrative Agent (with respect to clause (ii), at the instruction of the Required Lenders) revokes such notice.  Upon receipt of such notice, (A) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans (to the extent of the affected SOFR Loans or the affected Interest Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to ABR Loans in the amount specified therein and (B) any outstanding affected SOFR Loans will be deemed to have been converted into ABR Loans at the end of the applicable Interest Period.  Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to Section 2.14.
(b)Laws Affecting SOFR Availability.  If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any SOFR Loan, or to determine or charge interest based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Borrower and the other Lenders (an “Illegality Notice”).  Thereafter, until each affected Lender notifies the Administrative Agent and the Administrative Agent notifies the Borrower that the circumstances giving rise to such determination no longer exist, (i) any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to convert any Loan to a SOFR Loan or continue any Loan as a SOFR Loan, shall be suspended and (ii) if necessary to avoid such illegality, the Administrative Agent shall compute the Base Rate without reference to clause (c) of the definition of “Base Rate”.  Upon receipt of an Illegality Notice, the Borrower shall, if necessary to avoid such illegality, upon demand from any Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all SOFR Loans to ABR Loans (in each case, if necessary to avoid such illegality, the Administrative Agent shall compute the Base Rate without reference to clause (c) of the definition of “Base Rate”), on the last day of the Interest Period therefor, if all affected Lenders may lawfully continue to maintain such SOFR Loans to such day, or immediately, if any Lender may not lawfully continue to maintain such SOFR Loans to such day.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 2.14.
(c)Benchmark Replacement Setting.
(i)Benchmark Replacement.  Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement.  Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders.  No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 2.14(c)(i)(A) will occur prior to the applicable Benchmark Transition Start Date.

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(ii)Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
(iii)Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement.  The Administrative Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to Section 2.14(c)(iv).  Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.14(c).
(iv)Unavailability of Tenor of Benchmark.  Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(v)Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, (A) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to ABR Loans and (B) any outstanding affected SOFR Loans will be deemed to have been converted to ABR Loans at the end of the applicable Interest Period.  During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. 
SECTION 2.15. Increased Costs.  

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(a)If any Change in Law shall:
(i)  impose, modify or deem applicable any reserve (including pursuant to regulations issued from time to time by the FRB for determining the maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D of the FRB, as amended and in effect from time to time)), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, any Lender  or the Issuing Bank;
(ii) impose on any Lender or the Issuing Bank any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or
(iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then, upon the request of such Lender, Issuing Bank or Recipient, the Borrower will pay to such Lender, the Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered (provided that the determination of such additional amounts shall be made in good faith and consistent with similarly situated customers of the applicable Lender or the Issuing Bank under agreements having provisions similar to this Section 2.15 after consideration of such factors as such Lender or the Issuing Bank then reasonably determines to be relevant), and provided further, that for the avoidance of doubt, that this Section 2.15 shall not apply with respect to any Taxes for which a Loan Party has an indemnification obligation under Section 2.17.
(b)If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered (provided that the determination of such additional amounts shall be made in good faith and consistent with similarly situated customers of the applicable Lender or the Issuing Bank under agreements having provisions similar to this 

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Section 2.15 after consideration of such factors as such Lender or the Issuing Bank then reasonably determines to be relevant).
(c)Intentionally Omitted.  
(d)A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a), (b) or (c) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.
(e)Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than one hundred eighty (180) days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.
SECTION 2.16. Break Funding Payments.  In the event of (a) the payment of any principal of any SOFR Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any SOFR Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any SOFR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b) and is revoked in accordance therewith), or (d) the assignment of any SOFR Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender  the amount shown as due on any such certificate within ten (10) days after receipt thereof.
SECTION 2.17. Payments Free of Taxes.
(a)Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

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(b)Payment of Other Taxes by the Borrower.  The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.
(c)Evidence of Payments.  As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.17, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(d)Indemnification by the Borrower.  The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority, and without duplication of any amounts with respect to which payments were increased under Section 2.17(a).  A certificate setting forth in reasonable detail a calculation as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent) (it being understood and agreed by the Loan Parties that the insufficiency of any such calculation or the details thereof shall not relieve the Loan Parties of any obligations under this Section), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(e)Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).
(f)Status of Lenders.  
(i)Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation 

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prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(ii)Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person, 
(A)any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), properly completed and executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax; 
(B)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent two copies (or such other number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:
(1)in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, properly completed and executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, properly completed and executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(2)properly completed and executed originals of IRS Form W-8ECI;
(3)in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit C-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable; or
(4)to the extent a Foreign Lender is not the beneficial owner, properly completed and executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-3, 

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IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-4 on behalf of each such direct and indirect partner;
(C)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and
(D)if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.
(g)Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority other than due to the failure of the indemnified party to comply with applicable law) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable 

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net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(h)Survival.  Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.
(i)Defined Terms.  For purposes of this Section 2.17, the term “Lender” includes any Issuing Bank and the term “applicable law” includes FATCA.
SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs.  
(a)The Borrower shall make each payment to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 2:00 p.m., Minneapolis time, on the date when due, in immediately available funds, without set-off or counterclaim.  Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made to the Administrative Agent at its offices at the address set forth in Section 9.01, except payments to be made directly to the Issuing Bank as expressly provided herein and except that payments pursuant to Sections 2.15, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.  All payments hereunder shall be made in dollars.
(b)If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.
(c)If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued 

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interest on their respective Revolving Loans and participations in LC Disbursements; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered,  such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).  The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.
(d)Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
(e)If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a segregated account over which the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clause (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.
SECTION 2.19. Mitigation Obligations; Replacement of Lenders.  
(a)If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

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(b)If (i) any Lender requests compensation under Section 2.15, (ii) the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, (iii) any Lender becomes a Defaulting Lender, or (iv) any Lender has failed to consent to a proposed amendment, waiver, discharge or termination that under Section 9.02 requires the consent of all the Lenders (or all the affected Lenders) and with respect to which the Required Lenders shall have granted their consent, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (A) if such assignee is not a Lender, the Borrower shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld, (B) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), (C) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments, and (D) in the case of any such assignment and delegation resulting from the failure to provide a consent, the assignee shall have given such consent and, as a result of such assignment and delegation and any contemporaneous assignments and delegations and consents, the applicable amendment, waiver, discharge or termination can be effected.  A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.
SECTION 2.20. Defaulting Lenders.  Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a)(i) fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.12(a) and Section 2.12(d), and (ii) each Defaulting Lender shall be entitled to receive fees pursuant to Section 2.12(b) for any period during which such Lender is a Defaulting Lender only to extent allocable to the sum of (1) the outstanding principal amount of the Revolving Loans funded by it, and (2) its Applicable Percentage with respect to the Revolving Credit Facility of the stated amount of Letters of Credit for which it has provided cash collateral as and when required pursuant to Section 2.20(c)(ii) below;
(b)the Commitment, Revolving Credit Exposure, and outstanding Term Loans of such Defaulting Lender shall not be included in determining whether the Required Lenders, Required Revolving Lenders, or Required Term Lenders have taken or may take any action hereunder or under any other Loan Document (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of all Lenders or each Lender affected thereby; 

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(c)if any LC Exposure exists at the time such Lender becomes a Defaulting Lender then:
(i)all or any part of the LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Revolving Lenders in accordance with their respective Applicable Percentages but only (x) to the extent that such reallocation does not, as to any non-Defaulting Revolving Lender, cause such non-Defaulting Revolving Lender’s Revolving Credit Exposure to exceed its Revolving Commitment and (y) if the conditions set forth in Section 4.02 are satisfied at such time;
(ii)if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within five (5) days following notice by the Administrative Agent cash collateralize for the benefit of the Issuing Bank that portion of such Defaulting Lender’s LC Exposure that has not been reallocated pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding, provided that the Borrower shall be permitted to use Revolving Loans to make such prepayment or to post such cash collateral;
(iii)if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(c) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;
(iv)if any portion of the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.12(a) and Section 2.12(c) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and
(v)if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 2.12(c) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and
(d)Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, in the case of a Defaulting Lender that is a Revolving Lender, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Banks; third, in the case of a Defaulting Lender that is a Revolving Lender, to cash collateralize the Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.20(c)(ii) above; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and/or (y) in the case of a Defaulting Lender that is a Revolving Lender, cash collateralize the Issuing Banks’ future Fronting Exposure with respect to such Defaulting 

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Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.20(h) below; sixth, to the payment of any amounts owing to the Lenders and/or the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender or any Issuing Bank against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount of any Loans or funded participations in Letters of Credit in respect of which such Defaulting Lender has not fully funded its appropriate share, and (2) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and funded participations in Letters of Credit owed to, all non-Defaulting Revolving Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or funded participations in Letters of Credit owed to, such Defaulting Lender until such time as all Revolving Loans and, as applicable, funded and unfunded participations in the aggregate LC Exposure of the Revolving Lenders are held by the Revolving Lenders pro rata in accordance with their respective Applicable Percentages (determined without giving effect to Section 2.20(c)(i) above), and all Term Loans are held by the Term Lenders pro rata in accordance with their respective Applicable Percentages (determined without giving effect to Section 2.20(c)(i) above), in each such case, as if there had been no Defaulting Lenders.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this subsection shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
(e)So long as such Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the then outstanding LC Exposure of such Defaulting Lender will be one hundred percent (100%) covered by the Revolving Commitments of the non-Defaulting Revolving Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.20(c), and LC Exposure related to any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Revolving Lenders in a manner consistent with Section 2.20(c)(i) (and such Defaulting Lender shall not participate therein).
(f)If (i) a Bankruptcy Event with respect to a Lender Parent shall occur following the date hereof and for so long as such event shall continue or (ii) the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit and such Lender is not contesting those funding obligations, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Issuing Bank shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Issuing Bank to defease any risk to it in respect of such Lender hereunder.
(g)In the event that the Administrative Agent, the Borrower, and the Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative 

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Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.
(h)Cash collateral (or the appropriate portion thereof) provided to reduce the Issuing Banks’ Fronting Exposure shall no longer be required to be held as cash collateral pursuant to Section 2.20(c)(ii) above following (x) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Revolving Lender), or (y) the determination by the Administrative Agent and the Issuing Banks that there exists excess cash collateral; provided that, subject to the immediately preceding subsection (d), the Person providing cash collateral and the applicable Issuing Banks may (but shall not be obligated to) agree that cash collateral shall be held to support future anticipated Fronting Exposure or other obligations and provided further that to the extent that such cash collateral was provided by the Borrower, such cash collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 
SECTION 2.21. Extension of Revolving Credit Facility Maturity Date.
(a)Requests for Extension.  The Borrower shall have the right, exercisable two times, to extend the current Revolving Credit Maturity Date in effect as of the date each such right is exercised by one year.  The Borrower may exercise each such extension option only by written notice to the Administrative Agent (who shall promptly notify the Lenders) not earlier than one hundred twenty (120) days and not later than thirty (30) days prior to the then current Revolving Credit Maturity Date, and the Revolving Credit Maturity Date shall be so extended for one year upon satisfaction of the conditions set forth in Section 2.21(b) below.
(b)Conditions to Effectiveness of Extension.  As a condition precedent to each such extension, the Borrower shall pay to Administrative Agent for the pro rata benefit of the Revolving Lenders, an extension fee equal to 0.125% (12.5 basis points) of the aggregate Revolving Commitments at the time of such extension, payable on the then current Revolving Credit Maturity Date, and deliver to the Administrative Agent a certificate of each Loan Party dated as of the then current Revolving Credit Maturity Date signed by a Financial Officer of such Loan Party (i) approving or consenting to such extension (and attaching resolutions adopted by such Loan Party approving or consenting to such extension to the extent required under such Loan Party’s organizational documents) and (ii) in the case of the Borrower, certifying that, immediately before and after giving effect to such extension, (A) the representations and warranties contained in Article III and the other Loan Documents are true and correct in all material respects (expect to the extent such representation and warranties are qualified by materiality, material adverse effect or words or phrases of similar import, in which case they shall be true and correction in all respects) on and as of the current Revolving Credit Maturity Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date, and except that for purposes of this Section 2.21, the representations and warranties contained in Section 3.04 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) or (b), as applicable, of Section 5.01, (B) Borrower is in compliance with all of the financial covenants set forth in Section 6.11 based on the most recently delivered quarterly financial statements pursuant to the terms hereof, (C) no Default or Event of Default exists and (D) each Guarantor provides Administrative Agent with an affirmation and consent, in form and substance reasonably acceptable to Administrative Agent.  

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SECTION 2.22. Increase in Commitments.
(a)Request for Increase.  Provided there exists no Default or Event of Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may from time to time, request an increase in the aggregate Commitments to an amount (for all such requests) not exceeding an aggregate total of $2,300,000,000 for all such Commitments; provided that any such request for an increase shall be in a minimum amount of $25,000,000, or such other amount as may be agreed upon by Borrower and Administrative Agent.  Each request shall specify whether it is for an increase of the Revolving Credit Facility or Term Facility.  At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders) as to whether it intends to seek approval for increasing its Commitment.
(b)Lender Elections to Increase.  Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase for the Revolving Credit Facility and/or Term Facility, as the case may be.  Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment.  No Lender shall have any obligation to increase its Commitment. 
(c)Notification by Administrative Agent; Additional Lenders.  The Administrative Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder.  To achieve the full amount of a requested increase and subject to the approval of the Administrative Agent, and the Issuing Bank (which approvals shall not be unreasonably withheld), the Borrower may also invite additional assignees that are not Ineligible Institutions to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel, provided the consent of the Issuing Banks shall only be required for additional assignees for the Revolving Credit Facility.
(d)Effective Date and Allocations.  If the aggregate Commitments are increased in accordance with this Section, the Administrative Agent and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase.  The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such increase and the Increase Effective Date.
(e)Conditions to Effectiveness of Increase.  As a condition precedent to such increase, the Borrower shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Financial Officer of such Loan Party (x) by such Loan Party approving or consenting to such increase (and attaching resolutions adopted by such Loan Party approving or consenting to such increase to the extent required under such Loan Party’s organization documents), and (y) in the case of the Borrower, certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Article III and the other Loan Documents are true and correct in all material respects (except to the extent qualified by materiality, material adverse effect or words or phrases of similar import, in which case such representations and warranties so qualified shall be true and correct in all respects) on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were 

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true and correct as of such earlier date, and except that for purposes of this Section 2.22, the representations and warranties contained in Section 3.04 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) or (b), as applicable, of Section 5.01 and (B) no Default exists.  In connection with an increase to the Revolving Credit Facility, the Borrower shall prepay any Revolving Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 2.16)) to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Revolving Commitments under this Section. 
(f)Conflicting Provisions.  This Section shall supersede any provisions in Section 2.18 or 9.02 to the contrary.
SECTION 2.23. Addition and Removal of Unencumbered Properties.
(a)Addition of Unencumbered Properties.  Subject to Section 5.11, the Borrower may at any time and from time to time designate additional Unencumbered Properties meeting the definition of Unencumbered Properties by providing (x) an updated Schedule 3.13, (y) the appropriate Subsidiary Guarantees (if required pursuant to Section 5.11) and (z) information regarding the new Subsidiary Guarantor that is reasonably required under the Act (as defined in Section 9.17) and similar “know your customer” requirements of the Lenders, at which time such additional Unencumbered Properties shall be included for purposes of determining the Borrower’s compliance with the Borrowing Base Covenants and the amount that may be borrowed hereunder.  Borrower shall be deemed to have made each of the representations and warranties in Section 3.13 (a) through (j) with respect to each Unencumbered Property being designated.  At the time Borrower designates an additional Unencumbered Property it shall also provide an updated calculation of the maximum amount that is available to be drawn hereunder, which shall be in form substantially similar to the availability calculation furnished to Lenders on or prior to the date of the first Loan made hereunder, it being acknowledged that financial data presented for existing Unencumbered Properties included in the last quarterly reporting package will be presented based on information included therein and financial data for other Unencumbered Properties shall be based on calculations described within the definition of Unencumbered Property NOI. 
(b)Removal of Unencumbered Properties.  The Borrower may at any time and from time to time remove Unencumbered Properties by providing an updated Schedule 3.13 reflecting which Properties will no longer constitute Unencumbered Properties; provided that in connection therewith Borrower shall demonstrate to Administrative Agent that following removal of such Unencumbered Property that the Borrower continues to comply with Sections 6.12(a), (b) and (c) (based on the information as of the prior quarter) and provided Borrower complies with Section 6.12(a), (b) and (c) (based on the information as of the prior quarter) and there is no Event of Default at such time, such Property shall no longer constitute an Unencumbered Property for purposes hereof.  If a Subsidiary Guarantor no longer owns any Unencumbered Property (including as a result of a Property ceasing to be an Unencumbered Property), then such Subsidiary Guarantor shall automatically be released from the Guaranty and shall cease to be a Guarantor subject to and in accordance with Section 5.11.  Borrower shall be deemed to have made each of the representations and warranties in Section 3.13 with respect to the remaining Unencumbered Properties as of the time each Unencumbered Property is removed.  

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SECTION 2.24. Funds Transfer Disbursements.  The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement.
ARTICLE IIIRepresentations and Warranties
The Borrower represents and warrants to the Lenders that:
SECTION 3.01. Organization; Powers.  Each of the Loan Parties are duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.
SECTION 3.02. Authorization; Enforceability.  The Transactions are within the partnership or other organizational powers of each of the Loan Parties and have been duly authorized by all necessary partnership or other organizational action and, if required, partner or member action.  This Agreement and each other Loan Document has been duly executed and delivered by the applicable Loan Parties and constitutes a legal, valid and binding obligation of such Loan Parties, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
SECTION 3.03. Governmental Approvals; No Conflicts.  The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, except with respect to notices which have already been given or where the failure to obtain any of the  foregoing would not have a Material Adverse Effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents any of the Loan Parties or any order of any Governmental Authority, the violation of would have a Material Adverse Effect, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any of the Loan Parties or its assets, or give rise to a right thereunder to require any payment to be made by any of the Loan Parties, which would reasonably be expected to have a Material Adverse Effect  and (d) will not result in the creation or imposition of any Lien on any asset of the Loan Parties if the breach of the foregoing would reasonably be expected to have a Material Adverse Effect.
SECTION 3.04. Financial Condition; No Material Adverse Change.  (a)  The Borrower has heretofore furnished to the Lenders the consolidated balance sheet and statements of income, stockholders equity and cash flows of the Trust and its Subsidiaries as of and for the fiscal year ended December 31, 2021, certified by a Financial Officer.  Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Trust and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes.
(b)Since the date of the most recent audited Financial Statements delivered by Borrower, there has been no event or circumstance, that has had a Material Adverse Effect.
SECTION 3.05. Properties.  (a)  Each of the Trust, Borrower and each Subsidiary has good title to, or valid leasehold interests in, all its real property material to its business, except for defects in title that would not individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  No 

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Unencumbered Property is subject to any Liens, other than Permitted Encumbrances that are allowed by the definition of Unencumbered Property.
(b)  Each of the Trust, Borrower and any Subsidiary owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person, except for any such failure to own or license or such infringements that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.
SECTION 3.06. Litigation and Environmental Matters.  (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower after due and diligent investigating, threatened against or affecting the Trust, Borrower or any of their Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or the Transactions.
(b)Except for the Disclosed Matters and except with respect to any matter or events described in (i) through (iii) below that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, neither the Trust, Borrower nor any of their Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, or (iii) has received notice of any claim with respect to any Environmental Liability.
(c)Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in a Material Adverse Effect.
SECTION 3.07. Compliance with Laws and Agreements.  Each Loan Party and each Subsidiary thereof is in compliance in all material respects with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.  
SECTION 3.08. Investment Company Status.  None of the Borrower, any Person controlling the Borrower, nor any Subsidiary is required to be registered as an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.
SECTION 3.09. Taxes.  Each of the Trust, the Borrower and their Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Trust, Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so would not reasonably be expected to result in a Material Adverse Effect.
SECTION 3.10. ERISA.  
(a)Neither Borrower nor any Guarantor is an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA ("Plan Assets"), and (ii) assuming that no portion of the assets used by any Lender in connection with the transactions contemplated under the Loan Documents constitutes Plan Assets, none of the transactions contemplated by this Agreement (x) violate any applicable governmental law substantially similar to Section 406 of ERISA or Section 4975 of the Code (such law, “Similar Law”) or (y) constitute a nonexempt prohibited transaction (as 

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such term is defined in Section 4975(c)(1)(A)-(D) of the Code or Section 406(a) of ERISA) that could, in the case of clause (x) or (y), subject the Administrative Agent or any of the Lenders to any material tax or penalty or prohibited transactions imposed under Section 502(i) of ERISA, Section 4975 of the Code or applicable Similar Law.
(b)Except as would not reasonably be expected to result in a Material Adverse Effect, (i) each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state laws and (ii) each Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination, opinion or advisory letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being processed by, or shall be timely submitted to, the Internal Revenue Service, and, to the best knowledge of the Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status.
(c)There are no pending or, to the knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that would reasonably be expected to have a Material Adverse Effect.  To the knowledge of the Borrower, there has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or would reasonably be expected to result in a Material Adverse Effect.
(d)Except as would not reasonably be expected to result in a Material Adverse Effect, (i) no ERISA Event has occurred, and the Borrower is not aware of any fact, event or circumstance that would reasonably be expected to constitute or result in an ERISA Event with respect to any Plan; (ii) the Borrower and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Plan, and to the knowledge of the Borrower, no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for any Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) was sixty percent (60%) or higher and the Borrower does not know of any facts or circumstances that could reasonably be expected to cause the funding target attainment percentage for any such Plan to drop below sixty percent (60%) as of the most recent valuation date; (iv) neither the Borrower nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and to the knowledge of the Borrower, there are no premium payments with respect to any Plan which have become due that are unpaid; (v) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that would be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Plan has been terminated by the plan administrator thereof nor by the PBGC, and to the knowledge of the Borrower, no event or circumstance has occurred or exists that would reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Plan; provided, however, that, for purposes of this 3.10(c), “knowledge of the Borrower” shall mean the actual knowledge of the Borrower after making reasonable due and diligent inquiries of each ERISA Affiliate; provided, further, that, on any date, the Borrower shall be deemed to have made such reasonable due and diligent inquiry as to any such ERISA Affiliate as of such date if it has made such inquiry within ninety (90) days of such date (it being acknowledged that Borrower’s failure to conduct such inquiry shall not, by itself, constitute a breach of this representation or the Agreement as a whole).

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SECTION 3.11. Disclosure.  The Borrower has disclosed to the Administrative Agent all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect.  As of the Effective Date, none of the other reports, certificates or other information (other than projected financial information and other information of a general economic or industry-specific nature), in each case furnished in writing by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered by or on behalf of the Borrower hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that (i) as to written information supplied by third parties, the Borrower represents only that it has no actual knowledge of any material misstatement or omission therein, and (ii) with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to have been reasonable at the time such information was prepared (it being recognized by the Administrative Agent and the Lenders that actual results during the period or periods covered by any such projections and forecasts may differ from the projected or forecasted results and the differences may be material). 
SECTION 3.12. Anti-Corruption Laws and Sanctions.(i)None of (x) the Trust, the Borrower or any Subsidiary of the Trust or the Borrower or (y) to the knowledge of the Trust, the Borrower or any such Subsidiary, (1) any of their respective directors, officers, employees or controlled Affiliates or (2) any agent or representative of the Trust, the Borrower or any of their respective Subsidiaries that will act in any capacity in connection with or benefit from any Loan or any other extension of credit made under the Loan Documents, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) has its assets located in a Sanctioned Country, (C) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons or (D) has taken any action, directly or indirectly, that would result in a violation by such Persons of any Anti-Corruption Laws.  Each of the Trust, the Borrower and any of their respective Subsidiaries has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance by the Trust, the Borrower and such Subsidiaries and their respective directors, officers, employees, agents and controlled Affiliates with Sanctions and the Anti-Corruption Laws.  Each of the Trust, the Borrower and any of their respective Subsidiaries, and to the knowledge of the Borrower, (aa) each director, officer, employee and controlled Affiliate of the Trust, the Borrower and each such Subsidiary and (bb) each agent of the Trust, the Borrower or any of their respective Subsidiaries that will act in any capacity in connection with or benefit from any Loan or any other extension of credit made under the Loan Documents, is in compliance with the Anti-Corruption Laws in all material respects. 
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(ii)No use of proceeds of any Borrowing or any Letter of Credit have been used by any Loan Party, to the knowledge of any Loan Party, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, including any payments (directly or indirectly) to a Sanctioned Person or a Sanctioned Country or (iii) directly, or to the knowledge of any Loan Party, indirectly, in any manner that will result in any violation of any Anti-Corruption Law or applicable Sanctions. 
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SECTION 3.13. Unencumbered Properties.  Schedule 3.13 hereto contains a complete and accurate description of Unencumbered Properties designated by the Borrower to constitute Unencumbered Properties hereunder as of the Effective Date and as supplemented from time to time in connection with the delivery of the certificate required under Section 5.01(d) hereof or as set forth in Section 2.23 and upon the inclusion or removal of a Property as an Unencumbered Property for purposes of the Borrowing Base Covenants, including the entity that owns each Unencumbered Property.  With respect to each Property 

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identified from time to time as an Unencumbered Property, Borrower hereby represents and warrants as follows except to the extent disclosed in writing to the Lenders and approved by the Required Lenders (which approval shall not be unreasonably withheld):
(a)No portion of any improvement on the Unencumbered Property is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower or the applicable Subsidiary, to the extent the same is available on commercially reasonable terms, has obtained and will maintain insurance coverage for flood and other water damage in the amount of the replacement cost of the improvements at the Unencumbered Property.
(b)To the Borrower’s knowledge, the Unencumbered Property and the present use and occupancy thereof are in material compliance with all applicable zoning ordinances (without reliance upon adjoining or other properties), building codes, land use and Environmental Laws (“Applicable Laws”).
(c)Except to the extent not completed on Assets Under Development and Land, the Unencumbered Property is served by all utilities required for the current use thereof, all utility service is provided by public utilities and the Unencumbered Property has accepted or is equipped to accept such utility service.
(d)Except to the extent not completed on Assets Under Development and Land, all roads and streets necessary for service of and access to the Unencumbered Property for the current use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public.
(e)Except to the extent not completed on Assets Under Development and Land, the Unencumbered Property is served by public water and sewer systems or, if the Unencumbered Property is not serviced by a public water and sewer system, such alternate systems are adequate and meet, in all material respects, all requirements and regulations of, and otherwise complies in all material respects with, all Applicable Laws with respect to such alternate systems.
(f)Borrower is not aware of any material latent or patent structural defect in the Unencumbered Property.  The Unencumbered Property is free of damage and waste that would materially and adversely affect the value of the Unencumbered Property (other than any casualty loss being handled in accordance with the Loan Documents or condemnation proceedings being handled in accordance with Loan Documents) and is in adequate repair for its intended use.  The Unencumbered Property is free from material damage caused by fire or other casualty (other than any casualty loss being handled in accordance with the Loan Documents).  There is no pending or, to the actual knowledge of Borrower, threatened condemnation proceedings affecting the Unencumbered Property, or any material part thereof, in each case that would materially detract from the value of such Unencumbered Property, impair the use or operation thereof, or interfere with the ordinary conduct of business of the Borrower or any Subsidiary.
(g)Except to the extent not completed on Assets Under Development and Land, to Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Unencumbered Property are in a condition and repair adequate for its intended use and, to Borrower’s knowledge, in material compliance with all Applicable 

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Laws with respect to such systems or with respect to any Unencumbered Property will be upon completion of such Unencumbered Property.
(h)All improvements on the Unencumbered Property lie within the boundaries and building restrictions of the legal description of record of the Unencumbered Property other than encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Property, no such improvements encroach upon easements benefiting the Unencumbered Property other than encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Property and no improvements on adjoining properties encroach upon the Unencumbered Property or easements benefiting the Unencumbered Property other than encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Property.  All access routes that materially benefit the Unencumbered Property are available to Borrower or the applicable Subsidiary of the Borrower, constitute permanent easements that benefit all or part of the Unencumbered Property or are public property, and the Unencumbered Property, by virtue of such easements or otherwise, is contiguous to a physically open, dedicated all weather public street, and has any necessary permits for ingress and egress.
(i)There are no material delinquent taxes, ground rents, water charges, sewer rents, assessments, insurance premiums, leasehold payments, or other outstanding charges affecting the Unencumbered Property except to the extent such items are being contested in good faith and as to which adequate reserves have been provided.
(j)Each Unencumbered Property satisfies each of the requirements set forth in the definition of “Unencumbered Property”.
A breach of any of the representations and warranties contained in this Section 3.13 with respect to a Property shall disqualify such Property from being an Unencumbered Property for so long as such breach continues (unless otherwise approved by the Required Lenders) but shall not constitute a Default or an Event of Default (unless the elimination of such Property as an Unencumbered Property results in a Default or Event of Default under one of the other provisions of this Agreement). 
SECTION 3.14. Subsidiaries; Equity Interests.  As of the Effective Date, Schedule 3.14 sets forth the direct owners of outstanding Equity Interests in each Subsidiary Guarantor and such Equity Interests have been validly issued, are, to the extent applicable, fully paid and nonassessable and are owned by such owner free and clear of all Liens, other than Permitted Encumbrances.  At least seventy percent (70%) of the Equity Interests in Borrower are owned by the Trust.  
SECTION 3.15. REIT Status.  The Trust is qualified or has elected status as a real estate investment trust under Section 856 of the Code and currently is in compliance in all material respects with all provisions of the Code currently applicable to the qualification of the Trust as a real estate investment trust, and with respect to any qualification requirements not yet applicable, will be in compliance with those qualification requirements when applicable.  
SECTION 3.16. No Default.  No Default or Event of Default has occurred and is continuing.
SECTION 3.17. Beneficial Ownership Certification.  As of the Effective Date, the information included in the Beneficial Ownership Certification (if such certification was required to be delivered by the Administrative Agent) is true and correct in all respects.
SECTION 3.18. Affected Financial Institution.  No Loan Party is an Affected Financial Institution.

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ARTICLE IVConditions
SECTION 4.01. Effective Date of Obligations to Make Loans.  The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):
(a)The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent that such party has signed a counterpart of this Agreement.
(b)The Administrative Agent (or its counsel) shall have received from each Guarantor either (i) a counterpart of the Consent, Reaffirmation and Agreement attached to this Agreement relating to the Guaranty previously executed and delivered by such Guarantor or (ii) written evidence satisfactory to the Administrative Agent that such Guarantor has signed a counterpart of such Consent, Reaffirmation and Agreement.
(c)[Reserved].
(d)The Administrative Agent (or its counsel) shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Bryan Cave Leighton Paisner LLP, counsel for the Borrower, covering such matters relating to the Loan Parties, this Agreement or the Transactions as the Required Lenders shall reasonably request.  The Borrower hereby requests such counsel to deliver such opinion.
(e)The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of the Transactions and any other legal matters relating to the Loan Parties, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel.
(f)[Reserved].
(g)The Administrative Agent shall have received a certificate, dated as of the Effective Date, and signed by a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02, and containing a pro forma calculation of the financial covenants set forth in Section 6.11 and the Borrowing Base Covenants (which pro forma calculations may, in each case, take into account, among other things, the straight line rent treatment of any free rent periods for all leases that have commenced as of the Effective Date), in each case for the fiscal quarter of Borrower ending December 31, 2021.
(h)The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.
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continuing operations of the Borrower and the Guarantors shall have been obtained and be in full force and effect.
(j)The Lenders shall have received the Trust’s audited financial statements, dated December 31, 2021, in form and substance reasonably satisfactory to the Administrative Agent.  
(k)The Lenders shall have received all information regarding the Borrower and the Trust that is reasonably required under the Patriot Act and similar “know your customer” requirements of the Lenders.
(l)If Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, then Borrower shall deliver to the Administrative Agent at least three (3) days prior to the Effective Date, in form and substance satisfactory to the Administrative Agent, a Beneficial Ownership Certification.
(m)Administrative Agent shall have received a completed and executed Disbursement Instruction Agreement, dated as of the Effective Date, in the form attached hereto as Exhibit B.
(n)Administrative Agent shall have received evidence that all fees owing by the Loan Parties under the Existing Agreement have been paid in full.
The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.  Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., Minneapolis time, on March 31, 2022 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time).
SECTION 4.02. Each Credit Event.  The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:
(a)The representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects (except to the extent qualified by materiality, material adverse effect or words or phrases of similar import, in which case such representations and warranties so qualified shall be true and correct in all respects) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable, except to the extent that such representations or warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date.
(b)At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing.
(c)Borrower shall have provided to the Administrative Agent a replacement Disbursement Instruction Agreement, to the extent that a Borrowing is to be disbursed in any manner other than as described in the Disbursement Instruction Agreement then in effect.

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Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.
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ARTICLE VAffirmative Covenants
Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:
SECTION 5.01. Financial Statements; Ratings Change and Other Information.  The Borrower will furnish to the Administrative Agent (and the Administrative Agent shall deliver to the Lenders promptly following receipt from the Borrower unless such deliveries are posted on an Electronic System to which the Lenders have access):
(a)within one hundred twenty (120) days after the end of each fiscal year of the Borrower, the audited (as to the Trust only) consolidated balance sheet and related statements of income and retained earnings and cash flows of the Consolidated Group as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by KPMG LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification, commentary, or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;
(b)within sixty (60) days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, the unaudited consolidated balance sheet and related statements of income and retained earnings and cash flows of the Consolidated Group as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year (if available), all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;
(c)concurrent with any delivery of financial statements under clause (a) or (b) above, a Compliance Certificate executed by a Financial Officer of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.11 and 6.12, and (iii) stating whether any material change in GAAP or in the application thereof has occurred since the date of the most recent audited Financial Statements delivered by Borrower that affects the Financial Statements, and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;
(d)concurrent with the annual and quarterly financial statements required under clauses (a) and (b) above, a schedule of the Unencumbered Properties comprising the Total Unencumbered Property Pool Value, summarizing Unencumbered Property NOI;

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(e)promptly after the same become publicly available, upon request of Administrative Agent copies of all material periodic and other reports, registration statements and other materials filed by the Borrower or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, as the case may be;
(f)prior to the first (1st) day of February in each fiscal year of the Borrower ending prior to the Maturity Date, projected balance sheets, operating statements, profit and loss projections and cash flow budgets of the Borrower and its Subsidiaries on a consolidated basis for each quarter of the next succeeding fiscal year, all itemized in reasonable detail. The foregoing shall be accompanied by pro forma calculations required to establish whether or not the Borrower, and when appropriate its consolidated Subsidiaries, will be in compliance with the covenants contained in Section 6.11 and at the end of each fiscal quarter of the next succeeding fiscal year; 
(g)promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as may be reasonably requested pursuant to a reasonable and customary request by the Administrative Agent or any Lender; and
(h)if the Applicable Rate – Rating Effectiveness Date has occurred, promptly upon any change in the Borrower’s Debt Rating, a certificate stating that the Borrower’s Debt Rating has changed and the new Debt Rating that is in effect.
Documents required to be delivered pursuant to Section 5.01(a) or (b) or Section 5.01(g) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address provided to Administrative Agent; or (ii) on which such documents are publicly filed or are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that:  (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.
Subject to Section 9.12, the Borrower further agrees to clearly label the financial statements described in clauses (a) and (b) (collectively, “Financial Statements”) with a notice stating: “Confidential Financial Statements to be Provided to All Lenders, Including Public-Siders” before delivering them to the Administrative Agent, but only if such Financial Statements are not publicly filed.  
SECTION 5.02. Notices of Material Events.  The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following:

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(a)the occurrence of any Default of which Borrower has knowledge;
(b)the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Affiliate thereof that has a reasonable likelihood of being adversely determined and, if adversely determined, would reasonably be expected to result in a Material Adverse Effect;
(c)the occurrence of any ERISA Event of which the Borrower has knowledge that, alone or together with any such other ERISA Events that have occurred, would reasonably be expected to result in Material Adverse Effect; provided, however, that “knowledge” of the Borrower shall mean the actual knowledge of the Borrower after making due and diligent inquiries of each ERISA Affiliate having a substantial ownership interest in the Borrower; provided further that, on any date, the Borrower shall be deemed to have made such due and diligent inquiry as to any such ERISA Affiliate as of such date if it has made such inquiry within 90 days of such date (it being acknowledged and agreed that the Borrower is not required to make any such inquiry);
(d)if reasonably requested by the Administrative Agent, any change in the information provided in the Beneficial Ownership Certification (if previously provided at the Administrative Agent’s request) that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such Beneficial Ownership Certification; and
(e)any other development of which Borrower is aware that has resulted in, or would be reasonably expected to result in, a Material Adverse Effect.
Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.
SECTION 5.03. Existence; Conduct of Business.  The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03 or any transfer not prohibited hereunder.
SECTION 5.04. Payment of Obligations.  The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, would reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest would not reasonably be expected to result in a Material Adverse Effect.
SECTION 5.05. Maintenance of Properties; Insurance.The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to and necessary in the conduct of its business in good working order and condition, ordinary wear and tear excepted, to the extent that the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, and (b) maintain (directly or indirectly through its tenants), with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations (it being understood that, to the extent that insurance required hereunder is maintained solely by a tenant of Borrower or a 

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Subsidiary, then Borrower and/or such Subsidiary, as applicable, shall be named as a loss payee and additional insured under each such policy).
SECTION 5.06. Books and Records; Inspection Rights.  The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and account in accordance with GAAP.  The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties (subject to the rights of tenants thereon), to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. 
SECTION 5.07. Compliance with Laws.  The Borrower will, and will cause each of its Subsidiaries to, comply in all material respects with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.  The Borrower will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, and employees with Anti-Corruption Laws and applicable Sanctions.
SECTION 5.08. Use of Proceeds and Letters of Credit.  The proceeds of the Loans will be used only for, and Letters of Credit will be issued only to support general business purposes of the Borrower or its affiliates (including, but not limited to debt refinancing, property acquisitions, new construction, renovations, expansions, tenant improvement, refinancing of existing lines, financing acquisition of permitted investments, and closing costs and equity investments primarily associated with commercial real estate property acquisitions or refinancings).  No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the FRB, including Regulations T, U and X.  The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall assure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States, or (C)  in any manner that would result in the violation of any Sanctions applicable to any party hereto.
SECTION 5.09. Accuracy of Information.  The Borrower will ensure that any information (other than projected financial information and other information of a general economic or industry-specific nature), in each case furnished in writing by or on behalf of the Borrower to the Administrative Agent and if applicable, the Lenders in connection with this Agreement or any amendment or modification hereof or waiver hereunder (as modified or supplemented by other information so furnished) contains no material misstatement of fact or does not omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading, and the furnishing of such information shall be deemed to be a representation and warranty by the Borrower on the date thereof as to the matters specified in this Section 5.09, provided that (i) as to written information supplied by third parties, the Borrower represents only that it has no actual knowledge of any material misstatement or omission therein, and (ii) with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to have been reasonable at the time it was prepared (it being recognized by the Administrative Agent and the Lenders that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results and the differences may be material).  

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SECTION 5.10. REIT Status.  The Trust will at all times following its election as a real estate investment trust, continue to elect to be treated as a real estate investment trust and comply with all applicable provisions of the Code necessary to allow the Trust to qualify for status as a real estate investment trust.  
SECTION 5.11. Subsidiary Guaranties.  Subject to the provisions set forth below, the Borrower shall cause each of its Subsidiaries that owns a Property that is included as an Unencumbered Property and so designated by Borrower for purposes of determining Borrower’s compliance with the financial covenants contained in this Agreement to execute and deliver to the Administrative Agent the Subsidiary Guaranty as required under Article IV above.  For any Property added to the pool of Unencumbered Properties after the date hereof (unless owned by an Exchange Fee Titleholder), Borrower shall cause the Subsidiary owning such Unencumbered Property to execute and deliver to the Administrative Agent, on or prior to the date that such Property is included as an Unencumbered Property for purposes of determining Borrower’s compliance with the financial covenants contained in this Agreement, a joinder to the Subsidiary Guaranty, and upon request of the Administrative Agent, supporting organizational and authority documents and opinions similar to those provided with respect to the Borrower and the Guarantors under Section 4.01.  If Borrower designates a Property that is owned by an Exchange Fee Titleholder to be included as an Unencumbered Property, then the Subsidiary of Borrower that is master leasing such Property shall execute a joinder to the Subsidiary Guaranty and shall be a Subsidiary Guarantor during the period of time that the exchange is pending.  If Borrower designates a Property that is owned by an Exchange Property Owner to be included as an Unencumbered Property during the period of time that the Exchange Beneficial Interests are being marketed, then the Exchange Depositor shall execute a joinder to the Subsidiary Guaranty and shall be a Subsidiary Guarantor during the period of time (not to exceed 24 months) during which the sale of Exchange Beneficial Interests is pending, but only for so long as such Property remains an Unencumbered Property.  If Borrower designates a Property that is owned by an Exchange Property Owner to be included as an Unencumbered Property following the exercise of the FMV Option, then the Subsidiary Owner of the Exchange Beneficial Interests shall execute a joinder to the Subsidiary Guaranty and shall be a Subsidiary Guarantor, but only for so long as such Property remains an Unencumbered Property.  For Unencumbered Properties owned by an Exchange Fee Titleholder, upon completion or termination of the reverse exchange, if Borrower desires the applicable Property to remain an Unencumbered Property, Borrower, or a Subsidiary of Borrower shall acquire all of the ownership interests of the Exchange Fee Titleholder or title to such Unencumbered Property and at such time the entity that was previously the Exchange Fee Titleholder, but has become a Subsidiary of the Borrower, or if fee title is acquired, the Subsidiary acquiring fee title will execute a joinder to the Subsidiary Guaranty and become a Subsidiary Guarantor, and the entity that had previously been master leasing such Property shall be automatically released from the Subsidiary Guaranty.  
A Subsidiary shall be automatically released from its obligations under the Subsidiary Guaranty if (i) there is no Event of Default (or event which, upon expiration of an applicable cure period, will become an Event of Default), and (ii) Borrower delivers an updated Compliance Certificate to Administrative Agent demonstrating compliance (based on information as of the end of the prior quarter) with all financial covenants contained in Section 6.12(a), (b) and (c) of this Agreement without such Subsidiary being included as a Subsidiary Guarantor and without any Property owned by such Subsidiary (or Exchange Fee Titleholder if the Subsidiary Guarantor is the master lessee) being included as an Unencumbered Property in the calculation of Borrower’s compliance with any of the foregoing covenants pertaining to Unencumbered Properties, and representing and warranting that based on the information as of the end of the prior quarter, but without counting any Unencumbered Property owned by the Subsidiary Guarantor being released (or owned by the Exchange Fee Titleholder if the Subsidiary Guarantor being released is the master lessee) as an Unencumbered Property, Borrower will continue to comply with all of the financial covenants in this Agreement upon release of such Subsidiary Guarantor.  A Subsidiary that became a party to the Subsidiary Guaranty because it was master leasing a Property owned by an Exchange Fee Titleholder shall be released upon delivery of a joinder to the Subsidiary Guaranty by the Exchange Fee Titleholder 

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once it becomes a Subsidiary of the Borrower, or an election by Borrower to cause such Property to cease to be an Unencumbered Property in accordance with the terms of this Agreement.  A Subsidiary that became a party to the Subsidiary Guaranty because it was an Exchange Depositor shall be released in accordance with Section 6.12 upon the earlier of the end of the marketing period described therein or 24 months, at which point such Property shall cease to be an Unencumbered Property or an election by Borrower to cause such Property to cease to be an Unencumbered Property in accordance with the terms of this Agreement.  In addition, each Subsidiary Guarantor may be released at the request of the Borrower (and the Property owned by it may continue to be an Unencumbered Property) once the Borrower or the Trust receives Investment Grade Ratings from two of S&P, Moody’s or Fitch, provided that such Subsidiary Guarantor and each intervening entity between the Borrower and such Subsidiary Guarantor is also released from any other unsecured debt or guaranties of Indebtedness other than trade payables and other obligations incurred in the ordinary course of business, provided that the Property owned by it may no longer be considered an Unencumbered Property if such Subsidiary or any intervening entity between the Borrower and such Subsidiary subsequently incurs unsecured debt or enters into a guaranty of Indebtedness of another Person (unless such Subsidiary executes a new Subsidiary Guaranty).  In addition, at such time as the Borrower or the Trust receives Investment Grade Ratings from two of S&P, Moody’s or Fitch, the Subsidiary owning an Unencumbered Property shall not be required to be a Subsidiary Guarantor in order for such Property to qualify as an Unencumbered Property so long as none of the Subsidiary owning such Unencumbered Property or any intervening entity between the Borrower and such Subsidiary has any other outstanding unsecured debt (other than trade payables and other obligations incurred in the ordinary course of business) or guarantees of Indebtedness.  Subject to the foregoing, the Administrative Agent shall, from time to time, upon request from the Borrower, execute and deliver to the Borrower a written acknowledgement that a Subsidiary has been released from its obligations under the Subsidiary Guaranty and the Lenders and the Issuing Bank hereby authorize the Administrative Agent to deliver such acknowledgement.
SECTION 5.12.   Investor Guaranties.  The Administrative Agent and the Lenders have agreed to accept from time to time, upon the request of Borrower, one or more Investor Guaranties.  No Investor Guarantor shall be a Person with respect to whom Administrative Agent or any Lender is prohibited by applicable law from doing business, and Borrower shall deliver such information as Administrative Agent may reasonably request to verify the foregoing.  
SECTION 5.13. No Plan Assets.  The Borrower and each Guarantor will, for so long as this Agreement is outstanding, (i) use reasonable efforts to ensure that none of its assets constitute Plan Assets and (ii) not take any action, or omit to take any action, which would cause any of the transactions contemplated in this Agreement to be (x) a non-exempt prohibited transaction under Section 4975(c)(1)(A)-(D) of the Code or Section 406(a) or ERISA or (y) a violation of any applicable Similar Law that would, in the case of either clause (x) or (y), subject the Administrative Agent or any of the Lenders, on account of any Loan or execution of the Loan Documents hereunder, to any material tax or penalty or prohibited transactions imposed under Section 502(i) of ERISA or Section 4975 of the Code or any applicable Similar Law.   The Borrower will provide evidence that the foregoing requirements are satisfied from time to time as reasonably requested by the Administrative Agent in its sole discretion.
ARTICLE VINegative Covenants
Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees  payable hereunder have been paid in full and all Letters of Credit have expired or terminated, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:
SECTION 6.01. Indebtedness; Negative Pledges.  The Borrower will not permit (i) any Subsidiary Guarantor or, following release of the Subsidiary Guaranty, any Subsidiary owning an Unencumbered Property, to create, incur, assume or permit to exist any Indebtedness (excluding obligations under the Loan 

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Documents, current trade payables, unsecured Indebtedness in the ordinary course of business that is not for borrowed money and completion and similar bonds in the ordinary course of business), and (ii) negative pledge clauses or similar covenants or restrictions or agreements which would entitle an entity to the benefit of any lien upon the occurrence of any contingency (including, without limitation, pursuant to an “equal and ratable” clause) on any Unencumbered Property (other than Permitted Encumbrances provided that Permitted Encumbrances under clauses (h) and (l) of the definition thereof must be in favor of a Loan Party); provided, however, that (a) the foregoing restrictions in (i) and (ii) shall not apply to any term loan or private placement facility or bond offering (or any guaranty of any of the foregoing), in each case, that is unsecured and pari passu to the Loans (or the Guarantees, as applicable), and (b) clause (ii) shall not apply to (1) restrictions and conditions imposed by law or by this Agreement, (2) restrictions and conditions existing on the date hereof identified on Schedule 6.01 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (3) customary restrictions and conditions contained in agreements relating to the sale of an asset or a Subsidiary pending such sale, provided such restrictions and conditions apply only to the asset or Subsidiary that is to be sold and such sale is permitted hereunder, (4) customary provisions in leases, licenses and other contracts restricting the assignment thereof or (5) customary restrictions in connection with any Permitted Encumbrance or any document or instrument governing any Permitted Encumbrance (provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Encumbrance). 
SECTION 6.02. Liens.  The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any Unencumbered Property, whether now owned or hereafter acquired, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any Unencumbered Property, except for those Permitted Encumbrances permitted by the definition of Unencumbered Property.
SECTION 6.03. Fundamental Changes.  The Borrower will not, and will not permit any Subsidiary to, (i) whether pursuant to a Delaware LLC Division, Delaware LP Division or otherwise, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, (ii) sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all/any substantial part of its assets, or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), (iii) whether pursuant to a Delaware LLC Division, Delaware LP Division or otherwise, liquidate or dissolve, (iv) divide into two or more Persons, including becoming a Delaware Divided LLC or Delaware Divided LP (whether or not the original Person survives such division) or (v) create, or reorganize into, one or more series pursuant to a Delaware LLC Division or Delaware LP Division, or except that, so long as no Default exists or would result therefrom: 
(a)any Person may merge or consolidate with or into (i) the Borrower or the Trust, provided that the Borrower or the Trust, as applicable, shall be the continuing or surviving Person and there is no Change in Control, or (ii) any one or more other Subsidiaries, including newly formed Subsidiaries, provided that when any Subsidiary Guarantor is merging or consolidating with or into another Subsidiary that is not a Subsidiary Guarantor, the Subsidiary Guarantor shall be the continuing or surviving Person; 
(b)any Subsidiary may merge, dissolve or liquidate, or sell, transfer, lease or otherwise dispose of any, all or substantially all of its assets, and Borrower may sell, transfer or otherwise dispose of any or all of its direct and indirect Equity Interests in any Subsidiary, provided that if such Subsidiary owns a Property that had been included as an Unencumbered Property, Borrower shall have complied with the requirements of Section 2.23(b) for removal of such Unencumbered Property; 
(c)Borrower or Trust may enter into a merger in which such entity is the survivor, and there is no Change in Control and Borrower has complied with Section 6.09, to the extent applicable; 

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(d)Any Loan Party may sell, transfer, lease or otherwise dispose of any, all or substantially all of its assets (upon voluntary liquidation or otherwise) to any other Loan Party (or to any Person that becomes concurrently with such sale, transfer, lease or other disposition a Loan Party pursuant to Section 5.11); provided, any Loan Party that is a Wholly-Owned Subsidiary shall only be permitted to sell, transfer, lease or dispose of its assets to another Wholly-Owned Subsidiary pursuant to this clause (d); and
(e)Any Subsidiary that is not a Loan Party may merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, pursuant to a Delaware LLC Division or Delaware LP Division and may consummate any transaction described in clauses (iv) and (v) above. 

SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions.  Except as permitted in Section 6.03, the Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a Wholly-Owned Subsidiary prior to such merger) any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit, except for industrial properties (including Subsidiaries that own only industrial properties), Cash and Permitted Investments and except that investments shall be permitted in the following categories of assets provided that investments described in clauses (a) through (f) below shall not exceed an aggregate thirty percent (30%) (determined after giving effect to any deductions for any amounts which exceed the thresholds described in clauses (a) through (f) below) of Total Asset Value, and shall be subject to individual limits set forth below:
(a)Ownership of Land up to five percent (5%) of Total Asset Value;
(b)Investments in Unconsolidated Affiliates (including real estate funds or privately held companies) up to twenty-five percent (25%) of Total Asset Value;
(c)Ownership of non-industrial improved Properties up to ten percent (10%) of Total Asset Value;
(d)Debt Instruments (including mezzanine debt and mortgage notes) and investment in any REIT stocks or REIT preferred securities up to five percent (5%) of Total Asset Value; 
(e)Exchange Debt Investments up to twelve and one half percent (12.5%) of Total Asset Value; and
(f)Ownership of Assets Under Development (which for this purpose shall be the book value plus the budgeted cost to complete) up to ten percent (10%) of Total Asset Value.
In the event that any Investments exceed the maximum amounts set forth above (including the thirty percent (30%) limitation for the investments described in clauses (a) through (f) above), such excess Investments shall not constitute an Event of Default but shall be excluded (without duplication) from the calculation of the financial covenants in Section 6.11.  
SECTION 6.05. Swap Agreements.  The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual or expected exposure (other than those in respect of Equity Interests  of the Borrower or any of its Subsidiaries), or (b) Swap Agreements entered 

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into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary.  
SECTION 6.06. Restricted Payments.  Without the consent of the Required Lenders, the Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment at any time during which an Event of Default is continuing, except (i) to the extent necessary for the Trust or any Subsidiary of the Trust that is a real estate investment trust to maintain its status as a real estate investment trust, so long as no Event of Default under Section 7.01(h) or (i) has occurred and is continuing, and (ii) distributions by any Subsidiary directly or indirectly to the Borrower.
SECTION 6.07. Transactions with Affiliates.  The Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not materially less favorable to the Borrower or such Subsidiary taken as a whole than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Borrower and its Subsidiaries not involving any other Affiliate, (c)  any Restricted Payment permitted by Section 6.06, and (d) pursuant to each of the agreements listed on Schedule 6.07 attached hereto together with any amendment, modification, renewal, replacement or similar agreement entered into on terms which are not materially less favorable to the Borrower or the Trust (taken as a whole) than the Agreement set forth on Schedule 6.07.
SECTION 6.08. Changes to Advisory Agreement. Except to the extent otherwise permitted pursuant to Section 6.07(a) above, amend, supplement or otherwise modify in any material respect the Advisory Agreement on terms which are materially less favorable to the Trust than the terms prior to such amendment or supplement (considering all such amendments and supplements taken as a whole) without the prior written consent of the Required Lenders (which consent shall not be unreasonably withheld). Solely for purposes of Section 6.07(a)-(d), the Advisory Agreement shall be considered an agreement with an Affiliate.
SECTION 6.09. Transfers of Direct or Indirect Interests in Borrower.  In addition to the requirement that Borrower shall not permit transfers of direct or indirect interests in Borrower that result in a Change in Control, if the transfer will result in there being a direct or indirect owner of twenty-five percent (25%) or more in the Borrower (other than an entity that owns, directly or indirectly, twenty-five percent (25%) or more of the Borrower as of the date hereof) (a “Material Transfer”), Borrower shall give Administrative Agent prior notice of such Material Transfer and provide to Administrative Agent such information about the transferee as Administrative Agent or any Lender may reasonably request.  In addition, no Material Transfer of a direct or indirect interest in the Borrower shall be permitted if such transfer: (i) would result in the representation in Section 3.12 to not be true, (ii) would result in a violation of applicable U.S. Federal law or regulation for Lenders to have a loan outstanding to a borrower in which such proposed transferee owns a direct or indirect interest, or (iii) would in the good faith judgment of the Administrative Agent result in a reasonable likelihood of “reputational risk” for Administrative Agent as a result of doing business with such transferee.  In the event that the Borrower advises the Administrative Agent of a Material Transfer, if Administrative Agent believes that such Material Transfer would violate (ii) or (iii) above, Administrative Agent shall so advise Borrower within ten (10) Business Days (or, if requested by the Administrative Agent, such longer period of time as is required for Administrative Agent and Lenders to complete all diligence and compliance searches that are, in each case, required by law or regulations applicable to Administrative Agent or any such Lender (the “Additional Due Diligence Period”) after receipt of a notice of the proposed transfer, and the failure of Administrative Agent to do so within such ten (10) Business Day time period (or ten (10) Business Days following the end of such Additional Due Diligence Period) shall be deemed to be a determination by the Lenders that such proposed 

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Material Transfer does not violate clauses (ii) or (iii) above.  The Administrative Agent shall promptly notify the Borrower when the Additional Due Diligence Period ends.  
SECTION 6.10. Sanctions Laws and Regulations.  The Borrower shall not, and shall not permit any other Loan Party, any other Subsidiary or any of its of their respective directors, officers or employees or, to its actual knowledge, agents to, use any proceeds of the Loans or any Letter of Credit to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U or Regulation X of the FRB) or to extend credit to others for the purpose of purchasing or carrying any such margin stock.  The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, use any proceeds of the Loans or any Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any applicable Anti-Corruption Laws, (b) for the purpose of funding, financing or (to the knowledge of any Loan Party) facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country or (c) in any other manner that would result in the violation of any Sanctions applicable to any party hereto. 
SECTION 6.11. Financial Covenants.
The Borrower shall not:
(a)Consolidated Tangible Net Worth. Permit the Consolidated Tangible Net Worth of the Consolidated Group as of the last day of any fiscal quarter to be less than $1,771,190,309.69 plus seventy-five percent (75%) of the aggregate proceeds received by the Consolidated Group (net of reasonable related fees and expenses and net of any redemption of shares, units or other ownership interest in the Consolidated Group during such period) in connection with any offering of stock or other equity after December 31, 2021.
(b)Consolidated Fixed Charge Coverage Ratio.  Permit the Consolidated Fixed Charge Coverage Ratio to be less than 1.50:1.00 as of the last day of any fiscal quarter.  In all cases, the Consolidated Fixed Charge Coverage Ratio shall be determined based on information for the most recent quarter annualized.
(c)Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio to be more than sixty percent (60%) as of the last day of any fiscal quarter, which maximum percentage shall be increased to sixty-five percent (65%) for the four (4) consecutive calendar quarters starting with the date of the Material Acquisition.   
(d)Secured Indebtedness.  Permit Total Secured Indebtedness to Total Asset Value to exceed fifty percent (50%) as of the last day of any fiscal quarter.  
(e)Secured Recourse Indebtedness.  Permit Total Secured Recourse Indebtedness to exceed fifteen percent (15%) of Total Asset Value as of the last day of any fiscal quarter, excluding recourse associated with interest rate hedges.
(f)Minimum Total Asset Value.  Permit Total Asset Value at any time to be less than $500,000,000.
SECTION 6.12. Borrowing Base Covenants.
The Borrower shall:

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(a)Maximum Unencumbered Interest Coverage Ratio.  Not permit the Unencumbered Interest Coverage Ratio to be less than 2.00:1.00.
(b)Maximum Unencumbered Property Pool Leverage Ratio.  Not permit the Unencumbered Property Pool Leverage Ratio to be more than sixty-five percent (65%).  
(c)Unencumbered Property Pool Criteria.  Comply with the following requirements regarding Unencumbered Properties:
(i)There must be a minimum of $250,000,000 in Total Unencumbered Property Pool Value at all times;
(ii)There must be at least fifteen (15) Unencumbered Properties;
(iii)Each Unencumbered Property must be located in the continental United States and be either (x) directly or indirectly wholly owned by the Borrower or (y) at least ninety-five percent (95%) directly or indirectly owned by Borrower in the event such Unencumbered Property owner is a real estate investment trust (or owned directly or indirectly by a real estate investment trust); provided that, no more than ten percent (10%) of the Total Unencumbered Property Pool Value may be attributable to Unencumbered Property included pursuant to this clause (y), and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder;
(iv)No single Unencumbered Property shall account for more than twenty-five percent (25%) of Total Unencumbered Property Pool Value and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder;
(v)The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed (x) twenty-five percent (25%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Lenders for treatment as an investment grade tenant for the purpose of this provision) or (y) twenty percent (20%) for all other tenants, and any amount in excess of twenty-five percent (25%) or twenty percent (20%), respectively, shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.
(vi)(x) If Total Asset Value is less than $1,000,000,000, then no more than ten percent (10%) of Total Unencumbered Property Pool Value may be attributable to (A) Assets Under Development, (B) Unencumbered Property that is non-industrial improved property or incidental thereto and (C) Land, and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder, or (y) if Total Asset Value is more than or equal to $1,000,000,000, then no more than twenty-five percent (25%) of Total Unencumbered Property Pool Value may be attributable to (A) Assets Under Development, (B) Unencumbered Property that is non-industrial (or uses incidental thereto) improved property, and (C) Land, and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.

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(vii)No more than ten percent (10%) of Total Unencumbered Property Pool Value may be attributable to Unencumbered Properties that are ground leased under Financeable Ground Leases (as opposed to being owned in fee simple by the Borrower or a Subsidiary Guarantor), and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. 
(viii)The Total Unencumbered Property Pool Value attributable to Exchange Debt Investments shall not exceed twelve and one half percent (12.5%), and any amount in excess of twelve and one half percent (12.5%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.
(ix)The Total Unencumbered Property Pool Value attributable to Exchange Properties shall not exceed fifteen percent (15%), and any amount in excess of fifteen percent (15%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.
(x)Investments of the type described in clauses (vi) through (ix) above shall not exceed an aggregate of thirty percent (30%) of Total Unencumbered Property Pool Value (determined after giving effect to any deductions for amounts that exceed the thresholds described in clauses (vi) through (ix) above), and any amount in excess of such thirty percent (30%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.
(xi)No more than ten percent (10%) of Total Unencumbered Property Pool Value may be attributable to Unencumbered Properties that are leased pursuant to Tax Incentive Lease Agreements (as opposed to being owned in fee simple by the Borrower or a Subsidiary Guarantor), and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.
SECTION 6.13.   Exchange Property; Exchange Fee Titleholders.  For purposes of calculation of the applicable financial covenants set forth in Sections 6.11 and 6.12, the Borrower and its Subsidiaries shall be given credit for Exchange Properties and properties held by an Exchange Fee Titleholder pursuant to an exchange that qualifies, qualified or is intended to qualify as a reverse exchange under Section 1031 of the Code (including in the event any such property is subject to a mortgage in favor of, or for the benefit of, the Borrower or any of its Subsidiaries) as described herein. 
SECTION 6.14. Special Provisions regarding Permitted Tax Incentive Transactions. Notwithstanding any provision in this Agreement to the contrary, any Lien created in connection with a Permitted Tax Incentive Transaction solely to secure repayment of a bond, note or other obligation owned by Borrower or a Subsidiary (or any affiliate thereof) shall be deemed a Permitted Encumbrance. In furtherance of the foregoing, (i) nothing in the definition of Property shall preclude a Tax Incentive Property under a Permitted Tax Incentive Transaction from constituting Property; (ii) the definition of Subsidiary Owner shall include any Subsidiary that leases Tax Incentive Property pursuant to a Tax Incentive Lease Agreement under a Permitted Tax Incentive Transaction; (iii) the definition of Guarantee shall exclude Tax Incentive Guaranties so long as Borrower or a Subsidiary is the holder of the bond, note or other obligation that is guaranteed; (iv) no Tax Incentive Lease Agreement entered into in connection with a Permitted Tax Incentive Transaction shall constitute (or be deemed to constitute) Indebtedness or a Sale-Leaseback Master Lease; (v) the provisions of Section 5.11 with respect to any Subsidiary that owns any Unencumbered Property shall also apply to any Subsidiary that leases an Unencumbered Property that is a Tax Incentive 

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Property pursuant to a Tax Incentive Lease Agreement, such that such Subsidiaries shall become Subsidiary Guarantors pursuant to the terms of this Agreement; and (vi) the investment of any Subsidiary in bonds issued in connection with any Permitted Tax Incentive Transaction shall not constitute an Investment.
For the avoidance of doubt, (a) any applicable amounts pursuant to subsections (i) and (ii) of the definition of Net Operating Income related to a third-party lease affecting any Tax Incentive Property shall be included in the calculation of Net Operating Income for such Tax Incentive Property, but interest income of any Subsidiary from bonds issued in connection with any Permitted Tax Incentive Transaction and related rent expense under any Tax Incentive Lease Agreement with respect to the applicable Tax Incentive Property shall be disregarded for purposes of calculating Net Operating Income for such Tax Incentive Property; (b) interest payable by any Subsidiary under Tax Incentive Indebtedness in connection with any Permitted Tax Incentive Transaction (to the extent such Subsidiary is also the owner or holder of the bonds issued in connection with such Permitted Tax Incentive Transaction) shall be excluded from the calculation of Recurring Interest Expense; (c) the calculation of Total Asset Value shall include the Property Value, unrestricted cash and Cash Equivalents and any other amounts which would otherwise be included in the calculation of Total Asset Value with respect to any other Property, of any Tax Incentive Property, but the investment of any Subsidiary in bonds issued in connection with any Permitted Tax Incentive Transaction shall be excluded from any calculation of Total Asset Value; (d) the term Indebtedness shall not include any Tax Incentive Indebtedness (including pursuant to an Tax Incentive Guaranty) under any Permitted Tax Incentive Transaction; and (e) no Tax Incentive Indebtedness (including pursuant to a Tax Incentive Lease Agreement or a Tax Incentive Guaranty) shall constitute a “liability” for purposes of determining Consolidated Tangible Net Worth (but other liabilities that are current and payable to a party other than Borrower or a Subsidiary in connection with the Tax Incentive Property such as indemnification obligations shall constitute a “liability”).
ARTICLE VIIEvents of Default
SECTION 7.01. Events of Default.  If any of the following events (“Events of Default”) shall occur:
(a)the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
(b)the Borrower shall fail to pay any interest on any Loan or any fee and such failure shall continue unremedied for a period of five days or the Borrower shall fail to pay any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five days after receipt of written notice of such failure;
(c)any representation or warranty made or deemed made by or on behalf of the Borrower or any Loan Party in this Agreement or any other Loan Document or any amendment or modification thereof or waiver thereunder, or in any certificate or other material document delivered by or on behalf of Borrower pursuant to the requirements contained in this Agreement, any Loan Document, or any amendment or modification hereof or waiver hereunder, shall prove to have been materially incorrect when made or deemed made;
(d)the Borrower or any other Loan Party (to the extent that the covenant or agreement noted below expressly require performance by such Loan Party) shall fail to 

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observe or perform any covenant or agreement contained in Section 5.02, 5.03 (with respect to the Borrower’s existence), 5.08, 6.03, 6.04, 6.06, 6.10 or 6.11;
(e)the Borrower or any other Loan Party (to the extent such covenant, condition or restriction expressly requires performance by such Loan Party) shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than Sections 6.11 or 6.12, those specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and such failure shall continue unremedied for a period of thirty (30) days after notice thereof from the Administrative Agent to the Borrower; provided that such period shall be extended for up to an additional thirty (30) days so long as such breach is reasonably susceptible of cure within such additional period and the Borrower or such Loan Party, as applicable, diligently and in good faith continues to prosecute such cure to completion;
(f)the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 6.12 and Borrower shall not have, within sixty (60) days after notice thereof from the Administrative Agent to the Borrower, made or caused to be made a prepayment of the Loans in an amount such that, had such prepayment been made on the last day of the fiscal quarter in which such failure occurred, no such failure shall have occurred; provided that the Lenders shall have no obligation to make additional Loans during such sixty (60) day period unless or until such prepayment is made;
(g)any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to Indebtedness that becomes due as a result of a casualty or insurance recovery event or any voluntary sale or transfer of the property or assets;
(h)an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Loan Party or its debts, or of a substantial part of its assets, in each case under any  Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Loan Party or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for ninety (90) days or an order or decree approving or ordering any of the foregoing shall be entered;
(i)the Borrower or any Loan Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Loan Party or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, or (v) make a general assignment for the benefit of creditors;

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(j)the Borrower or any Loan Party shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;
(k)one or more judgments for the payment of money in an aggregate amount in excess of $25,000,000 shall be rendered against the Borrower, any Loan Party or any combination thereof (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage) and, in either case (A) the same shall remain undischarged for a period of sixty (60) consecutive days during which execution shall not be effectively stayed, or (B) enforcement proceedings shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Loan Party to enforce any such judgment but only if Borrower or any applicable party has not paid such judgment or otherwise set aside such judgment within thirty (30) days after the commencement of enforcement proceedings;
(l)an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, would reasonably be expected to result in a Material Adverse Effect; or 
(m)a Change in Control shall occur.
then, and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, with the consent of the Required Lenders, and shall, at the request of the Required Lenders by notice to the Borrower, take any of the following actions, at the same or different times:  (i) terminate the Commitments (including the Letter of Credit Commitments), and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, (iii) require cash collateral for the LC Exposure in accordance with Section 2.06(j) hereof, and (iv) exercise all other rights and remedies under this Agreement, the other Loan Documents and applicable law; and in case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding and cash collateral for the LC Exposure, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.
SECTION 7.02. Application of Funds.  After the exercise of remedies provided for in Section 7.01 (or after the Loans have automatically become immediately due and payable), any amounts received on account of the Obligations shall, subject to the provisions of Section 2.20, be applied by the Administrative Agent in the following order:
First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) then due and payable to the Administrative Agent in its capacity as such;
Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) then due and payable to the Lenders and Issuing Bank (including fees, charges and disbursements of counsel to the respective Lenders and the Issuing Bank (including fees and time charges for attorneys who may be employees of any Lender or the 

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Issuing Bank), ratably among them in proportion to the respective amounts described in this clause Second payable to them;
Third, to payment of that portion of the Obligations constituting unpaid Letter of Credit Fees and accrued and unpaid interest on the Loans, LC Disbursements and other Obligations then due and payable, ratably among the Lenders and the LC Issuer in proportion to the respective amounts described in this clause Third payable to them;
Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and LC Disbursements, ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by them; and
Last, the balance, if any, after all of the Obligations then due and payable have been paid in full, to the Borrower or as otherwise required by Law.
ARTICLE VIIIThe Administrative Agent
SECTION 8.01. Appointment and Authorization.
Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto.
The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.
The Administrative Agent shall not have any duties or obligations except those expressly set forth herein.  Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity.  The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct.  The Administrative Agent shall be deemed not to have knowledge of any Default (other than a payment Default) unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, or any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV 

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or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties.  The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.
SECTION 8.02. Successor Administrative Agent.
Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower.  Upon any such resignation, the Required Lenders shall have the right, with the reasonable consent of the Borrower (so long as no Event of Default has occurred and is continuing), to appoint a successor.  If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank.  Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder.  The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.
If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, with the reasonable consent of the Borrower so long as no Event of Default has occurred and is continuing, appoint a successor.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
SECTION 8.03. Lender Credit Decision, Etc.​

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Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities.  Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder.  Each Lender shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and informa­tion (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a lender or assign or otherwise transfer its rights, interests and obligations hereunder.
SECTION 8.04. Communications.
All communications from the Administrative Agent to Lenders requesting Lenders’ determination, consent or approval (i) shall be given in the form of a written notice to each Lender, (ii) shall be accompanied by a description of the matter as to which such determination, consent or approval is requested, (iii) shall include a legend substantially as follows, printed in capital letters or boldface type:
“THIS COMMUNICATION REQUIRES IMMEDIATE RESPONSE.  FAILURE TO RESPOND WITHIN TEN (10) BUSINESS DAYS AFTER THE DELIVERY OF THIS COMMUNICATION SHALL CONSTITUTE A DEEMED APPROVAL BY THE ADDRESSEE OF THE MATTER DESCRIBED ABOVE.”
and (iv) shall include Administrative Agent’s recommended course of action or determination in respect thereof.  Each Lender shall reply promptly to any such request, but in any event within ten (10) Business Days after the delivery of such request by Administrative Agent (the “Lender Reply Period”).  Unless a Lender shall give written notice to Administrative Agent that it objects to the recommendation or determination of Administrative Agent within the Lender Reply Period, such Lender shall be deemed to have approved of or consented to such recommendation or determination.  With respect to decisions requiring the approval of the Required Lenders or all Lenders, Administrative Agent shall timely submit any required written notices to all Lenders and upon receiving the required approval or consent shall follow the course of action or determination recommended by Administrative Agent or such other course of action recommended by the Required Lenders or all of the Lenders, as the case may be, and each non-responding Lender shall be deemed to have concurred with such recommended course of action.  Nothing in this provision shall restrict the Administrative Agent from requesting a reply to a request for an approval in less than ten (10) Business Days but the deemed approval provided in this provision shall not apply until the expiration of a ten Business Day period.
SECTION 8.05. Titled Agents.
Each of the Joint Lead Arrangers for the Revolving Credit Facility, the Joint Lead Arrangers for the Term Facility, the Joint Bookrunners, the Syndication Agent and the Documentation Agent (collectively, the “Titled Agents”) in their respective capacities, assume no responsibility or obligation hereunder, including, without limitation, for servicing, enforcement or collection of any of the Loans, nor any duties as an agent hereunder for the Lenders.  The titles given to the Titled Agents are solely honorific and imply no fiduciary responsibility on the part of the Titled Agents to the Administrative Agent, any Lender, the Issuing Bank, the Borrower or any other Loan Party and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender is entitled.

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SECTION 8.06. Erroneous Payments.
(a)Each Lender and each Issuing Bank hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall be conclusive absent manifest error) such Lender or Issuing Bank that the Administrative Agent has determined in its sole discretion that any funds received by such Lender or Issuing Bank from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Lender or Issuing Bank (whether or not known to such Lender or Issuing Bank) or (ii) it receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, (y) that was not preceded or accompanied by a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment or (z) that such Lender or Issuing Bank otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) then, in each case an error in payment has been made (any such amounts specified in clauses (i) or (ii) of this Section 8.06(a), whether received as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an “Erroneous Payment”) and the Lender or Issuing Bank, as the case may be, is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment and to the extent permitted by applicable law, such Lender or Issuing Bank shall not assert any right or claim to the Erroneous Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine.   
(b)Without limiting the immediately preceding clause (a), each Lender and each Issuing Bank agrees that, in the case of clause (a)(ii) above, it shall promptly (and, in all events, within one (1) Business Day of its knowledge (or deemed knowledge) of such error) notify the Administrative Agent in writing of such occurrence and, in the case of either clause (a)(i) or (a)(ii) above upon demand from the Administrative Agent, it shall promptly, but in all events no later than two (2) Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender or Issuing Bank to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.
(c)The Borrower hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Lender or Issuing Bank that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender or Issuing Bank with respect to such amount, (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the applicable Lender, Issuing Bank, or Administrative Agent, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received, except, in each case of the foregoing clauses (y) and (z), to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds 

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received by the Administrative Agent from the Borrower or any other Loan Party for the purpose of making such Erroneous Payment.
(d)Each party’s obligations under this Section 8.06 shall survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.
ARTICLE IXMiscellaneous
SECTION 9.01. Notices.  ​
(a)Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service or sent by electronic mail, as follows:
(i)if to the Borrower, to it at c/o Ares Management, 518 Seventeenth Street, Suite 1700, Denver, CO 80202, Attention: Scott Seager, Chief Financial Officer  (Telecopy No. (303) 869-4602, Email: sseager@aresmgmt.com), with a copy to:  c/o Ares Management, 518 Seventeenth Street, Suite 1700, Denver, CO 80202, Attention of General Counsel (Email: jwidoff@aresmgmt.com);
(ii)if to the Administrative Agent, to Wells Fargo, 600 S. 4th Street, 8th Floor, Minneapolis, MN 55415, Attention: Kirby D. Wilson (E-mail: kirby.d.wilson@wellsfargo.com), with copies to: Wells Fargo, 550 South Tryon Street, Charlotte, NC 28202, Attention:  Lindsey Denton Hucks (E-mail: lindsey.hucks@wellsfargo.com), and to Wells Fargo Bank, 10 South Wacker Drive, Chicago, IL 60606, Attention: Craig Koshkarian (Email: koshk@wellsfargo.com); 
(iii)if to the Issuing Bank, to Wells Fargo attention Lindsey Denton Hucks, 550 South Tryon Street, Charlotte, NC 28202 (E-mail: lindsey.hucks@wellsfargo.com), with a copy to Wells Fargo Bank, 10 South Wacker Drive, Chicago, IL 60606, Attention: Craig Koshkarian (Email: koshk@wellsfargo.com); or
(iv)if to any other Lender, to it at its address (or telecopy number or email address) set forth in its Administrative Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile or email shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).  Notices delivered through Electronic Systems (other than email), to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).
(b)Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished by using other Electronic Systems (in addition to email) pursuant to procedures approved by the Administrative Agent; provided that such other Electronic Systems shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to 

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it hereunder by other electronic communications (in addition to email) pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received as provided above, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received on the Business Day notice of and access to such posting is given to the intended recipient thereof in accordance with the standard procedures applicable to such Internet or intranet website; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.
(c)Any party hereto may change its address or telecopy number or email address for notices and other communications hereunder by notice to the other parties hereto.  All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.
(d)Electronic Systems.
(i)Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to the Issuing Bank and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.
(ii)Any Electronic System used by the Administrative Agent is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic System.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower or the other Loan Parties, any Lender, the Issuing Bank or any other Person or entity for damages of any kind, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of communications through an Electronic System, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender, the Issuing Bank or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).  “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic System.
SECTION 9.02. Waivers; Amendments.  ​

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(a)No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time.
(b)Subject to Section 2.14(c), Section 2.20(b) and Section 9.02(c), neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary (x) to amend Section 2.13(c) or to waive any obligation of the Borrower to pay interest or Letter of Credit fees at the rate specified in Section 2.13(c), or (y) except as set forth in clause (vii) below, to amend or waive any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or LC Disbursement or to reduce any fee payable hereunder, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change Section 2.18(b) or (c) or any other provision of this Agreement in a manner that would alter the pro rata sharing of payments required by Section 2.18(b) or (c), without the written consent of each Lender directly affected thereby, (v) change any of the provisions of this Section or the definition of “Required Lenders” , “Required Revolving Lenders”, “Required Term Lenders”, or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder without the written consent of each Lender directly affected thereby, (vi) release any Guaranty unless expressly provided for in Section 5.11, without the written consent of each Lender, or (vii)  change the definition of Consolidated Leverage Ratio (or any definition of a term used in such term) in a manner which directly results in a reduction of the Applicable Rate without the written consent of each Lender affected thereby; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Issuing Bank hereunder without the prior written consent of the Administrative Agent or the Issuing Bank,  no such agreement shall amend Section 2.20 without the consent of the Administrative Agent and the Issuing Bank as applicable, and no such amendment shall impose any greater restriction on the assignability of any Lender’s interest under the Revolving Credit Facility or Term Facility without the written consent of the Required Revolving Lenders (in the case of the Revolving Credit 

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Facility) and the written consent of the Required Term Lenders (in the case of the Term Facility).
(c)if the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement. 
SECTION 9.03. Expenses; Indemnity; Damage Waiver.  ​
(a)The Borrower shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of outside counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of (w) one (1) counsel for the Administrative Agent, (x) one (1) counsel for the other Lenders as a group, (y) if reasonably necessary, one (1) additional special counsel for Administrative Agent in each relevant specialty, and (z) in the case of an actual or perceived conflict of interest, one additional counsel (and, if applicable, one additional special counsel in each relevant specialty) to the Lenders so affected, taken as a whole, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during  any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.
(b)The Borrower shall indemnify the Administrative Agent, the Issuing Bank, each Titled Agent, each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of 

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whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s material obligations hereunder or under any other Loan Document, if the Borrower or such other Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.  This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.
(c)To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or the Issuing Bank under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or the Issuing Bank, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or the Issuing Bank in their capacity as such.
(d)To the extent permitted by applicable law, no party hereto shall assert, and each such party hereby waives, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this clause (d) shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.
(e)All amounts due under this Section shall be payable not later than ten (10) days after demand therefor.
SECTION 9.04. Successors and Assigns.  ​
(a)The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

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(b)(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:
(A)the Borrower, provided that, the Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; provided further that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing at the time of such assignment, any other assignee;
(B)the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of any Commitment or Loans to an assignee that is a Lender (other than a Defaulting Lender) with a Commitment or Loans immediately prior to giving effect to such assignment; and
(C)the Issuing Bank, provided that no consent of the Issuing Bank shall be required for an assignment of all or any portion of a Term Commitment or Term Loan.
 (ii) Assignments shall be subject to the following additional conditions: 
(A)except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;
(B)each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement;
(C)the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants), together with a processing and recordation fee of $4,500; 
(D)the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the Loan Parties and their related parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws; 
(E)Borrower’s failure to consent to an assignment shall be deemed reasonable if such assignment is to a competitor of Borrower and no Event of Default exists; 

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(F)each assignment by a Revolving Lender shall be of a proportionate amount of its Revolving Credit Exposure and undisbursed Revolving Commitment; and 
(G)after giving effect to such assignment, the amount of the Commitment held by such assigning Lender or the outstanding principal balance of the Loans of such assigning Lender, as applicable, would be less than $5,000,000 in the case of a Commitment or Revolving Loans or $1,000,000 in the case of a Term Loan, then such assigning Lender shall assign the entire amount of its Commitment and the Loans at the time owing to it.
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For the purposes of this Section 9.04(b), the term “Approved Fund” and “Ineligible Institution” have the following meanings:
“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) the Borrower or any of its Affiliates, or (d) a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof; provided that, such holding company, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of making or acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business.
(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.
(iv)  The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders shall treat each 

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Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(v)  Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants), the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(c)Any Lender may, without the consent of the Borrower, the Administrative Agent, or the Issuing Bank, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution (a “Participant”), in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (D) the Lender selling the participation shall provide Borrower the name of the participant and the amount of such participation upon request.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under 2.17(f) and (g) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender and the information and documentation required under 2.17(g) will be delivered to the Borrower and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with 

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the Borrower to effectuate the provisions of Section 2.19 with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and except that, upon request of Borrower, the Lender shall provide to Borrower the identity of such participant and the amount of its participation.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(d)Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
SECTION 9.05. Survival.  All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments  delivered in connection with or pursuant to this Agreement and the other Loan Documents shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default, Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof.
SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution.  
(a)This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject 

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matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  
(b)The words “execute,” “execution,” “signed,” “signature,” “delivery” and words of like import in or related to this Agreement, any other Loan Document or any document, amendment, approval, consent, waiver, modification, information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection with this Agreement or any other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic Signatures or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by the Administrative Agent, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.  Each party hereto agrees that any Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on itself and each of the other parties hereto to the same extent as a manual, original signature.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the parties of a manually signed paper which has been converted into electronic form (such as scanned into PDF format), or an electronically signed paper converted into another format, for transmission, delivery and/or retention.  Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided that  without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept such Electronic Signature from any party hereto, the Administrative Agent and the other parties hereto shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of the executing party without further verification and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by an original manually executed counterpart thereof.  Without limiting the generality of the foregoing, each party hereto hereby (A) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and any of the Loan Parties, electronic images of this Agreement or any other Loan Document (in each case, including with respect to any signature pages thereto)  shall have the same legal effect, validity and enforceability as any paper original, and (B) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto.
SECTION 9.07. Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

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SECTION 9.08. Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.  Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.
SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process.  ​
(a)This Agreement shall be construed in accordance with and governed by the law of the State of New York.
(b)The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan, and of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees 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 Agreement shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction.
(c)The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(d)Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
SECTION 9.10. WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A 

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TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 9.11. Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
SECTION 9.12. Confidentiality.  Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees, agents and consultants, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process (in which case the Administrative Agent, the Issuing Bank or such Lender, as applicable, shall, to the extent not inconsistent with applicable law, use reasonable efforts to promptly inform the Borrower thereof), (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or (other than any Ineligible Institution) any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) on a confidential basis to rating agencies if requested or required by such agencies in connection with a rating relating to the extensions of credit hereunder, (h) with the consent of the Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrower or any Loan Party that is not known to the Administrative Agent, Issuing Bank or such Lender, as applicable to be subject to a confidentiality agreement with the Borrower or any Loan Party.  In addition, the Administrative Agent, the Issuing Bank and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent, the Issuing Bank and the Lenders in connection with the administration and management of this Agreement and the other Loan Documents.  For the purposes of this Section, “Information” means all information received from the Borrower, any Loan Party or any Subsidiary relating to the Borrower, any Loan Party or any Subsidiary or its respective businesses (including without limitation the identities of their venture partners), other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

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SECTION 9.13. Material Non-Public Information.
(a)EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND  ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.  
(b)ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.  
SECTION 9.14. Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.
SECTION 9.15. Authorization to Distribute Certain Materials to Public-Siders.​
(a)The Borrower represents and warrants it will file this Agreement with the SEC within four Business Days following the execution of this Agreement and thereafter none of the information in the Loan Documents will constitute or contain material non-public information within the meaning of the federal and state securities laws.  Commencing four Business Days following the execution of this Agreement, to the extent that any of the executed Loan Documents constitutes at any time material non-public information within the meaning of the federal and state securities laws after the date hereof, the Borrower agrees that it will promptly make such information publicly available by press release or public filing with the SEC.
(b)If the Borrower does not file this Agreement with the SEC within four Business Days following the execution of this Agreement, then the Borrower hereby authorizes the Administrative Agent to distribute the execution version of this Agreement 

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and the Loan Documents to all Lenders, including their Public-Siders.  The Borrower acknowledges its understanding that, commencing four Business Days following the execution of this Agreement, Public-Siders and their firms may be trading in any of the Loan Parties’ respective securities while in possession of the Loan Documents.
SECTION 9.16. Certain ERISA Matters.  
(a)Each Lender represents as of the date such Person became a Lender party hereto, and covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:
(i)such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement, 
(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Facility Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Facility Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 
(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(b)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Facility Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

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SECTION 9.17. USA PATRIOT Act.  Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower and each other Loan Party, which information includes the name and address of the Borrower and each other Loan Party and other information that will allow such Lender to identify the Borrower and each other Loan Party in accordance with the Act.  Borrower shall cause each of the Loan Parties to provide the necessary information required by this Section 9.17.  
SECTION 9.18. Amendment and Restatement; No Novation.  This Agreement constitutes an amendment and restatement of the Existing Agreement effective from and after the Effective Date.  Upon satisfaction of the conditions precedent set forth in Section 4.01, this Agreement shall exclusively control and govern the mutual rights and obligations of the parties hereto with respect to the Existing Facilities, and the Existing Facilities shall be superseded by this Agreement in all respects, in each case, on a prospective basis only.  The execution and delivery of this Agreement shall not constitute a novation of any Loans or other Obligations owing to the Lenders or the Administrative Agent, as applicable, under the Existing Agreement based on facts or events occurring or existing prior to the execution and delivery of this Agreement.  On the Effective Date, the credit facilities described in the Existing Agreement shall be amended, supplemented, modified and restated in their entirety by the facilities described herein, and all loans, letters of credit and other obligations of the Borrower outstanding as of such date under the Existing Agreement, as amended, shall be deemed to be Loans, Letters of Credit and Obligations outstanding under the corresponding facilities described herein, without any further action by any Person, except that the Administrative Agent shall make such transfers of funds as are necessary in order that the outstanding balance of such Loans, together with any Loans funded on the Effective Date, reflect the respective Commitments and Loans of the Lenders hereunder.
SECTION 9.19. ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN OF AFFECTED FINANCIAL INSTITUTIONS.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:​
(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)the effects of any Bail-In Action on any such liability, including, if applicable:
(i)a reduction in full or in part or cancellation of any such liability;
(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.
SECTION 9.20.No Fiduciary Duty, etc.  ​

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(a)The Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm’s length contractual counterparty to the Borrower with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person.  The Borrower agrees that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby.  Additionally, the Borrower acknowledges and agrees that no Credit Party is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction.  The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto.  
(b)The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services.  In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the Borrower and other companies with which it may have commercial or other relationships.  With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.  
(c)In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which the Borrower or its Subsidiaries may have conflicting interests regarding the transactions described herein and otherwise.  No Credit Party will use confidential information obtained from the Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrower in connection with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other companies.  The Borrower also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrower, confidential information obtained from other companies.  
SECTION 9.21.Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

​
111

​

In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
[Remainder of Page Intentionally Left Blank]
​

​
112

​

​

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective authorized officers as of the day and year first above written.
AIREIT Operating Partnership LP, 
a Delaware limited partnership
​
By: Ares Industrial Real Estate Income Trust Inc., 
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer and Treasurer
​

[AIREIT Operating Partnership LP – Third Amended and Restated Credit Agreement]

​

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as Issuing Bank and as a Lender
​
​
By   /s/ CRAIG KOSHKARIAN​ ​​ ​​ ​
Name:Craig Koshkarian 
Title:Vice President
​
​
​

[AIREIT Operating Partnership LP – Third Amended and Restated Credit Agreement]

 ​

​

BANK OF AMERICA, N.A., as Issuing Bank and as a Lender
​
​
By  ​ ​/s/ KYLE PEARSON​ ​​ ​​ ​​ ​
Name: Kyle Pearson          
Title: Vice President
​
​

[AIREIT Operating Partnership LP – Third Amended and Restated Credit Agreement]

 ​

​

Capital One, N.A., as a Lender
​
​
By  /s/ MELISSA DEVITO​ ​​ ​​ ​
Name: Melissa DeVito              
Title: Authorized Signer
​
​
​
​
​

​

​

TRUIST BANK, as a Lender
​
​
By  /s/ CHRISTOPHER DANIELS​ ​​ ​
Name: Christopher Daniels              
Title: Director
​
​

​

​

SIGNATURE PAGE TO THIRD AMENDED AND REITERATED CREDIT AGREEMENT, AMONG AIREIT OPERATING PARTNERSHIP LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
​
U.S. Bank National Association, as a Lender
​
​
By  /s/ TRAVIS MYERS​ ​​ ​
Name: Travis Myers              
Title: Vice President
​
​

​

​

SIGNATURE PAGE TO THIRD AMENDED AND REITERATED CREDIT AGREEMENT, AMONG AIREIT OPERATING PARTNERSHIP LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
​
PNC BANK, NATIONAL ASSOCIATION, as a Lender
​
​
By  /s/ JAMES A. HARMANN​ ​​ ​
Name: James A. Harmann              
Title: Senior Vice President
​

​

​

SIGNATURE PAGE TO THIRD AMENDED AND REITERATED CREDIT AGREEMENT, AMONG AIREIT OPERATING PARTNERSHIP LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
​
REGIONS BANK, as a Lender
​
​
By  /s/ GHI S. GAVIN​ ​​ ​
Name: Ghi S. Gavin              
Title: Senior Vice President
​

​

​

SIGNATURE PAGE TO THIRD AMENDED AND REITERATED CREDIT AGREEMENT, AMONG AIREIT OPERATING PARTNERSHIP LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
​
JPMORGAN CHASE BANK, N.A., as a Lender
​
​
By  /s/ RYAN DEMPSEY​ ​​ ​
Name: Ryan Dempsey              
Title: Authorized Officer
​

​

​

SIGNATURE PAGE TO THIRD AMENDED AND REITERATED CREDIT AGREEMENT, AMONG AIREIT OPERATING PARTNERSHIP LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
​
GOLDMAN SACHS BANK USA, as a Lender
​
​
By  /s/ JONATHAN DWORKIN​ ​​ ​
Name: Jonathan Dworkin              
Title: Authorized Signatory
​

​

​

THE HUNTINGTON NATIONAL BANK, as a Lender
​
​
By  /s/ ERIN L. MAHON​ ​​ ​
Name: Erin L. Mahon              
Title: Assistant Vice President
​

​

​

SIGNATURE PAGE TO THIRD AMENDED AND REITERATED CREDIT AGREEMENT, AMONG AIREIT OPERATING PARTNERSHIP LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
​
Citibank, N.A., as a Lender
​
​
By  /s/ TINA LIN​ ​​ ​​ ​
Name: Tina Lin              
Title: Authorized Signatory
​

​

​

SIGNATURE PAGE TO THIRD AMENDED AND REITERATED CREDIT AGREEMENT, AMONG AIREIT OPERATING PARTNERSHIP LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
​
Pinnacle Bank, a Tennessee Bank, as a Lender
​
​
By  /s/ J. PATRICK DAUGHERTY​ ​
Name: J. Patrick Daugherty              
Title: Senior Vice President
​

​

​

SIGNATURE PAGE TO THIRD AMENDED AND REITERATED CREDIT AGREEMENT, AMONG AIREIT OPERATING PARTNERSHIP LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
​
Zions Bancorporation, N.A., dba Vectra Bank Colorado, as a Lender
​
​
By  /s/ H. SHAW THOMAS​ ​​ ​​ ​
Name: H. Shaw Thomas              
Title: Senior Vice President
​

​

​

SIGNATURE PAGE TO THIRD AMENDED AND REITERATED CREDIT AGREEMENT, AMONG AIREIT OPERATING PARTNERSHIP LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
​
ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender
​
​
By  /s/ MITCHELL VEGA​ ​​ ​
Name: Mitchell Vega              
Title: Senior Vice President
​

​

​

SIGNATURE PAGE TO THIRD AMENDED AND REITERATED CREDIT AGREEMENT, AMONG AIREIT OPERATING PARTNERSHIP LP, EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
​
EASTERN BANK, as a Lender
​
​
By  /s/ JARED H. WARD​ ​​ ​
Name: Jared H. Ward              
Title: Senior Vice President
​

​

​

CONSENT, REAFFIRMATION AND AGREEMENT OF TRUST GUARANTOR
​
The undersigned (the “Trust Guarantor”) (a) acknowledges receipt of the foregoing Third Amended and Restated Credit Agreement (the “Agreement”), (b) consents to the execution and delivery of the Agreement, and (c) reaffirms all of its obligations and covenants under that certain Trust Guaranty, dated as of September 18, 2017 (as amended, restated, modified, supplemented, reaffirmed or otherwise replaced from time to time, the “Trust Guaranty”), as increased by the Agreement, and agrees that none of its obligations and covenants under the Trust Guaranty shall be reduced, impaired or limited by the execution and delivery of the Agreement. 
​
The Trust Guarantor hereby represents and warrants to Administrative Agent and Lenders that: (a) the Trust Guarantor has duly executed, delivered and authorized this Consent, Reaffirmation, and Agreement of Guarantor (this “Consent”); (b) the Trust Guarantor has obtained all necessary consents, if any, required in connection with the execution, delivery and performance of this Consent and the transactions contemplated hereby; (c) the execution, delivery and performance of this Consent and the transactions contemplated hereby do not violate the Trust Guarantor’s organizational documents, if any, or any contract to which is a party, and (d) no Default or event, omission or failure of condition which would constitute a Default after notice or passage of time, or both exists under the Trust Guaranty and that all representations and warranties in the Trust Guaranty remain true and correct in all material respects (except to the extent qualified by materiality, material adverse effect or words or phrases of similar import, in which case such representations and warranties shall be true and correct in all respects) and are deemed remade as of the date hereof (except with respect to representations and warranties made as of an expressed date, in which case such representations and warranties shall be true and correct as of such date).  Further, the Trust Guarantor acknowledges and agrees that each reference in the Trust Guaranty to the “Credit Agreement” shall hereafter mean and refer to the Agreement, as the same may be amended, restated, modified or supplemented from time to time.
​
This Consent may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument.  This Consent may be executed by each party on separate copies, which copies, when combined so as to include the signatures of all parties, shall constitute a single counterpart of the Consent.  Any party delivering an executed counterpart of this Consent by electronic transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability, or binding effect of this Consent.
​
This Consent shall be governed by and construed and interpreted in accordance with the internal laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York (other than Sections 5-1401 and 5-1402 of the General Obligations Law of New York).
​
Dated as of March 31, 2022.
​
[CONTINUED ON FOLLOWING PAGE.]
​

​

​

​
IN WITNESS WHEREOF, Trust Guarantor has caused this Consent to be duly executed and delivered by its authorized officer as of the day and year first above written.
​
TRUST GUARANTOR:
​
​
Ares Industrial Real Estate Income Trust Inc., 
a Maryland corporation
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
	Title:
	Principal, Chief Financial Officer and Treasurer

​

​

​

CONSENT, REAFFIRMATION AND AGREEMENT OF SUBSIDIARY GUARANTORS
Each of the undersigned (collectively, the “Subsidiary Guarantors”) (a) acknowledges receipt of the foregoing Third Amended and Restated Credit Agreement (the “Agreement”), (b) consents to the execution and delivery of the Agreement, and (c) reaffirms all of its obligations and covenants under that certain Subsidiary Guaranty, dated as of February 28, 2018 (as amended, restated, modified, supplemented, reaffirmed or otherwise replaced from time to time, the “Subsidiary Guaranty”), as increased by the Agreement, and agrees that none of its obligations and covenants under the Subsidiary Guaranty shall be reduced or limited by the execution and delivery of the Agreement. 
Each of the Subsidiary Guarantors hereby represents and warrants to Administrative Agent that: (a) it has duly executed, delivered and authorized this Consent, Reaffirmation, and Agreement of Subsidiary Guarantors (this “Consent”); (b) it has obtained all necessary consents, if any, required in connection with the execution, delivery and performance of this Consent and the transactions contemplated hereby; (c) the execution, delivery and performance of this Consent and the transactions contemplated hereby do not violate such Subsidiary Guarantor’s organizational documents, if any, or any contract to which is a party, and (d) no Default or event, omission or failure of condition which would constitute a Default after notice or passage of time, or both exists under the Subsidiary Guaranty and that all representations and warranties in the Subsidiary Guaranty remain true and correct in all material respects (except to the extent qualified by materiality, material adverse effect or words or phrases of similar import, in which case such representations and warranties shall be true and correct in all respects) and are deemed remade as of the date hereof (except with respect to representations and warranties made as of an expressed date, in which case such representations and warranties shall be true and correct as of such date).  Further, the Subsidiary Guarantors acknowledge and agree that each reference in the Subsidiary Guaranty to the “Credit Agreement” shall hereafter mean and refer to the Agreement, as the same may be amended, restated, modified or supplemented from time to time.
This Consent may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument.  This Consent may be executed by each party on separate copies, which copies, when combined so as to include the signatures of all parties, shall constitute a single counterpart of the Consent.  Any party delivering an executed counterpart of this Consent by electronic transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability, or binding effect of this Consent.
​
This Consent shall be governed by and construed and interpreted in accordance with the internal laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York (other than Sections 5-1401 and 5-1402 of the General Obligations Law of New York).
Dated as of March 31, 2022.
​
[CONTINUED ON FOLLOWING PAGE.]

​
 ​
​

​

IN WITNESS WHEREOF, the parties hereto have caused this Consent to be duly executed and delivered by their respective authorized officers as of the day and year first above written.
SUBSIDIARY GUARANTORS:
​
BCI IV Medley IC LLC
BCI IV Midway IC LLC
BCI IV Iron Run DC LLC
BCI IV 7A DC LLC
BCI IV Addison DC II LLC
BCI IV Quakerbridge DC LLC
BCI IV Hebron Airpark Logistics Center LLC
BCI IV Avenue B Industrial Center LLC
BCI IV King of Prussia Industrial Center LLC
BCI IV Edison DC LLC
BCI IV Bishops Gate DC LLC
BCI IV Norcross Industrial Center LLC
BCI IV 7A DC II LLC
BCI IV Carlstadt IC LLC
BCI IV Lima DC LLC
BCI IV EaglePoint LC LLC
BCI IV Airpark International Logistics Center LLC
BCI IV Pennsy Logistics Center LLC
BCI IV Richmond Logistics Center LLC
BCI IV Silicon Valley IC LLC
BCI IV Madison DC LLC
BCI IV 355 Logistics Center LLC
BCI IV California Business Center LLC
BCI IV Commerce Farms Logistics Center LLC
BCI IV Air Commerce Center LLC
BCI IV Aurora Corporate Center LLC
BCI IV I-24 IC LLC
BCI IV Hebron LC LLC
BCI IV Walker Mill IC LLC
BCI IV Greater Boston IC I LLC
BCI IV Greater Boston IC II LLC
BCI IV Westlake LC LLC
BCI IV Southpark CC I LLC
BCI IV Southpark CC II LLC
BCI IV Windward Ridge BC LLC
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership,
the sole member of each of the foregoing entities
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​​ ​
Name:Scott Seager
	Title:
	Principal, Chief Financial Officer & Treasurer

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Palm Beach CC LLC
BCI IV Pompano IC LLC
BCI IV Lanham DC LLC
BCI IV Park 100 DC LLC
BCI IV Trade Zone IC LLC
BCI IV Totowa CC LLC
BCI IV Demarest DC LLC
BCI IV Chicago IC LLC
BCI IV Upland DC LLC
BCI IV Salt Lake City DC LLC
BCI IV Salt Lake City DC II LLC
BCI IV Kent IP LLC
BCI IV Renton DC LLC
BCI IV West Valley DC II LLC
BCI IV Auburn 167 IC LLC
BCI IV Tacoma CC LLC
​
By:AIREIT Portfolio Real Estate Holdco LLC,
a Delaware limited liability company,
the sole member of each of the foregoing entities
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Airport IC LP,
a Delaware limited partnership
​
By:BCI IV Airport IC GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
BCI IV Kelly Trade Center LP,
a Delaware limited partnership
​
By:BCI IV Kelly Trade Center GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Monte Vista IC LP, 
a Delaware limited partnership
​
By:BCI IV Monte Vista IC GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
BCI IV Executive Airport DC II LLC,
a Delaware limited liability company
​
By:BCI IV BR LLC,
a Delaware limited liability company, its sole member
​
By:BCI IV Executive Airport DC II Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Marigold DC LP,
a Delaware limited partnership
​
By:BCI IV Marigold DC GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
BCI IV Intermodal Logistics Center LP,
a Delaware limited partnership
​
By:BCI IV Intermodal Logistics Center GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Miraloma IC LP,
a Delaware limited partnership
​
By:BCI IV Miraloma IC GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By:  /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
BCI IV Nelson Industrial Center LP,
a Delaware limited partnership
​
By:BCI IV Nelson Industrial Center GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Rancho Cucamonga BC LP,
a Delaware limited partnership
​
By:BCI IV Rancho Cucamonga BC GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
BCI IV Brodhead DC LLC,
a Delaware limited liability company
​
By:BCI IV Brodhead DC Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV LaPorte DC LP,
a Delaware limited partnership
​
By:BCI IV LaPorte DC GP LLC,
a Delaware limited liability company, its general partner
​
By:BTC I REIT B LLC,
a Delaware limited liability company, its sole member
​
By:IPT BTC I GP LLC,
a Delaware limited liability company, its manager
​
By:IPT Real Estate Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Portfolio Real Estate Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
BCI IV Iron Run DC II LLC,
a Delaware limited liability company
​
By:BCI IV Iron Run DC II Holdco LLC,
a Delaware limited liability company, its managing member
​
By:AIREIT Portfolio Real Estate Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Mechanicsburg DC LLC,
a Delaware limited liability company
​
By:BCI IV Mechanicsburg DC Holdco LLC,
a Delaware limited liability company, its managing member
​
By:AIREIT Portfolio Real Estate Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
BCI IV Drew Court CC LLC,
a Delaware limited liability company
​
By:BCI IV Drew Court CC Holdco LLC,
a Delaware limited liability company, its managing member
​
By:AIREIT Portfolio Real Estate Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Stockton DC II LP,
a Delaware limited partnership
​
By:BCI IV Stockton DC II GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Portfolio Real Estate Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
BCI IV Stockton Industrial Center LP,
a Delaware limited partnership
​
By:BCI IV Stockton Industrial Center GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Portfolio Real Estate Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Tracy DC LP,
a Delaware limited partnership
​
By:BCI IV Tracy DC GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Portfolio Real Estate Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
BCI IV Tracy DC II LP,
a Delaware limited partnership
​
By:BCI IV Tracy DC II GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Portfolio Real Estate Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Etiwanda IC LP,
a Delaware limited partnership
​
By:BCI IV Etiwanda IC GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Portfolio Real Estate Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
BCI IV Valencia IC LP,
a Delaware limited partnership
​
By:BCI IV Valencia IC GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Portfolio Real Estate Holdco LLC,
a Delaware limited liability company, its sole member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Stonewood Logistics Center LLC,
a Delaware limited liability company
​
By:BCI IV Stonewood LC Holdco LLC,
a Delaware limited liability company, its sole and managing member
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
BCI IV Colony Crossing LP,
a Delaware limited partnership
​
By:BCI IV Colony Crossing GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​

​

​

SUBSIDIARY GUARANTORS CONT.:
​
BCI IV Monument BP LP,
a Delaware limited partnership
​
By:BCI IV Monument BP GP LLC,
a Delaware limited liability company, its general partner
​
By:AIREIT Operating Partnership LP,
a Delaware limited partnership, its sole member
​
By:Ares Industrial Real Estate Income Trust Inc.,
a Maryland corporation, its general partner
​
​
By: /s/ SCOTT SEAGER​ ​​ ​​ ​
Name:Scott Seager
Title:Principal, Chief Financial Officer & Treasurer
​
​
​
​
​

​

​

SCHEDULE 1.01(g)
EXISTING LIENS
NONE
​

​

​

SCHEDULE 2.01A
COMMITMENTS
​
	Name
	Revolving Commitment and Percentage
	Initial Term Loan Commitment and Percentage

	Wells Fargo Bank, National Association
	$110,000,000.00
	11.000000000%
	 $55,250,000.00 
	10.0454545455%

	Bank of America, N.A
	$110,000,000.00
	11.0000000000%
	 $55,250,000.00 
	10.0454545455%

	Capital One, N.A.
	$97,000,000.00
	9.7000000000%
	 $53,000,000.00 
	9.636363636%

	Truist Bank
	$97,000,000.00
	9.7000000000%
	 $53,000,000.00 
	9.636363636%

	U.S. Bank National Association
	$97,000,000.00
	9.7000000000%
	 $53,000,000.00 
	9.636363636%

	PNC Bank, National Association
	$80,000,000.00
	8.0000000000%
	 $45,000,000.00 
	8.181818181%

	Regions Bank
	$80,000,000.00
	8.0000000000%
	 $45,000,000.00 
	8.181818181%

	JPMorgan Chase Bank, N.A.
	$80,000,000.00
	8.0000000000%
	 $45,000,000.00 
	8.181818181%

	Goldman Sachs
	$65,000,000.00
	6.5000000000%
	 $35,000,000.00 
	6.363636363%

	The Huntington National Bank
	$65,000,000.00
	6.5000000000%
	 $35,000,000.00 
	6.363636363%

	CitiBank, N.A.
	$49,000,000.00
	4.9000000000%
	 $26,000,000.00 
	4.727272727%

	Pinnacle Bank 
	$25,000,000.00
	2.5000000000%
	 $15,000,000.00 
	2.727272727%

	Zions Bancorporation, N.A. dba Vectra Bank Colorado
	$20,000,000.00
	2.0000000000%
	 $15,000,000.00 
	2.727272727%

	Associated Bank, National Association
	$18,000,000.00
	1.8000000000%
	 $14,000,000.00 
	2.545454545%

	Eastern Bank
	$7,000,000.00
	0.7000000000%
	 $5,500,000.00 
	1.000000000%

	Total
	$1,000,000,000.00
	100.000000000%
	$550,000,000.00
	100.000000000%

​
​

​
 ​
​

​

SCHEDULE 2.01B
​
LETTER OF CREDIT COMMITMENTS
​
	Name
	Letter of Credit Commitment
	Percentage
	​

	Wells Fargo Bank, National Association
	$12,500,000.00
	50.000000000%
	​

	Bank of America, N.A.
	$12,500,000.00
	50.000000000%
	​

	Total
	$25,000,000.00
	100.000000000%
	​

​
​

​

​

​
SCHEDULE 2.06
EXISTING LETTERS OF CREDIT
​
	#
	LC Number
	Amount
	Issue Date
	Maturity Date

	
1.

	IS000077853U
	$30,000.00
	March 26, 2019
	March 26, 2020

​
​

​

​

SCHEDULE 3.06
DISCLOSED MATTERS
NONE 

 ​

​

SCHEDULE 3.13
UNENCUMBERED PROPERTIES 
	#
	Asset Name
	Entity Name
	Date Acquired / Completed
	Date Added As Unencumbered Property

	
1

	Medley IC
	BCI IV Medley IC LLC
	4/11/2018
	4/11/2018

	
2

	Midway IC
	BCI IV Midway IC LLC
	10/22/2018
	10/22/2018

	
3

	Iron Run DC
	BCI IV Iron Run DC LLC
	12/4/2018
	12/4/2018

	
4

	7A DC
	BCI IV 7A DC LLC
	2/11/2019
	2/11/2019

	
5

	Airport IC
	BCI IV Airport IC LP
	1/8/2019
	1/8/2019

	
6

	Addison DC II
	BCI IV Addison DC II LLC
	12/21/2018
	12/27/2018

	
7

	Kelly Trade Center
	BCI IV Kelly Trade Center LP
	1/31/2019
	1/31/2019

	
8

	Quakerbridge DC
	BCI IV Quakerbridge DC LLC
	3/11/2019
	3/11/2019

	
9

	Hebron Airpark Logistics Center
	BCI IV Hebron Airpark Logistics Center LLC
	5/30/2019
	5/30/2019

	
10

	Monte Vista IC
	BCI IV Monte Vista IC LP
	6/7/2019
	6/7/2019

	
11

	Avenue B Industrial Center
	BCI IV Avenue B Industrial Center LLC
	9/11/2019
	9/16/2019

	
12

	King of Prussia IC I
	BCI IV King of Prussia Industrial Center LLC
	6/21/2019
	6/21/2019

	
13

	King of Prussia IC II
	BCI IV King of Prussia Industrial Center LLC
	6/21/2019
	6/21/2019

	
14

	King of Prussia IC III
	BCI IV King of Prussia Industrial Center LLC
	6/21/2019
	6/21/2019

	
15

	King of Prussia IC IV
	BCI IV King of Prussia Industrial Center LLC
	6/21/2019
	6/21/2019

	
16

	King of Prussia IC V
	BCI IV King of Prussia Industrial Center LLC
	6/21/2019
	6/21/2019

	
17

	Edison DC
	BCI IV Edison DC LLC
	6/28/2019
	6/28/2019

	
18

	Executive Airport DC II
	BCI IV Executive Airport DC II LLC
	9/3/2020
	8/17/2021

	
19

	Bishops Gate DC
	BCI IV Bishops Gate DC LLC
	12/31/2019
	12/10/2019

	
20

	Marigold DC
	BCI IV Marigold DC LP
	12/20/2019
	12/31/2019

	
21

	Norcross Industrial Center
	BCI IV Norcross Industrial Center LLC
	3/23/2020
	8/17/2021

	
22

	7A DC II
	BCI IV 7A DC II LLC
	5/27/2020
	6/1/2020

	
23

	Carlstadt IC I
	BCI IV Carlstadt IC LLC
	11/10/2020
	11/11/2020

 ​

​

	#
	Asset Name
	Entity Name
	Date Acquired / Completed
	Date Added As Unencumbered Property

	
24

	Carlstadt IC II
	BCI IV Carlstadt IC LLC
	11/10/2020
	11/11/2020

	
25

	Lima DC
	BCI IV Lima DC LLC
	4/15/2020
	4/21/2020

	
26

	Eaglepoint Logistics Center
	BCI IV Eaglepoint LC LLC
	5/26/2020
	6/1/2020

	
27

	Intermodal Logistics Center
	BCI IV Intermodal Logistics Center LP
	6/29/2020
	6/30/2020

	
28

	Airpark International Logistics Center I
	BCI IV Airpark International Logistics Center LLC
	10/9/2020
	10/15/2020

	
29

	Airpark International Logistics Center II
	BCI IV Airpark International Logistics Center LLC
	10/9/2020
	10/16/2020

	
30

	Miraloma IC
	BCI IV Miraloma IC LP
	12/10/2020
	3/5/2021

	
31

	Nelson Industrial Center
	BCI IV Nelson Industrial Center LP
	12/7/2020
	3/5/2021

	
32

	Pennsy Logistics Center I
	BCI IV Pennsy Logistics Center LLC
	12/18/2020
	3/5/2021

	
33

	Pennsy Logistics Center II
	BCI IV Pennsy Logistics Center LLC
	12/18/2020
	3/5/2021

	
34

	Rancho Cucamonga BC
	BCI IV Rancho Cucamonga BC LP
	5/28/2021
	6/3/2021

	
35

	Richmond Logistics Center
	BCI IV Richmond Logistics Center LLC
	6/15/2021
	6/29/2021

	
36

	Silicon Valley IC
	BCI IV Silicon Valley IC LLC
	6/15/2021
	6/29/2021

	
37

	Brodhead DC
	BCI IV Brodhead DC LLC
	6/15/2021
	6/29/2021

	
38

	LaPorte DC
	BCI IV LaPorte DC LP
	6/15/2021
	6/29/2021

	
39

	Palm Beach CC
	BCI IV Palm Beach CC LLC
	7/14/2021
	7/14/2021

	
40

	Pompano IC I
	BCI IV Pompano IC LLC
	7/14/2021
	7/14/2021

	
41

	Pompano IC II
	BCI IV Pompano IC LLC
	7/14/2021
	7/14/2021

	
42

	Lanham DC
	BCI IV Lanham DC LLC
	7/14/2021
	7/14/2021

	
43

	Park 100 DC
	BCI IV Park 100 DC LLC
	7/14/2021
	7/14/2021

	
44

	Trade Zone IC
	BCI IV Trade Zone IC LLC
	7/14/2021
	7/14/2021

	
45

	Totowa CC
	BCI IV Totowa CC LLC
	7/14/2021
	7/14/2021

	
46

	Demarest DC
	BCI IV Demarest DC LLC
	7/14/2021
	7/14/2021

	
47

	Iron Run DC II
	BCI IV Iron Run DC II LLC
	7/14/2021
	7/14/2021

	
48

	Mechanicsburg DC
	BCI IV Mechanicsburg DC LLC
	7/14/2021
	7/14/2021

 ​

​

	#
	Asset Name
	Entity Name
	Date Acquired / Completed
	Date Added As Unencumbered Property

	
49

	Drew Court CC I
	BCI IV Drew Court CC LLC
	7/14/2021
	7/14/2021

	
50

	Drew Court CC II
	BCI IV Drew Court CC LLC
	7/14/2021
	7/14/2021

	
51

	Chicago IC
	BCI IV Chicago IC LLC
	7/14/2021
	7/14/2021

	
52

	Upland DC
	BCI IV Upland DC LLC
	7/14/2021
	7/14/2021

	
53

	Stockton DC II
	BCI IV Stockton DC II LP
	7/14/2021
	7/14/2021

	
54

	Stockton IC Bldg 1
	BCI IV Stockton Industrial Center LP
	7/14/2021
	7/14/2021

	
55

	Stockton IC Bldg 2
	BCI IV Stockton Industrial Center LP
	7/14/2021
	7/14/2021

	
56

	Tracy DC I
	BCI IV Tracy DC LP
	7/14/2021
	7/14/2021

	
57

	Tracy DC II
	BCI IV Tracy DC II LP
	7/14/2021
	7/14/2021

	
58

	Etiwanda IC Bldg A
	BCI IV Etiwanda IC LP
	7/14/2021
	7/14/2021

	
59

	Etiwanda IC Bldg B
	BCI IV Etiwanda IC LP
	7/14/2021
	7/14/2021

	
60

	Etiwanda IC Bldg C
	BCI IV Etiwanda IC LP
	7/14/2021
	7/14/2021

	
61

	Valencia IC
	BCI IV Valencia IC LP
	7/14/2021
	7/14/2021

	
62

	Salt Lake City DC
	BCI IV Salt Lake City DC LLC
	7/14/2021
	7/14/2021

	
63

	Salt Lake City DC II
	BCI IV Salt Lake City DC II LLC
	7/14/2021
	7/14/2021

	
64

	Kent IP Bldg 3
	BCI IV Kent IP LLC
	7/14/2021
	7/14/2021

	
65

	Kent IP Bldg 4
	BCI IV Kent IP LLC
	7/14/2021
	7/14/2021

	
66

	Renton DC
	BCI IV Renton DC LLC
	7/14/2021
	7/14/2021

	
67

	West Valley DC II Bldg 1
	BCI IV West Valley DC II LLC
	7/14/2021
	7/14/2021

	
68

	West Valley DC II Bldg 2
	BCI IV West Valley DC II LLC
	7/14/2021
	7/14/2021

	
69

	Auburn 167 IC Bldg 1
	BCI IV Auburn 167 IC LLC
	7/14/2021
	7/14/2021

	
70

	Auburn 167 IC Bldg 3B
	BCI IV Auburn 167 IC LLC
	7/14/2021
	7/14/2021

	
71

	Auburn 167 IC Bldg 4
	BCI IV Auburn 167 IC LLC
	7/14/2021
	7/14/2021

	
72

	Tacoma CC
	BCI IV Tacoma CC LLC
	7/14/2021
	7/14/2021

	
73

	Stonewood Logistics Center
	BCI IV Stonewood Logistics Center LLC
	7/16/2021
	8/17/2021

	
74

	Colony Crossing I
	BCI IV Colony Crossing LP
	8/17/2021
	8/17/2021

	
75

	Colony Crossing II
	BCI IV Colony Crossing LP
	8/17/2021
	8/17/2021

 ​

​

	#
	Asset Name
	Entity Name
	Date Acquired / Completed
	Date Added As Unencumbered Property

	
76

	Madison DC
	BCI IV Madison DC LLC
	9/17/2021
	12/9/2021

	
77

	355 Logistics Center I
	BCI IV 355 Logistics Center LLC
	10/1/2021
	12/9/2021

	
78

	355 Logistics Center II
	BCI IV 355 Logistics Center LLC
	10/1/2021
	12/9/2021

	
79

	California Business Center I
	BCI IV California Business Center LLC
	10/21/2021
	12/9/2021

	
80

	California Business Center II
	BCI IV California Business Center LLC
	10/21/2021
	12/9/2021

	
81

	Commerce Farms Logistics Center
	BCI IV Commerce Farms Logistics Center LLC
	8/25/2021
	12/31/2021

	
82

	Monument BP I
	BCI IV Monument BP LP
	11/17/2021
	12/31/2021

	
83

	Monument BP II
	BCI IV Monument BP LP
	11/17/2021
	12/31/2021

	
84

	Air Commerce Center
	BCI IV Air Commerce Center LLC
	11/17/2021
	12/31/2021

	
85

	Aurora Corporate Center
	BCI IV Aurora Corporate Center LLC
	11/17/2021
	12/31/2021

	
86

	I-24 IC
	BCI IV I-24 IC LLC
	11/17/2021
	12/31/2021

	
87

	Hebron LC
	BCI IV Hebron LC LLC
	11/17/2021
	12/31/2021

	
88

	Walker Mill IC
	BCI IV Walker Mill IC LLC
	11/18/2021
	12/31/2021

	
89

	Greater Boston IC I
	BCI IV Greater Boston IC I LLC
	11/22/2021
	12/31/2021

	
90

	Greater Boston IC II
	BCI IV Greater Boston IC II LLC
	11/22/2021
	12/31/2021

	
91

	Hainesport Commerce Center
	Hainesport Commerce Center Urban Renewal LLC
	12/21/2021
	12/31/2021

	
92

	Westlake LC I
	BCI IV Westlake LC LLC
	12/16/2021
	12/31/2021

	
93

	Westlake LC II
	BCI IV Westlake LC LLC
	12/16/2021
	12/31/2021

	
94

	Westlake LC III
	BCI IV Westlake LC LLC
	12/16/2021
	12/31/2021

	
95

	Westlake LC IV
	BCI IV Westlake LC LLC
	12/16/2021
	12/31/2021

	
96

	Southpark CC I
	BCI IV Southpark CC I LLC
	12/16/2021
	12/31/2021

	
97

	Southpark CC II
	BCI IV Southpark CC II LLC
	12/16/2021
	12/31/2021

	
98

	Windward Ridge BC I
	BCI IV Windward Ridge BC LLC
	12/16/2021
	12/31/2021

	
99

	Windward Ridge BC II
	BCI IV Windward Ridge BC LLC
	12/16/2021
	12/31/2021

	
100

	Windward Ridge BC III
	BCI IV Windward Ridge BC LLC
	12/16/2021
	12/31/2021

	
101

	Windward Ridge BC IV
	BCI IV Windward Ridge BC LLC
	12/16/2021
	12/31/2021

 ​

​

​
​

 ​

​

SCHEDULE 3.14
SUBSIDIARIES
	#
	Subsidiary Guarantor
	Direct Owner

	
1

	BCI IV Medley IC LLC
	AIREIT Operating Partnership LP

	
2

	BCI IV Midway IC LLC
	AIREIT Operating Partnership LP

	
3

	BCI IV Iron Run DC LLC
	AIREIT Operating Partnership LP

	
4

	BCI IV 7A DC LLC
	AIREIT Operating Partnership LP

	
5

	BCI IV Airport IC LP
	BCI IV Airport IC GP LLC / AIREIT Operating Partnership LP

	
6

	BCI IV Addison DC II LLC
	AIREIT Operating Partnership LP

	
7

	BCI IV Kelly Trade Center LP
	BCI IV Kelly Trade Center GP LLC / AIREIT Operating Partnership LP

	
8

	BCI IV Quakerbridge DC LLC
	AIREIT Operating Partnership LP

	
9

	BCI IV Hebron Airpark Logistics Center LLC
	AIREIT Operating Partnership LP

	
10

	BCI IV Monte Vista IC LP
	BCI IV Monte Vista IC GP LLC / AIREIT Operating Partnership LP

	
11

	BCI IV Avenue B Industrial Center LLC
	AIREIT Operating Partnership LP

	
12

	BCI IV King of Prussia Industrial Center LLC
	AIREIT Operating Partnership LP

	
13

	BCI IV Edison DC LLC
	AIREIT Operating Partnership LP

	
14

	BCI IV Executive Airport DC II LLC
	BCI IV BR LLC 

	
15

	BCI IV Marigold DC LP
	BCI IV Marigold DC GP LLC / AIREIT Operating Partnership LP

	
16

	BCI IV Bishops Gate DC LLC
	AIREIT Operating Partnership LP

	
17

	BCI IV Norcross Industrial Center LLC
	AIREIT Operating Partnership LP

	
18

	BCI IV 7A DC II LLC
	AIREIT Operating Partnership LP

	
19

	BCI IV Carlstadt IC LLC
	AIREIT Operating Partnership LP

	
20

	BCI IV Lima DC LLC
	AIREIT Operating Partnership LP

	
21

	BCI IV Eaglepoint LC LLC
	AIREIT Operating Partnership LP

	
22

	BCI IV Intermodal Logistics Center LP
	BCI IV Intermodal Logistics Center GP LLC / AIREIT Operating Partnership LP

	
23

	BCI IV Airpark International Logistics Center LLC
	AIREIT Operating Partnership LP

 ​

​

	#
	Subsidiary Guarantor
	Direct Owner

	
24

	BCI IV Miraloma IC LP
	BCI IV Miraloma IC GP LLC / AIREIT Operating Partnership LP

	
25

	BCI IV Nelson Industrial Center LP
	BCI IV Nelson Industrial Center GP LLC / AIREIT Operating Partnership LP

	
26

	BCI IV Pennsy Logistics Center LLC
	AIREIT Operating Partnership LP

	
27

	BCI IV Rancho Cucamonga BC LP
	BCI IV Rancho Cucamonga BC GP LLC / AIREIT Operating Partnership LP

	
28

	BCI IV Richmond Logistics Center LLC
	AIREIT Operating Partnership LP

	
29

	BCI IV Silicon Valley IC LLC
	AIREIT Operating Partnership LP

	
30

	BCI IV Brodhead DC LLC
	BCI IV Brodhead DC Holdco LLC

	
31

	BCI IV LaPorte DC LP
	BCI IV La Porte DC GP LLC

	
32

	BCI IV Palm Beach CC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
33

	BCI IV Pompano IC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
34

	BCI IV Lanham DC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
35

	BCI IV Park 100 DC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
36

	BCI IV Trade Zone IC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
37

	BCI IV Totowa CC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
38

	BCI IV Demarest DC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
39

	BCI IV Iron Run DC II LLC
	BCI IV Iron Run DC II Holdco LLC / BCI IV Iron Run DC II Holdco II LLC

	
40

	BCI IV Mechanicsburg DC LLC
	BCI IV Mechanicsburg DC Holdco II LLC / BCI IV Mechanicsburg DC Holdco LLC 

	
41

	BCI IV Drew Court CC LLC
	BCI IV Drew Court CC Holdco LLC / BCI IV Drew Court CC Holdco II LLC

	
42

	BCI IV Chicago IC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

 ​

​

	#
	Subsidiary Guarantor
	Direct Owner

	
43

	BCI IV Upland DC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
44

	BCI IV Stockton DC II LP
	BCI IV Stockton DC II GP LLC / AIREIT Portfolio Real Estate Holdco LLC 

	
45

	BCI IV Stockton Industrial Center LP
	BCI IV Stockton Industrial Center GP LLC / AIREIT Portfolio Real Estate Holdco LLC 

	
46

	BCI IV Tracy DC LP
	BCI IV Tracy DC GP LLC / AIREIT Portfolio Real Estate Holdco LLC 

	
47

	BCI IV Tracy DC II LP
	BCI IV Tracy DC II GP LLC / AIREIT Portfolio Real Estate Holdco LLC 

	
48

	BCI IV Etiwanda IC LP
	BCI IV Etiwanda IC GP LLC / AIREIT Portfolio Real Estate Holdco LLC 

	
49

	BCI IV Valencia IC LP
	BCI IV Valencia IC GP LLC / AIREIT Portfolio Real Estate Holdco LLC 

	
50

	BCI IV Salt Lake City DC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
51

	BCI IV Salt Lake City DC II LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
52

	BCI IV Kent IP LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
53

	BCI IV Renton DC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
54

	BCI IV West Valley DC II LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
55

	BCI IV Auburn 167 IC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
56

	BCI IV Tacoma CC LLC
	AIREIT Portfolio Real Estate Holdco LLC 

	
57

	BCI IV Stonewood Logistics Center LLC
	BCI IV Stonewood LC Holdco LLC

	
58

	BCI IV Colony Crossing LP
	BCI IV Colony Crossing GP LLC / AIREIT Operating Partnership LP

	
59

	BCI IV Madison DC LLC
	AIREIT Operating Partnership LP

	
60

	BCI IV 355 Logistics Center LLC
	AIREIT Operating Partnership LP

	
61

	BCI IV California Business Center LLC
	AIREIT Operating Partnership LP

	
62

	BCI IV Commerce Farms Logistics Center LLC
	AIREIT Operating Partnership LP

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​

	#
	Subsidiary Guarantor
	Direct Owner

	
63

	BCI IV Monument BP LP
	BCI IV Monument BP GP LLC / AIREIT Operating Partnership LP

	
64

	BCI IV Air Commerce Center LLC
	AIREIT Operating Partnership LP

	
65

	BCI IV Aurora Corporate Center LLC
	AIREIT Operating Partnership LP

	
66

	BCI IV I-24 IC LLC
	AIREIT Operating Partnership LP

	
67

	BCI IV Hebron LC LLC
	AIREIT Operating Partnership LP

	
68

	BCI IV Walker Mill IC LLC
	AIREIT Operating Partnership LP

	
69

	BCI IV Greater Boston IC I LLC
	AIREIT Operating Partnership LP

	
70

	BCI IV Greater Boston IC II LLC
	AIREIT Operating Partnership LP

	
71

	Hainesport Commerce Center Urban Renewal LLC
	BCI IV Hainesport CC LLC

	
72

	BCI IV Westlake LC LLC
	AIREIT Operating Partnership LP

	
73

	BCI IV Southpark CC I LLC
	AIREIT Operating Partnership LP

	
74

	BCI IV Southpark CC II LLC
	AIREIT Operating Partnership LP

	
75

	BCI IV Windward Ridge BC LLC
	AIREIT Operating Partnership LP

​
​

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SCHEDULE 6.01
RESTRICTIONS AND CONDITIONS
NONE
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SCHEDULE 6.07
​
AGREEMENTS WITH AFFILIATES
1.Indemnification Agreements entered into between Ares Industrial Real Estate Income Trust Inc. (formerly known as Black Creek Industrial REIT IV Inc.) and each of Evan H. Zucker, Dwight L. Merriman III, Thomas G. McGonagle, Joshua J. Widoff, Marshall M. Burton, Charles B. Duke, Stanley A. Moore and John S. Hagestad as of February 9, 2016, Rajat Dhanda as of May 17, 2017, Scott W. Recknor as of September 1, 2017, Jeffrey W. Taylor as of December 9, 2019 and Scott A. Seager as of August 12, 2020
2.Third Amended and Restated Equity Incentive Plan of Ares Industrial Real Estate Income Trust Inc., effective February 11, 2022
3.Non-Discretionary Advisory Agreement, dated as of September 7, 2017, by and among BCI IV Advisors LLC, Ares Industrial Real Estate Income Trust Inc. and BCG IIT Advisors LLC
4.Selected Dealer Agreement, dated as of September 15, 2017, by and among Ares Industrial Real Estate Income Trust Inc., BCI IV Advisors LLC (former advisor of Ares Industrial Real Estate Income Trust Inc.), Ares Wealth Management Solutions, LLC (formerly known as Black Creek Capital Markets, LLC), BCI IV Advisors Group LLC, and Ameriprise Financial Services, Inc.
5.Selected Dealer Agreement, dated as of October 28, 2019, by and among Ares Industrial Real Estate Income Trust Inc., BCI IV Advisors LLC, Ares Wealth Management Solutions, LLC, BCI IV Advisors Group LLC, and Ameriprise Financial Services, Inc. 
6.Cost Reimbursement Agreement, dated as of September 15, 2017, by and among Ares Industrial Real Estate Income Trust Inc., BCI IV Advisors LLC, Ares Wealth Management Solutions LLC, and American Enterprise Investment Services, Inc.
7.Cost Reimbursement Agreement, dated as of October 28, 2019, by and among Ares Industrial Real Estate Income Trust Inc., BCI IV Advisors LLC, Ares Wealth Management Solutions LLC, and American Enterprise Investment Services, Inc.
8.Reimbursement Agreement, dated as of September 15, 2017, by and among Ares Industrial Real Estate Income Trust Inc., John A. Blumberg, James R. Mulvihill and Evan H. Zucker
9.Reimbursement Agreement, dated as of October 28, 2019, by and among Ares Industrial Real Estate Income Trust Inc., James R. Mulvihill and Evan H. Zucker
10.Second Amended and Restated Private Placement Equity Incentive Plan of Ares Industrial Real Estate Income Trust Inc., effective February 11, 2022
11.Advisory Agreement (2022) among Ares Industrial Real Estate Income Trust Inc., AIREIT Operating Partnership LP, and Ares Commercial Real Estate Management LLC
12.Second Amended and Restated Dealer Manager Agreement, dated February 11, 2022, by and between Ares Industrial Real Estate Income Trust Inc. and Ares Wealth Management Solutions, LLC
13.Tenth Amended and Restated Limited Partnership Agreement of AIREIT Operating Partnership LP, dated as of February 11, 2022

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14.Interest Purchase Agreement, dated as of July 15, 2020, by and among BCI IV Portfolio Real Estate Holdco LLC and Industrial Property Operating Partnership LP
15.Agreement of Limited Partnership of Build-To-Core Industrial Partnership II LP, dated as of May 19, 2017, by and among IPT BTC II GP LLC, IPT BTC II LP LLC, Industrial Property Advisors Sub IV LLC, BCG BTC II Investors LLC, bcIMC (WCBAF) Realpool Global Inestment Corporation, bcIMC (College) US Realty Inc., bcIMC (Municipal) US Realty Inc., bcIMC (Public Service) US Realty Inc., bcIMC (Teachers) US Realty Inc., bcIMC (WCB) US Realty Inc., bcIMC (Hydro) US Realty Inc., and QuadReal US Holdings Inc.
16.First Amendment to Agreement of Limited Partnership of Build-To-Core Industrial Partnership II LP, dated January 31, 2018, by and among IPT BTC II GP LLC, IPT BTC II LP LLC, Industrial Property Advisors Sub IV LLC, BCG BTC II Investors LLC, bcIMC (WCBAF) Realpool Global Investment Corporation, bcIMC (College) US Realty Inc., bcIMC (Municipal) US Realty Inc., bcIMC (Public Service) US Realty Inc., bcIMC (Teachers) US Realty Inc., bcIMC (WCB) US Realty Inc., bcIMC (Hydro) US Realty Inc., and QuadReal US Holdings Inc.
17.Second Amendment to Agreement of Limited Partnership of Build-To-Core Industrial Partnership II LP, dated as of May 10, 2019, by and among IPT BTC II GP LLC, IPT BTC II LP LLC, Industrial Property Advisors Sub IV LLC, BCG BTC II Investors LLC, QR Master Holdings USA II LP and QuadReal US Holdings Inc.
18.Third Amendment to the Agreement of Limited Partnership of Build-To-Core Industrial Partnership II LP, dated as of July 15, 2020, by IPT BTC II GP LLC
19.Agreement, dated as of May 19, 2017, by and among IPT BTC II GP LLC and Industrial Property Advisors Sub III LLC
20.First Amendment to the Agreement, dated as of July 15, 2020, by and among IPT BTC II GP LLC and Industrial Property Advisors Sub III LLC
21.Management Agreement, dated February 15, 2022, by and between Build-To-Core Industrial Partnership II LP and Industrial Property Advisors Sub III LLC.
22.Side Letter to that certain Agreement of Limited Partnership of the Partnership, dated February 15, 2022, by and between BCI IV BTC II Tranche B GP LLC and Industrial Property Advisors Sub III LLC. 
23.Management Agreement, dated as of May 1, 2021, by and among Ares Industrial Real Estate Exchange LLC (formerly known as Black Creek Industrial Exchange LLC), BC Industrial Exchange Manager LLC and BC Industrial Exchange Advisor LLC, as assigned to Ares Commercial Real Estate Management LLC.
24.Facilitation Fee Agreement, dated as of May 1, 2021, by and between Ares Industrial Real Estate Exchange LLC (formerly known as Black Creek Industrial Exchange LLC) and Ares Commercial Real Estate Management LLC (as successor in interest to BCI IV Advisors LLC).
25.Amended and Restated Dealer Manager Agreement, dated as of February 14, 2022, by and among Ares Industrial Real Estate Exchange LLC and Ares Wealth Management Solutions, LLC. 

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26.Director Stock Grant Agreement for Equity Incentive Plan, entered into by and between Ares Industrial Real Estate Income Trust Inc. and its independent directors from time to time in accordance with the terms of the Equity Incentive Plan
27.Restricted Stock Agreement for Consultants for Equity Incentive Plan, to be entered into by and between Ares Industrial Real Estate Income Trust Inc. and various consultants to Ares Industrial Real Estate Income Trust Inc. from time to time in accordance with the terms of the Equity Incentive Plan
28.Restricted Stock Agreement for Private Placement Equity Incentive Plan, entered into by and between Ares Industrial Real Estate Income Trust Inc. and various individuals from time to time in accordance with the terms of the Private Placement Equity Incentive Plan

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NAI-1527477492v10

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