Document:

Intercreditor agreement

 Exhibit 10.10 
 INTERCREDITOR AGREEMENT 
 by and among 
 GOLDMAN SACHS MORTGAGE COMPANY 
 CITICORP NORTH AMERICA, INC. 
 and 
 SLG STARS MORTGAGE LOAN LLC 

collectively, as Senior Lender 
 GOLDMAN
SACHS MORTGAGE COMPANY 
 and 
 CITICORP NORTH AMERICA, INC. 
 collectively, as Senior Mezzanine Lender 
 and 
 GOLDMAN SACHS MORTGAGE COMPANY 
 CITICORP NORTH AMERICA, INC. 
 and 

SLG STARS MEZZ LOAN LLC 
 collectively, as
Junior Mezzanine Lender 
 Dated as of August 22, 2008 

 TABLE OF CONTENTS 
  

			
	 Section 1. Certain Definitions; Rules of Construction.
	  	2
	 Section 1. Construction.
	  	2
	 Section 2. Characterization of the Loans; Approval of Loans and Loan Documents.
	  	13
	 Section 3. Representations and Warranties.
	  	16
	 Section 4. Transfer of Mezzanine Loan or Senior Loan.
	  	19
	 Section 5. Foreclosure of Separate Collateral.
	  	21
	 Section 6. Notice of Rating Confirmation
	  	23
	 Section 7. Modifications, Amendments, etc.
	  	23
	 Section 8. Subordination of Mezzanine Loan and Mezzanine Loan Documents.
	  	29
	 Section 9. Payment Subordination.
	  	30
	 Section 10. Rights of Subrogation; Bankruptcy
	  	32
	 Section 11. Rights of Cure.
	  	36
	 Section 12. No Actions; Restrictive Provisions
	  	41
	 Section 13. Right to Purchase Senior Loan.
	  	41
	 Section 14. Additional Understandings
	  	45
	 Section 15. Financing of Mezzanine Loans.
	  	50
	 Section 16. Affiliation with Borrower.
	  	52
	 Section 17. Obligations Hereunder Not Affected.
	  	54
	 Section 18. Notices
	  	54
	 Section 19.       Estoppel.
	  	56
	 Section 20.       Further Assurances.
	  	56
	 Section 21.       No Third Party Beneficiaries; No Modification.
	  	56
	 Section 22.       Successors and Assigns.
	  	57
	 Section 23.       Counterpart Originals.
	  	57
	 Section 24.       Legal Construction.
	  	57
	 Section 25.       No Waiver; Remedies.
	  	57
	 Section 26.       No Joint Venture
	  	57
	 Section 27.       Captions.
	  	57
	 Section 28.       Conflicts.
	  	57
	 Section 29.       No Release.
	  	57
	 Section 30.       Continuing Agreement.
	  	57
	 Section 31.       Severability.
	  	58
	 Section 32.       Expenses.
	  	58
	 Section 33.       Injunction.
	  	59
	 Section 34.       Reciprocal Disclaimer.
	  	59
	 Section 35.       Waiver of Jury Trial.
	  	59
	 Section 36.        Consents to Jurisdiction.
	  	60
	 Section 37.       Consent and Approval Rights.
	  	60

 INTERCREDITOR AGREEMENT 
 THIS INTERCREDITOR AGREEMENT (this “Agreement”), dated as of August 22, 2008 by and among GOLDMAN SACHS MORTGAGE COMPANY, a New
York limited partnership (“GSMC”), CITICORP NORTH AMERICA, INC., a New York corporation (“Citigroup”), and SLG STARS MORTGAGE LOAN LLC (successor-in-interest to SL Greene Realty Corp.), a Delaware limited liability
company (“SL Green Senior”), collectively as senior lender (in such capacity, “Senior Lender”), GSMC and Citigroup collectively as senior mezzanine lender (in such capacity, “Senior Mezzanine
Lender”) and GSMC, Citigroup and SLG STARS MEZZ LOAN LLC (successor-in-interest to SL Greene Realty Corp.), a Delaware limited liability company (“SL Green Junior”), collectively as junior mezzanine lender (in such
capacity, “Junior Mezzanine Lender”). The Senior Mezzanine Lender and Junior Mezzanine Lender are each a “Mezzanine Lender” and, collectively, “Mezzanine Lenders”. 
 RECITALS 
 WHEREAS, pursuant to the
terms, provisions and conditions set forth in that certain Loan Agreement, dated as of April 1, 2008, between the borrowers named therein (collectively, “Borrower”) and Goldman Sachs Commercial Mortgage Capital, L.P., a
Delaware limited partnership and predecessor-in-interest to Goldman Sachs Mortgage Company (“GSMC”), Citicorp and SL Green Realty Corp. as successor-in-interest to SLG Stars Mortgage Loan LLC (as amended by that certain Amendment to
Loan Agreement among GSMC, Citicorp and SL Green Realty Corp, as lender, and Borrower, as borrower, dated as of August 22, 2008, the “Senior Loan Agreement”), Senior Lender has made a loan to Borrower in the original principal
amount of $250,000,000 (the “Senior Loan”), which Senior Loan is evidenced by three promissory notes made by Borrower to each of the Senior Lenders in the aggregate amount of the Senior Loan (the “Senior Note”), and
secured by, among other things, certain mortgages made by the Borrower in favor of Senior Lender (collectively, the “Senior Mortgages”), which Senior Mortgages encumber the real property more particularly described therein
(collectively, the “Premises”); 
 WHEREAS, pursuant to the terms, provisions and conditions set forth in that certain
Amended and Restated Senior Mezzanine Loan Agreement, dated as of April 1, 2008, and amended as of August 22, 2008, between the borrowers named therein (“Senior Mezzanine Borrower”) and Senior Mezzanine Lender (the
“Senior Mezzanine Loan Agreement”), Senior Mezzanine Lender is the owner and holder of a loan to Senior Mezzanine Borrower in the original principal amount of $500,000,000 (the “Senior Mezzanine Loan”), which Senior
Mezzanine Loan is evidenced by two promissory notes made by Senior Mezzanine Borrower in favor of each Senior Mezzanine Lender in the aggregate amount of the Senior Mezzanine Loan (the “Senior Mezzanine Note”), and secured by, among
other things, a Pledge and Security Agreement (Upper Tier) and a Pledge and Security Agreement (Lower Tier) from Senior Mezzanine Borrower pursuant to which Senior Mezzanine Lender is granted a first priority security interest in certain direct and
indirect ownership interests of Senior Mezzanine Borrower in the Borrower (collectively, the “Senior Pledge Agreement”); 

 WHEREAS, pursuant to the terms, provisions and conditions set forth in that certain Junior Mezzanine Loan
Agreement (the “Junior Mezzanine Loan Agreement”), dated as of August 22, 2008, between GKK Stars Junior Mezz 2 LLC (“Junior Mezzanine Borrower”), as borrower, and GSMC, Citicorp and SL Green Realty Corp. (as
predecessor-in-interest to SLG Stars Mezz Loan LLC ), as lender, Junior Mezzanine Lender is the owner and holder of a loan to Junior Mezzanine Borrower in the original principal amount of $99,329,673.13 (the “Junior Mezzanine
Loan”), which Junior Mezzanine Loan is evidenced by three promissory notes made by Junior Mezzanine Borrower in favor of each Junior Mezzanine Lender in the aggregate amount of the Junior Mezzanine Loan (the collectively, “Junior
Mezzanine Note”), and secured by, among other things, a Pledge and Security from Junior Mezzanine Borrower pursuant to which Junior Mezzanine Lender is granted a first priority security interest in the direct ownership interests of Junior
Mezzanine Borrower in the Senior Mezzanine Borrower (collectively, the “Junior Pledge Agreement”); 
 WHEREAS, the
parties comprising Senior Lender have entered into that certain Co-Lender Agreement (the “Senior Co-Lender Agreement”) dated as of August 22, 2008, to set forth certain of their respective rights with respect to the Senior
Loan 
 WHEREAS, the parties comprising Junior Mezzanine Lender have entered into that certain Co-Lender Agreement (the
“Junior Co-Lender Agreement”) dated as of August 22, 2008, to set forth certain of their respective rights with respect to the Junior Mezzanine Loan; 
 WHEREAS, concurrently herewith SL Green Realty Corp. is transferring (i) 100% of its interest in the Senior Loan to SL Green Senior and
(ii) 100% of its interest in the Junior Mezzanine Loan to SL Green Junior; and 
 WHEREAS, Senior Lender, Senior Mezzanine Lender and
Junior Mezzanine Lender desire to enter into this Agreement to provide for the relative priority of the Senior Loan Documents (as such term is hereinafter defined), the Senior Mezzanine Loan Documents (as such term is hereinafter defined) and the
Junior Mezzanine Loan Documents (as such term is hereinafter defined) on the terms and conditions hereinbelow set forth, and to evidence certain agreements with respect to the relationship among the Senior Mezzanine Loan and the Senior Mezzanine
Loan Documents, the Junior Mezzanine Loan and the Junior Mezzanine Loan Documents and the Senior Loan and the Senior Loan Documents; 
 NOW,
THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Senior Lender, Senior Mezzanine Lender and Junior Mezzanine Lender hereby agree as
follows: 
 Section 1.        Certain Definitions; Rules of Construction.

 (a)        As used in this Agreement, the following capitalized terms shall have the following
meanings: 
 “Affiliate” means, as to any particular Person, any Person directly or indirectly, through one or more
intermediaries, Controlling, Controlled by or under common Control with the Person or Persons in question. 
  

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 “Agreement” means this Agreement, as the same may be amended, modified and in effect
from time to time, pursuant to the terms hereof. 
 “Assignment of Interest Rate Cap” means, as the context may require, the
Collateral Assignment of Interest Rate Cap Agreement by Senior Mezzanine Borrower for the benefit of Senior Mezzanine Lender and/or the Collateral Assignment of Interest Rate Cap Agreement by Junior Mezzanine Borrower for the benefit of Junior
Mezzanine Lender. 
 “Award” has the meaning provided in Section 9(d) hereof. 
 “Borrower” has the meaning provided in the Recitals hereto. 
 “Borrower Group” has the meaning provided in Section 10(c) hereof. 
 “Business Day” means any day other than (i) a Saturday and a Sunday and (ii) a day on which federally insured depository
institutions in the State of New York or the state in which the offices of Senior Lender, Senior Mezzanine Lender, Junior Mezzanine Lender, their respective Servicers, or their respective Servicers’ collection account are located are authorized
or obligated by law, governmental decree or executive order to be closed. 
 “CDO” has the meaning provided in the
definition of the term “Qualified Transferee.” 
 “CDO Asset Manager” with respect to any Securitization Vehicle
which is a CDO, shall mean the entity which is responsible for managing or administering a Mezzanine Loan as an underlying asset of such Securitization Vehicle or, if applicable, as an asset of any Intervening Trust Vehicle (including, without
limitation, the right to exercise any consent and control rights available to the holder of the related Mezzanine Loan). 
 “Certificates” means any securities (including all classes thereof) representing beneficial ownership interests in the Senior Loan or in a pool of mortgage loans including the Senior Loan issued in connection with a
Securitization of the Senior Loan. 
 “Conduit” has the meaning set forth in Section 15(b) hereof. 

“Conduit Credit Enhancer” has the meaning set forth in Section 15(b) hereof. 
 “Conduit Inventory Loan” has the meaning set forth in Section 15(b) hereof. 
 “Continuing Senior Loan Event of Default” means an Event of Default under the Senior Loan for which (i) Senior Lender has provided
notice of such Event of Default to each Mezzanine Lender in accordance with Section 11(a) of this Agreement and (ii) the cure period provided to each Mezzanine Lender in Section 11(a) of this Agreement has expired.

 “Continuing Senior Mezzanine Loan Event of Default” means an Event of Default under the Senior Mezzanine Loan for which
(i) Senior Mezzanine Lender has provided notice of such Event of Default to Junior Mezzanine Lender in accordance with Section 11(e) of 

  

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this Agreement and (ii) the cure period provided to Junior Mezzanine Lender in Section 11(f) or 11(g) of this Agreement, as
applicable, has expired. 
 “Control” means the ownership, directly or indirectly, in the aggregate of more than fifty
percent (50%) of the beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity, whether through the ability to exercise
voting power, by contract or otherwise. The terms “Controlled by,” “Controlling” and “under common Control with” shall have the respective correlative meanings thereto. 
 “Directing Mezzanine Lender” has the meaning provided in Section 4(c) hereof. 
 “Directing Senior Lender” has the meaning provided in Section 4(e) hereof. 
 “Eligibility Requirements” means, with respect to any Person, that such Person (i) has total assets (in name or under management)
in excess of $600,000,000 and (except with respect to a pension advisory firm, asset manager or similar fiduciary) capital/statutory surplus or shareholder’s equity of $250,000,000, and (ii) is regularly engaged in the business of making
or owning commercial real estate loans (including mezzanine loans, b-notes, loan participations, loans held through repurchase transactions and loans held indirectly through interests in securitizations) or owning or managing interests (either
directly or through funds under management) in commercial properties. 
 “Enforcement Action” means any (i) judicial or
non-judicial foreclosure proceeding, the exercise of any power of sale, the taking of a deed or assignment in lieu of foreclosure, the obtaining of a receiver or the taking of any other enforcement action against the Premises or Borrower, including,
without limitation, the taking of possession or control of the Premises, (ii) acceleration of, or demand or action taken in order to collect, all or any indebtedness secured by the Premises (other than giving of notices of default and
statements of overdue amounts) or (iii) exercise of any right or remedy available to Senior Lender under the Senior Loan Documents, at law, in equity or otherwise with respect to Borrower and/or the Premises. 
 “Equity Collateral” means, as the context may require, all of the equity interests in the Borrower pledged pursuant to the Senior
Mezzanine Loan Documents and/or all of the equity interests in Senior Mezzanine Borrower pledged pursuant to the Junior Mezzanine Loan Documents and all products and proceeds of such equity collateral. 
 “Equity Collateral Enforcement Action” means any action or proceeding or other exercise of a Mezzanine Lender’s rights and remedies
commenced by such Mezzanine Lender (other than the giving of notices of default and statements of overdue amounts), in law or in equity, or otherwise, in order to realize upon the Equity Collateral, in whole or in part, or any transaction, whether
in the nature of a transfer in lieu of foreclosure or otherwise, in order to acquire the Equity Collateral, in whole or in part. 
 “Event of Default” as used herein means (i) with respect to the Senior Loan and the Senior Loan Documents, any Event of Default (as defined therein) thereunder which has occurred and is continuing (i.e., has not been
cured by the Borrower or by a Mezzanine Lender in 

  

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accordance with the terms of this Agreement after the expiration of all notice and cure periods under this Agreement), (ii) with respect to the Senior
Mezzanine Loan and the Senior Mezzanine Loan Documents, any Event of Default (as defined therein) thereunder which has occurred and is continuing (i.e., has not been cured by Senior Mezzanine Borrower or Junior Mezzanine Lender in accordance with
the terms of this Agreement after the expiration of all notice and cure periods under this Agreement) and (iii) with respect to the Junior Mezzanine Loan and the Junior Mezzanine Loan Documents, any Event of Default (as defined therein)
thereunder which has occurred and is continuing (i.e., has not been cured by Junior Mezzanine Borrower). 
 “Ground Lease”
has the meaning set forth in the Senior Loan Agreement. 
 “Ground Lease Default” has the meaning provided in
Section 14(h) hereof. 
 “Initial Non-Monetary Cure Period” has the meaning ascribed to such term in
Section 11. 
 “Intervening Trust Vehicle” with respect to any Securitization Vehicle which is a CDO, shall mean
a trust vehicle or entity which holds the Mezzanine Loan as collateral securing (in whole or in part) any obligation or security held by such Securitization Vehicle as collateral for the CDO. 
 “Junior Mezzanine Borrower” has the meaning ascribed to such term in the Recitals hereto. 
 “Junior Mezzanine Borrower Group” has the meaning ascribed to such term in Section 10. 
 “Junior Mezzanine Lender” has the meaning ascribed to such term in the first paragraph of this Agreement. 
 “Junior Mezzanine Loan” has the meaning ascribed to such term in the Recitals hereto. 
 “Junior Mezzanine Loan Agreement” has the meaning ascribed to such term in the Recitals hereto. 
 “Junior Mezzanine Loan Documents” means the Junior Mezzanine Loan Agreement, the Junior Mezzanine Note and the Junior Pledge Agreement,
together with the Loan Documents, as defined in the Junior Mezzanine Loan Agreement, as any of the foregoing may be modified, amended, extended, supplemented, restated or replaced from time to time, subject to the limitations and agreements
contained in this Agreement. 
 “Junior Mezzanine Loan Liabilities” shall mean, collectively, all of the indebtedness,
liabilities and obligations of Junior Mezzanine Borrower evidenced by the Junior Mezzanine Loan Documents and all amounts due or to become due pursuant to the Junior Mezzanine Loan Documents, including, without limitation, interest thereon and any
other amounts payable in respect thereof or in connection therewith, any late charges, default interest, prepayment fees or premiums, exit fees, advances and post-petition interest. 
  

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 “Junior Mezzanine Loan Modification” has the meaning provided in
Section 6(b) hereof. 
 “Junior Mezzanine Note” has the meaning ascribed to such term in the Recitals hereto.

 “Junior Pledge Agreement” has the meaning ascribed to such term in the Recitals hereto. 
 “Loan Pledgee” has the meaning provided in Section 15 hereof. 
 “Loan Purchase Price” has the meaning provided in Section 13(a) hereof. 
 “Mezzanine Loan” means the Senior Mezzanine Loan and/or Junior Mezzanine Loan, individually or collectively, as the context may require.
As the context requires, the Mezzanine Loans (and the Mezzanine Loan Documents related to such Mezzanine Loans) shall have the following order or priority: (i) first, Senior Mezzanine Loan (and the Senior Mezzanine Loan Documents; and
(ii) second, Junior Mezzanine Loan (and the Junior Mezzanine Loan Documents). 
 “Mezzanine Loan Agreement” means the
Senior Mezzanine Loan Agreement and/or the Junior Mezzanine Loan Agreement, individually or collectively, as the context may require. 
 “Mezzanine Loan Default Notice” has the meaning ascribed to such term in Section 11. 
 “Mezzanine Loan Documents” means the Senior Mezzanine Loan Documents and/or the Junior Mezzanine Loan Documents, individually or collectively, as the context may require. 
 “Mezzanine Loan Liabilities” means the Senior Mezzanine Loan Liabilities and/or the Junior Mezzanine Loan Liabilities, individually or
collectively, as the context may require. 
 “Mezzanine Loan Modification” has the meaning ascribed to such term in
Section 7(b). 
 “Mezzanine Loan Monetary Cure Period” has the meaning ascribed to such term in
Section 11. 
 “Mezzanine Loan Non-Monetary Cure Period” has the meaning ascribed to such term in
Section 12. 
 “Mezzanine Note(s)” means the Senior Mezzanine Note and/or the Junior Mezzanine Note,
individually or collectively, as the context may require 
  

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 “Monetary Cure Period” means, with respect to each Mezzanine Lender, the applicable cure
period provided in Section 12(b) for a monetary default identified in a Senior Loan Default Notice. 
 “Moody’s” means Moody’s Investors Services, Inc. 
 “Non-Monetary Cure Period” means,
with respect to each Mezzanine Lender, the applicable cure period provided in Section 12(c) for a non-monetary default identified in a Senior Loan Default Notice. 
 “Permitted Fund Manager” means any Person that on the date of determination is (i) one of the entities listed on Exhibit A
or any other nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real estate, (ii) investing through a fund with committed capital of at least $250,000,000 and (iii) not subject to
a Proceeding. 
 “Person” means any individual, sole proprietorship, corporation, general partnership, limited partnership,
limited liability company or partnership, joint venture, association, joint stock company, bank, trust, estate unincorporated organization, any federal, state, county or municipal government (or any agency or political subdivision thereof) endowment
fund or any other form of entity. 
 “Pledge” has the meaning provided in Section 15 hereof. 
 “Premises” has the meaning provided in the Recitals hereto. 
 “Proceeding” has the meaning provided in Section 10(c) hereof. 
 “Property Manager” means the property manager of the Premises. 
 “Protective Advances” means all sums advanced for the purpose of paying real estate taxes (including special payments in lieu of real
estate taxes), maintenance costs, insurance premiums or other items (including capital items) reasonably necessary to protect the Premises or the Separate Collateral, respectively, from forfeiture, casualty, loss or waste, including, with respect to
the Senior Loan or a Mezzanine Loan, amounts advanced or otherwise paid by a Mezzanine Lender pursuant to Section 11 hereof. 
 “Purchase Option Notice” has the meaning provided in Section 13(a) hereof. 
 “Qualified
Manager” shall mean a reputable management company having at least five (5) years’ experience in the management of at least five (5) properties substantially similar to the Premises, which at the time of its engagement as
property manager manages leasable square footage of the same property type as the Premises equal to the lesser of (x) 1,000,000 leasable square feet and (y) five (5) times the leaseable square feet of the Premises, which management
company is not the subject of a bankruptcy or similar insolvency proceeding. 
 “Qualified Transferee” means
(i) Goldman Sachs Mortgage Company, Citicorp North America, Inc., SL Green Realty Corp., SLG Stars Mortgage Loan LLC, SLG Stars Mezz 

  

 7 

 
Loan LLC, KBS Debt Holdings, LLC or any of their respective Affiliates or (ii) one or more of the following: 
 (A)        a real estate investment trust, bank, saving and loan association, investment bank,
insurance company, trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, real estate investment fund (including a fund established for the purpose of purchasing
real estate debt instruments) provided that any such Person referred to in this clause (A) satisfies the Eligibility Requirements; 
 (B)        an investment company, money management firm or “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as
amended, or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended, provided that any such Person referred to in this clause (B) satisfies the Eligibility
Requirements; 
 (C)        an institution substantially similar to any of the
foregoing entities described in clauses (ii)(A) or (ii)(B) above or clause (ii)(F) below that satisfies the Eligibility Requirements; 
 (D)        any entity Controlled by, Controlling or under common Control with, one or more of any of the entities described in clause (i) or clauses (ii)(A),
(ii)(B) or (ii)(C) above or clauses (ii)(F), or (ii)(G) below; 
 (E)        a Qualified Trustee (or in the case of a CDO, a single purpose bankruptcy-remote entity which contemporaneously assigns or pledges its interest in the Mezzanine Loan or a participation
interest therein to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized debt obligations (“CDO”) secured by, or (C) a financing through an “owner trust” of, a
Mezzanine Loan or any interest therein (any of the foregoing, a “Securitization Vehicle”), provided that (1) one or more classes of securities issued by such Securitization Vehicle is initially rated at least investment grade
by each of the Rating Agencies which assigned a rating to one or more classes of securities issued in connection with a Securitization (it being understood that with respect to any Rating Agency that assigned such a rating to the securities issued
by such Securitization Vehicle, a Rating Agency Confirmation will not be required in connection with a transfer of a Mezzanine Loan (or any interest therein) to such Securitization Vehicle); (2) in the case of a Securitization Vehicle that is
not a CDO, the special servicer of such Securitization Vehicle has a Required Special Servicer Rating (such entity, an “Approved Servicer”) and such Approved Servicer is required to service and administer such Mezzanine Loan in accordance
with servicing arrangements for the assets held by the Securitization Vehicle which require that such Approved Servicer act in accordance with a servicing standard notwithstanding any contrary direction or instruction from any other Person; or
(3) in the case of a Securitization Vehicle that is a CDO, the CDO Asset Manager (and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a Qualified Trustee, or a CDO Asset Manager which is a Qualified
Transferee) are each a Qualified Transferee under clauses (A), (B), (C), (D), (F) or (G) of this definition; or 
  

 8 

 (F)        an investment fund, limited liability
company, limited partnership or general partnership where a Mezzanine Lender or a Permitted Fund Manager or an entity that is otherwise a Qualified Transferee under clauses (ii)(A), (B), (C), (D) or
(G) of this definition acts as a general partner, managing member or fund manager and at least 50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified
Transferees under clauses (ii)(A), (B), (C), (D) or (G) of this definition investing through a fund acts as a general partner, acting partner, managing member or fund manager and at least 50% of the
equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified Transferees under clauses (ii)(A), (B), (C), (D) or (G) of this definition; or 
 (G)        any other lender or entity which has been approved as a Qualified Transferee for
purposes hereof by Senior Lender (prior to a Securitization) and, if a Securitization has occurred, by the Rating Agencies; or 
 (H)        any Qualified Transferee under any of the foregoing clauses that is acting in an agency capacity for a syndicate of lenders, provided more than 50% of the committed loan amounts or
outstanding loan balance are owned by lenders in the syndicate that are themselves Qualified Transferees. 
 “Qualified
Trustee” means (i) a corporation, national bank, national banking association or a trust company, organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise
corporate trust powers and to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination by federal or state authority, (ii) an institution insured by the Federal Deposit
Insurance Corporation or (iii) an institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the Rating Agencies. 
 “Rating Agencies” means, prior to a Securitization, each of S&P, Moody’s Investors Service, Inc., and Fitch, Inc., or any other
nationally-recognized statistical rating agency which has been designated by Senior Lender and, after a Securitization, shall mean any of the foregoing that have rated any of the Certificates. 
 “Rating Agency Confirmation” means each of the Rating Agencies shall have confirmed in writing that the occurrence of the event with
respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In the event that
no Certificates are outstanding or the Senior Loan is not part of a Securitization, any action that would otherwise require a Rating Agency Confirmation shall require the consent of the Senior Lender, which consent shall not be unreasonably
withheld, conditioned or delayed. 
 “Redirection Notice” has the meaning provided in Section 15 hereof.

  

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 “Required Special Servicer Rating” means (i) a rating of “CSS1” in the
case of Fitch, (ii) on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer in the case of S&P and (iii) in the case of Moody’s, such special servicer is acting as special servicer in a commercial
mortgage loan securitization that was rated by Moody’s within the twelve (12) month period prior to the date of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage
securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 
 “Securitization” means the sale or securitization of the Senior Loan (or any portion thereof) in one or more transactions through the
issuance of securities, which securities may be assigned ratings by the Rating Agencies. 
 “Securitization Vehicle” has the
meaning provided in the definition of the term “Qualified Transferee”. 
 “Senior Lender” has the meaning provided
in the first paragraph of this Agreement. 
 “Senior Loan” has the meaning provided in the Recitals hereto.

 “Senior Loan Agreement” has the meaning provided in the Recitals hereto. 
 “Senior Loan Cash Management Agreement” means any cash management agreement or agreements executed in connection with, or cash
management provisions of, the Senior Loan Documents. 
 “Senior Loan Default Notice” has the meaning provided in
Section 11(a) hereof. 
 “Senior Loan Documents” means the Senior Loan Agreement, the Senior Note and the Senior
Mortgages, together with the Loan Documents, as defined in the Senior Loan Agreement, as any of the foregoing may be modified, amended, extended, supplemented, restated or replaced from time to time, subject to the limitations and agreements
contained in this Agreement. 
 “Senior Loan Liabilities” means, collectively, all of the indebtedness, liabilities and
obligations of Borrower evidenced by the Senior Loan Documents and all amounts due or to become due pursuant to the Senior Loan Documents, including interest thereon and any other amounts payable in respect thereof or in connection therewith,
including, without limitation, any late charges, default interest, prepayment fees or premiums, exit fees, advances and post-petition interest. 
 “Senior Loan Modification” has the meaning provided in Section 7(a) hereof. 
 “Senior
Mezzanine Borrower” has the meaning provided in the Recitals hereto. 
  

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 “Senior Mezzanine Lender” has the meaning provided in the first paragraph of this
Agreement. 
 “Senior Mezzanine Loan” has the meaning provided in the Recitals hereto. 
 “Senior Mezzanine Loan Agreement” has the meaning provided in the Recitals hereto. 
 “Senior Mezzanine Loan Documents” means the Senior Mezzanine Loan Agreement, the Senior Mezzanine Note and the Senior Pledge, together
with the Loan Documents, as defined in the Senior Mezzanine Loan Agreement, as any of the foregoing may be modified, amended, extended, supplemented, restated or replaced from time to time, subject to the limitations and agreements contained in this
Agreement. 
 “Senior Mezzanine Loan Liabilities” shall mean, collectively, all of the indebtedness, liabilities and
obligations of Senior Mezzanine Borrower evidenced by the Senior Mezzanine Loan Documents and all amounts due or to become due pursuant to the Senior Mezzanine Loan Documents, including, without limitation, interest thereon and any other amounts
payable in respect thereof or in connection therewith, any late charges, default interest, prepayment fees or premiums, exit fees, advances and post-petition interest. 
 “Senior Mezzanine Loan Purchase Option Event” has the meaning ascribed to such term in Section 13. 
 “Senior Mezzanine Loan Purchase Price” has the meaning ascribed to such term in Section 13. 
 “Senior Mezzanine Note” has the meaning provided in the Recitals hereto. 
 “Senior
Mezzanine Purchase Notice” has the meaning ascribed to such term in Section 13. 
 “Senior Mortgages”
has the meaning provided in the Recitals hereto. 
 “Senior Note” has the meaning provided in the Recitals
hereto. 
 “Senior Pledge Agreement” has the meaning provided in the Recitals hereto. 
 “Separate Collateral” means, with respect to each Mezzanine Lender, (i) Equity Collateral pledged under its respective Mezzanine
Loan Documents, (ii) the accounts (and monies therein from time to time) pledged under its respective Mezzanine Loan Documents, and (iii) any other collateral or benefits (including any guarantees) given as security for or in connection
with the applicable Mezzanine Loan pursuant to the applicable Mezzanine Loan Documents (including, without limitation, all amounts payable on behalf of the applicable Mezzanine Borrowers under the applicable Interest Rate Cap Agreement and revenues
from properties that are not subject to the lien of the Senior Mortgages), in each case not directly constituting security for the Senior Loan or any other Mezzanine Loan. 
  

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 “SPE Constituent Entity” means any holder of direct or indirect equity interests in
Borrower that is required to be a single-purpose entity pursuant to the Senior Loan Documents and/or any of the Mezzanine Loan Documents. 
 “Third Party Agreement” has the meaning provided in Section 5(a) hereof. 
 “Third Party
Obligor” has the meaning provided in Section 5(a) hereof. 
 “Transfer” means any assignment, pledge,
conveyance, sale, transfer, mortgage, encumbrance, grant of a security interest, issuance of a participation interest, or other disposition, either directly or indirectly, by operation of law or otherwise. 
 (b)        For all purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires: 
     (i)                all capitalized terms defined in the recitals to this Agreement shall have the meanings ascribed thereto whenever
used in this Agreement and the terms defined in this Agreement have the meanings assigned to them in this Agreement, and the use of any gender herein shall be deemed to include the other genders; 
     (ii)               terms not otherwise
defined herein shall have the meaning assigned to them in the Senior Loan Agreement; 
     (iii)              all references in this Agreement to designated Sections, Subsections, Paragraphs, Articles, Exhibits, Schedules and other
subdivisions or addenda without reference to a document are to the designated sections, subsections, paragraphs and articles and all other subdivisions of and exhibits, schedules and all other addenda to this Agreement, unless otherwise specified;

     (iv)             a reference to a
Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section in which the reference appears, and this rule shall apply to Paragraphs and other subdivisions; 
     (v)              the terms
“includes” or “including” shall mean without limitation by reason of enumeration; 
     (vi)             the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this Agreement as a
whole and not to any particular provision; 
     (vii)            the words “to Mezzanine Lender’s knowledge” or “to the knowledge of a Mezzanine Lender” (or words of similar
meaning) shall mean to the actual knowledge of officers of a Mezzanine Lender with direct oversight responsibility for its respective Mezzanine Loan without independent investigation or inquiry and without any imputation whatsoever; and 

 

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     (viii)           the words “to Senior Lender’s knowledge” or “to the knowledge of Senior Lender” (or words of similar meaning) shall
mean to the actual knowledge of officers of Senior Lender with direct oversight responsibility for the Senior Loan without independent investigation or inquiry and without any imputation whatsoever. 
 Section 2.        Characterization of the Loans; Approval of Loans and Loan Documents. 
 (a)        Senior Loan.  Each Mezzanine Lender hereby acknowledges that (i) Borrower shall
not have any liability or obligation whatsoever with respect to the Mezzanine Notes or otherwise in connection with the payment of the Mezzanine Loans, (ii) the Mezzanine Loans do not constitute or impose, and shall not be deemed or construed
as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in any portion of the Premises or any other collateral securing the Senior Loan or otherwise grant to either Mezzanine Lender the status as a creditor of
Borrower, (iii) it shall not, as holder of a Mezzanine Loan, assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Premises or any status as a creditor of Borrower in any action or proceeding, including any
insolvency or bankruptcy proceeding commenced by or against Borrower; (iv) it shall not, as holder of a Mezzanine Loan, assert, pursue, confirm or acquiesce in any way to any recharacterization of the Mezzanine Loans as having conferred upon
either Mezzanine Lender any lien or encumbrance upon, or security interest in, the Premises or any portion thereof or as having conferred upon Mezzanine Lenders the status of a creditor of Borrower; and (v) nothing in this Agreement is intended
to create and this Agreement does not create any security interest given by the Senior Lender in favor of Mezzanine Lenders. 
 (b)        Senior Mezzanine Loan.  Senior Mezzanine Lender hereby acknowledges that (i) no Mezzanine Borrower other than Senior Mezzanine Borrower shall have any liability or
obligation whatsoever with respect to the Senior Mezzanine Note or otherwise in connection with the payment of the Senior Mezzanine Loan; (ii) the Senior Mezzanine Loan does not constitute or impose, and shall not be deemed or construed as
constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in any portion of the Separate Collateral securing any Mezzanine Loan other than the Senior Mezzanine Loan; (iii) the Senior Mezzanine Loan does not
grant to Senior Mezzanine Lender the status as a creditor of any Mezzanine Borrower other than Senior Mezzanine Borrower; (iv) Senior Mezzanine Lender shall not, as holder of a Mezzanine Loan, assert, claim or raise as a defense, any such lien,
encumbrance or security interest in the Separate Collateral securing any Mezzanine Loan other than the Senior Mezzanine Loan; (v) Senior Mezzanine Lender shall not, as holder of a Mezzanine Loan, assert, claim or raise as a defense any status
as a creditor of any Mezzanine Borrower other than Senior Mezzanine Borrower in any action or proceeding, including any insolvency or bankruptcy proceeding commenced by or against any Senior Mezzanine Borrower; and (vi) Senior Mezzanine Lender
shall not assert, pursue, confirm or acquiesce in any way to any recharacterization of the Senior Mezzanine Loan as having conferred upon Senior Mezzanine Lender any lien or encumbrance upon, or security interest in, the Separate Collateral securing
any Mezzanine Loan other than the Senior Mezzanine Loan or as having conferred upon Senior Mezzanine Lender the status of a creditor of any Mezzanine Borrower other than Senior Mezzanine Borrower. 
  

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 (c)        Junior Mezzanine Loan.  Junior
Mezzanine Lender hereby acknowledges that (i) no Mezzanine Borrower other than Junior Mezzanine Borrower shall have any liability or obligation whatsoever with respect to the Junior Mezzanine Note or otherwise in connection with the payment of
the Junior Mezzanine Loan; (ii) the Junior Mezzanine Loan does not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in any portion of the
Separate Collateral securing any Mezzanine Loan other than the Junior Mezzanine Loan; (iii) the Junior Mezzanine Loan does not grant to Junior Mezzanine Lender the status as a creditor of any Mezzanine Borrower other than Junior Mezzanine
Borrower; (iv) Junior Mezzanine Lender shall not, as holder of a Mezzanine Loan, assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Separate Collateral securing the any Mezzanine Loan other than the
Junior Mezzanine Loan; (v) Junior Mezzanine Lender shall not, as holder of a Mezzanine Loan, assert, claim or raise as a defense any status as a creditor of any Mezzanine Borrower other than Junior Mezzanine Borrower in any action or
proceeding, including any insolvency or bankruptcy proceeding commenced by or against Junior Mezzanine Borrower; and (vi) Junior Mezzanine Lender shall not assert, pursue, confirm or acquiesce in any way to any recharacterization of the Junior
Mezzanine Loan as having conferred upon Junior Mezzanine Lender any lien or encumbrance upon, or security interest in, the Separate Collateral securing any Mezzanine Loan other than the Junior Mezzanine Loan or as having conferred upon Junior
Mezzanine Lender the status of a creditor of any Mezzanine Borrower other than Junior Mezzanine Borrower. 
 (d)        Junior Loans.  Senior Lender hereby acknowledges that (i) neither Senior Mezzanine Borrower nor Junior Mezzanine Borrower shall have any liability or obligation
whatsoever with respect to the Senior Note or otherwise in connection with the payment of the Senior Loan, (ii) the Senior Loan does not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a
lien or encumbrance upon, or security interest in any portion of the Equity Collateral or any other collateral securing the Mezzanine Loans or otherwise grant to Senior Lender the status as a creditor of either Senior Mezzanine Borrower or Junior
Mezzanine Borrower, (iii) it shall not, as holder of a Senior Loan, assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Equity Collateral or any status as a creditor of Senior Mezzanine Borrower or Junior
Mezzanine Borrower in any action or proceeding, including any insolvency or bankruptcy proceeding commenced by or against Senior Mezzanine Borrower or Junior Mezzanine Borrower; (iv) it shall not, as holder of the Senior Loan, assert, pursue,
confirm or acquiesce in any way to any recharacterization of the Senior Loan as having conferred upon Senior Lender any lien or encumbrance upon, or security interest in, the Equity Collateral or any portion thereof or as having conferred upon
Senior Lender the status of a creditor of Senior Mezzanine Borrower or Junior Mezzanine Borrower; and (v) nothing in this Agreement is intended to create and this Agreement does not create any security interest given by the Mezzanine Lenders in
favor of Senior Lender. 
 (e)        Mezzanine Lenders.  Each Mezzanine Lender
hereby acknowledges that (i) it has received and reviewed and, subject to the terms and conditions of this Agreement, hereby consents to and approves of the making of the Senior Loan and each of the Mezzanine Loans, subject to the terms and
provisions of this Agreement, all of the terms and provisions of the Senior Loan Documents and each of the Mezzanine Loan Documents, (ii) the execution, delivery and performance of the Senior Loan Documents and each of the Mezzanine Loan

  

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Documents will not constitute a default or an event which, with the giving of notice or the lapse of time, or both, would constitute a default under the
Mezzanine Loan Documents relating to the Mezzanine Loan held by such Mezzanine Lender, (iii) neither Senior Lender nor the other Mezzanine Lender are under any obligation or duty to, nor has Senior Lender represented or the other Mezzanine
Lender represented that either will, see to (A) the application of the proceeds of the Senior Loan by Borrower or any other Person to whom Senior Lender disburses such proceeds and (B) the application of the proceeds of either Mezzanine
Loan other than, with respect to an individual Mezzanine Lender, the Mezzanine Loan held by such Mezzanine Lender, (iv) (A) any application or use of the proceeds of the Senior Loan for purposes other than those provided in the Senior Loan
Documents shall not affect, impair or defeat the terms and provisions of this Agreement or the Senior Loan Documents and (B) any application or use of the proceeds of either Mezzanine Loan for purposes other than those provided in the related
Mezzanine Loan Documents shall not affect, impair or defeat the terms and provisions of this Agreement or the related Mezzanine Loan Documents 
 (f)        Senior Lender.  Senior Lender hereby acknowledges that (i) it has received and reviewed, and, subject to the terms and conditions of this Agreement, hereby consents to
and approves of the making of the Mezzanine Loans and, subject to the terms and provisions of this Agreement, all of the terms and provisions of the Mezzanine Loan Documents, (ii) the execution, delivery and performance of the Mezzanine Loan
Documents will not constitute a default or an event which, with the giving of notice or the lapse of time, or both, would constitute a default under the Senior Loan Documents, (iii) neither Mezzanine Lender is under any obligation or duty to,
nor has either Mezzanine Lender represented that it will, see to the application of the proceeds of the related Mezzanine Loan by the related Mezzanine Borrower or any other Person to whom such Mezzanine Lender disburses such proceeds and
(iv) any application or use of the proceeds of the Mezzanine Loans for purposes other than those provided in the Mezzanine Loan Documents shall not affect, impair or defeat the terms and provisions of this Agreement or the Mezzanine Loan
Documents. Senior Lender hereby consents to the Mezzanine Lenders obtaining title to the applicable Separate Collateral (provided, however, that with respect to the applicable portion of the Separate Collateral constituting Equity Collateral, each
Mezzanine Lender acts in accordance with the provisions of Section 5 hereof) pledged to the related Mezzanine Lender, subject to the terms and conditions of Section 5 hereof. Senior Lender hereby acknowledges and agrees that
any conditions precedent to Senior Lender’s consent to mezzanine financing as set forth in the Senior Loan Documents or any other agreements with the Borrower, as they apply to the Mezzanine Loan Documents or the making of the Mezzanine Loan,
have been either satisfied or waived. 
 (g)        Notwithstanding any provisions herein or in the
Senior Loan Documents to the contrary, Senior Lender agrees that no default or Event of Default under the Mezzanine Loan Documents shall, in and of itself, constitute or give rise to a default or Event of Default under the Senior Loan Documents,
entitle Senior Lender to accelerate payments under the Senior Loan Documents or entitle Senior Lender to modify any provisions of the Senior Loan Documents; provided, however, it is understood that the circumstances giving rise to a
default or Event of Default under the Mezzanine Documents may give rise to a default or Event of Default under the Senior Loan Documents in accordance with the terms thereof. 
  

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 Section 3.        Representations and Warranties.

 (a)        Each Mezzanine Lender hereby represents and warrants to the Senior Lender and the other
Mezzanine Lender, for itself only as follows: 
     (i)                There are no conditions precedent to the effectiveness of this Agreement against such Mezzanine Lender that have not
been satisfied or waived. 
     (ii)               Such Mezzanine Lender has, independently and without reliance upon Senior Lender or the other Mezzanine 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. 
     (iii)              Such Mezzanine Lender is duly organized and is validly existing under the laws of the jurisdiction under
which it was organized with full power to execute, deliver, and perform this Agreement and consummate the transactions contemplated hereby. 
     (iv)             All actions necessary to authorize the execution, delivery, and performance of this Agreement on behalf of such
Mezzanine Lender have been duly taken, and all such actions continue in full force and effect as of the date hereof. 
     (v)              Such Mezzanine Lender has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid, and binding
agreement of such Mezzanine Lender enforceable against such Mezzanine Lender in accordance with its terms subject to (x) applicable bankruptcy, reorganization, insolvency and moratorium laws, and (y) general principles of equity which may
apply regardless of whether a proceeding is brought in law or in equity. 
     (vi)             To such Mezzanine Lender’s knowledge, no consent of any other Person and no consent, license, approval, or authorization of, or
exemption by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in connection with the execution, delivery or performance by such Mezzanine Lender of this Agreement or consummation by such
Mezzanine Lender of the transactions contemplated by this Agreement. 
     (vii)            None of the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated by this Agreement
will (v) violate or conflict with any provision of the organizational or governing documents of such Mezzanine Lender, (w) to such Mezzanine Lender’s knowledge, violate, conflict with, or result in the breach or termination of, or
otherwise give any other Person the right to terminate, or constitute (or with the giving of notice or lapse of time, or both, would constitute) a default under the terms of any contract, mortgage, lease, bond, indenture, agreement, or other
instrument to which such Mezzanine Lender is a party or to which any of its properties are subject, (x) to such Mezzanine Lender’s knowledge, result in the 

  

 16 

 
creation of any lien, charge, encumbrance, mortgage, lease, claim, security interest, or other right or interest upon the properties or assets of such
Mezzanine Lender pursuant to the terms of any such contract, mortgage, lease, bond, indenture, agreement, franchise, or other instrument (provided, however, that such Mezzanine Lender and any participant in the related Mezzanine Loan shall have the
right to grant a lien, charge, encumbrance, claim or security interest in the related Mezzanine Loan or any portion thereof to a Loan Pledgee as contemplated by the provisions of Section 15 hereof), (y) violate any judgment, order,
injunction, decree, or award of any court, arbitrator, administrative agency or governmental or regulatory body of which such Mezzanine Lender has knowledge against, or binding upon, such Mezzanine Lender or upon any of the securities, properties,
assets, or business of such Mezzanine Lender or (z) to such Mezzanine Lender’s knowledge, constitute a violation by such Mezzanine Lender of any statute, law or regulation that is applicable to such Mezzanine Lender. 
 (b)        Senior Mezzanine Lender.  Senior Mezzanine Lender hereby represents and warrants to
the Senior Lender and the Junior Mezzanine Lender as follows: 
     (i)                Exhibit B hereto is a true, correct and complete list of all of the Senior Mezzanine Loan Documents (including
all amendments and modifications thereof), as of the date hereof. 
     (ii)               To Senior Mezzanine Lender’s knowledge, there currently exists no default or event which, with the giving of notice
or the lapse of time, or both, would constitute a default under the Senior Mezzanine Loan Documents. 
     (iii)              Senior Mezzanine Lender is the legal and beneficial owner of the entire Senior Mezzanine Loan free and clear of any lien,
security interest, option or other charge or encumbrance, other than any lien or security interest granted to any Loan Pledgee (as hereinafter defined) as contemplated by the provisions of Section 15 hereof. 
     (iv)             The Senior Mezzanine Loan is
not cross-defaulted with any loan other than the Encumbered Property Loans (as defined in the Senior Mezzanine Loan Agreement). The Premises do not secure any loan from Senior Mezzanine Lender to Senior Mezzanine Borrower or any other Affiliate of
Borrower. 
 (c)        Junior Mezzanine Lender.  Junior Mezzanine Lender hereby
represents and warrants to the Senior Lender and the Senior Mezzanine Lender as follows: 
     (i)                Exhibit C hereto is a true, correct and complete list of all of the Junior Mezzanine Loan Documents (including
all amendments and modifications thereof), as of the date hereof. 
     (ii)               To Junior Mezzanine Lender’s knowledge, there currently exists no default or event which, with the giving of notice
or the lapse of time, or both, would constitute a default under the Junior Mezzanine Loan Documents. 
  

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     (iii)              Junior Mezzanine Lender is the legal and beneficial owner of the entire Junior Mezzanine Loan free and clear of any lien,
security interest, option or other charge or encumbrance, other than any lien or security interest granted to any Loan Pledgee (as hereinafter defined) as contemplated by the provisions of Section 15 hereof. 
     (iv)             The Junior Mezzanine Loan is
not cross-defaulted with any loan other than the Senior Mezzanine Loan. The Premises do not secure any loan from Junior Mezzanine Lender to Junior Mezzanine Borrower or any other Affiliate of Borrower. 
 (d)        Senior Lender.  Senior Lender hereby represents and warrants as follows: 

    (i)                Exhibit
D hereto is a true, correct and complete list of all of the Senior Loan Documents (including all amendments and modifications thereof), as of the date hereof. 
     (ii)               To Senior
Lender’s knowledge, there currently exists no default or event which, with the giving of notice or the lapse of time, or both, would constitute a default under any of the Senior Loan Documents. 
     (iii)              Senior Lender is the
legal and beneficial owner of the Senior Loan free and clear of any lien, security interest, option or other charge or encumbrance. 
     (iv)             There are no conditions precedent to the effectiveness of this Agreement against Senior Lender that have not been satisfied or waived.

     (v)              Senior
Lender has, independently and without reliance upon either Mezzanine 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. 
     (vi)             Senior Lender is duly organized
and is validly existing under the laws of the jurisdiction under which it was organized with full power to execute, deliver, and perform this Agreement and consummate the transactions contemplated hereby. 
     (vii)            All actions necessary to authorize
the execution, delivery, and performance of this Agreement on behalf of Senior Lender have been duly taken, and all such actions continue in full force and effect as of the date hereof. 
     (viii)           Senior Lender has duly executed and
delivered this Agreement and this Agreement constitutes the legal, valid, and binding agreement of Senior Lender enforceable against Senior Lender in accordance with its terms subject to (x) applicable bankruptcy, reorganization, insolvency and
moratorium laws and (y) general principles of equity which may apply regardless of whether a proceeding is brought in law or in equity. 
  

 18 

     (ix)             To Senior Lender’s knowledge, no consent of any other Person and no consent, license, approval, or authorization of, or exemption
by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in connection with the execution, delivery or performance by Senior Lender of this Agreement or consummation by Senior Lender of the
transactions contemplated by this Agreement. 
     (x)              None of the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated by this
Agreement will (v) violate or conflict with any provision of the organizational or governing documents of Senior Lender, (w) to Senior Lender’s knowledge, violate, conflict with, or result in the breach or termination of, or otherwise
give any other Person the right to terminate, or constitute (or with the giving of notice or lapse of time, or both, would constitute) a default under the terms of any contract, mortgage, lease, bond, indenture, agreement, or other instrument to
which Senior Lender is a party or to which any of its properties are subject, (x) to Senior Lender’s knowledge, result in the creation of any lien, charge, encumbrance, mortgage, lease, claim, security interest, or other right or interest
upon the properties or assets of Senior Lender pursuant to the terms of any such contract, mortgage, lease, bond, indenture, agreement, franchise or other instrument, (y) violate any judgment, order, injunction, decree or award of any court,
arbitrator, administrative agency or governmental or regulatory body of which Senior Lender has knowledge against, or binding upon, Senior Lender or upon any of the securities, properties, assets, or business of Senior Lender or (z) to Senior
Lender’s knowledge, constitute a violation by Senior Lender of any statute, law or regulation that is applicable to Senior Lender. 
     (xi)             The Senior Loan is not cross-defaulted with any other loan. The Premises do not secure any other loan from
Senior Lender to Borrower, Senior Mezzanine Borrower, Junior Mezzanine Borrower or any other Affiliate of Borrower. 
     (xii)            The Senior Loan is not secured by any direct or indirect equity interest in Borrower. 
 Section 4.        Transfer of Mezzanine Loan or Senior Loan.  Except as otherwise permitted
in Section 15 hereof: 
 (a)        No Mezzanine Lender shall Transfer more than 49% of
its beneficial interest in its respective Mezzanine Loan unless, with respect to the excess over 49%, either (i) a Rating Agency Confirmation has been given with respect to such Transfer, in which case the related transferee shall thereafter be
deemed to be a “Qualified Transferee” for all purposes of this Agreement, or (ii) such Transfer is to a Qualified Transferee. Any such transferee (other than a participant or Loan Pledgee) shall be deemed to have assumed the
obligations of the applicable Mezzanine Lender hereunder and to have agreed to be bound by the terms and provisions hereof. Such proposed transferee (other than a participant or Loan Pledgee) shall also be deemed to have remade each of the
representations and warranties contained herein for the 

  

 19 

 
benefit of the Senior Lender and the other Mezzanine Lender. For the avoidance of doubt, Transfers of 49% or less of a Mezzanine Lender’s beneficial
interest in its respective Mezzanine Loan shall not require Rating Agency Confirmation, nor does such Transfer need to be made to a Qualified Transferee. 
 (b)        Not more than five (5) days after a Transfer of more than 49% of its beneficial interest to a Qualified Transferee, the applicable transferring Mezzanine Lender
shall provide to Senior Lender and the other Mezzanine Lender and, if any Certificates are outstanding, to the Rating Agencies, a certification that such transfer has been made in accordance with this Section 4, such certification to
include the name and contact information of the Qualified Transferee. The provisions of this Section 4(b) are not intended to apply to a Pledge granted under Section 15 of this Agreement. 
 (c)        If more than one Person shall hold a direct interest in a Mezzanine Loan, the holder(s) of more than
50% of the principal amount of such Mezzanine Loan shall designate by written notice to Senior Lender and the other Mezzanine Lender one of such Persons (the “Directing Mezzanine Lender”) to act on behalf of all such Persons holding
an interest in such Mezzanine Loan. The Directing Mezzanine Lender shall have the sole right to receive any notices which are required to be given or which may be given to the related Mezzanine Lender pursuant to this Agreement and to exercise the
rights and power given to such Mezzanine Lender hereunder, including any approval rights of such Mezzanine Lender; provided, that until the Directing Mezzanine Lender has been so designated, the last Person known to the Senior Lender and the other
Mezzanine Lender to hold more than a 50% direct interest in such Mezzanine Loan shall be deemed to be the Directing Mezzanine Lender. Once the Directing Mezzanine Lender has been designated hereunder, Senior Lender and the other Mezzanine Lender
shall be entitled to rely on such designation until it has received written notice from the holder(s) of more than 50% of the principal amount of such Mezzanine Loan of the designation of a different Person to act as the Directing Mezzanine Lender.
As of the date hereof, the Directing Mezzanine Lender for (i) the Senior Mezzanine Loan is KBS Debt Holdings, LLC and (ii) the Junior Mezzanine Loan is Goldman Sachs Mortgage Company. Junior Mezzanine Lender agrees that no Affiliated
Person (defined below) shall become the Directing Mezzanine Lender with respect to the Junior Mezzanine Loan, unless it shall own 100% of the Junior Mezzanine Loan. 
 (d)        Each Mezzanine Lender acknowledges that any Rating Agency Confirmation may be granted or denied by the Rating Agencies in their sole and absolute discretion and that
such Rating Agencies may charge customary fees in connection with any such action. 
 (e)        Subject to Section 22, Senior Lender may, from time to time, in its sole discretion Transfer all or any portion of the Senior Loan or any interest therein, and notwithstanding
any such Transfer or subsequent Transfer, the Senior Loan and the Senior Loan Documents shall be and remain a senior obligation in the respects set forth in this Agreement to the Mezzanine Loans and the Mezzanine Loan Documents in accordance with
the terms and provisions of this Agreement. Senior Lender will provide each Mezzanine Lender prompt notice of any Transfer of more than 49% of its beneficial interest in the Senior Loan (including with respect to a Securitization, but excluding any
Transfer that is a Pledge). If more than one Person shall hold a direct interest in the Senior Loan, the holder(s) of more than 50% of the principal 

  

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amount of the Senior Loan shall designate by written notice to each Mezzanine Lender one of such Persons or a servicer on their behalf (the
“Directing Senior Lender”) to act on behalf of all such Persons holding an interest in the Senior Loan. The Directing Senior Lender shall have the sole right to receive any notices which are required to be given or which may be
given to Senior Lender pursuant to this Agreement and to exercise the rights and power given to Senior Lender hereunder, including any approval rights of Senior Lender; provided, that until the Directing Senior Lender has been so designated, the
last Person known to each Mezzanine Lender to hold more than a 50% direct interest in the Senior Loan shall be deemed to be the Directing Senior Lender. Once the Directing Senior Lender has been designated hereunder, each Mezzanine Lender shall be
entitled to rely on such designation until it has received written notice from the holder(s) of more than 50% of the principal amount of the Senior Loan of the designation of a different Person to act as the Directing Senior Lender. As of the date
hereof, the Directing Senior Lender is Goldman Sachs Mortgage Company. Senior Lender agrees that no Affiliated Person (defined below) shall become the Directing Senior Lender, unless it shall own 100% of the Senior Loan. 
 Section 5.        Foreclosure of Separate Collateral. 
 (a)        No Mezzanine Lender shall complete a foreclosure or other realization upon the Equity Collateral
(including, without limitation, obtaining title to the Equity Collateral or selling or otherwise transferring the Equity Collateral) without (i) Rating Agency Confirmation and (ii) in the case of the Junior Mezzanine Lender, the approval
of the Senior Mezzanine Lender (not to be unreasonably withheld, delayed or conditioned), in each case, unless (i) the transferee of title to the Equity Collateral is a Qualified Transferee, (ii) the Premises will be managed by a Qualified
Manager promptly after the Transfer of title to the Equity Collateral, and (iii) if not in place prior to the transfer of title to the Equity Collateral, hard cash management and adequate reserves for taxes, insurance, ground rents (if
applicable), debt service, capital repair and improvement expenses, tenant improvement expenses and leasing commissions and operating expenses will be implemented under the Senior Loan promptly after the transfer of title to the Equity Collateral to
the extent required by the Senior Loan Documents (or, in the case of a transfer of title to the Junior Mezzanine Loan Equity Collateral, the Senior Mezzanine Loan Documents); provided, however, the requirement set forth in clause (iii) shall be
waived if the implementation of such hard cash management and reserves would cause a “significant modification” of the Senior Loan, as such term is defined in Treasury Regulations Section 1.860G-2(b). Additionally, if a
non-consolidation opinion was delivered in connection with the closing of the Senior Loan, the transferee of the Equity Collateral shall deliver a new non-consolidation opinion relating to the transferee acceptable to the Rating Agencies within ten
(10) Business Days of the transfer of title to the Equity Collateral. The applicable Mezzanine Lender shall provide to Senior Lender and the Rating Agencies notice of the Transfer (and, in the case of a Transfer of the Junior Mezzanine Loan,
Junior Mezzanine Lender shall provide such notice to Senior Mezzanine Lender), and certify that all conditions set forth in this Section 5(a) have been satisfied, within five (5) Business Days after the consummation of any transfer
of the Equity Collateral pursuant to this Section 5(a). Senior Lender or any Mezzanine Lender that has approval rights with respect to such transfer pursuant to this Section 5(a) may request reasonable evidence that the
foregoing requirements have been satisfied. In the event that such Transfer results in the removal of any guarantor, indemnitor, pledgor, or other obligor under the Senior Loan Documents, or in the case of a Transfer by the Junior Mezzanine Lender,
the Senior 

  

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Mezzanine Loan Documents (each, a “Third Party Obligor”), such transferee or an affiliate thereof reasonably satisfactory to the Senior
Lender and/or Senior Mezzanine Lender, as applicable, shall: (A) execute and deliver to Senior Lender and/or Senior Mezzanine Lender, as applicable, a guaranty, indemnity, pledge agreement or other agreement which provides for the obligations
of such obligor (each, a “Third Party Agreement”), in each case, in a form substantially similar to the Third Party Agreement that it is replacing, pursuant to which the Third Party Obligor shall undertake the obligations set forth
therein, and (B) if there are Certificates then outstanding, deliver (or cause to be delivered) to Senior Lender and/or Senior Mezzanine Lender, as applicable, and each Rating Agency, an opinion of counsel that the substitution of the original
Third Party Obligor and the original Third Party Agreement with a substitute Third Party Obligor and a substitute Third Party Agreement, would not cause a “significant modification” of the Senior Loan, as such term is defined in Treasury
Regulations Section 1.860G-2(b). 
 (b)        Nothing contained herein shall limit or restrict
the right of the Mezzanine Lenders to exercise their respective rights and remedies, in law or in equity, or otherwise, in order to realize on any Separate Collateral that is not Equity Collateral. 
 (c)        In the event a Mezzanine Lender or any purchaser at a UCC sale obtains title to the Equity Collateral,
Senior Lender and Senior Mezzanine Lender hereby acknowledge and agree that any transfer or assumption fee in the Senior Loan Documents and the Senior Mezzanine Loan Documents, as applicable, shall be waived as a condition to such transfer and any
such transfer shall not constitute a breach or default under the Senior Loan Documents or the Senior Mezzanine Loan Documents, as applicable, provided the conditions in Section 5(a) are met, to the extent applicable. Senior Lender and
Senior Mezzanine Lender also acknowledge and agree that they will not impose any unreasonable fees or delays in connection with such Transfer. 
 (d)        To the extent that any Qualified Transferee acquires the Equity Collateral pledged to a Mezzanine Lender pursuant to the related Mezzanine Loan Agreement in accordance with the provisions
and conditions of this Agreement, such Qualified Transferee shall acquire the same subject to (i) the Senior Loan and the terms, conditions and provisions of the Senior Loan Documents and (ii) in the case of an acquisition of the Equity
Collateral pledged under the Junior Mezzanine Loan, the Senior Mezzanine Loan and the terms, conditions and provisions of the Senior Mezzanine Loan Documents, in each case for the balance of the term thereof, which shall not be accelerated by Senior
Lender and/or Senior Mezzanine Lender, as applicable, solely due to such acquisition and shall remain in full force and effect; provided, however, that (A) such Qualified Transferee shall cause, within ten (10) days after the Transfer,
(1) Borrower and (2) in the case of a Transfer of the Junior Mezzanine Loan, the Senior Mezzanine Borrower, in each case, to reaffirm in writing, subject to such exculpatory provisions as may be set forth as of the date hereof in the
Senior Loan Documents and/or the Senior Mezzanine Loan Documents, as applicable, all of the terms, conditions and provisions of the Senior Loan Documents and/or the Senior Mezzanine Loan Documents, as applicable, on Borrower’s or Senior
Mezzanine Borrower’s, as applicable, part to be performed and (B) all defaults under (1) the Senior Loan and (2) the Senior Mezzanine Loan, in each case, which are susceptible of cure but remain uncured or unwaived as of the date
of such acquisition, have been cured by such Qualified Transferee or in the case of defaults that are susceptible of cure but can 

  

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only be cured by such Qualified Transferee following its acquisition of the Equity Collateral, the same shall be cured by such Qualified Transferee as soon
as practicable following its acquisition; and with respect to defaults not susceptible of cure, the same shall be waived by Senior Lender and/or the Senior Mezzanine Lender, as applicable, provided, that such defaults which are not susceptible of
being cured do not materially impair the value, use or operation of the Premises. 
 (e)        Nothing contained in this Section 5 is intended (i) to limit Loan Pledgee’s right under its financing documents with a Mezzanine Lender to foreclose against such
Mezzanine Lender, provided that Loan Pledgee complies with the applicable provisions of Section 15, or (ii) if any such Loan Pledgee has foreclosed under its financing documents as aforesaid, to limit such Loan Pledgee’s right
to foreclose against the related Mezzanine Borrower’s interest in the Equity Collateral, provided that Loan Pledgee complies with the applicable provisions of this Section 5. 
 Section 6.        Notice of Rating Confirmation.  Each Mezzanine Lender promptly shall
notify Senior Lender and the other Mezzanine Lender of any intended action relating to its respective Mezzanine Loan which would require Rating Agency Confirmation pursuant to this Agreement and shall cooperate with the reasonable request of Senior
Lender and/or the other Mezzanine Lender in obtaining such confirmation. Senior Lender promptly shall notify each Mezzanine Lender of any intended action relating to the Senior Loan which would require Rating Agency Confirmation pursuant to this
Agreement and shall cooperate with the reasonable requests of each Mezzanine Lender in obtaining such confirmation. The party whose action requires Rating Agency Confirmation shall pay all fees and expenses of the Rating Agencies in connection with
such action. 
 Section 7.        Modifications, Amendments, etc. 
 (a)        Modifications by Senior Lender.  Senior Lender shall have the right without the
consent of either Mezzanine Lender in each instance to enter into any amendment, deferral, extension, modification, increase, renewal, replacement, consolidation, supplement or waiver (collectively, a “Senior Loan Modification”) of
the Senior Loan or the Senior Loan Documents provided that no such Senior Loan Modification shall (i) increase the interest rate, principal amount of the Senior Loan (or the amortization of principal thereunder), except for increases in
principal to cover work-out costs (including closing costs in connection therewith) and Protective Advances made by the Senior Lender and reallocations, in each case, to the extent permitted under the Senior Loan Documents, (ii) increase in any
other material respect any monetary obligations of Borrower under the Senior Loan Documents, (iii) extend or shorten the scheduled maturity date of the Senior Loan (except that Senior Lender may permit Borrower to exercise any extension options
in accordance with the terms and provisions of the Senior Loan Documents), (iv) convert or exchange the Senior Loan into or for any other indebtedness or subordinate any of the Senior Loan to any indebtedness of Borrower, (v) amend or
modify the provisions of the Senior Loan Documents limiting transfers of direct or indirect interests in the Borrower or the Premises, (vi) modify, amend or terminate the terms and provisions of the Senior Loan Cash Management Agreement or any
of the other Senior Loan Documents with respect to the manner, timing and method of the application of payments under the Senior Loan Documents or as the same may relate to the Mezzanine Loan Documents, (vii) cross default the Senior Loan with
any other indebtedness, (viii) provide for a higher strike price with respect to 

  

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any new or extended interest rate cap agreement entered into in connection with the extended term of the Senior Loan, unless expressly required under the
Senior Loan Agreement, or waive any obligation of the rate cap provider under any rate cap agreement or waive any obligation of Borrower to deliver a replacement rate cap agreement, if required under the Senior Loan Documents, (ix) provide for
any contingent interest, additional interest or so-called “kicker” measured on the basis of the cash flow or appreciation of the Premises, (or other similar equity participation), (x) modify, amend or waive any of the provisions of
the Senior Loan Cash Management Agreement or the Senior Loan Agreement relating to cash management and reserves and the amounts to be deposited into such accounts, (xi) extend the period during which voluntary prepayments are prohibited or
during which prepayments require the payment of a prepayment fee or premium or yield maintenance charge or increase the amount of any such prepayment fee, premium or yield maintenance charge, (xii) modify any default provision in any material
respect or delete or shorten any notice, cure or grace periods available to Borrower (provided this shall in no way limit Senior Lender’s ability to waive any default or Event of Default), (xiii) impose any new financial covenants on
Borrower (or if such covenants exist, impose more restrictive financial covenants on Borrower), (xiv) release any lien on or security interest in any material portion of collateral or property of the Borrower (except as expressly contemplated
by the Senior Loan Documents), spread the lien of one or more of the Senior Mortgages to encumber additional real property unless expressly provided for in the Senior Loan Documents, or accept a grant of any lien on or security interest in any
collateral or property of Borrower or any other Person not originally granted or contemplated to be granted under the Senior Loan Documents, (xv) modify the Senior Loan Documents with respect to the amounts, types or deductibles of insurance
policies or ratings of any provider of insurance required pursuant to the terms of the Senior Loan Documents in a manner which would increase in any material respect the cost of such insurance (provided that the foregoing shall not preclude Senior
Lender from requiring the compliance by Borrower with the requirements of the Senior Loan Documents), (xvi) modify any provision of the Senior Loan Documents with respect to the payment of proceeds of any casualty or condemnation under a power
of eminent domain of the Premises or any portion thereof, or (xvii) grant to Senior Lender any direct or indirect equity interest in Borrower or either Mezzanine Borrower as collateral for the Senior Loan or in a manner that would violate the
Senior Mezzanine Loan Agreement or the Junior Mezzanine Loan Agreement; provided, however, in no event shall Senior Lender be obligated to obtain either Mezzanine Lenders’ consent to a Senior Loan Modification in the case of a
work-out or other surrender, compromise, release, renewal, or indulgence relating to the Senior Loan during the existence of a Continuing Senior Loan Event of Default, except that (1) under no circumstances shall the modifications described in
clause (i) (with respect to increase principal amount only), or clause (ix), (xi) or (xvii) be made without the written consent of each Mezzanine Lender, and (2) if either Mezzanine Lender has cured or
is in the process of curing (within the time period permitted for cure in Section 11) any Senior Loan Event of Default that such Mezzanine Lender is capable of curing and, with respect to non-monetary Senior Loan Events of Default that
Mezzanine Lender is not capable of curing, (x) such non-monetary Senior Loan Events of Default will not materially adversely affect the value, use or operation of the Premises or the priority of Senior Lender’s lien thereon (as determined
by Senior Lender in its reasonable discretion) or the cash flow from the Premises (as determined by Senior Lender in its reasonable discretion) and (y) such Mezzanine Lender is diligently and expeditiously pursuing its remedies to acquire the
relevant portion of the Equity Collateral pursuant to the applicable Mezzanine 

  

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Loan Documents, then Senior Lender shall not take any of the actions set forth in clauses (i) through (xvii) above without the written consent of
such Mezzanine Lender, not to be unreasonably withheld, delayed or conditioned. In addition and notwithstanding the foregoing provisions of this Section 7(a), the funding of any amounts by the Senior Lender under the Senior Loan
Documents as a result of (A) the making of any Protective Advances or other advances by the Senior Lender, or (B) interest accruals or accretions and any compounding thereof (including default interest), shall not be deemed to contravene
this Section 7(a). 
 (b)        Modifications by Mezzanine Lenders. 

(1)        Senior Mezzanine Lender shall have the right without the consent of Senior Lender or the Junior
Mezzanine Lender, in each instance, to enter into any amendment, deferral, extension, modification, increase, renewal, replacement, consolidation, supplement or waiver (collectively, a “Senior Mezzanine Loan Modification”) of the
Senior Mezzanine Loan or the Senior Mezzanine Loan Documents to which it is a party provided that no such Senior Mezzanine Loan Modification shall (i) increase the interest rate or principal amount of the Senior Mezzanine Loan, except for
increases in principal to cover work-out costs (including closing costs in connection therewith) and Protective Advances made by Senior Mezzanine Lender or reallocations, in each case, to the extent permitted under the Senior Mezzanine Loan
Documents, (ii) increase in any other material respect any monetary obligations of the Senior Mezzanine Borrower under the Senior Mezzanine Loan Documents, (iii) extend or shorten the scheduled maturity date of the Senior Mezzanine Loan
(except that the Senior Mezzanine Lender may permit the applicable Mezzanine Borrower to exercise any extension options in accordance with the terms and provisions of the Senior Mezzanine Loan Documents), (iv) convert or exchange the Senior
Mezzanine Loan into or for any other indebtedness or subordinate any of the Senior Mezzanine Loan to any indebtedness of the Senior Mezzanine Borrower, (v) amend or modify the provisions of the Senior Mezzanine Loan Documents limiting transfers
of direct or indirect interests in the Senior Borrower or the Premises, (vi) modify, amend or terminate the terms and provisions of the “Cash Management Agreement” (as defined in the Senior Mezzanine Loan Agreement; the
“Senior Mezzanine Cash Management Agreements”) or any of the other Senior Mezzanine Loan Documents with respect to the manner, timing and method of the application of payments under the Senior Mezzanine Loan (vii) cross default
the Senior Mezzanine Loan with any other indebtedness except the Encumbered Property Loans, (viii) provide for a higher strike price with respect to any new or extended interest rate cap agreement entered into in connection with the extended
term of the Senior Mezzanine Loan (other than as expressly provided for in the Senior Mezzanine Loan Documents in connection with the existing extension options), or waive any obligation of the rate cap provider under any rate cap agreement or waive
any obligation of the Senior Mezzanine Borrower to deliver a replacement rate cap agreement, if required under the Senior Mezzanine Loan Documents, (ix) provide for any additional contingent interest, additional interest or so-called
“kicker” measured on the basis of the cash flow or appreciation of the Premises or any other property directly or indirectly owned by Senior Mezzanine Borrower, (x) modify, amend or waive any of the provisions of either of the Senior
Mezzanine Cash Management Agreements or the Senior Mezzanine Loan Agreement relating to cash management and reserves and the amounts to be deposited into such accounts, (xi) extend the period during which voluntary prepayments are prohibited or
during which prepayments require the payment of a prepayment fee or premium or yield maintenance charge or increase the amount of any such prepayment fee, premium or yield maintenance charge, (xii)

  

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modify any default provision in any material respect or delete or shorten any notice, cure or grace periods available to Senior Mezzanine Borrower (provided
this shall in no way limit any Senior Mezzanine Lender’s ability to waive any default or Event of Default), (xiii) impose any new financial covenants on Senior Mezzanine Borrower (or if such covenants exist, impose more restrictive
financial covenants on Senior Mezzanine Borrower), (xiv) release any lien on or security interest in any material portion of collateral or property of the Senior Mezzanine Borrower (except as expressly contemplated by the Senior Mezzanine Loan
Documents), or accept a grant of any lien on or security interest in any collateral or property of Senior Mezzanine Borrower or any other Person not originally granted or contemplated to be granted under the Senior Mezzanine Loan Documents,
(xv) modify the Senior Mezzanine Loan Documents with respect to the amounts, types or deductibles of insurance policies or ratings of any provider of insurance required pursuant to the terms of the Senior Mezzanine Loan Documents in a manner
which would increase in any material respect the cost of such insurance (provided that the foregoing shall not preclude Senior Mezzanine Lender from requiring the compliance by Senior Mezzanine Borrower with the requirements of the Senior Mezzanine
Loan Documents), (xvi) modify any provision of the Senior Mezzanine Loan Documents with respect to the payment of proceeds of any casualty or condemnation under a power of eminent domain of the Premises or any portion thereof or
(xvii) grant to Senior Mezzanine Lender any direct or indirect equity interest in Junior Mezzanine Borrower as collateral for the Senior Mezzanine Loan or in a manner that would violate the Junior Mezzanine Loan Agreement. Notwithstanding
anything to the contrary contained herein (but subject to the remaining portion of this Section 7(b)(1)), if an Event of Default exists under the Senior Mezzanine Loan Documents, the Senior Mezzanine Lender shall be permitted to modify
or amend such Senior Mezzanine Loan Documents in connection with a work-out or other surrender, compromise, release, renewal or modification of the Senior Mezzanine Loan, except that (1) under no circumstances shall any modification described
in clause (i), with respect to increases in principal amounts only, clause (ii), clause (iii) (with respect to shortening the maturity date only), clause (iv) or clause (ix) be made without the
written consent of the Senior Lender and the Junior Mezzanine Lender and (2) if Junior Mezzanine Lender has cured or is in the process of curing (within the time period permitted for cure in Section 11) any Senior Mezzanine Loan
Event of Default that Junior Mezzanine Lender is capable of curing and, with respect to non-monetary Senior Mezzanine Loan Events of Default that Junior Mezzanine Lender is not capable of curing, (x) such non-monetary Senior Mezzanine Loan
Events of Default will not materially adversely affect the value, use or operation of the Premises or the value of the Separate Collateral or the priority of Senior Mezzanine Lender’s lien thereon (as determined by Senior Mezzanine Lender in
its reasonable discretion) or the cash flow from the Premises or the Separate Collateral (as determined by Senior Mezzanine Lender in its reasonable discretion) and (y) Junior Mezzanine Lender is diligently and expeditiously pursuing its
remedies to acquire the relevant portion of the Equity Collateral pursuant to the Junior Mezzanine Loan Documents, then Senior Mezzanne Lender shall not take any of the actions set forth in clauses (i) through (xvii) above without the
written consent of Junior Mezzanine Lender, not to be unreasonably withheld, delayed or conditioned. In addition and notwithstanding the foregoing provisions of this Section 7(b)(1), the following shall not be deemed to contravene this
Section 7(b)(1): (1) any amounts funded by Senior Mezzanine Lender under the Senior Mezzanine Loan Documents as a result of (A) the making of any Protective Advances or other advances by Senior Mezzanine Lender or
(B) interest accruals or accretions and any compounding thereof (including default interest), (2) any 

  

 26 

 
amendment, deferral, extension, modification, increase, renewal, replacement, consolidation, supplement or waiver given or made in connection with the
guaranty of recourse obligations or other guaranty given in connection with the Senior Mezzanine Loan (provided the obligations of any guarantors that are also guarantors in respect of the Senior Loan and the Junior Mezzanine Loan shall not be
materially increased without Senior Lender’s and Junior Mezzanine Lender’s consent), (3) any amendment or modification which has the effect of granting additional collateral (that does not constitute collateral for the Senior Loan or
Junior Mezzanine Loan) to Senior Mezzanine Lender as additional security for the Senior Mezzanine Loan, and (4) increases to the interest rate and/or principal payments set forth in the Senior Mezzanine Loan Documents over and above that set
forth in the Senior Mezzanine Loan Documents on the date hereof which are agreed to by the Senior Mezzanine Borrower in connection with a work-out or other surrender, compromise, release, renewal or modification of the Senior Mezzanine Loan
following the occurrence of an Event of Default thereunder, provided that any such increased interest is due and payable only in accordance with Section 9. 
 (2)        Junior Mezzanine Lender shall have the right without the consent of Senior Lender or the Senior Mezzanine Lender, in each instance, to enter into any amendment,
deferral, extension, modification, increase, renewal, replacement, consolidation, supplement or waiver (collectively, a “Junior Mezzanine Loan Modification”) of the Junior Mezzanine Loan or the Junior Mezzanine Loan Documents to
which it is a party provided that no such Junior Mezzanine Loan Modification shall (i) increase the interest rate or principal amount of the Junior Mezzanine Loan, except for increases in principal to cover work-out costs (including closing
costs in connection therewith) and Protective Advances made by Junior Mezzanine Lender or reallocations, in each case, to the extent permitted under the Junior Mezzanine Loan Documents, (ii) increase in any other material respect any monetary
obligations of the Junior Mezzanine Borrower under the Junior Mezzanine Loan Documents, (iii) extend or shorten the scheduled maturity date of the Junior Mezzanine Loan (except that the Junior Mezzanine Lender may permit the applicable
Mezzanine Borrower to exercise any extension options in accordance with the terms and provisions of the Junior Mezzanine Loan Documents), (iv) convert or exchange the Junior Mezzanine Loan into or for any other indebtedness or subordinate any
of the Junior Mezzanine Loan to any indebtedness of the Junior Mezzanine Borrower, (v) amend or modify the provisions of the Junior Mezzanine Loan Documents limiting transfers of direct or indirect interests in the Senior Mezzanine Borrower or
the Premises, (vi) modify, amend or terminate the terms and provisions of the “Cash Management Agreement” or any of the other Junior Mezzanine Loan Documents with respect to the manner, timing and method of the application of payments
under the Junior Mezzanine Loan, (vii) cross default the Junior Mezzanine Loan with any other indebtedness other than the Senior Mezzanine Loan and the Encumbered Property Loans, (viii) provide for a higher strike price with respect to any
new or extended interest rate cap agreement entered into in connection with the extended term of the Junior Mezzanine Loan (other than as expressly provided for in the Junior Mezzanine Loan Documents in connection with the existing extension
options), or waive any obligation of the rate cap provider under any rate cap agreement or waive any obligation of the Junior Mezzanine Borrower to deliver a replacement rate cap agreement, if required under the Junior Mezzanine Loan Documents or
(ix) provide for any additional contingent interest, additional interest or so-called “kicker” measured on the basis of the cash flow or appreciation of the Premises or any other property directly or indirectly owned by Junior
Mezzanine Borrower. Notwithstanding anything to the contrary contained herein (but subject to the remaining portion of this Section 7(b)(2)), if an Event of 

  

 27 

 
Default exists under the Junior Mezzanine Loan Documents, the Junior Mezzanine Lender shall be permitted to modify or amend such Junior Mezzanine Loan
Documents in connection with a work-out or other surrender, compromise, release, renewal or modification of the Junior Mezzanine Loan except that under no circumstances shall any modification described in clause (i), with respect to increases
in principal amounts only, clause (ii), clause (iii) (with respect to shortening the maturity date only), clause (iv) or clause (ix) be made without the written consent of the Senior Lender and the Senior
Mezzanine Lender. In addition and notwithstanding the foregoing provisions of this Section 7(b)(2), the following shall not be deemed to contravene this Section 7(b)(2): (1) any amounts funded by Junior Mezzanine Lender
under the Junior Mezzanine Loan Documents as a result of (A) the making of any Protective Advances or other advances by Junior Mezzanine Lender or (B) interest accruals or accretions and any compounding thereof (including default
interest), (2) any amendment, deferral, extension, modification, increase, renewal, replacement, consolidation, supplement or waiver given or made in connection with the guaranty of recourse obligations or other guaranty given in connection
with the Junior Mezzanine Loan (provided the obligations of any guarantors that are also guarantors in respect of the Senior Loan and the Senior Mezzanine Loan shall not be materially increased without Senior Lender’s and Senior Mezzanine
Lender’s consent), (3) any amendment or modification which has the effect of granting additional collateral (that does not constitute collateral for the Senior Loan or Senior Mezzanine Loan) to Junior Mezzanine Lender as additional
security for the Junior Mezzanine Loan, and (4) increases to the interest rate and/or principal payments set forth in the Junior Mezzanine Loan Documents over and above that set forth in the Junior Mezzanine Loan Documents on the date hereof
which are agreed to by the Junior Mezzanine Borrower in connection with a work-out or other surrender, compromise, release, renewal or modification of the Junior Mezzanine Loan following the occurrence of an Event of Default thereunder, provided
that any such increased interest is due and payable only in accordance with Section 9. 
 (c)        Senior Lender shall deliver to each Mezzanine Lender copies of any and all modifications, amendments, extensions, consolidations, spreaders, restatements, alterations, changes or revisions
to any one or more of the Senior Loan Documents (including, without limitation, any side letters, waivers or consents entered into, executed or delivered by Senior Lender) within a reasonable time after any of such applicable instruments have been
executed by Senior Lender. 
 (d)        Each Mezzanine Lender shall deliver to Senior Lender and the
other mezzanine Lender copies of any and all modifications, amendments, extensions, consolidations, spreaders, restatements, alterations, changes or revisions to any one or more of its respective Mezzanine Loan Documents (including, without
limitation, any side letters, waivers or consents entered into, executed or delivered by such Mezzanine Lender) within a reasonable time after any of such applicable instruments have been executed by such Mezzanine Lender. 
 (e)        Whenever the consent of one or more of the Senior Lender, the Senior Mezzanine Lender and/or the
Junior Mezzanine Lender is required under this Section 7, the party seeking such consent shall send its request therefor, together with any materials reasonably necessary to consider such request, to each of the other parties from whom
such consent is requested in an envelope marked “CONSENT REQUEST: RESPONSE REQUIRED WITHIN 10 BUSINESS DAYS”. If any party hereto shall fail to respond to such a request within 10 

  

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Business Days of its receipt thereof, the party requesting such consent shall send a second request for such consent, together with any materials reasonably
necessary to consider such request, to such non-responding party in an envelope marked “URGENT CONSENT REQUEST: DEEMED CONSENT AFTER 5 BUSINESS DAYS”. In the event that a party shall fail to respond to such second request within 5 Business
Days of its receipt thereof, then the consent requested therein shall be deemed granted by such non-responding party. 
 Section 8.         Subordination of Mezzanine Loan and Mezzanine Loan Documents. 
 (a)        Each Mezzanine Lender hereby subordinates and makes junior the Mezzanine Loan held by such Mezzanine Lender, the related Mezzanine Loan Documents and the liens and security interests
created thereby, and all rights, remedies, terms and covenants contained therein to (i) the Senior Loan, and in the case of the Junior Mezzanine Loan, the Senior Mezzanine Loan (ii) the liens and security interests created by the Senior
Loan Documents, and in the case of the Junior Mezzanine Loan, the Senior Mezzanine Loan Documents and (iii) all of the terms, covenants, conditions, rights and remedies contained in the Senior Loan Documents, and in the case of the Junior
Mezzanine Loan, the Senior Mezzanine Loan Documents and no amendments or modifications to the Senior Loan Documents or, in the case of the Junior Mezzanine Loan, the Senior Mezzanine Loan Documents, or waivers of any provisions thereof shall affect
the subordination thereof as set forth in this Section 8(a); provided, however, that neither the Senior Mezzanine Loan nor the Junior Mezzanine Loan shall be subordinate to any modification of amendment that is prohibited pursuant to
Section 7 hereof. Each Mezzanine Lender hereby acknowledges and agrees that its respective Mezzanine Loan is not secured by a lien on the Premises or any of the other collateral securing the Senior Loan or any other assets of the
Borrower. 
 (b)        Subject to Section 8(c), every document and instrument included
within the Mezzanine Loan Documents shall be subject and subordinate to each and every document and instrument included within the Senior Loan Documents, and in the case of the Junior Mezzanine Loan, the Senior Mezzanine Loan Documents and all
extensions, modifications, consolidations, supplements, amendments, replacements and restatements of and/or to the Senior Loan Documents, and in the case of the Junior Mezzanine Loan, the Senior Mezzanine Loan Documents. 
 (c)        This Agreement shall not be construed as subordinating and shall not subordinate or impair a Mezzanine
Lender’s first lien priority right, estate and interest in and to the Separate Collateral relating solely to the Mezzanine Loan that is held by such Mezzanine Lender, and Senior Lender and each Mezzanine Lender hereby acknowledge and agree that
they not have and shall not hereafter acquire, any lien on, or any other interest whatsoever in, such Separate Collateral, or any part thereof, and that the exercise of remedies and realization upon such Separate Collateral by such Mezzanine Lender
or a Loan Pledgee in accordance with the terms and provisions of this Agreement shall not in and of itself constitute a default or an Event of Default under the Senior Loan Documents, or in the case of the Junior Mezzanine Loan, the Senior Mezzanine
Loan Documents. 
  

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 Section 9.        Payment Subordination. 

(a)        Subject to Section 9(b), except (i) as otherwise expressly provided in this
Agreement and (ii) in connection with the exercise by a Mezzanine Lender of its rights and remedies with respect to its Separate Collateral in accordance with the terms of this Agreement, (A) all of each Mezzanine Lender’s rights to
payment of the Mezzanine Loan held by such Mezzanine Lender and the obligations evidenced by the related Mezzanine Loan Documents are hereby subordinated to all of Senior Lender’s rights to payment by Borrower of the Senior Loan and the
obligations secured by the Senior Loan Documents (except for obligations resulting from amendments or modifications to the Senior Loan Documents prohibited pursuant to Section 7 hereof), and neither Mezzanine Lender shall accept or
receive payments (including, without limitation, whether in cash or other property and whether received directly, indirectly or by set-off, counterclaim or otherwise, but excluding proceeds received from a bona fide third party in connection with an
Equity Collateral Enforcement Action, which proceeds may be retained by such Mezzanine Lender) from Borrower and/or from the Premises prior to the date that all obligations of Borrower to Senior Lender under the Senior Loan Documents are paid; and
(B) all of Junior Mezzanine Lender’s rights to payment of the Junior Mezzanine Loan and the obligations evidenced by the Junior Mezzanine Loan Documents are hereby subordinated to all of the rights of the Senior Mezzanine Lender to payment
by the Senior Mezzanine Borrower of the Senior Mezzanine Loan and the obligations secured by the Senior Mezzanine Loan Documents (except for obligations resulting from amendments or modifications to the Senior Mezzanine Loan Documents prohibited
pursuant to Section 7 hereof), and Junior Mezzanine Lender shall not (1) accept or receive payments (including, without limitation, whether in cash or other property and whether received directly, indirectly or by set-off,
counterclaim or otherwise, but excluding proceeds received from a bona fide third party in connection with an Equity Collateral Enforcement Action, which proceeds may be retained by such Mezzanine Lender) from Borrower, the Premises or the Senior
Mezzanine Borrower; and/or (2) receive proceeds from items identified in clauses (i) or (ii) of the definition of Separate Collateral (but excluding proceeds received from a bona fide third party in connection with an Equity
Collateral Enforcement Action, which proceeds may be retained by such Mezzanine Lender) securing or guaranteeing the Senior Mezzanine Loan prior to the date that all obligations of the Senior Mezzanine Borrower to the Senior Mezzanine Lender under
the Senior Mezzanine Loan Documents are paid. 
 (b)        If a Proceeding shall have occurred or a
Continuing Senior Loan Event of Default shall have occurred and be continuing, after giving effect to Mezzanine Lenders’ cure and purchase rights pursuant to Sections 11 and 13 below, Senior Lender shall be entitled to receive
payment and performance in full of all amounts due or to become due to Senior Lender before either Mezzanine Lender is entitled to receive any payment on account of their respective Mezzanine Loans. Notwithstanding the foregoing, Senior Lender
acknowledges and agrees that Mezzanine Lender shall be entitled to receive and collect any amounts in respect of the Separate Collateral that is not the Equity Collateral (including, without limitation, scheduled debt service and any amounts due to
Mezzanine Lender under the Assignment of Interest Rate Cap). If a Proceeding shall have occurred and has not been dismissed or a Continuing Senior Mezzanine Loan Event of Default shall have occurred and is continuing, after giving effect to Junior
Mezzanine Lender’s cure and purchase rights pursuant to Sections 11 and 13 below, except as otherwise provided herein, the Senior Mezzanine Lender shall be entitled to receive payment and 

  

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performance in full of all amounts due or to become due under the Senior Mezzanine Loan Documents before Junior Mezzanine Lender is entitled to receive any
payment on account of the Junior Mezzanine Loan, other than with respect to proceeds from Separate Collateral. All payments or distributions upon or with respect to a Mezzanine Loan which are received a Mezzanine Lender contrary to the provisions of
this Agreement shall be received and held in trust by such Mezzanine Lender for the benefit of Senior Lender and shall be paid over to Senior Lender, and in the case of such payments or distributions received by the Junior Mezzanine Lender, to the
Senior Mezzanine Lender, in the same form as so received (with any necessary endorsement) to be applied (in the case of cash) to, or held as collateral (in the case of non-cash property or securities) for, the payment or performance, first, of the
Senior Loan in accordance with the terms of the Senior Loan Documents and then, in the case of such payments or distributions received by the Junior Mezzanine Lender, the Senior Mezzanine Loan in accordance with the terms of the Senior Mezzanine
Loan Documents. Nothing contained herein shall prohibit a Mezzanine Lender from making Protective Advances (and adding the amount thereof to the principal balance of its respective Mezzanine Loan) notwithstanding the existence of a default under the
Senior Loan or the Senior Mezzanine Loan at such time or exercising any of its rights or remedies under the related Assignment of Interest Rate Cap Agreement. 
 (c)        Notwithstanding anything to the contrary contained in this Agreement, including, without limitation, Section 9(a) and (b), (i) provided that
if after giving effect to each Mezzanine Lender’s cure and purchase rights pursuant to Sections 11 and 13, no Event of Default shall then exist under the Senior Loan Documents or, in the case of the Junior Mezzanine Loan, no Event
of Default shall then exist under the Senior Mezzanine Loan Documents, a Mezzanine Lender may accept payments of any amounts (both current and delinquent) due and payable from time to time which the applicable Mezzanine Borrower is obligated to pay
such Mezzanine Lender in accordance with the terms and conditions of the applicable Mezzanine Loan Documents and such Mezzanine Lender shall have no obligation to pay over any such amounts to Senior Lender or, in the case of Junior Mezzanine Lender,
the Senior Mezzanine Lender. So long as after giving effect to each Mezzanine Lender’s cure rights pursuant to Section 11, no Event of Default shall then exist under the Senior Loan Documents or, in the case of the Junior Mezzanine
Loan, no Event of Default shall then exist under the Senior Mezzanine Loan Documents, a Mezzanine Lender may collect and receive any amounts in respect of its Separate Collateral that is not the Equity Collateral (including, without limitation, any
amounts due to a Mezzanine Lender under the related Assignment of Interest Rate Cap Agreement). Nothing contained herein shall be deemed to prohibit a Mezzanine Lender from accepting payments from the applicable Mezzanine Borrower or any of its
Affiliates (other than Borrower) to the extent that such payments are sourced from such Mezzanine Borrower’s or such Affiliate’s own funds and are not directly or indirectly derived from any of the Premises, any other collateral for the
Senior Loan or, in the case of the Junior Mezzanine Loan, the Senior Mezzanine Loan or any Proceeds thereof (it being understood and agreed that such Mezzanine Borrower shall in any event be entitled to retain funds sourced or derived from any of
the Premises to the extent the same have previously been distributed to such Mezzanine Borrower provided such distribution was not in violation of the Senior Loan Documents or, in the case of the Junior Mezzanine Loan, the Senior Mezzanine Loan
Documents or this Agreement). 
 (d)        A Mezzanine Lender may take any Equity Collateral
Enforcement Action which is permitted under Section 5 hereof; provided, however, that (i) such Mezzanine Lender 

  

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shall, prior to commencing any Equity Collateral Enforcement Action, give the Senior Lender and, in the case of the Junior Mezzanine Lender, the Senior
Mezzanine Lender, written notice of the default which would permit such Mezzanine Lender to commence such Equity Collateral Enforcement Action and (ii) such Mezzanine Lender shall provide Senior Lender and, in the case of the Junior Mezzanine
Lender, the Senior Mezzanine Lender, with copies of any and all material notices, pleadings, agreements, motions and briefs served upon, delivered to or with any party to any Equity Collateral Enforcement Action and otherwise keep Senior Lender and,
in the case of the Junior Mezzanine Lender, the Senior Mezzanine Lender reasonably apprised as to the status of any Equity Collateral Enforcement Action. 
 (e)        In the event of a casualty to the buildings or improvements constructed on any portion of the Premises or a condemnation or taking under a power of eminent domain of
all or any portion of the Premises, Senior Lender shall have a first and prior interest in and to any payments, awards, proceeds, distributions, or consideration arising from any such event (the “Award”). If the amount of the Award
is in excess of all amounts owed to Senior Lender under the Senior Loan Documents, however, and either the Senior Loan has been paid in full or Borrower is entitled to a remittance of same under the Senior Loan Documents other than to restore the
Premises, such excess Award or portion to be so remitted to Borrower shall, to the extent not prohibited by, the Senior Loan Documents, be distributed to the Mezzanine Lenders for further application in accordance with the terms of each of the
Mezzanine Loan Agreements (i) first, to or at the direction of Senior Mezzanine Lender until the Senior Mezzanine Loan has been paid in full, (ii) second, to or at the direction of the Junior Mezzanine Lender until the Junior Mezzanine
Loan has been paid in full and (iii) third, to Borrower, unless other Persons have claimed the right to such awards or proceeds, in which case Senior Lender shall only be required to provide notice to each Mezzanine Lender of such excess Award
and of any other claims thereto. In the event of any competing claims for any such excess Award, Senior Lender shall continue to hold such excess Award until Senior Lender receives an agreement signed by all Persons making a claim to the excess
Award or a final order of a court of competent jurisdiction directing Senior Lender as to how and to which Person(s) the excess Award is to be distributed. Notwithstanding the foregoing, in the event of a casualty or condemnation, Senior Lender
shall release the Award from any such event to the Borrower if and to the extent required by the terms and conditions of the Senior Loan Documents in order to repair and restore the Premises in accordance with the terms and provisions of the Senior
Loan Documents. Any portion of the Award made available to the Borrower for the repair or restoration of the Premises shall not be subject to attachment by either Mezzanine Lender, but this sentence is not intended to otherwise affect the lien, if
any, that each Mezzanine Lender may have on any proceeds distributed to the applicable Mezzanine Borrower in accordance herewith. Senior Lender shall promptly notify each Mezzanine Lender of any requests by the Borrower for a release of any portion
of an Award, and provide each Mezzanine Lender with any documentation delivered by Borrower to Senior Lender with respect to any such request (provided that in no event shall failure by Senior Lender to provide such notice or documentation to each
Mezzanine Lender constitute a default hereunder). 
 Section 10.        Rights of
Subrogation; Bankruptcy. 
 (a)        Each Mezzanine Lender and Senior Lender hereby waives any
requirement for marshaling of assets thereby in connection with any foreclosure of any security 

  

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interest or any other realization upon collateral in respect of the Senior Loan Documents or the Mezzanine Loan Documents, as applicable, or any exercise of
any rights of set-off or otherwise. Each Mezzanine Lender and Senior Lender assumes all responsibility for keeping itself informed as to the condition (financial or otherwise) of Borrower, each Mezzanine Borrower, the condition of the Premises and
all other collateral and other circumstances and, except for notices expressly required by this Agreement, neither Senior Lender nor Mezzanine Lender shall have any duty whatsoever to obtain, advise or deliver information or documents to the other
relative to such condition, business, assets and/or operations. Each Mezzanine Lender agrees that Senior Lender owes no fiduciary duty to Mezzanine Lenders in connection with the administration of the Senior Loan and the Senior Loan Documents and
each Mezzanine Lender agrees not to assert any such claim. Senior Lender agrees that neither Mezzanine Lender owes a fiduciary duty to Senior Lender in connection with the administration of their respective Mezzanine Loans and the Mezzanine Loan
Documents and Senior Lender agrees not to assert any such claim. 
 (b)        No payment or
distribution to Senior Lender pursuant to the provisions of this Agreement and no Protective Advance by a Mezzanine Lender shall entitle such Mezzanine Lender to exercise any right of subrogation in respect thereof prior to the payment in full of
the Senior Loan Liabilities, and each Mezzanine Lender agrees that, except with respect to the enforcement of its remedies under the Mezzanine Loan Documents related to the Mezzanine Loan held by such Mezzanine Lender permitted hereunder, prior to
the satisfaction of all Senior Loan Liabilities it shall not acquire, by subrogation or otherwise, any lien, estate, right or other interest in any portion of the Premises or any other collateral now securing the Senior Loan or the proceeds
therefrom that is or may be prior to, or of equal priority to, any of the Senior Loan Documents or the liens, rights, estates and interests created thereby. No payment or distribution to Senior Mezzanine Lender pursuant to the provisions of this
Agreement and no Protective Advance by Junior Mezzanine Lender shall entitle Junior Mezzanine Lender to exercise any right of subrogation in respect thereof prior to the payment in full of the Senior Mezzanine Loan Liabilities, and Junior Mezzanine
Lender agrees that, except with respect to the enforcement of its remedies under the Junior Mezzanine Loan Documents permitted hereunder, prior to the satisfaction of all Senior Mezzanine Loan Liabilities, it shall not acquire, by subrogation or
otherwise, any lien, estate, right or other interest in any portion of the Premises, the Separate Collateral of the Senior Mezzanine Lender or any other collateral now securing the Senior Loan or the Senior Mezzanine Loan or the proceeds therefrom
that is or may be prior to, or of equal priority to, the Senior Mezzanine Loan Documents or the Senior Loan Documents or the liens, rights, estates and interests created thereby. 
 (c)        Bankruptcy. 
     (i)        Subject to Section 30 of this Agreement, the
provisions of this Agreement shall be applicable both before and after the commencement, whether voluntary or involuntary, of any case, proceeding or other action against Borrower or any SPE Constituent Entity under any existing or future law of any
jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors (a “Proceeding”). For as long as the Senior Loan and either or both Mezzanine Loans shall remain outstanding, neither Mezzanine Lender shall
solicit any person or entity to direct or cause Senior Mezzanine Borrower or Junior Mezzanine Borrower to direct or cause either the Borrower or any entity which controls Borrower (the “Borrower Group”) to: (i) commence any

  

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Proceeding; (ii) institute proceedings to have Borrower or any SPE Constituent Entity adjudicated a bankrupt or insolvent; (iii) consent to, or
acquiesce in, the institution of bankruptcy or insolvency proceedings against Borrower or any SPE Constituent Entity; (iv) file a petition or consent to the filing of a petition seeking reorganization, arrangement, adjustment, winding-up,
dissolution, composition, liquidation or other relief by or on behalf of Borrower or any SPE Constituent Entity; (v) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar
official for Borrower or any SPE Constituent Entity, the Premises (or any portion thereof) or any other collateral securing the Senior Loan (or any portion thereof); (vi) make an assignment for the benefit of any creditor of Borrower or any SPE
Constituent Entity; (vii) seek to consolidate the Premises or any other assets of the Borrower or any SPE Constituent Entity with the assets of the Mezzanine Borrower or any member of the Borrower Group in any proceeding relating to bankruptcy,
insolvency, reorganization or relief of debtors; or (viii) take any action in furtherance of any of the foregoing. 
     (ii)        If a Mezzanine Lender is deemed to be a creditor of Borrower or any SPE Constituent Entity in any Proceeding (i) each Mezzanine Lender hereby agrees that it
shall not make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action in any Proceeding by or against the Borrower or any SPE Constituent Entity without the prior
consent of Senior Lender, except to the extent necessary to preserve or realize upon such Mezzanine Lender’s interest in the Equity Collateral; provided, however, that any such filing shall not be as a creditor of the Borrower,
(ii) Senior Lender may vote in any such Proceeding any and all claims of such Mezzanine Lender, and each Mezzanine Lender hereby appoints the Senior Lender as its agent, and grants to the Senior Lender an irrevocable power of attorney coupled
with an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all actions available to such Mezzanine Lender in connection with any case by or against the Borrower or any SPE Constituent Entity in any
Proceeding, including without limitation, the right to file and/or prosecute any claims, to vote to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code; provided, however, that with respect
to any proposed plan of reorganization in respect of which creditors are voting, Senior Lender may vote on behalf of such Mezzanine Lender only if the proposed plan would result in Senior Lender being “impaired” (as such term is defined in
the United States Bankruptcy Code) and (iii) neither Mezzanine Lender shall challenge the validity or amount of any claim submitted in such Proceeding by Senior Lender in good faith or any valuations of the Premises or other Senior Loan
collateral submitted by Senior Lender in good faith, in such Proceeding or take any other action in such Proceeding, which is adverse to Senior Lender’s enforcement of its claim or receipt of adequate protection (as that term is defined in the
Bankruptcy Code). Senior Lender shall not have the rights provided in this clause (d) if Senior Lender is an Affiliate of Borrower or either Mezzanine Borrower. 
     (iii)        For as long as the Senior Mezzanine Loan shall remain
outstanding and is not held by the same parties comprising the Junior Mezzanine Lender, Junior Mezzanine Lender shall not, and shall not solicit any person or entity to, and shall not direct or cause Junior Mezzanine Borrower or other SPE
Constituent Entity under the Junior Mezzanine Loan to direct or cause the Junior Mezzanine Borrower or other SPE Constituent Entity 

  

 34 

 
or any entity which controls the Junior Mezzanine Borrower or other SPE Constituent Entity (as applicable, the “Junior Mezzanine Borrower Group”)
to: (A) commence any Proceeding against the Senior Mezzanine Borrower or other SPE Constituent Entity; (B) institute proceedings to have the Senior Mezzanine Borrower or other SPE Constituent Entity adjudicated a bankrupt or insolvent;
(C) consent to, or acquiesce in, the institution of bankruptcy or insolvency proceedings against the Senior Mezzanine Borrower or other SPE Constituent Entity; (E) file a petition or consent to the filing of a petition seeking
reorganization, arrangement, adjustment, winding-up, dissolution, composition, liquidation or other relief by or on behalf of the Senior Mezzanine Borrower or other SPE Constituent Entity; (F) seek or consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator, custodian or any similar official for the Senior Mezzanine Borrower or other SPE Constituent Entity, Separate Collateral for the Senior Mezzanine Loan (or any portion thereof) or any other collateral
securing the Senior Mezzanine Loan (or any portion thereof); (G) make an assignment for the benefit of any creditor of the Senior Mezzanine Borrower or other SPE Constituent Entity; (H) seek to consolidate the Separate Collateral for the
Senior Mezzanine Loan (or any portion thereof) or any other assets of the Senior Mezzanine Borrower or other SPE Constituent Entity with the assets of the Junior Mezzanine Borrower, any other SPE Constituent Entity, or any member of the Junior
Mezzanine Borrower Group in any proceeding relating to bankruptcy, insolvency, reorganization or relief of debtors; or (I) take any action in furtherance of any of the foregoing. The terms and provisions of this subclause (iii) apply to
Junior Mezzanine Lender solely in its capacity as a Mezzanine Lender. 
 (iv)        In the event that Junior Mezzanine Lender is deemed to be a creditor of Senior Mezzanine Borrower or other SPE Constituent Entity in any Proceeding: (A) Junior Mezzanine Lender hereby
agrees that it shall not make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action in any Proceeding by or against Senior Mezzanine Borrower or other SPE
Constituent Entity without the prior consent of the Senior Mezzanine Lender, except to the extent necessary to preserve or realize upon its interest in the Equity Collateral; provided, however, that any such filing shall not be as a creditor of the
Senior Mezzanine Borrower or other SPE Constituent Entity unless necessary to permit the filing; (B) the Senior Mezzanine Lender may vote in any such Proceeding any and all claims of Junior Mezzanine Lender, and Junior Mezzanine Lender hereby
appoints the Senior Mezzanine Lender as its agent, and grants to Senior Mezzanine Lender an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all actions
available to the Senior Mezzanine Lender in connection with any case by or against the Senior Mezzanine Borrower or other SPE Constituent Entity in any Proceeding, including without limitation, the right to file and/or prosecute any claims, to vote
to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code, provided, however, that with respect to any proposed plan of reorganization in respect of which creditors are voting, the Senior Mezzanine Lender may
vote on behalf of Junior Mezzanine Lender only if the proposed plan would result in Senior Mezzanine Lender being “impaired” (as such term is defined in the United States Bankruptcy Code); and (C) Junior Mezzanine Lender shall not
challenge the validity or amount of any claim submitted in such Proceeding by Senior Mezzanine Lender in good faith or any valuations of the Separate 

  

 35 

 
Collateral for the Senior Mezzanine Loan or other collateral for the Senior Mezzanine Loan submitted by Senior Mezzanine Lender in good faith, in such
Proceeding or take any other action in such Proceeding, which is adverse to enforcement by Senior Mezzanine Lender of its claim or receipt of adequate protection (as that term is defined in the Bankruptcy Code). Junior Mezzanine Lender shall not
have the rights provided in this subclause (iv) if Junior Mezzanine Lender is an Affiliate of the Senior Borrower or either Mezzanine Borrower. 
 Section 11.        Rights of Cure. 
 (a)        Prior to Senior Lender commencing any Enforcement Action under the Senior Loan Documents, Senior Lender shall provide written notice of the default which would permit the Senior Lender to
commence such Enforcement Action to Mezzanine Lender and any Loan Pledgee entitled to notice thereof pursuant to Section 15 of this Agreement, whether or not Senior Lender is obligated to give notice thereof to Borrower (each, a
“Senior Loan Default Notice”) and shall permit Mezzanine Lender and Loan Pledgee an opportunity to cure such default in accordance with the provisions of this Section 11(a). 
 (b)        Senior Loan Monetary Cure Period.  If the default is a monetary default relating to a
liquidated sum of money, each Mezzanine Lender shall have until seven (7) Business Days after the later of (i) receipt or deemed receipt from Senior Lender of the Senior Loan Default Notice and (ii) the expiration of the
Borrower’s cure period provided for in the Senior Loan Documents, if any (a “Monetary Cure Period”) to cure such monetary default. If more than one Mezzanine Lender tenders a cure of a monetary default to Senior Lender during
the Monetary Cure Period, Senior Lender shall accept such cure from the most subordinate Mezzanine Lender and shall return the cure payment received from the Senior Mezzanine Lender. In the event a Mezzanine Lender elects to cure any such monetary
default, such Mezzanine Lender shall reimburse the Senior Lender for any interest charged by Senior Lender on any required (pursuant to an applicable pooling and servicing agreement) advances for monthly payments of principal and/or interest on the
Senior Loan and/or on any Protective Advances. Mezzanine Lenders shall not have the right to cure as hereinabove set forth with respect to monthly scheduled debt service payments on the Senior Loan for a period of more than six consecutive months
unless the Mezzanine Lender making such cure payments has commenced and is continuing to diligently pursue its rights against the Equity Collateral. Notwithstanding the foregoing, if a Mezzanine Lender elects to pursue each such cure of defaults
involving monthly scheduled debt service payments set forth above and thereafter either fails to make the required cure payments or fails to diligently pursue its rights against such Mezzanine Lender’s Equity Collateral, then notwithstanding
the earlier election of the remaining Mezzanine Lender not to cure the defaults involving monthly scheduled debt service payments, such other Mezzanine Lender shall be entitled to succeed to all such cure rights, upon written notice to Senior
Lender, so long as such other Mezzanine Lender promptly commences and thereafter diligently pursues its rights against its Equity Collateral and otherwise satisfies the provisions of this Section 12(b). The Mezzanine Lenders shall not be
required, in order to effect a cure hereunder (other than the cure by a Mezzanine Lender of a default in the payment of the Senior Loan in full on the maturity date thereof or the reimbursement of interest on advances for monthly payment of
principal and/or interest and/or on any Protective Advances, as aforesaid), to pay any interest calculated at the default rate under the Senior Loan Documents to the extent 

  

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the same is in excess of the rate of interest which would have been payable by the Borrower in the absence of such default (and irrespective of any cure of
such default by a Mezzanine Lender pursuant to the provisions of this Agreement) or to have such interest accrue at the default rate as against the Mezzanine Lenders for such period, nor shall the Mezzanine Lenders be required, in order to effect a
cure hereunder, to pay any late fee required under the Senior Loan Agreement. 
 (c)        Senior
Loan Non-Monetary Cure Period.  If the default is of a non-monetary nature: 
 (i)         Junior Mezzanine Lender shall have 20 Business Days from the later of (A) the receipt by it from Senior Lender of a Senior Loan Default Notice and (B) the expiration of any
applicable cure period provided to Borrower for such default under the Senior Loan Documents, to commence an Equity Collateral Enforcement Action or cure such non-monetary default; 
 (ii)        if Junior Mezzanine Lender does not exercise such cure rights, then Senior Mezzanine
Lender shall have until 10 Business Days after the receipt by Senior Mezzanine Lender from Senior Lender of a notice that Junior Mezzanine Lender failed to exercise the right to cure the default specified in a Senior Loan Default Notice, to commence
an Equity Collateral Enforcement Action or, if such non-monetary default is susceptible of cure, to cure such non-monetary default. 
 (d)        Each of the foregoing time periods for each Mezzanine Lender, an “Initial Non-Monetary Cure Period”. Notwithstanding the applicable Initial Non-Monetary Cure Period with
respect to each Mezzanine Lender, if a non-monetary default identified in a Senior Loan Default Notice is (x) susceptible of cure but cannot reasonably be cured within the applicable Non-Monetary Cure Period and curative action (including,
without limitation, an Equity Collateral Enforcement Action) was promptly commenced and is being continuously and diligently pursued by a Mezzanine Lender or (y) not susceptible to cure, but an Equity Collateral Enforcement Action was commenced
within the applicable Initial Non-Monetary Cure Period and is being continuously and diligently pursued by a Mezzanine Lender, then such Mezzanine Lender shall be given an additional period of time as is reasonably necessary for such Mezzanine
Lender in the exercise of due diligence to cure such non-monetary default (or complete such Equity Collateral Enforcement Action, as applicable) for so long as (i) such Mezzanine Lender makes or causes to be made timely payment of
Borrower’s regularly scheduled monthly principal and/or interest payments under the Senior Loan and any other amounts then due and payable under the Senior Loan Documents (and, if the curing Mezzanine Lender is Junior Mezzanine Lender, the
regularly scheduled monthly principal and/or interest payments under the Senior Mezzanine Loan and any other amounts due under the Senior Mezzanine Loan Documents, (ii) such default is not caused by a bankruptcy, insolvency or assignment for
the benefit of creditors of Borrower (and, if the curing Mezzanine Lender is Junior Mezzanine Lender, a bankruptcy, insolvency or assignment for the benefit of creditors of Senior Mezzanine Borrower), and (iii) during such non-monetary cure
period, there is no material impairment to the value, use or operation of the Premises. Any additional cure period granted to any such Mezzanine Lender hereunder shall automatically terminate upon the bankruptcy (or similar insolvency) of the
Borrower (and, if the curing Mezzanine Lender is Junior Mezzanine Lender, upon the bankruptcy (or similar insolvency) of the Senior Mezzanine Borrower). 
  

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 (e)        Mezzanine Loan Default Notice.  Prior
to accelerating a Mezzanine Loan or commencing any Equity Collateral Enforcement Action by reason of a default under the applicable Mezzanine Loan Documents, the Mezzanine Lender holding the Mezzanine Loan that is subject to such default shall
provide written notice of the default which would permit such Mezzanine Lender to accelerate the applicable Mezzanine Loan or commence an Equity Collateral Enforcement Action to (i) any Loan Pledgees entitled to notice thereof pursuant to
Section 15 of this Agreement and (ii) in the case of the Senior Mezzanine Lender, the Junior Mezzanine Lender, in each case, whether or not such Mezzanine Lender is obligated to give notice thereof to the Mezzanine Borrower under
such Mezzanine Loan (each, a “Mezzanine Loan Default Notice”) and shall provide any such Loan Pledgees (and in the case of Senior Mezzanine Lender, Junior Mezzanine Lender) notice of the failure of any Mezzanine Lender or such Loan
Pledgee to exercise the cure rights provided in Section 11(f) or (g). Except in connection with the Senior Mezzanine Borrower’s failure to repay the Senior Mezzanine Loan in full on the maturity date thereof, the Senior
Mezzanine Lender shall permit the Junior Mezzanine Lender an opportunity to cure an Event of Default under the Senior Mezzanine Loan Documents in accordance with the provisions of this Section 11. In the event the Senior Mezzanine
Borrower fails to repay the Senior Mezzanine Loan in full on the maturity date thereof, the Junior Mezzanine Lender shall have the right to purchase the Senior Mezzanine Loan pursuant to the terms, and subject to the conditions, provided in
Section 13(b). Prior to or concurrently with undertaking any curative action with respect to a Mezzanine Loan, a Mezzanine Lender shall provide the other Mezzanine Lender with written notice thereof. The Senior Mezzanine Lender shall
keep the Junior Mezzanine Lender reasonably apprised as to the status of any Equity Collateral Enforcement Action. 
 (f)        Mezzanine Loan Monetary Cure Period.  If the default identified in the Mezzanine Loan Default Notice is a monetary default relating to a liquidated sum of money, the Junior
Mezzanine Lender shall have until seven (7) Business Days after the later of (i) the receipt or deemed receipt from the Senior Mezzanine Lender of the Mezzanine Loan Default Notice and (ii) the expiration of the applicable Senior
Mezzanine Borrower’s cure period, if any, for such monetary default provided in the Senior Mezzanine Loan Documents, to cure such monetary default (the “Mezzanine Loan Monetary Cure Period”). In the event that the Junior
Mezzanine Lender elects to cure a monetary default under the Senior Mezzanine Loan, the Junior Mezzanine Lender shall reimburse the Senior Mezzanine Lender for any interest charged by the Senior Mezzanine Lender on any required (pursuant to an
applicable pooling and servicing agreement) advances for monthly payments of principal and/or interest on the Senior Mezzanine Loan and/or on any Protective Advances. Junior Mezzanine Lender shall not have the right to cure as hereinabove set forth
with respect to monthly scheduled debt service payments on the Senior Mezzanine Loan for a period of more than six (6) consecutive months unless the Junior Mezzanine Lender has commenced and is continuing to diligently pursue its rights against
its Equity Collateral. Junior Mezzanine Lender shall not be required, in order to effect a cure hereunder (other than the cure by the Junior Mezzanine Lender of a default in the payment of the Senior Mezzanine Loan in full on the maturity date
thereof or the reimbursement of interest on advances for monthly payment of principal and/or interest and/or on any Protective Advances, as aforesaid), to pay any interest calculated at the default rate under the Senior Mezzanine Loan Documents to
the extent the same is in excess of the rate of interest which would have been payable by the Senior Mezzanine Borrower in the absence of such default (and irrespective of any cure of such default by the Junior Mezzanine Lender pursuant to the
provisions of this 

  

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Agreement) or to have such interest accrue at the default rate as against the Junior Mezzanine Lender for such period, nor shall the Junior Mezzanine Lender
be required, in order to effect a cure hereunder, to pay any late fee required under the Senior Mezzanine Loan Agreement. 
 (g)        Mezzanine Loan Non-Monetary Cure Period.  If the default identified in the Mezzanine Loan Default Notice is of a non-monetary nature, the Junior Mezzanine Lender shall have
twenty (20) Business Days from the later of (i) the receipt by it from Senior Mezzanine Lender of a Mezzanine Loan Default Notice and (ii) the expiration of any applicable cure period provided to Senior Mezzanine Borrower, if any, for
such non-monetary default provided in the Senior Mezzanine Loan Documents, to cure such non-monetary default (such period, the “Mezzanine Loan Non-Monetary Cure Period”); provided that if such non-monetary default is susceptible of
cure but cannot reasonably be cured within the applicable Mezzanine Loan Non-Monetary Cure Period and Junior Mezzanine Lender promptly commenced (including, without limitation, an Equity Collateral Enforcement Action) and is diligently pursuing
curative action, Junior Mezzanine Lender shall be given an additional period of time as is reasonably necessary for Junior Mezzanine Lender in the exercise of due diligence to cure such non-monetary default for so long as (A) such Junior
Mezzanine Lender makes or causes to be made timely payment of the Senior Mezzanine Borrower’s regularly scheduled monthly principal and/or interest payments under Senior Mezzanine Loan and any other amounts then due and payable under the Senior
Mezzanine Loan Documents, (B) such default is not caused by a bankruptcy, insolvency or assignment for the benefit of creditors of the Senior Mezzanine Borrower, and (C) during such Mezzanine Loan Non-Monetary Cure Period, there is no
material impairment to the value, use or operation of the Equity Collateral. If Junior Mezzanine Lender has commenced exercising any such cure right during a Mezzanine Loan Non-Monetary Cure Period and elects not to proceed with such cure, it shall
promptly notify the Senior Mezzanine Lender, and Senior Mezzanine Lender shall be deemed in compliance with the terms hereof if it commences curing such event within five (5) Business days following receipt of written notice of such election
not to proceed with such cure by the Junior Mezzanine Lender pursuant to this Section 11(g) and otherwise complies with the provision of the immediately preceding sentence. Any additional cure period granted hereunder to Junior Mezzanine
Lender electing to cure the non-monetary default shall automatically terminate upon the bankruptcy (or similar insolvency) of Borrower or Senior Mezzanine Borrower. In the event that the Senior Loan and the Senior Mezzanine Loan are concurrently in
default, Junior Mezzanine Lender shall have no right to exercise its cure rights with respect to the Senior Mezzanine Loan under this Section 11(g) unless it is simultaneously exercising it cure rights with respect to the Senior Loan
under Sections 11(b), (c) or (d) (to the extent that Junior Mezzanine Lender is permitted to exercise such cure rights under Sections 11(b), (c) or (d)). 
 (h)        Qualified Transferees.  To the extent that any Qualified Transferee acquires the
Equity Collateral in accordance with the provisions and conditions of this Agreement, such Qualified Transferee shall acquire the same subject to the Senior Loan and the Senior Mezzanine Loan, in the case of the equity interests in Senior Mezzanine
Borrower pledged pursuant to the Junior Mezzanine Loan Agreement, the terms, conditions and provisions of the Senior Loan Documents and the Senior Mezzanine Loan Documents, as applicable, for the balance of the term thereof, which shall not be
accelerated by Senior Lender or Senior Mezzanine Lender, as applicable, solely due to such acquisition and shall remain in full force and effect; provided, however, that (i) such Qualified Transferee shall have caused the Borrower 

  

 39 

 
or the Senior Mezzanine Borrower, as the case may be, to reaffirm in writing, subject to such exculpatory provisions as shall be set forth in the Senior Loan
Documents or Senior Mezzanine Loan Documents, as applicable, all of the terms, conditions and provisions of the Senior Loan Documents or the Senior Mezzanine Loan Documents, as applicable, on the Borrower’s or Senior Mezzanine Borrower’s
part, respectively, to be performed and (ii) all defaults under the Senior Loan or the Senior Mezzanine Loan, as applicable, which remain uncured as of the date of such acquisition have been cured or are in the process of being cured within
permitted cure periods by such Qualified Transferee or waived by Senior Lender or Senior Mezzanine Lender, as applicable, except for defaults that are not susceptible of being cured by such Qualified Transferee; provided, that such defaults which
are not susceptible of being cured do not materially impair the value, use or operation of the Premises or the Equity Collateral, as applicable. Notwithstanding any contrary or inconsistent provision of this Agreement, the Senior Loan Documents or
the Mezzanine Loan Documents, no acquisition or other fee or similar charge shall be due in connection with such Qualified Transferee’s acquisition of any interest in Borrower, any Mezzanine Borrower or the Premises as the result of an Equity
Collateral Enforcement Action or assignment in lieu of foreclosure or other negotiated settlement in lieu of any of the foregoing. 
 (i)         No Senior Loan Event of Default.  So long as no Event of Default shall have occurred and be continuing under the Senior Loan Documents, all funds held and applied
pursuant to the Senior Loan Cash Management Agreement, shall continue to be applied pursuant thereto and shall not be applied by Senior Lender to prepay the outstanding principal balance of the Senior Loan. 
  

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 Section 12.        No Actions; Restrictive
Provisions.  Senior Lender and each Mezzanine Lender consents to each Mezzanine Lender’s right, pursuant to the applicable Mezzanine Loan Documents, under certain circumstances, to cause the termination of the Property Manager. In
the event Senior Lender and one or more of the Mezzanine Lenders shall have such rights at any time, and Senior Lender shall fail to exercise such rights, either Mezzanine Lender may exercise such rights, provided such exercise may be superseded by
any subsequent exercise of such rights by Senior Lender pursuant to the Senior Loan Documents. Upon the occurrence of any event which would entitle a Mezzanine Lender to cause the termination of the Property Manager pursuant to the Mezzanine Loan
Documents, such Mezzanine Lender shall have the right to select, or cause the selection, of a replacement property manager (including any asset manager) or leasing agent for the Premises, which replacement manager, asset manager and/or leasing agent
shall either (a) be subject to Senior Lender’s and, in the case of a replacement by Junior Mezzanine Lender, Senior Mezzanine Lender’s reasonable approval and, if any Certificates are then outstanding, be subject to a Rating Agency
Confirmation or (b) be a Qualified Manager. Notwithstanding anything in this Section 12(a) to the contrary, if an Event of Default under the Senior Loan then exists or any other event shall have occurred pursuant to which Senior
Lender has the right to select any replacement manager, asset manager and/or leasing agent pursuant to the Senior Loan Documents, Senior Lender shall have the sole right to select any replacement manager, asset manager and/or leasing agent, whether
or not a new manager or agent was retained by a Mezzanine Lender, provided, with respect to any Property Manager, such Property Manager is a Qualified Manager. 
 Section 13.        Right to Purchase Senior Loan. 
 (a)        If the Senior Loan has been accelerated, any Enforcement Action has been commenced and is continuing under the Senior Loan Documents or, in the event the Senior Loan or any interest therein
is included in a Securitization, the Senior Loan is a “specially serviced mortgage loan” under the applicable pooling and servicing agreement or similar agreement, or a Mezzanine Lender has cured one or more defaults on the part of
Borrower under the Senior Loan Documents pursuant to Section 11 hereof and, but for such cure, the Senior Loan would be a “specially serviced mortgage loan” under the applicable pooling and servicing agreement or similar
agreement (each of the foregoing, a “Purchase Option Event”), Senior Lender shall provide the Mezzanine Lenders prompt written notice of the Purchase Option Event together with an itemization of all costs incurred to date by Senior
Lender that would constitute part of the Loan Purchase Price and, upon ten (10) Business Days prior written notice to Senior Lender and the Mezzanine Lenders (the “Purchase Notice”), each Mezzanine Lender shall have the right
to purchase, in whole but not in part, the Senior Loan for a price equal to the outstanding principal balance thereof, together with (but without duplication) all accrued interest and other amounts due thereon (including, without limitation, any
advances and post-petition interest but excluding any prepayment, yield maintenance or exit fees, late charges and default interest; and including any special servicing and/or liquidation fees payable to any special servicer for any securitization
trust holding any portion of the Senior Loan unless a Mezzanine Lender purchases the Senior Loan within sixty (60) days of Senior Lender’s notice to the Mezzanine Lenders of a Purchase Option Event, in which case such special servicing
and/or liquidation fees shall be excluded), any Protective Advances made by Senior Lender, any interest charged by Senior Lender on any advances for monthly payments of principal and/or interest on the Senior Loan (without duplication of any cure
payments made by a Mezzanine Lender to Senior Lender) 

  

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and/or on any Protective Advances, including all costs and expenses (including reasonable legal fees and expenses) actually incurred by Senior Lender in
enforcing the terms of the Loan Documents (the “Loan Purchase Price”). In the event that more than one Mezzanine Lender elects to purchase the Senior Loan pursuant to this Section 13(a), the most subordinate Mezzanine
Lender shall have the right to so purchase the Senior Loan, provided that, Junior Mezzanine Lender shall also be required to concurrently purchase the Senior Mezzanine Loan from the Senior Mezzanine Lender for a price equal to the outstanding
principal balance thereof, together with (but without duplication) all accrued interest and other amounts thereon (including, without limitation, any advances and post-petition interest but excluding any prepayment, yield maintenance or exit fees,
late charges and default interest; and including any special servicing and/or liquidation fees payable to any special servicer for any securitization trust holding any portion of the Senior Mezzanine Loan unless the Junior Mezzanine Lender purchases
the Senior Mezzanine Loan within sixty (60) days of Senior Lender’s notice to the Mezzanine Lenders of a Purchase Option Event, in which case such special servicing fees and/or liquidation fees shall be excluded), any Protective Advances
made by the Senior Mezzanine Lender, any interest charged by Senior Mezzanine Lender on any advances for monthly payments by Senior Mezzanine Lender of principal and/or interest on the Senior Mezzanine Loan (without duplication of any cure payments
made by the Junior Mezzanine Lender to the Senior Mezzanine Lender) and/or on any Protective Advances, including all costs and expenses (including reasonable legal fees and expenses) actually incurred by the Senior Mezzanine Lender in enforcing the
terms of the Senior Mezzanine Loan Documents (the “Senior Mezzanine Loan Purchase Price”). Junior Mezzanine Lender may not purchase the Senior Loan without concurrently purchasing the Senior Mezzanine Loan in accordance with the
terms of this paragraph. If Junior Mezzanine Lender notifies Senior Lender in a timely manner that it desires to purchase the Senior Loan and the Senior Loan Documents by giving the Purchase Notice, the closing of such acquisition shall occur on the
date (the “Closing Date”) designated by the Junior Mezzanine Lender which Closing Date shall occur not later than the earlier of (i) thirty (30) Business Days after the date the Purchase Notice is received by the Senior
Lender or (ii) the Business Day preceding the date of any scheduled foreclosure sale under the Senior Loan Documents. Concurrently with payment to Senior Lender of the Loan Purchase Price, Senior Lender shall deliver or cause to be delivered to
the Mezzanine Lender exercising the purchase right hereunder all Senior Loan Documents held by or on behalf of Senior Lender and shall execute in favor of such Mezzanine Lender or its designee assignment documentation, in form and substance
reasonably acceptable to such Mezzanine Lender, at the sole cost and expense of such Mezzanine Lender, to assign the Senior Loan and its rights under the Senior Loan Documents (without recourse, representations or warranties, except for
representations as to (A) the power and authority of Senior Lender to transfer the Senior Loan, (B) the documentation that constitutes the Senior Loan Documents, (C) the outstanding balance of the Senior Loan and the reserves held
under the Senior Loan and (D) Senior Lender’s not having assigned or encumbered its rights in the Senior Loan) and transfers all funds in the escrow and reserve accounts established under the Senior Loan Documents. In connection with the
exercise of its purchase right hereunder, concurrently with payment to the Senior Mezzanine Lender of the Senior Mezzanine Loan Purchase Price, Senior Mezzanine Lender shall deliver or cause to be delivered to Junior Mezzanine Lender all Senior
Mezzanine Loan Documents held by or on behalf of Senior Mezzanine Lender and shall execute in favor of Junior Mezzanine Lender or its designee assignment documentation, in form and substance reasonably acceptable to Junior Mezzanine Lender, at the
sole cost and expense of Junior 

  

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Mezzanine Lender, to assign the Senior Mezzanine Loan and Senior Mezzanine Lender’s rights under Senior Mezzanine Loan Documents (without recourse,
representations or warranties, except for representations as to (A) the power and authority of the Senior Mezzanine Lender to transfer the Senior Mezzanine Loan, (B) the documentation that constitutes the Senior Mezzanine Loan Documents,
(C) the outstanding balance of the Senior Mezzanine Loan and the reserves held under the Senior Mezzanine Loan, if any and (D) Senior Mezzanine Lender’s not having assigned or encumbered its rights in the Senior Mezzanine Loan) and
transfers all funds in the escrow and reserve accounts, if any, established under the Senior Mezzanine Loan Documents. Following the occurrence of a Purchase Option Event, the Mezzanine Lenders shall keep each other informed as to their intention to
exercise any of their respective rights in connection with the Purchase Option Event. The right of each Mezzanine Lender to purchase the Senior Loan shall automatically terminate (ix) upon a transfer of the Premises by foreclosure sale, sale by
power of sale or delivery of a deed in lieu of foreclosure, or (y) if a Purchase Option Event ceases to exist (but only with respect to that particular Purchase Option Event); provided, however, that in no event shall either Mezzanine Lender
have less than thirty (30) days to deliver a Purchase Notice following notice by Senior Lender to such Mezzanine Lender of the occurrence of a Purchase Option Event, except pursuant to the terms of clause (y) of the immediately preceding
sentence. If title to the Premises is transferred to Senior Lender less than seven (7) days after Senior Lender has given notice to the Mezzanine Lenders of its intent to commence a foreclosure proceeding or accept a deed-in-lieu-thereof, each
Mezzanine Lender shall have a seven (7) day period (after such transfer to Senior Lender) to deliver the Purchase Notice to Senior Lender with the obligation to purchase the Premises and the Senior Loan at the Loan Purchase Price (and if the
purchasing Mezzanine Lender is the Junior Mezzanine Lender, the Senior Mezzanine Loan at Senior Mezzanine Loan Purchase Price) within such seven (7) day period, in which case all costs and expenses (including transfer taxes incurred in
connection therewith and/or incurred in connection with Senior Lender’s ownership of the Premises) shall be paid by such Mezzanine Lender. If a Mezzanine Loan is subject to one or more participation interests, each such participant shall have
the purchase right described herein to the extent permitted under any applicable participation agreement, provided that if more than one participant submits a Purchase Notice, then the Purchase Notice from the participant holding the most
subordinate interest in such Mezzanine Loan shall be in effect and the others shall be disregarded. If a Mezzanine Lender gives a Purchase Notice and thereafter fails to close thereunder as required by this Section 13, without limiting
the rights and remedies of the Senior Lender against such Mezzanine Lender, such Mezzanine Lender shall be barred from exercising any rights under this Section 13 with respect to the specific event that triggered such purchase right (but
if there are multiple participants as set forth in the preceding sentence, only the specific participant that caused such failure to close shall be precluded from exercising such rights. 
 (b)        If the Senior Mezzanine Loan has been accelerated, any Equity Collateral Enforcement Action has been
commenced under the Senior Mezzanine Loan Documents, or a Proceeding has been commenced against the Senior Mezzanine Borrower under the Senior Mezzanine Loan (a “Senior Mezzanine Loan Purchase Option Event”), Senior Mezzanine Lender
shall provide prompt written notice of the same to Junior Mezzanine Lender, and upon ten (10) Business Days’ prior written notice (the “Senior Mezzanine Purchase Notice”) to the Senior Mezzanine Lender, Junior Mezzanine
Lender shall have the right to purchase, in whole but not in part, the Senior Mezzanine Loan for the Senior Mezzanine Loan Purchase Price. Notwithstanding the foregoing but subject to the terms of the last sentence of this Section 13(b),

  

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the failure of Senior Mezzanine Lender to provide notice to Junior Mezzanine Lender of the occurrence of a Senior Mezzanine Loan Purchase Option Event shall
have no adverse effect on Senior Mezzanine Lender. If Junior Mezzanine Lender elects to purchase the Senior Mezzanine Loan after a Senior Mezzanine Loan Purchase Option Event and fails to complete such purchase within ten (10) Business Days of
delivery of a Senior Mezzanine Purchase Notice as required hereunder, then such Senior Mezzanine Purchase Notice shall be deemed invalid and Junior Mezzanine Lender shall cease to have any right to purchase the Senior Mezzanine Loan in connection
with the applicable Senior Mezzanine Loan Purchase Option Event. Concurrently with payment to the Senior Mezzanine Lender of the Senior Mezzanine Loan Purchase Price, Senior Mezzanine Lender shall deliver or cause to be delivered to Junior Mezzanine
Lender all Senior Mezzanine Loan Documents held by or on behalf of Senior Mezzanine Lender and shall execute in favor of Junior Mezzanine Lender or its designee assignment documentation, in form and substance reasonably acceptable to Junior
Mezzanine Lender, at the sole cost and expense of Junior Mezzanine Lender, to assign the Senior Mezzanine Loan and Senior Mezzanine Lender’s rights under the Senior Mezzanine Loan Documents (without recourse, representations or warranties,
except for representations as to (A) the power and authority of the Senior Mezzanine Lender to transfer the Senior Mezzanine Loan, (B) the documentation that constitutes the Senior Mezzanine Loan Documents, (C) the outstanding balance
of the Senior Mezzanine Loan and the reserves held under the Senior Mezzanine Loan, if any and (D) Senior Mezzanine Lender’s not having assigned or encumbered its rights in the Senior Mezzanine Loan) and transfers all funds in the escrow
and reserve accounts, if any, established under the Senior Mezzanine Loan Documents. The right of Junior Mezzanine Lender to purchase the Senior Mezzanine Loan shall automatically terminate (x) upon a transfer or sale of by Senior Mezzanine
Lender of its Equity Collateral, or (y) if a Senior Mezzanine Loan Purchase Option Event ceases to exist (including, if the Senior Mezzanine Lender terminated its Equity Collateral Enforcement Action); provided, however, that in no event shall
Junior Mezzanine Lender have less than thirty (30) days following notice by Senior Mezzanine Lender to Junior Mezzanine Lender of the occurrence of a Senior Mezzanine Loan Purchase Option Event to elect to purchase the Senior Mezzanine Loan,
except pursuant to the terms of clause (y) of the immediately preceding sentence. 
 (c)        Each Mezzanine Lender covenants not to enter any agreement with the Borrower, any Mezzanine Borrower or any Affiliate thereof to purchase the Senior Loan or any Mezzanine Loan pursuant to
this Section 13 or in connection with any refinancing of the Senior Loan or any Mezzanine Loan in any manner designed to avoid or circumvent the provisions of the Senior Loan Documents or any of the Mezzanine Loan Documents which require
the payment of a prepayment fee or yield maintenance charge in connection with a prepayment of the Senior Loan by the Borrower or a Mezzanine Loan by the applicable Mezzanine Borrower. 
 (d)        Nothing contained in this Agreement shall be construed to limit an Affiliated Person’s right to
purchase the interests of its co-lenders in the Junior Mezzanine Loan pursuant to, and to the extent permitted under, the Junior Co-Lender Agreement. No Affiliated Person shall be permitted to purchase the interests of its co-lenders in the Senior
Loan, except in connection with a purchase of the Senior Loan (and the contemporaneous purchase of the Senior Mezzanine Loan) by Junior Mezzanine Lender pursuant to Section 13(a). 
  

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 Section 14.        Additional
Understandings.  For as long as any Mezzanine Loan remains outstanding: 
 (a)        Notices of Transfer; Consent.  Senior Lender shall promptly notify each Mezzanine Lender if Borrower seeks or requests a release all or any portion of the lien of the
Senior Loan or seeks or requests Senior Lender’s consent to, the taking by Senior Lender of any action in connection with or in furtherance of, a Transfer of any direct or indirect equity interest in Borrower, a sale or transfer of all or any
material portion of the Premises, the granting of a further mortgage, deed of trust or similar encumbrance against the Premises, a prepayment or refinancing of the Senior Loan, or any offer to purchase the Senior Loan by Borrower or any Affiliate of
Borrower. In the event of a request by the Borrower for Senior Lender’s consent to either (i) the sale or transfer of all or any material portion of the Premises or any direct or indirect equity interest in Borrower or (ii) the
granting of a further mortgage, deed of trust or similar encumbrance against any of the Premises or any interest therein or incurrence of any additional indebtedness (not permitted pursuant to the terms of the Senior Loan Documents), Senior Lender
shall, if Senior Lender has the right to consent, obtain the prior written consent of each Mezzanine Lender prior to Senior Lender’s granting of its consent or agreement thereto. 
 (b)        Annual Budget.  Each Mezzanine Lender shall have the right to approve the annual
operating budget of Borrower in accordance with and to the extent set forth in the applicable Mezzanine Loan Documents. In the event a Mezzanine Lender objects to any such proposed budget, such Mezzanine Lender shall advise the Senior Lender of such
objections, along with its suggestions for changes, within ten (10) Business Days after its receipt of such budget in accordance with the Mezzanine Loan Documents. Senior Lender agrees to consult with such Mezzanine Lender with respect to such
objections and suggestions but such consultation shall not be binding on Senior Lender. Each Mezzanine Lender shall consent to any changes in the budget reasonably requested by the Senior Lender. Notwithstanding anything contained herein, in the
Senior Loan Documents or the Mezzanine Loan Documents to the contrary, each Mezzanine Lender may require the submission of the annual budget to such Mezzanine Lender for approval prior to any submission to Senior Lender. 
 (c)        Insurance Requirements.  If there is no Continuing Senior Loan Event of Default, each
Mezzanine Lender shall have the right to approve (such approval not to be unreasonably withheld, conditioned or delayed) any proposed material modification or waiver of any material provision of any Senior Loan Document governing the types, nature
or amounts of insurance coverage required to be obtained and maintained by the Borrower; provided, however, notwithstanding any objection of a Mezzanine Lender to a proposed modification or waiver, the Senior Lender may agree to any such
modification or waiver to the extent the Senior Lender deems such modification or waiver acceptable in accordance with “Accepted Servicing Standards,” as such term (or an analogous term) is defined in the applicable pooling and servicing
agreement. 
 (d)        Action Against Banks.  If the Cash Management Bank (as
defined in the Senior Loan Cash Management Agreement) defaults in its obligation to distribute to a Mezzanine Lender any sums such Mezzanine Lender is entitled to receive under the Senior Loan Cash Management Agreement, upon a written request of
such Mezzanine Lender, Senior Lender (at such Mezzanine Lender’s cost and expense) shall, to the extent permitted in the Senior Loan 

  

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Documents, take such actions with respect to the Cash Management Bank, as such Mezzanine Lender reasonably requests. 
 (e)        Action Against Managers.  If any Property Manager defaults in its obligations under
the Senior Loan Documents or the Senior Mezzanine Loan Documents to cause Revenues to be deposited into the Cash Management Account or the “Cash Management Account”, as defined in the Senior Mezzanine Loan Agreement, as the case may be,
upon written request of a Mezzanine Lender, subject to “Accepted Servicing Standards,” Senior Lender and/or Senior Mezzanine Lender, as the case may be, shall, to the extent permitted in the Senior Loan Documents or the Senior Mezzanine
Loan Documents, as applicable, take such actions with respect to such Property Manager as Senior Lender or Senior Mezzanine Lender, as the case may be, deems advisable to ensure that Revenues are so deposited, and upon written request of a Mezzanine
Lender, subject to “Accepted Servicing Standards,” shall take such additional actions (at the requesting Mezzanine Lender’s cost and expense) as shall be requested by such Mezzanine Lender. 
 (f)        Notices.  Senior Lender agrees to perform its obligations under the Senior Cash
Management Agreement substantially in accordance with the terms and provisions of the Senior Cash Management Agreement, to the extent not inconsistent with “Accepted Servicing Standards”. Senior Lender agrees to promptly deliver copies of
all notices received or delivered under the Senior Loan Cash Management Agreement to Mezzanine Lender. 
 (g)        Letter of Credit.  Senior Lender shall promptly (x) notify each Mezzanine Lender of any requests by the Borrower for a return or termination of any letter of credit
provided pursuant to the Senior Loan Documents and (y) provide Mezzanine Lender with any documentation delivered by Borrower to Senior Lender with respect to any such request (provided that in no event shall failure by Senior Lender to provide
such notice or documentation to Mezzanine Lender constitute a default hereunder). Senior Mezzanine Lender shall promptly (i) notify Junior Mezzanine Lender of any requests by the Senior Mezzanine Borrower for a return or termination of any
letter of credit provided pursuant to the Senior Mezzanine Loan Documents and (ii) provide Junior Mezzanine Lender with any documentation delivered by Senior Mezzanine Borrower to Senior Mezzanine Lender with respect to any such request
(provided that in no event shall failure by Senior Mezzanine Lender to provide such notice or documentation to Mezzanine Lender constitute a default hereunder). 
 (h)        Ground Leases.  Senior Lender shall deliver to each Mezzanine Lender copies of any notices sent by Senior Lender to any lessor under a Ground Lease
concurrently therewith. Senior Lender shall also forward to each Mezzanine Lender a copy of any notice it receives from such a ground lessor, including, without limitation, notices concerning the occurrence of a Ground Lease Default. Each Mezzanine
Lender shall have the right to cure such Ground Lease Default and shall deliver written notice to Senior Lender of its intention to do so no later than the earlier of (i) ten (10) Business Days prior to the end of the applicable cure
period set forth in the applicable Ground Lease, and (ii) three (3) Business Days prior to the end of the Monetary Cure Period or the Non-Monetary Cure Period, as applicable. Senior Lender shall, if requested by a Mezzanine Lender, at such
Mezzanine Lender’s request and at such Mezzanine Lender’s sole cost and expense, reasonably cooperate with such Mezzanine Lender in the exercise of any and all cure rights Senior Lender has under the applicable Ground Lease 

  

 46 

 
within the time period specified in this Section 13(h), in accordance with reasonable directions therefor provided by such Mezzanine Lender. In
the event that the Ground Lease is terminated by reason of any Ground Lease Default, Senior Lender shall exercise in a timely manner its rights, if any, to receive a new Ground Lease (the “New Lease”) pursuant to the
terms of the Ground Lease. If within five (5) Business Days of receipt from Senior Lender of notice of the Ground Lease Default, a Mezzanine Lender has delivered written notice to Senior Lender that such Mezzanine Lender elects to cause a
nominee of such Mezzanine Lender to assume the obligations of Borrower under the Ground Lease, then Senior Lender shall select such nominee (the “New Ground Lessee”) to be its designee to receive such New Lease, provided each
of the following conditions has been satisfied at such Mezzanine Lender’s sole cost and expense no less than five (5) Business Days prior to the expiration of the period in which Senior Lender is entitled to request a New Lease pursuant to
the Ground Lease: 
 (i)          no Continuing Senior Loan Event of
Default shall exist; 
 (ii)         New Ground Lessee shall be a Single Purpose
Entity that is a Qualified Transferee; 
 (iii)        New Ground Lessee shall have
complied, and shall continue to comply, with all the requirements to the obtaining of a New Lease set forth in the Ground Lease; 
 (iv)        New Ground Lessee assumes all of the obligations of Borrower under the Senior Loan Documents and shall execute and deliver, without any cost or expense to Senior Lender, such documents and
agreements as Senior Lender shall reasonably require to evidence and effectuate said assumption pursuant to documentation reasonably satisfactory to Senior Lender (the “Assumption Documents”), including execution, delivery and recording of
a leasehold mortgage, in the form of the Senior Mortgage, encumbering the New Ground Lease, and New Ground Lessee shall authorize the filing of such Uniform Commercial Code financing statements as may be reasonably requested by Senior Lender;

 (v)         in the event that such transaction results in the removal of any
guarantor, indemnitor, pledgor, or other obligor under the Senior Loan Documents, a Person reasonably acceptable to Senior Lender shall assume the obligations of the Third Party Obligors pursuant to Third Party Agreements which are in each case in a
form substantially similar to the Third Party Agreement that it is replacing; 
 (vi)        promptly upon taking title to the New Lease, New Ground Lessee shall cause the Premises to be managed by a Qualified Manager; 
 (vii)       New Ground Lessee shall furnish opinions of counsel satisfactory to Lender and its counsel
in substantially the form of the opinions delivered by Borrower at the Closing, including (A) opinions with respect to the New Ground Lessee’s formation documents, (B) that the assumption of the Debt has been duly authorized, executed
and delivered, and that the Senior Loan Documents and the Assumption Documents are valid, binding and enforceable against New Ground Lessee in accordance with their terms, (C) that New Ground Lessee and any entity which is a controlling
stockholder, member or 

  

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general partner of New Ground Lessee, have been duly organized, and are in existence and good standing, (D) with respect to non-consolidation and
(E) with respect to such other matters as Senior Lender may reasonably request; 
 (viii)      Senior Lender shall have received a title insurance policy in substantially the form delivered at the Closing, insuring (A) that the title to the New Lease is vested in the New Ground Lessee
and (B) the first lien priority of the Senior Mortgage encumbering the New Lease, subject to only to Permitted Encumbrances; 
 (ix)        New Ground Lessee shall have delivered to Lender all documents reasonably requested by Lender relating to its formation, existence and due authorization, each in form and substance
reasonably satisfactory to Lender, including a certified copy of the applicable resolutions from all appropriate persons, certified copies of the organizational documents, and certificates of good standing or existence issued as of a recent date by
its state of organization and each other state where such entity, by the nature of its business, is required to qualify or register; 
 (x)         Rating Agency Confirmation shall have been received with respect to the legal structure of the New Ground Lessee, the documentation of the assumption and the related
legal opinions; 
 (xi)        Mezzanine Lender shall deliver to Senior Lender
(A) evidence reasonably satisfactory to Senior Lender that all of the leasehold mortgagee protection provisions contained in the Ground Lease are contained in the New Lease and (B) a Ground Lessor Estoppel Certificate from Ground Lessor
relating to the New Lease substantially in the form of the Ground Lessor Estoppel Certificate delivered in connection with the closing of the Senior Loan; 
 (xii)       The Mezzanine Loan shall continue to be subordinate to the Senior Loan in the manner set forth in this Agreement; and 
 (xiii)      Mezzanine Lender shall have paid all of Senior Lender’s reasonable actual expenses in
connection with the foregoing. 
 (xiv)      Notwithstanding anything to the contrary contained
in this Agreement, in the event that a Mezzanine Lender requests that Senior Lender take or refrain from taking any action pursuant to this Section 13(h) and Senior Lender complies with such request, Mezzanine Lender shall protect,
indemnify and save harmless the Senior Lender from and against any loss, cost, expense, and liabilities, including, without limitation, reasonable attorneys’ fees arising out of any requested action of such Mezzanine Lender under this
Section 13(h), unless caused by the gross negligence or willful misconduct of Senior Lender. In addition, (y) Senior Lender shall have no obligation to incur and costs or expenses, or make any Protective Advances, in connection
with a Mezzanine Lender’s efforts to cure Ground Lease Defaults unless such Mezzanine Lender has deposited an amount with Senior Lender sufficient to pay such costs or expenses, or make any Protective Advances, and (z) any sums due to
Senior Lender from such Mezzanine Lender in connection with such Mezzanine Lender’s indemnification obligations under 

  

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this Section 13(h) shall be paid within 30 days of written demand by Senior Lender. Senior Lender shall not consent to any amendment,
modification or termination of any Ground Lease without the reasonable consent of Mezzanine Lender. 
 (i)  
Intentionally Omitted. 
 (j)        Consent Rights of Mezzanine Lenders.  If
the Mezzanine Loan Documents contain any provision or requirement that a Mezzanine Lender’s consent or approval be obtained for any act or determination by Borrower or any Mezzanine Borrower in connection with the leasing of the Premises or
alterations to the Premises, to the extent that such consent or approval is also required by the Senior Lender under the Senior Loan Documents, each Mezzanine Lender hereby agrees that it shall first advise the Senior Lender of whether the
applicable Mezzanine Lender objects to the requested consent or approval within five (5) days after its receipt of (1) a written request for a consent or approval from such Mezzanine Borrower and (2) delivery of all materials
reasonably requested by such Mezzanine Lender reasonably required to make a decision on such request. Senior Lender shall consult each Mezzanine Lender with respect to any such consent or approval right of such Mezzanine Lender. Neither Mezzanine
Lender shall unreasonably withhold its consent to such lease or alteration if Senior Lender reasonably approves such lease or alteration. 
 (k)        Requests for Disbursements.  Senior Lender hereby agrees to use reasonable efforts to promptly (x) notify each Mezzanine Lender of any requests by Borrower for
disbursements of funds from Collateral Accounts and (y) provide each Mezzanine Lender with any documentation delivered by Borrower to Senior Lender with respect to any such request by Borrower for such a disbursement (provided that in no event
shall failure by Senior Lender to provide such notice or documentation to a Mezzanine Lender constitute a default hereunder). 
 (l)         Reserves and Escrows.  If Senior Lender waives any reserves or escrow accounts required under the Senior Loan Documents, then each Mezzanine Lender may require that
the applicable Mezzanine Borrower (x) deposit such amounts that would have been deposited into any such reserves or escrow accounts under the Senior Loan to be transferred to and deposited with such Mezzanine Lender and (y) enter into a
cash management agreement with respect to such waived reserves or escrows with such Mezzanine Lender substantially similar to the arrangement entered into by Borrower with Senior Lender at the closing of the Senior Loan. If both Mezzanine Lenders
make the request described in the preceding sentence only the request of the Junior Mezzanine Lender shall be accepted. 
 (m)        Notices of Default.  Senior Lender and the Mezzanine Lenders each agree to send to the others any notices of “Default” or “Event of Default” under the
Senior Loan Documents or the Mezzanine Loan Documents that Senior Lender or any Mezzanine Lender sends to Borrower or the any Mezzanine Borrower, as applicable (provided that in no event shall failure by either party to send such notice constitute a
default hereunder, nor shall the exercise of remedies be conditioned on compliance with this Section 14(m)). 
 (n)        Certain Insurance Matters.  Upon written reasonable request from each Mezzanine Lender, Senior Lender shall request (to the extent consistent with the terms of the Senior
Loan Documents), Borrower to obtain additional reasonable insurance coverage 

  

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customarily being maintained for properties similar to the Premises, to the extent contemplated under Section 5.15 of the Senior Loan Agreement;
provided, however, that if Borrower fails to provide such requested insurance coverage, Senior Lender shall not be required to declare an Event of Default or take any enforcement action against Borrower as a result of such failure.

 (o)        Books and Records.  Upon any inspection of the books or records of
Borrower or the Premises by Senior Lender pursuant to the terms of the Senior Loan Documents, Senior Lender shall, upon request of a Mezzanine Lender, take action to encourage Borrower to provide such Mezzanine Lender access for its own inspection
of such books, records or Premises. 
 (p)        Financial Statements.  Senior
Lender shall provide a Mezzanine Lender with copies of each financial statement delivered to Senior Lender pursuant to the terms of the Senior Loan Documents within three (3) Business Days after request by such Mezzanine Lender. Upon the
reasonable request by a Mezzanine Lender, Senior Lender shall request additional financial information from Borrower as provided for in the Senior Loan Documents (provided, however, that Borrower’s failure to deliver such additional financial
information shall not be a default by Senior Lender under this Agreement). 
 Section 15.        Financing of Mezzanine Loans. 
 (a)        Notwithstanding any other provision hereof, Senior Lender and each Mezzanine Lender consent each to Mezzanine Lender’s pledge or sale in a repurchase transaction (a
“Pledge”) of its respective Mezzanine Loan and of the Separate Collateral to any entity which has extended a credit facility to a Mezzanine Lender or its Affiliate, including, without limitation, credit in the form of a repurchase
agreement facility, that is a Qualified Transferee or a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency (a “Loan Pledgee”), on the terms and
conditions set forth in this Section 15(a), provided that a Loan Pledgee which is not a Qualified Transferee may not take title to the Equity Collateral without a Rating Agency Confirmation. Upon written notice by a Mezzanine Lender to
Senior Lender and the other Mezzanine Lender that a Pledge has been effected and the address for notice purposes of the Loan Pledgee, Senior Lender and the other Mezzanine Lender agree to acknowledge receipt of such notice and thereafter agrees:
(a) to give such Loan Pledgee written notice of any default by the pledging Mezzanine Lender under this Agreement of which default Senior Lender or such other Mezzanine Lender has actual knowledge; (b) to allow such Loan Pledgee a period
of ten (10) days (in respect of a monetary default) and a period of thirty (30) days (in respect of a non-monetary default) to cure a default by the pledging Mezzanine Lender in respect of its obligations to Senior Lender or such other
Mezzanine Lender hereunder, but Loan Pledgee shall not be obligated to cure any such default; (c) that no amendment, modification, waiver or termination of this Agreement shall be effective against such Loan Pledgee without the written consent
of such Loan Pledgee, which consent shall not be unreasonably withheld; (d) that Senior Lender shall give to Loan Pledgee copies of any Senior Loan Default Notice, and each Mezzanine Lender shall give to Loan Pledgee copies of any Mezzanine
Loan Default Notice issued by such Mezzanine Lender, in each case, simultaneously with the giving of same to the pledging Mezzanine Lender and accept any cure thereof by Loan Pledgee made in accordance with the provisions of Section 11
of this Agreement as if such cure were made by the pledging Mezzanine Lender; (e) that Senior Lender and the 

  

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other Mezzanine Lender shall deliver to Loan Pledgee such estoppel certificate(s) as Loan Pledgee shall reasonably request, provided that any such estoppel
certificate(s) shall be in the form contemplated by Section 19 or in such other form reasonably acceptable to Senior Lender and the other Mezzanine Lender and (f) that, upon written notice (a “Redirection Notice”)
to Senior Lender or a Mezzanine Lender by Loan Pledgee that the pledging Mezzanine Lender is in default, beyond applicable cure periods, under such pledging Mezzanine Lender’s obligations to Loan Pledgee pursuant to the applicable credit
agreement between such pledging Mezzanine Lender and Loan Pledgee (which notice need not be joined in or confirmed by such pledging Mezzanine Lender), and until such Redirection Notice is withdrawn or rescinded by Loan Pledgee, Senior Lender each
Mezzanine Lender shall remit to the applicable Loan Pledgee and not to the pledging Mezzanine Lender, any payments that Senior Lender or a Mezzanine Lender would otherwise be obligated to pay to such pledging Mezzanine Lender from time to time
pursuant to this Agreement, any Senior Loan Document, any Mezzanine Loan Document or any other agreement between or among such Pledging Mezzanine Lender and Senior Lender and/or any other Mezzanine Lender that relates to the Senior Loan or a
Mezzanine Loan. Each Mezzanine Lender hereby unconditionally and absolutely releases Senior Lender and the other Mezzanine Lender from any liability to such Mezzanine Lender on account of Senior Lender’s or such other Mezzanine Lender’s
compliance with any Redirection Notice believed by Senior Lender or the other Mezzanine Lender to have been delivered by such Mezzanine Lender’s Loan Pledgee. Loan Pledgee shall be permitted to fully exercise its rights and remedies against the
applicable pledging Mezzanine Lender, and realize on any and all collateral granted by such pledging Mezzanine Lender to Loan Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law. In such
event, the Senior Lender and the other Mezzanine Lender shall recognize Loan Pledgee (and any transferee which is also a Qualified Transferee at any foreclosure or similar sale held by Loan Pledgee or any transfer in lieu of such foreclosure), and
its successors and assigns, as the successor to the applicable Mezzanine Lender’s rights, remedies and obligations under this Agreement and the Mezzanine Loan Documents and any such Loan Pledgee or Qualified Transferee shall assume in the
writing the obligations of the applicable Mezzanine Lender hereunder accruing from and after such Transfer and agrees to be bound by the terms and provisions hereof (it being agreed that, notwithstanding anything to the contrary contained herein,
such Loan Pledgee shall not be required to so assume the applicable Mezzanine Lender’s obligations hereunder prior to such realization on such collateral). The rights of Loan Pledgee under this Section 15 shall remain effective
unless and until Loan Pledgee shall have notified the Senior Lender and the other Mezzanine Lender in writing that its interest in the applicable Mezzanine Loan has terminated. 
 (b)  Notwithstanding any provisions herein to the contrary, if a conduit (“Conduit”) which is not a Qualified Transferee
provides financing to a Mezzanine Lender then such Conduit will be a permitted “Loan Pledgee” despite the fact it is not a Qualified Transferee if the following conditions are satisfied: 
 (i)          The loan (the “Conduit Inventory Loan”) made by the
Conduit to the applicable Mezzanine Lender to finance the acquisition and holding of its interest in such Mezzanine Lender’s Mezzanine Loan will require a third party (the “Conduit Credit Enhancer”) to provide credit enhancement;

 (ii)         The Conduit Credit Enhancer will be a Qualified Transferee;

  

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 (iii)        The applicable Mezzanine Lender will
pledge (or sell, transfer or assign as part of a repurchase facility) its interest in the Mezzanine Loan to the Conduit as collateral for the Conduit Inventory Loan; 
 (iv)        The Conduit Credit Enhancer and the Conduit will agree that, if the applicable
Mezzanine Lender defaults under the Conduit Inventory Loan, or if the Conduit is unable to refinance its outstanding commercial paper even if there is no default by such Mezzanine Lender, the Conduit Credit Enhancer will purchase the Conduit
Inventory Loan from the Conduit, and the Conduit will assign the pledge of such Mezzanine Lender’s interest in the applicable Mezzanine Loan to the Conduit Credit Enhancer; and 
 (v)          Unless the Conduit is then a Qualified Transferee, the Conduit will not without
obtaining a Rating Agency Confirmation from each Rating Agency have any greater right to acquire the interests in the Mezzanine Loan pledged by the applicable Mezzanine Lender, by foreclosure or otherwise, than would any other purchaser that is not
a Qualified Transferee at a foreclosure sale conducted by a Loan Pledgee. 
 Section 16.        Affiliation with Borrower. 
 (a)        Notwithstanding anything in this Agreement to the contrary, if and for so long as all or any portion of any Mezzanine Loan is held by any Person who owns, directly or indirectly, more than
thirty percent (30%) of the ownership interests in Borrower, Senior Mezzanine Borrower or Junior Mezzanine Borrower or has the power, directly or indirectly, to direct or cause the direction of the management or policies of any of Borrower,
Senior Mezzanine Borrower or Junior Mezzanine Borrower (such Person, an “Affiliated Person”), such Person, to the extent that they would otherwise have such rights pursuant to the terms hereof, shall have no rights under:

 (i)          Section 7(a); 
 (ii)         Section 7(b); 
 (iii)        Section 11 (provided, however, that an Affiliated Person shall have the right
to contribute to a monetary cure, so long as (i) the decision to make such cure is made by one or more Junior Mezzanine Lenders that are not Affiliated Persons, (ii) at least one Junior Mezzanine Lender that is not an Affiliated Person is
contributing to such monetary cure, (iii) such Affiliated Person’s contribution shall not exceed its pro rata share of the Junior Mezzanine Loan (plus the amount necessary (if any) to cover any shortfall in the contribution to such
monetary cure by any Junior Mezzanine Lender that is not an Affiliated Person, (iv) in connection with any such contribution, such Affiliated Person shall provide an officer’s certificate to Senior Lender, Senior Mezzanine Lender and each
of its co-lenders under the Junior Mezzanine Loan stating that such contribution is being made as a curative advance solely in its capacity as a lender under the Junior Mezzanine Loan and that such advance is not, and shall not be construed to be, a
cure by the Junior Mezzanine Borrower and (v) such Affiliated Person shall 

  

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not own 100% of the Junior Mezzanine Loan. For the avoidance of doubt, an Affiliated Person shall have no right to exercise the rights of a Mezzanine Lender
hereunder with respect to a non-monetary cure); 
 (iv)        Section 13 (unless the Loan Purchase Price and/or the Senior Mezzanine Loan Purchase Price is increased to include all amounts that would be owing by Borrower and/or Senior
Mezzanine Borrower upon repayment of the Senior Loan and/or Senior Mezzanine Loan, as the case may be, including, in each case, all accrued and unpaid default interest, late charges and prepayment premiums, and the closing of the purchase occurs
within 30 days of receipt of notice of the Purchase Option Event); 
 (v)         subclause (a) of Section 12; and 
 (vi)        Section 14 (other than: the first sentence of Section 14(a); Section 14(d); Section 14(e) (unless the Property Manager is an Affiliate of
Borrower, Senior Mezzanine Borrower or Junior Mezzanine Borrower); Section 14(f); clauses (x) and (i) of Section 14(g); the first sentence of Section 14(h); clause (x) of Section 14(k);
and Section 14(m)); 
 and shall otherwise have no right to receive any reports or information to which a Mezzanine Lender would otherwise be
entitled hereunder. For the avoidance of doubt, nothing in this Section 16(a) in intended to prohibit the Directing Senior Lender or a Directing Mezzanine Lender from (i) consulting with an Affiliated Person in connection with the
exercise of any rights hereunder by the Directing Senior Lender or Directing Mezzanine Lender, as the case may be or (ii) sharing with an Affiliated Person any notice received pursuant to this Agreement. 
 (b)        Notwithstanding anything in this Agreement to the contrary, if and for so long as any portion of the
Senior Loan is held by an Affiliated Person, such Affiliated Person shall have no rights under Sections 7(b) or clause (a) of Section 12. 
 (c)        Notwithstanding anything to the contrary contained in this Section 16, if a Person that is not an Affiliated Person shall own a majority interest in any
of Senior Loan, Senior Mezzanine Loan or Junior Mezzanine Loan, and such Person has the right to exercise the rights afforded the holder of such loan hereunder, then the provisions of this Section 16 shall not apply with respect to such
Person, even if an Affiliated Person shall own a minority interest in such loan (so long as such Affiliated Person does not have the right to exercise any of the rights of the holder of such loan hereunder, except for the purchase right set forth in
Section 13 hereof). 
 (d)        Senior Lender agrees that it shall not, without the
consent of the Mezzanine Lenders (which consent shall not be unreasonably withheld, unless Mezzanine Lenders shall determine in their reasonable discretion that such amendment would have a material adverse effect on the Senior Mezzanine Lender
and/or the Junior Mezzanine Lender), amend the Senior Co-Lender Agreement in a manner that would increase the rights of an “Excluded Lender” under and as defined in the Senior Co-Lender Agreement and that would have the effect of
increasing the rights of an Affiliated Person under this Section 16. Junior Mezzanine Lender agrees that it shall not, without the consent of the Senior Mezzanine Lender 

  

 53 

 
and Senior Lender (which consent shall not be unreasonably withheld, unless Senior Mezzanine Lender and Senior Lender shall determine in their reasonable
discretion that such amendment would have a material adverse effect on the Senior Mezzanine Lender and/or the Senior Lender), amend the Junior Co-Lender Agreement in a manner that would increase the rights of an “Excluded Lender” under and
as defined in the Co-Lender Agreement and that would have the effect of increasing the rights of an Affiliated Person under this Section 16. 
 Section 17.        Obligations Hereunder Not Affected. 
 (a)        All rights, interests, agreements and obligations of Senior Lender and each Mezzanine Lender under this Agreement shall remain in full force and effect irrespective of: 
 (i)         any lack of validity or enforceability of the Senior Loan Documents or the
Mezzanine Loan Documents or any other agreement or instrument relating thereto; 
 (ii)        any taking, exchange, release or non-perfection of any other collateral, or any taking, release or amendment or waiver of or consent to or departure from any guaranty, for all or any
portion of the Senior Loan or the Mezzanine Loans; 
 (iii)       any manner of
application of collateral, or proceeds thereof, to all or any portion of the Senior Loan or the Mezzanine Loans, or any manner of sale or other disposition of any collateral for all or any portion of the Senior Loan or the Mezzanine Loans or any
other assets of Borrower, the Mezzanine Borrowers or any other Affiliates of Borrower; 
 (iv)       any change, restructuring or termination of the corporate structure or existence of Borrower, the Mezzanine Borrowers or any other Affiliates of Borrower; or 
 (v)        any other circumstance which might otherwise constitute a defense available to, or a
discharge of, Borrower, the Mezzanine Borrowers or a subordinated creditor or a Senior Lender subject to the terms hereof. 
 (b)        This Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of all or any portion of the Senior Loan or a Mezzanine Loan is rescinded or
must otherwise be returned by Senior Lender or a Mezzanine Lender upon the insolvency, bankruptcy or reorganization of Borrower, a Mezzanine Borrower or otherwise, all as though such payment had not been made. 
 Section 18.        Notices.  All notices, demands, requests, consents, approvals or other
communications required, permitted, or desired to be given hereunder shall be in writing sent by facsimile (with answer back acknowledged) or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or
reputable overnight courier addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the provisions of this Section 18. Any such
notice, demand, request, consent, approval or other communication shall be deemed to have been received: (a) three (3) Business Days after the date mailed if sent by registered or certified mail as set forth herein, (b) on the date of
sending by facsimile if sent during business hours on a Business Day (otherwise on the next Business Day), (c) on the date of delivery by hand if 

  

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delivered during business hours on a Business Day (otherwise on the next Business Day) and (d) on the next Business Day if sent by an overnight
commercial courier for next Business Day delivery, in each case addressed to the parties as follows: 
 To Senior Lender 
 Goldman Sachs Mortgage Company 
 85 Broad Street, 11th Floor 
 New York, New York 10004 
 Attention: Daniel Ottensoser and Rene Theriault 
 Fax: 212-346-3594 
 and 
 Citicorp North America, Inc. 
 388 Greenwich Street 
 New York, New York 10013 
 Attention: Mr. David Bouton 
 To Junior Mezzanine Lender: 
 Goldman Sachs
Mortgage Company 
 85 Broad Street, 11th Floor 
 New York, New York 10004 
 Attention: Daniel Ottensoser and Rene Theriault 
 Fax: 212-346-3594 
 and 
 Citicorp North America, Inc. 
 388 Greenwich Street 
 New York, New York 10013 
 Attention: Mr. David Bouton 
 To Senior Mezzanine Lender: 
 Goldman Sachs
Mortgage Company 
 85 Broad Street, 11th Floor 
 New York, New York 10004 
 Attention: Daniel Ottensoser and Rene Theriault 
 Fax: 212-346-3594 
 and 
 Citicorp North America, Inc. 
 388 Greenwich Street 
 New York, New York 10013 
  

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 Attention: Mr. David Bouton 
 Section 19.        Estoppel. 
 (a)        Each Mezzanine Lender shall, within ten (10) days following a request from Senior Lender or
another Mezzanine Lender, provide Senior Lender or such other Mezzanine Lender with a written statement setting forth the then current outstanding principal balance of the Mezzanine Loan held by such Mezzanine Lender, the aggregate accrued and
unpaid interest under the Mezzanine Loan held by such Mezzanine Lender, and stating whether to such Mezzanine Lender’s knowledge any default or Event of Default exists under the Mezzanine Loan held by such Mezzanine Lender. 
 (b)        Senior Lender shall, within ten (10) days following a request from a Mezzanine Lender, provide
such Mezzanine Lender with a written statement setting forth the then current outstanding principal balance of the Senior Loan, the aggregate accrued and unpaid interest under the Senior Loan, and stating whether to Senior Lender’s knowledge
any default or Event of Default exists under the Senior Loan. 
 (c)        Any written statement
provided to an Affiliated Person pursuant to this Section 19 shall expressly state that (i) such Affiliated Person may rely on such written statement solely in its capacity as a lender under the applicable loan and that none of
Borrower, Senior Mezzanine Borrower or Junior Mezzanine Borrower shall have the right to rely on any such estoppel and (ii) notwithstanding such written statement, the party providing such written statement shall not be estopped from asserting
a claim against any of Borrower, Senior Mezzanine Borrower or Junior Mezzanine Borrower by virtue of the information contained in such written statement. Each party hereto agrees that, to the extent that it is or becomes an Affiliated Person, it
shall not permit Borrower, Senior Mezzanine Borrower of Junior Mezzanine Borrower to rely on any such written statement or assert any defense based on the information contained in any such written statement. 
 Section 20.        Further Assurances.  So long as all or any portion of the Senior Loan or
any Mezzanine Loan remains unpaid and any Senior Loan Document encumbers the Premises, or a Mezzanine Loan Document encumbers the Equity Collateral, Senior Lender and each Mezzanine Lender shall each execute, acknowledge and deliver in recordable
form and upon demand of the other, any other instruments or agreements reasonably required in order to carry out the provisions of this Agreement or to effectuate the intent and purposes hereof. 
 Section 21.        No Third Party Beneficiaries; No Modification.  The parties hereto do
not intend the benefits of this Agreement to inure to Borrower, any Mezzanine Borrower or any other Person. other than Loan Pledgees under Section 15. This Agreement may not be changed or terminated orally, but only by an agreement in
writing signed by the party against whom enforcement of any change is sought. If any Certificates are outstanding, this Agreement shall not be amended unless a Rating Agency Confirmation has been obtained with respect to such amendment. 

 

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 Section 22.        Successors and
Assigns.  This Agreement shall bind all successors and permitted assigns of Senior Lender and each Mezzanine Lender and shall inure to the benefit of all successors and permitted assigns of Senior Lender and each Mezzanine Lender.

 Section 23.        Counterpart Originals.  This Agreement may be executed in
counterpart originals, each of which shall constitute an original, and all of which together shall constitute one and the same agreement. 
 Section 24.        Legal Construction.  In all respects, including, without limitation, matters of construction and performance of this Agreement and the obligations arising
hereunder, this Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York applicable to agreements intended to be wholly performed within the State of New York. 
 Section 25.        No Waiver; Remedies.  No failure on the part of the Senior Lender or a
Mezzanine Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any
other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 26.        No Joint Venture.  Nothing provided herein is intended to create a joint venture, partnership, tenancy-in-common or joint tenancy relationship between or among
any of the parties hereto. 
 Section 27.        Captions.  The captions in
this Agreement are inserted only as a matter of convenience and for reference, and are not and shall not be deemed to be a part hereof. 
 Section 28.        Conflicts.  In the event of any conflict, ambiguity or inconsistency between the terms and conditions of this Agreement and the terms and conditions of any of
the Senior Loan Documents or the Mezzanine Loan Documents, the terms and conditions of this Agreement shall control. 
 Section 29.        No Release.  Nothing herein contained shall operate to release Borrower from (a) its obligation to keep and perform all of the terms, conditions,
obligations, covenants and agreements contained in the Senior Loan Documents or (b) any liability of Borrower under the Senior Loan Documents or to release any Mezzanine Borrower from (x) its obligation to keep and perform all of the
terms, conditions, obligations, covenants and agreements contained in the Mezzanine Loan Documents or (y) any liability of a Mezzanine Borrower under the Mezzanine Loan Documents. 
 Section 30.        Continuing Agreement.  This Agreement is a continuing agreement and
shall remain in full force and effect until the earliest of (a) payment in full of the Senior Loan and both of the Mezzanine Loans, (b) transfer of any of the Premises by foreclosure of one or more of the Senior Mortgage or the exercise of
the power of sale contained therein or by deed-in-lieu of foreclosure, or (c) transfer of title to the Mezzanine Lenders of their respective Separate Collateral (provided, however, this Agreement shall terminate with respect to any Mezzanine
Lender who acquires title to its respective Equity Collateral); provided, however, that any rights or remedies of either party hereto arising out of any breach of any provision hereof 

  

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occurring prior to such date of termination shall survive such termination. In the event the Senior Loan is repaid in full, Senior Lender shall no longer be
bound by this Agreement and the Senior Mezzanine Lender, to the extent the Senior Mezzanine Loan is still outstanding, shall have the right to exercise all of the rights granted to Senior Lender pursuant to this Agreement and shall thereafter be
deemed to be the “Senior Lender” and to be the holder of the “Senior Loan” for all purposes without requiring the amendment of this Agreement. Notwithstanding the foregoing provisions of this Section 30, in the event
the Senior Loan or any Mezzanine Loan is repaid in full, Senior Lender or the Mezzanine Lender that was the holder of such repaid loan shall have no further rights under this Agreement. 
 Section 31.        Severability.  In the event that any provision of this Agreement or the
application hereof to any party hereto shall, to any extent, be invalid or unenforceable under any applicable statute, regulation, or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall
be deemed modified to conform to such statute, regulation or rule of law, and the remainder of this Agreement and the application of any such invalid or unenforceable provisions to parties, jurisdictions or circumstances other than to whom or to
which it is held invalid or unenforceable, shall not be affected thereby nor shall same affect the validity or enforceability of any other provision of this Agreement. 
 Section 32.        Expenses. 
 (a)        To the extent not paid by Borrower or out of or from any collateral securing the Senior Loan which is realized by Senior Lender, each Mezzanine Lender agrees upon demand to pay to Senior
Lender the amount of any and all reasonable expenses, including, without limitation, the reasonable fees and expenses of its counsel and of any experts or agents, which Senior Lender may incur in connection with the (i) exercise or enforcement
of any of the rights of Senior Lender against such Mezzanine Lender hereunder to the extent that Senior Lender is the prevailing party in any dispute with respect thereto or (ii) failure by such Mezzanine Lender to perform or observe any of the
provisions hereof. 
 (b)        To the extent not paid by any Mezzanine Borrower out of or from any
collateral securing the applicable Mezzanine Loan which is realized by the applicable Mezzanine Lender, Senior Lender agrees upon demand to pay to such Mezzanine Lender the amount of any and all reasonable expenses, including, without limitation,
the reasonable fees and expenses of its counsel and of any experts or agents, which such Mezzanine Lender may incur in connection with the (i) exercise or enforcement of any of the rights of such Mezzanine Lender against Senior Lender hereunder
to the extent that such Mezzanine Lender is the prevailing party in any dispute with respect thereto or (ii) failure by Senior Lender to perform or observe any of the provisions hereof. 
  

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 Section 33.        Injunction.  Each of
Senior Lender and each Mezzanine Lender acknowledge (and waive any defense based on a claim) that monetary damages are not an adequate remedy to redress a breach by another party hereunder and that a breach by Senior Lender or any Mezzanine Lender
hereunder would cause irreparable harm to the others. Accordingly, each of Senior Lender and each Mezzanine Lender agree that upon a breach of this Agreement by another party hereto, the remedies of injunction, declaratory judgment and specific
performance shall be available to such non-breaching party. 
 Section 34.        Reciprocal
Disclaimer. 
 (a)        Senior Lender and the Mezzanine Lenders are each sophisticated lenders
and/or investors in real estate and their respective decision to enter into the Senior Loan and the Mezzanine Loans is based upon their own independent expert evaluation of the terms, covenants, conditions and provisions of, respectively, the Senior
Loan Documents and the Mezzanine Loan Documents and such other matters, materials and market conditions and criteria which each of Senior Lender and the Mezzanine Lenders deem relevant. Each of Senior Lender and each Mezzanine Lender has not relied
in entering into this Agreement, and respectively, the Senior Loan, the Senior Loan Documents, the Mezzanine Loans and the Mezzanine Loan Documents, upon any oral or written information, representation, warranty or covenant from the other parties
hereto, or any of the representatives, employees, Affiliates or agents of the other parties hereto other than the representations and warranties of the other contained herein. Each of Senior Lender and each Mezzanine Lender further acknowledges that
no employee, agent or representative of the other parties hereto has been authorized to make, and that each of Senior Lender and each Mezzanine Lender have not relied upon, any statements, representations, warranties or covenants other than those
specifically contained in this Agreement. Without limiting the foregoing, each of Senior Lender and each Mezzanine Lender acknowledges that the other parties hereto have made no representations or warranties as to the Senior Loan or the Mezzanine
Loans or the Premises (including, without limitation, the cash flow of the Premises, the value, marketability, condition or future performance thereof, the existence, status, adequacy or sufficiency of the leases, the tenancies or occupancies of the
Premises, or the sufficiency of the cash flow of the Premises, to pay all amounts which may become due from time to time pursuant to the Senior Loan or the Mezzanine Loans). 
 (b)        Each of Senior Lender and each Mezzanine Lender acknowledges that the Senior Loan, the Senior Loan
Documents, each of the Mezzanine Loans and the Mezzanine Loan Documents are distinct, separate transactions and loans, separate and apart from each other. Each of Senior Lender and each Mezzanine Lender acknowledges that the other parties hereto are
distinct separate lenders with distinct and separate loans with various rights and remedies with respect to their respective collateral which are not in all respects aligned. 
 Section 35.        Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. IF NECESSARY, EACH PARTY WILL UPON DEMAND BY ANY OTHER PARTY HERETO EXECUTE AND DELIVER TO SUCH REQUESTING
PARTY ALL SUCH INSTRUMENTS AND DOCUMENTS AS MAY BE REQUIRED (OR REQUESTED) IN ORDER TO FILE PAPERS WITH ANY COURT OF 

  

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COMPETENT JURISDICTION SO AS TO EFFECTIVELY WAIVE, OR ACKNOWLEDGE ITS WAIVER OF, ALL SUCH RIGHTS. 
 Section 36.        Consents to Jurisdiction.  Each of the parties hereto irrevocably and
unconditionally submits to the jurisdiction of the United States District Court for the Southern District of New York, any court in the State of New York located in the borough of Manhattan in the city and county of New York, and any appellate court
from any thereof, in any action, proceeding or counterclaim arising out of or relating to this Agreement or the transactions contemplated hereunder or for recognition or enforcement of any judgment and each of the parties hereto irrevocably and
unconditionally agrees that all claims in respect of any action, proceeding or counterclaim arising out of or relating to this Agreement or the transactions contemplated hereunder may be heard or determined in such New York State court or, to the
extent permitted by law, in such federal court. 
 Section 37.        Consent and Approval
Rights.  With respect to any provisions hereof that require the consent or approval of more than one Mezzanine Lender to any action by Senior Lender, the withholding of consent or disapproval of any such action by any one Mezzanine
Lender whose consent or approval is required shall preclude Senior Lender from taking the proposed action. 
 Section 37.        Discrepancies.  In the event of a discrepancy between this Agreement and any servicing agreement for the servicing of the Senior Loan, the terms and conditions
of this Agreement shall prevail. 
 Section 38.        Note Reallocation. 
 (a)        Notwithstanding anything herein to the contrary, upon written notice to Senior Mezzanine Lender and
Junior Mezzanine Lender, Senior Lender shall have the right to restructure the Senior Loan into two or more loans (“Additional Senior Loans”) to Senior Borrower and one or more of its direct and/or indirect equityholders; and Senior
Lender and Junior Mezzanine Lender each agree to enter into an amended and restated version of this Agreement reflecting such restructuring and otherwise in substantially the form hereof (except that multiple layers of the Senior Loan shall be
reflected in a customary manner), Senior Lender hereby acknowledging and agreeing that such reallocated Senior Loan shall remain subject to this Agreement. Notwithstanding anything to the contrary contained in this Section 38, after any
such reallocation or restructuring (i) the principal balance of the Senior Loan, when combined with the aggregate principal balance of the Additional Senior Loans, shall not exceed the “Principal Indebtedness” under and as defined in
the Senior Loan Agreement and (ii) the weighted average interest rate of the reallocated or restructured Senior Loan and the Additional Senior Loans shall not exceed the interest rate of the Senior Loan as of the date hereof. Senior Lender
shall pay all reasonable out of pocket fees and expenses of Senior Mezzanine Lender and Junior Mezzanine Lender, including reasonable attorneys’ fees, incurred by Senior Mezzanine Lender and/or Junior Mezzanine Lender in connection with any
such note reallocation or restructuring. 
 (b)        Notwithstanding anything herein to the
contrary, upon written notice to Senior Lender and Junior Mezzanine Lender, Senior Mezzanine Lender shall have the right to 

  

 60 

 
restructure the Senior Mezzanine Loan into two or more loans (“Additional Senior Mezzanine Loans”) to Senior Mezzanine Borrower and one or
more of its direct and/or indirect equityholders; and Senior Lender and Junior Mezzanine Lender each agree to enter into an amended and restated version of this Agreement reflecting such restructuring and otherwise in substantially the form hereof
(except that multiple layers of the Senior Mezzanine Loan shall be reflected in a customary manner), Senior Mezzanine Lender hereby acknowledging and agreeing that such reallocated Senior Mezzanine Loan shall remain subject to this Agreement.
Notwithstanding anything to the contrary contained in this Section 38, after any such reallocation or restructuring (i) the principal balance of the Senior Mezzanine Loan, when combined with the aggregate principal balance of the
Additional Senior Mezzanine Loans, shall not exceed the “Principal Indebtedness” under and as defined in the Senior Mezzanine Loan Agreement and (ii) the weighted average interest rate of the reallocated or restructured Senior
Mezzanine Loan and the Additional Senior Mezzanine Loans shall not exceed the interest rate of the Senior Mezzanine Loan as of the date hereof. Senior Mezzanine Lender shall pay all reasonable out of pocket fees and expenses of Senior Lender and
Junior Mezzanine Lender, including reasonable attorneys’ fees, incurred by Senior Lender and/or Junior Mezzanine Lender in connection with any such note reallocation or restructuring. 
 (c)        Notwithstanding anything herein to the contrary, upon written notice to Senior Lender and Senior
Mezzanine Lender, Junior Mezzanine Lender shall have the right to restructure the Junior Mezzanine Loan into two or more loans (“Additional Junior Mezzanine Loans”) to Junior Mezzanine Borrower and one or more of its direct and/or
indirect equityholders; and Senior Lender and Senior Mezzanine Lender each agree to enter into an amended and restated version of this Agreement reflecting such restructuring and otherwise in substantially the form hereof (except that multiple
layers of the Junior Mezzanine Loan shall be reflected in a customary manner), Junior Mezzanine Lender hereby acknowledging and agreeing that such reallocated Junior Mezzanine Loan shall remain subject to this Agreement. Notwithstanding anything to
the contrary contained in this Section 38, after any such reallocation or restructuring (i) the principal balance of the Junior Mezzanine Loan, when combined with the aggregate principal balance of the Additional Junior Mezzanine
Loans, shall not exceed the “Principal Indebtedness” under and as defined in the Junior Mezzanine Loan Agreement and (ii) the weighted average interest rate of the reallocated or restructured Junior Mezzanine Loan and the Additional
Junior Mezzanine Loans shall not exceed the interest rate of the Junior Mezzanine Loan as of the date hereof. Junior Mezzanine Lender shall pay all reasonable out of pocket fees and expenses of Senior Lender and Senior Mezzanine Lender, including
reasonable attorneys’ fees, incurred by Senior Lender and/or Senior Mezzanine Lender in connection with any such note reallocation or restructuring. 
 (d)        Senior Lender and Junior Mezzanine Lender shall have the right to reallocate principal between the Senior Loan and the Junior Mezzanine Loan, provided that
(i) in the case of a decrease in the principal amount of the Senior Loan and a corresponding increase in the principal amount of the Junior Mezzanine Loan, Senior Lender and Junior Lender shall provide Senior Mezzanine Lender with 15 days’
advance written notice thereof and (ii) in the case of a decrease of the principal amount of the Junior Mezzanine Loan and a corresponding increase in the principal amount of the Senior Loan, no such reallocation shall be permitted without the
express written consent of Senior Mezzanine Lender, which consent Senior Mezzanine Lender may grant or withhold in its sole and absolute discretion. 
  

 61 

 [NO FURTHER TEXT ON THIS PAGE] 
  

 62 

 IN WITNESS WHEREOF, Senior Lender and Mezzanine Lenders have executed this Agreement as of the date and
year first set forth above. 
 SENIOR LENDER: 
  

							
	 GOLDMAN SACHS MORTGAGE COMPANY, a
 New York limited partnership

		
	By:	 	 Goldman Sachs Real Estate Funding Corp.,
     its general partner

			
		 	By:	 	/s/ Authorized Signatory
		 		 	 Name:
 Title:

	
	 CITICORP NORTH AMERICA, INC., a New York
 corporation

		
	By:	 	/s/ Authorized Signatory
		 	Name:
		 	Title:
	
	 SL GREEN REALTY CORP., a Maryland
 corporation

			
	By:	 	/s/ Authorized Signatory	 	
		 	Name:
		 	Title:

 [Signatures continue on following page.] 
 Intercreditor Agreement (Amended and 
 Restated) 

							
	
	 SLG STARS MORTGAGE LOAN LLC, a Delaware
 limited liability company

		
	By:	 	SL Green Realty Corp., its sole member
				
		 	By:	 	 /s/ Authorized Signatory
	 	
		 		 	Name:	 	
		 		 	Title:	 	

  
  
  
  
 Intercreditor Agreement

							
	SENIOR MEZZANINE LENDER:
	
	LENDER:
	
	GOLDMAN SACHS MORTGAGE COMPANY, a
	New York limited partnership
		
	By:	 	 Goldman Sachs Real Estate Funding Corp.,
     its general partner

			
		 	By:	 	/s/ Authorized Signatory
		 		 	 Name:
 Title:

	
	 CITICORP NORTH AMERICA, INC., a New York
 corporation

		
	By:	 	/s/ Authorized Signatory
		 	Name:
		 	Title:

 [Signatures continue on following page.] 
  
 Intercreditor Agreement 

							
	JUNIOR MEZZANINE LENDER:
	
	LENDER:
	
	 GOLDMAN SACHS MORTGAGE COMPANY, a
 New York limited partnership

		
	By:	 	 Goldman Sachs Real Estate Funding Corp.,
     its general partner

			
		 	By:	 	/s/ Authorized Signatory
		 		 	 Name:
 Title:

	
	 CITICORP NORTH AMERICA, INC., a New York
 corporation

		
	By:	 	/s/ Authorized Signatory
		 	Name:
		 	Title:
	
	 SL GREEN REALTY CORP., a Maryland
 corporation

			
	By:	 	/s/ Authorized Signatory	 	
		 	Name:
		 	Title:

  
 Intercreditor Agreement 

							
	
	 SLG STARS MEZZ LOAN LLC, a Delaware
 limited liability company

		
	By:	 	SL Green Realty Corp., its sole member
				
		 	By:	 	 /s/ Authorized Signatory
	 	
		 		 	Name:	 	
		 		 	Title:	 	

  
  
  
  
 Intercreditor Agreement

 EXHIBIT A 
 Permitted Fund Managers 
 Westbrook Partners 
 DLJ Real Estate Capital Partners 
 IStar Financial Inc. 
 Capital Trust 
 Lend-Lease Real Estate
Investments 
 Archon Capital, L.P. 
 Whitehall Street Real Estate Fund, L.P. 
 The Blackstone Group International Ltd. 
 Apollo Real Estate Advisors 
 Colony Capital,
Inc. 
 Praedium Group 
 J.E.
Roberts Companies 
 Fortress Investment Group, LLC 
 Lonestar Opportunity Fund 
 Clarion Partners 
 Walton Street Capital, LLC 
 Starwood Financial Trust 
 BlackRock, Inc. 

 EXHIBIT B 
 Senior Mezzanine Loan Documents 
 All documents are dated as of April 1, 2008, unless otherwise noted.

  

	 	1.	Amended and Restated Senior Mezzanine Loan Agreement between the Senior Mezzanine Borrower and the Senior Mezzanine Lender (as successor-in-interest to GSCMC, Citigroup and SL Green
(collectively, “Original Senior Mezzanine Lender”), effective as of August 22, 2008; 

  

	 	2.	Amended and Restated Mezzanine Promissory Note A-1 (Senior Mezzanine Loan) made by Senior Mezzanine Borrower in favor of GSMC, effective as of August 22, 2008;

  

	 	3.	Amended and Restated Mezzanine Promissory Note A-2 (Senior Mezzanine Loan) made by Senior Mezzanine Borrower in favor of Citigroup, effective as of August 22, 2008;

  

	 	4.	Collateral Assignment of Interest Rate Cap Agreement (Mezzanine) between GKK Stars Acquisition LLC and Senior Mezzanine Lender (as successor-in-interest to Original Senior Mezzanine
Lender); 

  

	 	5.	Environmental Indemnity Agreement (Mezzanine) by Gramercy Capital Corp. (“Gramercy”) and Senior Mezzanine Borrower in favor of Senior Mezzanine Lender (as
successor-in-interest to Original Senior Mezzanine Lender); 

  

	 	6.	Consent and Agreement of Manager and Subordination of Management Agreement (Mezzanine) by First States Management Corp., L.P. (“Property Manager”) for the benefit
of Senior Mezzanine Lender (as successor-in-interest to Original Senior Mezzanine Lender); 

  

	 	7.	Cash Management Agreement (Mezzanine) among LaSalle Bank National Association (“Cash Management Bank”), Senior Mezzanine Borrower and Senior Mezzanine Lender (as
successor-in-interest to Original Senior Mezzanine Lender); 

  

	 	8.	Pledge and Security Agreement (Upper Tier) by GKK Stars Acquisition LLC and First States Group, L.P. (“FSG”) in favor of Senior Mezzanine Lender (as
successor-in-interest to Original Senior Mezzanine Lender); 

  

	 	9.	Pledge and Security Agreement (Lower Tier) by the pledgors listed therein in favor of Senior Mezzanine Lender (as successor-in-interest to Original Senior Mezzanine Lender);

  

	 	10.	Deposit Account Control Agreement among Bank of America, N.A. (“Lockbox Bank”), FSG, Gramercy and Senior Mezzanine Lender (as successor-in-interest to Original
Senior Mezzanine Lender); 

  

	 	11.	Cooperation Agreement (Mezzanine) by Senior Mezzanine Borrower and Gramercy in favor of Senior Mezzanine Lender (as successor-in-interest to Original Senior Mezzanine Lender); and

 Intercreditor Agreement 

	 	12.	Guaranty (Mezzanine) by Gramercy in favor of Senior Mezzanine Lender (as successor-in-interest to Original Senior Mezzanine Lender). 

  
  
  
  
  
 Intercreditor Agreement

 EXHIBIT C 
 Junior Mezzanine Loan Documents 
 All documents are dated as of April 1, 2008, effective as of August 22,
2008, unless otherwise noted. 
  

	 	1.	Junior Mezzanine Loan Agreement among Junior Mezzanine Borrower and Junior Mezzanine Lender; 

  

	 	2.	Mezzanine Promissory Note A-1 (Junior Mezzanine Loan) made by Junior Mezzanine Borrower in favor of GSMC; 

  

	 	3.	Mezzanine Promissory Note A-2 (Junior Mezzanine Loan) made by Junior Mezzanine Borrower in favor of Citigroup; 

  

	 	4.	Mezzanine Promissory Note A-3 (Junior Mezzanine Loan) made by Junior Mezzanine Borrower in favor of SL Green; 

  

	 	5.	Pledge and Security Agreement (Junior Mezzanine Loan) by Junior Mezzanine Borrower in favor of Junior Mezzanine Lender; 

  

	 	6.	Cash Management Agreement (Junior Mezzanine) among Junior Mezzanine Borrower, Cash Management Bank and Junior Mezzanine Lender; 

  

	 	7.	Cooperation Agreement (Junior Mezzanine) by Junior Mezzanine Borrower and Gramercy in favor of Junior Mezzanine Lender; 

  

	 	8.	Guaranty Agreement (Junior Mezzanine) by Gramercy in favor of Junior Mezzanine Lender; 

  

	 	9.	Environmental Indemnity Agreement (Junior Mezzanine) by Gramercy and Junior Mezzanine Borrower in favor of Junior Mezzanine Lender; 

  

	 	10.	Consent and Agreement of Manager and Subordination of Management Agreement (Junior Mezzanine) by Property Manager in favor of Junior Mezzanine Lender; and 

 

	 	11.	Collateral Assignment of Interest Rate Cap Agreement (Junior Mezzanine) by Junior Mezzanine Borrower in favor of Junior Mezzanine Lender. 

 Intercreditor Agreement 

 EXHIBIT D 
 Senior Loan Documents 
 All documents are dated as of April 1, 2008 unless otherwise noted. 
  

	 	1.	Loan Agreement between Borrower and Senior Lender (as successor-in-interest to GSCMC, Citigroup and SL Green (collectively, “Original Senior Lender”)), as amended
by the Amendment to Loan Agreement between Borrower and Senior Lender dated as of August 22, 2008; 

  

	 	2.	Amended and Restated Promissory Note A-1 made by Borrower in favor of GSMC, effective as of August 22, 2008; 

  

	 	3.	Amended and Restated Promissory Note A-2 made by Borrower in favor of Citigroup, effective as of August 22, 2008; 

  

	 	4.	Amended and Restated Promissory Note A-3 made by Borrower in favor of SL Green, effective as of August 22, 2008; 

  

	 	5.	Mortgages, Deeds of Trust and Deeds to Secure Debt encumbering the properties listed in Schedule A-1 to the Senior Loan Agreement; 

  

	 	6.	Cash Management Agreement among Borrower, Cash Management Bank and Senior Lender (as successor-in-interest to Original Senior Lender); 

  

	 	7.	Cooperation Agreement by Borrower and Gramercy in favor of Senior Lender (as successor-in-interest to Original Senior Lender); 

  

	 	8.	Guaranty Agreement by Gramercy in favor of Senior Lender (as successor-in-interest to Original Senior Lender); 

  

	 	9.	Environmental Indemnity Agreement by Gramercy and Borrower in favor of Senior Lender (as successor-in-interest to Original Senior Lender); 

  

	 	10.	Consent and Agreement of Manager and Subordination of Management Agreement by Property Manager in favor of Senior Lender (as successor-in-interest to Original Senior Lender);

  

	 	11.	Collateral Assignment of Interest Rate Cap Agreement by First States Investors 2550A, LLC in favor of Senior Lender (as successor-in-interest to Original Senior Lender); and

  

	 	12.	Deposit Account Control Agreement among Lockbox Bank, First States Investors 2550A, LLC, Gramercy and Senior Lender (as successor-in-interest to Original Senior Lender).

  
  
 Intercreditor AgreementMaster Repurchase Agreement

 Exhibit 10.11 
 EXECUTION VERSION 
  
  
  
  
  
 MASTER REPURCHASE AGREEMENT 
  
 Dated as of August 22, 2008 
  
  
 KBS GKK PARTICIPATION HOLDINGS II, LLC, 
  
 as Seller 
 and 
  
 CITIGROUP
FINANCIAL PRODUCTS INC., 
 as Buyer 
  
  
  
  

 TABLE OF CONTENTS 
  

					
		    		  	Page
			
	 Section 1.
	    	Applicability	  	1
			
	 Section 2.
	    	Definitions and Accounting Matters	  	1
			
	 2.01.  
	    	Certain Defined Terms	  	1
			
	 2.02.  
	    	Accounting Terms and Determinations	  	22
			
	 Section 3.
	    	Transactions, Confirmations and Prepayments	  	22
			
	 3.01.  
	    	Transactions	  	22
			
	 3.02.  
	    	Confirmations	  	22
			
	 3.03.  
	    	Procedure for Transactions	  	22
			
	 3.04.  
	    	Debt Yield Test Failure	  	27
			
	 3.05.  
	    	Repurchase of Transaction Assets; Periodic Advance Repurchase Payments	  	28
			
	 3.06.  
	    	Transaction Asset Defaults	  	29
			
	 3.07.  
	    	Prepayments; Funding Costs	  	29
			
	 3.08.  
	    	Voting and Consents under Transaction Assets	  	30
			
	 Section 4.
	    	Payments; Computations; Etc	  	31
			
	 4.01.  
	    	Payments	  	31
			
	 4.02.  
	    	Computations	  	33
			
	 4.03.  
	    	Intentionally Omitted	  	33
			
	 4.04.  
	    	Booking of Transactions	  	33
			
	 4.05.  
	    	Buyer’s Funding of Eurodollar Rate Transactions	  	33
			
	 4.06.  
	    	Limitation on Types of Transactions; Illegality	  	33
			
	 4.07.  
	    	Income Payments	  	34
			
	 4.08.  
	    	Compensation for Increased Costs	  	34
			
	 4.09.  
	    	No Re-Advances	  	34
			
	 Section 5.
	    	Transaction Asset Security	  	35
			
	 5.01.  
	    	Transaction Asset; Security Interest	  	35
			
	 5.02.  
	    	Further Documentation	  	36
			
	 5.03.  
	    	Changes in Locations, Name, etc	  	36
			
	 5.04.  
	    	Buyer’s Appointment as Attorney-in-Fact	  	36
			
	 5.05.  
	    	Performance by Buyer of Seller’s Obligations	  	37
			
	 5.06.  
	    	Limitation on Duties Regarding Preservation of Transaction Assets	  	38
			
	 5.07.  
	    	Powers Coupled with an Interest	  	38
			
	 5.08.  
	    	Release of Security Interest	  	38

  

 -i- 

 TABLE OF CONTENTS 
 (Continued) 
  

					
		    		  	Page
			
	 5.09.  
	    	Release of Transaction Assets	  	38
			
	 Section 6.
	    	Conditions Precedent	  	38
			
	 6.01.  
	    	Initial Transaction	  	38
			
	 6.02.  
	    	Initial and Subsequent Transactions	  	39
			
	 6.03.  
	    	Additional Requirements	  	41
			
	 Section 7.
	    	Representations and Warranties	  	42
			
	 7.01.  
	    	Existence	  	42
			
	 7.02.  
	    	Financial Condition	  	42
			
	 7.03.  
	    	Litigation, Etc	  	43
			
	 7.04.  
	    	No Breach	  	43
			
	 7.05.  
	    	Action	  	43
			
	 7.06.  
	    	Approvals	  	43
			
	 7.07.  
	    	Use of Proceeds; Margin Regulations	  	44
			
	 7.08.  
	    	Taxes	  	44
			
	 7.09.  
	    	Investment Company Act	  	44
			
	 7.10.  
	    	Transaction Assets; Transfer of Ownership and Precautionary Security Interest	  	44
			
	 7.11.  
	    	Chief Executive Office/Jurisdiction of Organization	  	45
			
	 7.12.  
	    	Location of Books and Records	  	45
			
	 7.13.  
	    	Adequate Capitalization; No Fraudulent Transfer	  	45
			
	 7.14.  
	    	True and Complete Disclosure	  	45
			
	 7.15.  
	    	ERISA	  	46
			
	 7.16.  
	    	Subsidiaries	  	46
			
	 7.17.  
	    	Servicing Rights	  	46
			
	 Section 8.
	    	Covenants of Seller	  	46
			
	 8.01.  
	    	Financial Statements, Reports, etc	  	46
			
	 8.02.  
	    	Litigation	  	48
			
	 8.03.  
	    	Existence, etc	  	48
			
	 8.04.  
	    	Prohibition of Fundamental Changes	  	49
			
	 8.05.  
	    	Debt Yield Test Failure	  	49
			
	 8.06.  
	    	Notices	  	49
			
	 8.07.  
	    	Post-Closing DYT Asset Certificate	  	50
			
	 8.08.  
	    	Intentionally Omitted	  	50

  

 -ii- 

 TABLE OF CONTENTS 
 (Continued) 
  

					
		    		  	Page
			
	 8.09.  
	    	Intentionally Omitted	  	51
			
	 8.10.  
	    	Transactions with Affiliates	  	51
			
	 8.11.  
	    	Limitation on Liens	  	51
			
	 8.12.  
	    	Limitation on Guarantees	  	51
			
	 8.13.  
	    	Limitation on Distributions	  	51
			
	 8.14.  
	    	Maintenance of Tangible Net Worth	  	51
			
	 8.15.  
	    	Maintenance of Ratio of Total Indebtedness to Tangible Net Worth	  	51
			
	 8.16.  
	    	Interest Coverage Ratio	  	51
			
	 8.17.  
	    	Servicing Tape	  	51
			
	 8.18.  
	    	Servicer	  	52
			
	 8.19.  
	    	Intentionally Omitted	  	52
			
	 8.20.  
	    	Remittance of Prepayments	  	52
			
	 8.21.  
	    	DYT Asset Pool Representations, Warranties and Covenants; Negative Pledge	  	52
			
	 Section 9.  
	    	Events of Default	  	52
			
	 Section 10.
	    	Remedies Upon Event of Default	  	55
			
	 Section 11.
	    	No Duty of Buyer	  	57
			
	 Section 12.
	    	Miscellaneous	  	57
			
	 12.01.  
	    	Waiver	  	57
			
	 12.02.  
	    	Notices	  	58
			
	 12.03.  
	    	Indemnification and Expenses	  	59
			
	 12.04.  
	    	Amendments	  	59
			
	 12.05.  
	    	Successors and Assigns	  	60
			
	 12.06.  
	    	Survival	  	60
			
	 12.07.  
	    	Captions	  	60
			
	 12.08.  
	    	Counterparts	  	60
			
	 12.09.  
	    	Agreement Constitutes Security Agreement; Governing Law	  	60
			
	 12.10.  
	    	Submission to Jurisdiction; Waivers	  	60
			
	 12.11.  
	    	WAIVER OF JURY TRIAL	  	61
			
	 12.12.  
	    	Acknowledgments	  	61
			
	 12.13.  
	    	Hypothecation or Pledge of Transactions	  	61
			
	 12.14.  
	    	Servicing	  	61
			
	 12.15.  
	    	Periodic Due Diligence Review	  	62

  

 -iii- 

 TABLE OF CONTENTS 
 (Continued) 
  

					
		    		  	Page
			
	 12.16.  
	    	Set-Off	  	63
			
	 12.17.  
	    	Intent	  	63
			
	 12.18.  
	    	Single-Purpose Entity	  	64
			
	 12.19.  
	    	Netting	  	65
			
	 12.20.  
	    	Non-Assignability	  	66

  

					
			
	SCHEDULES	    		  	
			
	SCHEDULE 1	    	Representations and Warranties	  	
	SCHEDULE 2	    	Filing Jurisdictions and Offices	  	
	SCHEDULE 3	    	Holders of Interests in Seller	  	
	SCHEDULE 4	    	Initial Transaction Asset	  	
	SCHEDULE 5	    	DYT Asset Pool	  	
	SCHEDULE 6	    	Organizational Chart of Guarantor	  	
	SCHEDULE 7	    	Minimum Debt Yields	  	
	SCHEDULE 8	    	DYT Asset Liens	  	
			
	EXHIBITS	    		  	
			
	EXHIBIT A	    	Form of Confirmation	  	
	EXHIBIT B	    	Form of Custodial Agreement	  	
	EXHIBIT C	    	Form of Parent Guaranty and Indemnity	  	
	EXHIBIT D-1	    	Form of Seller’s Release Letter	  	
	EXHIBIT D-2	    	Form of Repurchase Facility Buyer’s Release Letter	  	
	EXHIBIT E	    	Intentionally Omitted	  	
	EXHIBIT F	    	Form of Blocked Account Agreement	  	
	EXHIBIT G	    	Form of Servicer Notice	  	
	EXHIBIT H	    	Form of Bailee Agreement	  	
	EXHIBIT I	    	Form of Servicing Tape	  	

  

 -iv- 

 MASTER REPURCHASE AGREEMENT 
 MASTER REPURCHASE AGREEMENT dated as of August 22, 2008 (the “Agreement”), between KBS GKK PARTICIPATION HOLDINGS
II, LLC, a Delaware limited liability company (“Seller”) and CITIGROUP FINANCIAL PRODUCTS INC., a Delaware corporation (“Buyer”). 
 RECITALS 
 WHEREAS, Seller has requested that Buyer from time to time purchase Transaction
Assets (as defined below) owned by Seller, and Buyer is prepared to enter into Transactions (as defined below) upon the terms and conditions hereof; 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 Section 1.          Applicability.    From time to
time, the parties hereto may enter into transactions in which Seller agrees to transfer to Buyer certain Eligible Transaction Assets (as defined below) owned by Seller against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to
transfer to Seller such Eligible Transaction Assets, at a date certain or on demand, against the transfer of funds by Seller. Each such transaction shall be referred to as a “Transaction” and, unless otherwise agreed in writing, shall be
governed by this Agreement. 
 Section 2.          Definitions and
Accounting Matters. 
 2.01.      Certain Defined Terms.    As
used herein, the following terms shall have the following meanings (all terms defined in this Section 2.01 or in other provisions of this Agreement in the singular to have the same meanings when used in the plural and vice versa): 

“1934 Act” shall mean the Securities and Exchange Act of 1934, as amended. 
 “1940 Act” shall mean the Investment Company Act of 1940, as amended. 
 “Act of Insolvency” shall mean, with respect to any party, (i) the commencement by such party as debtor of any case
or proceeding under any bankruptcy, insolvency, reorganization, liquidation, moratorium, dissolution, delinquency or similar law, or the consent by such party to the appointment or election of a receiver, conservator, trustee, custodian or similar
official for such party or any substantial part of its property, or the convening of any meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or election, (ii) the making by such party of a
general assignment for the benefit of creditors, or (iii) the admission in writing by such party of such party’s inability to pay such party’s debts generally as they become due. 
 “Affiliate” shall mean (i) with respect to Buyer, any entity which controls, is controlled by, or is under common
control with Buyer, and (ii) with respect to Seller or any affiliate of Seller, as such term is defined in the Bankruptcy Code. For purposes of this definition, “control” shall mean the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise and “controlling” and “controlled” shall have meanings correlative thereto.

 “Aggregate Asset Value” shall mean the aggregate Asset Value of all Transaction Assets subject to any
Transaction outstanding under this Agreement. 

 “Aggregate Goldman Repurchase Price” shall mean the aggregate Repurchase
Price of all Transaction Assets subject to any Transaction outstanding under the Goldman MRA. 
 “Aggregate
Repurchase Price” shall mean the aggregate Repurchase Price of all Transaction Assets subject to any Transaction outstanding under this Agreement. 
 “Agreement” shall mean this Master Repurchase Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Applicable DYT Advance Rate” shall mean the applicable percentage rate set forth opposite the applicable “DYT
Asset Type” in the chart below: 
  

					
	 	 	 DYT Asset Type
  
	  	 DYT Advance
Rate
  

	 	 	 Mortgage Loans
	  	75%
	 	 	 Mezzanine Loan and B Notes
	  	60%
	 	 	 CMBS rate AA
	  	70%
	 	 	 CMBS rated A
	  	60%
	 	 	 CMBS rated BBB
	  	50%
	 	 	 CMBS rated BB
	  	35%
	 	 	 Other DYT Assets
	  	   To be
 determined in Buyer’s sole
 good faith discretion.

 “Appraisal” means an appraisal of any Property prepared by a
licensed appraiser approved by Buyer, in accordance with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, in compliance with the requirements of Title 11 of the Financial Institution Reform, Recovery and
Enforcement Act and utilizing customary valuation methods such as the income, sales/market or cost approaches, as any of the same may be updated by recertification from time to time by the appraiser performing such Appraisal. 
 “Asset File” shall mean those documents set forth in a schedule to be delivered by Seller to Custodian and which are
delivered to the Custodian pursuant to the terms of this Agreement and the Custodial Agreement, including, without limitation, all documents required by Buyer to transfer a valid ownership interest to Buyer and to grant to Buyer and perfect in Buyer
a precautionary first priority security interest in such Transaction Assets. 
 “Asset-Specific Transaction
Balance” means a portion of the Transaction allocable to a specific Transaction Asset. Such portion initially consists of the sum of all Purchase Price payments with respect to the Transaction entered into on account of such Eligible
Transaction Asset, without subtracting from such Purchase Price payments Buyer’s Transaction Costs and other costs and fees to the extent advanced to Seller hereunder. Wherever this Agreement states that Repurchase Price prepayments on account
of the Transaction are to be allocated or applied to or against the Asset-Specific Transaction Balance of a specific Transaction Asset, the Asset-Specific Transaction Balance of such Transaction Asset shall be deemed reduced accordingly by the
amount of the Repurchase Price prepayments so applied. 
 “Asset Value” shall mean, with respect to each
Eligible Transaction Asset or Transaction Asset, as applicable, the Purchase Rate multiplied by the Market Value of such Eligible Transaction Asset or Transaction Asset, as applicable; provided that, the following additional limitations shall
apply: 
  

 2 

               (i)        Asset Value may be deemed to be zero or such greater amount as Buyer shall determine in its sole good
faith discretion with respect to each Eligible Transaction Asset or Transaction Asset, as applicable: 
                           (1)        in respect of which there is a
breach of (x) a representation and warranty set forth on Schedule 1 (in the case of any Transaction Asset that is not a Citi Asset) or (y) any of the Citi Asset Representations (in the case of any Transaction Asset that is a
Citi Asset) (assuming in either case that each representation and warranty is made as of the date Asset Value is determined), or 
                           (2)        in respect of which there is a
delinquency in the payment of interest on the Mortgage Note (or other evidence of indebtedness of the Transaction Asset Obligor with respect to the Transaction Asset), which continues for a period in excess of thirty (30) days (without regard
to any applicable grace periods), or 
                           (3)        which has been released from the
possession of the Custodian under the Custodial Agreement for a period in excess of ten (10) days other than as directed or consented to by Buyer in writing, or 
                           (4)        which
exceeds any LTV limitations determined by Buyer, in its sole good faith discretion, to be correlative to the Eurodollar Rate Spread determined by Buyer to be applicable to an Eligible Transaction Asset approved by Buyer hereunder (but solely to the
extent of such excess); or 
                           (5)        in respect of which Buyer has not
received the items described in Section 8.01(d) or Section 8.01(e) within the time periods set forth in such Sections; and 
               (ii)        any DYT Asset that is the subject of a Transaction hereunder shall have an Asset
Value of zero. 
 “Assignment and Pledge” means the assignment and pledge agreement executed in connection
with each Transaction whereby Seller assigns all its right, title and interest, and grants a precautionary security interest to Buyer, in the related Transaction Asset(s) and Transaction Asset Items. 
 “B Note” shall mean a Mortgage B Note or a Mezzanine B Note. 
 “Bailee” shall mean such third party bailee as Buyer may approve. 
 “Bailee Agreement” shall mean the Bailee Agreement among Seller, Buyer and Bailee in the form of Exhibit H
hereto. 
 “Bailee’s Trust Receipt and Certification” shall mean a Trust Receipt and Certification in
the form annexed to the Bailee Agreement as Attachment 2. 
 “Bankruptcy Code” shall mean the United
States Bankruptcy Code of 1978, as amended from time to time. 
 “Base Rate” means fifty (50) basis
points (0.50%) in excess of the Federal Funds Rate. 
  

 3 

 “Blocked Account Agreement” shall mean a collection account control
agreement among Seller, Buyer and the Depository Bank substantially in the form of Exhibit F hereto, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Business Day” shall mean any day, other than Saturday or Sunday, on which banks in New York (and, with respect to any
determination of LIBOR and any definitions associated with the definitions of LIBOR, London) are open for business. 
 “Buyer” shall mean Citigroup Financial Products Inc. together with its successors and/or assigns. 
 “Capital Expenditure” means hard and soft costs incurred by Seller or any Affiliate of Seller that is an owner of a DYT Asset, with respect to replacements and capital repairs made to Underlying Properties (including
repairs to, and replacements of, structural components, roofs, building systems, parking garages, parking lots, and expenditures for building improvements or major repairs), leasing commissions and tenant improvements, in each case to the extent
capitalized in accordance with GAAP. 
 “Capital Lease” means, as applied to any Person, means any lease of
any property (whether real, personal or mixed) by that Person or entity as lessee that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of that Person or entity. 
 “Capital Lease Obligations” shall mean, for any Person, all obligations of such Person to pay rent or other amounts
under a Capital Lease, and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. 
 “Change of Control” shall mean any of the following events have occurred: 
               (i)        a sale, transfer or other disposition of all or substantially all of Seller’s or Guarantor’s
assets (excluding any such action taken in connection with any securitization transaction or sale of mortgage loans in the ordinary course of Seller’s or Guarantor’s business); or 
               (ii)        a merger,
consolidation, acquisition of assets or interests or other transaction pertaining to Guarantor, if more than 50% of the combined voting interests of the continuing or surviving entity outstanding immediately after such merger, consolidation,
acquisition of assets or interests or other transaction is not owned, directly or indirectly, by persons who were holders of voting interests in the Guarantor immediately prior to the consummation of such transaction. 
 “Citi Asset” shall mean (a) any Transaction Asset sold to Seller by Buyer or an Affiliate of Buyer
contemporaneously with any Transaction, including the Initial Transaction Asset, and (b) any DYT Asset that has been sold by Buyer to Seller or any other Affiliate of Guarantor prior to the date such DYT Asset becomes part of the DYT Asset
Pool. 
 “Citi Asset Representations” shall mean the representations that were made to Seller (or, with respect to
any DYT Assets, to Seller or any other Affiliate of Guarantor that is the owner of a DYT Asset) by Buyer or an Affiliate of Buyer in the conveyance document pursuant to which Seller (or, with respect to any DYT Assets, Seller or any other Affiliate
of Guarantor) acquired a Citi Asset. 
 “Citi Indebtedness” shall mean any indebtedness of Seller
hereunder and under any other arrangement between Seller, Guarantor, and their respective Subsidiaries on the one hand, and Buyer or an Affiliate of Buyer on the other hand. 
  

 4 

 “CMBS” shall mean, in the singular or plural as the context requires,
securities backed by mortgages and other liens on commercial real estate and related collateral or by securities, interests or other obligations backed directly or indirectly by such mortgages. 
 “CMBS Securitization Documents” shall mean, with respect to any CMBS, any pooling and servicing agreement or other
agreement governing the issuance and administration of such CMBS; any new issue asset summary books; the applicable prospectus or offering memorandum; to the extent that the CMBS is certificated, the relevant certificate duly endorsed in blank to
Buyer and if the CMBS is not certificated, all documents requested by Buyer to confirm that the CMBS is being held in a security account under the control of the Buyer, or such other evidence of confirmation of the pledge to the Buyer as the Buyer
shall require; and any other agreement or instrument evidencing or otherwise governing the CMBS. 
 “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time. 
 “Collection Account” shall
have the meaning set forth in Section 4.01(a). 
 “Collections” shall mean, collectively, all
collections and proceeds on or in respect of all Transaction Assets, excluding collections required to be paid to the Servicer or a Transaction Asset Obligor on the Transaction Asset. 
 “Confirmation” shall have the meaning provided in Section 3.02(a) hereof. 
 “Consolidated EBITDA” shall mean, for any period, determined with respect to any Person(s) on an aggregate basis, an
amount equal to the sum of (a) net income (or loss) of such Person(s) for such period determined on an aggregate basis (prior to any impact from minority interests and provision for income taxes, and before deduction of preferred dividends on
preferred stock, if any, of such Person(s)), in accordance with GAAP, plus (to the extent actually included in determination of such net income (or loss)) (i) depreciation and amortization expense, (ii) interest expense,
(iii) extraordinary or non-recurring gains and losses. 
 “Consolidated Interest Expense” shall mean,
for any period, determined without duplication with respect to any Person(s) on an aggregate basis, the amount of total interest expense incurred (in accordance with GAAP), including capitalized or accruing interest. 
 “Current Debt Yield” shall mean, with respect to any Test Period, the quotient of (x) trailing quarterly Net
Operating Income for such Test Period (viewed on an annualized basis) with respect to the Underlying Properties underlying the Initial Transaction Asset, divided by (y) Total DYT Indebtedness for such Test Period. 
 “Custodial Agreement” shall mean the Custodial Agreement to be entered into among Seller, Custodian and the Buyer, in
substantially the form of Exhibit B hereto, as the same shall be modified and supplemented and in effect from time to time. 
 “Custodial Identification Certificate” shall mean the certificate executed by Seller in connection with the sale and precautionary pledge by Seller of an Eligible Transaction Asset to Buyer, in the form of Annex 3 to
the Custodial Agreement. 
 “Custodian” shall mean LaSalle Bank, N.A., as custodian under the Custodial
Agreement, and its successors and permitted assigns thereunder. 
  

 5 

 “DBSI” shall have the meaning provided in Schedule 8 hereto.

 “Debt Service Coverage Ratio” shall mean the ratio of Net Underwritable Cash Flow to interest expense on
principal and interest paid on borrowings over the trailing twelve months, based on the actual coupon rate for fixed interest rate Transaction Assets and at the lifetime cap rate for any floating interest rate Transaction Assets, the calculation of
which shall be satisfactory to Buyer in its sole good faith discretion. 
 “Debt Yield Test Cure” shall mean
the conveyance to Buyer in strict accordance with Section 3.04 of one or more DYT Assets having a Debt Yield Test Value that (assuming that such DYT Assets are, on the date of calculation, the subject of a Transaction consummated in accordance
with Section 3.04), when added to the Debt Yield Test Value of all DYT Assets that have previously become the subject of a Transaction consummated in accordance with Section 3.04, shall be equal to or greater than the Replacement Amount.

 A “Debt Yield Test Failure” shall occur when the Current Debt Yield for any Test Period, as at the last
day of each Fiscal Quarter, is less than the Minimum Debt Yield. 
 “Debt Yield Test Value” shall mean the product of
the book value (as evidenced to the satisfaction of Buyer in its sole good faith discretion) of a DYT Asset, but not to exceed par, multiplied by (y) the Applicable DYT Advance Rate. 
 “Default” shall mean an Event of Default or an event that with notice or lapse of time or both would become an Event of
Default. 
 “Deposit Application Date” shall have the meaning set forth in Section 3.07(b). 

“Deposit Funding Date” shall have the meaning set forth in Section 3.07(b). 
 “Depository Bank” shall mean LaSalle Bank, N.A. 
 “Diligence Materials” means the Preliminary Due Diligence Package together with the materials requested in the Supplemental Due Diligence List. 
 “Dollars” and “$” shall mean lawful money of the United States of America. 
 “Due Diligence Review” shall mean the performance by Buyer of any or all of the reviews permitted hereunder with respect
to any or all of the Transaction Assets, as desired by Buyer from time to time, including pre-Transaction due diligence and diligence under Section 12.15. 
 “DYT Asset” shall mean any asset now in, or subsequently becoming part of, the DYT Asset Pool. 
 “DYT Asset Due Diligence Package” shall mean, with respect to any DYT Asset, substantially all of the items set forth in (a) the definition of “Preliminary Due
Diligence Package” and (b) Section 3.02(b)(i)-(vi), to the extent presently in Seller’s possession or control as set forth in the Post-Closing DYT Asset Certificate (or as such items may subsequently become within Seller’s
possession or control). 
 “DYT Asset Pool” shall mean, collectively, the Mortgage Loans, Mezzanine Loans,
Mezzanine Loan Participations, B Notes, (or participations therein) and CMBS that are described on Schedule 5 and Schedule 8 hereto (or on any supplement to Schedule 5 hereto provided by Seller to Buyer subsequent to

  

 6 

 
the date hereof in accordance with Section 8.21), and as to which the DYT Asset Representations shall be correct from and after the date any such DYT
Asset becomes the subject of a Transaction hereunder. 
 “DYT Asset Representations” shall mean
(a) with respect to DYT Assets that are Citi Assets, the Citi Asset Representations, (b) with respect to DYT Assets that are not Citi Assets and were acquired by Seller or any other Subsidiary of Guarantor from any Person, (i) all of
the representations and warranties in Section 7.10 hereof and (ii) all of the representations and warranties that were made to Seller or such Subsidiary of Guarantor at the time of such acquisition, and (c) with respect to all DYT
Assets that were originated by Seller or any other Subsidiary of Guarantor, (i) all of the representations and warranties in Section 7.10 hereof and (ii) all of the representations and warranties in the applicable section of
Schedule 1 attached hereto as modified by the Variance Statement. 
 “DYT Notice” shall have the
meaning provided in section 3.04(a) hereof. 
 “DYT Shortfall” shall mean, for any Test Period, the quotient
of (a) the sum of (i) Minimum Debt Yield for the applicable Test Period minus (ii) Current Debt Yield for the applicable Test Period, divided by (b) Minimum Debt Yield for the applicable Test Period. 
 “Effective Date” shall mean the date upon which the conditions precedent set forth in Section 6.01 shall have been
satisfied. 
 “Eligible Transaction Assets” shall mean stabilized and transitional Mortgage Loans, Mezzanine
Loans, Mezzanine Loan Participations, B Notes, (or participations therein), Preferred Equity Interests, CMBS and Other Approved Transaction Assets, that are not delinquent and as to which the representations and warranties in Section 7.10
and the applicable section of Schedule 1 hereof are correct and which are intended to be the subject of a Transaction; provided that Buyer may waive compliance with any representations and warranties in the applicable section of
Schedule 1 in its sole good faith discretion; provided, further, that with respect to any Citi Asset, the representations and warranties contained in Schedule 1 hereof shall not be applicable for purposes of this
definition and instead, the Citi Asset Representations shall be applicable; and provided, further, that DYT Assets shall be eligible to be the subject of a Transaction hereunder solely for the purpose of enabling Seller to effect a
Debt Yield Test Cure. 
 “Equity Interest” shall mean any interest in a Person constituting a share of stock
or a partnership or membership interest (including, without limitation, a Preferred Equity Interest) or other right or interest in a Person that is not characterized as indebtedness under GAAP. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and, as of the relevant date, any subsequent provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor.

 “ERISA Affiliate” shall mean any corporation or trade or business that is a member of any group of
organizations (i) described in Section 414(b) or (c) of the Code of which Seller is a member and (ii) solely for purposes of potential liability under Section 302(c)(11) of ERISA and Section 412(c)(11) of the Code and
the lien created under Section 302(f) of ERISA and Section 412(n) of the Code, described in Section 414(m) or (o) of the Code of which Seller is a member. 
 “Eurocurrency Reserve Requirements” shall mean, for any day as applied to any Transaction, the aggregate (without duplication) of the rates (expressed as a decimal fraction) of
reserve requirements in effect on such day (including without limitation basic, supplemental, marginal and emergency reserves 

  

 7 

 
under any regulations of the Board of Governors of the Federal Reserve System or other Governmental Authority having jurisdiction with respect thereto),
dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities”) in Regulation D of such Board maintained by a member bank of such Governmental Authority. 

“Eurodollar Base Rate” shall mean, with respect to any Eurodollar Contract Period, the rate per annum equal to the
rate appearing at page LIBOR01 on Reuters as 30 day LIBOR on the second Business Day prior to the commencement of any Eurodollar Contract Period, and if such rate shall not be so quoted, the rate per annum at which Buyer is offered Dollar deposits
at or about 10:00 A.M., New York City time, on such date by prime banks in the interbank eurodollar market where the eurodollar and foreign currency exchange operations in respect of its loans are then being conducted for delivery on such day for a
period of 30 days and in an amount comparable to the amount of the Transactions to be outstanding on such day. 
 “Eurodollar Contract Period” means, with respect to each Transaction Asset, a period of thirty (30) days, and the number of days in such period being subject to adjustment as follows: (a) in no event shall a
Eurodollar Contract Period extend beyond the Repurchase Date; (b) each such period (except the initial Eurodollar Contract Period with respect to each Asset-Specific Transaction Balance) shall end on the day immediately preceding the Payment
Date which occurs approximately thirty (30) days after the commencement of such period; and (c) the initial Eurodollar Contract Period with respect to each Asset-Specific Transaction Balance shall commence on the date of funding of the
related Transaction and shall end on the day immediately preceding the next occurring Payment Date. 
 “Eurodollar
Rate” shall mean, with respect to each Eurodollar Contract Period pertaining to a Transaction, a rate per annum determined by Buyer in its sole good faith discretion in accordance with the following formula (rounded upwards to the nearest
1/100th of one percent), which rate as determined by Buyer shall be conclusive absent manifest error by Buyer: 
 Eurodollar Base Rate

  
 1.00 minus
Eurocurrency Reserve 
 Requirements 
 “Eurodollar Rate Spread” means (A) as to each Purchase Rate the applicable Eurodollar Rate Spread set forth below opposite such Purchase Rate for the applicable “Transaction Asset Type”
(as set forth in the chart below), or such other Eurodollar Rate Spread as may be mutually agreed to by Seller and Buyer: 
  

							
	 Transaction Asset Type
  
	  	 Purchase Rate  

  
	  	 Eurodollar Rate Spread
 (expressed as percentage points
 per annum and as basis points)
  

	 Initial Transaction Asset

	  	60%	  	1.50%*	  	150 bps*
	 All
Eligible Transaction Assets other than Initial
 Transaction Asset and DYT Assets
	  	     To be
 determined in Buyer’s sole
 good faith
 discretion.
	  	 To be determined in Buyer’s
  sole good faith discretion.

	 DYT Assets
	  	Not applicable.	  	Not applicable.

 * In the event that at any time, and for so long as, the quotient of (a) the
outstanding amount of the Repurchase Price of the Initial Transaction Asset divided by (b) the outstanding principal amount of the Initial Transaction Asset, shall be less than fifty percent (50%), the Eurodollar Rate Spread with respect to the
Initial Transaction Asset shall be 1.00% (100 bps). In the event that a Rate Step-Up shall become effective pursuant to the terms of this Agreement, the Eurodollar Rate Spread for the Initial Transaction Asset shall be 1.00% (100bps) higher
(for each day that such Rate Step-Up is in effect) than the Eurodollar Rate Spread that would otherwise be in effect. 
  

 8 

 “Eurodollar Substitute Rate” means a rate of interest equal to
(a) the Base Rate plus (b) the Eurodollar Rate Spread. 
 “Event of Default” shall have the
meaning provided in Section 9 hereof. 
 “FDICIA” shall have the meaning provided in
Section 12.17(d) hereof. 
 “Federal Funds Rate” shall mean, for any day, the weighted average of the
rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day which is a Business Day, the average of the quotations for the day of such transactions received by a money-center bank designated by the Buyer from three federal funds brokers of recognized standing selected by Buyer.

 “Fiscal Quarter” shall mean the three-month period ending on
March 31, June 30, September 30 and December 31 of each year, or such other fiscal quarter of Seller as Seller may select from time to time with the prior consent of Buyer, such consent not to be unreasonably withheld.

 “Forced Amortization Payment” shall have the meaning provided in Section 3.06 hereof. 
 “Funding Costs” shall mean, collectively, the actual costs to Buyer of breaking a Eurodollar contract prior to the
expiration of the Eurodollar Contract Period applicable thereto in connection with (a) any prepayment (whether voluntary or involuntary) of all or any portion of an Asset-Specific Transaction Balance or other principal repayments required or
permitted under the Security Documents or Transfer Documents, that is made at any time other than at the expiration of the related Eurodollar Contract Period, (b) any voluntary or involuntary acceleration of the Repurchase Date, such that the
Repurchase Date occurs on any date that is not the expiration date of the Eurodollar Contract Period with respect to any Asset-Specific Transaction Balance, and (c) any other set of circumstances not attributable solely to Buyer’s acts.
Subject to the foregoing, Funding Costs shall not include any diminution in yield suffered by Buyer upon re-lending or re-investing the principal of the aggregate Repurchase Price of the Transaction Assets after any prepayment thereof. 

“GAAP” shall mean generally accepted accounting principles consistently applied as in effect from time to time in the
United States. 
 “Goldman” shall mean Goldman Sachs Mortgage Company. 
 “Goldman MRA” shall mean that certain Master Repurchase Agreement, dated as of the date hereof, between Goldman, as
buyer, and Goldman Seller, as seller, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Goldman Seller” shall mean KBS GKK Participation Holdings I, LLC, a Delaware limited liability company. 
 “Governmental Authority” shall mean any nation or government, any state or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining
to government and any court or arbitrator having jurisdiction over Seller or any of its properties. 
 “Guarantee” shall mean, as to any Person, any obligation of such Person directly or indirectly guaranteeing any Indebtedness of any other Person or in any manner providing for the payment of any 

  

 9 

 
Indebtedness of any other Person or otherwise protecting the holder of such Indebtedness against loss (whether by virtue of partnership arrangements, by
agreement to keep-well, to purchase assets, goods, securities or services, or to take-or-pay or otherwise); provided that the term “Guarantee” shall not include (i) endorsements for collection or deposit in the ordinary course
of business, or (ii) obligations to make servicing advances for delinquent taxes and insurance or other obligations in respect of an Underlying Property, to the extent required by Buyer. The amount of any Guarantee of a Person shall be deemed
to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such
Person in good faith. The terms “Guarantee” and “Guaranteed” used as verbs shall have correlative meanings. 
 “Guarantor” shall mean KBS Real Estate Investment Trust, Inc., a Maryland corporation that has elected to be taxed as a real estate investment trust, and that is the indirect owner of all of the equity interest in the
Seller. 
 “Hedge Value” shall mean, with respect to any Business Day and a specific Interest Rate
Protection Agreement, the amount, if any, that is equal to the amount that would be paid to Seller (expressed as a positive number) or paid by Seller (expressed as a negative number) in consideration of an agreement between Seller and an
unaffiliated third party, that would have the effect of preserving for Seller the net economic equivalent, as of such Business Day, of all payment and delivery requirements payable to and by Seller under such Interest Rate Protection Agreement until
the termination thereof, as determined by Buyer absent manifest error. 
 “Hedging Transactions” shall mean,
with respect to any or all of the Transaction Assets, other than the Initial Transaction Asset, any short sale of U.S. Treasury Securities or mortgage-related securities, futures contract (including Eurodollar futures) or options contract or any
interest rate swap, cap or collar agreement or similar arrangements providing for protection against fluctuations in interest rates or the exchange of nominal interest obligations, either generally or under specific contingencies, entered into by
Seller or by the underlying obligor with respect to any Transaction Asset and pledged to Seller as collateral for such Transaction Asset, with one or more counterparties whose unsecured debt is rated at least AA (or its equivalent) by S&P or
Moody’s or, with respect to any Hedging Transaction pledged to Seller as additional collateral for a Transaction Asset, such other rating requirement applicable to such Hedging Transaction set forth in the related Transaction Asset Documents or
which is otherwise reasonably acceptable to Buyer; provided that Seller shall not grant or permit any liens, security interests, charges, or encumbrances with respect to any such hedging arrangements for the benefit of any Person other than
Buyer. 
 “Income” shall mean, with respect to any Transaction Asset at any time, any principal repaid and
all interest, dividends or other distributions thereon. 
 “Indebtedness” shall mean, for any Person:
(a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or agreement, contingent or
otherwise, to repurchase such Property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money) arising, and
accrued expenses incurred, in the ordinary course of business so long as such trade accounts payable are payable within ninety (90) days of the date the respective goods are delivered or the respective services are rendered;
(c) Indebtedness of others secured by a Lien on the Property of such Person, whether or not the respective Indebtedness so secured has been assumed by such Person; (d) obligations (contingent or otherwise) of such Person in respect of
letters of credit or similar instruments issued or accepted by banks and other financial institutions for account of such Person; 
  

 10 

 
(e) Capital Lease Obligations of such Person; (f) obligations of such Person under repurchase agreements, sale/buy-back agreements or like
arrangements; (g) Indebtedness of others Guaranteed by such Person; (h) all obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such Person; and (i) Indebtedness of general
partnerships of which such Person is a general partner. 
 “Indemnified Party” shall have the meaning
provided in Section 12.03 hereof. 
 “Initial Cure Period” shall have the meaning provided in
Section 9(a)(i) hereof. 
 “Initial DYT Notice” shall have the meaning provided in Section 3.04
hereof. 
 “Initial Transaction Asset” shall mean that certain Eligible Transaction Asset commonly known as
the “GKK/AFR Mezz Participation B” and evidenced by the Participation Documents, and as more particularly described on Schedule 4 hereto. 
 “Initial Transaction Asset Purchase Price” shall mean the then outstanding and unpaid aggregate Purchase Price with respect to the Initial Transaction Asset on the date of determination. 

“Interest Rate Protection Agreement” shall mean, with respect to any or all of the Transaction Assets other than the
Initial Transaction Asset, any short sale of US Treasury Securities, futures contract, mortgage related security, Eurodollar futures contract, options related contract, interest rate swap, cap or collar agreement or similar arrangement providing for
protection against fluctuations in interest rates or the exchange of nominal interest obligations, either generally or under specific contingencies, entered into by Seller and any other counterparty acceptable to Buyer. 
 “Knowledge” or “aware” or correlative expressions with respect to the knowledge or awareness of Seller shall
mean the actual knowledge of a Responsible Officer of Seller or the receipt by Seller of notice given with respect to a matter in accordance with the Transaction Documents or the Transaction Asset Documents. 
 “Late Fee” shall have the meaning set forth in Section 3.05(b) hereof. 
 “Late Fee Rate” shall mean, in respect of any Repurchase Price amount or any other amount under this Agreement, the
Confirmation or any other Transaction Document that is not paid when due to Buyer (whether at stated maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum during the period from and including the due date to
but excluding the date on which such amount is paid in full equal to 4% per annum plus the Base Rate. 
 “Lien” shall mean any mortgage, lien, pledge, charge, security interest or similar encumbrance. or any property interest similar to the foregoing, including, without limitation, the right of any vendor, lessor or similar
party under any conditional sale agreement or title retention agreement or lease (including where the effect thereof is such that the assets or properties subject thereto do not constitute assets or properties of the obligor or lessee under such
agreement or lease under applicable generally accepted accounting principles. 
 “Loan-to-Value Ratio” or
“LTV” shall mean, as to any Eligible Transaction Asset or Transaction Asset, as applicable, the ratio that (x) the aggregate outstanding principal balance of all Indebtedness secured in whole or in part by the related
Underlying Property or direct or indirect beneficial interests therein relating to such Eligible Transaction Asset or Transaction Asset, as applicable, bears to (y) the value, determined by an Appraisal reasonably acceptable to Buyer, of the
related Underlying Property (together with all applicable appurtenant interests and subject to all applicable liens, encumbrances and 

  

 11 

 
tenancies), or direct or indirect beneficial interests therein which form the basis of such Eligible Transaction Asset or Transaction Asset. 
 “Loss Proceeds” means amounts, awards or payments payable to Seller or any other Affiliate of Guarantor that is the
owner of a DYT Asset, any Transaction Asset Obligor, any mortgage lender, or Buyer in respect of all or any portion of any of the Underlying Properties in connection with a casualty or condemnation thereof (after the deduction therefrom and payment
to Seller or any other Affiliate of Guarantor that is the owner of a DYT Asset, any Transaction Asset Obligor, any mortgage lender or Buyer, respectively, of any and all reasonable expenses incurred by Seller or any Affiliate of Guarantor that is
the owner of a DYT Asset and Buyer in the recovery thereof, including all attorneys’ fees and disbursements, the fees of insurance experts and adjusters and the costs incurred in any litigation or arbitration with respect to such casualty or
condemnation). 
 “Market Value” shall mean, as of any date in respect of any Eligible Transaction Asset or
Transaction Asset, the price at which such Eligible Transaction Asset or Transaction Asset could readily be sold as determined in Buyer’s sole good faith discretion based upon objective criteria, which price may be determined to be zero; it
being understood and agreed that Buyer’s determination of Market Value shall be conclusive upon the parties. 
 “Material Adverse Effect” shall mean a material adverse effect on (a) the Property, business, operations, financial condition or prospects of Seller and/or Guarantor or any of their respective Subsidiaries,
(b) the ability of Seller and/or Guarantor or any of their respective Subsidiaries to perform its obligations under any of the Transaction Documents to which it is a party, (c) the validity or enforceability of any of the Transaction
Documents, (d) the rights and remedies of Buyer or any of its Affiliates under any of the Transaction Documents, (e) the timely payment of the Periodic Advance Repurchase Payments for the Transactions or other material amounts payable in
connection therewith or (f) the Asset Value of the Transaction Assets taken as a whole. 
 “Maximum Purchase
Price” shall mean One Hundred Thirty Million Two Hundred Ten Thousand Two Hundred Thirty-Seven and 50/100 Dollars ($130,210,237.50). 
 “Mezzanine B Note” shall mean the original executed subordinated promissory note or other evidence (including a participation certificate and/or participation agreement) of a subordinated interest
owned by Seller with respect to a Mezzanine Loan. 
 “Mezzanine Loan” shall mean a loan (including a
participation therein) secured by a pledge of Equity Interests in one or more entities holding direct or indirect beneficial interests in an entity owning (or having a ground lease interest in) a commercial (including hospitality and retail) or
multi-family residential property. 
 “Mezzanine Loan Participation” shall mean (a) a junior
participation interest or participation certificate in a Mezzanine Loan or (b) a Mezzanine B Note. 
 “Minimum
Debt Yield” shall mean for any Test Period, the applicable rate set forth on Schedule 7 hereto. 
 “Monthly Initial Transaction Asset Statement” shall mean, for each calendar month during which this Agreement shall be in effect, monthly and year-to-date unaudited financial statements prepared for the applicable month
with respect to the Underlying Properties underlying the Initial Transaction Asset, including a balance sheet and operating statement as of the end of such month, together with related statements of income (and Net Operating Income), which
statements shall be accompanied by an 

  

 12 

 
Officer’s Certificate certifying that the same are true and correct and were prepared in accordance with GAAP applied on a consistent basis, subject to
changes resulting from audit and normal year-end audit adjustments. Each such monthly report shall be accompanied by the following (provided, that such items need only be provided to the extent such items are either (A) generated by KBS Debt
Holdings, LLC (in its sole discretion, it being agreed that KBS Debt Holdings, LLC shall have no obligation to generate any such items) or (B) generated by Persons other than KBS Debt Holdings, LLC and are received by KBS Debt Holdings, LLC or
its successor as mezzanine lender under the Senior Mezzanine Loan): 
 (i) a summary of material leases (and, to the extent
prepared by Seller or its property manager in the ordinary course of business, each other lease) signed during such month, which summary shall include the tenant’s name, lease term, base rent, escalations, tenant improvements, leasing
commissions paid, free rent and other concessions; 
 (ii) then current rent roll and occupancy reports; 
 (iii) to the extent not otherwise described in this definition, copies of all financial statements and similar reports delivered to
Encumbered Property Lenders (as defined in the Senior Mezzanine Loan Agreement); and 
 (iv) such other information as Buyer
shall reasonably request, to the extent readily available to Seller without material cost or expense. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 
 “Mortgage” shall
mean the mortgage, deed of trust or other instrument securing a Mortgage Note, which creates a first lien on the fee or leasehold interest in real property securing the Mortgage Note and the assignment of rents and leases related thereto.

 “Mortgage B Note” shall mean the original executed subordinated promissory note or other evidence
(including a participation certificate and/or participation agreement) of a subordinated interest owned by Seller with respect to a Mortgage Loan. 
 “Mortgage Loan” shall mean a performing whole first mortgage loan (including a participation therein) encumbering one or more commercial (including hospitality and retail) or multi-family residential
properties which Custodian has been instructed to hold for Buyer pursuant to the Custodial Agreement, and which includes, without limitation (i) the indebtedness evidenced by a Mortgage Note and secured by a related Mortgage, and (ii) all
right, title and interest of the Seller in and to the Mortgaged Property covered by such Mortgage. 
 “Mortgage
Note” shall mean the original executed promissory note or other evidence of the indebtedness of a Transaction Asset Obligor with respect to a Mortgage Loan. 
 “Mortgaged Property” shall mean the real property (including all improvements, buildings, fixtures, building equipment and personal property thereon and all additions,
alterations and replacements made at any time with respect to the foregoing) and all other collateral securing repayment of the debt evidenced by a Mortgage Note or Mortgage B Note, as applicable. 
 “Mortgagor” shall mean the obligor on a Mortgage Note. 
  

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 “Multiemployer Plan” shall mean a multiemployer plan defined as such in
Section 3(37) of ERISA to which contributions are, have been, or were required to have been, made by Seller or any ERISA Affiliate at any relevant time. 
 “Net Income” shall mean, with respect to any Person, for any period, the consolidated net income for such period of such Person as reported in such Person’s financial
statements prepared in accordance with GAAP. 
 “Net Operating Income” shall mean, with respect to any Test
Period, the excess of (i) Operating Income for such Test Period, minus (ii) Operating Expenses for such Test Period. 
 “Net Underwritable Cash Flow” shall mean the net operating income (making certain assumptions regarding minimum vacancy levels, the lesser of actual and “market” rental rates, management
fees and other factors) less structural reserves and reserves for tenant improvements and leasing commissions (whether these three types of reserves are actually impounded or not), the calculation of which shall be satisfactory to Buyer. 

“Non-Table Funded” shall mean, with respect to any Transaction Asset, that the Transaction Asset was not originated
or acquired by Seller through a Table Funding. 
 “Officer’s Certificate” shall mean the certificate of
a Responsible Officer as set forth in Section 6.02(b) hereof. 
 “Operating Expenses” means, for any
period, all operating, renting, administrative, management, legal and other ordinary expenses of Transaction Asset Obligors during such period, determined in accordance with GAAP; provided, however, that such expenses shall not include
(i) depreciation, amortization or other noncash items (other than expenses that are due and payable but not yet paid), (ii) Price Differential, Repurchase Price or any other sums due and owing with respect to the Transactions hereunder,
(iii) income taxes or other taxes in the nature of income taxes, (iv) Capital Expenditures, or (v) equity distributions. 
 “Operating Income” means, for any period, all operating income of Transaction Asset Obligors, from each of the Underlying Properties during such period, determined in accordance with GAAP (but without straight-lining
of rents), other than (i) Loss Proceeds (but Operating Income will include rental loss insurance proceeds to the extent allocable to such period), (ii) any revenue attributable to a lease to the extent it is paid more than thirty
(30) days prior to the due date, (iii) any interest income from any source, (iv) any repayments received from any third party of principal loaned or advanced to such third party by Seller, (v) any proceeds resulting from the
transfer of all or any portion of such Underlying Property, (vi) sales, use and occupancy or other taxes on receipts required to be accounted for by Seller to any government or governmental agency, (vii) termination fees, and
(viii) any other extraordinary or non-recurring items. 
 “Other Approved Transaction Asset”
shall mean such other Property of Seller as Buyer shall accept as Transaction Assets for the Transactions. 
 “Outside Person” shall mean any Person that is not an Affiliate of Guarantor. 
 “Parent
Guaranty” shall mean that certain Parent Guaranty and Indemnity dated of even date herewith executed by Guarantor for the benefit of Buyer. 
  

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 “Participation Agreement” means that certain participation agreement
dated as of August 22, 2008, among KBS Debt Holdings, LLC, as mezzanine lender, Goldman Seller, as Participant A, Seller, as Participant B, and Servicer, and evidencing the creation of the certificated participation interest constituting the
Initial Transaction Asset. 
 “Participation Certificate “ means that certain participation certificate
issued to Seller under the Participation Agreement and more particularly described on Schedule 4 hereto. 
 “Participation Documents” means the Participation Agreement and the Participation Certificate. 
 “Payment Date” shall have the meaning set forth in Section 3.05(d) hereof. 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. 
 “Periodic Advance Repurchase Payment” shall have the meaning set forth in Section 3.05(b) hereof. 
 “Person” shall mean any individual, corporation, company, voluntary association, partnership, joint venture, limited liability company, trust, unincorporated association or government (or any agency,
instrumentality or political subdivision thereof). 
 “Plan” means an employee benefit or other plan
established or maintained by Seller or any ERISA Affiliate and covered by Title IV of ERISA, other than a Multiemployer Plan. 
 “Post-Closing DYT Asset Certificate” shall mean a certificate signed by a Responsible Officer of Seller, setting forth, with respect to each DYT Asset described on Schedule 5 and Schedule 8, those of the items
set forth in the definition of “Preliminary Due Diligence Package” and in Section 3.02(b)(i)-(vi) hereof that are in Seller’s possession or control. 
 “Preferred Equity Interest” shall mean any interest in a Person constituting a preferred share of stock or a preferred partnership or membership interest or other preferred right
or interest in a Person that is not characterized as indebtedness under GAAP. 
 “Preliminary Due Diligence
Package” means with respect to any proposed Transaction Asset (except with respect to (a) Citi Assets, as to which the Preliminary Due Diligence Package need include only the summary memorandum described in clause (i) below, and
(b) DYT Assets, as to which the items set forth below are referred to solely for the purpose of the definition herein of “DYT Asset Due Diligence Package”), the following due diligence information relating to such proposed Transaction
Asset to be provided by Seller to Buyer pursuant to this Agreement: 
               (i)        a summary memorandum outlining the proposed transaction, including potential transaction benefits (and
for all Eligible Transaction Assets other than Citi Assets, all material underwriting risks and all Underwriting Issues) and all other characteristics of the proposed transaction that Seller has identified and considered, including, without
limitation, internal credit memoranda for approval and underwriting (including a credit approval memorandum representing the final terms of the proposed transaction), and current financial statements for the proposed transaction; 
               (ii)       current
rent roll, if applicable; 
               (iii)      cash flow pro-forma, plus historical information, if available; 
  

 15 

               (iv)      description of the Transaction Asset (real property lien, pledged loan or other Transaction Asset); 
               (v)       indicative Debt Service Coverage Ratios; 
               (vi)      indicative
Loan-to-Value Ratio; 
               (vii)     Seller’s or any Affiliate’s relationship with its potential underlying borrower or any affiliate; 

              (viii)    Phase I
environmental site assessment (including asbestos and lead paint report); 
               (ix)      engineering and structural reports, if available; 
               (x)       third
party reports, including: 
                           (1)        a current Appraisal; 

                          (2)        Phase II environmental site
assessment or other follow-up environmental report if recommended in Phase I; 
                           (3)        seismic reports, if available;
and 
                           (4)        operations and maintenance plan
with respect to asbestos-containing materials, if available; 
               (xi)      evidence of terrorism insurance coverage (unless waived by Buyer in its sole good faith discretion); 
               (xii)     in the case of a B
Note, Mezzanine Loan, Mezzanine Loan Participation or Preferred Equity Interest, all information which would otherwise be provided if the Transaction Asset were a Mortgage Loan, and in addition, all documentation evidencing or otherwise relating to
the B Note, Mezzanine Loan, Mezzanine Loan Participation or Preferred Equity Interest, including, without limitation, intercreditor agreements, participation agreements, and shareholder agreements, as applicable; 
               (xiii)    in the case of CMBS,
(a) a copy of the applicable pooling and servicing agreement, trust agreement, participation agreement or similar document governing the issuance and administration of the CMBS; (b) a copy of any new issue asset summary books;
(c) copy of the applicable prospectus or offering memorandum; (d) to the extent that the CMBS is certificated, an original of the relevant certificate duly endorsed in blank to Buyer; (e) to the extent that the CMBS is not
certificated, all documents requested by Buyer to confirm that the CMBS is being held in a security account under the control of Buyer, or such other evidence of confirmation of the sale to Buyer as Buyer shall require; (f) a copy of the
documents specified above relating to, directly or indirectly, the subject Transaction Asset, to the extent obtained by the originating lender and available to Seller; and (g) a copy of any other agreement or instrument evidencing or otherwise
governing the CMBS; 
               (xiv)    analyses and reports with respect to such other matters concerning the Transaction Asset as Buyer may in its sole good faith
discretion require; 
               (xv)     documents comprising such Transaction Asset, or current drafts thereof, including, without limitation, underlying debt and
security documents, intercreditor agreements, 

  

 16 

 
participation agreements, shareholder agreements, guaranties, underlying borrower’s organizational documents, warrant agreements, and loan and
collateral pledge agreements, as applicable; 
               (xvi)    a list that specifically and expressly identifies any Transaction Asset Documents that relate to such Transaction Asset
that are not in Seller’s possession and with respect to which a copy thereof has not been previously delivered to Buyer; and 
               (xvii)   the Purchase Rate that Seller requests with respect to the subject Eligible Transaction Asset. 
 “Prepayment Deposit” shall have the meaning set forth in Section 3.07(b). 
 “Price Differential” shall mean, with respect to any Transaction hereunder as of any date, the aggregate amount obtained
by daily application of the applicable Pricing Rate in effect from time to time for such Transaction to the outstanding Purchase Price (reduced by any prepayments of Repurchase Price) for such Transaction on each day during the period commencing on
(and including) the Purchase Date for such Transaction and ending on (but excluding) the Repurchase Date (reduced by any amount of such Price Differential previously paid by Seller to Buyer with respect to such Transaction, including any amounts
paid in respect of such Price Differential pursuant to Section 3.05 or any other partial repayments). 
 “Pricing Rate” shall have the meaning provided in Section 3.05(b) hereof. 
 “Property” shall mean any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible. 
 “Purchase Date” shall mean, with respect to an Eligible Transaction Asset, the date on which such Eligible Transaction
Asset is transferred by Seller to Buyer, or its designee. 
 “Purchase Period” shall have the meaning
provided in Section 3.01 hereof. 
 “Purchase Price” means the sum of the price at which a Transaction
Asset is purchased by Buyer from the Seller, as specified in the related Confirmation. The Purchase Price for any Eligible Transaction Asset shall be equal to the lesser of (a) the Market Value thereof multiplied by the applicable Purchase Rate
and (b) 100% of the outstanding principal balance of the Eligible Transaction Asset, provided, that with respect to the Initial Transaction Asset, Purchase Price shall mean the Maximum Purchase Price. 
 “Purchase Rate” means, for any Eligible Transaction Asset, the ratio, expressed as a percentage, set forth opposite the
applicable “Transaction Asset Type” in the chart provided in the definition of Eurodollar Rate Spread or as otherwise defined or limited herein. 
 “Quarterly DYT Asset Report” shall mean a current report as to the DYT Assets in the form of Schedule 5 hereto. 
 “Rate Step-Up” shall mean that the Eurodollar Rate Spread applicable with respect to the Initial Transaction Asset shall be 1.00% (100bps) higher (for each day that a Rate
Step-Up is in effect pursuant to this Agreement) than the Eurodollar Rate Spread that would otherwise be in effect with respect to the Initial Transaction Asset pursuant to the provisions of this Agreement. 
  

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 “Regulation T, U or X” shall mean Regulations T, U or X of the
Board of Governors of the Federal Reserve System (or any successor), as the same may be modified and supplemented and in effect from time to time. 
 “Replacement Amount” shall mean the product of (a) the DYT Shortfall multiplied by (b) the sum of the (i) the aggregate Repurchase Price of all Transaction Assets plus (ii) the
aggregate “Repurchase Price” of all “Transaction Assets” under the Goldman MRA. 
 “Repurchase
Date” shall mean the date on which Seller is to repurchase the Transaction Assets from Buyer, which date, unless otherwise specified in the related Confirmation shall be the date that is the Termination Date. 
 “Repurchase Obligations” shall have the meaning provided in Section 5.01(c) hereof. 
 “Repurchase Price” shall mean the price at which a Transaction Asset is to be transferred from Buyer, or its designee,
to Seller upon termination of the related Transaction, which will equal in each case (including Transactions terminable upon demand) as the sum of (i) the Purchase Price and (ii) the Price Differential, in each case as of the date of such
determination, decreased by all cash, Income and Periodic Advance Repurchase Payments (including Late Fees, if any) actually received by Buyer. 
 “Requirement of Law” shall mean any law, treaty, rule, regulation, code, directive, policy, order or requirement or determination of an arbitrator or a court or other governmental authority whether
now or hereafter enacted or in effect. 
 “Responsible Officer” shall mean, as to any Person, the chief
executive officer or, with respect to financial matters, the chief financial officer of such Person. 
 “S&P” shall mean Standard and Poor’s, a division of The McGraw-Hill Companies, Inc. 
 “Section 4402” shall have the meaning provided in Section 12.19 hereof. 
 “Securitization” shall mean a sale or transfer of loans, including any Transaction Asset, to an Affiliate of Seller or any other entity in which Seller owns an interest, to effect one or more structured finance
securitization transactions, including, but not limited to, the creation of a REMIC (as defined in the Code) or offering of collateralized debt obligations or any other transaction involving the issuance and sale of securities backed by the
Transaction Assets or other liens on the subject collateral or backed by securities, interests or other obligations backed directly or indirectly by such Transaction Assets. 
 “Security Documents” means this Agreement, the Confirmations, and all other agreements, instruments, assignments, certificates and documents, including Uniform Commercial Code
financing statements, delivered by or on behalf of Seller to evidence or secure the Transaction(s) or otherwise in satisfaction of the requirements of this Agreement, or the other documents listed above, as the same may be amended or modified from
time to time. 
 “Seller” shall have the meaning provided in the heading hereof. 
 “Seller Fee Reimbursement” shall mean the sum of $75,000. 
 “Senior Mezzanine Loan Agreement” shall mean the Amended and Restated Senior Mezzanine Loan Agreement underlying the
Initial Transaction Asset and made among the borrowers named therein, Goldman and Citicorp North America, Inc. as lenders, with an original closing date of April 1, 2008, and 

  

 18 

 
amended as of the date hereof, and assigned by Goldman and Citicorp North America, Inc. to KBS Debt Holdings, LLC pursuant to that certain Assignment and
Assumption Agreement dated as of the date hereof. 
 “Servicer” shall mean (i) with respect to the
Initial Transaction Asset, Archon Group, L.P., a Delaware limited partnership, or, in the event Archon Group, L.P. voluntarily resigns as servicer or is no longer legally able to act as servicer (whether by reason of bankruptcy of Archon Group, L.P.
or otherwise), such other third party servicer reasonably acceptable to Buyer, and (ii) with respect to any other Transaction Assets, a third party servicer reasonably acceptable to Buyer and expressly approved by Buyer in writing 

“Servicer Notice” shall have the meaning provided in Section 12.14(c) hereof. 
 “Servicing Agreement” shall have the meaning provided in Section 12.14(c) hereof. 
 “Servicing Records” shall have the meaning provided in Section 12.14(b) hereof. 
 “Single-Purpose Entity” shall mean a Person, other than an individual, which is formed or organized solely for the
purpose of holding the Transaction Assets, does not engage in any business unrelated to the Transaction Assets and the financing thereof, does not have any assets other than the Transaction Assets and the financing thereof or any indebtedness other
than as permitted by this Agreement, has its own separate books and records and its own accounts, in each case which are separate and apart from the books and records and accounts of any other Person, holds itself out as being a Person, separate and
apart from any other Person. 
 “Subsidiary” shall mean, with respect to any Person, any corporation,
partnership or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of
such corporation, partnership or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by
reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. 
 “Supplemental Due Diligence List” means, with respect to any Eligible Transaction Asset, information or deliveries
concerning such proposed Transaction Asset, such items that Buyer shall request in addition to the Preliminary Due Diligence Package including, without limitation, a final LTV ratio computation and a final Debt Service Coverage Ratio computation for
such proposed Transaction Asset. 
 “Table Funded” shall mean, with respect to any Transaction Asset, that
the Transaction Asset was originated or acquired by Seller with funds supplied by Buyer pursuant to this Agreement. The term “Table Funding” shall have a correlative meaning. 
 “Tangible Net Worth” shall mean, as of a particular date (a) all amounts which would be included under capital of
Guarantor and its consolidated Subsidiaries, if any, on a balance sheet of Guarantor and its consolidated Subsidiaries at such date, determined in accordance with GAAP, less (b) intangible assets of Guarantor and its consolidated Subsidiaries,
if any. 
 “Termination Date” shall mean the earliest to occur of (a) March 9, 2011, (b) the
maturity or sooner termination date of the Initial Transaction Asset (as stated in the Participation Documents, and as 

  

 19 

 
same may be extended), or (c) such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law.

 “Test Period” shall mean each three (3) month period ending on the last day of a Fiscal Quarter,
which Test Period shall be evaluated by Buyer on the sooner to occur of (a) sixty (60) days after the last day of such Fiscal Quarter and (b) the date on which the financial report for such Fiscal Quarter described in
Section 8.01(c) hereof is delivered to Buyer. 
 “Total DYT Indebtedness” shall mean, for any Test
Period, the aggregate Indebtedness of Transaction Asset Obligors or their Subsidiaries with respect to the Underlying Properties during such Test Period under (a) the Initial Transaction Asset and (b) any indebtedness with respect to the
Underlying Properties underlying the Initial Transaction Asset that is senior in priority of payment and/or priority of lien to the Initial Transaction Asset. 
 “Total Indebtedness” shall mean, for any period, the aggregate Indebtedness of Guarantor during such period. 
 “Transaction” shall have the meaning provided in Section 1 hereof. 
 “Transaction Asset” shall mean any asset which has been sold by Seller to Buyer in a Transaction hereunder, but which
has not been repurchased by Seller. The term “Transaction Asset” shall include the Initial Transaction Asset. The term “Transaction Asset” shall also include a “DYT Asset” and an “Eligible Transaction Asset”
as the applicable context shall require. 
 “Transaction Asset Documents” shall mean, with respect to
any Transaction Asset, the documents comprising the Asset File for such Transaction Asset. 
 “Transaction Asset
Items” shall have the meaning provided in Section 5.01(b) hereof. 
 “Transaction Asset Note”
shall mean a Mortgage Note or a promissory note, participation certificate, or other evidence of the Indebtedness (or interest therein) of a Transaction Asset Obligor with respect to a Mortgage Loan, Mezzanine Loan, Mezzanine Loan
Participation or B Note. 
 “Transaction Asset Obligor” shall mean any obligor under any Eligible
Transaction Asset or Transaction Asset, as applicable, and any issuer of any security comprising any portion of the Eligible Transaction Asset or Transaction Asset, as applicable. 
 “Transaction Asset Schedule” shall mean a list of the Transaction Asset Documents with respect to the Eligible
Transaction Assets to be sold pursuant to this Agreement, attached to a Custodial Identification Certificate setting forth, as to each Eligible Transaction Asset, the applicable information specified on Annex 1 to the Custodial Agreement.

 “Transaction Asset Schedule and Exception Report” shall mean the collateral loan schedule and exception
report prepared by the Custodian pursuant to the Custodial Agreement. 
 “Transaction Asset Tape” shall mean
a computer-readable file containing information with respect to each Eligible Transaction Asset, to be delivered by Seller to Buyer pursuant to Section 3.03(a) hereof, which tape fields are identified on Annex I to the Custodial Agreement.

  

 20 

 “Transaction Costs” shall mean, with respect to any Transaction, all
actual out-of-pocket reasonable costs and expenses paid or incurred by Buyer and relating to the making of such Transaction (including legal fees and other fees described in Section 12.03 hereof). 
 “Transaction Documents” shall mean, collectively, this Agreement, the Confirmation, the Custodial Agreement, the Parent
Guaranty, the Servicing Agreement and the Blocked Account Agreement. 
 “Transfer Documents” means this
Agreement, the related Confirmation, the related Assignment and Pledge, and all allonges, endorsements, powers, agreements, instruments, certificates and documents delivered by or on behalf of Seller to evidence the Transaction(s) or otherwise in
satisfaction of the requirements of this Agreement, or the other documents listed above as same may be amended or modified from time to time. 
 “Trust Receipt” shall mean the receipt delivered by Custodian pursuant to the provisions of Section 4 of the Custodial Agreement acknowledging receipt of a Asset File in connection with a
Transaction hereunder in the form of Annex 2 to the Custodial Agreement. 
 “Underlying Property” means
(a) any Property owned by a direct or indirect subsidiary of the issuer of a Preferred Equity Interest, or (b) any Mortgaged Property that is the subject of a B Note or a Mortgage Loan, or (c) any Mortgaged Property
underlying any Mezzanine Loan that is a Transaction Asset hereunder (including the Initial Transaction Asset). 
 “Underwriting Issues” means with respect to any Transaction Asset as to which Seller intends to request a Transaction, all information that has come to Seller’s attention, based on the making of reasonable inquiries
and the exercise of reasonable care and diligence under the circumstances, which would be considered a materially “negative” factor (either separately or in the aggregate with other information), or a material defect in loan documentation
or closing deliveries (such as any absence of any material Transaction Asset Document(s)), to a reasonable institutional lender in determining whether to originate or acquire the Transaction Asset in question. 
 “Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as in effect on the date
hereof in the State of New York; provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any Transaction Asset is governed by the Uniform Commercial
Code as in effect in a jurisdiction other than New York, “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect
of perfection or non-perfection. 
 “Variance Statement” shall mean, with respect to any DYT Asset, a list
prepared and certified by a Responsible Officer of Seller that specifically and expressly identifies (A) any representations and warranties contained in Schedule 1 hereof that are not true and correct with respect to such DYT Asset, and
(B) any Transaction Asset Documents that relate to such DYT Asset that are not in Seller’s or the relevant Servicer’s possession. 
 “Wire Delay” shall mean a delay resulting solely by reason of the “Fedwire Funds Service,” the wire transfer network of the Federal Reserve Board, failing to process in a timely manner a
wire transfer payment (provided, that such wire transfer payment was initiated by the payor on or sufficiently in advance of the due date of such payment so that, but for such failure, the payment would have been timely received). 

 

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 2.02.      Accounting Terms and
Determinations.    Except as otherwise expressly provided herein, all accounting terms used herein shall be interpreted, and all financial statements and certificates and reports as to financial matters required to be
delivered to Buyer hereunder shall be prepared, in accordance with GAAP; provided, that, to the extent that financial statements and certificates and reports as to financial matters from Transaction Asset Obligors are delivered under the
Transaction Asset Documents based on cash-based real estate accounting, such accounting basis shall be used in lieu of GAAP for such financial statements and certificates and reports. 
 Section 3.          Transactions, Confirmations and Prepayments. 
 3.01.       Transactions.    Buyer agrees to enter, from time to time upon Seller’s
request, (and, as to the Initial Transaction Asset, on a committed basis), and subject to the conditions of this Agreement, including those set forth in Section 6.01 and Section 6.02 hereof, into Transactions with Seller, to be funded in
Dollars, from and including the Effective Date to and including the Termination Date (as the same may be sooner terminated pursuant to the terms hereof, the “Purchase Period”) in an aggregate Purchase Price at any one time
outstanding up to but not exceeding the Maximum Purchase Price. The Purchase Price with respect to each Transaction Asset shall not exceed the Asset Value of such Transaction Asset. Transactions with respect to any Eligible Transaction Assets other
than the Initial Transaction Asset will be on an uncommitted basis in the sole and absolute discretion of Buyer. 
 3.02.      Confirmations. 
               (a)        By the time specified in Section 3.03(d), Seller shall execute and deliver to Buyer a confirmation
of the related Transaction, substantially in the form attached as Exhibit A hereto (a “Confirmation”). The Confirmation shall specify any additional terms or conditions of the Transaction agreed to by Buyer and not inconsistent with
this Agreement. Upon the purchase of each Transaction Asset, the Confirmation, together with this Agreement, shall constitute conclusive evidence of the terms agreed between Buyer and Seller with respect to the Transaction to which the Confirmation
relates, and Seller’s acceptance of the related Purchase Price shall constitute Seller’s agreement to the terms of such Confirmation. It is the intention of the parties that each Confirmation shall not be separate from this Agreement but
shall be made a part of this Agreement. In the event that any terms or conditions of any Confirmation are inconsistent, or in direct conflict, with this Agreement, the terms of this Agreement shall prevail; provided that the Confirmation and
this Agreement shall be construed to be cumulative to the extent possible. 
               (b)        The date, Purchase Price, Repurchase Price and Purchase Rate of each Transaction entered into by Buyer
and Seller, and each payment made on account of the Repurchase Price thereof, shall be recorded by Buyer from time to time on its internal books and records (whether electronic or otherwise). Failure of Buyer to make such notation shall not affect
the obligations of Seller to make a payment when due of any amount owing hereunder in respect of the Transactions. Seller agrees that Buyer’s books and records showing the amounts payable pursuant to this Agreement and the other Transaction
Documents and other Citi Indebtedness shall be admissible in any action or proceeding arising therefrom, and shall, absent manifest error, constitute rebuttably presumptive proof thereof, irrespective of whether any such amount payable is also
evidenced by a Confirmation or other instrument. Buyer will provide to Seller a monthly statement of Transactions, payments, and other transactions pursuant to this Agreement. Failure by Buyer to provide such monthly statement shall not affect the
obligations of Seller to make a payment when due of any amount owing hereunder in respect of the Transactions. Such statement shall be deemed correct, accurate, and binding on Seller absent manifest error. 
 3.03      Procedure for Transactions. 
  

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               (a)        Preliminary Approval of Proposed Transaction Asset. 
                           (i)        Seller may, from time to time
during the Purchase Period, submit to Buyer a Preliminary Due Diligence Package for Buyer’s review and approval in order to request a Transaction hereunder with respect to any proposed Transaction Asset that Seller proposes to sell to Buyer.
Notwithstanding the foregoing, (A) a complete Preliminary Due Diligence Package for Citi Assets need include only the summary memorandum described in clause (i) of the definition of Preliminary Due Diligence Package, and (B) [with
respect to DYT Assets initially selected by Buyer under Section 3.04(a), Seller shall be required to submit a DYT Asset Due Diligence Package within the time specified in Section 3.04(a)]. In no event shall Buyer be obligated to enter into
any Transaction after the expiration of the Purchase Period. 
                           (ii)        With respect to Eligible
Transaction Assets other than DYT Assets, upon Buyer’s receipt of a complete Preliminary Due Diligence Package, Buyer within two (2) Business Days shall have the right (other than with respect to Citi Assets) to request, in Buyer’s
sole and absolute discretion, additional diligence materials and deliveries that Buyer shall specify on a Supplemental Due Diligence List. Upon Buyer’s receipt of all of the Diligence Materials or Buyer’s waiver thereof, Buyer, within five
(5) Business Days, shall either (A) notify Seller of the Asset Value for the proposed Transaction Asset or (B) deny, in Buyer’s sole and absolute discretion, Seller’s request for a Transaction. Buyer’s failure to
respond to Seller within five (5) Business Days following receipt of all Diligence Materials or Buyer’s written waiver thereof shall be deemed to be a denial of Seller’s request for a Transaction, unless Buyer and Seller have agreed
otherwise in writing. Nothing in this Section 3.03(a)(ii) or elsewhere in this Agreement shall, or be deemed to, prohibit Buyer from determining in its sole discretion the adequacy, correctness and appropriateness of, or from disapproving, any
and all financial and other underwriting data required to be supplied by Seller under this Agreement. 
               (b)        Additional Conditions to Approval of Proposed Transaction Asset.    Upon
Buyer’s notification to Seller of the Purchase Price and the Asset Value for any proposed Transaction Asset, Seller shall, if Seller desires to obtain a Purchase Price payment with respect to such proposed Transaction Asset (other than with
respect to a DYT Asset, as to which no Purchase Price shall be funded by Buyer), satisfy the conditions set forth below (in addition to satisfying the applicable conditions precedent to obtaining such Purchase Price payment, as set forth in
Section 6 of this Agreement) as conditions precedent to Buyer’s approval of such proposed Transaction Asset as an Eligible Transaction Asset, all in a manner, and pursuant to documentation, satisfactory in all respects to Buyer and its
counsel (provided, however, that with respect to any Citi Asset, Seller shall only be required to provide the items set forth in the following requirements to the extent received by Seller or its Affiliate from Buyer or its Affiliate at the time
Seller or its Affiliate acquired the Citi Asset): 
                           (i)        Environmental and
Engineering.    If applicable, Buyer shall have received an environmental report and an engineering report, each in form and substance satisfactory to Buyer. 
                           (ii)        Appraisal.  
  Buyer shall have received an Appraisal. 
                           (iii)        Insurance.  
  Buyer shall have received certificates or other evidence of insurance demonstrating insurance coverage in respect of the Mortgaged Property or Underlying Property, as applicable, of types, in amounts, with insurers and otherwise in
compliance with the terms, provisions and conditions set forth in the Transaction Asset Documents or the Transfer Documents. Such certificates or other evidence shall indicate that Seller, as lender, will be named as an additional insured as
its interest may appear and shall contain a loss payee endorsement in favor of such additional insured with respect to the property policies required to be maintained under the Transaction Asset Documents. 
  

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                           (iv)        Survey.   
 To the extent obtained by Seller from the Transaction Asset Obligor with respect to any Eligible Transaction Asset at the origination thereof, Buyer shall have received a current survey of the Mortgaged Property or Underlying Property, as
applicable, in a form satisfactory to Buyer. 
                           (v)        Lien Search
Reports.    Buyer or its counsel shall have received, as reasonably requested by Buyer, satisfactory reports of UCC, tax lien, judgment and litigation searches and title reports and updates, as applicable, conducted by search
firms and/or title companies acceptable to Buyer with respect to the Transaction Asset, Seller and the related underlying Transaction Asset Obligor, such searches to be conducted in each location Buyer shall reasonably designate. 
                           (vi)        Title Insurance
Policy.    (A) With respect to a Mortgage Loan, Seller shall have delivered to Buyer (1) an unconditional commitment to issue title insurance policies in favor of Seller and Seller’s successors and/or assigns
with respect to Seller’s interest in the related real property with an amount of insurance that shall be not less than the related Asset-Specific Transaction Balance (taking into account the proposed Purchase Price) or such other amount as
Buyer shall require in its sole discretion, or (2) an endorsement or confirmatory letter from the title company that issued the existing title insurance policy in favor of Seller and Seller’s successors and/or assigns that amends the
existing title insurance policy by stating that the amount of the insurance is no less than the related Asset-Specific Transaction Balance (taking into account the proposed Purchase Price) or such other amount of title coverage as Buyer shall
require in its sole discretion. (B) With respect to a Mezzanine Loan Participation, a B Note, Preferred Equity Interest, CMBS or Other Approved Transaction Asset, Seller shall have delivered to Buyer such evidence as Buyer on a
case-by-case basis, in its sole discretion, shall require of the ownership of the real property underlying such Transaction Asset including, without limitation, a copy of a title insurance policy dated a date, and by a title insurer, in each case
acceptable to Buyer in its sole discretion, showing that title is vested in the related Transaction Asset Obligor or in an entity in whom such Transaction Asset Obligor holds a beneficial interest. 
                           (vii)        Transfer
Documents.    Seller shall have executed and delivered to Buyer, in form and substance satisfactory to Buyer and its counsel, all Purchase Documents for the proposed Transaction substantially in the forms attached thereto or
as otherwise approved by Buyer, conveying a valid ownership interest in the proposed Transaction Asset(s) to Buyer and perfecting a precautionary first priority security interest of Buyer in the proposed Transaction Asset(s) (and, in each case
except with respect to the Initial Transaction Asset, in any Interest Rate Protection Agreements held by Seller with respect thereto) which shall be subject to no Liens except as expressly permitted by Buyer. Each of the Transfer Documents shall
contain such representations and warranties concerning the proposed Transaction Asset and such other terms as shall be reasonably satisfactory to Buyer. 
                           (viii)        Opinions of
Counsel.    Buyer shall have received (A) from counsel to Seller its legal opinion, as to (among other things) enforceability of this Agreement and all documents executed and delivered hereunder in connection with such
Transaction, (B) in the event an Eligible Transaction Asset is a Mortgage Loan or Mortgage B Note, at Buyer’s option, an opinion from applicable local counsel as to the enforceability of the assignment of mortgage to Buyer and the
perfection of the Eligible Transaction Asset under the laws of the applicable state, to the extent such opinion was issued in connection with the related Mortgage Loan or Mortgage B Note, as applicable, and (C) an opinion to Seller and its
successors and assigns from counsel to the underlying obligor on the underlying loan transaction, as applicable, as to enforceability of the loan documents governing such transaction in a form acceptable to Buyer (and shall include, without
limitation, opinions as to due formation, authority, choice of law and perfection of security interests). Such legal opinions referred to in clauses (A) and (B) above shall be addressed to Buyer and its successors and assigns (and the
opinion referred to in clause (C) above shall state that it may be relied upon by the successors and assigns of Seller in Seller’s capacity as lender 

  

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on the underlying loan transaction), dated the related Purchase Date, and in form and substance reasonably satisfactory to Buyer. 
                           (ix)        Additional Real Estate
Matters. To the extent obtained by Seller from the Transaction Asset Obligor relating to any Eligible Transaction Asset at the origination thereof, Seller shall have delivered to Buyer such other real estate related certificates and
documentation as may have been requested by Buyer, such as (i) certificates of occupancy and letters certifying that the property is in compliance with all applicable zoning laws, each issued by the appropriate Governmental Authority and
(ii) abstracts of all leases in effect at the real property relating to such Transaction Asset. 
                           (x)        B Notes, Mezzanine Loans,
Mezzanine Loan Participations and Preferred Equity Interests. In the case of a B Note, Mezzanine Loan, Mezzanine Loan Participation or Preferred Equity Interest, Buyer shall have received all documentation specified herein as if the
underlying loan were the direct Transaction Asset and, in addition, all documentation evidencing or otherwise relating to the B Note, Mezzanine Loan, Mezzanine Loan Participation or Preferred Equity Interest, as applicable. 
                           (xi)        CMBS. In the case of
CMBS, Buyer shall have received (a) a copy of the applicable pooling and servicing agreement, trust agreement, participation agreement or similar document governing the issuance and administration of the CMBS; (b) a copy of any new issue
asset summary books; (c) copy of the applicable prospectus or offering memorandum; (d) to the extent that the CMBS is certificated, an original of the relevant certificate duly endorsed in blank to Buyer; (e) to the extent that the
CMBS is not certificated, all documents requested by Buyer to confirm that the CMBS is being held in a security account under the control of Buyer, or such other evidence of confirmation of the sale to Buyer as Buyer shall require; (f) a copy
of the documents specified above relating to, directly or indirectly, the subject Transaction Asset, to the extent obtained by the originating lender and available to Seller; and (g) a copy of any other agreement or instrument evidencing or
otherwise governing the CMBS. 
                           (xii)        Other Documents. Buyer
shall have received such other documents as Buyer or its counsel shall reasonably request with respect to each or any Transaction Asset. 
               (c)        Transaction Asset Final Approval or Disapproval. Not later than two
(2) Business Days following the date upon which Seller has tendered performance of the conditions enumerated in Section 3.03(b) or has delivered such items or documents fully executed, if applicable, in final form, Buyer shall either
(i) if the Transaction Asset Documents or the Transfer Documents with respect to the proposed Transaction Asset are not reasonably satisfactory in form and substance to Buyer, notify Seller that Buyer has not approved the proposed Transaction
Asset as a Transaction Asset or (ii) notify Seller and Bailee, if applicable, that Buyer has approved the proposed Transaction Asset as a Transaction Asset. Buyer’s failure to respond to Seller within two (2) Business Days shall be
deemed to be a denial of Seller’s request that Buyer approve the proposed Transaction Asset, unless Buyer and Seller have agreed otherwise in writing. 
               (d)        Procedure for Purchase of Eligible Transaction
Assets. Once Buyer has approved the Transaction Asset in accordance with Section 3.03(c) above, Seller may request a Transaction hereunder, on any Business Day during the period from and including the Effective Date to and including the
Termination Date, by delivering to Buyer, with a copy to Custodian, a Confirmation, which Confirmation must be received by Buyer prior to 12:00 p.m., New York City time, one (1) Business Day prior to the requested Purchase Date. Such
Confirmation shall have attached to it an Officer’s Certificate signed by a Responsible Officer of Seller as required by Section 6.02(b) hereof, as well as a Transaction Asset Tape. Contemporaneously with the delivery of the Confirmation,
Seller shall deliver to Buyer with a copy to Custodian, a Custodial Identification Certificate along with the 

  

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accompanying Transaction Asset Schedule with respect to all proposed Transaction Assets to be sold to Buyer on the applicable Purchase Date. 
               (e)        Delivery of Asset Files and Transfer Documents. 
               “Non-Table Funded” Transaction
Asset: 
                                       (1) 
       By no later than 12:00 p.m., New York City time, two (2) Business Days prior to any Purchase Date, Seller shall deliver to the Custodian as to any Transaction Asset on a case-by-case basis,
(i) original counterparts of all Transaction Asset Documents comprising the Asset File, (ii) the Transfer Documents described in Section 3.03(b)(vii) above, and (iii) to the extent applicable, any other documents, reports or
updated information as Buyer shall request pursuant to Section 3.03(b) not heretofore finally approved by Buyer. 
               “Table Funded” Transaction Assets: 
                                       (1) 
       By no later than 12:00 p.m., New York City time, on the Purchase Date, Seller shall cause the Bailee to deliver to the Custodian and the Buyer by facsimile or e-mail (i) as to each Eligible
Transaction Asset, the original note evidencing the making of a loan secured by such Transaction Asset, the Transfer Documents described in Section 3.03(b)(vii) above, and a fully executed Bailee Agreement and Bailee’s Trust Receipt and
Certification issued by the Bailee thereunder, (ii) evidence satisfactory to Buyer that all documents necessary to (a) transfer title to the Eligible Transaction Asset to Seller and to perfect Seller’s interest in the collateral
relating thereto and (b) perfect Buyer’s interest in the Eligible Transaction Assets, have been delivered to a party acceptable to Buyer for recordation and filing, and (iii) copies of all other documents comprising the Asset File for
each Eligible Transaction Asset. 
                                       (2) 
       By no later than 12:00 p.m., New York City time, on the third (3rd) Business Day following the applicable Purchase Date, Seller shall cause the Bailee to deliver to the Custodian the Asset File.

               (f)        Delivery of Transaction Asset Schedules and Trust Receipts.    With respect to
“Table Funded” Transaction Assets, by 1:00 p.m. New York City time on each Purchase Date, Custodian shall provide to Buyer a proposed Transaction Asset Schedule for the applicable Eligible Transaction Assets. With respect to
“Non-Table Funded” Transaction Assets, by no later than 1:00 p.m., New York City time, on the Purchase Date, Custodian shall deliver to Seller and Buyer a Trust Receipt with a Transaction Asset Schedule in respect of all of the Transaction
Assets sold to Buyer on such Purchase Date. With respect to “Table Funded” Transaction Assets, by no later than 1:00 p.m. New York City time on the third (3rd) Business Day following the applicable Purchase Date, the Custodian shall
deliver to Buyer a Trust Receipt with a Transaction Asset Schedule in respect of all of the Transaction Assets sold to Buyer on the applicable Purchase Date. 
               (g)        Entering into Transaction.    If
Seller shall deliver a Confirmation pursuant to Section 3.03(d) hereof and all conditions precedent set forth in Sections 3.03 and 6.02 (and, in the case of the Initial Transaction, 6.01) have been met, and provided no Default or Event of
Default shall have occurred and be continuing, Buyer shall enter into a Transaction with Seller on the requested Purchase Date with a Purchase Price in the amount so requested and approved by Buyer. 
  

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               (h)        Funding of Transaction.    Subject to the timely receipt by Buyer of a Trust
Receipt with a Transaction Asset Schedule as provided above, and subject further to the provisions of Section 6 hereof, such Purchase Price payment will then be made available to Seller by Buyer transferring, via wire transfer, to the following
account of Seller: Wells Fargo Bank, San Francisco, CA, ABA # 121-000-248, Account #: 4121 762199, Account Name: KBS GKK Participation Holdings II, LLC, the aggregate Purchase Price amount of such Transaction in funds immediately available to
Seller. Buyer may consider on a case-by-case basis alternative funding arrangements requested by Seller, including the funding through an escrow agent acceptable to Buyer in its sole but reasonable discretion. 
               (i)        Additional Documents.    From time to time, Seller shall forward to the
Custodian additional original documents or additional documents evidencing (A) any assumption, modification, consolidation or extension of a Transaction Asset permitted pursuant to the terms of this Agreement and the Transaction Documents or
(B) any amendment to the operative documents with respect to an Equity Interest, in each case approved by Buyer in accordance with the terms of this Agreement and the Transfer Documents or the Security Documents, and upon receipt of any such
other documents, the Custodian shall hold such other documents as Buyer shall request from time to time in accordance with the Custodial Agreement. 
               (j)        Certified Copies.    With respect to any documents
which have been delivered or are being delivered to recording offices for recording and have not been returned to Seller in time to permit their delivery hereunder at the time required, in lieu of delivering such original documents, Seller shall
deliver to Buyer a true copy thereof with an Officer’s Certificate certifying that such copy is a true, correct and complete copy of the original, which has been transmitted for recordation. Seller shall deliver such original documents to the
Custodian promptly when they are received. 
 3.04.      Debt Yield Test Failure.

               (a)        If a Debt Yield Test Failure shall occur, and Buyer and Goldman determine, in their sole and absolute
discretion, that the aggregate Debt Yield Test Value on the date of such Debt Yield Test Failure of (i) one or more of the DYT Assets in the DYT Asset Pool that are not yet subject to a Transaction, plus (ii) any DYT Assets that have
theretofore become the subject of a Transaction, would be, if such DYT Asset(s) described in clause (i) above were Transaction Asset(s) hereunder, sufficient to result in a Debt Yield Test Cure, Buyer and Goldman shall initially select, and
shall give Seller written notice of such initial selection within two (2) Business Days thereafter (an “Initial DYT Notice”), one or more DYT Assets that Seller may wish to be conveyed by Seller to Buyer and to become
Transaction Assets hereunder and under the Goldman MRA for the sole purpose of effecting such Debt Yield Test Cure. Within three (3) Business Days after the giving of the Initial DYT Notice, Seller shall submit to Buyer and Goldman (i) a
Variance Statement as to each DYT Asset identified in the Initial DYT Notice and (ii) a complete DYT Asset Due Diligence Package for each DYT Asset specified in the Initial DYT Notice. Within five (5) Business Days after such submission by
Seller, Buyer and Goldman shall make their selection of the DYT Asset that Buyer and Goldman wish to become Transaction Assets hereunder and under the Goldman MRA to effect such Debt Yield Test Cure and shall notify Seller thereof (a “DYT
Notice”). Such selection of DYT Assets shall be made in the sole and absolute discretion of Buyer and Goldman. No Purchase Price shall be funded with respect to any DYT Assets. 
               (b)        Upon receipt of the DYT Notice, Seller shall (or shall cause Guarantor to require that the Subsidiary of
Guarantor that owns such DYT Asset) within two (2) Business Days, enter into a participation agreement with respect to, and create certificated participations in, each such DYT Asset such that a 43.75% participation therein can be conveyed to
Buyer pursuant to this Section 3.04 and a 56.25% participation therein can be conveyed to Goldman under the Goldman MRA. Each such 

  

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participation agreement shall be in form substantially similar to the Participation Agreement and Participation Certificates, with such changes to be made
thereto that are reasonably required. 
               (c)        Prior to 12:00 p.m., New York City time on the fifth (5th) Business Day after Buyer has given the
DYT Notice, Seller shall deliver to Buyer, with a copy to Custodian, (i) an Officer’s Certificate attesting that the most recent Quarterly DYT Asset Report is true and correct, and (ii) a Confirmation for the participation in such DYT
Asset(s), specifying the next occurring Business Day as the Purchase Date. Such Confirmation shall have attached to it an Officer’s Certificate signed by a Responsible Officer of Seller as required by Section 6.02(b) hereof, and a
Transaction Asset Tape. Contemporaneously with the delivery of the Confirmation, Seller shall deliver to Buyer with a copy to Custodian, a Custodial Identification Certificate along with the accompanying Transaction Asset Schedule with respect to
any DYT Asset(s) to be conveyed to Buyer on the Purchase Date set forth in such Confirmation. 
               (d)        By no later than 12:00 p.m., New York City time, two (2) Business Days prior to any Purchase
Date related to any DYT Assets, Seller shall deliver (A) to the Custodian original counterparts of all Transaction Asset Documents comprising the Asset File for such DYT Asset(s) and (B) to the Buyer the items described in
Section 3.03(b)(vii) and (viii) above for such DYT Asset(s). By no later than 1:00 p.m., New York City time, on the Purchase Date related to any DYT Assets, Custodian shall deliver to Seller and Buyer a Trust Receipt with a Transaction
Asset Schedule in respect of the DYT Assets conveyed to Buyer on such Purchase Date. From time to time, Seller shall forward to the Custodian additional original documents or additional documents evidencing any assumption, modification,
consolidation or extension of any DYT Asset that has become a Transaction Asset as permitted pursuant to the terms of this Agreement and the Transaction Documents, and upon receipt of any such other documents, the Custodian shall hold such other
documents as Buyer shall request from time to time in accordance with the Custodial Agreement. 
               (e)        Notwithstanding anything herein to the contrary, Buyer shall be entitled in its sole discretion, for any
reason, to substitute for any DYT Asset that is the subject of a Transaction hereunder any other DYT Asset in the DYT Asset Pool, and in such event, Buyer shall give a DYT Notice to Seller, and Seller shall timely comply with the requirements of
Sections 3.04(b), (c) and (d). 
 3.05.      Repurchase of Transaction Assets; Periodic
Advance Repurchase Payments. 
               (a)        Seller hereby promises to pay in full on the Termination Date the then Repurchase Price with respect to
all Transaction Assets then held by Buyer. 
               (b)        Notwithstanding that Buyer and Seller intend all Transactions hereunder to be sales of the related
Transaction Assets to Buyer, Seller hereby promises to pay to Buyer an amount equal to the accreted value of the Price Differential of each Transaction (a “Periodic Advance Repurchase Payment”) for the period from and including the
date of such Transaction to but excluding the date on which the Repurchase Price with respect to such Transaction shall be paid in full, at a rate per annum (the “Pricing Rate”) equal to the Eurodollar Rate plus the
applicable Eurodollar Rate Spread. Notwithstanding the foregoing, Seller hereby promises to pay to Buyer, to the extent permitted by applicable law, a late fee (the “Late Fee”) at the applicable Late Fee Rate with respect to any
Repurchase Price Amount and to any other amount payable by Seller hereunder that shall not be paid in full when due for the period from and including the due date thereof to but excluding the date the same is paid in full. Payment and acceptance of
late fees pursuant to this subsection shall not constitute a waiver of any Default and shall not otherwise limit or prejudice any right of Buyer hereunder. 
  

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               (c)        With respect to any Transaction Asset, Seller shall repay to Buyer, upon Seller’s receipt thereof an
amount equal to the amount of casualty or condemnation proceeds paid to or for the benefit of, Seller any Transaction Asset Obligor in respect of such Transaction Asset to the extent that Seller is not required under the underlying loan documents
with the Transaction Asset Obligor to reserve, escrow, re-advance or apply such proceeds for the benefit of such obligor or the underlying real property. So long as no Default or Event of Default has occurred and is then continuing, such amounts
paid to Buyer shall be applied in reduction of the Asset-Specific Transaction Balance relating to such Transaction Asset. 
               (d)        Any Periodic Advance Repurchase Payments with respect to a Transaction shall be made monthly in arrears
on the fifteenth (15th) day of each month (or the first Business Day thereafter if the fifteenth (15th) day of the month is not a Business Day), or on any other Business Day of each month as mutually agreed to by Buyer and Seller, and for
the last month of this Agreement on the first Business Day of such last month and on the Termination Date (each, a “Payment Date”); provided that, Buyer may, in its sole discretion, require any accrued but unpaid Periodic
Advance Repurchase Payments to be paid simultaneously with any prepayment of Repurchase Price made by Seller with respect to any Transaction. Any Late Fee payable at the Late Fee Rate shall accrue daily and shall be payable upon such accrual.

 3.06.      Transaction Asset Defaults.    If at any time under
any Transaction Asset Document evidencing a Transaction Asset there is an “Event of Default” (as defined in the applicable documents in the Asset File), or event with which the giving of notice or lapse of time or both would become an
“Event of Default” (as defined in the applicable documents in the Asset File), Seller shall notify Buyer of same, and if the quotient of (a) the outstanding Repurchase Price of the Transaction Assets divided by (b) the aggregate
outstanding principal amount of the Transaction Assets, shall be greater than fifty percent (50%), Seller shall thereafter, commencing on the next occurring Payment Date, make mandatory payments on each Payment Date (“Forced Amortization
Payments”) in reduction of the Repurchase Price of the Transaction Assets, each in an amount equal to one percent (1%) of the outstanding principal portion of the Repurchase Price of the Transaction Assets, until such time as the
quotient of (a) the outstanding Repurchase Price of the Transaction Assets divided by (b) the aggregate outstanding principal amount of the Transaction Assets, shall be equal to fifty percent (50%). 
 3.07.      Prepayments; Funding Costs. 
               (a)        Any Transaction Asset may be repurchased and prepayments in reduction of the Repurchase Price for any
Transaction Asset may be made at any time without any penalty or premium upon two (2) Business Days prior written notice to Buyer (or, in the event of a prepayment in reduction of the Repurchase Price of any Transaction Asset that is voluntary
(as opposed to mandatory under the terms of this Agreement), upon two (2) Business Days prior written notice given simultaneously to Buyer and Goldman); provided, however, that any such payment and prepayment shall be accompanied by an amount
representing any accrued but unpaid Periodic Advance Repurchase Payments and Late Fees and all other amounts then due under the Transaction Documents (including, without limitation, all amounts due under Section 3 hereof). Each prepayment in
reduction of the Repurchase Price of any Transaction Asset that is voluntary (as opposed to mandatory under the terms of this Agreement) shall be made (A) in an amount of not less than One Hundred Thousand Dollars ($100,000) (or the outstanding
balance of the Repurchase Price, if less), and (B) simultaneously with a pro rata prepayment in reduction of the “Repurchase Price” under the Goldman MRA. So long as no Default or Event of Default has occurred and is then
continuing, each prepayment shall be applied to reduce any Asset-Specific Transaction Balance as designated by Seller to Buyer in writing. 
  

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               (b)        Funding Costs. 
                           (i)        Seller shall compensate Buyer,
upon written request by Buyer (which request shall set forth the basis for requesting such amounts), for all Funding Costs. 
                           (ii)        Buyer shall deliver to Seller a
statement setting forth the amount and basis of determination of any Funding Cost, it being agreed that such statement and the method of calculation shall be conclusive and binding on Seller, absent manifest error. In addition, in the event Seller
provides Buyer not less than five (5) Business Days prior written notice of a proposed voluntary prepayment under Section 3.07(a) hereof, Buyer shall deliver to Seller a non-binding good faith estimate of the applicable components and
amount of Funding Costs which would be incurred by Seller if Seller were to make such voluntary prepayment; provided, however, that Seller shall remain liable for all Funding Costs shown on the statement referred to in the first sentence of this
subsection (b), notwithstanding such good faith estimate. 
 In lieu of prepaying the Repurchase Price of any Transaction Asset when and as otherwise
required or permitted by this Agreement, Seller may on any Business Day (a “Deposit Funding Date”) instead deposit with Buyer an amount equal to the applicable prepayment, to be held by Buyer (the “Prepayment
Deposit”) until such date as application of the Prepayment Deposit on account of repurchase of such Transaction Asset would not cause Buyer to suffer Funding Costs (the “Deposit Application Date”). Any Prepayment Deposit
held by Buyer shall: (a) constitute additional security hereunder, for which the parties shall enter into such security documents (and account establishment and administration documents) as Buyer shall require; (b) be held by Buyer in an
interest-bearing account selected and controlled solely by Buyer, interest on which shall be added to principal and applied in the same manner as principal; (c) at Buyer’s option, be accompanied by a payment (as estimated by Buyer) equal
to the difference between the interest to be earned on the Prepayment Deposit and the interest that will accrue on a portion of the Purchase Price of such Transaction Asset equal to the Prepayment Deposit during the period from the Deposit Funding
Date to the Deposit Application Date; (d) with respect to the Transaction Assets, entitle Seller to the same rights and benefits (including the right to releases, if any) that would have been available to Seller if Seller had prepaid the
Repurchase Price (and designated Asset-Specific Transaction Balance(s)) by an amount equal to the Prepayment Deposit; and (e) be applied on account of the Repurchase Price on the Deposit Application Date. 
 3.08.      Voting and Consents under Transaction Assets. 
               (a)        Unless and until a Default or Event of Default shall have occurred hereunder, and otherwise in accordance
with Section 10(f), Seller shall have a revocable license to exercise all voting and consent rights with respect to the Transaction Assets, provided that Seller’s exercise of such rights does not materially impair the then-current
Asset Value of any Transaction Asset, is commercially reasonable and does not result in a modification of the Transaction Asset or Transaction Asset Documents that would permit or evidence any action defined as a “Unanimous Decision” in
the Participation Agreement. Such license shall be deemed automatically revoked upon the occurrence of a Default or Event of Default hereunder. 
               (b)        Notwithstanding the provisions of Section 3.08(a), if Seller wishes to
exercise any voting or consent right with respect to the Transaction Assets that does not materially impair the then-current Asset Value of any Transaction Asset and is commercially reasonable, but will or may result in a modification of the
Transaction Asset or Transaction Asset Documents that would permit or evidence any action defined as a “Unanimous Decision” in the Participation Agreement, Seller shall request Buyer’s written consent thereto no later than ten
(10) Business Days prior to the exercise of such voting or consent right. Buyer shall notify Seller within five (5) Business Days thereafter whether or not Buyer grants its 

  

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consent, which consent shall not be unreasonably withheld. If Buyer shall fail to notify Seller of the granting or withholding of consent within such five
(5) Business Day period, then Seller shall give Buyer a reminder notice, which reminder notice shall reiterate the specific details of Seller’s initial request for consent and shall contain the following caption on the first page thereof
in bold and capitalized type: 
 “YOU SHALL BE DEEMED TO HAVE APPROVED SELLER’S REQUEST FOR CONSENT TO A MATTER UNDER SECTION 3.08(b) OF THE
MASTER REPURCHASE AGREEMENT DATED AUGUST 22, 2008, UNLESS YOU RESPOND TO THIS REMINDER NOTICE WITHIN TEN (10) BUSINESS DAYS AFTER YOUR RECEIPT OF THIS REMINDER NOTICE.” 
 If Seller sends such reminder notice to Buyer as aforesaid and Buyer fails to respond to Seller within ten (10) Business Days after its receipt of such reminder notice by approving Seller’s request for
consent under this Section 3.08(b) or stating Buyer’s reason for disapproval, then Buyer shall be deemed to have approved the Seller’s request for consent under this Section 3.08(b) but such deemed approval shall not relieve
Seller of compliance with the other provisions of this Section 3.08. 
               (c)        If Buyer notifies Seller within the five (5) Business Day period referenced in Section 3.08(b)
that it has elected to withhold consent to Seller’s request made under Section 3.08(b), Seller shall nonetheless be entitled to exercise the voting or consent right that is the subject of Seller’s request; provided, however, that if,
on the date of Seller’s initial request for consent, the quotient of (a) the outstanding Repurchase Price of the Transaction Assets divided by (b) the aggregate outstanding principal amount of the Transaction Assets, shall be greater
than fifty percent (50%), Seller shall, commencing on the next occurring Payment Date, make Forced Amortization Payments on each Payment Date in reduction of the Repurchase Price of the Transaction Assets, each in an amount equal to one percent
(1%) of the outstanding principal portion of the Repurchase Price of the Transaction Assets, until such time as the quotient of (a) the outstanding Repurchase Price of the Transaction Assets divided by (b) the aggregate outstanding
principal amount of the Transaction Assets, shall be equal to fifty percent (50%). 
 Section 4.          Payments; Computations; Etc. 
 4.01.      Payments. 
               (a)        On or before the date hereof, Seller and Buyer shall establish and maintain with the Depository Bank a
deposit account owned by, in the name of and under the sole control of Buyer with respect to which the Blocked Account Agreement shall have been executed (such account, together with any replacement or successor thereof, the “Collection
Account”). Seller shall cause all Income or other assets (if cash) with respect to the Transaction Assets to be deposited in the Collection Account no later than the next Business Day following the collection and receipt thereof by Seller
or the Servicer (or, if received by Seller or the Servicer after 1:00 p.m. New York time, no later than the second (2nd) Business Day following the collection and receipt thereof by Seller or the Servicer). Simultaneously with the transfer of
any Transaction Assets to Buyer, Seller shall deliver to each Transaction Asset Obligor (or the related collection account bank, as applicable), or the related lead lender or servicer under a Transaction Asset, an irrevocable direction letter in
form and substance reasonably satisfactory to Buyer instructing such Person to remit to the Collection Account all amounts payable to Seller under the related Transaction Assets (unless such Transaction Asset Obligor or related servicer or lender is
already remitting payments to Servicer, whereupon Seller shall direct Servicer to remit all such amounts into the Collection Account and service such payments in accordance with the Servicing Agreement and the provisions hereof) and shall provide to
Buyer written proof of such delivery. If a Transaction Asset Obligor (or the related collection account bank) or the related lead lender or servicer under a Transaction Asset forwards any Income with respect to such Transaction Asset to Seller
rather than directly to the Collection Account, 

  

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Seller shall (i) deliver an additional irrevocable direction letter to the applicable Person and cause such Person to forward such amounts directly to
the Collection Account and (ii) hold such amounts in trust for Buyer and immediately deposit in the Collection Account any such amounts. All Income in respect of the Transaction Assets, which may, except with respect to the Initial Transaction
Asset, include payments in respect of associated Hedging Transactions, shall be deposited directly into, or, if applicable, remitted directly from the applicable underlying collection account to, the Collection Account. 
               (b)        So
long as no Event of Default shall have occurred and be continuing, all Income on deposit in the Collection Account in respect of the Transaction Assets (and, except with respect to the Initial Transaction Asset, the associated Hedging Transactions)
during each month shall be applied by the Buyer on the fifteenth (15th) day of each subsequent month (or the first Business Day thereafter if the fifteenth (15th) day of the month is not a Business Day) as follows: 
                           (i)        first, to Buyer an amount
equal to all Late Fees and other amounts payable by Seller and outstanding hereunder and under the other Transaction Documents (other than the Repurchase Price); 
                           (ii)        second, to Buyer an
amount equal to the Periodic Advance Repurchase Payment which has accrued and is outstanding in respect of the Transactions as of such first Business Day of each subsequent month; 
                           (iii)        third, if a principal
payment in respect of any Transaction Asset has been made during such period, or if Seller has received any other payment to which Seller is entitled under any Transaction Asset Document or otherwise, to Buyer, in respect of the related Repurchase
Price an amount equal to the product of the amount of such principal or other payment multiplied by the quotient of (x) the outstanding amount of the Repurchase Price of the Initial Transaction Asset divided by (y) the outstanding
principal amount of the Initial Transaction Asset immediately prior to such principal or other payment; and 
                           (iv)        fourth, to remit to
Seller the remainder, if any. 
 If on the fifteenth (15th) day of any month, the amounts deposited in the Collection
Account shall be insufficient to make the payments required under clauses (i) through (iii) of this Section 4.01(b), the same shall constitute an Event of Default hereunder if the shortfall amount is not paid in full by Seller within
one (1) Business Day after such fifteenth (15th) day of the month. 
               (c)        If an Event of Default shall have occurred and be continuing, all Income on deposit in the Collection
Account in respect of the Transaction Assets (and, except with respect to the Initial Transaction Asset, the associated Hedging Transactions) shall be applied on the Business Day next following the Business Day on which such funds are deposited in
the Collection Account as follows: 
                           (i)        first, to Buyer, all Late
Fees and all other amounts payable by Seller and outstanding hereunder and under the other Transaction Documents (other than the Repurchase Price); 
                           (ii)        second, to Buyer, an
amount equal to the Periodic Advance Repurchase Payment which has accrued and is outstanding in respect of the Transactions as of such Business Day; 
                           (iii)        third, to Buyer, in
respect of the aggregate Repurchase Price of the Transaction Assets, until such aggregate Repurchase Price has been reduced to zero; and 
                           (iv)        fourth, to Seller, the
remainder. 
  

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               (d)        If at any time during the term of any Transaction any Income is distributed to Seller or Seller has
otherwise received such Income and has made a payment in respect of such Income to Buyer pursuant to this Section 4.01, and for any reason such amount is required to be returned by Buyer to the Transaction Asset Obligor under such Transaction
Asset (either before or after the Repurchase Date), Buyer may provide Seller with notice of such required return, and Seller shall pay the amount of such required return to Buyer by 11:00 a.m., New York time, on the Business Day following
Seller’s receipt of such notice. 
               (e)        Except to the extent otherwise expressly provided herein, if the due date of any payment under this
Agreement would otherwise fall on a day that is not a Business Day, such date shall be extended to the next succeeding Business Day, and Periodic Advance Repurchase Payment shall be payable for any Repurchase Price so extended for the period of such
extension. 
 4.02.      Computations.    The amount of Periodic
Advance Repurchase Payments and Late Fees shall be computed on the basis of a 360-day year for the actual days elapsed (including the first day but excluding the last day) occurring in the period for which payable. Buyer shall determine any Pricing
Rate or Late Fee Rate payable with respect to Transactions hereunder, and such determination shall be conclusive and binding, absent manifest error. 
 4.03.      Intentionally Omitted. 
 4.04.      Booking of Transactions.    Without limitation of Buyer’s rights to sell, assign or transfer a Transaction or any interest therein, including any participation
interest therein, at any time and from time to time, Buyer may make, carry or transfer such Transaction at, to, or for the account of any of its branch offices or the office of an Affiliate of Buyer. 
 4.05.      Buyer’s Funding of Eurodollar Rate Transactions.    Seller
hereby expressly acknowledges and agrees that Buyer may fund a Transaction in any manner it sees fit, including (i) through the actual purchase of a Eurodollar deposit bearing interest at the rate obtained pursuant to the definition of
Eurodollar Rate in an amount equal to the Purchase Price of such Transaction and having a maturity comparable to the relevant payment period or (ii) through Buyer’s entering into or purchase of repurchase agreements, interest rate
agreements, swap agreements or other arrangements in such amounts as Buyer shall determine (and which amounts may or may not, in Buyer’s sole discretion, be “match funded” to such Transaction). Calculation of all amounts payable to
Buyer under this Section 4.05 shall be made as though Buyer had actually funded such Transaction through the purchase of a Eurodollar deposit bearing interest at the rate obtained pursuant to the definition of Eurodollar Rate in an amount equal
to the amount of such Transaction and having a maturity comparable to the relevant payment period and through the transfer of such Eurodollar deposit from an off-shore office of Buyer to a domestic office of Buyer in the United States of America;
provided, however, that Buyer may fund such Transaction in any manner it sees fit and the foregoing assumptions shall be utilized only for purposes of calculating amounts payable under this Section 4.05. 
 4.06.      Limitation on Types of Transactions; Illegality.    Anything herein
to the contrary notwithstanding, if: 
               (a)        Buyer determines, which determination shall be conclusive, that quotations of interest rates for the
relevant deposits referred to in the definition of “Eurodollar Base Rate” in Section 2.01 hereof are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the amounts of Periodic Advance
Repurchase Amounts or of Late Fees for Transactions; or 
  

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               (b)        Buyer determines, which determination shall be conclusive, that the relevant rate of interest referred to
in the definition of “Eurodollar Base Rate” in Section 2.01 hereof upon the basis of which the Pricing Rate for Transactions is to be determined is not likely adequate to cover the cost to Buyer of making or maintaining Transactions;
or 
               (c)        Buyer determines, which determination shall be conclusive, that it is or will be unlawful for Buyer to
honor its obligation to make or maintain Transactions hereunder using a Eurodollar Rate as a result of compliance by Buyer in good faith with any law, treaty, governmental rule, regulation, guideline or order (or would conflict with any such treaty,
governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful); then Buyer shall give Seller prompt notice thereof and, so long as such condition remains in effect,
Buyer shall be under no obligation to enter into additional Transactions, and Seller shall either repurchase all such Transaction Assets as may be held by Buyer or pay Periodic Advance Repurchase Payments on such Transactions at a Pricing Rate per
annum equal to the Eurodollar Substitute Rate, such rate to be applied from the date of the occurrence of such condition and until such repurchase. 
 4.07.      Income Payments.    Subject to Sections 4.01 and 10(m) hereof, Seller shall be entitled to receive an amount equal to all Income paid or distributed
on or in respect of the Transaction Assets that is not otherwise received by Seller, to the full extent it would be so entitled if the Transaction Assets had not been sold to Buyer; provided that in no event shall Buyer be entitled to
receive any proceeds received from any Transaction Asset Obligor in connection with the refinancing and/or final distribution to Buyer with respect to any Transaction Assets to the extent same exceeds the sums provided to be paid to Buyer under
Section 3.06 and Section 8.20 of this Agreement. 
 4.08.      Compensation for
Increased Costs.    If Buyer shall in good faith determine that any change in any law, treaty or governmental rule, regulation or order, or in the interpretation, administration or application thereof, or any determination of
a court or governmental authority, or compliance with any guideline, request or directive issued or made by any central bank or other governmental or quasi-governmental authority (whether or not having the force of law): 
               (a)        imposes, modifies or holds applicable any reserve (including any marginal, emergency, supplemental,
special or other reserve), special deposit, compulsory loan, FDIC insurance or similar requirement against assets held by, or deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended by, or any other
acquisition of funds by, any office of Buyer; or 
               (b)        imposes any other condition on or affecting Buyer or its obligations hereunder or the interbank
Eurodollar market; 
 and the result of any of the foregoing is to increase the cost to Buyer of agreeing to enter into, entering into or remain a party to,
the Transactions hereunder or to reduce any amount received or receivable by Buyer with respect thereto; then, in any such case, Seller shall promptly (but in any event no later than five (5) Business Days following any notice from Buyer of the
same) pay to Buyer, upon receipt of the statement referred to in the next sentence, such additional amount or amounts as may be necessary to compensate Buyer for any such increased cost or reduction in amounts received or receivable hereunder. Buyer
shall deliver to Seller a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to Buyer under this Section 4.08, which statement shall be conclusive and binding upon all parties hereto
absent manifest error. 
 4.09.      No Re-Advances.    No sums
paid, repaid or prepaid by Seller hereunder on account of the Repurchase Price of any Transaction Asset may be re-advanced to Seller. 
  

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 Section 5.          Transaction
Asset Security. 
 5.01.      Transaction Asset; Security Interest. 
               (a)        Pursuant to the Custodial Agreement, the Custodian shall hold the Transaction Asset Documents as
exclusive bailee and agent for the Buyer pursuant to terms of the Custodial Agreement and shall deliver Trust Receipts (as defined in the Custodial Agreement) to the Buyer, each to the effect that it has reviewed such Transaction Asset Documents in
the manner and to the extent required by the Custodial Agreement and identifying any deficiencies in such Transaction Asset Documents as so reviewed. 
               (b)        All of Seller’s right, title and interest in, to and under each of the
following items of property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located, is hereinafter referred to as the “Transaction Asset Items”: 
                           (i)        all Transaction Assets;

                           (ii)        all Transaction Asset Documents,
including without limitation all Confirmations, and all Servicing Records, Servicing Agreements and any other collateral pledged or otherwise relating to such Transaction Assets, together with all files, documents, instruments, surveys,
certificates, correspondence, appraisals, computer programs, computer storage media, accounting records and other books and records relating thereto; 
                           (iii)        all
mortgage guaranties and insurance (issued by governmental agencies or otherwise) and any mortgage insurance certificate or other document evidencing such mortgage guaranties or insurance relating to any Transaction Asset and all claims and payments
thereunder; 
                           (iv)        all other insurance policies and
insurance proceeds relating to any Transaction Asset or the related Mortgaged Property or Underlying Property; 
                           (v)        except with respect to the
Initial Transaction Asset, any Hedging Transactions and Interest Rate Protection Agreements, relating to or constituting any and all of the foregoing; 
                           (vi)        the
Collection Account and all monies from time to time on deposit in the Collection Account; 
                           (vii)        all collateral, however
defined, under any other agreement between Seller or any of its Affiliates on the one hand and Buyer or any of its Affiliates on the other hand (to the extent the inclusion of such collateral in the Transaction Asset Items would not violate the
provisions of such other agreement); 
                           (viii)        all “general
intangibles”, “accounts” and “chattel paper” as defined in the Uniform Commercial Code relating to or constituting any and all of the foregoing; and 
                           (ix)        any and all replacements,
substitutions, distributions on or proceeds of any and all of the foregoing. 
               (c)        The parties intend that the Transactions hereunder be sales and purchases and not loans; provided
that in order to preserve the rights of Buyer under this Agreement in the event that any court or other forum re-characterizes any Transaction hereunder as a loan, Seller shall be deemed to have 

  

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assigned, pledged and granted a security interest in all of its right, title and interest in, to and under the Transaction Assets and the related Transaction
Asset Items described in Section 5.01(b) above to Buyer, as security for the prompt repayment and performance by Seller of its obligations under the Transaction Documents and the Transactions entered into under this Agreement, including,
without limitation, Seller’s obligation to repurchase Transaction Assets at the Repurchase Price, or if such obligation were to be re-characterized as a loan, to repay such loan, and to pay any and all other amounts owing hereunder and any and
all Citi Indebtedness from time to time outstanding (collectively, the “Repurchase Obligations”). Seller agrees to mark its computer records to evidence the interests granted to Buyer hereunder. 
               (d)        Seller acknowledges that neither it nor Guarantor has any rights to service the Transaction Assets but
only has rights as a party to the Servicing Agreement. Without limiting the generality of the foregoing and in the event that Seller or Guarantor is deemed to retain any residual rights under the Servicing Agreement, and for the avoidance of doubt,
Seller grants, assigns and pledges hereby, and Guarantor shall grant, assign and pledge under the Parent Guaranty, to Buyer a security interest in its rights under the Servicing Agreement and proceeds related thereto and in all instances, whether
now owned or hereafter acquired, now existing or hereafter created. The foregoing provision is intended to constitute a “security agreement or arrangement or other credit enhancement” (as defined under Sections 101(47)(v) and
741(7)(xi) of the Bankruptcy Code) related to this Agreement and the Transactions hereunder. 
 5.02.      Further Documentation.    At any time and from time to time, upon the written request of Buyer, and at the sole expense of Seller, Seller will promptly and duly execute and
deliver and, to the extent required by Buyer, record in the applicable public records, or will promptly cause to be executed, delivered and so recorded, such further instruments and documents and take such further action as Buyer may reasonably
request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, the filing of any financing or continuation statements under the Uniform Commercial
Code in effect in any jurisdiction with respect to the Liens created hereby or assignment of the Transaction Asset Documents. Seller also hereby authorizes Buyer to file any such financing or continuation statement without the signature of Seller to
the extent permitted by applicable law. A carbon, photographic or other reproduction of this Agreement shall be sufficient as a financing statement for filing in any jurisdiction. 
 5.03.      Changes in Locations, Name, etc.    Seller shall not (i) change
the location of its chief executive office/chief place of business from that specified in Section 7.11 hereof or (ii) change its name, identity or corporate structure (or the equivalent) or change the location where it maintains its
records with respect to the Transaction Assets unless it shall have given Buyer at least fifteen (15) days prior written notice thereof and shall have delivered to Buyer all Uniform Commercial Code financing statements and amendments thereto as
Buyer shall request and taken all other actions deemed necessary by Buyer to continue its perfected status in the Transaction Asset with the same or better priority. 
 5.04.      Buyer’s Appointment as Attorney-in-Fact. 
               (a)        Seller hereby irrevocably constitutes and appoints Buyer and any officer or agent
thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Seller and in the name of Seller or in its own name, from time to time in Buyer’s discretion,
for the purpose of carrying out the terms of this Agreement if an Event of Default shall have occurred and be continuing, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable
to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, Seller hereby gives Buyer the power and right, on behalf of Seller, without assent by, but with notice to, Seller, if an Event of Default shall have
occurred and be continuing, to do the following: 
  

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                           (i)        in the name of Seller or its own
name, or otherwise, to take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any mortgage insurance or with respect to any other Transaction Asset and to file any
claim or to take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by Buyer for the purpose of collecting any and all such moneys due under any such mortgage insurance or with respect to any other
Transaction Asset whenever payable; 
                           (ii)        to pay or discharge taxes and
Liens levied or placed on or threatened against the Transaction Assets; and 
                           (iii)        (A) to direct any party liable
for any payment under any Transaction Asset to make payment of any and all moneys due or to become due thereunder directly to Buyer, or as Buyer shall direct; (B) to ask or demand for, collect, receive payment of and receipt for, any and all
moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Transaction Asset; (C) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any of the
Transaction Assets; (D) to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Transaction Assets or any portion thereof and to enforce any other right in respect of
any Transaction Asset; (E) to defend any suit, action or proceeding brought against Seller with respect to any Transaction Asset; (F) to settle, compromise or adjust any suit, action or proceeding described in clause (E) above and, in
connection therewith, to give such discharges or releases as Buyer may deem appropriate; and (G) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Transaction Assets as fully and
completely as though Buyer were the absolute owner thereof for all purposes, and to do, at Buyer’s option and Seller’s expense, at any time, and from time to time, all acts and things which Buyer deems necessary to protect, preserve or
realize upon the Transaction Assets and Buyer’s Liens thereon and to effect the intent of this Agreement, all as fully and effectively as Seller might do. 
 Seller hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an interest and shall be irrevocable. 
               (b)        Seller also authorizes Buyer, at any time and from time to time, to execute, in connection with any sale
provided for in Section 10(f) hereof, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Transaction Assets. 
               (c)        The powers conferred on Buyer pursuant to this
Section 5.04 are solely to protect Buyer’s interests in the Transaction Assets and shall not impose any duty upon Buyer to exercise any such powers. Buyer shall be accountable only for amounts that it actually receives as a result of the
exercise of such powers, and neither Buyer nor any of its shareholders, officers, directors, or employees shall be responsible to Seller for any act or failure to act hereunder, except for its own gross negligence or willful misconduct. 

5.05.      Performance by Buyer of Seller’s Obligations.    If Seller
fails to perform or comply with any of its agreements contained in the Transaction Documents (except with respect to the payment of any amounts, whether in respect of any principal, interest or otherwise, owing to any Buyer under this Agreement or
any other Transaction Document), Buyer may itself perform or comply, or otherwise cause performance or compliance, with such agreement, and the expenses of Buyer incurred in connection with such performance or compliance, together with interest
thereon at a rate per annum equal to the Late Fee Rate, shall be payable by Seller to Buyer on demand and shall constitute Repurchase Obligations. 
  

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 5.06.      Limitation on Duties Regarding Preservation
of Transaction Assets.    Buyer’s duty with respect to the custody, safekeeping and physical preservation of the Transaction Asset Items in its possession, under Section 9-207 of the Uniform Commercial Code or
otherwise, shall be to deal with such Transaction Asset Items in the same manner as Buyer deals with similar property for its own account. Neither Buyer nor any of its directors, officers or employees shall be liable for failure to demand, collect
or realize upon all or any part of the Transaction Assets or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Transaction Asset upon the request of Seller or otherwise. 
 5.07.      Powers Coupled with an Interest.    All authorizations and agencies
herein contained with respect to the Transaction Assets are irrevocable and powers coupled with an interest. 
 5.08.       Release of Security Interest.    Upon termination of this Agreement, the performance of all obligations under the Transaction Documents and repayment to Buyer of all
Repurchase Obligations, Buyer shall release its security interest in any remaining Transaction Assets. 
 5.09.       Release of Transaction Assets.     Provided that no Default or Event of Default shall exist (other than one that (a) relates solely to the Transaction Asset to
be released and (b) will be cured simultaneously with or by such release) and that Seller shall have paid all sums then due under the Transaction relating thereto, upon (i) Seller’s payment in full of the Asset-Specific Transaction
Balance with respect to such Transaction Asset to be released together with all accrued but unpaid Periodic Advance Repurchase Payments on the applicable Transaction to the date of payment and all other sums then due under such Transaction,
and (ii) receipt by Buyer of a written request from Seller for the release of such Transaction Asset, Buyer shall as soon as practicable release (and Buyer shall reasonably cooperate with Seller to facilitate reasonable escrow arrangements
to facilitate a simultaneous release of) the related Transaction Asset Documents and the related Transaction Asset and any Liens related thereto to Seller. Buyer shall with reasonable promptness, after a written request from Seller, execute any
document or instrument necessary to effectuate such release. 
 Section 6.          Conditions Precedent. 
 6.01.      Initial Transaction.    The obligation of Buyer to enter into the initial Transaction hereunder is subject to the satisfaction, immediately prior to or concurrently with
the entering into such Transaction, of the condition precedent that Buyer shall have received all of the following items, each of which shall be satisfactory to Buyer and its counsel in form and substance: 
               (a)        Transaction Documents. 
                           (i)        Master Repurchase
Agreement.    This Agreement, duly executed and delivered by Seller; 
                           (ii)        Custodial
Agreement.    The Custodial Agreement, duly executed and delivered by Seller and the Custodian; 
                           (iii)        Parent
Guaranty.    The Parent Guaranty, duly completed and executed; and 
                           (iv)        Blocked Account
Agreement.    A Blocked Account Agreement, duly executed by the parties thereto. 
  

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               (b)        Organizational Documents.    A good standing certificate and certified copies
of the certificate of formation and limited liability company agreement of Seller and of all limited liability company or other authority for Seller with respect to the execution, delivery and performance of the Transaction Documents and each other
document to be delivered by Seller from time to time in connection herewith (and Buyer may conclusively rely on such certificates until it receives notice in writing from Seller to the contrary), and (ii) a good standing certificate and
certified copies of the certificate of incorporation and by-laws for Guarantor and of all resolutions or other authority for Guarantor with respect to the execution, delivery and performance of the Transaction Documents to which each such Guarantor
is a party and each other document to be delivered by each such Guarantor from time to time in connection herewith (and Buyer may conclusively rely on such certificates until it receives notice in writing from Seller to the contrary); 
               (c)        Legal Opinions.    (i) The legal opinion of counsel to Seller referred to
in Section 3.03(b)(viii)(A), (ii) a legal opinion of counsel to Seller and Guarantor as to Delaware state law matters and a Delaware law “authority to file” opinion, each reasonably satisfactory in scope and form to Buyer, and
(iii) a legal opinion of counsel to Seller and Guarantor, reasonably satisfactory in scope and form to Buyer, as to the separate existence of Seller and Guarantor, and certain factual matters which would be determinative of the probability
that, in the event that Guarantor were to become a debtor under 11 U.S.C. § 101 et seq., a federal bankruptcy court would not disregard such separate existence and consolidate the assets and liabilities of Seller with
such debtor entity; 
               (d)        Trust Receipt and Transaction Asset Schedule and Exception Report.    A Trust
Receipt, substantially in the form of Annex 2 of the Custodial Agreement, dated the Effective Date, from the Custodian, duly completed, with a Transaction Asset Schedule and Exception Report attached thereto; 
               (e)        Servicing Agreement(s).    Any Servicing Agreement, certified as a true,
correct and complete copy of the original together, with a fully executed Servicer Notice and, if the Servicer is Seller or an Affiliate of Seller, the letter of the applicable Servicer consenting to termination of such Servicing Agreement upon the
occurrence of an Event of Default; 
               (f)        Seller Fee Reimbursement.    Payment of the Seller Fee Reimbursement, to be
funded to Buyer in accordance with a closing statement to be approved by Buyer and Seller. 
               (g)        Consents, Licenses, Approvals, etc.    Copies certified by Seller of all
consents, licenses and approvals, if any, required in connection with the execution, delivery and performance by Seller of, and the validity and enforceability of, the Transaction Documents, which consents, licenses and approvals shall be in full
force and effect; and 
               (h)        Other Documents.    Such other documents as Buyer may reasonably request.

 6.02.      Initial and Subsequent Transactions.    The making of
each Transaction with Seller (including the initial Transaction) on any Business Day is subject to the delivery of all Transaction Asset Documents pertaining to the Eligible Transaction Assets to be sold for such Transactions, including a
Confirmation, duly executed and delivered by Seller, together with all applicable documents required by Section 3.03(b) and the satisfaction of the following further conditions precedent, both immediately prior to the entering of such
Transaction and also after giving effect thereto and to the intended use thereof: 
               (a)        No Default.    No Default or Event of Default shall have occurred and be
continuing on such date either before or after giving effect to the making of the Purchase Price payment; 
  

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               (b)         Representations and Warranties.    Both immediately prior to the entering
into such Transaction and also after giving effect thereto and to the intended use thereof, the representations and warranties made by Seller and Guarantor in Section 7 and Schedule 1 hereof (or (i) with respect to Citi Assets,
the representations and warranties made by Seller and Guarantor in Section 7 and the Citi Asset Representations, and (ii) with respect to DYT Assets, the representations and warranties made by Seller and Guarantor in Section 7 and the
DYT Asset Representations), and by Guarantor in the Parent Guaranty and elsewhere in each of the Transaction Documents, shall be true, correct and complete on and as of the applicable Purchase Date in all material respects (but in the case of the
representations and warranties in Section 7.10 and Schedule 1, or the Citi Asset Representations or the DYT Asset Representations, as applicable, solely with respect to the Transaction Assets) with the same force and effect as if
made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). Buyer shall have received an officer’s certificate signed by a Responsible Officer
of Seller certifying as to the truth, accuracy and completeness of the above, which certificate shall specifically include a statement that Seller is in compliance with all governmental licenses and authorizations and is qualified to do business and
in good standing in all required jurisdictions except where failure so to qualify would not be reasonably likely (either individually or in the aggregate) to have a Material Adverse Effect. Buyer shall also receive a similar Certificate executed by
a Responsible Officer of Guarantor; 
               (c)        Aggregate Asset Value.    The aggregate Purchase Price of all Transaction
Assets heretofore purchased hereunder (including the Transaction Asset(s) contemplated to be purchased on such Purchase Date) shall not exceed the Aggregate Asset Value of all such Transaction Assets; 
               (d)        Due Diligence.    Subject to Buyer’s right to perform one or more Due
Diligence Reviews pursuant to Section 12.15 hereof, Buyer shall have completed its due diligence review of the Transaction Asset Documents for each Eligible Transaction Asset and DYT Asset (other than any Citi Asset) and such other documents,
records, agreements, instruments, mortgaged properties or information relating to such Eligible Transaction Asset or DYT Asset as Buyer deems appropriate to review and such review shall be satisfactory to Buyer in its sole good faith discretion;

               (e)        Transaction Asset Schedule and Exception Report.    Buyer shall have received
from the Custodian a Transaction Asset Schedule and Exception Report with only such Exceptions as are acceptable to Buyer in its sole good faith discretion in respect of Eligible Transaction Assets or DYT Assets to be sold hereunder on such Business
Day; 
               (f)        Trust Receipt.    In the case of a Transaction Asset that is “Non-Table
Funded”, Buyer shall have received a Trust Receipt dated the Effective Date, substantially in the form of Annex 2 to the Custodial Agreement, from the Custodian, duly completed, with a Transaction Asset Schedule and Exception Report
attached thereto. In the case of a Transaction Asset that is “Table Funded”, Buyer shall have received a Bailee’s Trust Receipt and Certification substantially in the form of Attachment 2 of Exhibit H hereto, from the Bailee,
duly completed, with a Transaction Asset Schedule and Exception Report attached thereto; 
               (g)        Legal Opinion.    As to all Transaction Assets (including DYT Assets), a legal
opinion of counsel to Seller in a form satisfactory to Buyer in its sole good faith discretion, including, without limitation, as to the enforceability of this Agreement as supplemented by the related Confirmation, the enforceability of the Transfer
Documents and as to the valid creation and perfection of the Buyer’s security interest in each of the Transaction Asset Items and each of the items specified in the related Assignment and Pledge; 
  

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               (h)        Filings, Registrations, Recordings.    Any documents (including, without
limitation, financing statements) required to be filed, registered or recorded in order to create, in favor of Buyer, a perfected, first-priority security interest in the Transaction Assets, subject to no Liens other than those created hereunder,
shall have been properly prepared and executed for filing (including the applicable county(ies) if Buyer determines such filings are necessary in its sole good faith discretion), registration or recording in each office in each jurisdiction in which
such filings, registrations and recordings are required to perfect such first-priority security interest; provided that, assignments of the Mortgages securing or related to any Transaction Asset shall not be required to be recorded prior to
the occurrence of an Event of Default; 
               (i)        Release Letter.    Buyer shall have received from Seller either (I) a
Warehouse Lender’s Release Letter substantially in the form of Exhibit D-2 hereto (or such other form acceptable to Buyer) or (II) a Seller’s Release Letter substantially in the form of Exhibit D-1 hereto (or such other
form acceptable to Buyer), covering each Eligible Transaction Asset to be sold to Buyer; 
               (j)        Intentionally Omitted. 
               (k)        No Market Events.    With respect
to all Transaction Assets except the Initial Transaction Asset and the DYT Assets, none of the following shall have occurred and/or be continuing: 
                           (i)        any
material change in financial markets, outbreak or escalation of hostilities or material change in national or international political, financial or economic conditions or any other event or events shall have occurred resulting in the effective
absence of a “repo market” or comparable “lending market” for financing debt obligations secured by mortgage loans or securities or resulting in Buyer not being able to finance any Eligible Transaction Asset through the
“repo market” or “lending market” with traditional counterparties at rates which would have been reasonable prior to the occurrence of such event or events; 
                           (ii)        an event or events (including,
without limitation, a general suspension of trading on major stock exchanges or a disruption in or moratorium on commercial banking activities or securities settlement services) shall have occurred resulting in the effective absence of a
“securities market” for securities backed by mortgage loans or an event or events shall have occurred resulting in Buyer not being able to sell securities backed by mortgage loans at prices which would have been reasonable prior to such
event or events; or 
                           (iii)        there shall have occurred a
material adverse change in the financial condition of Buyer which affects (or can reasonably be expected to affect) materially and adversely the ability of Buyer to fund its obligations under this Agreement ;and 
               (l)        Transfer Documents.    Buyer shall have received from Seller the executed
Transfer Documents with respect to the related Transaction Asset(s) and Transaction Asset Items, including, without limitation, any allonges, endorsements, powers and other instruments required to transfer the Transaction Assets to Buyer.

 Each Confirmation by Seller hereunder shall constitute a certification by Seller that all the conditions set forth in this Section 6 (other than
Section 6.02(l)) have been satisfied (both as of the date of such notice, request or confirmation and as of the date of such Transaction). 
 6.03.      Additional Requirements. 
  

 41 

               (a)        Seller and Buyer recognize and agree that the categories of Transaction Assets defined herein as
categories of assets which may be submitted by Seller to Buyer for review by Buyer as Eligible Transaction Assets or DYT Assets hereunder are general in nature and that the full scope of such Transaction Asset categories may be unknown.
Consequently, the appropriate requirements are not fully known for (i) the documents to be provided by Seller for underwriting and due diligence review by Buyer and (ii) submittals by Seller in order to transfer ownership or to create and
perfect a precautionary first priority security interest in any Transaction Asset, as the case may be. Therefore, Seller and Buyer agree that, as a further condition precedent to funding a Transaction in respect of any Transaction Asset hereunder,
and as a further condition precedent to the conveyance to Buyer of any DYT Asset selected by Buyer under Section 3.04, Seller shall have delivered to Buyer (I) all information and original documents determined by Buyer in good faith to be
required for the transfer of ownership or the granting and perfection of a precautionary first priority security interest therein, as the case may be, and (II) (A) with respect to Citi Assets, copies (or originals, to the extent reasonably
available) of documents received by Seller (or in the case of a DYT Asset that is a Citi Asset, by Seller or by the Subsidiary of Guarantor that is the owner of such DYT Asset) in connection with the acquisition thereof, and (B) with respect to
all Eligible Transaction Assets and DYT Assets that are not Citi Assets, copies (or originals, to the extent reasonably available) of (1) all material documents constituting the Asset File, and (2) all information and other documents
determined by Buyer in good faith to be required for its underwriting and examination of such Transaction Asset and that are available to Seller after the exercise of commercially reasonable efforts to obtain same. 
               (b)        Without limiting the generality of Section 6.03(a), Seller shall execute and deliver all documents
necessary for transfer of a valid ownership interest and the granting of a precautionary first priority security interest in any Eligible Transaction Asset, including without limitation (i) all instruments evidencing indebtedness payable to or
pledged to Seller as security for a loan, (ii) all instruments granting or perfecting a security interest for the benefit of Seller or pledged to Seller as security for a loan (including, without limitation, collateral assignments, pledge
agreements and UCC financing statements), (iii) all instruments evidencing an interest in an entity pledged to Seller as security for a loan (including partnership interests, shares of corporate stock, participation interests, and other
beneficial interests of any kind), (iv) all instruments guaranteeing the repayment of indebtedness owed to Seller, or pledged to Seller for the repayment of a Transaction and (v) all agreements among holders of debt or equity interests
providing for a priority among such parties of interests in related assets forming the basis of a Transaction Asset. 
 Section 7.          Representations and Warranties.    Seller represents and warrants to Buyer for itself and on behalf of Guarantor that throughout the term
of this Agreement: 
 7.01.      Existence.    The Seller is a
Delaware limited liability company, duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. Seller (a) has all requisite limited liability company or other power, and has all governmental
licenses, authorizations, consents and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted, except where the lack of such licenses, authorizations, consents and approvals would not be
reasonably likely to have a Material Adverse Effect; and (c) are qualified to do business and is in good standing in all other jurisdictions in which the nature of the business conducted by it makes such qualification necessary, except where
failure so to qualify would not be reasonably likely (either individually or in the aggregate) to have a Material Adverse Effect. Seller is a wholly-owned indirect subsidiary of Guarantor. The organizational structure chart of Guarantor attached as
Schedule 6 hereto is true, accurate and complete as of the Effective Date. 
 7.02.      Financial Condition.    Seller has heretofore furnished to Buyer a copy of (a) the consolidated balance sheet of Guarantor and the consolidated Subsidiaries of
Guarantor for the fiscal year 

  

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ended December 31, 2007 and the related consolidated statements of income and stockholders equity and of cash flows for Guarantor and its consolidated
Subsidiaries for such fiscal year, setting forth in each case in comparative form the figures for the previous year, with the opinion thereon of Ernst & Young and (b) Guarantor’s consolidated balance sheet and the consolidated
balance sheets of its consolidated Subsidiaries for the quarterly fiscal period of such entity ended March 31, 2008 and the related consolidated statements of income and stockholders equity and of cash flows for Guarantor and its consolidated
Subsidiaries for such quarterly fiscal period[s], setting forth in each case in comparative form the figures for the previous year. All such financial statements are complete and correct and fairly present, in all material respects, the consolidated
financial condition of Guarantor and its Subsidiaries and the consolidated results of their operations as at such dates and for such fiscal periods, all in accordance with GAAP applied on a consistent basis. Since March 31, 2008, there has been
no material adverse change in the consolidated business, operations or financial condition of Guarantor and its consolidated Subsidiaries taken as a whole, from that set forth in said financial statements. 
 7.03.      Litigation, Etc.    No Act of Insolvency has ever occurred with
respect to Seller or Guarantor. There is no action, suit, proceeding, investigation, or arbitration pending or, to the best knowledge of Seller, threatened against Seller or Guarantor or any of their respective assets, nor is there any action, suit,
proceeding, investigation, or arbitration pending or, to Seller’s best knowledge, threatened against Guarantor which would reasonably be expected to result in any material adverse change in the business, operations, financial condition,
properties, or assets of Seller or Guarantor, or which may have an adverse effect on the validity of the Transaction Documents or any action taken or to be taken in connection with the obligations of Seller under any of the Transaction Documents.
Seller is in compliance in all material respects with all Requirements of Law. Neither Seller nor Guarantor is in default in any material respect with respect to any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or
Governmental Authority. 
 7.04.      No Breach.    Neither the
execution and delivery of the Transaction Documents, nor consummation by Seller of the transactions contemplated by the Transaction Documents (or any of them), nor compliance by Seller with the terms, conditions and provisions of the Transaction
Documents (or any of them) will conflict with or result in a breach of any of the terms, conditions or provisions of (i) the certificate of formation and operating agreement of Seller or respective organizational documents of Guarantor,
(ii) any contractual obligation to which Seller or Guarantor is now a party or the rights under which have been assigned to Seller or Guarantor or the obligations under which have been assumed by Seller or Guarantor or to which the assets of
Seller or Guarantor are subject or constitute a default thereunder in any material respect, or result thereunder in the creation or imposition of any lien upon any of the assets of Seller or Guarantor, other than pursuant to the Transaction
Documents, (iii) any judgment or order, writ, injunction, decree or demand of any court applicable to Seller, or (iv) any applicable Requirement of Law in any material respect. Seller has all necessary licenses, permits and other consents
from Governmental Authorities necessary to acquire, own and sell the Initial Transaction Asset and for the performance of its obligations under the Transaction Documents except where the failure to have any such license, permit or consent would not
have a Material Adverse Effect. 
 7.05.      Action.    Seller has
all necessary limited liability company power, authority and legal right to execute, deliver and perform its obligations under each of the Transaction Documents; the execution, delivery and performance by Seller of each of the Transaction Documents
have been duly authorized by all necessary corporate or other action on its part; and each Transaction Document has been duly and validly executed and delivered by Seller and constitutes a legal, valid and binding obligation of Seller, enforceable
against Seller, in accordance with its terms. 
 7.06.      Approvals.    No authorizations, approvals or consents of, and no filings or registrations with, any Governmental Authority or any securities exchange are necessary for the
execution, delivery or 

  

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performance by Seller of the Transaction Documents or for the legality, validity or enforceability thereof, except for filings and recordings in respect of
the Liens created pursuant to this Agreement. 
 7.07.      Use of Proceeds; Margin
Regulations.    Neither the entering into any Transaction hereunder, nor the use of the proceeds thereof, will violate or be inconsistent with any provisions of Regulation T, U or X. In addition, no part of the proceeds
of any Transaction will be used, whether directly, indirectly, immediately, incidentally or ultimately (i) to purchase or carry any “margin stock” within the meaning of Regulation U or to refund indebtedness originally incurred
for such purpose, or (ii) for any purpose which entails a violation of, or is inconsistent with, such Regulation U or any other regulations of the Board of Governors of the Federal Reserve System, or (iii) for any purposes prohibited
by any applicable law, order, rule, regulation, ordinance or similar code or restriction. If requested by Buyer, Seller, any applicable Affiliate or Subsidiary of Seller and the recipient of any portion of the proceeds all or any portion of any
Transaction shall furnish to Buyer a statement on Federal Reserve Form G-3 referred to in Regulation U or any successor form thereto. 
 7.08.      Taxes.    Seller and Guarantor and their respective Subsidiaries have filed all Federal income tax returns and all other material tax returns that
are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by any of them, except for any such taxes as are being appropriately contested in good faith by appropriate proceedings
diligently conducted and with respect to which adequate reserves have been provided. The charges, accruals and reserves on the books of Seller and Guarantor and their respective Subsidiaries in respect of taxes and other governmental charges are, in
the opinion of Seller, adequate. 
 7.09.      Investment Company
Act.    Neither Seller nor Guarantor nor any of their respective Subsidiaries is an “investment company”, or a company “controlled” by an “investment company,” within the meaning of the 1940 Act.

 7.10.      Transaction Assets; Transfer of Ownership and Precautionary Security
Interest. 
               (a)        Seller has not assigned, pledged, or otherwise conveyed or encumbered any interest in the Transaction
Assets to any other Person. Immediately prior to the sale and precautionary pledge of such Eligible Transaction Asset to Buyer, Seller, the Transaction Asset shall be free and clear of any lien, encumbrance or impediment to transfer (including any
“adverse claim” as defined in Section 8-102(a)(1) of the UCC), and Seller shall be the record and beneficial owner of and shall have good and marketable title to and the right to sell and transfer the Transaction Asset to Buyer and,
upon transfer of any Transaction Asset to Buyer, Buyer shall be the owner of such Transaction Asset (other than for U.S. Federal, state and local income and franchise tax purposes) free of any adverse claim, subject to Seller’s rights pursuant
to this Agreement. Seller has full right, power and authority to sell and assign to Buyer the Transaction Assets free and clear of any interest or claim of third party or any of its Affiliates. No Transaction Asset sold or to be sold to Buyer
hereunder was acquired by Seller from an Affiliate of Seller. In the event the related Transaction is recharacterized as a secured financing of the Transaction Asset, the provisions of this Agreement are effective to create in favor of Buyer a valid
security interest in all rights, title and interest of Seller in, to and under the Transaction Assets and Buyer shall have a valid, perfected first priority security interest in the Transaction Assets. 
               (b)        Upon satisfaction of all conditions precedent to a Transaction hereunder, the provisions of this
Agreement are effective to either constitute a sale of the applicable Transaction Assets or create in favor of Buyer, a valid security interest in all right, title and interest of Seller in, to and under the applicable Transaction Assets.

  

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               (c)        With respect to each Transaction Asset, upon receipt by the Custodian of each Transaction Asset Note,
endorsed in blank by a duly authorized officer of Seller (provided that, a Transaction Asset Note will not be delivered with respect to a B Note or a Preferred Equity Interest, unless the B Note is evidenced by a Transaction Asset
Note), the Buyer shall have a fully perfected first priority security interest therein, in the Transaction Asset evidenced thereby and in Seller’s interest in the related Mortgaged Property or Underlying Property, as applicable. 
               (d)        Upon the filing of financing statements on Form UCC-1 naming Buyer as “Secured Party” and
Seller as “Debtor”, and describing the Transaction Assets and Transaction Asset Items, in the jurisdictions and recording offices listed on Schedule 2 attached hereto, the security interests granted hereunder in the Transaction
Assets and Transaction Asset Items will constitute a fully perfected first priority security interests under the Uniform Commercial Code in all right, title and interest of Seller in, to and under such Transaction Assets and Transaction Asset Items
which can be perfected by filing under the Uniform Commercial Code. 
               (e)        Upon (i) the delivery to Buyer or its designee of CMBS or other Transaction Assets constituting
securities (as defined in Article 8 of the Uniform Commercial Code) in accordance with Section 6.02 hereof and (ii) the filing of UCC financing statements naming Buyer as “Secured Party” and Seller as “Debtor”, and
describing the Transaction Assets, in the jurisdictions and recording offices for which security interests may be perfected in the Transaction Asset by the filing of UCC financing statements, either Buyer will have a valid ownership interest or the
security interests granted hereunder in the Transaction Asset will constitute fully perfected first priority security interests under the Uniform Commercial Code in all right, title and interest of Seller in, to and under such Transaction Asset,
and, without limiting the foregoing, to the extent that such Transaction Asset is held in an account of Buyer with a “securities intermediary”, Buyer will have a “securities entitlement” (as defined in Article 8 of the Uniform
Commercial Code) in the Transaction Asset referenced in the foregoing clause (i). 
 7.11.      Chief Executive Office/Jurisdiction of Organization.    On the Effective Date, and during the four months immediately preceding the Effective Date, Seller’s chief
executive office is and has been located at 620 Newport Center Drive, Suite 1300, Newport Beach, CA 92660. On the Effective Date, Seller’s jurisdiction of organization is Delaware. 
 7.12.        Location of Books and Records.    The location where
Seller keeps its books and records, including all computer tapes and records relating to the Transaction Asset is its chief executive office. 
 7.13.      Adequate Capitalization; No Fraudulent Transfer.    Seller has, as of each Purchase Date, adequate capital for the normal obligations reasonably
foreseeable in a business of its size and character and in light of its contemplated business operations. Seller is generally able to pay, and as of the date hereof is paying, its debts as they come due. Seller has not become, and is not presently,
financially insolvent nor will Seller be made insolvent by virtue of Seller’s execution of or performance under any of the Transaction Documents within the meaning of the bankruptcy laws or the insolvency laws of any jurisdiction. Seller has
not entered into any Transaction Document or any Transaction pursuant thereto in contemplation of insolvency or with intent to hinder, delay or defraud any creditor. Seller has not received any written notice that any payment or other transfer made
to or on account of Seller from or on account of any Transaction Asset Obligor or any other person obligated under any Transaction Asset Documents is or may be void or voidable as an actual or constructive fraudulent transfer or as a preferential
transfer. 
 7.14.        True and Complete
Disclosure.    The information, reports, financial statements, exhibits and schedules furnished in writing by or on behalf of Seller to Buyer in connection with the negotiation, preparation or delivery of this Agreement and
the other Transaction Documents or included herein or 

  

 45 

 
therein or delivered pursuant hereto or thereto, when taken as a whole, do not, with respect to such matters prepared by Seller or its Affiliates and, to
Seller’s knowledge with respect to such matters prepared or furnished by third parties, contain any untrue statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in light of the
circumstances under which they were made, not misleading. All written information furnished after the date hereof by or on behalf of Seller to Buyer in connection with this Agreement and the other Transaction Documents and the transactions
contemplated hereby and thereby will be (but with respect to information obtained by Seller from Transaction Asset Obligors, only to Seller’s knowledge) true, complete and accurate in every material respect, or (in the case of projections)
based on reasonable estimates, on the date as of which such information is stated or certified. There is no fact known to a Responsible Officer of Seller, after due inquiry, that could reasonably be expected to have a Material Adverse Effect (other
than, with respect to Citi Assets, information already known to Buyer) that has not been disclosed herein, in the other Transaction Documents or in a report, financial statement, exhibit, schedule, disclosure letter or other writing furnished to
Buyer for use in connection with the transactions contemplated hereby or thereby. 
 7.15.      ERISA.    Each Plan to which Seller and Guarantor and their respective Subsidiaries make direct contributions, and, to the knowledge of Seller and Guarantor, each other
Plan and each Multiemployer Plan, is in compliance in all material respects with, and has been administered in all material respects in compliance with, the applicable provisions of ERISA, the Code and any other Federal or State law. No event or
condition has occurred and is continuing as to which Seller would be under an obligation to furnish a report to Buyer under Section 8.01(g) hereof. 
 7.16.      Subsidiaries.    Schedule 3 sets forth the name of each direct or indirect Subsidiary of Seller and Guarantor, and the name of each
shareholder of Guarantor and of each holder of membership interests in Seller, and the form of organization, jurisdiction of organization and the interests held by each direct and indirect shareholder or holder, respectively. 
 7.17.      Servicing Rights.    Seller acknowledges that neither it nor any of
its Affiliates has any right to service any Transaction Asset and such rights are unsevered interests in the Transaction Assets. 
 Section 8.          Covenants of Seller.    Seller covenants and agrees with Buyer that, so long as any Transaction is outstanding and until payment in full
of all Repurchase Obligations: 
 8.01.      Financial Statements, Reports,
etc.    Seller shall deliver to Buyer on behalf of Guarantor: 
               (a)        as soon as available and in any event within forty-five (45) days after the end of each of the first
three quarterly fiscal periods of each fiscal year of Guarantor and its consolidated Subsidiaries, the unaudited, consolidated balance sheet of Guarantor and its consolidated Subsidiaries as at the end of such period and the related unaudited,
consolidated statements of income and stockholders equity and of cash flows of Guarantor and its consolidated Subsidiaries for such period and the portion of the fiscal year through the end of such period, setting forth in each case in comparative
form the figures for the corresponding periods in the previous fiscal year, accompanied by a certificate of a Responsible Officer of Seller, which certificate shall state that said consolidated financial statements fairly present the consolidated
financial condition and results of operations of Guarantor and its consolidated Subsidiaries in accordance with GAAP, consistently applied, as at the end of, and for, such period (subject to normal year-end audit adjustments); 
               (b)        as
soon as available and in any event within ninety (90) days after the end of each fiscal year of Guarantor, commencing with the fiscal year ending December 31, 2008, the consolidated financial statement of Guarantor and its consolidated
Subsidiaries as at the end of such fiscal year, prepared in accordance with GAAP, including the consolidated balance sheets and related consolidated 

  

 46 

 
statements of income and stockholders equity and of cash flows for Guarantor and its consolidated Subsidiaries for such year, setting forth in each case in
comparative form the figures for the previous fiscal year, accompanied by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall not be qualified as to scope of audit or going concern, and
shall state that said annual consolidated financial statements fairly present the consolidated financial condition and results of operations of Guarantor and its consolidated Subsidiaries as at the end of, and for, such fiscal year in accordance
with GAAP; 
               (c)        promptly following receipt from the applicable Transaction Asset Obligor and in no event later than
sixty (60) days following the end of each calendar quarter, unaudited, certified financial statements for each Transaction Asset Obligor under each Transaction Asset (including DYT Assets) that has been conveyed to Buyer under this Agreement,
together with property level information, including but not limited to operating statements and occupancy reports, to the extent available after the exercise of commercially reasonable efforts to obtain such information; 
               (d)        promptly following receipt from the applicable Transaction Asset Obligor and in no event later than
ninety (90) days following the end of each fiscal year, annual unaudited, certified financial statements for each Transaction Asset Obligor under each Transaction Asset financed under this Agreement and operating statements with respect to each
Underlying Property, to the extent available after the exercise of commercially reasonable efforts to obtain such information; 
               (e)        within five (5) Business Days after Buyer’s request, such further information with respect to
the operation of any real property, the Transaction Asset, and the financial affairs of Seller or Guarantor, as may be reasonably requested by Buyer, including all business plans prepared by or for Seller or such Guarantor; 
               (f)        a
copy of any financial or other report Seller shall receive from any Transaction Asset Obligor with respect to any Transaction Asset within fifteen (15) days after Seller’s receipt thereof; 
               (g)        the Monthly Initial Transaction Asset Statement and the Quarterly DYT Asset Report; 
               (h)        such other reports as Buyer shall reasonably require; and 
               (i)        as
soon as reasonably possible, and in any event within fifteen (15) Business Days after a Responsible Officer of Seller knows, or with respect to any Plan or Multiemployer Plan to which Seller or any of its Subsidiaries makes direct
contributions, has reason to believe, that any of the events or conditions specified below with respect to any Plan or Multiemployer Plan has occurred or exists, a statement signed by a senior financial officer of Seller setting forth details
respecting such event or condition and the action, if any, that Seller or its ERISA Affiliate proposes to take with respect thereto (and a copy of any report or notice required to be filed with or given to PBGC by Seller or an ERISA Affiliate with
respect to such event or condition): 
                            (i)        any reportable event, as
defined in Section 4043(c) of ERISA and the regulations issued thereunder, with respect to a Plan, as to which PBGC has not by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days
of the occurrence of such event (provided that, a failure to meet the minimum funding standard of Section 412 of the Code or Section 302 of ERISA, including without limitation the failure to make on or before its due date a required
installment under Section 412(m) of the Code or Section 302(e) of ERISA, shall be a reportable event regardless of the issuance of any waivers in accordance with Section 412(d) of the Code); and any request for a waiver under
Section 412(d) of the Code for any Plan; 
  

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                            (ii)        the distribution under
Section 4041(c) of ERISA of a notice of intent to terminate any Plan or any action taken by Seller or any ERISA Affiliate to terminate any Plan; 
                            (iii)        the institution by PBGC
of proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by Seller or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by
PBGC with respect to such Multiemployer Plan; 
                            (iv)        the complete or partial
withdrawal from a Multiemployer Plan by Seller or any ERISA Affiliate that results in liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by
Seller or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA;

                            (v)        the institution of a
proceeding by a fiduciary of any Multiemployer Plan against Seller or any ERISA Affiliate to enforce Section 515 of ERISA, which proceeding is not dismissed within thirty (30) days; and 
                            (vi)        the adoption of an
amendment to any Plan that would result in the loss of tax-exempt status of the Plan and trust of which such Plan is a part if Seller or any ERISA Affiliate fails to provide timely security to such Plan if and as required by the provisions of
Section 401(a)(29) of the Code or Section 307 of ERISA. 
 Seller will cause Guarantor, to furnish to Buyer, at the time it furnishes each set of
financial statements pursuant to paragraphs (b) and (c) above, a certificate of a Responsible Officer of Guarantor (i) to the effect that, to the best of such Responsible Officer’s knowledge, Guarantor during such fiscal period
or year has observed or performed all of its respective covenants and other agreements, and satisfied every condition, contained in this Agreement and the other Transaction Documents to be observed, performed or satisfied by it, and that such
Responsible Officer has obtained no knowledge of any Default, Event of Default or Material Adverse Effect except as specified in such certificate (and, if any Default or Event of Default has occurred and is continuing, describing the same in
reasonable detail and describing the action Guarantor has taken or proposes to take with respect thereto) and (ii) setting forth a calculation as of the last day of such fiscal quarter the ratio required by Section 8.15. 
 8.02.       Litigation.    Seller will promptly upon becoming aware thereof, and
in any event within ten (10) days after service of process on Seller for any of the following, give to Buyer notice of all litigation, actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing which are
pending against Seller or to Seller’s knowledge, threatened to Seller in writing) or other legal or arbitrable proceedings involving Seller or any of its Subsidiaries or affecting any of the Property of any of them before any
Governmental Authority that (i) questions or challenges the validity or enforceability of any of the Transaction Documents or any action to be taken in connection with the transactions contemplated hereby, (ii) makes a claim or claims in
an aggregate amount greater than $1,000,000, (iii) which, individually or in the aggregate could be reasonably likely to have a Material Adverse Effect, or (iv) requires filing with the Securities and Exchange Commission in accordance with
the 1934 Act and any rules thereunder. 
 8.03.      Existence,
etc.    Seller will: 
               (a)        preserve and maintain its legal existence and all of its material rights, privileges, licenses and
franchises (provided that, nothing in this Section 8.03(a) shall prohibit any transaction 

  

 48 

 
expressly permitted under Section 8.04 hereof or Seller discontinuing any activity, license or franchise which it determines no longer to be worth
maintaining in its commercially reasonable discretion); 
               (b)        comply with the Requirements of Law and orders of Governmental Authorities (including, without
limitation, all environmental laws) if failure to comply with such requirements would be reasonably likely (either individually or in the aggregate) to have a Material Adverse Effect; 
               (c)        keep adequate records and books of account, in which complete entries will be made in accordance with
GAAP consistently applied; 
               (d)        not move its chief executive office from the address referred to in Section 7.11 or change its
jurisdiction of organization from the jurisdiction referred to in Section 7.11 unless it shall have provided Buyer fifteen (15) days’ prior written notice of such change; 
               (e)        pay and discharge prior to the date on which penalties attach thereto all taxes, assessments and
governmental charges or levies imposed on it or on its income or profits or on any of its Property which, if not timely paid, may become a Lien on it or any of its Property, except for any such tax, assessment, charge or levy the payment of which is
being contested in good faith and by proper proceedings and against which adequate reserves are being maintained; and 
               (f)        permit representatives of Buyer, during normal business hours, to examine, copy and make extracts from
its books and records, to inspect any of its Properties, and to discuss its business and affairs with its officers, all to the extent reasonably requested by Buyer. 
 8.04.      Prohibition of Fundamental Changes.    Seller shall not voluntarily enter into any transaction of merger or consolidation or
amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation, winding up or dissolution) or sell all or substantially all of its assets; provided, that Seller may merge or consolidate with any other Person if
(a) Seller is the surviving entity, (b) after giving effect thereto, one hundred percent (100%) of the legal and beneficial membership interest in Seller continues to be owned directly or indirectly by Guarantor, and (c) after
giving effect thereto, no Default or Event of Default would exist hereunder. Seller shall not issue any membership interests in itself. Seller shall not permit Guarantor to allow KBS Debt Holdings, LLC, to assign or transfer all or any portion of
its membership interests in Seller, except to an entity that is a direct or indirect wholly owned Subsidiary of Guarantor and that assumes the obligations of KBS Debt Holdings, LLC under the Participation Agreement, and further provided that no such
assignment or transfer shall affect the legal status of Seller or Guarantor. Anything in this Agreement to the contrary notwithstanding, one hundred percent (100%) of the legal and beneficial membership interest in Seller shall at all times be
owned directly or indirectly by Guarantor, and KBS Capital Markets Group LLC and KBS Capital Advisors LLC shall at all times respectively serve as dealer manager and advisor to Guarantor. 
 8.05.      Debt Yield Test Failure.    If at any time there exists a Debt Yield
Test Failure, Seller shall effect a Debt Yield Test Cure in strict accordance with the requirements of Section 3.04 hereof, but only to the extent that DYT Assets are available for such purpose. 
 8.06.      Notices.    Seller shall give notice to Buyer: 
               (a)        promptly upon receipt of notice or knowledge of the occurrence of any Default or Event of Default;

               (b)        with respect to any Transaction Asset, promptly upon receipt of any principal prepayment (in full or
partial) of such Transaction Asset (provided, that if Servicer has failed to notify 

  

 49 

 
Seller of the receipt of such principal prepayment on a timely basis, and Seller has not otherwise obtained actual knowledge of such prepayment, Seller shall
not be required to give such notice to Buyer until three (3) Business Days after Seller is either notified by Servicer that such prepayment has been received or Seller otherwise obtains actual knowledge of such prepayment); 
               (c)        with respect to any Transaction Asset, immediately upon receipt of written notice or actual knowledge
that the Underlying Property has been damaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty, or otherwise damaged in any material way so as to affect adversely the Asset Value of such Transaction Asset;
provided, however, that upon Seller’s failure to timely comply with this covenant, the Rate Step-Up shall apply to the Initial Transaction Asset for each day after the date Seller receives written notice or actual knowledge of
such event until the date notice of such event is delivered to Buyer, and such failure shall not be deemed an Event of Default hereunder; 
               (d)        promptly upon receipt of written notice or actual knowledge of (i) any
default related to any Transaction Asset, (ii) any Lien or security interest (other than security interests created hereby or by the other Transaction Documents) on, or claim asserted against, any of the Transaction Asset or (iii) any
event or change in circumstances which could reasonably be expected to have a Material Adverse Effect or render any of the representations or warranties set forth in the section of Schedule 1 that is applicable to such Transaction Asset to be
untrue; provided, however, that upon Seller’s failure to timely comply with this covenant, the Rate Step-Up shall apply to the Initial Transaction Asset for each day after the date Seller receives written notice or actual
knowledge of such event until the date notice of such event is delivered to Buyer, and such failure shall not be deemed an Event of Default hereunder; 
               (e)        promptly upon any modification or amendment to any document evidencing or securing
any Transaction Asset sold to Buyer; 
               (f)        with respect to any DYT Asset, no later than five (5) Business Days prior to the sale of any DYT
Asset as permitted under Section 8.21 hereof (which notice shall be accompanied by a supplement to Schedule 5 hereto reflecting the sale of such DYT Asset); and 
               (g)        no later than five (5) Business Days prior to the
effecting of any change in the organizational structure of Seller permitted under Section 8.04, whereby (a) one hundred percent (100%) of the legal and beneficial membership interest in Seller shall no longer be owned by KBS Debt
Holdings, LLC or (b) one hundred percent (100%) of the legal and beneficial membership interest in KBS Debt Holdings, LLC shall no longer be owned by KBS Limited Partnership, or (c) one hundred percent (100%) of the legal and
beneficial partnership interest in KBS Limited Partnership shall no longer be owned by Guarantor. 
 Each notice pursuant to this Section shall be
accompanied by a statement of a Responsible Officer of Seller, setting forth details of the occurrence referred to therein and stating what action Seller has taken or proposes to take with respect thereto. 
 8.07.      Post-Closing DYT Asset Certificate.    Seller shall deliver the
Post-Closing DYT Asset Certificate to Buyer within thirty (30) days after the date hereof; provided, however, that upon Seller’s failure to timely comply with this covenant, the Rate Step-Up shall apply to the Initial
Transaction Asset for each day after the expiration of said thirty (30) day period until the Post-Closing DYT Asset Certificate is delivered to Buyer, and such failure shall not be deemed an Event of Default hereunder. 
 8.08.      Intentionally Omitted. 
  

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 8.09.      Intentionally Omitted. 
 8.10.      Transactions with Affiliates.    Seller will not enter into any
transaction relating to a Transaction Asset, including without limitation any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate unless such transaction is (a) contemplated by or not otherwise
prohibited under the Transaction Documents, (b) in the ordinary course of Seller’s business and (c) upon fair and reasonable terms no less favorable to Seller than it would obtain in a comparable arm’s length transaction with a
Person which is not an Affiliate, or make a payment that is not otherwise permitted by this Section 8.10 to any Affiliate. 
 8.11.      Limitation on Liens.    Seller will defend the Transaction Assets and Transaction Asset Items against, and will take such other action as is necessary to remove, any Lien,
security interest or claim on or to the Transaction Assets and Transaction Asset Items, other than the security interests created under this Agreement, and Seller will defend the right, title and interest of Buyer in and to any of the Transaction
Assets and Transaction Asset Items against the claims and demands of all persons whomsoever. 
 8.12.      Limitation on Guarantees.    Seller shall not create, incur, assume or suffer to exist any Guarantees. 
 8.13.      Limitation on Distributions.    After the occurrence and during the
continuation of any Event of Default, Seller shall not, and shall cause Guarantor to not make any payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other
acquisition of any equity or partnership interest of Seller or Guarantor, whether now or hereafter outstanding, or make any other distribution in respect of any of the foregoing or to any shareholder or equity owner of Seller or Guarantor either
directly or indirectly, whether in cash or property or in obligations of Seller or Guarantor or any of Seller’s consolidated Subsidiaries, provided, that, solely to the extent that there is no breach of Section 4.01 or the Blocked
Account Agreement by reason thereof, the foregoing shall not restrict Seller or Guarantor from making distributions necessary (i) to enable Guarantor to maintain its status under the Code as a real estate investment trust within the meaning of
Section 856 through 860 of the Code or (ii) to allow Guarantor to avoid taxes on its undistributed real estate investment trust taxable income. 
 8.14.      Maintenance of Tangible Net Worth.    The Seller shall not permit Guarantor to have a Tangible Net Worth at any time (A) prior to the first
anniversary of the date hereof, of less than $1,080,400,000 and (B) on or after the first anniversary of the date hereof, of less than 200% of the sum of (x) the Aggregate Repurchase Price and (y) the Aggregate Goldman Repurchase
Price. 
 8.15.      Maintenance of Ratio of Total Indebtedness to Tangible Net
Worth.    The Seller shall not permit Guarantor at any time after the date hereof to have a ratio of Total Indebtedness to Tangible Net Worth at any time greater than 2.50 to 1.00. 
 8.16.      Interest Coverage Ratio.    The Seller shall not permit the ratio of
(a) Consolidated EBITDA of Guarantor to (b) Consolidated Interest Expense of Guarantor to be less than 1.50: 1.00. 
 8.17.      Servicing Tape.    Seller shall provide to Buyer on the fifth (5th) Business Day of each month a computer readable file containing servicing information, in the form
attached hereto as Exhibit I, with respect to the Transaction Assets serviced hereunder by Seller or Servicer. Seller’s failure to timely comply with the covenant contained in this Section 8.17 shall not be deemed an Event of Default
hereunder, provided, that if the covenant contained in this Section 8.17 is not timely complied with, and the missing computer readable file in question pertains to Transaction Asset(s) that are not being serviced 

  

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by Archon Group, L.P., the Rate Step-Up shall apply to the Initial Transaction Asset for each day after the expiration of said five (5) Business Day
period until such computer readable file is delivered to Buyer. 
 8.18.      Servicer.    Seller shall not cause the Transaction Assets to be serviced by any servicer other than Servicer. 
 8.19.      Intentionally Omitted. 
 8.20.      Remittance of Prepayments.    Seller shall remit, with sufficient
detail to enable Buyer to appropriately identify the Transaction, or Transactions, to which any amount remitted applies, to Buyer on each Business Day all principal prepayments that Seller has received during the previous Business Day in an amount
equal to the sum of the Asset-Specific Transaction Balances being prepaid, together with all interest due thereon through the date of such remittance, any and all charges due with respect to such Transactions and any and all costs and expenses
incurred by Buyer (as provided in this Agreement) in connection with such Transactions and the prepayment by the applicable Transaction Asset Obligor. 
 8.21.      DYT Asset Pool Representations, Warranties and Covenants; Negative Pledge.    Seller has not selected the DYT Assets included in the DYT Asset Pool
on the date hereof in a manner so as to adversely affect Buyer’s interests. No Lien encumbers any DYT Asset except as listed on Schedule 8. With respect to all DYT Assets, as of each date upon which a DYT Asset is conveyed to Buyer
pursuant to Section 3.04, Seller shall be deemed to make the DYT Asset Representations to Buyer as to such DYT Asset conveyed to Buyer on such date. Seller will not, and will not permit Guarantor to permit any of Guarantor’s Subsidiaries
to, create, incur, assume or permit to exist any Lien on any DYT Asset, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof to secure any of its Indebtedness (or any Indebtedness of such
Subsidiary) or any guarantee, indemnity or other surety obligation in respect of Indebtedness of any other Person, except for Liens under the Goldman MRA in favor of Goldman and existing Liens listed on Schedule 8. Notwithstanding anything
herein to the contrary, Seller or any other Subsidiary of Guarantor that is the respective owner of any DYT Asset that is not the subject of a Transaction hereunder, may sell such DYT Asset in the ordinary course of such entity’s business, to
any third-party unaffiliated Person upon five (5) Business Days’ prior written notice to Buyer, and upon such sale, such DYT Asset shall automatically, and without the need for any further act or instrument, be deemed released by Buyer
from the DYT Asset Pool, provided, however, that if the proceeds of such sale are used (within thirty (30) days after the date of the closing of such sale) by Seller, Guarantor or any Subsidiary of Guarantor to acquire a Mortgage
Loan, Mezzanine Loan, Mezzanine Loan Participation, B Note, (or participation therein), Preferred Equity Interest or CMBS, Seller shall (or shall cause Guarantor to cause the Subsidiary of Guarantor that is the purchaser of such asset to),
within one (1) Business Day after the acquisition of such asset, submit to Buyer a supplement to Schedule 5 hereto showing such asset, which shall be subject to Buyer’s approval in its sole good faith discretion, and thereafter,
such asset shall be deemed a DYT Asset and part of the DYT Asset Pool hereunder. Notwithstanding anything herein to the contrary, a future decrease in the Market Value of any DYT Asset shall neither (i) constitute an Event of Default hereunder
nor (ii) require Seller to tender to Buyer any additional assets for inclusion in the DYT Asset Pool. 
 Section 9.          Events of Default.    Each of the following events shall constitute an event of default (an “Event of Default”)
hereunder: 
               (a)        (i) Seller shall default in the payment of any Repurchase Price with respect to any Transaction when
due (whether at stated maturity or upon acceleration) or shall default in the payment of any Forced Amortization Payments when due; or (ii) Seller shall default in the payment of (A) any Repurchase Price with respect to any Transaction
when due by reason of a mandatory or optional prepayment by a Transaction Asset Obligor, or (B) any Periodic Advance Repurchase Payment when due, 

  

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and in either case such default shall continue unremedied for three (3) Business Days (the “Initial Cure Period”) (provided,
however, that if such default has occurred solely by reason of error by Servicer or Depository Bank or by reason of Wire Delay, and the misdirected funds have been received by Seller or any Affiliate of Seller, Seller shall be entitled to a
period of time expiring no later than (i) the expiration of the Initial Cure Period, and (ii) two (2) Business Days from the time Seller is notified (whether by Servicer, Depository Bank or otherwise) that it or its Affiliate has
received such misdirected funds, within which to cure such default, and further provided, that if such default has occurred solely by reason of error by Servicer or Depository Bank or by reason of Wire Delay, and the misdirected funds
have not been received by Seller or any Affiliate of Seller, such default shall not constitute an Event of Default hereunder, and from and after the end of the Initial Cure Period until the date such default is cured, the Rate Step-Up shall apply to
the Initial Transaction Asset); or (iii) Guarantor shall default in the payment of any amount due under the Parent Guaranty when due; or 
               (b)        Seller shall default in the payment of any other amount payable by it hereunder or
under any other Transaction Document after notification by Buyer of such default, and such default shall have continued unremedied for five (5) Business Days; or 
               (c)        (A) any representation, warranty or certification made or
deemed made herein or in any other Transaction Document by Seller or Guarantor or any certificate furnished to Buyer pursuant to the provisions hereof or thereof shall have been incorrect or untrue in any material respect when made or repeated or
deemed to have been made or repeated; provided, that if the representations and warranties set forth in Schedule 1 made by Seller are incorrect or untrue in any material respect, same shall not be considered an Event of Default if
Buyer terminates the Transaction and Seller repurchases the related Transaction Asset no later than ten (10) Business Days after receiving written notice of such incorrect or untrue representation; provided, however, that if
Seller shall have made any such representation with knowledge that it was materially incorrect or untrue at the time made, such misrepresentation shall constitute an Event of Default, or if Buyer shall have determined in its sole discretion that
there exists a pattern of materially false or materially misleading representations and warranties by Seller, same shall constitute an Event of Default; or (B) any of the representations or warranties of Guarantor in the Parent Guaranty shall
have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated and such misrepresentation or breach of warranty has not been cured within ten (10) Business Days of after receiving written
notice of such incorrect or untrue representation or warranty; or 
               (d)        Seller or Guarantor shall fail to comply with any of the requirements of Section 8.03(a), Sections
8.04 through 8.05, Sections 8.06 (a),(b), (e),(f) or (g), Sections 8.10 through 8.13, Sections 8.18 through 8.21, or Section 12.18 hereof; or Seller shall fail to comply with any of the requirements of Sections 8.03(b), (c), (d) or
(f) and such default shall continue unremedied for a period of five (5) Business Days; or Seller shall fail to comply with any of the requirements of Sections 8.03(e), and such default shall continue unremedied for a period of five
(5) Business Days after written notice of such default given by Buyer (provided, however, that if within such five (5) Business Day period Seller shall have notified Buyer that it believes in good faith that the tax, assessment,
governmental charge or levy giving rise to such asserted default has been imposed in error, then Seller shall have up to an additional thirty (30) days within which to cure such default provided no Lien shall attach to any Transaction Assets or
DYT Assets by reason of such additional cure period); or Seller shall fail to comply with any of the requirements of Sections 8.14 through 8.16 hereof and such default shall continue unremedied for a period of sixty (60) days; or Seller shall
fail to observe or perform any other covenant or agreement contained in this Agreement or any other Transaction Document and such failure to observe or perform shall continue unremedied for a period of five (5) Business Days; it being
understood and agreed that the sole remedy of Buyer with respect to a breach of the covenants contained in Sections 8.01(d) or 8.01(e) shall be to affect the determination of Asset Value with respect to the subject Transaction Asset; 

  

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or Guarantor shall fail to observe any of the covenants contained in Section 5(b) of the Parent Guaranty and such default shall continue unremedied for
a period of sixty (60) days; or Guarantor shall fail to observe any of the covenants contained in Section 5(a) or 5(c) of the Parent Guaranty; or Guarantor shall fail to observe or perform any other covenant or agreement under the
Parent Guaranty and such failure to observe or perform shall continue unremedied for a period of five (5) Business Days; or 
               (e)        a final judgment by any competent court in the United States of America for the payment of money (in the
case of Seller) or for the payment of money in an amount greater than $10,000,000 in the aggregate (in the case of Guarantor) shall have been rendered against Seller or any such Guarantor, as applicable, and remained undischarged or unpaid for a
period of thirty (30) days, during which period execution of such judgment is not effectively stayed; or 
               (f)        A Change of Control shall have occurred with respect to Seller or Guarantor; or 
               (g)        An
Act of Insolvency shall have occurred with respect to Seller or Guarantor; or 
               (h)        the Custodial Agreement or any Transaction Document shall for whatever reason be terminated or cease to
be in full force and effect (other than by reason of Custodian’s or Buyer’s acts, as applicable), or the enforceability thereof shall be contested by Seller; or 
               (i)        Seller shall grant, or suffer to exist, any Lien on any
Transaction Asset or Transaction Asset Item or DYT Asset except the Liens contemplated hereby; or the Liens contemplated hereby shall cease to be first priority perfected Liens on the Transaction Assets or Transaction Asset Items, as applicable, in
favor of Buyer or shall be Liens in favor of any Person other than Buyer; or 
               (j)        Seller or Guarantor or any of their respective Affiliates shall be in default under any note, indenture,
loan agreement, guaranty, swap agreement or any other contract to which it is a party, which default (i) involves the failure to pay any (a) Citi Indebtedness or (b) any recourse Indebtedness of Guarantor (other than Citi Indebtedness
and non-recourse loans secured by first mortgage liens on the Underlying Properties or by pledges of the equity in the owner(s) thereof) in an amount greater than $20,000,000 in the aggregate (it being understood and agreed that Indebtedness in
excess of $20,000,000 in the aggregate under any springing, “bad boy” and similar contingent guaranties made by Guarantor shall only be included as recourse Indebtedness of Guarantor for the purpose of this Section 9(j) at such time
as the holder of such guaranty exercises its rights to receive payment thereunder), or (ii) permits the acceleration of the maturity of obligations by any other party to or beneficiary of such note, indenture, loan agreement, guaranty, swap
agreement or other contract, including, without limitation, any Citi Indebtedness (including a default in the payment of any repurchase price or periodic payments with respect to, or principal of or interest on, any Citi Indebtedness when due,
whether at stated maturity, upon acceleration or at mandatory or optional prepayment, if applicable); provided, however, that any such default, failure to perform or breach shall not constitute an Event of Default under this
Section 9(j) if Seller or Guarantor, as applicable, cures such default, failure to perform or breach, as the case may be, within the grace period, if any, provided under the applicable agreement; or 
               (k)        A
Debt Yield Test Failure shall have occurred, there are available DYT Assets in the DYT Asset Pool, Buyer shall have notified Seller to cure such Debt Yield Test Failure in accordance with Section 3.04 hereof, and Seller shall have failed to
timely effect a Debt Yield Test Cure in accordance with Section 3.04 hereof. 
  

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 Section 10.        Remedies Upon Event of
Default. 
 If an Event of Default occurs and is continuing (provided that an Event of Default, once occurred,
shall be deemed to be continuing unless expressly waived by Buyer), the following rights and remedies are available to Buyer: 
               (a)        Any obligation of Buyer to enter into any additional Transactions with Seller shall automatically
terminate without further action by any Person. 
               (b)        Buyer may, at its option (which option shall be deemed to have been exercised immediately upon the
occurrence of an Event of Default referred to in Section 9(g)), by notice to Seller, declare an Event of Default to have occurred hereunder and, upon the exercise or the deemed exercise of such option, the Repurchase Date for each Transaction
hereunder shall, if it has not already occurred, be deemed immediately to occur (except that, in the event that the Purchase Date for any Transaction has not yet occurred as of the date of such exercise or deemed exercise, such Transaction shall be
deemed immediately canceled) and the Repurchase Price for each Transaction hereunder, together with all interest thereon and all Late Fees and other fees and expenses accruing under this Agreement shall be immediately due and payable. Upon the
occurrence of an Event of Default referred to in Section 9(g), the Repurchase Price, together with all interest thereon and all Late Fees and other fees and expenses accruing under this Agreement shall be immediately due and payable without any
further action by any Person. Buyer shall (except upon the occurrence of an Event of Default referred to in Section 9(g)) give notice to Seller of the exercise of such option as promptly as practicable. 
               (c)        All Income paid after such exercise or deemed exercise of the option referred to in Section 10(b)
shall be retained by Buyer. 
               (d)        Any Income actually received by Buyer and any proceeds from the sale of the Transaction Assets pursuant
to Section 10(j) or Section 10(l) shall be applied to the aggregate unpaid Repurchase Price and any other amounts owed by Seller under this Agreement. 
               (e)        Buyer shall have the right to obtain physical possession of
the Servicing Records and all other files of Seller relating to the Transaction Assets and all documents relating to the Transaction Assets which are then or may thereafter come in to the possession of Seller or any third party acting for Seller and
Seller shall deliver to Buyer such assignments as Buyer shall request. Buyer shall be entitled to specific performance of all agreements of Seller contained in this Agreement and any other Transaction Document. 
               (f)        The license to exercise voting or consent rights with respect to the Transaction Assets (including, with
respect to the Initial Transaction Asset, under the Participation Agreement, Participation Certificates, Transaction Asset Note, and Transaction Asset Documents) shall be deemed automatically revoked pursuant to Section 3.08, and all right,
title and interest of Seller in and to the Transaction Asset Note and Participation Documents shall be deemed automatically revoked. 
               (g)        Buyer shall have the power and right to act as Seller’s attorney-in-fact as
set forth in Section 5.04. 
               (h)        Buyer may exercise Buyer’s rights under the Blocked Account Agreement and Buyer may give Bank a
Notice of such Event of Default (as described in Exhibit F hereto). 
               (i)        Buyer shall have the rights set forth in Section 12.14 with respect to servicing of the Transaction
Assets. 
  

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               (j)        At any time on the Business Day following notice to Seller (which notice may be the notice given under
subsection (b) of this Section), in the event Seller has not repurchased all Transaction Assets on the previous Business Day, Buyer may (A) immediately sell at a public or private sale and at such price or prices as the Buyer may deem
satisfactory any or all Transaction Assets relating to any Transaction hereunder and apply the proceeds thereof to the aggregate unpaid Repurchase Price and any other amounts owing by Seller hereunder and/or (B) in its sole good faith
discretion elect, in lieu of selling all or a portion of such Transaction Assets, to give Seller credit for such Transaction Assets in an amount equal to the Market Value of the Transaction Assets against the aggregate unpaid Repurchase Price and
any other amounts owing by Seller hereunder. The proceeds of any disposition of Transaction Assets shall be applied as determined by Buyer in its sole good faith discretion, and Buyer shall remit to Seller the excess of the proceeds over any amount
due, or permitted to, Buyer under this Agreement or any other Transaction Document. Buyer shall endeavor in good faith to provide Seller prior notice of any sale pursuant to this Section 10(g), provided that the failure to provide notice
shall not in any way impose liability upon Buyer or invalidate the sale and Buyer’s rights hereunder. 
               (k)        Anything herein to the contrary notwithstanding, Buyer shall have the right, with respect to all
Transaction Assets and including the Initial Transaction Asset, to enter into hedging arrangements, comparable to those described in the definition of Interest Rate Protection Agreements, for the account of Seller. 
               (l)        Buyer may exercise, in addition to all other rights and remedies granted to it in this Agreement and in
any other instrument or agreement securing, evidencing or relating to the Repurchase Obligations, all rights and remedies of a secured party under the Uniform Commercial Code. Without limiting the generality of the foregoing, Buyer without demand of
performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon Seller or any other Person (each and all of which demands, presentments, protests, advertisements
and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Transaction Assets, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or
otherwise dispose of and deliver the Transaction Assets or any part thereof (or contract to do any of the foregoing), in one or more parcels or as an entirety at public or private sale or sales, at any exchange, broker’s board or office of
Buyer or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. Buyer shall have the right upon any such public
sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Transaction Assets so sold, free of any right or equity of redemption in Seller, which right or equity is hereby waived
or released. Seller further agrees, at Buyer’s request, to assemble the Transaction Asset Items and make them available to Buyer at places that Buyer shall reasonably select, whether at Seller’s premises or elsewhere. Buyer shall apply the
net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care or safekeeping of any of the Transaction Asset or
in any way relating to the Transaction Asset or the rights of Buyer hereunder, including without limitation reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Repurchase Obligations, in such order as Buyer
may elect, and only after such application and after the payment by Buyer of any other amount required or permitted by any provision of law, including without limitation Section 9-608(a)(1)(C) of the Uniform Commercial Code, need Buyer account
for the surplus, if any, to Seller. To the extent permitted by applicable law, Seller waives all claims, damages and demands it may acquire against Buyer arising out of the exercise by Buyer of any of its rights hereunder, other than those claims,
damages and demands arising from the gross negligence or willful misconduct of Buyer. If any notice of a proposed sale or other disposition of any Transaction Asset shall be required by law, such notice shall be deemed reasonable and proper if given
at least ten (10) days before such sale or other disposition. Seller shall remain liable for any deficiency (plus accrued interest thereon as 

  

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contemplated pursuant to Section 3.05(b)) if the proceeds of any sale or other disposition of the Transaction Asset are insufficient to pay the
Repurchase Obligations and the fees and disbursements of any attorneys employed by Buyer to collect such deficiency. 
               (m)        (A) All proceeds of any Transaction Asset received by Seller consisting of cash, checks and other
near-cash items shall be held by Seller in trust for Buyer, segregated from other funds of Seller, and shall forthwith upon receipt by Seller be turned over to Buyer in the exact form received by Seller (duly endorsed by Seller to Buyer, if
required) and (B) any and all such proceeds received by Buyer (whether from Seller or otherwise) may, in the sole good faith discretion of Buyer, be held by Buyer as collateral security for, and/or then or at any time thereafter may be applied
by Buyer against, the Repurchase Obligations (whether matured or unmatured), such application to be in such order as Buyer shall elect. Any balance of such proceeds remaining after the Repurchase Obligations shall have been paid in full and this
Agreement shall have been terminated shall be paid over to Seller or to whomsoever may be lawfully entitled to receive the same. For purposes hereof, proceeds shall include, but not be limited to, all principal and interest payments on the
Transaction Assets, all prepayments and payoffs, insurance claims, condemnation awards, sale proceeds, real estate owned rents and any other income and all other amounts received with respect to the Transaction Asset. 
               (n)        Seller shall be liable to Buyer for (i) the amount of all reasonable legal or other expenses
(including all costs and expenses of Buyer in connection with the enforcement of this Agreement or any other Transaction Document, whether in action, suit or litigation or bankruptcy, insolvency or other similar proceeding affecting creditors’
rights generally, and the reasonable fees and expenses of counsel (including the costs of internal counsel of Buyer) incurred in connection with or as a result of an Event of Default, (ii) damages in an amount equal to the cost (including all
fees, expenses and commissions) of entering into replacement transactions, and (iii) any other loss, damage, cost or expense directly arising or resulting from the occurrence and continuation of an Event of Default in respect of a Transaction.

               (o)        Buyer may exercise one or more of the remedies available under this Agreement immediately upon the
occurrence and the continuance of an Event of Default and at any time thereafter without notice to Seller, including the right to set-off pursuant to Section 12.16. The remedies provided herein are cumulative and not exclusive of any remedies
provided under any other agreement or by applicable law. 
 Section 11.        No Duty of Buyer.    The powers conferred on Buyer hereunder are solely to protect Buyer’s interests in the Transaction Assets and shall not
impose any duty upon it to exercise any such powers. Buyer shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its respective officers, directors, employees or agents
shall be responsible to Seller for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct. 
 Section 12.        Miscellaneous. 
 12.01.    Waiver.    No failure on the part of Buyer to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under any Transaction
Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under any Transaction Document preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 
  

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 12.02.    Notices.    Except as otherwise
expressly permitted by this Agreement, all notices, requests and other communications provided for herein and under the Custodial Agreement (including without limitation any modifications of, or waivers, requests or consents under, this Agreement)
shall be given or made in writing (including without limitation by telex or telecopy) delivered to the intended recipient at its respective address specified below: 
                 To Seller: 
                              KBS GKK Participation
Holdings II, LLC 
                              c/o KBS Capital Advisors LLC 
                              620 Newport Center Dr., Suite 1300 
                              Newport Beach, CA 92660 
                              Telephone: 949-417-6555 
                              Facsimile: 949-417-6523 
                              Attention: Jim Chiboucas 
                                         
     with copies to: 
                              Morgan, Lewis & Bockius, LLP 
                              101 Park Avenue 
                              New York, New York 10178 
                              Attention: Richard Petretti, Esq. 
                              Telephone: 212-309-6870 
                              Facsimile: 212-309-6001 
                 To Buyer: 
                              Citigroup Financial Products Inc. 
                              388 Greenwich Street 
                              New York, NY 10013 
                              Attention: Richard Schlenger 
                              Telephone: (212) 816-7806 
                              Facsimile: (212) 816-8307 
                                         
     with copies to 
                              Sidley Austin LLP 
                              787 Seventh Avenue 
                              New York, New York 10019 
                              Attention: Brian Krisberg, Esq. 
                              Tel: (212) 839-8735 
                              Fax: (212) 839-5599 
 or, as to any party, at such other address as shall be designated by such party in a written notice to each other party. Except as otherwise provided in this Agreement
and except for notices given under Section 3 (which shall be effective only on receipt), all such communications shall be deemed to have been duly given when transmitted by telex or telecopy or personally delivered or, in the case of a mailed
notice, upon receipt, in each case given or addressed as aforesaid. 
  

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 12.03.    Indemnification and Expenses. 
               (a)        Seller agrees to hold Buyer and its Affiliates and their respective officers, directors, employees,
agents and advisors (each an “Indemnified Party”) harmless from and indemnify any Indemnified Party against all liabilities, losses, damages, judgments, costs and expenses of any kind which may be imposed on, incurred by or asserted
against such Indemnified Party (collectively, the “Costs”) relating to or arising out of this Agreement, the Confirmation, any other Transaction Document or any transaction contemplated hereby or thereby, or any amendment,
supplement or modification of, or any waiver or consent under or in respect of, this Agreement, any Confirmation, any other Transaction Document or any transaction contemplated hereby or thereby, that, in each case, results from anything other than
any Indemnified Party’s gross negligence or willful misconduct. Without limiting the generality of the foregoing, Seller also agrees to indemnify Buyer and hold Buyer harmless from any net loss or expense (not to include any lost profit or
opportunity) (including, without limitation, reasonable attorneys’ fees and disbursements) which Buyer actually sustains or incurs as a consequence of (i) default by Seller in terminating any Transaction after Seller has given a notice in
accordance with Section 3.07 of a prepayment and termination of a Transaction, or (ii) default by Seller in selling Eligible Transaction Assets to Buyer after Seller has notified Buyer of a proposed Transaction and Buyer has agreed to
purchase such Eligible Transaction Assets in accordance with the provisions of the Agreement. A certificate as to such costs, losses, damages and expenses, setting forth the calculations therefor shall be submitted promptly by Buyer to Seller and
shall be conclusive and binding on Seller in the absence of manifest error. Without limiting the generality of the foregoing, Seller further agrees to hold any Indemnified Party harmless from and indemnify such Indemnified Party against all Costs
with respect to all Transaction Assets relating to or arising out of any violation or alleged violation of any environmental law, rule or regulation or any consumer credit laws, including without limitation the Truth in Lending Act and/or the Real
Estate Settlement Procedures Act, that, in each case, results from anything other than such Indemnified Party’s gross negligence or willful misconduct, or uncured breach of the Transaction Documents after notice thereof provided,
however, that Seller shall not be obligated to indemnify Buyer for any such claims with respect to the Citi Assets. In any suit, proceeding or action brought by an Indemnified Party in connection with any Transaction Asset for any sum owing
thereunder, or to enforce any provisions of any Transaction Asset Document, Seller will save, indemnify and hold such Indemnified Party harmless from and against all expense, loss or damage suffered by reason of any defense, set-off, counterclaim,
recoupment or reduction or liability whatsoever of the account debtor or obligor thereunder, arising out of a breach by Seller of any obligation thereunder or arising out of any other agreement, indebtedness or liability at any time owing to or in
favor of such account debtor or obligor or its successors from Seller. Seller also agrees to reimburse an Indemnified Party as and when billed by such Indemnified Party for all such Indemnified Party’s costs and expenses incurred in connection
with the enforcement or the preservation of such Indemnified Party’s rights under this Agreement, any Confirmation, any other Transaction Document or any transaction contemplated hereby or thereby, including without limitation the reasonable
fees and disbursements of its counsel. In the event the sale of a Transaction Asset is re-characterized as a loan, Seller hereby acknowledges that notwithstanding the fact that the obligations of Seller are secured by such Transaction Asset, all
obligations of Seller hereunder are recourse obligations of Seller. 
               (b)        Notwithstanding anything to the contrary contained herein, Seller and Buyer shall each be responsible for
their own costs incurred with this Agreement, except to the extent provided in Section 10 and Section 12.03(a). 
 12.04.    Amendments.    Except as otherwise expressly provided in this Agreement, any provision of this Agreement may be amended, modified or supplemented only by an instrument in writing
signed by Seller and Buyer and any provision of this Agreement may be waived by Buyer by an instrument in writing signed by Buyer. 
  

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 12.05.    Successors and Assigns.    This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
 12.06.    Survival.    The obligations of Seller under Sections 12.03 hereof shall survive the repayment of the Transactions and the termination of this Agreement.
In addition, each representation and warranty made or deemed to be made by a delivery of a confirmation by Seller herein or pursuant hereto shall survive the making of such representation and warranty, and Buyer shall not be deemed to have waived,
by reason of entering into any Transaction, any Default that may arise because any such representation or warranty shall have proved to be false or misleading, notwithstanding that Buyer may have had notice or knowledge or reason to believe that
such representation or warranty was false or misleading at the time such Transaction was entered into. 
 12.07.    Captions.    The table of contents and captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect the
interpretation of any provision of this Agreement. 
 12.08.    Counterparts.    This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto
may execute this Agreement by signing any such counterpart. 
 12.09.    Agreement Constitutes
Security Agreement; Governing Law.    This Agreement shall be governed by the internal laws of the State of New York and shall constitute a security agreement within the meaning of the Uniform Commercial Code. 
 12.10.    Submission to Jurisdiction; Waivers.    Seller hereby irrevocably and
unconditionally: 
               (A)        SUBMITS FOR ITSELF AND ITS PROPERTY SOLELY FOR THE PURPOSES OF ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT, ANY CONFIRMATION AND THE OTHER TRANSACTION DOCUMENTS, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL COURTS OF
THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; 
               (B)        CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED
BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 

               (C)        AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY
THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH UNDER ITS SIGNATURE BELOW OR AT SUCH OTHER ADDRESS OF WHICH BUYER SHALL HAVE BEEN NOTIFIED; AND 
               (D)        AGREES THAT
NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION. 
  

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 12.11.    WAIVER OF JURY TRIAL.    EACH
OF SELLER AND BUYER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 12.12.    Acknowledgments.    Seller hereby acknowledges that: 
               (a)        it has been advised by counsel in the negotiation, execution and delivery of this Agreement, any
Confirmation and the other Transaction Documents; 
               (b)        Buyer has no fiduciary relationship to Seller and the relationship between Seller and Buyer is solely
that of seller and buyer; and 
               (c)        no joint venture exists between Buyer and Seller. 
 12.13.    Hypothecation or Pledge of Transactions.    Nothing contained in this Agreement
shall obligate Buyer to segregate any Transaction Asset delivered to Buyer by Seller. Buyer shall have free and unrestricted use of all Transaction Assets and nothing in this Agreement shall preclude Buyer from engaging in repurchase transactions
with the Transaction Assets or otherwise pledging, repledging, transferring, hypothecating, or rehypothecating the Transaction Assets, provided, that Buyer shall not engage in repurchase transactions with the Transaction Assets or otherwise
pledge, repledge, transfer, hypothecate, or rehypothecate any Transaction Asset to the extent same would prevent, delay or impede Buyer’s obligation to reconvey to Seller, and Seller’s right to repurchase such Transaction Asset at any time
as contemplated, required or permitted hereby. 
 12.14.    Servicing. 
               (a)        Seller covenants to maintain or cause the servicing of the Transaction Assets to be maintained in
conformity with accepted and prudent servicing practices in the industry for the same type of loans as the Transaction Assets and in a manner at least equal in quality to the servicing Seller provides for assets similar to the Transaction Assets
which Seller owns. In the event that the preceding language is interpreted as constituting one or more servicing contracts between Buyer and Seller, each such servicing contract shall terminate automatically upon the earliest of (i) an Event of
Default, (ii) the date on which all the Repurchase Obligations have been paid in full or (iii) the transfer of servicing approved by Seller. 
               (b)        If any of the Transaction Assets are serviced by Seller, (i) Seller agrees
that Buyer is the collateral assignee of all servicing records, including but not limited to any and all servicing agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance
policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing the servicing of the Transaction Asset (the “Servicing Records”), and (ii) Seller grants Buyer a
security interest in all servicing fees and rights relating to the Transaction Assets and all Servicing Records to secure the obligation of Seller or its designee to service in conformity with this Section and any other obligation of Seller to
Buyer. Seller covenants to safeguard such Servicing Records and to deliver them promptly to Buyer or its designee (including the Custodian) at Buyer’s request. 
               (c)        If the Transaction Assets are serviced by Servicer, Seller
(i) shall provide a copy of the servicing agreement to Buyer, which shall be in form and substance acceptable to Buyer (the “Servicing Agreement”), and (ii) shall provide a Servicer Notice to the Servicer substantially in
the form 

  

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of Exhibit G hereto (a “Servicer Notice”) and shall cause the Servicer to acknowledge and agree to the same. Any successor or assignee
of a Servicer shall be approved in writing by Buyer and shall acknowledge and agree to a Servicer Notice prior to such successor’s assumption of servicing obligations with respect to the Transaction Assets. 
               (d)        For the avoidance of doubt, Seller shall not retain any economic rights to the servicing other than
Seller’s rights, if any, under the Servicing Agreement. As such, Seller expressly acknowledges that the Transaction Assets are sold to Buyer on a “servicing released” basis with such servicing retained by Seller or, if the relevant
Transaction Asset is serviced by a Servicer, the Servicer in respect of that Transaction Asset. 
               (e)        If the servicer of the Transaction Assets is Seller, Seller shall provide to Buyer a letter from Seller
or the Servicer, as the case may be, to the effect that upon the occurrence of an Event of Default, Buyer may terminate any Servicing Agreement and in any event transfer servicing to Buyer’s designee, at no cost or expense to Buyer, it being
agreed that Seller will pay any and all fees required to terminate the Servicing Agreement and to effectuate the transfer of servicing to the designee of Buyer. 
               (f)        After the Purchase Date, until the rights to any Transaction
Assets under the Transaction Documents are relinquished by the Custodian, Seller will have no right to modify or alter the terms of such Transaction Assets and Seller will have no obligation or right to repossess such Transaction Assets or
substitute another Eligible Transaction Asset, except as provided in the Custodial Agreement. 
               (g)        In the event Seller is servicing the Transaction Assets, Seller shall permit Buyer from time to time to
inspect Seller’s or its Affiliate’s servicing facilities, as the case may be, for the purpose of satisfying Buyer that Seller or its Affiliate, as the case may be, has the ability to service the Transaction Assets as provided in this
Agreement. 
               (h)        At all times when Seller or a Servicer is servicing any Transaction Asset, Seller shall cause such party
to deliver to Buyer a monthly servicing update in such form as Buyer may reasonably require. 
 12.15.    Periodic Due Diligence Review.    Seller acknowledges that Buyer has the right to perform continuing due diligence reviews with respect to the Transaction Assets, for purposes of
verifying compliance with the representations, warranties and specifications made hereunder, or otherwise, and Seller agrees that upon reasonable (but no less than one (1) Business Day’s) prior notice to Seller, Buyer or its
authorized representatives will be permitted during normal business hours to examine, inspect, and make copies and extracts of, the Asset Files and any and all documents, records, agreements, instruments or information relating to such Transaction
Asset in the possession or under the control of Seller and/or the Custodian. Seller also shall make available to Buyer a knowledgeable financial or accounting officer for the purpose of answering questions respecting the Asset Files and the
Transaction Assets, and shall provide Buyer with operating statements and occupancy reports (to the extent they are available after the exercise of commercially reasonable efforts by Seller to obtain same) for each Underlying Property relating to a
Transaction Asset, as well as such other property-level information as Buyer may request. Without limiting the generality of the foregoing, Seller acknowledges that Buyer may enter into transactions with Seller based solely upon the information
provided by Seller to Buyer in the Transaction Asset Tape and the representations, warranties and covenants contained herein, and that Buyer, at its option, has the right at any time to conduct a partial or complete due diligence review on some or
all of the Transaction Assets, including without limitation ordering new credit reports and new appraisals on the Underlying Properties relating to any Transaction Assets and otherwise re-generating the information used to originate such Transaction
Assets. Buyer may underwrite such Transaction Assets itself or engage a mutually agreed upon third party underwriter to perform such underwriting. Seller agrees to 

  

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cooperate with Buyer and any third party underwriter in connection with such underwriting, including, but not limited to, providing Buyer and any third party
underwriter with access to any and all documents, records, agreements, instruments or information relating to such Transaction Asset in the possession, or under the control, of Seller. Buyer shall pay all out-of-pocket costs and expenses (including
fees and expenses of counsel, if any) incurred by Buyer in connection with Buyer’s activities pursuant to this Section 12.15. 
 12.16.    Set-Off.    In addition to any rights and remedies of Buyer provided by this Agreement and by law, Buyer shall have the right, without prior notice to Seller,
any such notice being expressly waived by Seller, to the extent permitted by applicable law, upon any amount becoming due and payable by Seller hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and
apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or
contingent, matured or unmatured, at any time held or owing by Buyer or any Affiliate thereof to or for the credit or the account of Seller, any Affiliate of Seller, Guarantor, or any Affiliate of Guarantor. Buyer agrees promptly to notify Seller
after any such set-off and application made by Buyer; provided that the failure to give such notice shall not affect the validity of such set-off and application. 
 12.17.    Intent. 
               (a)        The parties hereto recognize that each Transaction is a “repurchase agreement” as that term is
defined in Section 101 of the Bankruptcy Code (except insofar as the type of assets subject to such Transaction or the term of such Transaction would render such definition inapplicable), and a “securities contract” as that term is
defined in Section 741 of the Bankruptcy Code (except insofar as the type of assets subject to such Transaction would render such definition inapplicable) and that all payments hereunder are intended to be “margin payments” or
“settlement payments” as defined in Section 101 of the Bankruptcy Code. Buyer and Seller agree that it is their mutual intent that the transactions executed under this Agreement shall qualify for safe harbor treatment provided by the
Bankruptcy Code for “repurchase agreements” as defined in Section 101 of the Bankruptcy Code and “securities contracts” as defined in Section 741 of the Bankruptcy Code and, to that end, Seller agrees that, from time to
time upon the written request of Buyer, Seller, at Buyer’s expense, will prepare, execute and deliver any supplements, modifications, addendums or other documents as may be necessary or desirable, in Buyer’s good faith discretion, in order
to cause this Agreement and the Transactions contemplated hereby to qualify as, comply with the provisions of, or otherwise satisfy, maintain or preserve the criteria for safe harbor treatment under the Bankruptcy Code; provided,
however, that Buyer’s failure to request, or Buyer’s or Seller’s failure to execute, such supplements, modifications, addendums or other documents does not in any way alter or otherwise change the intention of the parties
hereto that this Agreement and the Transactions hereunder shall qualify for safe harbor treatment under the Bankruptcy Code. 
               (b)        It is understood that either party’s right to liquidate Transaction Assets delivered to it in
connection with Transactions hereunder or to exercise any other remedies pursuant to Section 10 hereof is a contractual right to liquidate such Transaction as described in Sections 555 and 559 of the Bankruptcy Code (except insofar as the
type of Transaction Assets subject to such Transaction would render such definition inapplicable). 
               (c)        The parties agree and acknowledge that if a party hereto is an “insured depository
institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term is defined in FDIA and any rules,
orders or policy statements thereunder (except insofar as the type of Transaction Assets subject to such Transaction would render such definition inapplicable). 
  

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               (d)        It is understood that this Agreement constitutes a “netting contract” as defined in and subject
to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment
entitlement” or “covered contractual payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA or
regulations promulgated thereunder). 
               (e)        This Agreement is intended to be a “repurchase agreement” and a “securities contract”
within the meaning of Section 555 and Section 559 under the Bankruptcy Code. 
 12.18.    Single-Purpose Entity.    Seller hereby represents and warrants to Buyer, and covenants with Buyer, that as of the date hereof and so long as any of the Transaction Documents shall
remain in effect: 
               (a)        It is and intends to remain solvent and it has paid and will pay its debts and liabilities (including
employment and overhead expenses) from its own assets as the same shall become due. 
               (b)        It has complied and will comply with the provisions of its memorandum and articles of association.

               (c)        It has done or caused to be done and will do all things necessary to observe company formalities and to
preserve its existence. 
               (d)        It has maintained and will maintain all of its books, records, financial statements and bank accounts
separate from those of its Affiliates, its shareholders and any other Person and it will file its own tax returns (except to the extent consolidation is required under GAAP or as a matter of law). 
               (e)        It
has been, is and will be, and at all times will hold itself out to the public as, a legal entity separate and distinct from any other entity (including any Affiliate), shall correct any known misunderstanding regarding its status as a separate
entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates as a division or part of the other and shall maintain and utilize separate stationery, invoices and checks. 
               (f)        It
has not owned and will not own any property or any other assets other than the Transaction Assets and cash. 
               (g)        It has not engaged and will not engage in any business other than the origination, acquisition,
ownership, financing and disposition of the Transaction Assets in accordance with the applicable provisions of the Transaction Documents. 
               (h)        It has not entered into, and will not enter into, any contract or agreement with
any of its Affiliates, except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arm’s-length basis with Persons other than such Affiliate. 
               (i)        It
has not incurred and will not incur any indebtedness or obligation, secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation), other than (A) obligations under the Transaction Documents,
(B) obligations under the documents evidencing the Transaction Assets and (C) unsecured trade payables, in an aggregate amount not to exceed $100,000 at any one time outstanding, incurred in the ordinary course of acquiring, owning,
financing and disposing 

  

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of the Transaction Assets; provided, however, that any such trade payables incurred by Seller shall be paid within 60 days of the date incurred
unless a bona fide dispute exists. 
               (j)        It has not made and will not make any loans or advances to any other person, and shall not acquire
obligations or securities of any member or Affiliate of any member or any other Person. 
               (k)        It will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its
size and character and in light of its contemplated business operations. 
               (l)        Except to the extent permitted by Section 8.04, neither it nor Guarantor will seek its dissolution,
liquidation or winding up, in whole or in part, or suffer any Change of Control, and to the extent within its control, Seller will not suffer any consolidation or merger. 
               (m)        It will not commingle its funds and other assets with those
of any of its Affiliates or any other Person. 
               (n)        It has maintained and will maintain its assets in such a manner that it will not be costly or difficult
to segregate, ascertain or identify its individual assets from those of any of its Affiliates or any other Person. 
               (o)        It has not held and will not hold itself out to be responsible for the debts or obligations of any other
Person. 
               (p)        To the extent within its control, Seller shall not permit Guarantor to take any of the following actions:
(i) dissolve or liquidate, in whole or in part, except in connection with a merger or consolidation where such Guarantor is not the surviving entity if such transaction will not effect a Change of Control; (ii) consolidate or merge with or
into any other entity or convey or transfer all or substantially all of its properties and assets to any entity if such action would result in a Change of Control; (iii) institute any proceeding to be adjudicated as bankrupt or insolvent, or
consent to the institution of bankruptcy or insolvency proceedings against it, or file a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or consent to the filing of any such petition or to the appointment of
a receiver, rehabilitator, conservator, liquidator, assignee, trustee or sequestrator (or other similar official) of the such member or Seller or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, or
make an assignment for the benefit of creditors, or admit in writing its inability to pay its debts generally as they become due, or take any action in furtherance of any of the foregoing; (iv) amend the memorandum and articles of association
of Seller; or (v) permit KBS Debt Holdings, LLC to transfer its equity interest in Seller. 
               (q)        It has no liabilities, contingent or otherwise, other than those normal and incidental to the
acquisition, origination, ownership, servicing, administration, enforcement, financing and disposition of the Transaction Assets. 
               (r)        It has conducted and shall conduct its business consistent with the requirements of being a bankruptcy
remote, Single-Purpose Entity. 
               (s)        It shall not maintain any employees. 
 12.19.    Netting.    If Buyer and Seller are “financial institutions” as now or
hereinafter defined in Section 4402 of Title 12 of the United States Code (“Section 4402”) and any rules or regulations promulgated thereunder: 
  

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               (a)        All amounts to be paid or advanced by one party to or on behalf of the other under this Agreement or any
Transaction hereunder shall be deemed to be “payment obligations” and all amounts to be received by or on behalf of one party from the other under this Agreement or any Transaction hereunder shall be deemed to be “payment
entitlements” within the meaning of Section 4402, and this Agreement shall be deemed to be a “netting contract” as defined in Section 4402; and 
               (b)        The payment obligations and the payment entitlements of the
parties hereto pursuant to this Agreement and any Transaction hereunder shall be netted as follows: In the event that either party (the “defaulting party”) shall fail to honor any payment obligation under this Agreement or any Transaction
hereunder, the other party (the “nondefaulting party”) shall be entitled to reduce the amount of any payment to be made by the nondefaulting party to the defaulting party by the amount of the payment obligation that the defaulting party
failed to honor. 
 12.20.    Non-Assignability. 
               (a)        This Agreement and the Transaction Documents are not assignable by Seller or Guarantor. Buyer may from
time to time assign or sell all or a portion of its rights and obligations under this Agreement and the Transaction Documents subject to the prior written consent of Seller, not to be unreasonably withheld, conditioned or delayed; provided,
however, that Buyer shall maintain for review by Seller upon written request, a register of assignees specifying the percentage or portion of such rights and obligations assigned. Upon such assignment, (a) such assignee shall be a party
hereto and to each Transaction Document to the extent of the percentage or portion of such rights and obligations assigned to such assignee and shall succeed to the applicable rights and obligations of Buyer hereunder, and (b) Buyer shall, to
the extent that such rights and obligations have been so assigned by it to either (i) an Affiliate of Buyer which assumes the obligations of Buyer or (ii) to another Person which assumes the obligations of Buyer, be released from its
obligations hereunder and under the Transaction Documents. Unless otherwise notified by Buyer in writing, Seller and Guarantor shall continue to take directions solely from Buyer. Buyer may distribute to any prospective assignee any document or
other information delivered to Buyer by Seller or Guarantor. 
               (b)        The Buyer may sell participations to one or more Persons in or to all or a portion of its rights and
obligations under this Agreement; provided, however, that (i) the Buyer’s obligations under this Agreement shall remain unchanged, (ii) the Buyer shall remain solely responsible to the other parties hereto for the
performance of such obligations, (iii) the Buyer remains a party hereto in an agency capacity for such participants, and as agent therefor, retains decision-making authority with respect to this Agreement and all Transactions hereunder, and
(iv) Seller and Guarantor shall continue to deal solely and directly with the Buyer in connection with the Buyer’s rights and obligations under this Agreement and the Transaction Documents. 
               (c)        The Buyer may, in connection with any assignment or participation or proposed assignment or participation
pursuant to this Section 12.20, disclose to the assignee or participant or proposed assignee or participant, as the case may be, any information relating to the Seller or Guarantor or any of their respective Subsidiaries or to any aspect of the
Transactions that have been furnished to Buyer by or on behalf of the Seller or Guarantor or any of their respective Subsidiaries; provided ,that such recipient has executed a customary non-disclosure agreement. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written. 
 [SIGNATURE PAGES FOLLOW] 
  

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	SELLER
	
	KBS GKK PARTICIPATION HOLDINGS II, LLC,
	a Delaware limited liability company,
			
		 	By:	 	KBS DEBT HOLDINGS, LLC,
		 	a Delaware limited liability company, its sole member
			
		 	By:	 	 KBS LIMITED PARTNERSHIP,
 a Delaware limited
partnership,
 its manager

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

					
		 		 		 	By:	 	 /s/ Charles J. Schreiber, Jr.

		 		 		 		 	 Charles J. Schreiber, Jr.
 Chief Executive
Officer

	
	In the presence of:
					
		 		 		 		 	 /s/ Debbie Montgomery

		 		 		 		 	Signature of witness
		 		 		 		 	Name:
		 		 		 		 	Address:
		 		 		 		 	Occupation:

 [Seller Signature Page] 

			
	BUYER
	
	CITIGROUP FINANCIAL PRODUCTS INC.
		
	By:	 	/s/ Authorized Signatory
	Name:	 	  

	Title:	 	  

 [Buyer Signature Page] 
  

 Ex I-2

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