Document:

EX-10.9

 Exhibit 10.9 

EXECUTION VERSION 
  

MASTER REPURCHASE AND SECURITIES CONTRACT AGREEMENT 

among 
 MORGAN STANLEY
BANK, N.A. 
 as Buyer 

and 
 TPG RE FINANCE 12,
LTD. 
 as Seller 

 TABLE OF CONTENTS 
  

							
	1.	  	APPLICABILITY	  	 	1	 
	2.	  	DEFINITIONS	  	 	1	 
	3.	  	INITIATION; CONFIRMATION; TERMINATION; FEES	  	 	21	 
	4.	  	MANDATORY PAYMENT OR DELIVERY OF ADDITIONAL ASSETS	  	 	30	 
	5.	  	INCOME PAYMENTS AND PRINCIPAL PAYMENTS	  	 	31	 
	6.	  	SECURITY INTEREST	  	 	34	 
	7.	  	PAYMENT, TRANSFER AND CUSTODY	  	 	35	 
	8.	  	CERTAIN RIGHTS OF BUYER WITH RESPECT TO THE PURCHASED ASSETS	  	 	38	 
	9.	  	EXTENSION OF FACILITY TERMINATION DATE	  	 	38	 
	10.	  	REPRESENTATIONS	  	 	39	 
	11.	  	NEGATIVE COVENANTS OF SELLER	  	 	43	 
	12.	  	AFFIRMATIVE COVENANTS OF SELLER	  	 	45	 
	13.	  	SINGLE-PURPOSE ENTITY	  	 	49	 
	14.	  	EVENTS OF DEFAULT; REMEDIES	  	 	51	 
	15.	  	SINGLE AGREEMENT	  	 	55	 
	16.	  	NOTICES AND OTHER COMMUNICATIONS	  	 	56	 
	17.	  	NON-ASSIGNABILITY	  	 	56	 
	18.	  	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; ETC	  	 	58	 
	19.	  	NO RELIANCE; DISCLAIMERS	  	 	59	 
	20.	  	INDEMNITY AND EXPENSES	  	 	60	 
	21.	  	DUE DILIGENCE	  	 	61	 
	22.	  	SERVICING	  	 	62	 
	23.	  	TREATMENT FOR TAX PURPOSES	  	 	63	 
	24.	  	INTENT	  	 	63	 
	25.	  	DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS	  	 	64	 
	26.	  	SETOFF RIGHTS	  	 	65	 
	27.	  	MISCELLANEOUS	  	 	65	 

  
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 SCHEDULES 
  

			
	 SCHEDULE 1
	  	Maximum Purchase Percentage
	 SCHEDULE 2
	  	Purchased Asset Documents
	 SCHEDULE 3
	  	Prohibited Transferees

 EXHIBITS 
  

			
	 EXHIBIT I
	  	Form of Confirmation
	 EXHIBIT II-1
	  	Form of Power of Attorney to Buyer
	 EXHIBIT II-2
	  	Form of Power of Attorney to Seller
	 EXHIBIT III
	  	Representations and Warranties Regarding the Purchased Assets
	 EXHIBIT IV
	  	Form of Bailee Agreement
	 EXHIBIT V
	  	Authorized Representatives of Seller
	 EXHIBIT VI
	  	Form of Financial Covenant Compliance Certificate

 ANNEXES 
  

			
	 ANNEX I
	  	Notice Instructions
	 ANNEX II
	  	Wiring Instructions

  
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 MASTER REPURCHASE AND SECURITIES CONTRACT AGREEMENT 

This Master Repurchase and Securities Contract Agreement (this “Agreement”) is dated as of May 4, 2016, and is made by and among MORGAN
STANLEY BANK, N.A., as buyer (together with its successors and assigns, “Buyer”) and TPG RE FINANCE 12, LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands with registered number
######, as seller (“Seller”). 
 1.    APPLICABILITY 

From time to time the parties hereto may enter into transactions in which Seller agrees to transfer to Buyer one or more Eligible Assets, on a
servicing-released basis, against the transfer of funds by Buyer to Seller with a simultaneous agreement by Buyer to transfer to Seller such Eligible Assets at a date certain (or such earlier date in accordance with the terms hereof) against the
transfer of funds by Seller to Buyer. Each such transaction involving the transfer of an Eligible Asset from Seller to Buyer shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing, shall be governed
by this Agreement. 
 2.     DEFINITIONS 

Capitalized terms in this Agreement shall have the respective meanings set forth below: 

“1934 Act” shall mean the Securities Exchange Act of 1934, as amended. 

“AB Mortgage Loan” shall mean a Mortgage Loan evidenced by two or more senior and subordinate Mortgage Notes. 

“Accelerated Repurchase Date” shall have the meaning specified in Section 14(b)(i) of this Agreement. 

“Act of Insolvency” shall mean, with respect to any Person: (a) the filing of a petition for relief by a court having
jurisdiction over such Person or any substantial part of its assets or property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official for such Person or for any substantial part of its assets or property, or ordering the winding–up or liquidation of such Person’s affairs, and such petition shall not be dismissed within sixty (60) days,
(b) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, (c) the consent by such Person to the entry of an order for relief in an involuntary case under any Insolvency Law,
(d) the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its assets or property,
(e) the making by such Person of any general assignment for the benefit of creditors, (f) the admission in writing of the inability of such Person to pay its debts or discharge its obligations generally as they become due or mature,
(g) the failure by such Person generally to pay its debts as they become due, (h) the taking of any action by any Governmental Authority or agency or any Person, agency or entity acting or purporting to act under Governmental Authority to
condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the property of such Person, or shall have taken any action to displace the management of such Person or to curtail its authority in the conduct of the
business of such Person, or (i) the taking of action by such Person in furtherance of any of the foregoing. 

“Affiliate” shall mean, (A) when used with respect to Seller, Pledgor, Guarantor, Sponsor or any of their respective
Subsidiaries, Sponsor and its Subsidiaries, or (B) when used with respect to any other specified Person, (i) any other Person directly or indirectly Controlling, Controlled by, or under common Control with, such Person, or (ii) any
“affiliate” of such Person, as such term is defined in the Bankruptcy Code. 

 “Affiliated Hedge Counterparty” shall mean Morgan Stanley Bank, N.A., or any
Affiliate thereof, in its capacity as a party to any Hedging Transaction with Seller. 
 “Aggregate Repurchase Price” shall
mean, as of any date of determination, the aggregate Repurchase Price (excluding any accrued and unpaid Price Differential) of all Purchased Assets outstanding as of such date. 

“Agreement” shall have the meaning specified in the introductory paragraph of this Agreement. 

“Alternative Rate” shall have the meaning specified in Section 3(l) of this Agreement. 

“Alternative Rate Transaction” shall mean, with respect to any Pricing Period or (other applicable period), any Transaction
with respect to which the Pricing Rate for such Pricing Period (or other applicable period) is determined with reference to the Alternative Rate. 

“Applicable Spread” shall have the meaning specified in the Fee Letter. 

“Appraisal” shall mean an appraisal of any Eligible Property prepared by a licensed Independent Appraiser approved by Buyer
in its reasonable discretion, 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 Institutions Reform, Recovery and Enforcement Act
of 1989 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 Base Component” shall mean, as of any date of determination, with respect to each Purchased Asset, the product of
(a) its then current Market Value, multiplied by (b) the Maximum Purchase Percentage applicable to such Purchased Asset as of such date. 

“Assignment of Leases” shall mean, with respect to any Purchased Asset that is a Mortgage Loan, any assignment of leases,
rents and profits or equivalent instrument, whether contained in the related Mortgage or executed separately, assigning to the holder or holders of such Mortgage all of the related Mortgagor’s interest in the leases, rents and profits derived
from the ownership, operation, leasing or disposition of all or a portion of the related Mortgaged Property as security for repayment of such Purchased Asset. 

“Assignment of Mortgage” shall mean, with respect to any Purchased Asset that is a Mortgage Loan, an assignment of the
mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related property is located to reflect the assignment and pledge of the Mortgage, subject to the terms of this
Agreement. 
 “Bailee” shall mean Ropes & Gray LLP, Gibson, Dunn & Crutcher LLP or any such third party
as Buyer and Seller shall mutually approve in their sole discretion. 
 “Bailee Agreement” shall mean a Bailee Agreement
among Seller, Buyer and Bailee in the form of Exhibit IV hereto, or as otherwise agreed to by Buyer. 
 “Bailee Delivery
Failure” shall have the meaning specified in the Bailee Agreement. 

  
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 “Bankruptcy Code” shall mean Title 11 of the United States Code, as amended,
modified or replaced from time to time. 
 “Blocked Account” shall have the meaning specified in Section 5(a) of
this Agreement. 
 “Blocked Account Agreement” shall mean that certain Blocked Account Agreement executed by Buyer, Seller
and the Depository Bank (and any successor thereto or replacement thereof executed by Buyer, Seller and the Depository Bank), as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Business Day” shall mean(a) any day other than (i) a Saturday or Sunday and (ii) a day on which the New York Stock
Exchange, the Federal Reserve Bank of New York, Custodian or Buyer is authorized or obligated by law or executive order to be closed, and (b) with respect to any Pricing Rate Reset Date, a day on which banks are open for dealing in foreign
currency and exchange in London. 
 “Buyer” shall have the meaning set forth in the introductory paragraph hereto. 

“Capital Lease Obligations” shall mean, for any Person, all obligations of such Person to pay rent or other amounts under a
lease of (or other agreement conveying the right to use) property to the extent such obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP, and, for purposes of this Agreement,
the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. 
 “Capital
Stock” shall mean any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent equity ownership interests in a Person which is not a corporation,
including, without limitation, any and all membership or other equivalent interests in any limited liability company, and any and all partnership or other equivalent interests in any partnership or limited partnership, and any and all warrants or
options to purchase any of the foregoing. 
 “Cause” shall mean, with respect to an Independent Director, (i) acts or
omissions by such Independent Director that constitute willful disregard of, or bad faith or gross negligence with respect to, the Independent Director’s duties with respect to Seller’s obligations under this Agreement, (ii) such
Independent Director has engaged in or has been charged with, or has been convicted of, fraud or other acts constituting a crime under any law applicable to such Independent Director, (iii) such Independent Director is unable to perform his or
her duties as Independent Director due to death, disability or incapacity, or (iv) such Independent Director no longer meets the definition of Independent Director, as that term is defined in this Section 2. 

“Change of Control” shall mean the occurrence of any of the following: 

(a) prior to an IPO Transaction of Sponsor: 

(i) the consummation of a merger or consolidation of Guarantor or Sponsor with or into another entity or any other
reorganization or transfer of Capital Stock in Guarantor, if more than 50% of the combined voting power of the continuing or surviving entity’s Capital Stock outstanding immediately after such merger, consolidation or such other reorganization
or transfer is not owned directly or indirectly by Persons who were stockholders or holders of such Capital Stock in Guarantor or Sponsor immediately prior to such merger, consolidation or other reorganization or transfer, except in connection with
an IPO Transaction of Guarantor or Sponsor; 

  
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 (ii) Guarantor and Sponsor shall cease to own and control, of record and
beneficially, directly or indirectly, 100% of each class of the outstanding Capital Stock of Seller; 
 (iii) a Transfer,
whether directly or indirectly through its direct or indirect Subsidiaries, of all or substantially all of Seller’s, Guarantor’s or Sponsor’s assets, taken as a whole, to any person other than an Affiliate of Sponsor or Guarantor
(excluding any Transfer in connection with any securitization transaction or repurchase or other similar transaction in the ordinary course of Seller’s or Guarantor’s business or in connection with an IPO Transaction of Guarantor or
Sponsor); 
 (iv) with respect to Manager, (A) the sale, merger, consolidation or reorganization of Manager with or into
any Person that is not an Affiliate of Manager as of the date hereof, (B) Manager or an Affiliate of Manager ceases for any reason to act as manager under the Management Agreement, (C) Manager ceases to be Controlled by the Person or
Persons who directly or indirectly Control Manager as of the date hereof, (D) the Management Agreement is terminated; or 
 (b)
following an IPO Transaction of Sponsor, the following shall occur with respect to the applicable Public Vehicle: 
 (i) the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Public Vehicle’s assets and the assets of
its Subsidiaries, taken as a whole, to any person other than the Public Vehicle or one of its Affiliates; 
 (ii) the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the 1934 Act), directly or indirectly, of
more than 25% of the Public Vehicle’s outstanding Capital Stock or other Capital Stock into which the Public Vehicle’s Capital Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares
other than with respect to Affiliates of Persons who are under common control with Manager or to the extent that such interests are obtained through a public market offering or secondary market trading; 

(iii) the Public Vehicle consolidates with, or merges with or into, any person, or any person consolidates with, or merges with
or into, the Public Vehicle, if more than 50% of the combined voting power of the continuing or surviving entity’s Capital Stock outstanding immediately after such consolidation or merger is not owned directly or indirectly by Persons who were
stockholders or holders of such Capital Stock in the Public Vehicle immediately prior to such consolidation or merger; 

(iv) with respect to Manager, (A) the sale, merger, consolidation or reorganization of Manager with or into any Person
that is not an Affiliate of Manager as of the date hereof, (B) Manager or an Affiliate of Manager ceases for any reason to act as manager under the Management Agreement, (C) Manager ceases to be Controlled by the Person or Persons who
directly or indirectly Control Manager as of the date hereof, (D) the Management Agreement is terminated; 
 Notwithstanding the
foregoing, clauses (a)(i), (a)(iv), (b)(ii), (b)(iii) and (b)(iv) shall not constitute a “Change of Control” so long as Manager or a replacement manager acceptable to Buyer shall continue to manage Sponsor or the Public Vehicle and their
respective Subsidiaries, as the case may be, pursuant to a management agreement. 

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

“Collection Period” shall mean, with respect to the Remittance Date in any month, the period beginning on the Remittance Date
in the preceding month to and including the calendar day immediately preceding such Remittance Date. 
 “Concentration
Limit” shall mean, with respect to any New Asset, as of any date of determination (a) the Purchase Price of such New Asset does not exceed 35% of the Facility Amount, and (b) no more than 35% of the Facility Amount shall consist
of Purchased Assets for which the Mortgaged Property consists of hospitality properties. 
 “Confirmation” shall mean a
written confirmation from Buyer to Seller, executed by Buyer and acknowledged by Seller, of Buyer’s Final Approval to purchase a Purchased Asset, substantially in the form attached hereto as Exhibit I. 

“Control” shall mean, with respect to any Person, the possession of the direct or indirect power to direct or cause the
direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”, “Controlled” and “under common Control” have
correlative meanings. 
 “Custodial Agreement” shall mean that certain Custodial Agreement, dated as of the date hereof,
entered into by and among Custodian, Seller and Buyer, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Custodian” shall mean U.S. Bank National Association, a national banking association, or any successor custodian appointed
by Buyer and reasonably acceptable to Seller, or appointed by Buyer in its sole discretion during the continuance of an Event of Default. 

“Debt Yield Ratio” shall mean, with respect to any Eligible Property or Properties directly or indirectly securing a New
Asset, the quotient (expressed as a percentage) of (i) net operating income for the trailing 12-month period for the most recently ended fiscal quarter, divided by (ii) the total amount of indebtedness secured directly or indirectly by
such Eligible Property or Properties that are senior to or pari passu with such New Asset. 
 “Default” shall mean
any event that, with the giving of notice, the passage of time, or both, would constitute an Event of Default. 
 “Defaulted
Asset” shall mean, with respect to a Purchased Asset, the occurrence and continuance of any of the following: (i) an Act of Insolvency with respect to any Mortgagor with respect to any Purchased Asset, and such Act of Insolvency is
determined by Buyer to have a Material Adverse Effect on the timing and/or amounts or receipts of income, principal or other amounts with respect to such Purchased Asset or in connection with the exercise of any rights or remedies relating to such
Purchased Asset, (ii) any monetary default or non-monetary default under the terms of such Purchased Asset or the related Purchased Asset Documents, subject to the terms of any applicable cure periods, which results in a notice delivered to a
Mortgagor of an “event of default” under the related Purchased Asset Documents, (iii) a Significant Modification made without the consent of Buyer pursuant to this Agreement, (iv) the related Purchased Asset File or any portion
thereof is subject to a continuing Bailee Delivery Failure or has been released from the possession of Custodian under the Custodial Agreement to anyone other than 

  
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Buyer or any Affiliate of Buyer in violation of this Agreement or the Custodial Agreement, (v) the loss of any security interest with respect to this Agreement or under any of the documents
executed in connection with the Transaction Documents or any Purchased Asset, (vi) the Mortgaged Property ceases to have appropriate zoning approval, required insurance or similar legal compliance in the relevant jurisdiction, and in any such
case such failure continues beyond any applicable notice and cure period under the related Purchased Asset Documents or (vii) subject to any applicable cure periods set forth in this Agreement, any breach of a representation or warranty by
Seller under Exhibit III (attached hereto) with respect to any Purchased Asset (subject to exceptions expressly disclosed by Seller to Buyer in writing in specific detail in the related Confirmation on or before the related Purchase Date).

 “Depository Bank” shall mean U.S. Bank National Association, a national banking association, or any successor depository
bank appointed by Buyer and reasonably acceptable to Seller, or appointed by Buyer in its sole discretion during the continuance of an Event of Default. 

“Diligence Fees” shall mean reasonable and documented out-of-pocket costs and expenses payable by Seller to Buyer in respect
of Buyer’s third party fees, costs and expenses (other than legal expenses) incurred in connection with its review of the Diligence Materials hereunder and Buyer’s continuing due diligence reviews of Purchased Assets pursuant to Section
21 or otherwise hereunder. 
 “Diligence Materials” shall mean, with respect to any New Asset, the related Preliminary
Due Diligence Package together with the related Supplemental Due Diligence Package. 
 “Draft Appraisal” shall mean a short
form appraisal, “letter opinion of value”, or any other form of draft appraisal acceptable to Buyer. 
 “Early Repurchase
Date” shall have the meaning specified in Section 3(i) of this Agreement. 
 “Eligible Assets” shall mean
(i) performing Mortgage Loans and Participation Interests (A) acceptable to Buyer in the exercise of its sole discretion (as evidenced by Buyer’s delivery of an executed Confirmation), (B) secured directly by an Eligible
Property, (C) which have a term equal to or less than ten (10) years (assuming exercise of all extension options), (D) as to which the applicable representations and warranties set forth in Exhibit III are true and correct as
of the applicable Purchase Date unless otherwise disclosed in the Exception Report delivered to Buyer on or prior to such Purchase Date, (E) that do not require any Hedging Transaction or have a Hedging Transaction acceptable to Buyer in its
sole discretion, (F) that have a maximum LTV not in excess of 80%, (G) that have an original principal balance of not less than $5,000,000 (H) that is not a Defaulted Asset and (I) that are not subject to restrictions on transfer
of lender’s interest therein, unless otherwise approved by Buyer in its sole discretion (as evidenced by Buyer’s delivery of an executed Confirmation) and (ii) such other commercial real estate debt instruments acceptable to Buyer in
its sole discretion; in each case, acceptable to Buyer in its sole discretion on a case-by-case basis (as evidenced by Buyer’s delivery of an executed Confirmation). 

“Eligible Property” shall mean a property that is a multifamily, office, retail, industrial, hospitality, self-storage or
mixed-use property or such other property type acceptable to Buyer in the exercise of its sole discretion. 
 “ERISA” shall
mean 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. 

  
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 “ERISA Affiliate” shall mean any corporation or trade or business (whether or
not incorporated) that is a member of any group of organizations described in (i) Section 414(b) or (c) of the Code or Section 4001(b) of ERISA of which Seller is a member at any relevant time or (ii) solely for purposes of
the lien created under Section 302(f) of ERISA and Section 412(n) of the Code, described in Section 414(m) or (o) of the Code of which Seller is a member. 

“Event of Default” shall have the meaning specified in Section 14(a). 

“Exception Report” shall have the meaning specified in Section 3(c)(viii). 

“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to Buyer or required to be withheld or
deducted from a payment to Buyer, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, imposed as a result of Buyer being organized under the laws of, or having its
principal office or the office from which it books the Transaction located in, the jurisdiction imposing such Tax (or any political subdivision thereof), (b) withholding Taxes imposed on amounts payable to or for the account of Buyer or an
assignee pursuant to a law in effect as of the date on which such Person (i) becomes a party to this Agreement, (ii) changes the office from which it books the Transactions or (iii) where Buyer is treated as a partnership for tax
purposes and the tax status of a partner in such partnership is determinative of the obligation to pay Taxes, the later of the date on which Buyer acquired its applicable interest hereunder or the date on which the affected partner becomes a partner
of Buyer, except to the extent that, pursuant to Section 3(q), the sum payable to such Person’s assignor immediately before such Person became a party to this Agreement or to such Person immediately before it changed the office from
which it books the Transaction was increased in respect of such Taxes, (c) Taxes attributable to Buyer’s failure to comply with Section 3(r) of this Agreement and (d) any withholding Taxes imposed under FATCA. 

“Executive Order 13224” shall mean Executive Order 13224 “On Terrorist Financing: Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism”, effective September 24, 2001. 
 “Exit
Fee” shall have the meaning specified in the Fee Letter. 
 “Extension Effective Date” shall have the meaning
specified in Section 9(a) hereof. 
 “Extension Fee” shall have the meaning specified in the Fee Letter. 

“Extension Request” shall have the meaning specified in Section 9(a) hereof. 

“Facility Amount” shall mean Two Hundred Fifty Million Dollars ($250,000,000). 

“Facility Termination Date” shall mean May 4, 2019, as the same may be extended in accordance with Section 9(a)
of this Agreement. 
 “FATCA” shall mean sections 1471 through 1474 of the Code, as of the date of this Agreement (or any
amended or successor version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof, any agreements entered into pursuant to section
1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidance notes or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code.

 “FATF” shall mean the Financial Action Task Force on Money Laundering. 

  
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 “FDIA” shall mean the Federal Deposit Insurance Act, as amended. 

“FDICIA” shall mean Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991. 

“Federal Funds Rate” shall mean, for any day, an interest rate per annum equal to the weighted average of the rates on
overnight federal funds transactions with members of the Federal Reserve Bank of New York arranged by federal funds brokers on such day, 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 that is a Business Day, the average of the quotations at approximately 10:00 a.m. (New York time) on such day on such transactions received by Buyer from three federal funds brokers of recognized standing selected by
Buyer in its sole discretion. 
 “Fee Letter” shall mean that certain letter agreement, dated the date hereof, between
Buyer and Seller, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Filings”
shall have the meaning specified in Section 6(b) of this Agreement. 
 “Final Approval” shall have the meaning
specified in Section 3(e) of this Agreement. 
 “Financial Covenant Compliance Certificate” shall mean, with
respect to any Person, a completed and executed Financial Covenant Compliance Certificate in form and substance of the certificate attached hereto as Exhibit VI, to be delivered, subject to Section 3(f)(iii) of this Agreement, within
forty five (45) days after the end of the first three (3) fiscal quarters and within ninety (90) days after the end of each fiscal year. 

“First Mortgage A-Note” shall mean (i) a senior Mortgage Note in an AB Mortgage Loan or (ii) a senior controlling
pari passu Mortgage Note in a Split Mortgage Loan. 
 “Future Advance Asset” shall mean any Purchased Asset with
respect to which there exists a continuing obligation on the part of the holder of such Purchased Asset, pursuant to the terms and conditions of the Purchased Asset Documents, to provide additional funding to the Mortgagor. 

“Future Advance Purchase” shall have the meaning specified in Section 3(h) of this Agreement. 

“GAAP” shall mean United States generally accepted accounting principles consistently applied as in effect from time to time.

 “GLB Act” shall have the meaning specified in Section 27(b) hereof. 

“GLB Indemnified Party” shall have the meaning specified in Section 27(b) hereof. 

“Governmental Authority” shall mean any national or federal government, any state, regional, local or other political
subdivision thereof with jurisdiction and any Person with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Guarantee” shall mean, as to any Person, any obligation of such Person directly or indirectly guaranteeing any Indebtedness
of any other Person or in any manner providing for the payment of any Indebtedness of any other Person or otherwise protecting the holder of such Indebtedness against loss (whether by virtue of partnership arrangements, by agreement to keep-well, to
purchase assets, goods, securities or services, or to take-or-pay or otherwise); provided that the term “Guarantee” shall not 

  
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include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee of a Person shall be deemed to be an amount equal to the maximum reasonably
anticipated liability in respect thereof as determined by such Person in accordance with GAAP. The terms “Guarantee” and “Guaranteed” used as verbs shall have correlative meanings. 

“Guarantor” shall mean TPG RE Finance Trust Holdco, LLC, together with its permitted successors and assigns. 

“Guaranty” shall mean that certain Guaranty, dated as of the date hereof, made by Guarantor in favor of Buyer as the same may
be amended, supplemented or otherwise modified from time to time. 
 “Hedging Transactions” shall mean, with respect to any
or all of the Purchased Assets, any short sale of U.S. Treasury Securities or mortgage-related securities, futures contract (including currency 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 Purchased Asset and pledged to Seller as collateral for such Purchased Asset, with one or more counterparties that is an Affiliated Hedge Counterparty or a Qualified Hedge Counterparty or, with respect to any Hedging
Transaction pledged to Seller as additional collateral for a Purchased Asset, complies with such other rating requirement applicable to such Hedging Transaction set forth in the related Purchased Asset Documents or which is otherwise acceptable to
Buyer; provided that Seller shall not grant or permit any liens, security interests, charges, or encumbrances with respect to any such Hedging Transactions for the benefit of any Person other than Buyer. 

“Income” shall mean, with respect to any Purchased Asset at any time, any payment or other cash distribution thereon of
principal, interest, dividends, fees, reimbursements or proceeds thereof (including sales proceeds) or other cash distributions thereon (including casualty or condemnation proceeds); provided, that Qualified Servicing Expenses and Underlying
Purchased Asset Reserves shall not be included in the term “Income”. 
 “Indebtedness” shall mean, for any
Person, without duplication: (i) 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); (ii) 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 sixty (60) days of the date the respective goods are delivered or the respective services are
rendered; (iii) 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; (iv) 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; (v) Capital Lease Obligations of such Person; (vi) obligations of such Person under repurchase
agreements, sale/buy-back agreements or like arrangements; (vii) Indebtedness of others Guaranteed by such Person; (viii) all obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such
Person; (ix) Indebtedness of general partnerships of which such Person is a general partner or of which such Person is secondarily on contingently liable (other than by endorsement of instruments in the course of collection), whether by reason
of any agreement to acquire such indebtedness, to supply or advance sums or otherwise; and (x) all net liabilities or obligations under any interest rate swap, interest rate cap, interest rate floor, interest rate collar or other hedging
instrument or agreement. 
 “Indemnified Amounts” shall have the meaning specified in Section 20(a) of this
Agreement. 

  
 9 

 “Indemnified Parties” shall have the meaning specified in Section 20(a)
of this Agreement. 
 “Indemnified Taxes” shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect
to any payment made by or on account of any obligation of Seller under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Independent Appraiser” shall mean an independent professional real estate appraiser who is a member in good standing of the
American Appraisal Institute, and, if the state in which the subject Eligible Property is located certifies or licenses appraisers, is certified or licensed in such state, and in each such case, who has a minimum of five (5) years’
experience in the subject property type. 
 “Independent Director” shall mean, with respect to any corporation, exempted
company or limited liability company, an individual who: (a) is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation,
Puglisi & Associates, MaplesFS Limited, Maples Fiduciary Services (Delaware) Inc., or, if none of those companies is then providing professional independent directors, another nationally-recognized company reasonably approved by Buyer, in
each case that is not an Affiliate of such corporation, exempted company or limited liability company and that provides professional independent directors and other corporate services in the ordinary course of its business; (b) is duly
appointed as a member of the board of directors of such corporation or as an independent manager or director, member of the board of managers or directors, or special member of such exempted company or limited liability company; and (c) is not,
and has never been, and will not while serving as Independent Director be (i) a member (other than an independent, non-economic “springing” member), partner, equityholder, manager, director (other than an independent director),
officer or employee of such corporation or limited liability company or any of its equityholders or affiliates (other than an affiliate that is not in the direct chain of ownership of such corporation, exempted company or limited liability company
or an affiliate that is a Single-Purpose Entity; provided that the fees such individual earns from serving as an Independent Director of such affiliates in any given year constitute in the aggregate less than 5% of such individual’s
annual income for that year); (ii) a creditor, supplier or service provider (including provider of professional services) to such corporation, exempted company or limited liability company or any of its equityholders or affiliates (other than a
nationally recognized company that routinely provides professional independent managers or directors and that also provides lien search and other similar services to such corporation, exempted company or limited liability company or any of its
equityholders or affiliates in the ordinary course of business); (iii) a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or (iv) a Person that controls
(whether directly, indirectly or otherwise) any of clauses (i) or (ii) above. 
 “Insolvency Law” shall mean
the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments and similar debtor relief laws from time to time in effect affecting
the rights of creditors generally. 
 “Insured Closing Letter and Escrow Instructions” shall mean a letter addressed to
Seller from the title insurance underwriter (or any agent thereof) acting as an agent for each Table Funded Purchased Asset and related escrow instructions, which letter and instructions shall be in form and substance reasonably acceptable to Buyer
and Seller. 
 “IPO Transaction” shall mean any public offering involving the issuance of direct or indirect Capital Stock
in Sponsor or any Person to which the assets of Sponsor are contributed, including pursuant to an “UPREIT” structure, on a nationally recognized stock exchange in an underwritten primary public offering (other than a public offering
pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the Securities and Exchange Commission in accordance with the Securities Act of 1933 (whether alone or in connection with a secondary public
offering). 

  
 10 

 “Knowledge” shall mean, as of any date of determination, the actual knowledge
after due inquiry of any employee of Seller or an Affiliate of Seller that is responsible for the origination, acquisition and/or management of any Purchased Asset or the Transaction Documents. 

“LIBOR” shall mean, for any Pricing Period with respect to a Purchased Asset, the per annum rate for deposits in U.S. dollars
that appears on Reuters Screen LIBOR01 Page (or the successor thereto) as one-month LIBOR as of 11:00 a.m. (London time) on the related Pricing Rate Reset Date; provided, that if such rate is less than zero (0), such rate shall be deemed to be zero
(0) for purposes of this Agreement. 
 “LIBOR Rate” shall mean, as of any date of determination, a rate per annum
determined in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  

	
	 LIBOR

	 1.00 — LIBOR Rate Reserve Percentage

 “LIBOR Rate Reserve Percentage” shall mean, with respect to any date of determination, the
reserve percentage (expressed as a decimal fraction) applicable two (2) Business Days before such date under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor thereto) for determining
the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve Bank of New York, with respect to liabilities or assets consisting of or
including any category of liabilities that includes deposits by reference to which the interest rate on Transactions is determined having a term comparable to the applicable Collection Period. 

“LIBOR Transaction” shall mean any Transaction with respect to which the Pricing Rate is determined with reference to the
LIBOR Rate. 
 “LTV” shall mean, with respect to any Purchased Asset, the quotient (expressed as a percentage) of
(i) the aggregate outstanding principal balance of any Purchased Asset divided by (ii) the value of the related Mortgaged Property as determined by Buyer in its sole discretion. 

“Management Agreement” shall mean that certain Management Agreement, dated as of December 15, 2014, by and between
Sponsor and Manager, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Manager” shall mean TPG Finance Trust Management, L.P., a Delaware limited partnership. 

“Margin Deficit” shall have the meaning specified in Section 4(a) of this Agreement. 

“Margin Excess” shall have the meaning specified in Section 4(b) of this Agreement. 

“Market Value” shall mean, with respect to any Purchased Asset as of any relevant date, the market value of such Purchased
Asset on such date, as determined by Buyer in its sole discretion but based solely on material changes relative to underwriting in terms of the performance or condition of (i) the Mortgaged Property, (ii) the Mortgagor (or its sponsor(s))
in relation to such Purchased Asset or (iii) the relevant commercial real estate market relating to the relevant Mortgaged Property. Notwithstanding the foregoing, the Market Value shall be deemed to be zero (0) with respect to any
Purchased Asset that is a Defaulted Asset. 

  
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 “Material Adverse Effect” shall mean a material adverse effect on (i) the
property, business, operations or financial condition of Guarantor and Seller, taken as a whole, (ii) the ability of the Guarantor, Pledgor or Seller to perform its material obligations under the Transaction Documents, (iii) the validity
or enforceability of the Transaction Documents, (iv) the rights and remedies of Buyer under the Transaction Documents. 

“Maximum Asset Exposure Threshold” shall mean, with respect to any Eligible Asset, the Maximum Purchase Percentage,
multiplied by the LTV of such Eligible Asset shall not exceed 60%, unless otherwise permitted by Buyer in its sole discretion. 

“Maximum Purchase Percentage” shall mean, with respect to any Purchased Asset, the “Maximum Purchase Price
Percentage” specified in Schedule 1 (or as otherwise specified in the applicable Confirmation). 
 “Monthly
Statement” shall mean, for each calendar month during which this Agreement shall be in effect, Seller’s or Servicer’s, as applicable, reconciliation in arrears of beginning balances, interest and principal paid to date and ending
balances for each Purchased Asset, together with a written report describing (i) any developments or events with respect to such Purchased Asset since the prior Monthly Statement that are reasonably likely to have a Material Adverse Effect,
(ii) any Defaults or potential Defaults, (iii) any and all written modifications to any Purchased Asset Documents since the prior Monthly Statement, (iv) loan status, collection performance and any delinquency and loss experience with
respect to each Purchased Asset, (v) an update, if any, as to the expected disposition or sale of the Purchased Assets and (vi) such other information as Buyer may reasonably request with respect to Seller, any Purchased Asset, Mortgagor
or Mortgaged Property, which report shall be delivered to Buyer for each calendar month during the term of this Agreement within fifteen (15) days following the end of such calendar month. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“More Favorable Agreement” shall have the meaning specified in Section 12(t) of this Agreement. 

“Mortgage” shall mean the mortgage, deed of trust, deed to secure debt or other instruments, creating a valid and enforceable
first lien on or a first priority ownership interest in a Mortgaged Property. 
 “Mortgage Loan” shall mean (i) a
whole commercial mortgage loan or (ii) a First Mortgage A-Note, in each case secured by a Mortgage and evidenced by a Mortgage Note and all other Purchased Asset Documents, all right, title and interest of Seller in and to any Mortgaged
Property covered by the related Mortgage and all related Servicing Rights. 
 “Mortgage Note” shall mean (a) with
respect to a Mortgage, a note or other evidence of indebtedness of a Mortgagor secured by such Mortgage and (b) with respect to a Participation Interest, a Participation Certificate evidencing such Participation Interest. 

“Mortgaged Property” shall mean the real property or properties securing repayment of the debt evidenced by a Mortgage Note
(or Mortgage Notes, in the case of an AB Mortgage Loan or Split Mortgage Loan). 

  
 12 

 “Mortgagor” shall mean the obligor on a Mortgage Note, the grantor of the
related Mortgage and the owner of the related Mortgaged Property. 
 “New Asset” shall mean an Eligible Asset that Seller
proposes to sell to Buyer pursuant to a Transaction. 
 “OFAC” shall mean the Office of Foreign Assets Control of the
United States Department of the Treasury. 
 “Officer’s Certificate” shall mean, as to any Person, a certificate of
the chief executive officer, the chief financial officer, the director, the president, any vice president, any treasurer or assistant treasurer, or the secretary of such Person. 

“Origination Fee” shall have the meaning specified in the Fee Letter. 

“Other Taxes” shall mean any and all present or future stamp, court or documentary, intangible, recording, filing or similar
Taxes that may arise from any payment made under any Transaction Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Transaction Document except any such Taxes imposed (a) with respect to an assignment
by Buyer and (b) by taxing jurisdictions in which Buyer is engaged in activities unrelated to the Transactions. 

“Participation Certificate” shall mean a participation certificate which evidences the outstanding balance of a Participation
Interest. 
 “Participation Interest” shall mean a senior controlling pari passu participation interest in a
performing Mortgage Loan. 
 “Permitted Encumbrances” shall mean (a) liens for real property Taxes, ground rents,
water charges, sewer rates and assessments not yet due and payable; (b) liens arising by operation of law (such as materialmen’s, mechanics’, carriers’, workmen’s, repairmen’s and similar liens) arising in the ordinary
course of business which are (i) discharged by payment, bonding or otherwise or (ii) being contested in good faith by the related Mortgagor in accordance with the related Purchased Asset Documents; (c) covenants, conditions and
restrictions, rights of way, easements and other matters of public record, which do not individually or in the aggregate, in the reasonable judgment of Seller, materially interfere with (i) the current use of the related Mortgaged Property,
(ii) the security intended to be provided by the related Mortgage, (iii) the underlying obligor’s ability to pay its obligations when they become due or (iv) the value of the related Mortgaged Property; (d) liens and
encumbrances set forth in the related Title Policy; and (e) rights of existing or future tenants as tenants only pursuant to leases. 

“Person” shall mean an individual, corporation, limited liability company, exempted company, business trust, partnership,
joint tenant or tenant-in-common, trust, joint stock company, joint venture, unincorporated organization, or other entity, or a federal, state or local government or any
agency or political subdivision thereof. 
 “Plan” shall mean an employee benefit or other plan established or maintained
during the five-year period ended prior to the date of this Agreement or to which Seller or any ERISA Affiliate makes, is obligated to make or has, within the five-year period ended prior to the date of this Agreement, been required to make
contributions and that is covered by Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code. 

  
 13 

 “Plan Assets” shall mean assets of any (i) employee benefit plan (as
defined in Section 3(3) of ERISA) subject to Title I of ERISA, (ii) plan (as defined in Section 4975(e)(l) of the Code) subject to Section 4975 of the Code, or (iii) governmental plan (as defined in Section 3(32) of
ERISA) subject to any other federal, state or local laws, rules or regulations substantially similar to Title I of ERISA or Section 4975 of the Code, in each case, as determined under ERISA. 

“Pledge and Security Agreement” shall mean that certain Pledge and Security Agreement, dated as of the date hereof, by
Pledgor in favor of Buyer, as the same may be amended, restated, supplemented, replaced or otherwise modified from time to time, pledging all of Pledgor’s interest in the Capital Stock of Seller to Buyer. 

“Pledgor” shall mean TPG RE Finance Pledgor 12, LLC, a Delaware limited liability company. 

“Portfolio Exposure Threshold” shall mean that the product of (i) the actual weighted-average aggregate Purchase
Percentage of all Purchased Assets, multiplied by (ii) the weighted average LTV for all Purchased Assets does not exceed 57.5%, unless otherwise permitted by Buyer in its sole discretion. 

“Power of Attorney to Buyer” shall mean (i) that certain Power of Attorney to Buyer dated as of the date hereof executed
by Seller in favor of Buyer and (ii) such other power of attorney executed pursuant to this Agreement in substantially the form attached as Exhibit II-1. 

“Power of Attorney to Seller” shall mean (i) that certain Power of Attorney to Seller dated as of the date hereof
executed by Buyer in favor of Seller and (ii) such other power of attorney executed pursuant to this Agreement substantially in the form of Exhibit II-2. 

“Preliminary Approval” shall have the meaning specified in Section 3(b) of this Agreement. 

“Preliminary Due Diligence Package” shall mean, with respect to any New Asset, the following due diligence information, to
the extent applicable, relating to such New Asset to be provided by Seller to Buyer pursuant to this Agreement: 
 (a) Seller’s
internal credit committee or investment committee memorandum, among other things, outlining the proposed transaction, including potential transaction benefits and all material underwriting risks and Underwriting Issues, anticipated exit strategies,
underwriting models and all other characteristics of the proposed transaction that a prudent buyer would consider material; 
 (b) current
rent roll and rollover schedule, if applicable; 
 (c) cash flow pro forma, plus historical information, if available; 

(d) flood certification (of the equivalent in the applicable jurisdiction); 

(e) maps and photos, if available; 

(f) interest coverage ratios and Debt Yield Ratio; 

(g) description of the Mortgaged Property, along with a description of the Mortgagor and sponsor (including their experience with other
projects, ownership structure and financial statements); 
 (h) loan-to-value ratio; 

(i) Seller’s or any Affiliate’s relationship with the Mortgagor or any affiliate; 

  
 14 

 (j) material third party reports, to the extent available and applicable, including:
(i) engineering and structural reports, each in form and prepared by consultants acceptable to Buyer; (ii) current Appraisal; (iii) Phase I environmental report (including asbestos and lead paint report) and, if applicable, Phase II
or other follow-up environmental report if recommended in Phase I, each in form and prepared by consultants acceptable to Buyer; (iv) seismic reports, each in form and prepared by consultants acceptable to Buyer; (v) operations and
maintenance plan with respect to asbestos containing materials, each in form and prepared by consultants acceptable to Buyer; and (vi) the servicing data tape; 

(k) copies of documents evidencing such New Asset, or current drafts thereof, including, without limitation, underlying debt and security
documents, guaranties, Mortgagor’s organizational documents, loan and collateral pledge agreements, and intercreditor agreements, as applicable; 

(l) insurance certificates or other evidence of insurance coverage evidencing the insurance required to be maintained with respect to any
Eligible Property or Properties pursuant to Section 3(c)(iv) hereof (including evidence of terrorism insurance coverage and such other customary insurance coverage satisfactory to Buyer); 

(m) analyses and reports with respect to such other matters concerning the New Asset as Buyer may in its reasonable discretion require; and

 (n) with respect to any Transaction involving a New Asset that is a Future Advance Asset, Seller shall indicate in the related
Preliminary Due Diligence Package that such New Asset is a Future Advance Asset and shall provide Buyer with the information required to complete the Confirmation regarding such Future Advance Asset, as well as the then remaining unfunded principal
amount of all Purchased Assets that constitute Future Advance Assets. 
 “Prescribed Laws” shall mean, collectively,
(a) the USA PATRIOT Act, (b) Executive Order 13224, (c) the International Emergency Economic Power Act, 50 U.S.C. §1701 et. seq., (d) the Bank Secrecy Act (31 U.S.C. Sections 5311 et seq.) as amended and (e) all other
Requirements of Law relating to money laundering or terrorism, including without limitation, the USA PATRIOT Act and all regulations and executive orders promulgated with respect to money laundering or terrorism, including, without limitation, those
promulgated by the Office of Foreign Assets Control of the United States Department of the Treasury. 
 “Price
Differential” shall mean, with respect to any Transaction as of any date, the aggregate amount obtained by daily application of the Pricing Rate for such Transaction to the Repurchase Price thereof (excluding any amount attributable to
Price Differential in the definition thereof), calculated on the basis of a three hundred sixty (360) day per year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and
ending on (but excluding) the date of determination (such aggregate amount to be reduced by any amount of such Price Differential paid by Seller to Buyer, prior to such date, with respect to such Transaction). 

“Pricing Period” shall mean, with respect to each Purchased Asset, (a) in the case of the first (1st) Remittance
Date, the period from and including the original Purchase Date for such Purchased Asset to but excluding the next following Remittance Date, and (b) in the case of each subsequent Remittance Date, the one-month period from and including the
preceding Remittance Date to but excluding such Remittance Date; provided that no Pricing Period for a Purchased Asset shall end after the Repurchase Date for such Purchased Asset. 

“Pricing Rate” shall mean, for any Pricing Period with respect to a Purchased Asset, an annual rate equal to the LIBOR Rate
for such Pricing Period, plus the Applicable Spread for the related Purchased Asset (subject to adjustment and/or conversion as provided in Sections 3(l), and 3(m) 3(p) of this Agreement). 

  
 15 

 “Pricing Rate Reset Date” shall mean, with respect to a Purchased Asset,
(a) in the case of the first (1st) Pricing Period for such Purchased Asset, the original Purchase Date for such Purchased Asset, and (b) in the case of each subsequent Pricing Period, two (2) Business Days preceding the
Remittance Date on which such Pricing Period begins. 
 “Principal Payment” shall mean, with respect to any Purchased
Asset, any payment or prepayment of principal received in respect thereof (including casualty or condemnation proceeds to the extent that such proceeds are not required under the underlying loan documents to be reserved, escrowed, readvanced or
applied for the benefit of the Mortgagor or the related Mortgaged Property). For purposes of clarification, prepayment and other premiums, fees or penalties shall not be deemed to be principal. 

“Prohibited Person” shall mean any Person: (i) listed in the Annex to, or otherwise subject to the provisions of,
Executive Order 13224; (ii) that is owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order 13224; (iii) with whom Buyer is
prohibited from dealing or otherwise engaging in any transaction by any terrorism or money laundering law, including Executive Order 13224; (iv) who commits, threatens or conspires to commit or supports “terrorism” as defined in Executive
Order 13224; (v) that is the subject of Sanctions; (vi) that is a foreign shell bank; (vii) that is a resident of, or whose subscription funds are transferred from or through an account in, a jurisdiction that has been designated as a
non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the FATF, of which the U.S. is a member and with which designation the U.S. representative to the group or
organization continues to concur (see http://www.fatf-gati.org for the FATF’s “Non-Cooperative Countries and Territories Initiative”); or (viii) who is an Affiliate of a Person described above. 

“Prohibited Transferee” shall mean any of the Persons listed on Schedule 3 attached to this Agreement. 

“Public Vehicle” shall mean a Person whose securities are listed and traded on a nationally or internationally recognized
securities exchange or quoted on a nationally or internationally recognized automated quotation system. 
 “Purchase Date”
shall mean, with respect to any Purchased Asset, the date on which such Purchased Asset is transferred by Seller to Buyer. 

“Purchase Percentage” shall mean, with respect to any Purchased Asset, the ratio (expressed as a percentage) of the
outstanding Purchase Price with respect to such Purchased Asset to the outstanding unpaid principal balance of such Purchased Asset . 

“Purchase Price” shall mean, with respect to any Purchased Asset, the price at which such Purchased Asset is transferred by
Seller to Buyer on the applicable Purchase Date, which price shall increase by any Future Advance Purchase pursuant to Section 3(h) and any payment made to Seller in connection with a Margin Excess pursuant to Section 4(b), and shall
decrease by any payment applied in connection with a Margin Deficit pursuant to Section 4(a), any Principal Payment applied pursuant to Section 5 to reduce such Purchase Price and any other amounts paid to Buyer by Seller to reduce
such Purchase Price. 

  
 16 

 “Purchased Asset” shall mean (i) with respect to any Transaction, the
Eligible Assets sold by Seller to Buyer in such Transaction and (ii) with respect to the Transactions in general, all Eligible Assets sold by Seller to Buyer. 

“Purchased Asset Documents” shall mean, with respect to a Purchased Asset, the applicable documents specified in Schedule
2. 
 “Purchased Asset File” shall mean the Purchased Asset Documents, together with any additional documents and
information required to be delivered to Buyer or its designee (including Custodian) pursuant to this Agreement. 
 “Purchased Asset
File Checklist” shall have the meaning specified in the Custodial Agreement. 
 “Purchased Asset Schedule” shall
have the meaning specified in the Custodial Agreement. 
 “Qualified Hedge Counterparty” shall mean, with respect to any
Hedging Transaction, any entity other than an Affiliated Hedge Counterparty, that (a) qualifies as an “eligible contract participant” as such term is defined in the Commodity Exchange Act (as amended by the Commodity Futures
Modernization Act of 2000), (b) the long-term debt of which is rated no less than “A+” by Standard & Poor’s and “A1” by Moody’s and (c) is reasonably acceptable to Buyer; provided that, with
respect to clause (c), if Buyer has approved an entity as a counterparty, it may not thereafter deem such counterparty unacceptable with respect to any previously outstanding Transaction unless clause (a) or (b) no longer
applies with respect to such counterparty. 
 “Qualified Servicing Expenses” shall mean any fees and expenses payable to
any Servicer pursuant to the Servicing Agreement, which fees and expenses are netted by Servicer out of collections pursuant to such Servicing Agreement. 

“Qualified Transferee” shall mean an insurance company, bank, savings and loan association, investment bank, trust company,
commercial credit corporation, pension plan, pension fund, mutual fund, or any Affiliate of Buyer; provided, in each case, such Person shall be regularly engaged in the business of making or owning commercial real estate loans or operating
commercial real estate properties. 
 “Quarterly Report” shall mean, for each fiscal quarter during which this Agreement
shall be in effect, (i) Seller’s or Servicer’s, as applicable, certified written report summarizing (with a separate cover sheet for each Purchased Asset or, in the case of a Purchased Asset secured (directly or indirectly) by a
portfolio of Mortgaged Properties, a cover sheet for such portfolio on a consolidated basis), with respect to the Mortgaged Properties securing each Purchased Asset (or, in the case of a Purchased Asset secured (directly or indirectly) by a
portfolio of Mortgaged Properties, such information on a consolidated basis), the net operating income, debt service coverage, occupancy, the revenues per room (for hospitality properties) and sales per square footage (for retail properties), in
each case, to the extent received by Seller, and such other information as mutually agreed by Seller and Buyer, and (ii) the updated underwriting report, which reports shall be delivered to Buyer for each fiscal quarter during the term of this
Agreement within forty-five (45) days following the end of each such fiscal quarter. 
 “Regulations T, U and X” shall
mean Regulations T, U and X of the Board of Governors of the Federal Reserve System (or any successor thereto), as the same may be modified and supplemented and in effect from time to time. 

“Rejected Asset” shall mean a New Asset that Buyer has determined not to purchase and has so notified Seller of such
determination. 

  
 17 

 “Remittance Date” shall mean the fifteenth (15th) calendar day of each
month, or the next succeeding Business Day, if such calendar day shall not be a Business Day. 
 “Representatives” shall
have the meaning specified in Section 27(a) hereof. 
 “Repurchase Assets” shall have the meaning specified in
Section 6(a) hereof. 
 “Repurchase Date” shall mean, with respect to any Purchased Asset, the date that is the
earliest to occur of the following: (a) the Facility Termination Date, (b) the date otherwise specified in the related Confirmation, or (c) if applicable, the related Early Repurchase Date or Accelerated Repurchase Date. 

“Repurchase Obligations” shall mean the Aggregate Repurchase Price and all other amounts due under the Transaction Documents
(including interest which would be payable as post-petition interest in connection with any bankruptcy or similar proceeding) irrespective of whether such obligations are direct or indirect, absolute or contingent, matured or unmatured. 

“Repurchase Price” shall mean, with respect to any Purchased Asset, as of any date, the price at which such Purchased Asset
is to be transferred from Buyer to Seller upon termination of the related Transaction; in each case, such price shall equal the sum of the Purchase Price of such Purchased Asset and the accrued and unpaid Price Differential with respect to such
Purchased Asset as of the date of such determination, minus all Income and other cash actually received by Buyer in respect of such Purchased Asset and applied towards the Repurchase Price and/or Price Differential pursuant to this Agreement.

 “Requirement of Law” shall mean any law (including, without limitation, Prescribed Law), treaty, rule, regulation, code,
directive, policy, order or requirement or determination of an arbitrator or a court or any other Governmental Authority whether now or hereafter enacted or in effect. 

“Reserve Requirements” shall mean, with respect to any date of determination, the aggregate (without duplication) of the
rates (expressed as a decimal fraction) of reserve requirements in effect on such date (including, without limitation, basic, supplemental, marginal and emergency reserves under any regulations of the Board of Governors of the Federal Reserve
System, the Federal Reserve Bank of New York 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 the Board of Governors of the Federal Reserve System) maintained by Buyer. 

“Sanctions” shall have the meaning specified in Section 10(xxv)(A) of this Agreement. 

“SEC” shall mean the Securities and Exchange Commission. 

“Seller” shall have the meaning specified in the introductory paragraph of this Agreement. 

“Servicer” shall mean Situs Asset Management, LLC, or any successor servicer appointed by Buyer and reasonably acceptable to
Seller; provided that the provisions of Section 22 are satisfied. 
 “Servicing Agreement” shall mean
(i) that certain Servicing Agreement, dated as of the date hereof, by and between Servicer, Seller, and Buyer and (ii) such other servicing or subservicing agreement entered into by Seller on Buyer’s behalf in accordance with
Section 22 of this Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Servicing Records” shall have the meaning specified in Section 22(b) of this Agreement. 

  
 18 

 “Servicing Rights” shall mean contractual, possessory or other rights of Seller
to administer, service or subservice any Purchased Assets (or to possess any Servicing Records relating thereto), including: (i) the rights to service the Purchased Assets; (ii) the right to receive compensation (whether direct or
indirect) for such servicing, including the right to receive and retain the related servicing fee and all other fees with respect to such Purchased Assets; and (iii) all rights, powers and privileges incidental to the foregoing, together with
all Servicing Records relating thereto. 
 “Significant Modification” shall mean (i) any forbearance, extension or
increase in principal amount with respect to any Purchased Asset (other than future advances), (ii) any modification, consent to a modification or waiver of any monetary term or material non-monetary term (including, without limitation,
prepayment terms, timing of payments and acceptance of discounted payoffs) of a Purchased Asset or any extension of the maturity date of such Purchased Asset (except pursuant to the express terms of the Purchased Asset Documents), (iii) any
release of collateral or any acceptance of substitute or additional collateral for a Purchased Asset or any consent to either of the foregoing, other than if required pursuant to the specific terms of the related underlying loan documents relating
to such Purchased Asset and for which there is no material lender discretion, (iv) any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Purchased Asset or, if lender consent is required, any consent
to such a waiver or consent to a transfer of a Mortgaged Property or interests in the Mortgagor or consent to the incurrence of additional debt, other than any such transfer or incurrence of debt as may be effected without the consent of the lender
under the related Purchased Asset Documents, or (v) any acceptance of an assumption agreement releasing a Mortgagor from all or a portion of liability under a Purchased Asset other than pursuant to the specific terms of such Purchased Asset and
for which there is no material lender discretion. 
 “Single-Purpose Entity” shall mean any corporation, exempted company,
limited partnership or limited liability company that, since the date of its formation and at all times on and after the date hereof, has complied with and shall at all times comply with the provisions of Section 13 of this Agreement. 

“SIPA” shall have the meaning specified in Section 25(a) of this Agreement. 

“Split Mortgage Loan” shall mean a Mortgage Loan evidenced by two or more senior pari passu Mortgage Notes. 

“Sponsor” shall mean TPG RE Finance Trust, Inc., a Maryland corporation. 

“Standard & Poor’s” shall mean Standard & Poor’s Ratings Services, Inc., a division of the McGraw
Hill Companies Inc. and any successor in interest. 
 “Subsidiary” shall mean, as to any Person, a corporation, partnership
or other entity Controlled by such Person. Unless otherwise qualified, all references to a Subsidiary or to Subsidiaries in this Agreement shall refer to a Subsidiary or Subsidiaries of Seller and/or Guarantor. 

“Supplemental Due Diligence Package” shall mean, with respect to any New Asset, information or deliveries concerning such New
Asset that Buyer shall reasonably request in addition to the Preliminary Due Diligence Package, including, without limitation, a credit approval memorandum representing the final terms of the underlying transaction, a loan-to-value ratio computation
and a final Debt Yield Ratio computation for such New Asset. 
 “Survey” shall mean a certified ALTA/ACSM (or applicable
state standards for the state in which a Mortgaged Property is located) survey of a Mortgaged Property prepared by a registered independent surveyor and in form and content reasonably satisfactory to Buyer and the company issuing the Title Policy
for such Mortgaged Property. 

  
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 “Table Funded Purchased Asset” shall mean a Purchased Asset which is sold to
Buyer simultaneously with the origination or acquisition thereof, which origination or acquisition is financed with the Purchase Price, pursuant to Seller’s request, paid directly to a title company or other settlement agent, in each case,
approved by Buyer, for disbursement in connection with such origination or acquisition. A Purchased Asset shall cease to be a Table Funded Purchased Asset after Custodian has delivered a Trust Receipt to Buyer certifying its receipt of the Purchased
Asset File therefor. 
 “Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Title Policy” shall mean (a) an American Land Title Association lender’s title insurance policy or a comparable
form of lender’s title insurance policy approved for use in the applicable jurisdiction, in form and substance reasonably acceptable to Buyer or, (b) if such policy has not yet been issued, (i) a pro forma policy, (ii) a
preliminary title policy together with an Insured Closing Letter and Escrow Instructions or (iii) a “marked up” commitment, in each case that is binding on the title insurer. 

“Transaction” shall have the meaning specified in Section 1 of this Agreement. 

“Transaction Conditions Precedent” shall have the meaning specified in Section 3(f) of this Agreement. 

“Transaction Costs” shall have the meaning specified in Section 20(b) of this Agreement. 

“Transaction Documents” shall mean, collectively, this Agreement, the Blocked Account Agreement, the Custodial Agreement,
Pledge and Security Agreement, the Fee Letter, the Guaranty, the Servicing Agreement, the Power of Attorney to Buyer, the Power of Attorney to Seller, all Confirmations executed pursuant to this Agreement in connection with specific Transactions and
all assignment documents executed in connection with specific Transactions, each of the foregoing as they may be amended, restated, supplemented or modified from time to time. 

“Transfer” shall mean, with respect to any Person, any sale or other whole or partial conveyance of all or any portion of
such Person’s assets, or any direct or indirect interest therein to a third party (other than in connection with the transfer of a Purchased Asset to Buyer in accordance herewith), including the granting of any purchase options, rights of first
refusal, rights of first offer or similar rights in respect of any portion of such assets or the subjecting of any portion of such assets to restrictions on transfer. 

“Transfer Documents” shall mean, with respect to any Purchased Asset, all applicable Purchased Asset Documents necessary to
transfer all of Seller’s right, title and interest in such Purchased Asset to Buyer in accordance with the terms of this Agreement. 

“Trust Receipt” shall mean a trust receipt issued by Custodian, or, in the case of a Table Funded Purchased Asset, Bailee, to
Buyer substantially in the form required under the Custodial Agreement or the Bailee Agreement. 
 “UCC” shall mean the
Uniform Commercial Code as in effect from time to time 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 any security interest is governed by
the Uniform Commercial Code as in 

  
 20 

 
effect in a jurisdiction other than New York, with respect to perfection or the effect of perfection or non-perfection, “UCC” shall mean the Uniform Commercial Code as in effect
in such other jurisdiction for purposes of the provisions of this Agreement relating to such perfection or effect of perfection or non-perfection. 

“Underlying Purchased Asset Reserves” shall mean, with respect to any Purchased Asset, the escrows, reserve funds or other
similar amounts properly retained in accounts maintained by the Servicer of the Purchased Asset unless and until such funds are, pursuant to and in accordance with the terms of the related Purchased Asset documents, either (i) released or
otherwise available to Seller (but not if such funds are used for the purpose for which they are maintained), or (ii) released to the Mortgagor. 

“Underwriting Issues” shall mean, with respect to any New Asset, all material information of which Seller has Knowledge that,
based on the making of reasonable inquiries and the exercise of reasonable care and diligence by a reasonable institutional mortgage loan buyer in determining whether to originate or acquire such New Asset under the circumstances, would, in the
context of the totality of the Transaction in question, be considered a materially “negative” factor (either separately or in the aggregate with other information relating to such New Asset), including, but not limited to, whether such New
Asset was repurchased from any warehouse loan facility or a repurchase transaction due to the breach of a representation and warranty or a material defect in loan documentation or closing deliveries (such as the absence of any material Purchased
Asset Document(s)). 
 “Unused Fee” shall have the meaning specified in the Fee Letter. 

“USA PATRIOT Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (Public Law 107-56). 
 “U.S. Tax Compliance Certificate” shall have the meaning
specified in Section 3(r)(ii)(C) hereof. 
 “Wind Down Period” shall mean the period from and after
December 15, 2017, provided that an IPO Transaction has not occurred, and that Seller has provided notice to Buyer that Manager has commenced the orderly wind down of the operations of Sponsor and its Affiliates along with evidence reasonably
acceptable to Buyer evidencing the same. 
 “Wind Down Period Beginning Balance” shall mean the outstanding aggregate
Purchase Prices of all Purchased Assets as of the beginning of the Wind Down Period. 
 3.     INITIATION; CONFIRMATION; TERMINATION;
FEES 
 (a) Seller may prior to the Facility Termination Date, from time to time request that Buyer enter into a Transaction with respect
to one or more New Assets by submitting a Preliminary Due Diligence Package for Buyer’s review and approval, which approval shall be in Buyer’s sole discretion. Notwithstanding anything to the contrary herein, Buyer shall have no
obligation to consider for purchase any New Asset if, immediately after the purchase of such New Asset, the Aggregate Repurchase Price would exceed the Facility Amount. Buyer and its representatives shall have the right to review all New Assets
proposed to be sold to Buyer in any Transaction and to conduct its own due diligence investigation of such New Assets as Buyer determines is necessary in Buyer’s sole discretion. Notwithstanding any provision to the contrary herein or in any
other Transaction Document, Buyer shall be entitled to determine, in its sole discretion, whether a New Asset qualifies as an Eligible Asset or whether to reject any New Asset proposed to be sold to Buyer by Seller. 

  
 21 

 (b) Upon Buyer’s receipt of a Preliminary Due Diligence Package, Buyer shall have the right
to request a Supplemental Due Diligence Package to evaluate the proposed Transaction. Not less than two (2) Business Days prior to the Purchase Date requested by Seller in writing for the proposed Transaction, Buyer shall, in its sole
discretion, either (i) notify Seller of its intent to proceed with the Transaction together with its determination of the Purchase Price, Pricing Rate, Maximum Purchase Percentage and the Market Value for the related New Asset (such notice, a
“Preliminary Approval”) or (ii) deny Seller’s request. Buyer’s failure to respond to Seller within such two (2) Business Day period shall be deemed to be a denial of Seller’s request to enter into the
proposed Transaction, unless Buyer and Seller have agreed otherwise in writing. 
 (c) Seller shall, if Seller desires to enter into such
Transaction with respect to the related New Asset upon the terms set forth by Buyer in the Preliminary Approval, deliver copies of the documents set forth below in this Section 3(c) with respect to each New Asset and related Eligible Property
or Properties (to the extent not already delivered in the Preliminary Due Diligence Package or in the Supplemental Due Diligence Package) as a condition precedent to a Final Approval and issuance of a Confirmation, all in a manner and/or form
satisfactory to Buyer in its sole discretion and pursuant to documentation satisfactory to Buyer in its sole discretion: 

(i) Delivery of Purchased Asset Documents. Copies of each of the final Purchased Asset Documents, or drafts of such
Purchased Asset Documents in substantially final form if such New Asset is being originated concurrently with the transfer to Buyer, subject to delivery of final, executed copies of such Purchased Asset Documents on the Purchase Date of such New
Asset. 
 (ii) Environmental and Engineering. A “Phase I” (and, if recommended by the Phase I, a “Phase
II”) environmental report, an asbestos survey, if applicable, and an engineering report, each in form reasonably satisfactory to Buyer, by an engineer and an environmental consultant, approved by Buyer in its reasonable discretion. 

(iii) Appraisal. If obtained by Seller, an Appraisal or a Draft Appraisal of the related Eligible Property or Properties
dated less than one hundred twenty (120) days prior to the proposed Purchase Date. If Buyer receives only a Draft Appraisal prior to entering into a Transaction, Seller shall use its best efforts to deliver an Appraisal on or before thirty
(30) days after the Purchase Date. 
 (iv) Insurance. Certificates or other evidence of insurance detailing
insurance coverage in respect of the related Eligible Property or Properties of types (including but not limited to casualty, general liability and terrorism insurance coverage), in amounts, with insurers and otherwise in compliance with the terms,
provisions and conditions set forth in the Purchased Asset Documents and otherwise reasonably satisfactory to Buyer. Such certificates or other evidence shall indicate that Seller (or as to a New Asset that is a Participation Interest, the lead
lender on the related whole loan in which Seller is a participant) 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 policies required
to be maintained under the Purchased Asset Documents. 
 (v) Opinions of Counsel. Copies of all legal opinions with
respect to the New Asset that shall be in form and substance reasonably satisfactory to Buyer; provided that Seller may deliver drafts of such opinions if such New Asset is being originated concurrently with the transfer to Buyer and shall deliver
final, executed copies of such legal opinions on the Purchase Date of such New Asset. 

  
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 (vi) Title Policy. (A) An unconditional commitment from the title
company to issue a Title Policy or Policies in favor of Seller and Seller’s successors and/or assigns with respect to each Mortgage securing such New Asset with an amount of insurance that shall be not less than the principal balance of such
New Asset, or (B) an endorsement or confirmatory letter from the title company that issued the existing Title Policy (in an amount not less than the principal balance of such New Asset) in favor of Seller and Seller’s successors and
assigns adding such parties as an additional insured. 
 (vii) Additional Real Estate Matters. To the extent obtained
by Seller, such other real estate related certificates and documentation as may have been reasonably requested by Buyer, such as: (A) certificates of occupancy issued by the appropriate Governmental Authority and either letters certifying that
the related Eligible Property or Properties are in compliance with all applicable zoning laws issued by the appropriate Governmental Authority, a zoning report in form and prepared by a zoning consultant satisfactory to Buyer or evidence that the
related Title Policy includes a zoning endorsement; and (B) abstracts of all material leases in effect at the Mortgaged Property delivered in connection with the New Asset. 

(viii) Exception Report. A written report of any exceptions to the representations and warranties in Exhibit III
attached hereto (an “Exception Report”). 
 (ix) Other Documents. Such other documents as Buyer shall
reasonably deem to be necessary. 
 (d) Intentionally omitted. 

(e) Subject to satisfaction of the Transaction Conditions Precedent, Buyer shall deliver to Seller an executed Confirmation (such delivery a
“Final Approval”) with respect to a proposed Transaction; provided that, unless otherwise agreed by Seller, Buyer shall deliver a separate Confirmation with respect to each New Asset that will be the subject of a Transaction.
Each Confirmation which is mutually executed by Buyer and Seller shall be deemed to be incorporated herein by reference with the same effect as if set forth herein at length. 

(f) Subject to Seller’s rights under Section 3(g) hereof, Buyer shall transfer the Purchase Price to Seller with respect to each
New Asset for which it has issued a Confirmation on the Purchase Date specified in such Confirmation, and the related New Asset shall be concurrently transferred by Seller to Buyer or Buyer’s nominee on the Purchase Date in exchange for
Buyer’s payment of the Purchase Price; provided that the following conditions (collectively, the “Transaction Conditions Precedent”) shall be satisfied (or waived by Buyer in its sole discretion) with respect to such
proposed Transaction: 
 (i) no Default, Event of Default or Margin Deficit shall have occurred and be continuing as of the
Purchase Date; 
 (ii) Seller shall have executed a Confirmation for such proposed Transaction; 

(iii) Guarantor shall have delivered to Buyer a true and accurate Financial Covenant Compliance Certificate with respect to
Guarantor’s most recently ended fiscal quarter for which a Financial Covenant Compliance Certificate is required to be delivered hereunder, provided that to the extent Guarantor has previously delivered to Buyer a Financial Covenant
Compliance Certificate for the most recently ended fiscal quarter, Seller or Guarantor need not provide an additional Financial Covenant Compliance Certificate for such fiscal quarter in connection with the proposed Transaction; 

  
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 (iv) Seller shall have delivered an Officer’s Certificate of Seller covering
such matters as Buyer may reasonably request with respect to matters relating to this Agreement or the other Transaction Documents; 

(v) Buyer shall have (A) determined, in its sole discretion in accordance with Section 3(a) of this Agreement, that
the New Asset proposed to be sold to Buyer by Seller in such Transaction is an Eligible Asset, (B) obtained internal credit approval for the inclusion of such New Asset as a Purchased Asset in a Transaction, (C) confirmed that, after
giving effect to such Purchased Asset, the Concentration Limit shall be satisfied and (D) determined, in its sole discretion, that the Maximum Asset Exposure Threshold and Portfolio Exposure Threshold will be satisfied immediately after giving
effect to such proposed Transaction, in each case, as evidenced by Buyer’s delivery of an executed Confirmation; 
 (vi)
(A) if the New Asset is not a Table Funded Purchased Asset, the applicable Purchased Asset File described in Section 7(b)(i) of this Agreement (1) shall have been delivered to Custodian, and Buyer shall have received a Trust Receipt with
respect to such Purchased Asset File or (2) shall have been delivered to Bailee and Bailee shall have executed and delivered a Bailee Agreement and Buyer shall have received a Trust Receipt from Bailee, and (B) if the Purchased Asset is a
Table Funded Purchased Asset, the documents required by Section 7(b)(i) shall have been delivered to Bailee and Bailee shall have executed and delivered a Bailee Agreement and Buyer shall have received a Trust Receipt from Bailee; 

(vii) Intentionally omitted; 

(viii) Seller shall have paid to Buyer (A) any fees then due and payable under the Fee Letter and (B) any unpaid
Transaction Costs in respect of such Purchased Asset due and owing by Seller (which amounts, at Seller’s option, may be held back from funds remitted to Seller by Buyer on the Purchase Date); 

(ix) the New Asset shall not be a Defaulted Asset; 

(x) Buyer shall have received true and complete copies of fully executed originals of all Transfer Documents; 

(xi) Buyer shall have received a copy of any document relating to any Hedging Transaction, and Seller shall have validly
pledged and assigned to Buyer all of Seller’s rights under each Hedging Transaction included within a Purchased Asset, if any; 

(xii) no circumstance shall exist or event have occurred resulting in a Material Adverse Effect; 

(xiii) there shall not have occurred (A) a material adverse change in financial markets, an outbreak or escalation of
hostilities or a material change in national or international political, financial or economic conditions, or (B) a general suspension of trading on major stock exchanges, or (C) a material disruption in or moratorium on commercial banking
activities or securities settlement services; and 
 (xiv) no circumstance shall exist or event have occurred resulting in
(A) the effective absence of a “repo market” or comparable “lending market” for financing debt obligations secured by commercial mortgage loans or (B) Buyer not being able to finance Eligible Assets through the
“repo market” or “lending market” with traditional counterparties at rates which would have been reasonable prior to the occurrence of such event or events. 

  
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 (g) Each Confirmation, together with this Agreement, shall be conclusive evidence of the terms of
the related Transaction covered thereby and of the satisfaction of the Transaction Conditions Precedent. In the event of any conflict between the terms of a Confirmation and the terms of this Agreement, the terms of such Confirmation shall prevail.

 (h) Subject to Section 4 of this Agreement, at any time prior to the Repurchase Date, in the event a future advance is to be made
by Seller pursuant to the Purchased Asset Documents with respect to a Future Advance Asset, Seller may submit to Buyer a request that Buyer transfer cash to Seller in an amount not to exceed the Maximum Purchase Percentage, multiplied by the
amount of such future advance (a “Future Advance Purchase”), which Future Advance Purchase shall increase the outstanding Purchase Price for such Future Advance Asset. Provided that Seller has provided at least two (2) Business
Days’ notice of such requested Future Advance Purchase and the conditions precedent to Buyer’s obligation to make any Future Advance Purchase as set forth in this Section 3(h) have been satisfied (or, in Buyer’s sole
discretion, waived), Buyer shall transfer cash to Seller as provided in this Section 3(h) (and in accordance with the wire instructions provided by Seller in such request) on the date requested by Seller. It shall be a condition to
Buyer’s obligation to make any Future Advance Purchase that: 
 (i) no Margin Deficit, Default or Event of Default has
occurred and is continuing or will result from the funding of such Future Advance Purchase; 
 (ii) the funding of the Future
Advance Purchase will not cause the aggregate outstanding Purchase Price for all Purchased Assets to exceed the Facility Amount; 

(iii) the Future Advance Purchase will not cause the Purchase Price of the applicable Future Advance Asset to exceed the
Concentration Limit; 
 (iv) Buyer shall have determined, in its sole discretion, that the Maximum Asset Exposure Threshold
and Portfolio Exposure Threshold will be satisfied immediately after giving effect to the funding of the Future Advance Purchase; 

(v) Seller shall have demonstrated to Buyer’s reasonable satisfaction that all conditions to the future advance under the
Purchased Asset Documents have been satisfied; 
 (vi) the Future Advance Purchase shall be in an amount equal to or greater
than $500,000; and 
 (vii) previously or simultaneously with Buyer’s funding of the Future Advance Purchase, Seller
shall have funded or caused to be funded to the Mortgagor (or to an escrow agent or as otherwise directed by the Mortgagor) its pro rata portion (taking into account Buyer’s Future Advance Purchase) of the relevant future advance in respect of
such Future Advance Asset. 
 (i) Seller shall be entitled to terminate a Transaction on demand, and repurchase the related Purchased Asset
on any Business Day prior to the applicable Repurchase Date (an “Early Repurchase Date”); provided, however, that: 

  
 25 

 (i) no Default, Event of Default or Margin Deficit shall be continuing or would
occur or result from such early repurchase; 
 (ii) Seller notifies Buyer in writing, no later than two (2) Business
Days prior to the Early Repurchase Date, of its intent to terminate such Transaction and repurchase the related Purchased Asset; provided, that if the repurchase is for purposes of Seller’s cure or satisfaction of a Default, Event of Default or
Margin Deficit, no such prior notice shall be required; and 
 (iii) Seller shall pay to Buyer on the Early Repurchase Date
an amount equal to the sum of the Repurchase Price for such Transaction, all Transaction Costs, the Exit Fee, if applicable, and any other amounts payable by Seller and outstanding under this Agreement or the other Transaction Documents (including,
without limitation, Section 3(o), Section 3(p) and Section 3(q) of this Agreement, if any) with respect to such Transaction against transfer to Seller or its agent of the related Purchased Asset. 

(j) On the Repurchase Date for any Transaction, termination of the applicable Transaction will be effected by transfer to Seller or, if
requested by Seller, its designee of the related Purchased Assets, and any Income in respect thereof received by Buyer (and not previously credited or transferred to, or applied to the obligations of, Seller pursuant to Section 4 or
Section 5 hereof) against the simultaneous transfer to Buyer of the applicable Repurchase Price, all Transaction Costs and any other amounts payable by Seller and outstanding under this Agreement with respect to such Transaction (including
without limitation, Section 3(o), Section 3(p) and Section 3(q) of this Agreement, if any) to an account of Buyer. 

(k) So long as no Event of Default has occurred and is then continuing, the Repurchase Price with respect to one or more Purchased Assets may
be paid in part at any time upon two (2) Business Days prior written notice from Seller to Buyer; provided, however, that any such payment shall be accompanied by an amount representing accrued Price Differential with respect to
such Purchased Asset(s) on the amount of such payment and all other amounts then due under the Transaction Documents. Each partial payment of the Repurchase Price that is voluntary (as opposed to mandatory under the terms of this Agreement) shall be
in an amount of not less than $500,000. 
 (l) If (i) Buyer shall have reasonably determined (which determination shall be conclusive
and binding upon Seller absent manifest error) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the LIBOR Rate, or (ii) the LIBOR Rate determined or to be determined
will not adequately and fairly reflect the cost to Buyer (as reasonably determined by Buyer) of making or maintaining Transactions ,and, in the case of both clauses (i) and (ii) of the foregoing, Buyer has made the same determination for
all other similar situated counterparties, then Buyer shall give telephonic or written notice (including email) thereof to Seller as soon as practicable thereafter. If such notice is given, the Pricing Rate with respect to all outstanding
Transactions until such notice has been withdrawn by Buyer, shall be a per annum rate equal to the sum of (i) the Federal Funds Rate, plus (ii) 0.25%, plus (iii) the Applicable Spread (the “Alternative
Rate”). 
 (m) Notwithstanding any other provision herein, if, after the date of this Agreement, the adoption of or any change in
any Requirement of Law or in the interpretation or application thereof shall make it unlawful for Buyer to effect LIBOR Transactions as contemplated by the Transaction Documents, (i) the commitment of Buyer hereunder to enter into new LIBOR
Transactions and to continue LIBOR Transactions as such shall forthwith be canceled, and (ii) the LIBOR Transactions then outstanding shall be converted automatically to Alternative Rate Transactions. 

  
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 (n) If Buyer shall have determined that the introduction of, or a change in, any Requirement of
Law or in the interpretation or administration of any Requirement of Law (including, without limitation changes in any Reserve Requirements and any other increase in cost to Buyer) has made it unlawful, or any Governmental Authority shall have
asserted that it is unlawful, for Buyer to enter into any Transaction or any Governmental Authority has imposed material restrictions on the authority of Buyer to enter into any Transaction, then on notice thereof by Buyer to Seller, any obligations
of Buyer to enter into Transactions shall be suspended until Buyer notifies Seller that the circumstances giving rise to such determination no longer exist. 

(o) Upon written demand by Buyer, Seller shall indemnify Buyer and hold Buyer harmless from any loss, or reasonable out-of-pocket cost or
expense (not to include any lost profit or opportunity) (including, without limitation, reasonable attorneys’ fees and disbursements of outside counsel) that Buyer actually sustains or incurs as a consequence of (i) a default by Seller in
terminating any Transaction after Seller has given a notice in accordance with Section 3(i) of a termination of a Transaction, (ii) any payment of all or any portion of the Repurchase Price, as the case may be, on any day other than a
Remittance Date, (iii) Seller’s failure to sell Eligible Assets to Buyer after Seller has notified Buyer of a proposed Transaction and Buyer has given a Final Approval to purchase such Eligible Assets in accordance with the provisions of
this Agreement, (iv) Buyer’s enforcement of the terms of any of the Transaction Documents or (v) any actions taken to perfect or continue any lien created under any Transaction Document. A certificate as to such losses, costs and
expenses, setting forth the calculations therefor shall be submitted promptly by Buyer to Seller in writing and shall be prima facie evidence of the information set forth therein, absent manifest error. This Section 3(o) shall survive
the termination of this Agreement and the repurchase by Seller of any or all of the Purchased Assets. 
 (p) If Buyer shall have determined
that the adoption of or any change in any Requirement of Law regarding capital adequacy, including the Reserve Requirements or any other reserve, special deposit or similar requirements relating to extensions of credit or other assets of Buyer or in
the interpretation or application thereof or compliance by Buyer or any corporation controlling Buyer with any request or directive regarding such requirements (whether or not having the force of law) from any Governmental Authority made subsequent
to the date hereof has the effect of reducing the rate of return on Buyer’s or such corporation’s capital as a consequence of its obligations hereunder to a level below that which Buyer or such corporation could have achieved but for such
adoption, change or compliance (taking into consideration Buyer’s or such corporation’s policies with respect to such requirements) by an amount deemed by Buyer to be material, then from time to time, within five (5) Business Days
after submission by Buyer to Seller of a written request therefor, Seller shall pay to Buyer such additional amount or amounts as will compensate Buyer for such reduction; provided, however, that to the extent any such determination by
Buyer and imposition of such increased costs apply to sellers under similar repurchase facilities with Buyer, such determination and imposition of such increased costs will not be applied solely to Seller. A certificate as to the calculation of any
additional amounts payable pursuant to this Section 3(p) shall be submitted by Buyer to Seller and shall be conclusive and binding upon Seller in the absence of manifest error. This Section 3(p) shall not apply to Taxes and shall
survive the termination of this Agreement and the repurchase by Seller of any or all of the Purchased Assets. 
 (q) Any and all payments by
or on account of any obligation of Seller under this Agreement shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such
payment, then Seller shall make (or cause to be made) such deduction or withholding and shall timely pay (or cause to be timely paid) the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and,
if such Tax is an Indemnified Tax, then the sum payable shall be increased by Seller as necessary so that after such deduction or withholding has been made, Buyer receives an amount equal to the sum it would have received had no such deduction or
withholding been made. Seller shall 

  
 27 

 
timely pay any Other Taxes to the relevant Governmental Authority in accordance with Requirements of Law. As soon as practicable after any payment of Taxes by Seller to a Governmental Authority
pursuant to this Section 3(q), Seller shall deliver to Buyer the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to Buyer. 
 (r) If Buyer is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under the Transaction Documents, Buyer shall deliver to Seller, prior to becoming a party to this Agreement, and at the time or times reasonably requested by Seller, such properly completed and executed documentation reasonably
requested by Seller as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, Buyer shall deliver such other documentation prescribed by applicable law or reasonably requested by Seller as will
enable Seller to determine whether or not Buyer is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such
documentation (other than such documentation set forth in Section 3(r)(i), Section 3(r)(ii) and Section 3(r)(iv) below) shall not be required if in Buyer’s reasonable judgment such completion, execution or submission would
be illegal, would subject Buyer to any material unreimbursed cost or expense or would otherwise materially prejudice the legal or commercial position of Buyer. Without limiting the generality of the foregoing: 

(i) if Buyer is a United States person, it shall deliver to Seller on or prior to the date on which Buyer becomes a party to
this Agreement (and from time to time thereafter upon the reasonable request of Seller), executed originals of IRS Form W-9 certifying that Buyer is exempt from U.S. federal backup withholding tax; 

(ii) if Buyer is not a United States person, it shall, to the extent it is legally entitled to do so, deliver to Seller (in
such number of copies as shall be requested by Seller) on or prior to the date on which Buyer becomes a party under this Agreement (and from time to time thereafter upon the reasonable request of Seller), whichever of the following is applicable:

 (A) in the case of Buyer claiming the benefits of an income tax treaty to which the United States is a party,
(1) with respect to payments characterized as interest for U.S. tax purposes under any Transaction Document, executed originals of IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“interest” article of such tax treaty and (2) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to
the “business profits” or “other income” article of such tax treaty; 
 (B) executed originals of IRS
Form W-8ECI; 
 (C) in the case of Buyer claiming the benefits of the exemption for portfolio interest under section 881(c)
of the Code, (1) a certificate to the effect that Buyer is not a “bank” within the meaning of section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Seller within the meaning of section 881(c)(3)(B) of the Code, or
a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (2) executed originals of IRS Form W-8BEN-E; or 

(D) to the extent Buyer is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN-E, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each 

  
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beneficial owner, as applicable; provided that if Buyer is a partnership and one or more direct or indirect partners of Buyer are claiming the portfolio interest exemption, Buyer may
provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; 
 (iii) if Buyer is not a
United States person, it shall, to the extent it is legally entitled to do so, deliver to Seller (in such number of copies as shall be requested by Seller) on or prior to the date on which Buyer becomes a party to this Agreement (and from time to
time thereafter upon the reasonable request of Seller), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit Seller to determine the withholding or deduction required to be made; and 

(iv) if a payment made to Buyer under any Transaction Document would be subject to U.S. federal withholding Tax imposed by
FATCA if Buyer were to fail to comply with the applicable reporting requirements of FATCA (including those contained in section 1471(b) or 1472(b) of the Code, as applicable), Buyer shall deliver to Seller at the time or times prescribed by law and
at such time or times reasonably requested by Seller such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Seller as may be
necessary for Seller to comply with its obligations under FATCA and to determine whether Buyer has complied with Buyer’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this
Section 3(r)(iv), “FATCA” shall include any amendments made to FATCA after the date of this Agreement; 
 provided that Buyer
agrees that if any form or certification it previously delivered pursuant to this Section 3(r) expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Seller in writing of its
legal inability to do so. 
 (s) If any of the events described in Section 3(o), Section 3(p) or Section 3(q) result in
Buyer’s request for additional amounts, then Seller shall have the option to notify Buyer in writing of its intent to terminate all of the Transactions and this Agreement and repurchase all of the Purchased Assets by providing notice to Buyer
of such intention no later than five (5) Business Days after the occurrence of such events and repurchasing the Purchased Assets no later than ten (10) Business Days after such notice is given to Buyer, and such repurchase by Seller shall
be conducted pursuant to and in accordance with Section 3(j). The election by Seller to terminate the Transactions in accordance with this Section 3(s) shall not relieve Seller for liability with respect to any additional amounts or
increased costs actually incurred by Buyer prior to the actual repurchase of the Purchased Assets. 
 (t) From and after the Facility
Termination Date, Buyer shall have no further obligation to purchase any New Assets. On the Facility Termination Date, Seller shall be obligated to repurchase all of the Purchased Assets and transfer payment of the Repurchase Price for each such
Purchased Asset, together with the accrued and unpaid Price Differential and all Transaction Costs and other amounts due and payable to Buyer hereunder, against the transfer by Buyer to Seller of each such Purchased Asset. Following the Facility
Termination Date, Buyer shall not be obligated to transfer any Purchased Assets to Seller until payment in full to Buyer of all amounts due hereunder. 

(u) Notwithstanding any provision herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
rules, regulations, guidelines or directives promulgated in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements 

  
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and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or by United States or foreign regulatory
authorities, shall in each case be deemed to be an adoption of or change in a Requirement of Law made subsequent to the date of this Agreement. 

(v) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has
been indemnified pursuant to this Section 3 (including by the payment of additional amounts pursuant to this Section 3), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of
indemnity payments made under this Section 3 with respect to Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 3(v) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority). Notwithstanding anything to the contrary in this Section 3(v), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to
this Section 3(v) the payment of which would place the indemnified party in a less-favorable net after-Tax position than that which the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund
had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had not been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 4.
    MANDATORY PAYMENT OR DELIVERY OF ADDITIONAL ASSETS 
 (a) Buyer may determine and re-determine the Asset Base
Components on any Business Day and on as many Business Days as it may elect. If at such time the aggregate Purchase Price of such Purchased Assets is greater than the aggregate Asset Base Components of such Purchased Assets (a “Margin
Deficit”), then Seller shall, not later than two (2) Business Days after receipt of notice of such Margin Deficit from Buyer, (i) deliver to Buyer cash, (ii) request a funding of Margin Excess (as defined below) under
Section 4(b) to offset such Margin Deficit, or (iii) utilize any combination of the foregoing, in an amount sufficient to reduce the aggregate Purchase Price of such Purchased Assets to an amount equal to the aggregate Asset Base
Components as re-determined by Buyer after giving effect to the delivery of cash or additional collateral by Seller to Buyer pursuant to this Section 4(a); provided that, so long as no Event of Default has occurred and is continuing, a
Margin Deficit shall not exist or have occurred or be deemed to have occurred or existed unless the aggregate Margin Deficit of all Purchased Assets equals or exceeds $500,000 on any date of determination. Any cash delivered to Buyer pursuant to
this Section 4(a) shall be applied by Buyer to reduce the Purchase Price of the applicable Purchased Assets causing the applicable Margin Deficit. Notwithstanding the foregoing, to the extent Seller and Guarantor do not have sufficient
unrestricted cash available to satisfy any such Margin Deficit within two (2) Business Days, Seller shall have an additional three (3) Business Days to satisfy such Margin Deficit with respect to the related Purchased Asset so long as
within two (2) Business Days after Seller’s receipt of notice thereof (i) Seller or Guarantor makes a cash payment to Buyer of all unrestricted cash then available to Seller and Guarantor and (ii) (a) Seller or Guarantor has
issued a capital call to its investors to satisfy such Margin Deficit and has provided Buyer with a copy thereof, (b) Guarantor makes a draw request under any of its subscription credit facilities and provides Buyer with a copy thereof or
(c) Seller chooses any combination of the foregoing clauses (a) and (b). 
 (b) Prior to the commencement of the Wind Down Period,
if the Purchase Price of one or more Purchased Assets is less than the aggregate Asset Base Components of such Purchased Assets (a “Margin Excess”), then Buyer shall, no later than two (2) Business Days after receipt of a
request from 

  
 30 

 
Seller, transfer cash to Seller in an amount (not to exceed such Margin Excess) such that the Purchase Price of such Purchased Asset, after the addition of any such cash so transferred, will
thereupon not exceed such Asset Base Component as re-determined by Buyer after giving effect to the delivery of cash by Buyer to Seller pursuant to this Section 4(b); provided that (i) no Margin Deficit, Default or Event of
Default has occurred and is continuing or would result from such funding, (ii) such funding shall not result in the Aggregate Repurchase Price of all Purchased Assets exceeding the Facility Amount and (iii) each such funding shall be in an
amount of not less than $500,000. Any cash delivered by Buyer to Seller pursuant to this Section 4(b) shall be applied by Buyer to increase the Purchase Price of the applicable Purchased Asset. Buyer and Seller shall execute and deliver a
restated Confirmation for the applicable Transaction to set forth the new Purchase Price for such Purchased Asset. Seller may not request funding under this Section 4(b) more than three (3) times in any calendar month. 

(c) The failure of Buyer, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions
to which this Agreement is subject or limit the right of Buyer to do so at a later date. Seller and Buyer each agree that a failure or delay by Buyer to exercise its rights hereunder shall not limit or waive Buyer’s rights under this Agreement
or otherwise existing by law or in any way create additional rights for Seller. 
 5.     INCOME PAYMENTS AND PRINCIPAL PAYMENTS

 (a) On or before the date hereof, Seller and Buyer shall establish and maintain with the Depository Bank a deposit account in the name
of Seller 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 “Blocked Account”). Seller shall cause
all Income with respect to the Purchased Assets to be deposited in the Blocked Account. In furtherance of the foregoing, Seller shall cause Servicer to remit to the Blocked Account all Income received in respect of the Purchased Assets within two
(2) Business Days of receipt. All Income in respect of the Purchased Assets, which may 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 Blocked Account. 
 (b) Unless an Event of Default shall have occurred and be continuing, on each
Remittance Date, all Income (other than Principal Payments) on deposit in the Blocked Account in respect of the Purchased Assets and the associated Hedging Transactions shall be applied as follows: 

(i) first, to Buyer, an amount equal to the Price Differential which has accrued and is outstanding in respect of the
Transactions as of such Remittance Date; 
 (ii) second, to Buyer, any accrued and unpaid Unused Fee and all
Transaction Costs and all other amounts due and payable by Seller and outstanding hereunder and under the other Transaction Documents (other than the Repurchase Price); 

(iii) third, if a Margin Deficit shall exist, to Buyer, an amount equal to such Margin Deficit to be applied in
reduction of the Purchase Price of the Purchased Assets in accordance with Section 4(a); and 
 (iv) fourth, to
Seller, the remainder, if any. 
 (c) Unless an Event of Default shall have occurred and be continuing, on each Remittance Date, all
Principal Payments on deposit in the Blocked Account in respect of the Purchased Assets shall be applied in the order set forth below, provided, that if the amount of such Principal Payments on deposit equals or exceeds $1,000,000, upon no
less than two (2) Business Days’ prior written notice, Seller shall have the right, exercisable no more than one (1) time per month, to cause such Principal Payments to be applied on a date earlier than the Remittance Date as
specified in the related notice 

  
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 (i) first, if a Principal Payment in respect of any Purchased Asset has
been made during the related Collection Period, to Buyer an amount equal to the product of the amount of such Principal Payment, multiplied by the applicable Purchase Percentage; 

(ii) second, to Buyer, any Unused Fee, Transaction Costs and all other amounts due and payable by Seller and outstanding
hereunder and under the other Transaction Documents (other than the Repurchase Price) to the extent the same have not been paid pursuant to Section 5(b); 

(iii) third, if a Margin Deficit then exists, to Buyer, an amount equal to such Margin Deficit to be applied in
reduction of the Purchase Price of the Purchased Assets in accordance with Section 4(a); and 
 (iv) fourth, to
Seller, the remainder, if any. 
 (d) During the Wind Down Period, unless an Event of Default shall have occurred and be continuing, on each
Remittance Date, any Principal Payments on deposit in the Blocked Account in respect of the Purchased Assets shall be applied in the order set forth below, provided, that if the amount of such Principal Payments on deposit equals or exceeds
$1,000,000, upon no less than two (2) Business Days’ prior written notice, Seller shall have the right, exercisable no more than one (1) time per month, to cause such Principal Payments to be applied on a date earlier than the
Remittance Date as specified in the related notice: 
 (i) until the Wind Down Period Beginning Balance has been reduced by
fifty percent (50%), any such Principal Payments shall be applied in the following order of priority: 
 (A) first, if
a Principal Payment in respect of any Purchased Asset has been made during the related Collection Period, to Buyer an amount equal to the product of the amount of such Principal Payment, multiplied by the applicable Purchase Percentage; 

(B) second, to Buyer, any Unused Fee, Transaction Costs and all other amounts due and payable by Seller and outstanding
hereunder and under the other Transaction Documents (other than the Repurchase Price) to the extent the same have not been paid pursuant to Section 5(b); 

(C) third, if a Margin Deficit then exists, to Buyer, an amount equal to such Margin Deficit to be applied in reduction
of the Purchase Price of the Purchased Assets in accordance with Section 4(a); 
 (D) fourth, all remaining
Principal Payments to Buyer to reduce the aggregate Purchase Prices of all Purchased Assets on a pro rata basis until the Wind Down Period Beginning Balance has been reduced by fifty percent (50%); 

(E) fifth, the remainder to be applied in accordance with Section 5(d)(ii)(D) and
Section 5(d)(ii)(E), as applicable. 

  
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 (ii) Until the Wind Down Period Beginning Balance has been reduced by seventy five percent (75%),
any such Principal Payments shall be applied in the following order of priority: 
 (A) first, if a Principal Payment
in respect of any Purchased Asset has been made during the related Collection Period, to Buyer an amount equal to the product of the amount of such Principal Payment, multiplied by the applicable Purchase Percentage; 

(B) second, to Buyer, any Unused Fee, Transaction Costs and all other amounts due and payable by Seller and outstanding
hereunder and under the other Transaction Documents (other than the Repurchase Price) to the extent the same have not been paid pursuant to Section 5(b); 

(C) third, if a Margin Deficit then exists, to Buyer, an amount equal to such Margin Deficit to be applied in reduction
of the Purchase Price of the Purchased Assets in accordance with Section 4(a); 
 (D) fourth, seventy-five
percent (75%) of the remainder of such Principal Payments to Buyer to reduce the aggregate Purchase Prices of all Purchased Assets on a pro rata basis, and twenty-five percent (25%) of such remainder to Seller, until the Wind Down
Period Beginning Balance has been reduced by seventy-five percent (75%); 
 (E) fifth, the remainder to be applied in
accordance with Section 5(d)(iii)(D) and Section 5(d)(iii)(E), as applicable. 
 (iii) Until the Wind Down Period
Beginning Balance has been reduced to zero, any such Principal Payments shall be applied in the following order of priority: 

(A) first, if a Principal Payment in respect of any Purchased Asset has been made during the related Collection Period,
to Buyer an amount equal to the product of the amount of such Principal Payment, multiplied by the applicable Purchase Percentage; 

(B) second, to Buyer, any Unused Fee, Transaction Costs and all other amounts due and payable by Seller and outstanding
hereunder and under the other Transaction Documents (other than the Repurchase Price) to the extent the same have not been paid pursuant to Section 5(b); 

(C) third, if a Margin Deficit then exists, to Buyer, an amount equal to such Margin Deficit to be applied in reduction
of the Purchase Price of the Purchased Assets in accordance with Section 4(a); 
 (D) fourth, fifty percent
(50%) of the remainder of such Principal Payments to Buyer to reduce the aggregate Purchase Prices of all Purchased Assets on a pro rata basis, and fifty percent (50%) of such remainder to Seller, until the Wind Down Period
Beginning Balance has been reduced to zero; 
 (E) fifth, to Seller, the remainder, if any. 

If, on any Remittance Date, the amounts deposited in the Blocked Account shall be insufficient to make the payments required under (i) through
(iii) of Section 5(b), Section 5(c) and Section 5(d), and Seller does not otherwise make such payments on the dates on which such payments are due and payable, the same shall constitute, subject to any applicable notice
and cure periods provided herein, an Event of Default hereunder. 

  
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 (e) If an Event of Default shall have occurred and be continuing, all Income (including, for the
avoidance of doubt, Principal Payments) on deposit in the Blocked Account in respect of the Purchased Assets and the associated Hedging Transactions shall be applied as determined in Buyer’s sole discretion pursuant to Section 14(b)(ii).

 (f) If at any time during the term of any Transaction any Income is distributed to Seller with respect to the related Purchased Asset or
Seller has otherwise received such Income and has made a payment in respect of such Income to Buyer pursuant to this Section 5, and for any reason such amount is required to be returned by Buyer to an obligor under such Purchased 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. 
 (g) Subject to the other provisions hereof, Seller shall be responsible for all Transaction Costs in respect of
any Purchased Assets to the extent it would be so obligated if the Purchased Assets had not been sold to Buyer. Buyer shall provide Seller with notice of any Transaction Costs, and Seller shall pay the amount of any Transaction Costs to Buyer by
11:00 a.m. (New York time) on the later of (i) five (5) Business Days after the date on which Buyer has informed Seller that such amount is due under the Purchased Asset Documents and (ii) three (3) Business Days following
Seller’s receipt of such notice. 
 6.     SECURITY INTEREST 

(a) Buyer and Seller intend that all Transactions hereunder be sales to Buyer of the Purchased Assets for all purposes (other than for U.S.
federal, state and local income or franchise tax purposes) and not loans from Buyer to Seller secured by the Purchased Assets. However, in the event that any Transaction is deemed to be a loan, Seller hereby pledges to Buyer as security for the
performance by Seller of the Repurchase Obligations and hereby grants to Buyer a first priority security interest in all of Seller’s right, title and interest in and to the following (collectively, the “Repurchase Assets”):

 (i) all of the Purchased Assets (including, for the avoidance of doubt, all security interests, mortgages and liens on
personal or real property securing the Purchased Assets) and related Servicing Rights; 
 (ii) all Income from the Purchased
Assets; 
 (iii) all insurance policies and insurance proceeds relating to any Purchased Asset or the related Eligible
Property; 
 (iv) all “general intangibles”, “accounts” and “chattel paper” as defined in the
UCC relating to or constituting any and all of the foregoing; 
 (v) all replacements, substitutions or distributions on or
proceeds, payments and profits of, and records and files relating to, any and all of the foregoing; and 
 (vi) any other
property, rights, titles or interests as are specified in the Confirmation and/or the Trust Receipt, the Purchased Asset Schedule or exception report with respect to the foregoing in all instances, whether now owned or hereafter acquired, now
existing or hereafter created. 

  
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 (b) With respect to the security interest in the Repurchase Assets granted in Section 6(a)
hereof, and with respect to the security interests granted in Sections 6(c) and 6(d), during the continuance of an Event of Default, Buyer shall have all of the rights and may exercise all of the remedies of a secured creditor under
the UCC and any other applicable law and shall have the right to apply the Repurchase Assets or proceeds therefrom to the obligations of Seller under the Transaction Documents. In furtherance of the foregoing, (i) Buyer, at Seller’s sole
cost and expense, shall cause to be filed as a protective filing with respect to the Repurchase Assets and as a UCC filing with respect to the security interests granted in Sections 6(c) and 6(d) one or more UCC financing statements in
form satisfactory to Buyer (to be filed in the filing office indicated therein), in such locations as may be necessary to perfect and maintain perfection and priority of the outright transfer (including under Section 22 of this Agreement) and
the security interest granted hereby and, in each case, continuation statements and any amendments thereto (including, without limitation, by causing to be filed any amendments necessary to add or delete Repurchase Assets covered by the financing
statement to reflect the purchase and repurchase of Purchased Assets) (collectively, the “Filings”), and shall forward copies of such Filings to Seller upon completion thereof, (ii) Seller shall, from time to time, at its own
expense, deliver and cause to be duly filed all such further filings, instruments and documents and take all such further actions as may be necessary or desirable or as may be reasonably requested by Buyer with respect to the perfection and priority
of the outright transfer of the Purchased Assets and the security interest granted hereunder in the Repurchase Assets and the rights and remedies of Buyer with respect to the Repurchase Assets (including under Section 22 of this Agreement)
(including the payments of any fees and Taxes required in connection with the execution and delivery of this Agreement) and (iii) Seller shall make any entries in its register of mortgages and changes as necessary under the laws of the Cayman
Islands. 
 (c) Seller hereby pledges and grants to Buyer as security for the performance by Seller of the Repurchase Obligations and hereby
grants to Buyer a first priority security interest in all of Seller’s right, title and interest in and to Seller’s rights under all Hedging Transactions relating to Purchased Assets entered into by Seller and all proceeds thereof. Seller
shall take all action as is necessary or desirable to obtain consent to assignment of any such Hedging Transaction to Buyer and shall cause the counterparty under each such Hedging Transaction to enter into such document or instrument satisfactory
to Buyer, Seller and such counterparty, pursuant to which such counterparty will covenant and agree to accept notice from Buyer to redirect payments under such Hedging Transaction as Buyer may direct. So long as no Event of Default shall be
continuing, Buyer agrees that it will not redirect payments under any Hedging Transaction pledged to Buyer pursuant to the terms of this Section 6(c). 

(d) Seller hereby pledges to Buyer as security for the performance by Seller of the Repurchase Obligations and hereby grants to Buyer a first
priority security interest in all of Seller’s right, title and interest in and to the Blocked Account and all amounts and property from time to time on deposit therein and all replacements, substitutions or distributions on or proceeds,
payments and profits of, and records and files relating to, the Blocked Account. 
 (e) In connection with the repurchase by Seller of any
Purchased Asset in accordance herewith, upon receipt of the Repurchase Price by Buyer, Buyer will deliver to Seller, at Seller’s expense, such documents and instruments as may be reasonably necessary and requested by Seller to reconvey such
Purchased Asset and any Income related thereto to Seller, together with a release of Buyer’s security interests therein. 
 7.
    PAYMENT, TRANSFER AND CUSTODY 
 (a) Subject to the terms and conditions of this Agreement, on the Purchase Date
for each Transaction, ownership of the Purchased Assets and all rights thereunder shall be transferred to Buyer or its designee (including Custodian) against the simultaneous transfer of the Purchase Price to an account of

  
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Seller specified in the Confirmation relating to such Transaction. Buyer will provide Seller with a Power of Attorney to Seller, allowing Seller to administer, operate and service such Purchased
Assets. Provided that no Event of Default shall have occurred and be continuing, such Power of Attorney to Seller shall be binding upon Buyer and Buyer’s successors and assigns. 

(b) Seller shall: 

(i) with respect to each Table Funded Purchased Asset, (A) not later than 2:00 p.m. (New York time) on the Purchase Date,
deliver or cause Bailee to deliver to Buyer, by electronic transmission, a true and complete copy of the related Mortgage Note or Participation Certificate with assignment in blank (as applicable), loan agreement, Mortgage, Title Policy, Insured
Closing Letter and Escrow Instructions, if any, and the executed Bailee Agreement; (B) not later than the third (3rd) Business Day following the Purchase Date, deliver or cause Bailee to deliver and release to Custodian (with a copy to
Buyer), together with a Purchased Asset File Checklist, the Purchased Asset Documents with respect to each Purchased Asset identified in the Purchased Asset File Checklist delivered therewith, and (C) not later than two (2) Business Days
following receipt of such Purchased Asset Documents by Custodian, cause Custodian to deliver a Trust Receipt confirming such receipt; and 

(ii) with respect to each Purchased Asset that is not a Table Funded Purchased Asset, either (1) (A) not later than
2:00 p.m. (New York time) two (2) Business Days prior to the related Purchase Date, deliver and release to Custodian (with a copy to Buyer), together with the Purchased Asset File Checklist, the Purchased Asset Documents with respect to each
Purchased Asset identified in the Purchased Asset File Checklist delivered therewith, and (B) on the Purchase Date, cause Custodian to deliver a Trust Receipt confirming receipt of such Purchased Asset Documents or (2) (A) not later
than 2:00 p.m. (New York time) on the Purchase Date, deliver or cause Bailee to deliver to Buyer, by electronic transmission, a true and complete copy of the related Mortgage Note or Participation Certificate with assignment in blank (as
applicable), loan agreement, Mortgage, Title Policy, Insured Closing Letter and Escrow Instructions, if any, and the executed Bailee Agreement and Trust Receipt; (B) on the third (3rd) Business Day following the Purchase Date, deliver or
cause Bailee to deliver and release to Custodian (with a copy to Buyer), together with a Purchased Asset File Checklist, the Purchased Asset Documents with respect to each Purchased Asset identified in the Purchased Asset File Checklist delivered
therewith, and (C) not later than two (2) Business Days following receipt of such Purchased Asset Documents by Custodian, cause Custodian to deliver a Trust Receipt confirming such receipt; 

provided that if Seller cannot deliver, or cause to be delivered, any of the original Purchased Asset Documents required to be delivered as originals
(excluding the Mortgage Note, the Assignment of Mortgage and, if applicable, the Participation Certificate, and any allonge and/or endorsement thereto, originals of which must be delivered at the time required under the provisions above), Seller
shall deliver a photocopy thereof and an Officer’s Certificate of Seller certifying that such copy represents a true and correct copy of the original and shall use commercially reasonable efforts to obtain and deliver such original document
within one hundred eighty (180) days after the related Purchase Date (or such longer period after the related Purchase Date to which Buyer may consent in its sole discretion, so long as Seller is, as certified in writing to Buyer not less
frequently than monthly, using its commercially reasonable efforts to obtain the original). After the expiration of such period, Seller shall deliver to Buyer a certification that states, despite Seller’s commercially reasonable efforts, Seller
was unable to obtain such original document, and thereafter Seller shall have no further obligation to deliver the related original document. Subject to the foregoing, Buyer shall, at its option, have the right to cancel the purchase of an Eligible
Asset if all required originals have not been delivered as required in this Agreement. 

  
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 (c) From time to time, Seller shall forward to Custodian additional original
documents or additional documents evidencing any assumption, modification, consolidation or extension of a Purchased Asset approved in accordance with the terms of this Agreement, and upon receipt of any such other documents, Custodian shall hold
such other documents on behalf of Buyer and as Buyer shall request from time to time. With respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned to Seller in time to
permit their delivery hereunder at the time required, in lieu of delivering such original documents, Seller shall deliver to 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 Custodian promptly when they are received. With respect to all of the Purchased Assets delivered by Seller to Buyer or its designee
(including Custodian), Seller shall execute an omnibus Power of Attorney to Buyer irrevocably appointing Buyer its attorney-in-fact with full power to, upon an Event of Default that has occurred and is continuing, (i) complete and record any
Assignment of Mortgage, (ii) complete the endorsement of any Mortgage Note or Participation Certificate (as applicable) and (iii) take such other steps as may be necessary or desirable to enforce Buyer’s rights against any Purchased
Assets and the related Purchased Asset Files and the Servicing Records. Buyer shall deposit the Purchased Asset Files representing the Purchased Assets, or cause the Purchased Asset Files to be deposited directly, with Custodian to be held by
Custodian on behalf of Buyer. The Purchased Asset Files shall be maintained in accordance with the Custodial Agreement. Any Purchased Asset File not delivered to Buyer or its designee (including Custodian) is and shall be held in trust by Seller or
its designee for the benefit of Buyer as the owner thereof. Seller or its designee shall maintain a copy of the Purchased Asset File and the originals of the Purchased Asset File not delivered to Buyer or its designee. The possession of the
Purchased Asset File by Seller or its designee is at the will of Buyer for the sole purpose of servicing the related Purchased Asset, and such retention and possession by Seller or its designee is in a custodial capacity only. The books and records
(including, without limitation, any computer records or tapes) of Seller or its designee shall be marked appropriately to reflect clearly the transfer, subject to the terms and conditions of this Agreement, of the related Purchased Asset to Buyer.
Seller or its designee (including Custodian) shall release its custody of the Purchased Asset File only in accordance with written instructions from Buyer, unless such release is required as incidental to the servicing of the Purchased Assets or is
in connection with a repurchase of any Purchased Asset by Seller or is pursuant to the order of a court of competent jurisdiction. 

(d) On the date of this Agreement, Buyer shall have received all of the following items and documents, each of which shall be
satisfactory to Buyer in form and substance: 
 (i) Transaction Documents. (A) This Agreement, duly executed and
delivered by Seller and Buyer; (B) the Custodial Agreement, duly executed and delivered by Seller, Buyer and Custodian;(C) the Blocked Account Agreement, duly executed and delivered by Seller, Buyer and Depository Bank; (D) the Fee Letter,
duly executed and delivered by Seller and Buyer; and (E) the Guaranty, duly executed and delivered by Guarantor; (F) the Pledge and Security Agreement, duly executed and delivered by Pledgor; (G) the Power of Attorney to Buyer;
(H) the Power of Attorney to Seller; (I) the Servicing Agreement duly executed by the parties thereto; and (J) the Filings; 

(ii) Fees and Costs. The Origination Fee and all other Transaction Costs payable to Buyer in connection with the
negotiation of the Transaction Documents; 
 (iii) Organizational Documents. Certified copies of the organizational
documents, including the certificate of incorporation and memorandum and articles of association, as applicable, of Seller and Guarantor and resolutions or other documents evidencing the authority of Seller and Guarantor with respect to the
execution, delivery and performance of the 

  
 37 

 
Transaction Documents to which it is a party and each other document to be delivered by Seller and/or Guarantor from time to time in connection with the Transaction Documents (and Buyer may
conclusively rely on such certifications until it receives notice in writing from Seller or Guarantor, as the case may be, to the contrary); 

(iv) Legal Opinion. Opinions of counsel to Seller and Guarantor in form and substance satisfactory to Buyer as to
authority, enforceability of the Transaction Documents to which it is a party, perfection, bankruptcy safe harbors, the Investment Company Act and such other matters as may be requested by Buyer; and 

(v) Other Documents. Such other documents as Buyer may reasonably request. 

8.     CERTAIN RIGHTS OF BUYER WITH RESPECT TO THE PURCHASED ASSETS 

(a) Subject to the terms and conditions of this Agreement, title to all Purchased Assets shall pass to Buyer on the applicable Purchase Date,
and Buyer shall have free and unrestricted use of its interest in the Purchased Assets in accordance with the terms and conditions of the Purchased Asset Documents. Nothing in this Agreement or any other Transaction Document shall preclude Buyer
from engaging (at its expense) in repurchase transactions with the Purchased Assets with Persons in conformity with the terms and conditions of the Purchased Asset Documents or otherwise selling, transferring, pledging, repledging, hypothecating, or
rehypothecating the Purchased Assets to Persons in conformity with the terms and conditions of the Purchased Asset Documents, but no such transaction shall relieve Buyer of its obligations to transfer the Purchased Assets to Seller pursuant to
Section 3 of this Agreement or of Buyer’s obligation to credit or pay Income to, or apply Income to the obligations of, Seller pursuant to Section 5 of this Agreement or otherwise affect the rights, obligations and remedies of any
party to this Agreement. 
 (b) Nothing contained in this Agreement or any other Transaction Document shall obligate Buyer to segregate any
Purchased Assets delivered to Buyer by Seller. Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, no Purchased Asset shall remain in the custody of Seller or an Affiliate of Seller other than as permitted
herein. Subject to the terms and conditions of this Agreement, any documents delivered to Custodian pursuant to Section 7 of this Agreement shall be released only in accordance with the terms and conditions of the Custodial Agreement. 

9.     EXTENSION OF FACILITY TERMINATION DATE 

(a) Extension of Facility Termination Date. At the request of Seller delivered to Buyer no earlier than ninety (90) days and no
later than thirty (30) days before each anniversary of the date hereof (each, an “Extension Request”), Seller may annually request an extension of the then current Facility Termination Date for a one (1) year period. Such
requests may be approved or denied in Buyer’s sole discretion. Any failure by Buyer to deliver such notice of extension to Seller within twenty (20) calendar days from the date the Extension Request is first received by Buyer shall be
deemed a denial of Sellers’ Extension Request. Upon Buyer’s approval of an Extension Request, the then current Facility Termination Date shall be extended for a one (1) year period as of the relevant anniversary date to which such
Extension Request relates (the “Extension Effective Date”) provided that (i) no Default, Event of Default or Margin Deficit shall exist and be continuing on the date of Seller’s request to extend or on the relevant
Extension Effective Date, (ii) all representations and warranties in this Agreement shall be true, correct, complete and accurate in all respects as of the relevant Extension Effective Date (except such representations which by their terms
speak as of a specified date and subject to any exceptions disclosed to Buyer in an Exception Report prior to such date and approved by Buyer), and (iii) on or before the relevant Extension Effective Date, Seller shall have paid the applicable
Extension Fee to Buyer. 

  
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 10.     REPRESENTATIONS 

Seller represents and warrants to Buyer that as of the date of this Agreement and as of each Purchase Date and at all times while this
Agreement and any Transaction thereunder is in effect or any Repurchase Obligations remain outstanding: 
 (i)
Organization. Seller (A) is an exempted company duly incorporated with limited liability, validly existing and in good standing under the laws and regulations of the Cayman Islands; (B) is duly licensed, qualified, and in good
standing in every state where such licensing or qualification is necessary for the transaction of Seller’s business; (C) has all requisite power, and has all governmental licenses, authorizations, consents and approvals necessary, to
(1) own and hold its assets and to carry on its business as now being conducted and proposed to be conducted and (2) to execute the Transaction Documents and enter into the Transactions thereunder, and (D) has all requisite power to
execute, deliver, and perform its obligations under this Agreement and the other Transaction Documents. 
 (ii)
Authorization; Due Execution; Enforceability. The execution, delivery and performance by Seller of each of this Agreement and each of the Transaction Documents have been duly authorized by all necessary limited liability company or other
action on its part. The Transaction Documents have been duly executed and delivered by Seller for good and valuable consideration. The Transaction Documents constitute the legal, valid and binding obligations of Seller, enforceable against Seller in
accordance with their respective terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles. 

(iii) Non-Contravention; Consents. 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
(A) conflict with or result in a breach of the organizational documents of Seller (B) conflict with any applicable law (including, without limitation, Prescribed Laws), rule or regulation or result in a breach or violation of any of the
terms, conditions or provisions of any judgment or order, writ, injunction, decree or demand of any Governmental Authority applicable to Seller, (C) result in the creation or imposition of any lien or any other encumbrance upon any of the
assets of Seller, other than pursuant to the Transaction Documents or (D) violate or conflict with contractual provisions of, or cause an event of default under, any indenture, loan agreement, mortgage, contract or other material agreement to
which Seller is a party or by which Seller may be bound. 
 (iv) Litigation; Requirements of Law. There is no action,
suit, proceeding, investigation, or arbitration pending or, to the Knowledge of Seller, threatened against Seller or any of its assets which (A) is reasonably likely to, individually or in the aggregate, result in any Material Adverse Effect or
(B) is reasonably likely to 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. Except as otherwise
disclosed to Buyer in writing, there is no action, suit, proceeding, investigation, or arbitration pending or, to the Knowledge of Seller, threatened against Seller or any of its assets which (X) makes a claim or claims in an amount greater
than $100,000 or (Y) requires filing with the SEC in accordance with the 1934 Act or any rules thereunder. Seller is in compliance in all material respects with all Requirements of Law. Seller is not in default in any material respect with
respect to any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or Governmental Authority. 

  
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 (v) No Broker. Seller has not dealt with any broker, investment banker,
agent or other Person (other than Buyer or an Affiliate of Buyer) who may be entitled to any commission or compensation in connection with the sale of the Purchased Assets to Buyer pursuant to any Transaction Documents. 

(vi) Good Title to Purchased Assets. Immediately prior to the purchase of any Purchased Assets by Buyer from Seller,
such Purchased Assets are free and clear of any lien, security interest, claim, option, charge, encumbrance or impediment to transfer to Buyer (including any “adverse claim” as defined in Section 8-102(a)(1) of the UCC), and are not
subject to any rights of setoff, any prior sale, transfer, assignment, or participation by Seller or any agreement (other than the Transaction Documents) by Seller to assign, convey, transfer or participate in such Purchased Assets, in whole or in
part, and Seller is the sole legal record and beneficial owner of, and owns and has the right to sell and transfer, such Purchased Assets to Buyer, and, upon transfer of such Purchased Assets to Buyer, Buyer shall be the owner of such Purchased
Assets (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. In the event that the related Transaction is recharacterized as a secured
financing of the Purchased Assets and with respect to the security interests granted in Section 6(a), Section 6(c) and Section 6(d), the provisions of this Agreement and the filing of the Filings are effective to create in favor
of Buyer a valid security interest in all right, title and interest of Seller in, to and under the Repurchase Assets specified in Section 6(a) and the other collateral specified in Section 6(c) and Section 6(d), and Buyer shall
have a valid, perfected and enforceable first priority security interest in the Repurchase Assets and such other collateral, subject to no lien or rights of others other than as granted herein. 

(vii) No Default; No Material Adverse Effect. To Seller’s Knowledge, no Default or Event of Default exists under or
with respect to the Transaction Documents. To Seller’s Knowledge, there are no post-Transaction facts or circumstances that have a Material Adverse Effect on any Purchased Asset that Seller has not notified Buyer of in writing. 

(viii) Representations and Warranties Regarding Purchased Assets; Delivery of Purchased Asset File. Each Purchased Asset
sold hereunder, as of the applicable Purchase Date for the Transaction in question, conforms to the applicable representations and warranties set forth in Exhibit III attached hereto, except as has been disclosed to Buyer in an Exception
Report prior to Buyer’s issuance of a Confirmation with respect to the related Purchased Asset. It is understood and agreed that the representations and warranties set forth in Exhibit III hereto (as modified by any Exception Report
disclosed to Buyer in writing prior to Buyer’s issuance of a Confirmation with respect to the related Purchased Asset), shall survive delivery of the respective Purchased Asset File to Buyer or its designee (including Custodian). With respect
to each Purchased Asset, the Purchased Asset File and any other documents required to be delivered under this Agreement and the Custodial Agreement for such Purchased Asset have been delivered to Buyer or Bailee, as applicable, or to Custodian on
behalf of Buyer. Seller or its designee is in possession of a complete, true and accurate Purchased Asset File with respect to each Purchased Asset, except for such documents the originals of which have been delivered to Custodian or Bailee. 

(ix) Adequate Capitalization; No Fraudulent Transfer. Immediately after giving effect to each Transaction (A) the
amount of the “present fair saleable value” of the assets of 

  
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Seller and of Seller and its Subsidiaries, taken as a whole, will, as of such date, exceed the amount of all “liabilities of Seller and of Seller and its Subsidiaries, taken as a whole,
contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (B) the present fair saleable value of the assets of
Seller and of Seller and its Subsidiaries, taken as a whole, will, as of such date, be greater than the amount that will be required to pay the liabilities of Seller and its Subsidiaries, taken as a whole, on their respective debts as such debts
become absolute and matured, (C) neither Seller, nor Seller and its Subsidiaries, taken as a whole, will have, as of such date, an unreasonably small amount of capital with which to conduct their respective businesses, and (D) Seller and
its Subsidiaries, taken as a whole, will be able to pay their respective debts as they mature. Seller does not intend to incur, or believe that it has incurred, debts beyond its ability to pay such debts as they mature. Seller is not contemplating
the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of Seller or any of its assets. Seller is not transferring any New
Assets with any intent to hinder, delay or defraud any of its creditors. For purposes of this Section 10(ix), “debt” means “liability on a claim”, “claim” means any (1) right to payment, whether or not such
a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured, and (2) right to an equitable remedy for breach of performance if such breach gives
rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

(x) Organizational Documents. Seller has delivered to Buyer true and correct certified copies of its organizational
documents, including the certificate of incorporation and memorandum and articles of association, together with all amendments thereto. 

(xi) No Encumbrances. There are (A) no outstanding rights, options, warrants or agreements on the part of Seller
for a purchase, sale or issuance, in connection with the Purchased Assets (B) no agreements on the part of Seller to issue, sell or distribute the Purchased Assets and (C) no obligations on the part of Seller (contingent or otherwise) to
purchase, redeem or otherwise acquire any securities or interest therein, except, in each of the foregoing instances, as contemplated by the Transaction Documents. 

(xii) No Investment Company or Holding Company. Neither Seller nor Guarantor is an “investment company”, or a
company “controlled by an investment company”, within the meaning of the Investment Company Act of 1940, as amended. 

(xiii) Taxes. Seller has timely filed (taking into account all applicable extensions) all required federal income tax
returns and all other material tax returns, domestic and foreign, required to be filed by it and has paid all Taxes, assessments, fees, and other governmental charges payable by it, or with respect to any of its properties or assets, based on such
returns or otherwise whose nonpayment would have a Material Adverse Effect and that have become due and payable except to the extent that such amounts are being contested in good faith by appropriate proceedings for which the appropriate reserves
have been established in accordance with GAAP, and, to Seller’s Knowledge, there is no claim relating to any such Taxes now pending that was made in writing by any Governmental Authority and that is not being contested in good faith as provided
above or that has resulted in any tax lien filed against any of Seller’s assets 
 (xiv) ERISA. Neither Seller
nor any ERISA Affiliate (A) sponsors or maintains any Plans or (B) makes any contributions to or has any liabilities or obligations (direct or contingent) 

  
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with respect to any Plans. Seller does not hold Plan Assets, and the consummation of the transactions contemplated by this Agreement will not constitute or result in any non-exempt prohibited
transaction under Section 406 of ERISA, Section 4975 of the Code or substantially similar Laws with respect to Seller. 

(xv) Judgments/Bankruptcy. Except as disclosed in writing to Buyer, there are no judgments against Seller that are
unsatisfied of record or docketed in any court located in the United States of America and no Act of Insolvency has ever occurred with respect to Seller. 

(xvi) Full and Accurate Disclosure. No information provided pursuant to or during the negotiation of the Transaction
Documents, or any written statement furnished by or on behalf of Seller pursuant to the terms of the Transaction Documents (including any certification of Bailee), contains any untrue statement of a material fact or omits to state a material fact
necessary to make the statements contained herein or therein not misleading in light of the circumstances under which they were made when such statements and omissions are considered in the totality of the circumstances in question. 

(xvii) Financial Information. All financial data concerning Seller and Guarantor and all data concerning the Purchased
Assets that has been delivered to Buyer by Seller, any Affiliate of Seller or Seller’s advisors is true, complete and correct in all material respects and has been prepared in accordance with GAAP (to the extent applicable). Since the delivery
of such data, except as otherwise disclosed in writing to Buyer, there has been no material adverse change in the business or financial condition of Seller or Guarantor or the Purchased Assets, or in the results of operations of Seller or Guarantor
which change is reasonably likely to have a Material Adverse Effect. 
 (xviii) Jurisdiction of Organization.
Seller’s jurisdiction of organization is the Cayman Islands. 
 (xix) Location of Books and Records. The location
where Seller keeps its books and records is at its chief executive office located at its notice address. 
 (xx)
Authorized Representatives. The duly authorized representatives of Seller are listed on, and true signatures of such authorized representatives are set forth on, Exhibit V attached to this Agreement. 

(xxi) Use of Proceeds; Regulations T, U and X. All proceeds of each Transaction shall be used by Seller for purposes
permitted under Seller’s governing documents; provided that no part of the proceeds of any Transaction will be used by Seller to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any
margin stock. Neither the entering into nor consummation of any Transaction hereunder, nor the use of the proceeds thereof, will violate any provision of Regulations T, U and X. 

(xxii) Regulatory Status. Seller is not a “bank holding company” or a direct or indirect subsidiary of a
“bank holding company” as defined in the Bank Holding Company Act of 1956, as amended, and Regulation Y thereunder of the Board of Governors of the Federal Reserve System. 

(xxiii) Hedging Transactions. As of the Purchase Date for any Purchased Asset for which Seller is required to enter into
a Hedging Transaction, each such Hedging Transaction is in full force and effect in accordance with its terms, each counterparty thereto is an Affiliated Hedge 

  
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Counterparty or a Qualified Hedge Counterparty, and no “Termination Event”, “Event of Default”, “Potential Event of Default” or any similar event, however
denominated, has occurred with respect thereto. 
 (xxiv) Anti-Money Laundering. The operations of Seller, Guarantor
and their Subsidiaries are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those required by the Prescribed Laws, and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator involving Seller or Guarantor or any of their Subsidiaries with respect to the Prescribed Laws is pending or, to the best Knowledge of Seller, threatened. 

(xxv) OFAC. 

(A) None of Seller, any director, officer or employee of Seller, or to Seller’s Knowledge, any agent, Affiliate or
representative of Seller, is a Person that is, or is owned or controlled by a Person that is: (1) the subject of any sanction administered or enforced by OFAC, the United Nations Security Council, the European Union, or Her Majesty’s
Treasury (collectively, “Sanctions”); or (2) located, organized or resides in a country or territory that is the subject of comprehensive Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan
and Syria). 
 (B) Seller is not now knowingly engaged in, and will not knowingly engage in, any dealings or transactions
with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions. 

(xxvi) Anti-Corruption. 

(A) None of Seller, its directors, officers, or employees, or, to Seller’s Knowledge, any agent, Affiliate or
representative of Seller or any Affiliate of them, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value,
directly or indirectly, to any Person while knowing that all or some portion of the money or value will be offered, given or promised to anyone to improperly influence official action, to obtain or retain business or otherwise to secure any improper
advantage, in each case in violation of applicable anti-corruption or anti-bribery laws. 
 (B) Seller and, to Seller’s
Knowledge, Seller’s Affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintained, and will continue to maintain, policies and procedures reasonably designed to promote and
achieve compliance with such laws and with the representations and warranties contained in this Section 10(xxvi). 
 11.   NEGATIVE
COVENANTS OF SELLER 
 On and as of date of this Agreement and each Purchase Date and at all times while this Agreement and any
Transaction hereunder is in effect or any Repurchase Obligations remain outstanding, Seller shall not without the prior written consent of Buyer: 

(a) subject to Seller’s right to repurchase the Purchased Assets, take any action which would directly or indirectly materially impair or
adversely affect Buyer’s title to the Purchased Assets; 

  
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 (b) transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of, or
pledge or hypothecate, directly or indirectly, any interest in the Purchased Assets (or any of them) to any Person other than Buyer, or engage in repurchase transactions or similar transactions with respect to the Purchased Assets (or any of them)
with any Person other than Buyer, except where the Purchased Assets in question are simultaneously repurchased from Buyer; 
 (c) create,
incur or permit to exist any lien, encumbrance or security interest in or on any of the Repurchase Assets or other collateral subject to the security interests granted by Seller pursuant to Section 6 of this Agreement other than Permitted
Encumbrances; 
 (d) create, incur or permit any lien, security interest, charges, or encumbrances with respect to any Repurchase Assets or
Hedging Transaction relating to the Purchased Assets for the benefit of any Person other than Buyer other than Permitted Encumbrances; 

(e) consent or assent to a Significant Modification of any Purchased Asset without the prior written consent of Buyer; 

(f) take any action or permit such action to be taken which would result in a Change of Control. Buyer hereby acknowledges and agrees that,
notwithstanding anything to the contrary herein, an IPO Transaction with respect to Sponsor and/or Guarantor shall not be prohibited pursuant to this Agreement; 

(g) after the occurrence and during the continuation of any Default or Event of Default, make any distribution, payment on account of, or set
apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other acquisition of any equity or ownership interest of Seller, whether now or hereafter outstanding, or make any other distribution in
respect thereof, either directly or indirectly, whether in cash or property or in obligations of Seller; 
 (h) sponsor or maintain any
Plans or make any contributions to, or have any liability or obligation (direct or contingent) with respect to, any Plan or permit any ERISA Affiliate to sponsor or maintain any Plans or make any contributions to, or have any liability or obligation
(direct or contingent) with respect to, any Plan; 
 (i) engage in any transaction that would cause any obligation or action taken or to be
taken hereunder (or the exercise by Buyer of any of its rights under this Agreement, the Purchased Assets or any Transaction Document) to be a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or
substantially similar provisions under any other similar Laws with respect to Seller; 
 (j) intentionally omitted; 

(k) seek its dissolution, liquidation or winding up, in whole or in part; 

(l) incur any Indebtedness except as provided in Section 13(i) hereof or otherwise cease to be a Single-Purpose Entity; 

(m) permit the organizational documents or organizational structure of Seller to be amended in any material respect without the prior written
consent of Buyer in its sole discretion other than in accordance with the terms of such organizational documents (including, without limitation, amendments which are necessary to reflect the appointment or removal of officers or other ministerial or
corrective amendments, as the case may be) 

  
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 (n) acquire or maintain any right or interest in any Purchased Asset or Mortgaged Property that
is senior to, junior to or pari passu with the rights and interests of Buyer therein under this Agreement and the other Transaction Documents unless such right or interest becomes a Purchased Asset hereunder; 

(o) knowingly, directly or indirectly use the proceeds from any Transaction, or lend contribute or otherwise make available such proceeds to
any other Person (i) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or (ii) in any other manner that
would result in a violation of Sanctions by any Person (including Buyer); 
 (p) knowingly, directly or indirectly use the proceeds from any
Transaction or lend, contribute or otherwise make available such proceeds to any Person for the purpose of financing or facilitating any activity that would violate applicable anti-corruption laws, rules, or regulations; 

(q) permit, at any time other than during the Wind Down Period, a breach of the Concentration Limit unless otherwise consented to by Buyer; or

 (r) cause any Purchased Asset to be serviced by any servicer other than Servicer or a servicer expressly approved in writing by Buyer.

 12.   AFFIRMATIVE COVENANTS OF SELLER 

On and as of the date of this Agreement and each Purchase Date and at all times while this Agreement and any Transaction thereunder is in
effect or any Repurchase Obligations remain outstanding: 
 (a) Seller shall promptly notify Buyer of any event and/or condition of which it
has Knowledge that is likely to have a Material Adverse Effect; provided, however, that Seller’s failure to deliver any such notice shall not result in a Default or give rise to an Event of Default unless the failure of Seller to give such
notice was due to Seller’s bad faith or willful misconduct. 
 (b) Seller shall give notice to Buyer of the following (together with
details of the occurrence referred to therein and stating what actions Seller has taken or proposes to take with respect thereto): 

(i) promptly upon receipt by Seller of notice or having Knowledge of the occurrence of any Default or Event of Default; 

(ii) with respect to any Purchased Asset sold to Buyer hereunder, promptly following receipt of any unscheduled Principal
Payment (in full or in part); 
 (iii) with respect to any Purchased Asset sold to Buyer hereunder, promptly following
receipt by Seller of notice or Knowledge that the related Mortgaged Property has been damaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty, or otherwise damaged so as to affect adversely the value of such
Mortgaged Property; 
 (iv) promptly upon receipt of notice by Seller or Knowledge of (A) any Purchased Asset that
becomes a Defaulted Asset, (B) any lien or security interest (other than security interests created hereby) on, or claim asserted against, any Purchased Asset or, to Seller’s Knowledge, the underlying collateral therefor, (C) any
event or change in circumstances that has or could reasonably be expected to have an adverse effect on the Market Value of a Purchased Asset, or (D) any change with respect to Servicer or in the servicing of any Purchased Asset; 

  
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 (v) promptly, and in any event within ten (10) days after service of process
on any of the following, give to Buyer notice of all litigation, actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing which are pending or threatened) or other legal or arbitrable proceedings affecting
Seller or affecting any of the assets of Seller before any Governmental Authority that (A) 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, (B) makes a claim or claims in an aggregate amount greater than $100,000 against Seller, (C) which, individually or in the aggregate, if adversely determined, would reasonably be likely to have a Material Adverse
Effect, (D) requires filing with the SEC in accordance with the 1934 Act and any rules thereunder or (E) raises any lender licensee issues with respect to any Purchased Asset; 

(vi) promptly upon any transfer of any underlying Mortgaged Property or any direct or indirect equity interest in any Mortgagor
of which Seller has Knowledge, whether or not consent to such transfer is required under the applicable Purchased Asset Documents; and 

(vii) promptly, and in any event within ten (10) days after Seller or any of its ERISA Affiliates knows or has reason to
know that any “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur in respect of a Plan that, individually or in the aggregate, either has resulted, or could reasonably be
expected to result, in a Material Adverse Effect. 
 (c) Seller shall provide Buyer with copies of such documents as Buyer may reasonably
request evidencing the truthfulness of the representations set forth in Section 10 hereof. 
 (d) Seller shall defend the right,
title and interest of Buyer in and to the Purchased Assets and any Hedging Transactions against, and take such other action as is necessary to remove, any liens, security interests, claims, encumbrances, charges and demands of all Persons thereon
(other than security interests granted to Buyer hereunder), and take any such other action as is necessary to obtain or preserve a first priority perfected security interest in the Purchased Assets and any Hedging Transactions. 

(e) Seller will permit Buyer or its designated representative to inspect, upon reasonable prior written notice, any of Seller’s records
with respect to all or any portion of the Purchased Assets and the conduct and operation of its business related thereto at such reasonable times and with reasonable frequency requested by Buyer or its designated representative and to make copies of
extracts of any and all thereof. 
 (f) If any amount payable under or in connection with any of the Purchased Assets shall be or become
evidenced by any promissory note, other instrument or chattel paper (as each of the foregoing is defined under the UCC), such note, instrument or chattel paper shall be immediately delivered to Buyer or its designee, duly endorsed in a manner
satisfactory to Buyer or if any collateral or other security shall subsequently be delivered to Seller in connection with any Purchased Asset, Seller shall promptly deliver or forward such item of collateral or other security to Buyer or its
designee, together with such instruments of assignment as Buyer may reasonably request. 
 (g) Seller shall provide (or cause to be
provided) to Buyer the following financial and reporting information: 

  
 46 

 (i) the Monthly Statement; 

(ii) the Quarterly Report, together with all operating statements and occupancy information that Seller or Servicer has
received relating to the Purchased Assets for the related fiscal quarter; 
 (iii) a Financial Covenant Compliance
Certificate; 
 (iv) within forty-five (45) days following the end of each of the first three quarters, and within one
hundred and twenty (120) days following the end of each fiscal year, as the case may be, an Officer’s Certificate of Seller in form and substance reasonably satisfactory to Buyer certifying that, except as otherwise disclosed therein,
during such fiscal quarter or year Seller has observed or performed all of its 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 there has occurred no Event of Default and no event or circumstance has occurred that is reasonably likely to result in a Material Adverse Effect; 

(v) within ten (10) Business Days after Buyer’s request, such further information with respect to the operation of
any Mortgaged Property, Purchased Asset, the financial affairs of Seller or Guarantor and any Plan and Multiemployer Plan as may be reasonably requested by Buyer, including all business plans prepared by or for Seller; 

(vi) upon the written request of Buyer no more often than annually, updated Appraisals of the Mortgaged Properties relating to
the Purchased Assets, at Seller’s sole cost and expense; provided, however, if an Event of Default shall then exist or if a Margin Deficit relating to any Purchased Asset shall not have been satisfied, then the foregoing annual
limitation shall not apply; and 
 (vii) such other reports as Buyer shall reasonably request in writing (including email).

 (h) Seller shall at all times comply in all material respects with all laws (including, without limitation, Prescribed Laws), ordinances,
rules and regulations of any federal, state, municipal or other public authority having jurisdiction over Seller or any of its assets, and Seller shall do or cause to be done all things reasonably necessary to preserve and maintain in full force and
effect its legal existence and all licenses material to its business. 
 (i) Seller agrees that, from time to time upon the prior written
request of Buyer, it shall (A) execute and deliver such further documents, provide such additional information and reports and perform such other acts as Buyer may reasonably request in order to insure compliance with all Prescribed Laws and to
fully effectuate the purposes of this Agreement and (B) provide such opinions of counsel concerning matters relating to the Prescribed Laws as Buyer may reasonably request; provided, however, that nothing in this Section
3(i) shall be construed as requiring Buyer to conduct any inquiry or decreasing Seller’s responsibility for its statements, representations, warranties or covenants under this Agreement. In order to enable Buyer and its respective
Affiliates to comply with any anti-money laundering program and related responsibilities including, but not limited to, any obligations under the Prescribed Laws and regulations thereunder, Seller, on behalf of itself and its Affiliates, represents
and covenants to Buyer and its Affiliates that: (A) neither Seller, nor, any of its Affiliates, is a Prohibited Person and (B) Seller is not acting on behalf of or on behalf of any Prohibited Person. Seller agrees to promptly notify Buyer
or a person appointed by Buyer to administer its anti-money laundering program, if applicable, of any change in information affecting this Section 12(i). 

  
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 (j) Seller shall at all times keep proper books of records and accounts in which full, true and
correct entries shall be made of its transactions in accordance with GAAP and set aside on its books from its earnings for each fiscal year all such proper reserves in accordance with GAAP. 

(k) Seller shall advise Buyer in writing of the opening of any new chief executive office of Seller or the closing of any such office and of
any change in Seller’s name or the places where the books and records pertaining to the Purchased Assets are held not less than fifteen (15) Business Days prior to taking any such action. 

(l) Seller shall pay when due all Transaction Costs. Seller shall pay and discharge all Taxes, levies, liens and other charges, if any, on its
assets and on the Purchased Assets that, in each case, in any manner would create any lien or charge upon the Purchased Assets, except for any such Taxes as are being appropriately contested in good faith by appropriate proceedings diligently
conducted and with respect to which adequate reserves have been provided in accordance with GAAP. 
 (m) Seller shall maintain its existence
as an exempted company incorporated with limited liability in good standing under the laws of the Cayman Islands and shall not dissolve, liquidate, wind up, merge with or into any other Person or otherwise change its organizational structure or
documents or identity or incorporate or organize in any other jurisdiction. 
 (n) Seller shall maintain all records with respect to the
Purchased Assets and the conduct and operation of its business with no less a degree of prudence than if the Purchased Assets were held by Seller for its own account and will furnish Buyer, upon request by Buyer or its designated representative,
with information reasonably obtainable by Seller with respect to the Purchased Assets and the conduct and operation of its business. 
 (o)
Seller shall provide Buyer with notice of each modification of any Purchased Asset Documents consented to by Seller (including such modifications which do not constitute a Significant Modification). 

(p) Seller shall provide Buyer with reasonable access to operating statements, the occupancy status and other property level information, with
respect to the Mortgaged Properties, plus any such additional reports as Buyer may reasonably request. 
 (q) Seller may propose, and Buyer
will consider, but shall be under no obligation to approve, strategies for the foreclosure or other realization upon the security for any Purchased Asset that has become a Defaulted Asset. 

(r) Seller shall not cause any Purchased Asset to be serviced by any servicer other than a servicer expressly approved in writing by Buyer.
Seller shall provide written notification to Buyer within one (1) Business Day of any rating agency reducing the credit or servicer rating applicable to any servicer. 

(s) If Seller shall at any time become entitled to receive or shall receive any rights, whether in addition to, in substitution of, as a
conversion of, or in exchange for a Purchased Asset, or otherwise in respect thereof, Seller shall accept the same as Buyer’s agent, hold the same in trust for Buyer and deliver the same forthwith to Buyer (or Custodian, as appropriate) in the
exact form received, duly endorsed by Seller to Buyer if required, together with all related and necessary duly executed Transfer Documents to be held by Buyer hereunder as additional collateral security for the Transactions. If any sums of money or
property so paid or distributed in respect of the Purchased Assets shall be received by Seller, Seller shall, until such money or property is paid or delivered to Buyer, hold such money or property in trust for Buyer, segregated from other funds of
Seller, as additional collateral security for the Transactions. 

  
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 (t) No later than ten (10) days after Buyer has determined that a New Asset is a Rejected
Asset, Seller shall sell, transfer or otherwise dispose of such Rejected Asset. 
 13.   SINGLE-PURPOSE ENTITY 

Seller hereby represents and warrants to Buyer and covenants with Buyer that, on and as of the date of this Agreement and each Purchase Date
and at all times while this Agreement and any Transaction hereunder is in effect or any Repurchase Obligations remain outstanding: 
 (a) it
is and intends to remain solvent, and it has paid and will, to the maximum extent permitted by applicable law, pay its debts and liabilities (including overhead expenses) from its own assets as the same shall become due; 

(b) it has complied and will comply with the provisions of its certificate of incorporation and its memorandum and articles of association;

 (c) it has done or caused to be done and will do all things necessary to observe limited liability company formalities and, to the
maximum extent permitted by applicable law, 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 members and any other Person, and it will file its own tax returns (except to the extent consolidation is required or permitted 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 of Seller), it shall correct any known misunderstanding regarding its status as a separate entity, it shall conduct business in its own name, it shall not identify itself or any of its Affiliates as a division or part
of the other; 
 (f) it has not owned and will not own any property or any other assets other than the Purchased Assets, cash and its
interest under any associated Hedging Transactions; provided, however, that Seller shall not be in breach of this provision to the extent that Seller acquires or originates a New Asset under its good faith belief, on such date of acquisition or
origination, as applicable, that such New Asset will become a Purchased Asset, so long as Seller complies with Section 12(u) hereof; 

(g) it has not engaged and will not engage in any business other than the origination, acquisition, ownership, financing and disposition of
the Purchased Assets and the associated Hedging Transactions in accordance with the applicable provisions of the Transaction Documents; provided, however, that Seller shall not be in breach of this provision to the extent that Seller acquires or
originates a New Asset under its good faith belief, on such date of acquisition or origination, as applicable, that such New Asset will become a Purchased Asset, so long as Seller complies with Section 12(u) hereof; 

(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; 

  
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 (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 Purchased Assets, and (C) unsecured
trade payables, in an aggregate amount not to exceed $200,000 at any one time outstanding, incurred in the ordinary course of acquiring, owning, financing and disposing of the Purchased Assets; provided, however, that any such trade
payables incurred by Seller shall be paid within sixty (60) days of the date incurred; 
 (j) it shall not acquire obligations or
securities of any member or affiliate of any member or any other Person (other than in connection with the origination or acquisition of Purchased Assets or New Assets which Seller believes in good faith, on the date of origination or acquisition,
as applicable, will become a Purchased Asset, so long as Seller complies with Section 12(u) hereof); 
 (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, provided that the foregoing shall not require any member, partner or shareholder of
Seller to make any additional capital contributions to Seller; 
 (l) neither it nor Guarantor will seek the dissolution, liquidation or
winding up, in whole or in part of Seller; 
 (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) it will (i) have at all times at
least one (1) Independent Director and (ii) provide Buyer with up-to-date contact information for all Independent Directors and a copy of the agreement pursuant to which each Independent Director consents to and serves as an Independent
Director for Seller; 
 (q) its organizational documents (being its memorandum and articles of association) shall provide that (i) no
Independent Director of Seller may be removed or replaced without Cause, (ii) Buyer be given at least five (5) Business Days prior notice of the removal and/or replacement of any Independent Director, together with the name and contact
information of the replacement Independent Director and evidence of the replacement’s satisfaction of the definition of Independent Director, (iii) any Independent Director of Seller shall not have any fiduciary duty to anyone including
the holders of the equity interests in Seller and any Affiliates of Seller except Seller and the creditors of Seller with respect to taking of, or otherwise voting on, any Act of Insolvency; provided that the foregoing shall be subject to
applicable law and shall not eliminate the implied contractual covenant of good faith and fair dealing and any Independent Director of Seller shall not be required to make such determination unless (a) Seller has, at its own expense, retained
counsel, accountants or other experts to advise the Independent Director with respect thereto, and (b) the Independent Director shall be entitled to rely conclusively upon the advice of such counsel, accountants and other experts and shall have
no liability for its failure to follow the instructions of the beneficial owners or any other person; 

  
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 (r) it shall not, without the unanimous written consent of its board of directors including the
Independent Directors, 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 it 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; and 
 (s) it shall not have any employees. 

14.   EVENTS OF DEFAULT; REMEDIES 

(a) Events of Default. The following shall constitute an event of default (each, an “Event of Default”) by Seller
hereunder: 
 (i) failure of Seller to repurchase one or more Purchased Assets on the applicable Repurchase Date; 

(ii) failure of Seller to apply any Income received by Seller in accordance with the provisions hereof; provided,
however, that such failure shall not be an Event of Default if such Income is on deposit in the Blocked Account and Seller causes such funds to be remitted to Buyer within one (1) Business Day of such failure; 

(iii) if any of the Transaction Documents shall for any reason (A) not cause, or shall cease to cause, Buyer to be the
owner of, or, if recharacterized as a secured financing, a secured party with respect to, the Repurchase Assets specified in Section 6(a) hereof and the other collateral specified in Sections 6(c) or 6(d) hereof free of any
adverse claim, liens and other rights of others (other than as granted herein); (B) cease, if a Transaction is recharacterized as a secured financing, to create a valid first priority perfected security interest in favor of Buyer in the
Repurchase Assets specified in Section 6(a) hereof and the other collateral specified in Sections 6(c) or 6(d) hereof; or (C) cease to be in full force and effect or if the enforceability of any of them is challenged or
repudiated by Seller, Guarantor or Servicer or any other Person, and in the case of each of the foregoing clauses (A), (B) or (C), such condition is not cured by Seller within three (3) Business Days after notice thereof from Buyer to
Seller or after Seller otherwise has Knowledge thereof; 
 (iv) failure of Seller to make the payments required under
Section 4(a) or Section 5(b) hereof on the date such payment is due; provided, however, that such failure shall not be an Event of Default if sufficient Income, including Principal Payments which would otherwise be
remitted to Buyer pursuant to Article 5 of this Agreement, is on deposit in the Blocked Account so long as Seller causes such funds to be remitted to Buyer within one (1) Business Day of such failure; 

(v) failure of Seller to make any other payment owing to Buyer which has become due, whether by acceleration or otherwise,
under the terms of this Agreement which failure is not remedied within the period specified herein or, if no period is specified for such payments three (3) Business Days after notice thereof to Seller from Buyer; 

  
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 (vi) breach by Seller in the due performance or observance of any term, covenant
or agreement contained in Section 11 of this Agreement and such breach shall not be cured within five (5) Business Days after (A) delivery of written notice by Buyer to Seller thereof or (B) Knowledge on the part of Seller of
such breach or failure to perform; 
 (vii) a Change of Control shall have occurred with respect to Seller, Pledgor,
Guarantor or Sponsor; 
 (viii) any representation made by Seller herein or in any Transaction Document (other than
Section 10(viii) and those representations set forth in Exhibit III hereto) shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated and such breach is not remedied
within five (5) Business Days after (A) delivery of written notice by Buyer to Seller thereof or (B) Knowledge on the part of Seller of such breach; provided that the representations and warranties made by Seller in Sections
10(vi) or 10(viii) hereof shall not be considered an Event of Default if incorrect or untrue in any material respect (which determination shall be made with respect to the representations and warranties in Exhibit III subject to
any applicable knowledge qualification therein), and Buyer’s sole remedy with respect thereto shall be to terminate the related Transaction, in which case Seller shall repurchase the related Purchased Asset(s) on an Early Repurchase Date no
later than five (5) Business Days after receiving written notice from Buyer 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; 
 (ix) (A) a
final judgment by any competent court in the United States of America for the payment of money in an amount greater than $100,000 shall have been rendered against Seller and remains undischarged or unpaid for a period of thirty (30) days,
during which period execution of such judgment is not effectively stayed or (B) a final judgment by any competent court in the United States of America for the payment of money in an amount greater than $10,000,000 shall have been rendered
against Guarantor and remains undischarged or unpaid for a period of sixty (60) days, during which period execution of such judgment is not effectively stayed; 

(x) (A) Seller shall have defaulted or failed to perform under any note, indenture, loan agreement, guaranty, swap agreement or
any other contract, agreement or transaction to which it is a party, and which default involves the failure to pay an obligation in excess of $100,000 or (B) Guarantor shall have defaulted or failed to perform under any note, indenture, loan
agreement, guaranty, swap agreement or any other contract, agreement or transaction to which it is a party, and which default involves the failure to pay an obligation in excess of $10,000,000; provided, however, that any such default,
failure to perform or breach shall not constitute an Event of Default if Seller or Guarantor, as the case may be, cures such default, failure to perform or breach, as the case may be, within the grace period, if any, provided under the applicable
agreement; 
 (xi) if Seller shall breach or fail to perform any of the terms, covenants, obligations or conditions of this
Agreement or any other Transaction Document, other than as specifically otherwise referred to in this Section 14(a), and such breach or failure to perform is susceptible of cure and is not remedied within (A) the specified cure period or
(B) if no cure period is specified, five (5) Business Days after notice thereof to Seller by Buyer, or its successors or assigns; provided, however, that with respect to clause (B) only, if such default is susceptible
of cure but cannot reasonably be cured within such five (5) Business Day period; and provided further that 

  
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Seller shall have commenced to cure such default within such five (5) Business Day period and thereafter diligently and expeditiously proceeds to cure the same, such five (5) Business
Day period shall be extended for such time as is reasonably necessary for Seller, in the exercise of due diligence, to cure such default, and in no event shall such cure period exceed thirty (30) days from Seller’s receipt of Buyer’s
notice of such default; 
 (xii) if Pledgor shall breach or fail to perform any of the terms, covenants, obligations or
conditions of the Pledge and Security Agreement, and such breach or failure to perform is susceptible of cure and is not remedied within (a) the specified cure period or (B) if no cure period is specified, five (5) Business Days after
notice thereof to Pledgor by Buyer, or its successors or assigns; provided, however, that with respect to clause (B) only, if such default is susceptible of cure but cannot reasonably be cured within such five (5) Business Day period; and
provided further that Pledgor shall have commenced to cure such default within such five (5) Business Day period, shall be extended for such time as is reasonably necessary for Pledgor, in the exercise of due diligence, to cure such default,
and in no event shall such cure period exceed fifteen (15) days from Pledgor’s receipt of Buyer’s notice of such default; 

(xiii) an Act of Insolvency shall have occurred with respect to Seller, Pledgor or Guarantor; 

(xiv) intentionally omitted; 

(xv) an “event of default” or “facility termination event” (as defined in the agreements relating to a
facility described below), by Seller, Guarantor or a Subsidiary of Guarantor beyond any applicable notice and cure period, shall have occurred under (A) any repurchase facility, loan facility or hedging transaction entered into between Seller,
Guarantor or any Subsidiary of Guarantor and Buyer or any Affiliate of Buyer, (B) any repurchase facility, loan facility or hedging transaction with Buyer or any Affiliate of Buyer in which Seller, Guarantor or any Subsidiary of Guarantor is a
guarantor or (C) any Hedging Transaction entered into by Seller, in each case, which involves (1) the failure of Seller or Guarantor to pay a matured obligation to Buyer or an Affiliate of Buyer, or (2) permits the acceleration of the
maturity of obligations by Buyer or an Affiliate of Buyer; 
 (xvi) (A) any of the representations and warranties of
Guarantor in the Guaranty or in any Financial Covenant Compliance Certificate shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated or (B) Guarantor shall breach any covenant
in the Guaranty, and, if no cure period is specified for the applicable breach, such breach has not been cured within three (3) Business Days after receipt of notice thereof from Buyer; or 

(xvii) the breach by Guarantor of (A) any financial covenant set forth in Section 9 of the Guaranty or
(B) any other term, covenant, obligation or condition set forth in the Guaranty, and, if no cure period is specified for the applicable breach, such breach has not been cured within three (3) Business Days after receipt of notice thereof
from Buyer. 
 (b) Remedies. If an Event of Default shall occur and be continuing, the following rights and remedies shall be
available to Buyer: 
 (i) At the option of Buyer, exercised by written notice to Seller (which option shall be deemed to
have been exercised, even if no notice is given, immediately upon the occurrence of an Act of Insolvency with respect to Seller), the Repurchase Date for each Transaction hereunder 

  
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shall, if it has not already occurred, be deemed immediately to occur (the date on which such option is exercised or deemed to have been exercised, the “Accelerated Repurchase
Date”) (and any Transaction for which the related Purchase Date has not yet occurred shall be canceled). 
 (ii) If
Buyer exercises or is deemed to have exercised the option referred to in Section 14(b)(i) hereof (A) Seller’s obligations hereunder to repurchase all Purchased Assets shall become immediately due and payable on and as of the
Accelerated Repurchase Date, and all Income deposited in the Blocked Account shall be retained by Buyer and applied to the Repurchase Obligations until such Repurchase Obligations have been reduced to zero (0) at which time any remainder shall
be remitted to Seller; (B) the Repurchase Price with respect to each Transaction (determined as of the Accelerated Repurchase Date) shall include the accrued and unpaid Price Differential with respect to each Purchased Asset accrued at the
Pricing Rate applicable upon an Event of Default for such Transaction; and (C) Custodian shall, upon the request of Buyer (with simultaneous copy of such request to Seller), deliver to Buyer all instruments, certificates and other documents
then held by Custodian relating to the Purchased Assets. 
 (iii) Buyer may, after ten (10) days’ notice to Seller
of Buyer’s intent to take such action (provided that no such notice shall be required in the circumstances set forth in Section 9-611(d) of the UCC), (A) immediately sell, at a public or private sale in a commercially
reasonable manner and at such price or prices as Buyer may deem to be satisfactory any or all of the Purchased Assets on a servicing released basis or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased
Assets, to give Seller credit for such Purchased Assets in an amount equal to the market value of such Purchased Assets against the aggregate Repurchase Obligations. The proceeds of any disposition of Purchased Assets effected pursuant to this
Section 14(b)(iii) shall be applied: first, to the costs and expenses incurred by Buyer in connection with Seller’s default; second, to the costs of cover and/or Hedging Transactions, if any; third, to the Repurchase
Price; fourth, to all other outstanding Repurchase Obligations; and fifth, the balance, if any, to Seller. In the event that Buyer shall not have received repayment in full of the Repurchase Obligations following its liquidation of the
Purchased Assets, Buyer may, in its sole discretion, pursue Seller and Guarantor (to the extent provided in and subject to the limitations contained in the Guaranty) for all or any part of any deficiency. 

(iv) The parties recognize that it may not be possible to purchase or sell all of the Purchased Assets on a particular Business
Day, or in a transaction with the same purchaser, or in the same manner because the market for such Purchased Assets may not be liquid. In view of the nature of the Purchased Assets, the parties agree that, to the extent permitted by applicable law,
liquidation of a Transaction or the Purchased Assets shall not require a public purchase or sale and that a private purchase or sale shall be deemed to have been made in a commercially reasonable manner. Accordingly, Buyer may elect, in its sole
discretion, the time and manner of liquidating any Purchased Assets, and nothing contained herein shall (A) obligate Buyer to liquidate any Purchased Assets following the occurrence of an Event of Default or to liquidate all of the Purchased
Assets in the same manner or on the same Business Day or (B) constitute a waiver of any right or remedy of Buyer. 
 (v)
Seller shall be liable to Buyer for (A) the amount of all expenses, including reasonable legal fees and expenses of counsel, incurred by Buyer in connection with or as a consequence of an Event of Default, (B) all costs incurred in
connection with covering transactions or Hedging Transactions (including short sales) or entering into replacement transactions, (C) all damages, losses, judgments, costs and other expenses of any kind that may be imposed on, incurred by or
asserted against Buyer relating to or arising out of such hedging transactions or covering transactions, and (D) any other loss, damage, cost or expense directly arising or resulting from the occurrence of an Event of Default. 

  
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 (vi) Buyer may exercise any or all of the remedies available to Buyer immediately
upon the occurrence of an Event of Default and at any time during the continuance thereof. All rights and remedies arising under the Transaction Documents, as amended from time to time, are cumulative and not exclusive of any other rights or
remedies that Buyer may have. 
 (vii) Buyer may enforce its rights and remedies hereunder without prior judicial process or
hearing, and Seller hereby expressly waives any defenses Seller might otherwise have to require Buyer to enforce its rights by judicial process. Seller also waives any defense Seller might otherwise have arising from the use of nonjudicial process,
disposition of any or all of the Purchased Assets, or from any other election of remedies. Seller recognizes that nonjudicial remedies are consistent with the usages of the trade, are responsive to commercial necessity and are the result of a
bargain at arm’s length. 
 (viii) Without limiting any other rights or remedies of Buyer, Buyer shall have the right of
set-off set forth in Section 26 hereof. 
 (ix) Buyer shall have, in addition to its rights and remedies under the
Transaction Documents, all of the rights and remedies provided by applicable federal, state, foreign, and local laws (including, without limitation, if the Transactions are recharacterized as secured financings, the rights and remedies of a secured
party under the UCC of the State of New York, to the extent that the UCC is applicable, and the right to offset any mutual debt and claim), in equity, and under any other agreement between Buyer and Seller, exercisable upon ten (10) days notice
from Buyer to Seller. Without limiting the generality of the foregoing, Buyer shall be entitled to set off the proceeds of the liquidation of the Purchased Assets against all of Seller’s obligations to Buyer or its Affiliates, whether under
this Agreement or under any other agreement between Seller and Buyer or between Seller and any Affiliate of Buyer, or otherwise, whether or not such obligations are then due, without prejudice to Buyer’s right to recover any deficiency. 

(x) Buyer shall at any time have the right, in each case until such time as Buyer determines otherwise, to retain, to suspend
payment or performance of, or to decline to remit, any amount or property that Buyer would otherwise be obligated to pay, remit or deliver to Seller hereunder if a Default or an Event of Default has occurred. 

(xi) For the avoidance of doubt, Buyer shall have no obligation to review or purchase any Eligible Asset during the continuance
of an Event of Default. 
 15.   SINGLE AGREEMENT 

Buyer and Seller acknowledge that, and have entered hereinto and will enter into each Transaction hereunder in consideration of and in reliance
upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made in consideration of each other. Accordingly, each of Buyer and Seller agrees to perform all of its obligations in respect of
each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder. 

  
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 16.   NOTICES AND OTHER COMMUNICATIONS 

All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective for all purposes
if hand delivered or sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery service, either commercial or United States Postal
Service, with proof of attempted delivery, or (d) by email (with confirmation of receipt by the receiving party); provided that, other than email notices with respect to communications under this Agreement related to (1) deliveries
in connection with Buyer due diligence inspections of the Purchased Assets, (2) requests for Transactions (including Future Advance Purchases, (3) notices of partial prepayments or draws on Margin Excess (including Future Advance
Purchases), (4) the delivery of Confirmations, (5) notices of early repurchases, (6) deliveries of financial statements or other reporting required under this Agreement and (7) notices requesting consent for Significant
Modifications, which will not require any further notice upon confirmation of receipt by the receiving party, such email notice must also be delivered by one of the means set forth in clauses (a), (b) or (c) above, to the
addresses specified in Annex I hereto or at such other address and person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this
Section 16. A notice shall be deemed to have been given: (i) in the case of hand delivery, at the time of delivery; (ii) in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day;
(iii) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day; or (iv) in the case of email, upon receipt of confirmation or receipt; provided that such emailed notice is also delivered as
required in this Section 16. A party receiving a notice that does not comply with the technical requirements for notice under this Section 16 may elect to waive any deficiencies and treat such notice as having been properly given.
Notwithstanding the foregoing, notices pursuant to Section 4 hereof may be sent by electronic mail to the email addresses set forth on Annex I attached hereto; provided that such notice delivered by email shall be deemed to be
given only upon receipt of confirmation of receipt by the receiving party. 
 17.   NON-ASSIGNABILITY 

(a) The rights and obligations of Seller under the Transaction Documents, the Hedging Transactions and under any Transaction shall not be
assigned by Seller without the prior written consent of Buyer. Any attempt by Seller to assign any of its rights or obligations under this Agreement without the prior written consent of Buyer shall be null and void, ab initio. Notwithstanding
anything to the contrary herein, Buyer hereby acknowledges and agrees that an IPO Transaction with respect to Sponsor and/or Guarantor shall not be construed as an assignment prohibited by this Section 17(a). 

(b) Buyer may at any time, without the consent of Seller, sell participations in up to 100% (in the aggregate, in one or more Transactions,
including any assignments under Section 17(c)) of Buyer’s rights and/or obligations under the Transaction Documents; provided that, so long as no Event of Default has occurred and is continuing, (i) Buyer shall not
participate any portion of its rights and obligations under the Transaction Documents to any Person other than a Qualified Transferee, (ii) Buyer shall not participate any portion of its rights and obligations under the Transaction Documents to
any Person that is a Prohibited Transferee or an Affiliate of a Mortgagor with respect to any Purchased Assets, (iii) Buyer shall not participate a controlling interest in this Agreement, (iv) Buyer will give Seller written notice of any
participation at least ten (10) calendar days prior to the effective date thereof (but Buyer shall not have any liability for any failure to timely provide such notice), (v) Buyer shall be the agent for any such participant(s) and Seller
shall not be obligated or required to deal directly with any Person other than Buyer or any Affiliate of Buyer, and (vi) Buyer or an Affiliate of Buyer shall continue to (A) control the decision-making rights with respect to the Purchased
Assets, (B) determine whether to purchase any Eligible Asset in a Transaction and (C) determine the Market Value of the Purchased Assets, in each case in accordance with the Transaction Documents. In connection with the foregoing, Buyer
shall not sell 

  
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participations in a manner that would have material adverse tax consequences to Seller, Guarantor, Sponsor or any of their direct or indirect owners (including, without limitation, causing all or
any portion of Sponsor to be treated as a “taxable mortgage pool” for federal income tax purposes). 
 (c) Buyer may at any time,
without the consent of Seller, sell and assign up to 100% (in the aggregate, in one or more Transactions, and including any participation under Section 17(b)) of the rights and obligations of Buyer under the Transaction Documents. From and
after the effective date of such assignment, such assignee shall be a party and, to the extent provided in such assignment agreement, have the rights and obligations of Buyer under the Transaction Documents with respect to the percentage and amount
of the Repurchase Price allocated to it; provided that, so long as no Event of Default has occurred and is continuing, (i) Buyer shall not sell or assign any portion of its rights and obligations under the Transaction Documents to any
Person other than a Qualified Transferee, (ii) Buyer shall not sell or assign any portion of its rights and obligations under the Transaction Documents to any Person that is a Prohibited Transferee or an Affiliate of a Mortgagor with respect to
any Purchased Assets, (iii) Buyer shall not participate a controlling interest in this Agreement,, (iv) Buyer will give Seller written notice of any sale or assignment at least ten (10) calendar days prior to the effective date
thereof (but Buyer shall not have any liability for any failure to timely provide such notice), (v) Buyer shall be the agent for any such transferee(s) or assignee(s) and Seller shall not be obligated or required to deal directly with any
Person other than Buyer or any Affiliate of Buyer, and (vi) Buyer or an Affiliate of Buyer shall continue to (A) control the decision-making rights with respect to the Purchased Assets, (B) determine whether to purchase any Eligible
Asset in a Transaction and (C) determine the Market Value of the Purchased Assets, in each case in accordance with the Transaction Documents. In connection with the foregoing, Buyer shall not sell or assign all or any portion of its rights or
obligations under the Transaction Documents in a manner that would have material adverse tax consequences to Seller, Guarantor, Sponsor or any of their direct or indirect owners (including, without limitation, causing all or any portion of Sponsor
to be treated as a “taxable mortgage pool” for federal income tax purposes). 
 (d) As long as an Event of Default shall have
occurred and be continuing, Buyer may assign, participate or sell its rights and obligations under the Transaction Documents and/or any Transaction to any Person without prior notice to Seller and without regard to the limitations set forth in
Section 17(b) and Section 17(c) above; provided, however, that Buyer shall, at all times, remain as agent and make decisions under this Agreement on behalf of all such assignees or participants. 

(e) Buyer, acting solely for this purpose as an agent of Seller, shall maintain a copy of each assignment and a register for the recordation
of the names and addresses of the assignees, and ownership rights in the Transactions, Purchased Assets or other interests under this Agreement. The entries in such register shall be conclusive absent manifest error, and each of Seller and Buyer and
their respective assignees shall treat each Person whose name is recorded in such register pursuant to the terms hereof as the beneficial owner of the interests in the Transactions, Purchased Assets or other interests under this Agreement for all
purposes. If any assignee is a non-U.S. Person, such assignee shall timely provide Seller with such forms as may be required to establish the assignee’s status for U.S. withholding tax purposes. 

(f) If Buyer sells a participation, Buyer shall, acting solely for this purpose as an agent of Seller, maintain a register on which it enters
the name and address of each participant and the ownership rights of each participant in the Transactions, Purchased Assets or other interests under this Agreement. The entries in such register shall be conclusive absent manifest error, and Buyer
shall treat each Person whose name is recorded in such register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. If any participant is a non-U.S. Person, such participant shall timely
provide Seller with such forms as may be required to establish such participant’s status for U.S. withholding tax purposes. 

  
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 (g) Subject to the foregoing, the Transaction Documents and any Transactions shall be binding
upon and shall inure to the benefit of the parties and their respective successors and permitted assigns. Nothing in the Transaction Documents, express or implied, shall give to any Person, other than the parties to the Transaction Documents and
their respective successors, any benefit or any legal or equitable right, power, remedy or claim under the Transaction Documents. 
 (h)
Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement shall prevent or prohibit Buyer from pledging its interest in the Purchased Assets hereunder to a Federal Reserve Bank in support of borrowings made by Buyer from
such Federal Reserve Bank; provided, however, no such pledge shall release Buyer, as the case may be, from any of its obligations hereunder or substitute any such pledgee for Buyer, as the case may be, as a party hereto. 

18.   GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; ETC. 

(a) This Agreement shall be governed by the laws of the State of New York without giving effect to the conflict of law principles thereof,
except for Section 5-1401 of the General Obligations Law of the State of New York. 
 (b) Each party irrevocably and unconditionally
submits to the non-exclusive jurisdiction of any United States Federal or New York State court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or
proceeding brought to enforce its obligations under this Agreement or relating in any way to this Agreement or any Transaction under this Agreement. 

(c) To the extent that either party has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or
proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any
of its property, such party hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought to enforce its obligations under this Agreement or relating in any way to this Agreement or any Transaction under
this Agreement. 
 (d) EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND ANY RIGHT OF JURISDICTION ON ACCOUNT OF ITS PLACE OF RESIDENCE OR DOMICILE AND IRREVOCABLY CONSENTS TO THE SERVICE OF ANY SUMMONS AND COMPLAINT AND ANY OTHER
PROCESS BY THE MAILING OF COPIES OF SUCH PROCESS TO IT AT ITS RESPECTIVE ADDRESS SPECIFIED HEREIN. EACH PARTY HEREBY AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT
ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS SECTION 18 SHALL AFFECT THE RIGHT OF BUYER TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF BUYER TO BRING ANY ACTION OR PROCEEDING
AGAINST SELLER OR ITS PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. 
 (e) EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER. 

  
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 19.   NO RELIANCE; DISCLAIMERS 

(a) Each party hereby acknowledges, represents and warrants to the other that, in connection with the negotiation of, the entering into, and
the performance under, the Transaction Documents and each Transaction thereunder: 
 (i) It is not relying (for purposes of
making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the other party to the Transaction Documents, other than the representations expressly set forth in the Transaction Documents. 

(ii) It has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the
extent that it has deemed to be necessary, and it has made its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction) based upon its own judgment and upon any advice from such advisors as it
has deemed to be necessary and not upon any view expressed by the other party. 
 (iii) It is a sophisticated and informed
Person that has a full understanding of all the terms, conditions and risks (economic and otherwise) of the Transaction Documents and each Transaction thereunder and is capable of assuming and willing to assume (financially and otherwise) those
risks. 
 (iv) It is entering into the Transaction Documents and each Transaction thereunder for the purposes of managing its
borrowings or investments or hedging its underlying assets or liabilities and not for purposes of speculation. 
 (v) It is
not acting as a fiduciary or financial, investment or commodity trading advisor for the other party and has not given the other party (directly or indirectly through any other Person) any assurance, guaranty or representation whatsoever as to the
merits (either legal, regulatory, tax, business, investment, financial accounting or otherwise) of the Transaction Documents or any Transaction thereunder. 

(b) Each determination by Buyer of the Market Value with respect to each New Asset or Purchased Asset or the communication to Seller of any
information pertaining to Market Value under this Agreement shall be made in Buyer’s sole discretion in accordance with the definition of Market Value herein, subject to the following disclaimers: 

(i) Buyer has assumed and relied upon, with Seller’s consent and without independent verification, the accuracy and
completeness of the information provided by Seller and reviewed by Buyer. Buyer has not made any independent inquiry of any aspect of the New Assets or Purchased Assets or the underlying collateral. Subject to the conditions of the definition of
Market Value, Buyer’s view is based on the information made available to Buyer as of the date of any such determination or communication of information, and such view may change at any time without prior notice to Seller. 

(ii) Subject to the conditions of the definition of Market Value, Market Value determinations and other information provided to
Seller constitute a statement of Buyer’s view of the value of one or more loans or other assets at a particular point in time and does not (A) constitute a bid for a particular trade, (B) indicate a willingness on the part of Buyer or
any Affiliate thereof to make such a bid, or (C) reflect a valuation for substantially similar assets at the same or another point in time, or for the same assets at another point in time. 

  
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 (iii) Market Value determinations and other information provided to Seller may
vary significantly from valuation determinations and other information that may be obtained from other sources. 
 (iv)
Market Value determinations and other information provided to Seller are communicated to Seller solely for its use and may not be relied upon by any other person and may not be disclosed or referred to publicly or to any third party without the
prior written consent of Buyer, which consent Buyer may withhold or delay in its sole and absolute discretion. 
 (v) Buyer
makes no representations or warranties with respect to any Market Value determinations or other information provided to Seller. Buyer shall not be liable for any incidental or consequential damages arising out of any inaccuracy in such valuation
determinations and other information provided to Seller, including as a result of any act of gross negligence or breach of any warranty. 

(vi) Market Value determinations and other information provided to Seller in connection with Section 3(b) hereof are
only indicative of the initial Market Value of the New Asset submitted to Buyer for consideration thereunder, and may change without notice to Seller prior to, or subsequent to, the transfer by Seller of the New Asset pursuant to Section 3(f)
hereof. No indication is provided as to Buyer’s expectation of the future value of such Purchased Asset or the underlying collateral. 

(vii) Initial Market Value determinations and other information provided to Seller in connection with Section 3(b)
hereof are to be used by Seller for the sole purpose of determining whether to proceed in accordance with Section 3 hereof and for no other purpose. 

20.   INDEMNITY AND EXPENSES 

(a) Seller hereby agrees to hold Buyer and Buyer’s Affiliates and each of their respective officers, directors and employees (the
“Indemnified Parties”) harmless from and indemnify the Indemnified Parties against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits that may be payable or determined to be payable with
respect to any of the Purchased Assets or in connection with any of the transactions contemplated by this Agreement (or the recharacterization of any Transaction) and the documents delivered in connection herewith and therewith (other than income
Taxes of Buyer), fees, actual out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements of outside counsel and any and all servicing and enforcement costs incurred with respect to the Purchased Assets) or
disbursements (all of the foregoing, collectively, “Indemnified Amounts”) that may at any time (including, without limitation, such time as this Agreement shall no longer be in effect and the Transactions shall have been repaid in
full) be imposed on or asserted against any Indemnified Party in any way whatsoever arising out of or in connection with, or relating to, this Agreement or any Transactions thereunder or any action taken or omitted to be taken by any Indemnified
Party under or in connection with any of the foregoing; provided that Seller shall not be liable for Indemnified Amounts resulting from the gross negligence or willful misconduct of any Indemnified Party. Without limiting the generality of
the foregoing, Seller agrees to hold each Indemnified Party harmless from and indemnify each Indemnified Party against all Indemnified Amounts with respect to all Purchased Assets relating to or arising out of any violation or alleged violation of
any environmental law, rule or regulation or any consumer credit laws, including without limitation ERISA, the Truth in Lending Act and/or Real Estate Settlement Procedures Act, that, in each case, results from anything other than the gross
negligence or willful misconduct of an Indemnified Party. Notwithstanding the foregoing, Seller’s indemnification obligations with respect to violations of applicable law and 

  
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environmental matters shall expire after an Event of Default has occurred and is continuing and Buyer has consummated its remedies hereunder with respect to all of the Purchased Assets subject to
Transactions; provided, that Seller’s indemnification shall only expire with respect to any acts or omissions that occurred after the date of such consummation by Buyer of such remedies so long as such acts or omissions were not caused by
Seller or an Affiliate or at the direction of Seller or its Affiliates; provided, further, that to the extent of Seller’s indemnification obligations which have not expired pursuant to the preceding proviso, Buyer hereby acknowledges and agrees
that Buyer shall have exhausted Buyer’s remedies pursuant to the related Purchased Asset and Purchased Asset Documents, including, without limitation, any such remedies contained in any environmental indemnity agreements of the underlying
obligors therefor, prior to pursuing any indemnification remedy against Seller. Seller’s indemnification obligations shall remain with respect to acts or omissions of Seller incurred prior to such foreclosure. In any suit, proceeding or action
brought by Buyer in connection with any Purchased Asset for any sum owing thereunder, or to enforce any provisions of any Purchased Asset Documents, Seller will save, indemnify and hold Buyer harmless from and against all expenses, loss or damage
suffered by Buyer 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 and any other Transaction Document or any transaction contemplated hereby
or thereby, including without limitation the fees and disbursements of its counsel. Seller hereby acknowledges that its obligations hereunder are recourse obligations of Seller. Indemnified Amounts shall not include Taxes other than any Taxes that
represent provable losses, claims or damages arising from a non-Tax claim. 
 (b) Seller agrees to pay as and when billed by Buyer
(i) all Indemnified Amounts provided in Section 20(a), (ii) all of the actual out-of-pocket costs and expenses incurred by Buyer in connection with the development, preparation and execution of, and any amendment, supplement or
modification to this Agreement and the other Transaction Documents or any other documents prepared in connection herewith or therewith including without limitation all the reasonable fees, disbursements and out-of-pocket expenses of outside
counsel to Buyer, (iii) all of the reasonable out-of-pocket costs and expenses incurred in connection with the consummation and administration of the Transactions contemplated hereby and thereby including without limitation all the
reasonable out-of-pocket fees, disbursements and expenses of outside counsel to Buyer, (iv) all costs and expenses contemplated by Section 14(b)(v) and (v) all the Diligence Fees (collectively, “Transaction Costs”).

 21.   DUE DILIGENCE 

Seller acknowledges that Buyer has the right to perform continuing due diligence reviews with respect to the Purchased Assets, for purposes of
verifying compliance with the representations, warranties and specifications made hereunder, or determining or re-determining the Asset Base Component for purposes of Section 4 of this Agreement, or otherwise, and Seller agrees that Buyer, at
its option, has the right at any time to conduct a partial or complete due diligence review on any or all of the Purchased Assets, including, without limitation, ordering new credit reports and Appraisals on the applicable collateral (subject to
Section 12(g)(vi)) and otherwise regenerating the information used to originate such Purchased Assets. Upon reasonable 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 Purchased Asset Files, Servicing Records and any and all documents, records, agreements, instruments or information relating to any Purchased Asset in the possession or under the control of
Seller, any servicer or sub-servicer and/or Custodian. Seller also shall make available to Buyer a knowledgeable financial or accounting officer for the purpose of answering questions respecting the Purchased Asset Files, the

  
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Servicing Records and the Purchased Assets. Seller agrees to reasonably cooperate with Buyer and any third party underwriter designated by Buyer in connection with such underwriting, including,
but not limited to, providing Buyer and any third party underwriter with reasonable access to any and all documents, records, agreements, instruments or information relating to such Purchased Assets in the possession, or under the control, of such
Seller. Seller agrees to reimburse Buyer for any and all reasonable attorneys’ fees, out-of-pocket costs and expenses incurred by Buyer in connection with continuing due diligence on Eligible Assets and Purchased Assets, including, without
limitation, the cost of annual updated Appraisals on the Mortgaged Properties and Diligence Fees. 
 22.   SERVICING 

(a) The parties hereto agree and acknowledge that the Purchased Assets will be sold by Seller to Buyer on a servicing released basis. In
furtherance of the foregoing, Seller and Buyer hereby agree and confirm that from and after the date hereof, only such Servicing Agreements that have been approved by Buyer shall govern the servicing of the Purchased Assets and any prior agreement
between Seller and any other Person or otherwise with respect to such servicing is hereby superseded in all respects. Prior to an Event of Default, Seller may retain Servicer, on behalf of Buyer, to service the Purchased Assets for the benefit of or
on behalf of Buyer pursuant to the Servicing Agreement; provided, however, that the obligation of Servicer to service any Purchased Asset for the benefit of or on behalf of Buyer as aforesaid shall cease upon the repurchase of such
Purchased Asset by Seller in accordance with the provisions of this Agreement. 
 (b) Seller agrees that, as between Seller and Buyer, Buyer
is the owner of all servicing records, including but not limited to any and all servicing agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other
closing documentation, payment history records, and any other records relating to or evidencing the servicing of Purchased Assets (the “Servicing Records”) so long as the Purchased Assets are subject to this Agreement. Seller
covenants to safeguard any such Servicing Records in Seller’s possession and to deliver them promptly to Buyer or its designee (including Custodian) at Buyer’s request. 

(c) Seller shall not, and shall not provide consent to Servicer to, employ any other sub-servicers to service the Purchased Assets without the
prior written approval of Buyer which approval shall be in Buyer’s sole discretion. 
 (d) Seller shall cause Servicer and any other
sub-servicers engaged on behalf of Buyer to execute a Servicer Acknowledgment acknowledging Buyer’s interest in the Purchased Assets and the Servicing Agreement and agreeing that Servicer and any sub-servicer (if applicable) shall deposit all
Income with respect to the Purchased Assets in the Blocked Account, all in such manner as shall be reasonably acceptable to Buyer. 
 (e) To
the extent applicable, Seller shall cause Servicer to permit Buyer to inspect Servicer’s servicing facilities for the purpose of satisfying Buyer that Servicer has the ability to service such Purchased Asset as provided in this Agreement. 

(f) Buyer may, in its sole discretion if an Event of Default shall have occurred and be continuing, sell the Purchased Assets on a servicing
released basis without payment of any termination fee or any other amount to Servicer. Upon the occurrence of an Event of Default hereunder, Buyer shall have the right to terminate Servicer’s right to service the Purchased Assets in accordance
with the Servicing Agreement without payment of any penalty or termination fee. 

  
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 23.   TREATMENT FOR TAX PURPOSES 

It is the intention of the parties that, for U.S. federal, and relevant state and local income and franchise tax purposes, the Transactions
constitute a financing, and that Seller is, and, so long as no Event of Default shall have occurred and be continuing, will continue to be, treated as the owner of the Purchased Assets for such purposes. Unless otherwise required by applicable law,
Seller and Buyer agree to treat the Transactions as described in the preceding sentence on any and all filings with any U.S. federal, or relevant state or local taxing authority. 

24.   INTENT 
 (a) The
parties intend and acknowledge that this Agreement is a “master netting agreement” as that term is defined in Section 101(38A)(A) of the Bankruptcy Code. 

(b) The parties intend and acknowledge that each Transaction is a “securities contract” as that term is defined in
Section 741(7) of the Bankruptcy Code. 
 (c) The parties intend and acknowledge each of that the Guaranty and the Pledge and Security
Agreement is a “securities contract” as that term is defined in Section 741(7)(A)(xi) of the Bankruptcy Code. 
 (d) The
parties intend and acknowledge that any provisions hereof or in any other document, agreement or instrument that is related in any way to the servicing of the Purchased Assets shall be deemed “related to” this Agreement within the meaning
of Section 741 of the Bankruptcy Code. 
 (e) Each party hereto agrees that is shall not challenge the characterization of this
Agreement, the Guaranty or the Pledge and Security Agreement as a “securities contract,” “repurchase agreement” or a “master netting agreement” within the meaning of the Bankruptcy Code. 

(f) It is understood that either party’s right to accelerate or terminate this Agreement or to liquidate Purchased Assets delivered to it
in connection with the Transactions hereunder or to exercise any other remedies pursuant to Section 14 hereof is a contractual right to accelerate or terminate this Agreement or to liquidate Purchased Assets as described in Sections 555 and
559 of the Bankruptcy Code. It is further understood and agreed that either party’s right to cause the termination, liquidation or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under
or in connection with this Agreement or the Transactions hereunder is a contractual right to cause the termination, liquidation or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or
in connection with this Agreement as described in Section 561 of the Bankruptcy Code. 
 (g) The parties agree and acknowledge that if
a party hereto is an “insured depository institution,” as such term is defined in the FDIA, then each Transaction hereunder is a “qualified financial contract,” as that term is defined in the FDIA and any rules, orders or policy
statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 
 (h)
It is understood that this Agreement constitutes a “netting contract” as defined in and subject to 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). It is further understood and agreed that 

  
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either party’s right to cause the termination, liquidation or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in
connection with this Agreement or the Transactions hereunder is a contractual right to cause the termination, liquidation or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in
connection with this Agreement as described in Section 561 of the Bankruptcy Code. 
 (i) It is understood that this Agreement
constitutes a “netting contract” as defined in and subject to 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). 

(j) The parties intend (for so long as such party is a “financial institution,” “financial participant,” “repo
participant,” “master netting participant” or other entity listed in Section 546, 555, 559, 362(b)(6) or 362(b)(7) of the Bankruptcy Code) shall be entitled to the “safe harbor” benefits and protections afforded under
the Bankruptcy Code with respect to a “securities contract,” “repurchase agreement” and a “master netting agreement,” including the right to offset or net out as set forth in Sections 362(b)(6), 362(b)(7), 362(b)(27),
362(o) and 546 of the Bankruptcy Code. 
 (k) The parties intend that payments made under this Agreement are deemed “margin
payments” or “settlement payments” as such terms are defined in the Bankruptcy Code. 
 (l) The parties intend and
acknowledge that the Repurchase Agreement is a “repurchase agreement” as that term is defined in Section 101(47) of the Bankruptcy Code. 

25.   DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS 

The parties acknowledge that they have been advised that: 

(a) in the case of Transactions in which one of the parties is a broker or dealer registered with the SEC under Section 15 of the 1934
Act, the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 (“SIPA”) do not protect the other party with respect to any Transaction hereunder; 

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

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

(d) in the case of Transactions in which one of the parties is an “insured depository institution”, as that term is defined in
Section 1813(c)(2) of Title 12 of the United States Code, funds held by the financial institution pursuant to a Transaction are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation, the Savings Association
Insurance Fund or the Bank Insurance Fund, as applicable. 

  
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 26.   SETOFF RIGHTS 

Without limiting any other rights or remedies of Buyer, Buyer shall have the right, without prior notice to Seller, and any such notice being
expressly waived by Seller to the extent permitted by applicable law, to set off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final) in any currency, and any other obligation (including to return
excess margin), credits, indebtedness, claims, securities, collateral or other property, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by or due from Buyer or any
Affiliate thereof to or for the credit of the account of Seller to any obligations of Seller hereunder to Buyer. If a sum or obligation is unascertained, Buyer may estimate that obligation and set off in respect of the estimate, subject to the
relevant party accounting to the other when the obligation is ascertained. This Section 26 shall be without prejudice and in addition to any right of setoff, combination of accounts, lien or other rights to which any party is at any time
otherwise entitled (whether by operation of law, contract or otherwise). 
 27.   MISCELLANEOUS 

(a) The Transaction Documents and their respective terms, provisions, supplements and amendments, and transactions and notices thereunder, are
proprietary to Buyer and shall be held by Seller in strict confidence and shall not be disclosed to any third party without the consent of Buyer except for (i) disclosure to Seller’s Affiliates, owners, members, partners, investors,
directors, attorneys, agents, accountants, or financial advisors (the “Representatives”); provided that Seller shall (A) inform each of its Representatives receiving any Transaction Documents of the confidential nature of the
Transaction Documents, (B) direct its Representatives to treat the Transaction Documents confidentially, and (C) be responsible for any improper use of the Transaction Documents by Seller or its Representatives or (ii) upon prior
written notice to Buyer (if permitted by law), disclosure required by law, rule, regulation or order of a court or other regulatory body or (iii) upon prior written notice to Buyer (if permitted by law), disclosure to any Affiliated Hedge
Counterparty to the extent necessary to obtain any Hedging Transaction hereunder or (iv) any disclosures or filing required under SEC or state securities’ laws; provided that, in the case of disclosure by any party pursuant to the
foregoing clauses (ii), (iii) and (iv), Seller shall provide Buyer with prior written notice to permit Buyer to seek a protective order to take other appropriate action; provided further that, in the case of clause
(iv), Seller shall not file any of the Transaction Documents other than this Agreement with the SEC or state securities office unless Seller shall have provided at least thirty (30) days (or such lesser time as may be demanded by the SEC or
state securities office) prior written notice of such filing to Buyer. Seller shall reasonably cooperate in Buyer’s efforts to obtain a protective order or other reasonable assurance that confidential treatment will be accorded the Transaction
Documents. If, in the absence of a protective order, Seller or any of its Representatives is compelled as a matter of law to disclose any such information, Seller may disclose to the party compelling disclosure only the part of the Transaction
Documents as is required by law to be disclosed (in which case, prior to such disclosure, Seller shall advise and consult with Buyer and its counsel as to such disclosure and the nature and wording of such disclosure) and Seller shall use its
commercially reasonable best efforts to obtain confidential treatment therefor. Buyer acknowledges that this Agreement may be filed with the SEC; provided that Seller shall redact any pricing and other confidential provisions, including,
without limitation, the amount of any Origination Fee, Unused Fee, Extension Fee, Exit Fee, Applicable Spread and Purchase Percentage from such filed copy of this Agreement. 

(b) Seller shall, with respect to all Purchased Assets, comply with the applicable provisions of the Gramm-Leach-Bliley Act of 1999 (the
“GLB Act”) and any applicable state and local privacy laws pursuant to the GLB Act for financial institutions and applicable state and local privacy laws. Seller agrees to hold Buyer and its Affiliates and each of its officers,
directors and employees (each, a “GLB 

  
 65 

 
Indemnified Party”) harmless from and indemnify any GLB 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 GLB Indemnified Party relating to or arising out of Seller’s violation of the GLB Act or any applicable state or local privacy laws with respect to the Purchased Assets. 

(c) No express or implied waiver of any Event of Default by Buyer shall constitute a waiver of any other Event of Default and no exercise of
any remedy hereunder by Buyer shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure here from shall be effective unless
and until such shall be in writing and duly executed by both of the parties hereto. 
 (d) Time is of the essence under the Transaction
Documents and all Transactions thereunder, and all references to a time shall mean New York time in effect on the date of the action unless otherwise expressly stated in the Transaction Documents. 

(e) All rights, remedies and powers of Buyer hereunder and in connection herewith are irrevocable and cumulative, and not alternative or
exclusive, and shall be in addition to all other rights, remedies and powers of Buyer whether under law, equity or agreement. In addition to the rights and remedies granted to it in this Agreement to the extent applicable, Buyer shall have all
rights and remedies of a secured party under the UCC and any other applicable law. 
 (f) The Transaction Documents may be executed in
counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

(g) The headings in the Transaction Documents are for convenience of reference only and shall not affect the interpretation or construction of
the Transaction Documents. 
 (h) Each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement shall be prohibited by or be invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or
the remaining provisions of this Agreement. 
 (i) This Agreement, the Fee Letter and each Confirmation contains a final and complete
integration of all prior expressions by the parties with respect to the subject matter hereof and thereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written
understandings. 
 (j) Each party understands that this Agreement is a legally binding agreement that may affect such party’s rights.
Each party represents to the other that such party has received legal advice from counsel of its choice regarding the meaning and legal significance of this Agreement and that it is satisfied with its legal counsel and the advice received from it.

 (k) Should any provision of this Agreement require judicial interpretation, it is agreed that a court interpreting or construing the same
shall not apply a presumption that the terms hereof shall be more strictly construed against any Person by reason of the rule of construction that a document is to be construed more strictly against the Person who itself or through its agent
prepared the same, it being agreed that all parties have participated in the preparation of this Agreement. 
 [SIGNATURES COMMENCE ON THE
NEXT PAGE] 

  
 66 

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

  

			
	  BUYER:
		
		 	 MORGAN STANLEY BANK, N.A.,
 a national
banking association

  

			
	
		
	By:	 	 /s/ Anthony Preisano

		 	Name: Anthony Preisano
		 	Title: Authorized Signatory

  

			
	  SELLER:
		
		 	 TPG RE FINANCE 12, LTD.,
 an exempted
company incorporated
 with limited liability under the laws
 of
the Cayman Islands

  

			
	
		
	By:	 	 /s/ Clive D. Bode

		 	Name: Clive D. Bode
		 	Title: Vice President

 SCHEDULE 1 

MAXIMUM PURCHASE PERCENTAGE 
  

			
	 LTV
	  	Maximum Purchase Percentage
	 Less than or equal to 60%
	  	75%
	 Greater than 60% but less than or equal to 65%
	  	75%
	 Greater than 65% but less than or equal to 70%
	  	75%
	 Greater than 70% but less than or equal to 75%
	  	75%
	 Greater than 75% but less than or equal to 80%
	  	75%

  
 Schedule 1 

 SCHEDULE 2 

PURCHASED ASSET DOCUMENTS 

(a) the original Mortgage Note bearing all intervening endorsements, endorsed “Pay to the order of
            without recourse” and signed in the name of the last endorsee (the “Last Endorsee”) by an authorized Person of the Last Endorsee (provided that, in
the event that such Purchased Asset was acquired by the Last Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by merger to [name of predecessor]” and, in the event that such Purchased Asset was
acquired or originated by the Last Endorsee while doing business under another name, the signature must be in the following form: “[Last Endorsee], [formerly known] or [doing business] as [previous name]”) or a lost note affidavit in a
form reasonably approved by Buyer, with a copy of the applicable Mortgage Note attached thereto; 
 (b) the original loan agreement and
guaranty, if any, executed in connection with such Purchased Asset; 
 (c) the original Mortgage with evidence of recording thereon, or a
true and correct copy of the original that has been submitted for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located; 

(d) the originals of all assumption, modification, consolidation or extension agreements with evidence of recording thereon, or true and
correct copies of the originals that have each been submitted for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located; 

(e) the original Assignment of Mortgage in blank for each Purchased Asset, in form and substance acceptable for recording and signed in the
name of the Last Endorsee; provided that, in the event that such Purchased Asset was acquired by the Last Endorsee in a merger, the signature must be in the following form: “[Last Endorsee], successor by merger to [name of
predecessor]” and, in the event that such Purchased Asset was acquired or originated while doing business under another name, the signature must be in the following form: “[Last Endorsee], [formerly known] or [doing business] as [previous
name]”; 
 (f) the originals, or copies thereof, of all intervening Assignments of Mortgage (if any) with evidence of recording
thereon; 
 (g) the original or a copy of the Title Policy; 

(h) the original security agreement, chattel mortgage or equivalent document, if any, executed in connection with such Purchased Asset; 

(i) the original Assignment of Leases, if any, with evidence of recording thereon, or a true and correct copy of the original that has been
submitted for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located; 

(j) originals, or copies thereof, of all intervening assignments of assignment of leases and rents, if any, or copies thereof, with evidence
of recording thereon; 
 (k) a copy of the UCC financing statements, certified as true and correct by Seller, and all necessary UCC
continuation statements with evidence of filing thereon or copies thereof together with evidence that such UCC financing or continuation statements have been sent for filing, and UCC assignments in blank, which UCC assignments shall be in form and
substance acceptable for filing in the applicable jurisdictions; 

  
 Schedule 2 

 (l) the original environmental indemnity agreement or similar guaranty or indemnity (if any),
whether stand-alone or incorporated into the applicable loan documents; 
 (m) the original omnibus assignment in blank, or such other
document(s) necessary and sufficient to transfer to Buyer all of Seller’s right, title and interest in and to such Purchased Asset (if any); 

(n) a Survey of the Mortgaged Property (if any), as accepted in connection with the issuance of the Title Policy; 

(o) a copy of all servicing agreements and Servicing Records related to such Purchased Asset, which Seller shall deliver to Servicer (with a
copy to Buyer); 
 (p) a copy of the Mortgagor’s opinions of counsel, which shall be in form and substance reasonably satisfactory to
Buyer; 
 (q) in the case of a Purchased Asset that is a Participation Interest, the original Participation Certificate evidencing such
Participation Interest and including an assignment in blank; 
 (r) in the case of a Purchased Asset that is a Participation Interest, the
participation agreement and any other documents evidencing such Participation Interest; 
 (s) an assignment of any management agreements,
permits, contracts and any other material agreements; 
 (t) an executed direction letter in blank which may only be completed and delivered
by Buyer during the continuance of an Event of Default addressed to any related Mortgagor or obligor directing the remittance of payments directly to the Blocked Account; 

(u) reports of UCC, tax lien, judgment and litigation searches, conducted by search firms reasonably acceptable to Buyer with respect to such
Purchased Asset, Seller and the related underlying obligor, such searches to be conducted in each location Buyer shall reasonably designate and such reports reasonably satisfactory to Buyer; 

(v) the original or a copy of the intercreditor or co-lender agreement executed in connection with such Purchased Asset, to the extent the
subject borrower or an affiliate thereof, has encumbered its assets with senior, junior or other similar financing, whether mortgage financing or mezzanine loan financing; 

(w) copies of all documents relating to the formation and organization of the related obligor under such Purchased Asset, together with all
consents and resolutions delivered in connection with such obligor’s obtaining such Purchased Asset; and 
 (x) all other material
documents and instruments evidencing, guaranteeing, insuring, securing or modifying such Purchased Asset, executed and delivered in connection with, or otherwise relating to, such Purchased Asset, including, but not limited to, all documents
establishing or implementing any lockbox pursuant to which Seller is entitled to receive any payments from cash flow of the underlying real property. 

  
 Schedule 2 - 2 

 EXHIBIT II-1 

FORM OF POWER OF ATTORNEY TO BUYER 

Know All Men by These Presents, that TPG RE FINANCE 12, LTD. (“Seller”), does hereby appoint MORGAN STANLEY BANK, N.A.
(together with its permitted successors and assigns, “Buyer”), in connection with the Repurchase Agreement (defined below) its attorney-in-fact, during the continuing existence of an Event of Default, to act in Seller’s name,
place and stead in any way which Seller could do with respect to (i) the completion of the endorsements of the Mortgage Notes and Participation Certificates (as applicable) and the Assignments of Mortgages, (ii) the recordation of the
Assignments of Mortgages and (iii) the enforcement of Seller’s rights under the Purchased Assets purchased by Buyer pursuant to the Master Repurchase and Securities Contract Agreement dated as of May 4, 2016, as amended from time to
time, between Seller and Buyer (the “Repurchase Agreement”) (including, for the avoidance of doubt, the enforcement and exercise of Seller’s rights in respect of any interest reserve account or other deposit account or
securities account established by any borrower or any other related obligor in connection with any Purchased Assets (including the enforcement and exercise of Seller’s rights in respect of all funds or other assets deposited in, or credited to,
such accounts)) and to take such other steps as may be necessary or desirable to enforce Buyer’s rights against such Purchased Assets, the related Purchased Asset Files, the Servicing Records and the Hedging Transactions to the extent that
Seller is permitted by law to act through an agent. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Repurchase Agreement. 

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

  
 Exhibit II - 1 

 IN WITNESS WHEREOF, Seller has caused this Power of Attorney to be executed this
            day of             , 20    . 

 

			
	 TPG RE FINANCE 12, LTD.,

an exempted company incorporated
 with limited liability under the
laws
 of the Cayman Islands

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 STATE OF
	  	)
		  	)
	 COUNTY OF
	  	)

 On this                 of
                , before me, the undersigned, a Notary Public in and for said state, personally appeared
                                , personally known to me or proved to me on the basis of
satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the person, or the entity upon behalf
of which the person acted, executed the instrument. 
  

			
		 	  

		 	Notary Public

 (Seal)] 

  
 Exhibit II - 1 - 2 

 EXHIBIT II-2 

FORM OF POWER OF ATTORNEY TO SELLER 

Know All Men by These Presents, that Morgan Stanley Bank, N.A. (together with its permitted successors and assigns, “Buyer”)
does hereby appoint TPG RE FINANCE 12, LTD. (“Seller”), its attorney-in-fact to act in Buyer’s name, place and stead in any way which Buyer could with respect to modifications described below, to mortgage loan documents with
respect to Purchased Assets sold by Seller to Buyer under that certain Master Repurchase and Securities Contract Agreement dated as of May 4, 2016, as amended from time to time, between Seller and Buyer (the “Repurchase
Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Repurchase Agreement. 

Seller is permitted to administer and service the Purchased Assets without the consent of Buyer, any assignee or any other Person, pursuant to
this power of attorney delivered by Buyer, which power of attorney shall not be revoked by Buyer unless an Event of Default under the Repurchase Agreement has occurred and is then continuing. Notwithstanding the foregoing, Seller shall not consent
or assent to a Significant Modification without the prior written consent of Buyer. All waivers or material actions entered into or taken in respect of the Purchased Assets pursuant to this power of attorney shall be in writing. Seller shall notify
Buyer and Custodian, in writing, of any waiver or other action entered into or taken thereby in respect of any such Purchased Asset pursuant to this power of attorney, and shall deliver to Custodian (with a copy to Buyer) for deposit in the related
Purchased Asset File, an original counterpart of the agreement, if any, relating to such waiver or other action in accordance with Section 7(c) of the Repurchase Agreement. Actions taken under the foregoing power of attorney shall be binding
upon each holder of the Purchased Assets. 
 THIS POWER OF ATTORNEY MAY BE REVOKED BY BUYER BY DELIVERY OF WRITTEN NOTICE TO SELLER DURING
THE CONTINUANCE OF ANY EVENT OF DEFAULT UNDER THE REPURCHASE AGREEMENT. IF THIS POWER OF ATTORNEY HAS NOT BEEN REVOKED AND IF REQUESTED BY SELLER, BUYER WILL PROMPTLY CONFIRM IN WRITING TO SELLER, AND ANY OTHER PERSON OR ENTITY REASONABLY DESIGNATED
BY SELLER, THAT THIS POWER OF ATTORNEY HAS NOT BEEN REVOKED AND IS IN FULL FORCE AND EFFECT. 

  
 Exhibit II - 2 

 IN WITNESS WHEREOF, Buyer has caused this Power of Attorney to be executed this
            day of             , 20    . 

 

			
	 MORGAN STANLEY BANK, N.A.,
 a
national banking association

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 STATE OF
	  	)
		  	)
	 COUNTY OF
	  	)

 On this                 of
                , before me, the undersigned, a Notary Public in and for said state, personally appeared
                            , personally known to me or proved to me on the basis of satisfactory evidence to
be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the person, or the entity upon behalf of which the person
acted, executed the instrument. 
  

			
		 	  

		 	Notary Public

 (Seal) 

  
 Exhibit II - 2 - 2 

 EXHIBIT III 

REPRESENTATIONS AND WARRANTIES 

REGARDING THE PURCHASED ASSETS 

With respect to each Purchased Asset and the related Mortgaged Property or Mortgaged Properties, on the related Purchase Date and at all times while this
Agreement and any Transaction contemplated hereunder is in effect, Seller shall be deemed to make the following representations and warranties to Buyer as of such date; provided, however, that, with respect to any Purchased Asset, such
representations and warranties shall be deemed to be modified by any Exception Report delivered by Seller to Buyer prior to the issuance of a Confirmation with respect thereto. 

 

	(1)	Whole Loan; Ownership of Purchased Assets. At the time of the sale, transfer and assignment to Buyer, no Mortgage Note, Mortgage or Participation Certificate was subject to any assignment (other than assignments
to Seller), participation (other than with respect to the Participation Interests) or pledge, and Seller had good title to, and was the sole owner of, each Purchased Asset free and clear of any and all liens, charges, pledges, encumbrances,
participations (other than with respect to the Participation Interests), any other ownership interests on, in or to such Purchased Asset. Seller has full right and authority to sell, assign and transfer each Purchased Asset, and the assignment to
Buyer constitutes a legal, valid and binding assignment of such Purchased Asset free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Purchased Asset. 

 

	(2)	Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty and other agreement executed by or on behalf of the related Mortgagor, guarantor or other
obligor in connection with such Purchased Asset is the legal, valid and binding obligation of the related Mortgagor, guarantor or other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable
state anti-deficiency, one-action or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except (a) as such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at
law) and (b) that certain provisions in such Purchased Asset Documents (including, without limitation, provisions requiring the payment of default interest, late fees or prepayment/yield maintenance or prepayment fees, charges and/or premiums)
are, or may be, further limited or rendered unenforceable by or under applicable law, but (subject to the limitations set forth in clause (a) above) such limitations or unenforceability will not render such Purchased Asset Documents invalid
as a whole or materially interfere with the mortgagee’s realization of the principal benefits and/or security provided thereby (clauses (a) and (b) collectively, the “Standard Qualifications”). Except as set forth
in the immediately preceding sentences, there is no valid offset, defense, counterclaim or right of rescission available to the related borrower with respect to any of the related Mortgage Notes, Mortgages or other Purchased Asset Documents,
including, without limitation, any such valid offset, defense, counterclaim or right based on intentional fraud by Seller in connection with the origination of the Purchased Asset, that would deny the mortgagee the principal benefits intended to be
provided by the Mortgage Note, Mortgage or other Purchased Asset Documents. 

  

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

  
 Exhibit III 

	(4)	Hospitality Provisions. The Purchased Asset Documents for each Purchased Asset that is secured by a hospitality property operated pursuant to a franchise agreement includes an executed comfort letter or similar
agreement signed by the Mortgagor and franchisor of such property enforceable against such franchisor, either directly or as an assignee of the originator. The Mortgage or related security agreement for each Purchased Asset secured by a hospitality
property creates a security interest in the revenues of such property for which a UCC financing statement has been filed in the appropriate filing office. 

  

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

  

	(6)	Lien; Valid Assignment. Subject to the Standard Qualifications, each assignment of Mortgage and assignment of Assignment of Leases to Buyer constitutes a legal, valid and binding assignment to Buyer. Each related
Mortgage and Assignment of Leases is freely assignable without the consent of the related Mortgagor. Each related Mortgage is a legal, valid and enforceable first lien on the related Mortgagor’s fee or leasehold interest in the Mortgaged
Property in the principal amount of such Purchased Asset or allocated loan amount (subject only to Permitted Encumbrances, except as the enforcement thereof may be limited by the Standard Qualifications. Such Mortgaged Property (subject to and
excepting Permitted Encumbrances) is free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances, and no rights exist which under law could give rise to any such lien or encumbrance that
would be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described below). Any security agreement, chattel mortgage or
equivalent document related to and delivered in connection with the Purchased Asset establishes and creates a valid and enforceable lien on property described therein, except as such enforcement may be limited by Standard Qualifications subject to
the limitations described in Paragraph (9) below. Notwithstanding anything herein to the contrary, no representation is made as to the perfection of any security interest in rents or other personal property to the extent that possession or
control of such items or actions other than the filing of UCC financing statements is required in order to effect such perfection. 

  

	(7)	 Permitted Liens; Title Insurance. Each Mortgaged Property securing a Purchased Asset is covered by a Title
Policy in the original principal amount of such Purchased Asset (or with respect to a Purchased Asset secured by multiple properties, an amount equal to at least the 

  
 Exhibit III - 2 

	 	
allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or reserves), that insures for the benefit of
the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage, which lien is subject only to Permitted Encumbrances. None of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal
with the lien of the related Mortgage. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by Seller thereunder and no
claims have been paid thereunder. Neither Seller, nor to Seller’s Knowledge, any other holder of the Purchased Asset, has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Each Title Policy
contains no exclusion for, or affirmatively insures (except for any Mortgaged Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion may exist), (a) that the area shown on the survey is
the same as the property legally described in the Mortgage and (b) to the extent that the Mortgaged Property consists of two or more adjoining parcels, such parcels are contiguous. 

 

	(8)	Junior Liens. There are no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged Property (other than Permitted Encumbrances). Seller has no Knowledge of any
mezzanine debt secured directly by interests in the related Mortgagor. 

  

	(9)	Assignment of Leases. There exists as part of the related Purchased Asset File an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted
Encumbrances, each related Assignment of Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license
granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by
the Standard Qualifications. No Person other than the related Mortgagor owns any interest in any payments due under such lease or leases that is superior to or of equal priority with the lender’s interest therein. The related Mortgage or
related Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Purchased Asset, a receiver is permitted to be appointed for the collection of rents or for the related mortgagee to enter into possession to
collect the rents or for rents to be paid directly to the mortgagee. 

  

	(10)	UCC Filings. Seller has filed and/or recorded or caused to be filed and/or recorded (or, if not filed and/or recorded, have been submitted in proper form for filing and/or recording), UCC-1 financing statements
in the appropriate public filing and/or recording offices necessary at the time of the origination of the Purchased Asset to perfect a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged
Property owned by such Mortgagor and located on the related Mortgaged Property (other than any non-material personal property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as
permitted under the terms of the related Purchased Asset Documents or any other personal property leases applicable to such personal property), to the extent perfection may be effected pursuant to applicable law by recording or filing, as the case
may be. Subject to the Standard Qualifications, each related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the items of personalty described above. No representation is made as to the perfection of
any security interest in rents or other personal property to the extent that possession or control of such items or actions other than the filing of UCC-1 financing statements are required in order to effect such perfection. Each UCC-1 financing
statement, if any, filed with respect to personal property constituting a part of the related Mortgaged Property and each UCC-2 or UCC-3 assignment, if any, of such financing statement to Seller was in suitable form for filing in the filing office
in which such financing statement was filed. 

  
 Exhibit III - 3 

	(11)	Condition of Property. Seller or the originator of the Purchased Asset inspected or caused to be inspected each related Mortgaged Property within six months of origination of the Purchased Asset and within twelve
months of the Purchase Date. An engineering report or property condition assessment was prepared in connection with the origination of each Purchased Asset no more than twelve months prior to the Purchase Date. To Seller’s Knowledge, based
solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, each related Mortgaged Property was (a) free and clear of any material damage, (b) in good repair and condition and
(c) is free of structural defects, except in each case (i) for any damage or deficiencies that would not materially and adversely affect the use, operation or value of such Mortgaged Property as security for the Purchased Asset,
(ii) if such repairs have been completed or (iii) if escrows in an aggregate amount consistent with the standards utilized by Seller with respect to similar loans its holds for its own account have been established, which escrows will in
all events be in an aggregate amount not less than the estimated cost of such repairs. Seller has no Knowledge of any material issues with the physical condition of the Mortgaged Property that Seller believes would have a material adverse effect on
the use, operation or value of the Mortgaged Property other than those disclosed in the engineering report and those addressed in clauses (i), (ii) and (iii) above. 

 

	(12)	Taxes and Assessments. All real estate taxes, governmental assessments and other similar outstanding governmental charges (including, without limitation, water and sewage charges), or installments thereof, that
could be a lien on the related Mortgaged Property that would be of equal or superior priority to the lien of the Mortgage and that prior to the Purchase Date have become delinquent in respect of each related Mortgaged Property have been paid, or, if
the appropriate amount of such taxes or charges is being appealed or is otherwise in dispute, an escrow of funds has been established in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, thereon.
For purposes of this Paragraph (12), real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof shall not be considered delinquent until the earlier of (a) the date on which
interest and/or penalties would first be payable thereon and (b) the date on which enforcement action is entitled to be taken by the related taxing authority. 

 

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

 

	(14)	Actions Concerning Purchased Asset. As of the date of origination and to Seller’s Knowledge as of the Purchase Date, there was no pending, filed or threatened action, suit or proceeding, arbitration or
governmental investigation involving any Mortgagor, guarantor, or the Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such Mortgagor’s title to the Mortgaged Property,
(b) the validity or enforceability of the Mortgage, (c) such Mortgagor’s ability to perform under the related Purchased Asset Documents, (d) such guarantor’s ability to perform under the related guaranty, (e) the use,
operation or value of the Mortgaged Property, (f) the principal benefit of the security intended to be provided by the Purchased Asset Documents, (g) the current ability of the Mortgaged Property to generate net cash flow sufficient to
service such Purchased Asset or (h) the current principal use of the Mortgaged Property. 

  
 Exhibit III - 4 

	(15)	Escrow Deposits. All escrow deposits and payments required to be escrowed with lender pursuant to the Purchased Asset Documents are in the possession, or under the control, of Seller or its servicer, and there
are no deficiencies (subject to any applicable grace or cure periods) in connection therewith, and all such escrows and deposits (or the right thereto) that are required to be escrowed with lender under the related Purchased Asset Documents are
being conveyed by Seller to Buyer or its servicer. Any and all requirements under the Purchased Asset Documents as to completion of any material improvements and as to disbursements of any funds escrowed for such purpose, which requirements were to
have been complied with on or before the Purchase Date, have been complied with in all material respects or the funds so escrowed have not been released. No other escrow amounts have been released except in accordance with the terms and conditions
of the Purchased Asset Documents. 

  

	(16)	No Holdbacks. The principal balance of the Purchased Asset set forth on the Purchased Asset Schedule has been fully disbursed as of the Purchase Date and there is no requirement for future advances thereunder
(except in those cases where the full amount of the Purchased Asset has been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing, repairs or other matters
with respect to the related Mortgaged Property, the Mortgagor or other considerations determined by Seller to merit such holdback), and any requirements or conditions to disbursements of any loan proceeds held in escrow have been satisfied with
respect to any disbursements of any such escrow fund made on or prior to the date hereof. 

  

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

  

	    	Each related Mortgaged Property is also covered, and required to be covered pursuant to the related loan documents, by business interruption or rental loss insurance which (subject to a customary deductible)
(i) covers a period of not less than 12 months (or with respect to each Purchased Asset on a single asset with a principal balance of $50 million or more, 18 months); (ii) for a Purchased Asset with a principal balance of $50 million or
more, contains a 180 day “extended period of indemnity”; and (iii) covers the actual loss sustained during restoration. 

  

	    	If any material part of the improvements, exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood
hazards, the related Mortgagor is required to maintain insurance in the maximum amount available under the National Flood Insurance Program, plus such additional excess flood coverage in an amount as is generally required by prudent institutional
commercial mortgage lenders originating mortgage loans for securitization. 

  
 Exhibit III - 5 

	    	If windstorm and/or windstorm related perils and/or “named storms” are excluded from the primary property damage insurance policy, the Mortgaged Property is insured by a separate windstorm insurance policy
issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms in an amount at least equal to 100% of the full insurable value on a replacement cost
basis of the improvements and personalty and fixtures included in the related Mortgaged Property by an insurer meeting the Insurance Rating Requirement. 

  

	    	The Mortgaged Property is covered, and required to be covered pursuant to the related Purchased Asset Documents, by a commercial general liability insurance policy issued by an insurer meeting the Insurance Rating
Requirements including coverage for property damage, contractual damage and personal injury (including bodily injury and death) in amounts as are generally required by a prudent institutional commercial mortgage lender for loans originated for
securitization, and in any event not less than $1 million per occurrence and $2 million in the aggregate. 

  

	    	An architectural or engineering consultant has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the structural and seismic condition of such property, for
the sole purpose of assessing either the scenario expected limit (the “SEL”) or the probable maximum loss (the “PML”) for the Mortgaged Property in the event of an earthquake. In such instance, the SEL or PML, as
applicable, was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance. If the resulting report concluded that the SEL or PML, as applicable, would exceed 20% of the amount of the replacement costs of
the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer rated at least “A:VII” by A.M. Best Company, Inc. or “A3” (or the equivalent) from Moody’s or “A-” by Standard &
Poor’s in an amount not less than 150% of the SEL or PML, as applicable. 

  

	    	The Purchased Asset Documents require insurance proceeds in respect of a property loss to be applied either (a) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all
property losses in excess of 5% of the then outstanding principal amount of the related Purchased Asset, the lender (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration progresses, or
(b) to the reduction of the outstanding principal balance of such Purchased Asset together with any accrued interest thereon. 

  

	    	All premiums on all insurance policies referred to in this Paragraph (17) required to be paid as of the Purchase Date have been paid, and such insurance policies name the lender under the Purchased Asset and its
successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured. Such insurance policies will inure to the benefit of Buyer. Each related Purchased
Asset obligates the related Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to do so, authorizes the lender to maintain such insurance at the Mortgagor’s cost and expense and to charge such Mortgagor for related
premiums and other related expenses, including reasonable attorney’s fees. All such insurance policies (other than commercial liability policies) require at least 10 days’ prior notice to the lender of termination or cancellation arising
because of nonpayment of a premium and at least 30 days prior notice to the lender of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable law) arising for any reason other than non-payment of a
premium and no such notice has been received by Seller. 

  

	(18)	 Access; Utilities; Separate Tax Lots. Each Mortgaged Property (a) is located on or adjacent to a
public road and has direct legal access to such road, or has access via an irrevocable easement or 

  
 Exhibit III - 6 

	 	
irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and
all required utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject
to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or will be, made to the applicable governing authority for creation of separate tax lots, in which case the Purchased
Asset Documents require the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax lots are created or the non-recourse carveout guarantor under the
Purchased Asset Documents has indemnified the mortgagee for any loss suffered in connection therewith. 

  

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

  

	(20)	No Contingent Interest or Equity Participation. No Purchased Asset has a shared appreciation feature, any other contingent interest feature or a negative amortization feature (except that an anticipated repayment
date loan may provide for the accrual of the portion of interest in excess of the rate in effect prior to the anticipated repayment date) or an equity participation by Seller. 

 

	(21)	 REMIC. Seller shall only make the representations in the following paragraph with respect to Purchased
Assets which have been identified by Seller to Buyer, in writing, as REMIC-eligible Purchased Assets: The Purchased Asset is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to
the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (a) the issue price of the Purchased Asset to the related Mortgagor at origination did not
exceed the non-contingent principal amount of the Purchased Asset and (b) either: (i) such Purchased Asset is secured by an interest in real property (including buildings and structural components thereof, but excluding personal property)
having a fair market value (A) at the date the Purchased Asset was originated at least equal to 80% of the adjusted issue price of the Purchased Asset on such date or (B) at the Purchase Date at least equal to 80% of the adjusted issue
price of the Purchased Asset on such date, provided that, for purposes hereof, the fair market value of the real property interest must first be reduced by (1) the amount of any lien on the real property interest that is senior to the
Purchased Asset and (2) a proportionate amount of any lien that is in parity with the Purchased Asset; or (ii) substantially all of the proceeds of such Purchased Asset were used to acquire, improve or protect the real property which
served as the only security for such Purchased Asset (other than a recourse feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the

  
 Exhibit III - 7 

	 	
Purchased Asset was “significantly modified” prior to the Purchase Date so as to result in a taxable exchange under Section 1001 of the Code, it either (i) was modified as a
result of the default or reasonably foreseeable default of such Purchased Asset or (ii) satisfies the provisions of either clause (b)(i)(A) above (substituting the date of the last such modification for the date the Purchased Asset was
originated) or clause (b)(i)(B), including the proviso thereto. Any prepayment premium and yield maintenance charges applicable to the Purchased Asset constitute “customary prepayment penalties” within the meaning of Treasury
Regulations Section 1.860G-(b)(2). All terms used in this Paragraph (21) shall have the same meanings as set forth in the related Treasury Regulations. 

 

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

  

	(23)	Authorized to do Business. To the extent required under applicable law, as of the Purchase Date and as of each date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to
transact and do business in the jurisdiction in which each related Mortgaged Property is located, or the failure to be so authorized does not materially and adversely affect the enforceability of such Purchased Asset by Buyer. 

 

	(24)	Trustee under Deed of Trust. With respect to each Mortgage which is a deed of trust, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or has
been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by the related mortgagee, and except in connection with a trustee’s sale after a default by the related
Mortgagor or in connection with any full or partial release of the related Mortgaged Property or related security for such Purchased Asset, and except in connection with a trustee’s sale after a default by the related Mortgagor, no fees are
payable to such trustee except for de minimis fees paid. 

  

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

  
 Exhibit III - 8 

	(26)	Licenses and Permits. Each Mortgagor covenants in the Purchased Asset Documents that it shall keep all material licenses, permits, franchises, certificates of occupancy, consents and applicable governmental
authorizations necessary for its operation of the Mortgaged Property in full force and effect, and to Seller’s Knowledge based upon a letter from any government authorities or other affirmative investigation of local law compliance consistent
with the investigation conducted by Seller for similar commercial, multifamily and manufactured housing community mortgage loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in
effect. The Purchased Asset Documents require the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located and for the Mortgagor and the Mortgaged Property to be in compliance in all
material respects with all regulations, zoning and building laws. 

  

	(27)	Recourse Obligations. The Purchased Asset Documents for each Purchased Asset provide that such Purchased Asset is non-recourse to the related parties thereto except that: (a) the related Mortgagor and a
guarantor (which is a natural person or persons, or an entity distinct from the Mortgagor (but may be affiliated with Mortgagor) that has assets other than equity in the related Mortgaged property that are not de minimis) shall be fully
liable for losses, liabilities, costs and damages arising from certain acts of the related Mortgagor and/or its principals specified in the related Purchased Asset Documents, which acts generally include the following: (i) acts of fraud or
intentional material misrepresentation, (ii) misappropriation of rents (following an event of default), insurance proceeds or condemnation awards, (iii) intentional material physical waste of the Mortgaged Property, (iv) intentional
misconduct and (v) any breach of the environmental covenants contained in the related loan documents, and (b) the Purchased Asset shall become full recourse to the related Mortgagor and a guarantor (which is a natural person or persons, or
an entity distinct from the Mortgagor (but may be affiliated with Mortgagor) that has assets other than equity in the related Mortgaged property that are not de minimis), upon any of the following events: (i) if any petition for
bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or nay similar federal or state law, shall be filed, consented to, or acquiesced in by the Mortgagor, (ii) Mortgagor and/or its principals shall have
colluded with other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor or (iii) upon the transfer of either the Mortgaged Property or equity interests in Mortgagor made in violation of the Purchased Asset
Documents. 

  

	(28)	 Mortgage Releases. The terms of the related Mortgage or related Purchased Asset Documents do not provide
for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment of not less than a specified percentage at least equal to the lesser of (i) 115%
of the related allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Purchased Asset, (b) upon payment in full of such Purchased Asset, (c) releases of out-parcels that are
unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination of
the Purchased Asset and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (d) as required pursuant to an order of condemnation. Solely with respect to Purchased Assets which have been
identified by Seller to Buyer, in writing, as REMIC-eligible Purchased Assets, with respect to any partial release under the preceding clause (a) or (d), either: (i) such release of collateral (A) would not constitute a
“significant modification” of the subject Purchased Asset within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (B) would not cause the subject Purchased Asset to fail to be a “qualified mortgage” within
the meaning of Section 860G(a)(3)(A) of the Code; or (ii) the mortgagee or servicer can, in accordance with the related Purchased Asset Documents, condition such release of collateral on the related Mortgagor’s

  
 Exhibit III - 9 

	 	
delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (i). Solely with respect to Purchased Assets which have been identified by Seller to
Buyer, in writing, as REMIC-eligible Purchased Assets, for purposes of the preceding clause (i), if the fair market value of the real property constituting such Mortgaged Property after the release is not equal to at least 80% of the
principal balance of the Purchased Asset outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the provisions governing a “real estate mortgage investment
conduit” as defined in Section 860D of the Code (the “REMIC Provisions”). 

  

	    	Solely with respect to Purchased Assets which have been identified by Seller to Buyer, in writing, as REMIC-eligible Purchased Assets, in the event of a taking of any portion of a Mortgaged Property by a State or any
political subdivision or authority thereof, whether by legal proceeding or by agreement, the Mortgagor can be required to pay down the principal balance of the Purchased Asset in an amount not less than the amount required by the REMIC Provisions
and, to such extent, awards are not required to be applied to the restoration of the Mortgaged Property or to be released to the Mortgagor, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage
(but taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property is not equal to at least 80% of the remaining principal balance of the Purchased Asset. 

 

	    	Solely with respect to Purchased Assets which have been identified by Seller to Buyer, in writing, as REMIC-eligible Purchased Assets, no such Purchased Asset that is secured by more than one Mortgaged Property or that
is cross-collateralized with another Purchased Asset permits the release of cross-collateralization of the related Mortgaged Properties, other than in compliance with the REMIC Provisions. 

 

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

  

	(30)	 Acts of Terrorism Exclusion. With respect to each Purchased Asset over $20 million, the related
special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as
amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (collectively, the “TRIA”), from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each
other Purchased Asset, the related special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) does not specifically exclude Acts of Terrorism, as defined in TRIA, from
coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each Purchased Asset, the related Purchased Asset Documents do not expressly waive or prohibit the mortgagee from requiring coverage
for Acts of Terrorism, as defined in the TRIA, or damages related thereto except to the extent that any right to require such coverage may be limited by commercial availability on commercially reasonable terms; provided, however, that
if the TRIA or a similar or subsequent statute is not in effect, then, provided that terrorism insurance is commercially 

  
 Exhibit III - 10 

	 	
available, the Mortgagor under each Purchased Asset is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend on terrorism insurance coverage more
than two times the amount of the insurance premium that is payable in respect of the property and business interruption/rental loss insurance required under the related Purchased Asset Documents (without giving effect to the cost of terrorism and
earthquake components of such casualty and business interruption/rental loss insurance) at the time of the origination of the Purchased Asset, and if the cost of terrorism insurance exceeds such amount, the borrower is required to purchase the
maximum amount of terrorism insurance available with funds equal to such amount. 

  

	(31)	Due on Sale or Encumbrance. Subject to specific exceptions set forth below, each Purchased Asset contains a “due on sale” or other such provision for the acceleration of the payment of the unpaid
principal balance of such Purchased Asset if, without the consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the related Purchased Asset Documents (which
provide for transfers without the consent of the lender which are customarily acceptable to prudent commercial and multifamily mortgage lending institutions on the security of property comparable to the related Mortgaged Property, including, without
limitation, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Purchased Asset Documents),
(a) the related Mortgaged Property, or any equity interest of greater than 50% in the related Mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers
upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the related Purchased Asset Documents, (iii) transfers that do not result in a change of Control of the related Mortgagor or transfers of passive interests
so long as the guarantor retains Control, (iv) transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Purchased Asset Documents or a Person satisfying specific criteria identified
in the related Purchased Asset Documents, such as a qualified equityholder, (v) transfers of stock or similar equity units in publicly traded companies or (vi) a substitution or release of collateral within the parameters of Paragraph
(28) herein, or (vii) to the extent set forth in any Exception Report, by reason of any mezzanine debt that existed at the origination of the related Purchased Asset, or future permitted mezzanine debt in each case as set forth in any
Exception Report or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than any Permitted Encumbrances. The Mortgage or other Purchased Asset Documents
provide that to the extent any rating agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable fees and expenses incurred by
the Mortgagee relative to such transfer or encumbrance. For purposes of the foregoing representation, “Control” means the power to direct the management and policies of an entity, directly or indirectly, whether through the ownership of
voting securities or other beneficial interests, by contract or otherwise. 

  

	(32)	 Single-Purpose Entity. Each Purchased Asset requires the borrower to be a Single-Purpose Entity for at
least as long as the Purchased Asset is outstanding. Both the Purchased Asset Documents and the organizational documents of the Mortgagor with respect to each Purchased Asset with a principal amount on the Purchase Date of $5 million or more provide
that the borrower is a Single-Purpose Entity, and each Purchased Asset with a principal amount on the Purchase Date of $20 million or more has a counsel’s opinion regarding non-consolidation of the Mortgagor. For purposes of this Paragraph
(32), a “Single-Purpose Entity” shall mean an entity, other than an individual, whose organizational documents provide substantially to the effect that it was formed or organized solely for the purpose of owning and operating
one or more of the Mortgaged Properties securing the Purchased Assets and prohibit it from engaging in any business unrelated 

  
 Exhibit III - 11 

	 	
to such Mortgaged Property or Properties, and whose organizational documents further provide, or which entity represented in the related Purchased Asset Documents, substantially to the effect
that it does not have any assets other than those related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted by the related Mortgage(s) or the other related Purchased Asset
Documents, that it has its own books and records and accounts separate and apart from those of any other person, and that it holds itself out as a legal entity, separate and apart from any other person or entity. 

 

	(33)	Reserved. 

  

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

 

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

 

	 	(a)	(i) the Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for recordation in a form that is acceptable for recording in the applicable jurisdiction; (ii) the Ground Lease
or an estoppel or other agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns
in a manner that would materially adversely affect the security provided by the related Mortgage and (iii) no material change in the terms of the Ground Lease had occurred since its recordation, except by any written instrument which are
included in the related Purchased Asset File; 

  

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

  

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

  
 Exhibit III - 12 

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

 

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

 

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

 

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

  

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

  

	 	(i)	the Ground Lease does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial mortgage lender; 

 

	 	(j)	under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor and the related Mortgage (taken together), any related insurance proceeds or the portion of the condemnation award
allocable to the ground lessee’s interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially total loss or taking as addressed in Paragraph (34)(k) below) will be
applied either to the repair or to restoration of all or part of the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Purchased Asset Documents) the lender or a trustee
appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the payment of the outstanding principal balance of the Purchased Asset, together with any accrued interest; 

 

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

  
 Exhibit III - 13 

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

  

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

  

	(36)	Origination and Underwriting. The origination practices of Seller, or, to Seller’s Knowledge, the related originator if Seller was not the originator, with respect to each Purchased Asset have been, in all
material respects, legal and as of the date of its origination, such Purchased Asset and the origination thereof complied in all material respects with, or was exempt from, all requirements of federal, state or local laws and regulations relating to
the origination of such Purchased Asset. At the time of origination of such Purchased Asset, the origination, due diligence and underwriting performed by or on behalf of Seller in connection with each Purchased Asset complied in all material
respects with the terms, conditions and requirements of Seller’s origination, due diligence, underwriting procedures, guidelines and standards for similar commercial and multifamily loans. 

 

	(37)	Rent Rolls; Operating Histories. Seller has obtained a rent roll (other than with respect to hospitality properties) certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all
material respects as of a date within 180 days of the date of origination of the related Purchased Asset. Seller has obtained operating histories (the “Certified Operating Histories”) with respect to each Mortgaged Property
certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Purchased Asset. The Certified Operating Histories collectively
report on operations for a period equal to (a) at least a continuous three-year period or (b) in the event the Mortgaged Property was owned, operated or constructed by the Mortgagor or an affiliate for less than three years then for such
shorter period of time. 

  

	(38)	No Material Default; Payment Record. As of the Purchase Date, the Purchased Asset has not been more than 30 days delinquent, without giving effect to any grace or cure period, in making required payments since
origination, and as of the Purchase Date, the Purchased Asset is not delinquent (beyond any applicable grace or cure period) in making required payments. As of the Purchase Date, to Seller’s Knowledge, there is (a) no, and since
origination there has been no, material default, breach, violation or event of acceleration existing under the related Purchased Asset Documents, or (b) no event (other than payments due but not yet delinquent) which, with the passage of time
or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or event of acceleration, which default, breach, violation or event of acceleration, in the case of either clause (a) or
(b), materially and adversely affects the value of the Purchased Asset, or the value, use or operation of the related Mortgaged Property, provided, however, that this Paragraph (38) does not cover any default, breach,
violation or event of acceleration that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by Seller in any Exception Report. No person other than the holder of such Purchased Asset may
declare any event of default under the Purchased Asset or accelerate any indebtedness under the Purchased Asset Documents. 

  

	(39)	Bankruptcy. As of the date of origination of the related Purchased Asset and to Seller’s Knowledge as of the Purchase Date, neither the Mortgaged Property nor any portion thereof is the subject of, and no
Mortgagor, guarantor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding. 

  
 Exhibit III - 14 

	(40)	Organization of Mortgagor. With respect to each Purchased Asset, in reliance on certified copies of the organizational documents of the Mortgagor delivered by the Mortgagor in connection with the origination of
such Purchased Asset, the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico. 

 

	    	Seller has obtained an organizational chart or other description of each Mortgagor which identifies all beneficial controlling owners of the Mortgagor (i.e., managing members, general partners or similar controlling
person for such Mortgagor) (the “Controlling Owner”) and all owners that hold a 20% or greater direct ownership share (the “Major Sponsors”). Seller (a) required questionnaires to be completed by each
Controlling Owner and guarantor or performed other processes designed to elicit information from each Controlling Owner and guarantor regarding such Controlling Owner’s or guarantor’s prior history regarding any bankruptcies or other
insolvencies, any felony convictions, and (b) performed or caused to be performed searches of the public records or services such as Lexis/Nexis, or a similar service designed to elicit information about each Controlling Owner, Major Sponsor
and guarantor regarding such Controlling Owner’s, Major Sponsor’s or guarantor’s prior history regarding any bankruptcies or other insolvencies, any felony convictions, and provided, however, that manual public records
searches were limited to the last 10 years (clauses (a) and (b) collectively, the “Sponsor Diligence”). Based solely on the Sponsor Diligence, to the Knowledge of Seller, no Major Sponsor or guarantor (i) was in a
state or federal bankruptcy or insolvency proceeding, (ii) had a prior record of having been in a state of federal bankruptcy or insolvency, or (iii) had been convicted of a felony. 

 

	(41)	Environmental Conditions. At origination, each Mortgagor represented and warranted that to its Knowledge no hazardous materials or any other substances or materials which are included under or regulated by
Environmental Laws are located on, or have been handled, manufactured, generated, stored, processed, or disposed of on or released or discharged from the Mortgaged Property, except for those substances commonly used in the operation and maintenance
of properties of kind and nature similar to those of the Mortgaged Property in compliance with all Environmental Laws and in a manner that does not result in contamination of the Mortgaged Property or in a material adverse effect on the value, use
or operations of the Mortgaged Property. 

  

	    	 A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site assessment) and,
with respect to certain Purchased Assets, a Phase II environmental site assessment (collectively, an “ESA”) meeting ASTM requirements was conducted by a reputable environmental consultant in connection with such Purchased Asset
within 12 months prior to its origination date (or an update of a previous ESA was prepared), and such ESA either (i) did not identify the existence of recognized “environmental conditions” as such term is defined in ASTM E1527-05 or
its successor (the “Environmental Conditions”) at the related Mortgaged Property or the need for further investigation with respect to any Environmental Condition that was identified, or (ii) if the existence of an
Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover
the estimated cost to cure any material noncompliance with applicable environmental laws or the Environmental Condition has been escrowed by the related Mortgagor and is held or controlled by the related lender; (B) if the only Environmental
Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, and the only 

  
 Exhibit III - 15 

	 	
recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that can reasonably be expected to
mitigate the identified risk; (C) the Environmental Condition identified in the related environmental report was remediated or abated in all material respects prior to the date hereof, and, if and as appropriate, a no further action or closure
letter was obtained from the applicable governmental regulatory authority (or the Environmental Condition affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable environmental
consultant has concluded that no further action is required); (D) a secured creditor environmental policy or a pollution legal liability insurance policy that covers liability for the Environmental Condition was obtained from an insurer rated
no less than “A-” (or the equivalent) by Moody’s, Standard & Poor’s and/or Fitch, Inc.; (E) a party not related to the Mortgagor was identified as the responsible party for such Environmental Condition and such
responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required
to take action. To Seller’s Knowledge, except as set forth in the ESA, there is no Environmental Condition (as such term is defined in ASTM E1527-05 or its successor) at the related Mortgaged Property. 

 

	    	In the case of each Purchased Asset with respect to which there is an environmental insurance policy (the “Environmental Insurance Policy”), (i) such Environmental Insurance Policy has been issued
by the issuer set forth in the related Exception Report (the “Policy Issuer”) and is effective as of the Purchase Date, (ii) as of origination and to Seller’s Knowledge as of the Purchase Date the Environmental Insurance
Policy is in full force and effect, there is no deductible and Seller is a named insured under such policy, (iii) (A) a property condition or engineering report was prepared, if the related Mortgaged Property was constructed prior to 1985,
with respect to asbestos-containing materials (“ACM”) and, if the related Mortgaged Property is a multifamily property, with respect to radon gas (“RG”) and lead-based paint (“LBP”), and (B) if
such report disclosed the existence of a material and adverse LBP, ACM or RG environmental condition or circumstance affecting the related Mortgaged Property, the related Mortgagor (1) was required to remediate the identified condition prior to
closing the Purchased Asset or provide additional security or establish with the mortgagee a reserve in an amount deemed to be sufficient by Seller, for the remediation of the problem, and/or (2) agreed in the Purchased Asset Documents to
establish an operations and maintenance plan after the closing of the Purchased Asset that should reasonably be expected to mitigate the environmental risk related to the identified LBP, ACM or RG condition, (iv) on the effective date of the
Environmental Insurance Policy, Seller as originator had no Knowledge of any material and adverse environmental condition or circumstance affecting the Mortgaged Property (other than the existence of LBP, ACM or RG) that was not disclosed to the
Policy Issuer in one or more of the following: (A) the application for insurance, (B) a Mortgagor questionnaire that was provided to the Policy Issuer, or (C) an engineering or other report provided to the Policy Issuer, and
(v) the premium of any Environmental Insurance Policy has been paid through the maturity of the policy’s term and the term of such policy extends at least five years beyond the maturity of the Purchased Asset. 

 

	(42)	 Lease Estoppels. With respect to each Purchased Asset secured by retail, office or industrial properties,
Seller requested the related Mortgagor to obtain estoppels from each commercial tenant with respect to the rent roll delivered as of the origination date. With respect to each Purchased Asset predominantly secured by a retail, office or industrial
property leased to a single tenant, Seller reviewed such estoppel obtained from such tenant no earlier than 90 days prior to the origination date of the related Purchased Asset, and to Seller’s Knowledge, (i) the related lease is in full
force and effect and (ii) there exists no default under such lease, either by the lessee thereunder or by the lessor subject, in each case, to customary reservations of tenant’s

  
 Exhibit III - 16 

	 	
rights, such as with respect to common area maintenance (“CAM”) and pass-through audits and verification of landlord’s compliance with co-tenancy provisions. With respect to
each Purchased Asset predominantly secured by a retail, office or industrial property, Seller has received lease estoppels executed within 90 days of the origination date of the related Purchased Asset that collectively account for at least 65% of
the in-place base rent for the Mortgaged Property that secure a Purchased Asset that is represented as of the origination date. To Seller’s Knowledge, (i) each lease represented on the rent roll delivered as of the origination date is in
full force and effect and (ii) there exists no material default under any such related lease that represents 20% or more of the in-place base rent for the Mortgaged Property either by the lessee thereunder or by the related Mortgagor, subject,
in each case, to customary reservations of tenant’s rights, such as with respect to CAM and pass-through audits and verification of landlord’s compliance with co-tenancy provisions. 

 

	(43)	Appraisal. The Purchased Asset File contains an appraisal of the related Mortgaged Property with an appraisal date within six months of the Purchased Asset origination date, and within 12 months of the Purchase Date.
The appraisal is signed by an appraiser who is a member of the American Appraisal Institute. Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of
Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation and has certified that such appraiser had no interest, direct or indirect, in the Mortgaged Property or the borrower or in any loan made on
the security thereof, and its compensation is not affected by the approval or disapproval of the Purchased Asset. 

  

	(44)	Purchased Asset Schedule. The information pertaining to each Purchased Asset which is set forth in the Purchased Asset Schedule is true and correct in all material respects as of the Purchase Date and contains
all information required by the Repurchase Agreement to be contained therein. 

  

	(45)	Cross-Collateralization. No Purchased Asset is cross-collateralized or cross-defaulted with any other mortgage loan. 

  

	(46)	Advance of Funds by Seller. After origination, no advance of funds has been made by Seller to the related Mortgagor other than in accordance with the Purchased Asset Documents, and, to Seller’s Knowledge, no
funds have been received by Seller from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Purchased Asset (other than as contemplated by the Purchased Asset Documents, such as, by way of example
and not in limitation of the foregoing, amounts paid by the tenant(s) into a lender-controlled lockbox if required or contemplated under the related lease or Purchased Asset Documents). Neither Seller nor any affiliate thereof has any obligation to
make any capital contribution to any Mortgagor under a Purchased Asset, other than contributions made on or prior to the date hereof. For the avoidance of doubt, advances of loan proceeds shall not constitute capital contributions for purposes of
the foregoing sentence. 

  

	(47)	Compliance with Anti-Money Laundering Laws. Seller has complied in all material respects with the Prescribed Laws. Seller has established an anti-money laundering compliance program as required by the Prescribed
Laws, has conducted the requisite due diligence in connection with the origination of the Purchased Asset for purposes of the Prescribed Laws, including with respect to the legitimacy of the applicable Mortgagor and the origin of the assets used by
the said Mortgagor to purchase the property in question, and maintains, and will maintain, sufficient information to identify the applicable Mortgagor for purposes of the Prescribed Laws. 

  
 Exhibit III - 17 

	(48)	OFAC. (a) No Purchased Asset is (i) subject to nullification pursuant to Executive Order 13224 or the regulations promulgated by OFAC (the “OFAC Regulations”) or (ii) in violation
of Executive Order 13224 or the OFAC Regulations, and (b) no Mortgagor is (i) subject to the provisions of Executive Order 13224 or the OFAC Regulations or (ii) listed as a “blocked person” for purposes of the OFAC
Regulations. 

  

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

  

	(50)	Senior Participations. With respect to each Purchased Asset that is a Participation Interest: (i) either (A) the Participation Interest is treated as a real estate asset for purposes of
Section 856(c) of the Code, and the interest payable pursuant to such Participation Interest is treated as interest on an obligation secured by a mortgage on real property or on an interest in real property for purposes of Section 856(c)
of the Code, or (B) the Participation Interest qualifies as a security that would not otherwise cause any parent REIT to fail to qualify as a REIT under the Code (including after the sale, transfer and assignment to Buyer of such Participation
Interest); (ii) to the actual Knowledge of Seller, as of the Purchase Date, the related participating Person was not a debtor in any outstanding proceeding pursuant to the federal bankruptcy code; and (iii) Seller has not received written
notice of any outstanding liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind for which the holder of such Participation Interest is or may become obligated.

  
 Exhibit III - 18 

 EXHIBIT IV 

FORM OF BAILEE AGREEMENT 

[SELLER’S NAME AND ADDRESS] 

                        
    , 20     

[                          
          ] 
  

	 	Re:	Bailee Agreement (this “Bailee Agreement”) in connection with the sale of [            ] by TPG RE FINANCE 12, LTD.
(“Seller”) to Morgan Stanley Bank, N.A., as buyer (together with its permitted successors and assigns, “Buyer”) 

Ladies and Gentlemen: 
 Reference is made to
that certain Master Repurchase and Securities Contract Agreement dated as of May 4, 2016, among Seller and Buyer (the “Repurchase Agreement”). In consideration of the mutual premises set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Seller, Buyer and [            ] (“Bailee”) hereby agree as follows: 

1. Seller shall deliver to Bailee in connection with any Purchased Assets delivered to Bailee hereunder a Purchased Asset File Checklist to
which shall be attached a Purchased Asset Schedule identifying the Purchased Assets that are being delivered to Bailee hereunder. 
 2. On
or prior to the date indicated on the Purchased Asset File Checklist (the “Purchase Date”), Seller shall have delivered to Bailee, as bailee for hire, the Purchased Asset Documents identified on such Purchased Asset File Checklist
for each of the Purchased Assets listed in the Purchased Asset Schedule attached to such Purchased Asset File Checklist. 
 3. Bailee shall
issue and deliver to Buyer (as defined in Section 5 below) on or prior to the Purchase Date by facsimile or other electronic transmission an initial trust receipt and certification in the form of Attachment 1 attached hereto (the
“Trust Receipt”), which Trust Receipt shall state that Bailee has received the documents comprising the Purchased Asset Documents as set forth in the Purchased Asset File Checklist. 

4. On the applicable Purchase Date, in the event that Buyer fails to purchase any New Asset from Seller that is identified in the related
Purchased Asset File Checklist, Buyer shall deliver by facsimile or other electronic transmission to Bailee at [            ] to the attention of
[            ], an authorization (the “Facsimile Authorization”) to release the Purchased Asset Documents set forth on the Purchased Asset File Checklist with respect to
the Purchased Assets identified therein to Seller. Upon receipt of such Facsimile Authorization, Bailee shall release the Purchased Asset Files to Seller in accordance with Seller’s instructions. 

5. Following the Purchase Date, Bailee shall forward the Purchased Asset Documents identified on the Purchased Asset File Checklist to U.S.
Bank National Association (“Custodian”) by insured overnight courier for receipt by Custodian no later than 1:00 p.m. on the third (3rd) Business Day following the applicable Purchase Date (the “Delivery
Date”). 

  
 Exhibit IV 

 6. From and after the applicable Purchase Date until the time of receipt of the Facsimile
Authorization or the applicable Delivery Date, as applicable, Bailee (a) shall maintain continuous custody (and will forward in accordance with paragraph 5 above) and control of the related Purchased Asset Documents as set forth in the
Purchased Asset File Checklist as bailee for Buyer and (b) is holding the related Purchased Asset Documents as sole and exclusive bailee for Buyer unless and until otherwise instructed in writing by Buyer. 

7. Seller agrees to indemnify and hold Bailee and its partners, directors, officers, agents and employees harmless against any and all third
party liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, including reasonable attorney’s fees, that may be imposed on, incurred by, or asserted
against it or them in any way relating to or arising out of this Bailee Agreement or any action taken or not taken by it or them hereunder unless such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements (other than special, indirect, punitive or consequential damages, which shall in no event be paid by Seller) were imposed on, incurred by or asserted against Bailee because of the breach by Bailee of its obligations hereunder, which
breach was caused by gross negligence or willful misconduct on the part of Bailee or any of its partners, directors, officers, agents or employees. The foregoing indemnification shall survive any resignation or removal of Bailee or the termination
or assignment of this Bailee Agreement. 
 8. In the event that Bailee fails to deliver a Mortgage Note, Participation Certificate or other
material portion of the Purchased Asset Documents that are then in its possession to Custodian within three (3) Business Days following the applicable Purchase Date, the same shall constitute a “Bailee Delivery Failure” under
this Bailee Agreement. 
 9. Seller hereby represents, warrants and covenants that Bailee is not an affiliate of or otherwise controlled by
Seller. Notwithstanding the foregoing, the parties hereby acknowledge that Bailee hereunder may act as counsel to Seller in connection with a proposed Transaction [and [            ] has
represented Seller in connection with negotiation, execution and delivery of the Repurchase Agreement.] 
 10. This Bailee Agreement may not
be modified, amended or altered, except by written instrument, executed by all of the parties hereto. 
 11. This Bailee Agreement may not
be assigned by Seller or Bailee without the prior written consent of Buyer. 
 12. For the purpose of facilitating the execution of this
Bailee Agreement as herein provided and for other purposes, this Bailee Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute and
be one and the same instrument. Electronically transmitted signature pages shall be binding to the same extent 
 13. This Bailee Agreement
shall be construed in accordance with the laws of the State of New York, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 

14. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Repurchase Agreement. 

[SIGNATURES COMMENCE ON NEXT PAGE] 

  
 Exhibit IV - 2 

 
			
	  Very truly yours,
		
		 	 TPG RE FINANCE 12, LTD.,
 an exempted
company incorporated
 with limited liability under the laws
 of
the Cayman Islands, Seller

  

			
		
	By:	 	 
		 	Name:
		 	Title:

 ACCEPTED AND AGREED: 

[            ], Bailee 
  

			
		
	By:	 	 
		 	Name:
		 	Title:

 ACCEPTED AND AGREED: 
 MORGAN
STANLEY BANK, N.A., 
 a national banking association, Buyer 
  

			
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit IV - 3 

 ATTACHMENT 1 TO BAILEE AGREEMENT 

FORM OF BAILEE’S TRUST RECEIPT 

                    ,
20     
 Morgan Stanley Bank, N.A. 
 1585
Broadway, 25th Floor 
 New York, New York 10036 
 Attention:
Anthony Preisano 
  

	 	Re:	Bailee Agreement, dated                     ,
20                    (the “Bailee Agreement”) among TPG RE FINANCE 12, LTD. (“Seller”), Morgan Stanley Bank, N.A.
( “Buyer”) and                         ( “Bailee”) 

Ladies and Gentlemen: 
 In accordance with the provisions of
Section 3 of the Bailee Agreement, the undersigned, as Bailee, hereby certifies that as to the Purchased Asset(s) referred to therein, it has reviewed the Purchased Asset Documents identified on the Purchased Asset File Checklist for
each of the Purchased Assets referred to therein and has determined that (i) all documents listed in Schedule A attached to the Bailee Agreement are in its possession and (ii) such documents have been reviewed by it and appear
regular on their face and relate to the Purchased Asset(s). 
 Bailee hereby confirms that it is holding the Purchased Asset Documents as agent and bailee
for the exclusive use and benefit of Buyer pursuant to the terms of the Bailee Agreement. 
 All capitalized terms used herein and not defined herein shall
have the meanings ascribed to them in the Bailee Agreement. 
  

			
	                                    
            ,
	Bailee

  

			
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit IV - 4 

 EXHIBIT V 

AUTHORIZED REPRESENTATIVES OF SELLER 
  

			
	 Name
	 	Specimen Signature
		
	 Clive D. Bode
	 	  

		
	 John E. Viola
	 	  

		
	 David C. Reintjes
	 	  

		
	 Steven A. Willmann
	 	  

		
	 Greta Guggenheim
	 	  

		
	 Robert R. Foley
	 	  

  
 Exhibit V 

 EXHIBIT VI 

FORM OF FINANCIAL COVENANT COMPLIANCE CERTIFICATE 

[    ] [    ], 20[    ] 

Morgan Stanley Bank, N.A. 
 1585 Broadway, 25th Floor 

New York, New York 10036 
 Attention: Anthony Preisano 

This Financial Covenant Compliance Certificate is furnished pursuant to that certain Master Repurchase and Securities Contract Agreement, dated as of
May 4, 2016 by and between Morgan Stanley Bank, N.A. (“Buyer”), and TPG RE FINANCE 12, LTD. (“Seller”) (“Seller”) (as amended, restated, supplemented, or otherwise modified and in
effect from time to time, the “Master Repurchase and Securities Contract Agreement”). Unless otherwise defined in the Master Repurchase and Securities Contract Agreement, capitalized terms used in this Financial Covenant
Compliance Certificate have the respective meanings ascribed thereto in the Guaranty.  
 THE UNDERSIGNED HEREBY CERTIFIES, IN HIS OR HER CAPACITY AS
AN OFFICER OF SELLER THAT: 
  

	 	1.	I am a duly elected Responsible Officer. 

  

	 	2.	All of the financial statements, calculations and other information set forth in this Financial Covenant Compliance Certificate, including, without limitation, in any exhibit or other attachment hereto, are true,
complete and correct as of the date hereof. 

  

	 	3.	I have reviewed the terms of the Master Repurchase and Securities Contract Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and financial condition of
Seller during the accounting period covered by the financial statements attached (or most recently delivered to Buyer if none are attached). 

  

	 	4.	As of the date hereof, and since the date of the certificate most recently delivered pursuant to Section 3(f)(iii) of the Master Repurchase and Securities Contract Agreement, Seller has observed or
performed all of its covenants and other agreements in all material respects, and satisfied in all material respects, every condition, contained in the Master Repurchase and Securities Contract Agreement and the related documents to be observed,
performed or satisfied by it. 

  

	 	5.	The examinations described in Paragraph 3 above did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes an Event of Default or Default during or at the end of the
accounting period covered by the attached financial statements or as of the date of this Financial Covenant Compliance Certificate (including after giving effect to any pending Transactions requested to be entered into), except as set forth below.

  

	 	6.	As of the date hereof, each of the representations and warranties made by Seller in the Master Repurchase and Securities Contract Agreement are true, correct and complete in all material respects with the same force and
effect as if made on and as of the date hereof, except as to the extent of any exceptions set forth in a relevant Exception Report. 

  
 Exhibit VI 

	 	7.	No condition or event that constitutes an “Event of Default,” “Termination Event,” or “Potential Event of Default” or any similar event by Seller, however denominated, has occurred or is
continuing under any Hedging Transaction. 

  

	 	8.	Attached as Exhibit 1 hereto are the calculations demonstrating compliance with the financial covenants set forth in the Guaranty. 

To the extent that financial statements are being delivered in connection with this Financial Covenant Compliance Certificate, Seller hereby makes the
following representations and warranties: (i) it is in compliance with all of the terms and conditions of the Master Repurchase and Securities Contract Agreement and (ii) it has no claim or offset against Buyer under the Transaction
Documents. 
 Described below are the exceptions, if any, to the foregoing paragraphs, listing, in detail, the nature of the condition or event, the period
during which it has existed and the action which Guarantor or Seller has taken, is taking, or proposes to take with respect to each such condition or event: 
  

	
	  

	  

	  

	  

 The foregoing certifications, together with the financial statements, updates, reports, materials, calculations and other
information set forth in any exhibit or other attachment hereto, or otherwise covered by this Financial Covenant Compliance Certificate, are made and delivered this [    ] day of [    ],
20[    ]. 
 [Signature Page(s) Follow] 

  
 Exhibit VI - 2 

 TPG RE FINANCE TRUST HOLDCO, LLC,  

a Delaware limited liability company 
  

			
		
	By:	 	 
		 	Name:
		 	Title:

 TPG RE FINANCE 12, LTD. (“Seller”),  

an exempted company incorporated with 
 limited liability under
the laws of the Cayman Islands 
  

			
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit VI - 3 

 ANNEX I 

NOTICE INSTRUCTIONS 
  

			
	BUYER	 	 Morgan Stanley Bank, N.A.
 1585 Broadway, 25th
Floor
 New York, New York 10036
 Attention: Anthony
Preisano
 Telephone: (212) ###-####
 Fax:
(718) ###-####
 Email: #######.########@morganstanley.com

		
	with a copy to:	 	 Morgan Stanley Bank, N.A.
 One Utah Center, 201
South Main Street
 Salt Lake City, Utah 84111

		
	and to:	 	 Morgan Stanley Bank, N.A.
 1 New York Plaza,
41st Floor
 New York, New York 10004
 Attention: Robert Les

Telephone: (917) ###-####
 Fax: (917) ###-####

Email: #######@morganstanley.com

		
	and to:	 	 Prior to May 1, 2016:
  

Paul Hastings LLP
 75 East 55th Street

New York, New York 10022
 Attn: Lisa A. Chaney, Esq.

Telephone:        (212) ###-####

Fax:        (212) ###-####

Email:        ##########@paulhastings.com
  

From and after to May 1, 2016:
  

Paul Hastings LLP
 200 Park Avenue

New York, New York 10166

Attention:        Lisa A. Chaney, Esq.

Telephone:        (212) ###-####

Fax:        (212) ###-####

Email: ##########@paulhastings.com

		
	SELLER	 	 TPG RE Finance 12, Ltd.
 c/o TPG RE Finance
Trust Management, L.P.
 888 Seventh Avenue, 27th Floor

New York, NY 10106
 Attention: Ian McColough

Telephone: (212) ###-####
 Email:
##########@tpg.com

  
 Annex I - 1 

			
		 	 and
  

TPG RE Finance 12, Ltd.
 c/o TPG RE Finance Trust Management,
L.P.
 888 Seventh Avenue, 27th Floor

New York, NY 10106
 Attention: Jason Ruckman

Telephone: (212) ###-####
 Email:
########@tpg.com

		
	with a copy to:	 	 Ropes & Gray LLP
 1211 Avenue of the
Americas
 New York, New York 10036-8704
 Attention: David C.
Djaha, Esq.
 Telephone: (212) ###-####
 Email:
###########@ropesgray.com

  
 Annex I - 2EX-10.10

 Exhibit 10.10 

EXECUTION VERSION 

GUARANTY 
 THIS GUARANTY,
dated as of May 4, 2016 (as amended, restated, supplemented, or otherwise modified from time to time, this “Guaranty”), made by TPG RE FINANCE TRUST HOLDCO, LLC, a Delaware limited liability company
(“Guarantor”), in favor of MORGAN STANLEY BANK, N.A., a national banking association, as buyer (“Buyer”). 

RECITALS 
 A. Pursuant to
that certain Master Repurchase and Securities Contract Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Repurchase Agreement”), between Buyer and TPG RE Finance 12, Ltd.,
an exempted company incorporated with limited liability under the laws of the Cayman Islands (“Seller”), Seller has agreed to sell to Buyer, certain Purchased Assets, as defined in the Repurchase Agreement, upon the terms and
subject to the conditions as set forth therein. Pursuant to the terms of that certain Custodial Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Custodial Agreement”), by
and among Buyer, Seller and U.S. Bank National Association (“Custodian”), Custodian is required to take possession of the Purchased Assets, along with certain other documents specified in the Custodial Agreement, as Custodian of
Buyer and any future purchaser, on several delivery dates, in accordance with the terms and conditions of the Custodial Agreement. Pursuant to the terms of that certain Pledge and Security Agreement, dated as of the date hereof (as amended,
supplemented or otherwise modified from time to time, the “Pledge Agreement”), made by TPG RE Finance Pledgor 12, LLC, a Delaware limited liability company (“Pledgor”) in favor of Buyer, Pledgor has pledged to Buyer
all of the Pledged Collateral (as defined in the Pledge Agreement). The Repurchase Agreement, the Custodial Agreement, the Depository Agreement, the Servicing Agreement, the Fee Letter, the Pledge Agreement and this Guaranty shall be referred to
herein as the “Transaction Documents”. 
 B. Guarantor indirectly owns one hundred percent (100%) of the legal and
beneficial limited liability company interest in, and controls, Seller and Pledgor, and Guarantor will derive benefits, directly and indirectly, from the execution, delivery and performance by Seller of the Transaction Documents and the transactions
contemplated by the Repurchase Agreement. 
 C. It is a condition precedent to Buyer acquiring the Purchased Assets pursuant to the
Repurchase Agreement that Guarantor shall have executed and delivered this Guaranty. 
 NOW, THEREFORE, in consideration of the foregoing
premises, to induce Buyer to enter into the Transaction Documents and to enter into the transactions contemplated thereunder, Guarantor hereby agrees with Buyer as follows: 

1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings given them in the
Repurchase Agreement. 

 “Available Borrowing Capacity” shall mean, with respect to any Person, on any
date of determination, the total unrestricted borrowing capacity which may be drawn (taking into account required reserves and discounts) upon by such Person or its Affiliates under any subscription credit facilities of such Person or its
Affiliates. 
 “Cash Liquidity” shall mean, for any Person and its consolidated Subsidiaries, the sum of
(a) Unrestricted Cash, (b) Cash Equivalents held by such Person at such time, (c) Qualified Capital Commitments and (d) without duplication of amounts available under clause (c), Available Borrowing Capacity. 

“Cash Equivalents” shall mean, as of any date of determination, (a) marketable securities listed on a national or
international exchange reasonably acceptable to Buyer, marked to market and (b) certificates of deposit (with a maturity of two years or less) issued by, or savings accounts with, any bank or other financial institution reasonably acceptable to
Buyer. 
 “EBITDA” shall mean, for any period, with respect to any Person and its consolidated Subsidiaries, an amount
equal to the Net Income of such Person, plus the sum of (a) the amount of depreciation and amortization expense deducted in determining Net Income for such fiscal quarter, (b) the amount of Interest Expense deducted in determining
Net Income for such fiscal quarter, (c) the sum of federal, state, local and foreign income taxes accrued or paid in cash during such fiscal quarter, and (d) the amount of any extraordinary or
non-recurring items reducing Net Income for such period. 
 “Interest Expense”
shall mean, for any period, with respect to any Person and its consolidated Subsidiaries, the amount of total interest expense (including capitalized and accruing interest) incurred by such Person during such period. 

“Net Income” shall mean, for any period, with respect to any Person, the consolidated net income (or loss) for such period as
reported in such Person’s financial statements prepared in accordance with GAAP. 
 “Qualified Capital Commitments”
shall mean, as of any date of determination with respect to any Person, the amount of any unfunded, unconditional, unencumbered and irrevocable uncalled capital commitments of institutional investors in, callable as of right by such Person or
Sponsor that are (a) payable in cash; (b) readily available to be called by such Person or Sponsor without restriction or any other condition at any time and from time to time other than notice; and (c) from an investor that is not
subject to an Act of Insolvency. 
 “Tangible Net Worth” shall mean,
with respect to any Person, as of any date of determination, on a consolidated basis, (a) the total assets of such Person, less (b) the total liabilities of such Person, in each case, on or as of such date and as determined in
accordance with GAAP. 
 “Total Equity” shall mean, with respect to any Person as of any date, the sum of (a) all paid-in capital of any Person, as determined in accordance with GAAP plus (b) Qualified Capital Commitments. 

  
 -2- 

 “Total Indebtedness” shall mean, with respect to any Person, as of any date of
determination, the aggregate Indebtedness of such Person plus the proportionate share of all Indebtedness of all non-consolidated Subsidiaries of such Person as of such date. 

“Unrestricted Cash” shall mean cash equivalents acceptable to Buyer or cash. 

2. Guaranty. (a) Subject to Sections 2(b), 2(c) and 2(d) below, Guarantor hereby unconditionally and
irrevocably guarantees to Buyer the prompt and complete payment and performance when due, whether at stated maturity, by acceleration of the Repurchase Date or otherwise, of all of the following: (i) all payment obligations owing by Seller to
Buyer under or in connection with the Repurchase Agreement or any of the other Transaction Documents or other agreements relating thereto, (ii) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing, and
(iii) any other obligations of Seller and Pledgor with respect to Buyer under each of the Transaction Documents (collectively, the “Obligations”) subject to applicable notice and cure periods set forth in the Transaction
Documents. 
 (b) Notwithstanding anything herein to the contrary, but subject to Sections 2(c) and 2(d) below, which shall
control, the maximum liability of Guarantor hereunder and under the Transaction Documents shall in no event exceed twenty-five percent (25%) of the Obligations. 

(c) Notwithstanding the foregoing, or any other provision herein to the contrary, the limitation on recourse liability as set forth in
Section 2(b) above SHALL BECOME NULL AND VOID and shall be of no further force and effect, and the Obligations shall be full recourse to Seller and Guarantor, jointly and severally, upon the occurrence of any of the following: 

(i) a voluntary bankruptcy, insolvency, liquidation, wind up, or scheme of arrangement proceeding is commenced by Seller,
Pledgor or Guarantor under any Insolvency Law in the United States, Cayman Islands or any other jurisdiction; 
 (ii) an
involuntary bankruptcy, insolvency, liquidation, wind up, or scheme of arrangement proceeding is commenced against Seller, Pledgor or Guarantor under any Insolvency Law in the United States, Cayman Islands or any other jurisdiction, in connection
with which Seller, Pledgor, Guarantor, or any of their respective Affiliates has or have colluded in any way with the creditors commencing or filing such proceedings; and 

(iii) any breach of the separateness covenants set forth in Article 13 of the Repurchase Agreement that results in the legal or
equitable consolidation of any of the assets and/or liabilities of Seller or Pledgor with any other Person (including, without limitation, in connection with any proceeding under any Insolvency Law). 

(d) In addition to the foregoing, and notwithstanding the limitations on recourse liability set forth in Section 2(b) above, Guarantor
shall be liable to Buyer for any costs, claims, expenses or other liabilities actually incurred by Buyer which are in any way attributable to: 

  
 -3- 

 (i) fraud, intentional misrepresentation, willful misconduct or gross negligence
by Seller or Guarantor, or any Affiliate of Seller or Guarantor in connection with the execution and delivery of this Guaranty, the Repurchase Agreement or any of the other Transaction Documents, or any certificate, report, financial statement or
other instrument or document furnished to Buyer at the time of the closing of the Repurchase Agreement or during the term of the Repurchase Agreement; 

(ii) Seller’s failure to obtain Buyer’s prior written consent to any subordinate financing or voluntary liens in each
case that encumber any or all of the Purchased Assets that are not permitted under the Transaction Documents; and 
 (iii)
any material breach by Seller, Guarantor or any of their respective Affiliates, of any representations and warranties relating to Environmental Laws, or any indemnity for costs incurred by Buyer in connection with the violation of any Environmental
Law, the correction of any environmental condition, or the removal of any Materials of Environmental Concern, in each case in any way affecting any of the Purchased Assets; provided that the guarantee set forth in this Section 2(d)(iii) shall
terminate upon foreclosure and transfer or assumption of the Purchased Asset following an Event of Default pursuant to a public or private sale or strict foreclosure, or other similar enforcement proceeding but solely to the extent that the
occurrence giving rise to Buyer’s liability under this Section 2(d)(iii) (A) first arose after such Purchased Asset was transferred or assumed and (B) is unrelated to any act or omission of Seller, Pledgor or Guarantor or any of their
respective Affiliates; provided, further, that to the extent that the foregoing guarantee has not terminated pursuant to the immediately preceding proviso, Buyer hereby acknowledges and agrees that Buyer shall have exhausted
Buyer’s remedies pursuant to the Purchased Asset and the Purchased Asset Documents, including, without limitation, any such remedies contained in any environmental indemnity agreements of the underlying obligors therefor, prior to Guarantor
incurring any liability under this Section 2(d)(iii). 
 (e) Nothing herein shall be deemed a waiver of any right which Buyer may have under
Sections 506(a), 506(b), 1111(b) or any other provision of the Bankruptcy Code to file a claim for the full amount of the outstanding obligations under the Repurchase Agreement or to require that all Purchased Assets shall continue to secure all of
the outstanding obligations owing to Buyer in accordance with the Repurchase Agreement or any other Transaction Documents. 
 (f) Guarantor
further agrees to pay any and all reasonable out-of-pocket expenses (including, without limitation, all reasonable fees and disbursements of counsel) which may be paid
or incurred by Buyer in enforcing any rights with respect to, or collecting, any or all of the Obligations and/or enforcing, or obtaining advice of counsel in respect of, any rights with respect to, or collecting against, Guarantor under this
Guaranty to the extent such reimbursement is required under the Transaction Documents and not made by Seller. This Guaranty shall remain in full force and effect until the date upon which the Obligations are paid in full. 

(g) No payment or payments made by Seller, Pledgor or any other Person or received or collected by Buyer from Seller, Pledgor or any other
Person by virtue of any action 

  
 -4- 

 
or proceeding or any set-off or appropriation or application, at any time or from time to time, in reduction of or in payment of the Obligations shall be
deemed to modify, reduce, release or otherwise affect the liability of Guarantor hereunder which shall, notwithstanding any such payment or payments, remain liable for the amount of the Obligations under this Agreement until the Obligations are paid
in full, but subject to the limitations on Guarantor’s liability under Section 2(b) above. 
 (h) Guarantor agrees that
whenever, at any time, or from time to time, Guarantor shall make any payment to Buyer on account of any liability hereunder, Guarantor will notify Buyer in writing that such payment is made under this Guaranty for such purpose. 

3. Subrogation. Upon making any payment hereunder, Guarantor shall be subrogated to the rights of Buyer against Seller and Pledgor and
any collateral for any Obligations with respect to such payment; provided, that Guarantor shall not seek to enforce any right or receive any payment by way of subrogation until all amounts due and payable by Seller or Pledgor to Buyer under
the Transaction Documents or any related documents have been paid in full; provided, further, that such subrogation rights shall be subordinate in all respects to all amounts owing to Buyer under the Transaction Documents. 

4. Amendments, etc. with Respect to the Obligations. Subject to Section 6 hereof, until the Obligations shall
have been paid in full, Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against Guarantor, and without notice to or further assent by Guarantor, any demand for payment of any of the Obligations made
by Buyer may be rescinded by Buyer and any of the Obligations continued, and the Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto,
may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by Buyer and any Transaction Document and any other document in connection therewith may be amended,
modified, supplemented or terminated, in whole or in part, as Buyer may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by Buyer for the payment of the Obligations may be sold, exchanged,
waived, surrendered or released. Buyer shall have no obligation to protect, secure, perfect or insure any lien at any time held by it as security for the Obligations or for this Guaranty or any property subject thereto. When making any demand
hereunder against Guarantor, Buyer may, but shall be under no obligation to, make a similar demand on Seller or any other Person, and any failure by Buyer to make any such demand or to collect any payments from Seller or any such other Person or any
release of Seller or such other Person shall not relieve Guarantor of its Obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of Buyer against Guarantor. For the
purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 
 5. Guaranty Absolute and
Unconditional. (a) Guarantor hereby agrees that its obligations under this Guaranty constitute a guarantee of payment when due and not of collection. Guarantor waives any and all notice of the creation, renewal, extension or accrual of any
of the Obligations and notice of or proof of reliance by Buyer upon this Guaranty or acceptance of this Guaranty; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this
Guaranty; and all dealings 

  
 -5- 

 
between Seller and Guarantor, on the one hand, and Buyer, on the other hand, shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty. Guarantor
waives promptness, diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon Seller or the Guaranty with respect to the Obligations. This Guaranty shall be construed as a continuing, absolute and
unconditional guarantee of payment without regard to (i) the validity, regularity or enforceability of any Transaction Document, any of the Obligations or any collateral security therefor or guarantee or right of offset with respect thereto at
any time or from time to time held by Buyer, (ii) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by Seller
against Buyer, (iii) any requirement that Buyer exhaust any right to take any action against Seller or any other Person prior to or contemporaneously with proceeding to exercise any right against Guarantor under this Guaranty or (iv) any
other circumstance whatsoever (with or without notice to or knowledge of Seller and Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of Seller for the Obligations or of Guarantor under this Guaranty,
in bankruptcy or in any other instance. Except as otherwise set forth herein, when pursuing its rights and remedies hereunder against Guarantor, Buyer may, but shall be under no obligation, to pursue such rights and remedies that Buyer may have
against Seller or any other Person or against any collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any failure by Buyer to pursue such other rights or remedies or to collect any payments from
Seller or any such other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of Seller or any such other Person or any such collateral security, guarantee or right of offset,
shall not relieve Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of Buyer against Guarantor. This Guaranty shall remain in full force and effect
and be binding in accordance with and to the extent of its terms upon Guarantor and its successors and assigns thereof, and shall inure to the benefit of Buyer and its permitted successors, endorsees, transferees and assigns, until all the
Obligations and the obligations of Guarantor under this Guaranty shall have been satisfied by payment in full. 
 (b) Without limiting the
generality of the foregoing, Guarantor hereby agrees, acknowledges, and represents and warrants to Buyer as follows: 
 (i) Guarantor hereby
waives any defense arising by reason of, and any and all right to assert against Buyer any claim or defense based upon, an election of remedies by Buyer which in any manner impairs, affects, reduces, releases, destroys and/or extinguishes
Guarantor’s subrogation rights, rights to proceed against Seller or any other guarantor for reimbursement or contribution, and/or any other rights of Guarantor to proceed against Seller, any other guarantor or any other person or security. 

(ii) Guarantor is presently informed of the financial condition of Seller and of all other circumstances which diligent inquiry would reveal
and which bear upon the risk of nonpayment of the Obligations. Guarantor hereby covenants that it will make its own investigation and will continue to keep itself informed about the financial condition of Seller, the status of other guarantor, if
any, of all other circumstances which bear upon the risk of nonpayment and that it will continue to rely upon sources other than Buyer for such information and will not rely upon Buyer for any such information. Absent a written request for such

  
 -6- 

 
information by Guarantor to Buyer, Guarantor hereby waives the right, if any, to require Buyer to disclose to Guarantor any information which Buyer may now or hereafter acquire concerning such
condition or circumstances including, but not limited to, the release of or revocation by any other guarantor. 
 (iii) Guarantor has
independently reviewed the Transaction Documents and related agreements and has made an independent determination as to the validity and enforceability thereof, and in executing and delivering this Guaranty to Buyer, Guarantor is not in any manner
relying upon the validity, and/or enforceability, and/or attachment, and/or perfection of any liens or security interests of any kind or nature granted by Seller or any other guarantor to Buyer, now or at any time and from time to time in the
future. 
 6. Reinstatement. This Guaranty shall continue to be effective, or be reinstated, as the case may be, if at any time
payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by Buyer upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Seller or upon or as a result of the appointment
of a receiver, intervenor or conservator of, or trustee or similar officer for Seller or any substantial part of the property of Seller, or otherwise, all as though such payments had not been made. 

7. Payments. Guarantor hereby agrees that the Obligations will be paid to Buyer, without
set-off or counterclaim in United States Dollars at the address specified in writing by Buyer. 
 8.
Representations and Warranties. Guarantor represents and warrants that: 
 (a) It is duly organized, validly existing and in good
standing under the laws and regulations of its jurisdiction of incorporation or organization, as the case may be. It is duly licensed, qualified, and in good standing in every state where such licensing or qualification is necessary for the
transaction of its business, except to the extent that the failure to be licensed or qualified could not reasonably be expected to have a Material Adverse Effect. It has the power to own and hold the assets it purports to own and hold, and to carry
on its business as now being conducted and proposed to be conducted, and has the power to execute, deliver, and perform its obligations under this Guaranty and the other Transaction Documents; 

(b) This Guaranty has been duly executed by it, for good and valuable consideration. This Guaranty constitutes a legal, valid and binding
obligation of Guarantor enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
by general principles of equity (whether enforcement is sought in proceedings in equity or at law); 
 (c) Guarantor does not believe, nor
does it have any reason or cause to believe, that it cannot perform in all respects all covenants and obligations contained in this Guaranty applicable to it; 

(d) The execution, delivery and performance of this Guaranty will not violate (i) its organizational documents, (ii) any contractual
obligation to which it is now a party or 

  
 -7- 

 
constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of its assets, (iii) any judgment or order, writ, injunction, decree or demand of any
court applicable to it, or (iv) any applicable Requirement of Law; 
 (e) There is no action, suit, proceeding, litigation,
investigation, arbitration or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of Guarantor, threatened by or against Guarantor or against its assets (i) that is reasonably likely to have an
adverse effect on the validity of any of the Transaction Documents or any action taken or to be taken in connection with the obligations of Guarantor under any of the Transaction Documents or (ii) that is reasonably likely to, individually or
in the aggregate, result in a Material Adverse Effect. Guarantor is in compliance in all material respects with all Requirements of Law. Guarantor is not in default in any material respect with respect to any judgment, order, writ, injunction,
decree, rule, or regulation of any arbitrator or Governmental Authority; 
 (f) Except as disclosed by Guarantor to Buyer in writing prior
to the date hereof, Guarantor has timely filed (taking into account all applicable extensions) all required federal income tax returns and all other material tax returns, domestic and foreign, which, to Guarantor’s Knowledge, are required to be
filed by it and has paid all taxes, assessments, fees, and other governmental charges payable by it, or with respect to any of its properties or assets, based on such returns or otherwise whose nonpayment would have a Material Adverse Effect and
that have become due and payable except to the extent such amounts are being contested in good faith by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP, and, to Guarantor’s Knowledge, there
is no claim relating to any such taxes now pending that was made in writing by any Governmental Authority and that is not being contested in good faith as provided above or that has resulted in any tax lien filed against any of Guarantor’s
assets; 
 (g) No order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption
by, any Governmental Authority or any other Person is required to authorize, or is required in connection with, (i) the execution and performance of this Guaranty, (ii) the legality, validity, binding effect or enforceability of this
Guaranty against it or (iii) the consummation of the transactions contemplated by this Guaranty, except filing obligations with the Securities and Exchange Commission arising in the ordinary course of Guarantor’s business as a public
company, including, without limitation, 8K, 10Q and 10K filings, which have been obtained and are in full force and effect; and 
 (h) There
are no judgments against Guarantor unsatisfied of record or docketed in any court located in the United States of America that could reasonably be expected to have a Material Adverse Effect and no Act of Insolvency has occurred with respect to it.

 Guarantor agrees that the foregoing representations and warranties shall be deemed to have been made by Guarantor on the date of each
Transaction under the Repurchase Agreement, on and as of such date of the Transaction, as though made hereunder on and as of such date. 

  
 -8- 

 9. Financial Covenants. 

(a) Guarantor hereby agrees that, until the Repurchase Obligations have been paid in full, Guarantor shall not, with respect to itself and its
Subsidiaries, directly or indirectly: 
 (i) permit its Cash Liquidity at any time to be less than Fifty Million and No/100 Dollars
($50,000,000.00); 
 (ii) permit its Unrestricted Cash at any time to be less than Twelve Million Five Hundred Thousand and No/100 Dollars
($12,500,000.00); 
 (iii) permit its Tangible Net Worth at any time to be less than the sum of (x) seventy-five percent (75%) of the
net cash proceeds of all equity issuances made by Guarantor or Sponsor as of the date hereof, plus (y) seventy-five percent (75%) of the aggregate net cash proceeds of any equity issuances made by Guarantor or Sponsor after the date hereof;
provided, however, that during a Wind Down Period, a breach of this Section 9(a)(iii) shall not give rise to a default or Event of Default under this Agreement or the Transaction Documents so long as Principal Payments are
applied in accordance with Section 5(d) of the Repurchase Agreement; 
 (iv) permit the ratio of (A) Total Indebtedness to
(B) Total Equity at any time to exceed 3.0 to 1.0; and 
 (v) permit at any time the ratio of (A) EBITDA for the period of twelve
(12) consecutive months ended on or prior to such date of determination to (B) Interest Expense for such period to be less than 1.4 to 1.0. 

(b) Guarantor’s compliance with the covenants set forth in this Section 9 must be evidenced by the financial
statements and by a Financial Covenant Compliance Certificate in the form of Exhibit VI to the Repurchase Agreement furnished together therewith, as provided by Seller to Buyer pursuant to Sections 3(f)(iii) and 12(g)(iii) of the Repurchase
Agreement and compliance with all such covenants are subject to continuing verification of Buyer and Guarantor shall provide information that is reasonably requested by Buyer with respect to any lawsuits and/or other matters disclosed in any
financial statements of Guarantor delivered to Buyer or disclosed in any Form 8-K filed by Guarantor with the Securities and Exchange Commission which would reasonably be expected to have a material adverse
effect on Guarantor’s ability to comply with the covenants set forth in this Section 9; provided, that, for the avoidance of doubt, such continued verification shall not obligate Guarantor or Seller to
provide additional financial statements or Financial Covenant Compliance Certificates other than those required under Sections 3(f) and 12(g) of the Repurchase Agreement. 

(c) Notwithstanding anything to the contrary contained in this Guaranty, in the event that Guarantor, Seller or any Affiliate thereof that is
a Subsidiary of Guarantor has entered into or shall enter into or amend any other commercial real estate loan repurchase agreement, warehouse facility or credit facility with any other lender or repurchase buyer with terms more restrictive to the
repurchase seller or borrower thereunder than the covenants in this Section 9, then this Section 9 shall be deemed to be automatically modified to such more restrictive terms. 

  
 -9- 

 10. Further Covenants of Guarantor: 

(a) Taxes. Guarantor has timely filed (taking into account all applicable extensions) all required federal income tax returns and all other
material tax returns, domestic and foreign, required to be filed by it and has paid all taxes, assessments, fees, and other governmental charges payable by it, or with respect to any of its properties or assets, that have become due and payable
except to the extent such amounts are being contested in good faith by appropriate proceedings diligently conducted and for which appropriate reserves have been established in accordance with GAAP. No tax liens have been filed against Guarantor or
any of Guarantor’s assets (other than liens for taxes not yet due or the amount or validity of which are being contested in good faith by appropriate proceedings diligently conducted and for which appropriate reserves have been established in
accordance with GAAP), and, to the Knowledge of Guarantor, as of the date hereof, no claims are being asserted with respect to any such taxes, fees or other charges. 

(b) Anti-Money Laundering, Anti-Corruption and Economic Sanctions. 

(i) Guarantor is in compliance, in all material respects, with (A) the Trading with the Enemy Act, as amended, and each of the foreign
assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other applicable enabling legislation or executive order relating thereto, (B) the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act of 2001), and (C) the United States Foreign Corrupt Practices Act of 1977, as amended, and any other applicable anti-bribery laws and regulations. No part
of the proceeds of any Transaction will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

(ii) Guarantor agrees that, from time to time upon the prior written request of Buyer, it shall execute and deliver such further documents,
provide such additional information and reports and perform such other acts as Buyer may reasonably request in order to insure compliance with the provisions hereof (including, without limitation, compliance with the USA Patriot Act of 2001 and to
fully effectuate the purposes of this Agreement); provided, however, that nothing in this Section 10(b)(ii) shall be construed as requiring Buyer to conduct any inquiry or decreasing Guarantor’s responsibility for its
statements, representations, warranties or covenants hereunder. In order to enable Buyer and its Affiliates to comply with any anti-money laundering program and related responsibilities including, but not limited to, any obligations under the USA
Patriot Act of 2001 and regulations thereunder, Guarantor on behalf of itself and its Affiliates makes the following representations and covenants to Buyer and its Affiliates, that neither Guarantor, nor, any of its Affiliates, is a Prohibited
Person and Guarantor is not acting on behalf of or on behalf of any Prohibited Person. Guarantor agrees to promptly notify Buyer or a person appointed by Buyer to administer their anti-money laundering program, if applicable, of any change in
information affecting this representation and covenant. 
 (c) Office of Foreign Assets Control. Guarantor warrants, represents and
covenants that neither Seller, any of its Affiliates or the Assets are or will be an entity or Person that is or is owned or controlled by a Person that is the subject of any Sanctions. Guarantor 

  
 -10- 

 
covenants and agrees that, with respect to the Transactions under this Agreement, none of Guarantor or, to Guarantor’s Knowledge, any of its Affiliates will conduct any business, nor engage
in any transaction, Assets or dealings, with any Person who is the subject of Sanctions. Guarantor further covenants and agrees that it will not, directly or indirectly, use the proceeds of the facility, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other Person to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject
of Sanctions. 
 (d) Intentionally Omitted 

(e) Limitation on Distributions. After the occurrence and during the continuation of any monetary or material non-monetary Default or any Event of Default, Guarantor shall not declare or make any payment on account of, or set apart assets for, a sinking or other analogous fund for the purchase, redemption, defeasance,
retirement or other acquisition of any equity or partnership interest of Guarantor, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations
of Guarantor. Notwithstanding the foregoing, Guarantor shall be permitted to make distributions, provided that (i) such distributions are limited to the minimum amount necessary to maintain REIT status as required under the Internal
Revenue Code, (ii) such distributions are actually used to maintain REIT status under the Internal Revenue Code and (iii) Guarantor is in compliance with the covenants set forth in Section 9(a) hereof after giving effect to such
distributions. 
 11. Right of Set-Off. Guarantor hereby irrevocably authorizes Buyer and its
Affiliates, upon the occurrence and during the continuance of an Event of Default, without notice to Guarantor, any such notice being expressly waived by Guarantor to the extent permitted by applicable law, upon any Obligations becoming due and
payable by Guarantor (whether at stated maturity, by acceleration or otherwise), to set-off and appropriate and apply 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 to or for the credit or the account of Guarantor, or
any part thereof in such amounts as Buyer may elect, against and on account of the obligations and liabilities of Guarantor to Buyer hereunder and claims of every nature and description of Buyer against Guarantor, in any currency, arising under any
Transaction Document, as Buyer may elect, whether or not Buyer has made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. Buyer shall notify Guarantor promptly of any such set-off and the application made by Buyer, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of
Buyer under this Section 11 are in addition to other rights and remedies (including, without limitation, other rights of set-off) that the Buyer may have. 

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

  
 -11- 

 13. Section Headings. The section headings used in this Guaranty are for convenience of
reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 14. No
Waiver; Cumulative Remedies. Buyer shall not by any act (except by a written instrument pursuant to Section 15 hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any default or event of default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of Buyer, any right, power or privilege hereunder shall operate as a
waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by Buyer of any right or remedy hereunder
on any one occasion shall not be construed as a bar to any right or remedy which Buyer would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive
of any rights or remedies provided by law. 
 15. Waivers and Amendments; Successors and Assigns; Governing Law. None of the terms or
provisions of this Guaranty may be waived, amended, supplemented or otherwise modified except by a written instrument executed by Guarantor and Buyer. This Guaranty shall be binding upon the successors and assigns of Guarantor and shall inure to the
benefit of Buyer, and their respective successors and permitted assigns. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF. 

16. Notices. Unless otherwise provided in this Agreement, all notices, consents, approvals and requests required or permitted hereunder
shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) hand delivery, with proof of delivery, (b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery
service, either commercial or United States Postal Service, with proof of delivery or (d) by telecopier (with answerback acknowledged) or e-mail provided that such telecopied or e-mailed notice must also be delivered by one of the means set forth above, to the address specified below or at such other address and person as shall be designated from time to time by any party hereto, as the
case may be, in a written notice to the other parties hereto in the manner provided for in this Section 16. A notice shall be deemed to have been given: (w) in the case of hand delivery, at the time of delivery,
(x) in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day, (y) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day, or (z) in the case
of telecopier, upon receipt of answerback confirmation, provided that such telecopied notice was also delivered as required in this Section 16. A party receiving a notice that does not comply with the technical requirements
for notice under this Section 16 may elect to waive any deficiencies and treat the notice as having been properly given. 
  

			
	Buyer:	  	Morgan Stanley Bank, N.A.

  
 -12- 

			
		  	 1585 Broadway, 25th Floor
 New York, New York
10036
 Attention: Anthony Preisano
 Telephone: (212) ###-####
 Fax: (718) ###-####

Email: ################@morganstanley.com

		
	 With copies to:
  

 
 And to:
	  	 Morgan Stanley Bank, N.A.
 One Utah Center, 201
South Main Street
 Salt Lake City, Utah 84111
  

Prior to May 1, 2016:
  

Paul Hastings LLP
 75 East 55th Street

New York, New York 10022
 Attn: Lisa A. Chaney, Esq.

Telephone:            (212) ###-####

Fax:            (212) ###-####

Email: ##########@paulhastings.com
  

From and after May 1, 2016:
  

Paul Hastings LLP
 200 Park Avenue

New York, New York 10166
 Attention:Lisa A. Chaney, Esq.

Telephone:    (212) ###-####

Fax:    (212) ###-####

Email: ##########@paulhastings.com

		
	Guarantor:	  	 TPG RE Finance Trust Holdco, LLC
 c/o TPG RE
Finance Trust Management, L.P.
 888 Seventh Avenue, 27th Floor

New York, NY 10106

Attention:      Ian McColough

Telephone:    (212) ###-####

Email:            ##########@tpg.com

 
 and:
  

TPG RE Finance Trust Holdco, LLC
 c/o TPG RE Finance Trust
Management, L.P.
 888 Seventh Avenue, 27th Floor

New York, NY 10106

Attention:      Jason Ruckman

Telephone:    (212) ###-####

  
 -13- 

			
		  	Email:             ########@tpg.com
		
	With copies to:	  	 Ropes & Gray LLP
 1211 Avenue of the
Americas
 New York, New York 10036-8704

Attention:      David C. Djaha, Esq.

Telephone:    (212) ###-####

Email:            ###########@ropesgray.com

 17. SUBMISSION TO JURISDICTION; WAIVERS. EACH OF GUARANTOR AND BUYER HEREBY IRREVOCABLY AND
UNCONDITIONALLY: 
 (A) SUBMITS TO THE NON- EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE
STATE OF NEW YORK, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF, SOLELY FOR THE PURPOSE OF ANY SUIT, ACTION OR PROCEEDING BROUGHT TO ENFORCE ITS OBLIGATIONS UNDER THIS
GUARANTY OR RELATING IN ANY WAY TO THIS GUARANTY, THE REPURCHASE AGREEMENT OR ANY TRANSACTION UNDER THE REPURCHASE AGREEMENT; 
 (B)
CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND ANY
RIGHT OF JURISDICTION ON ACCOUNT OF ITS PLACE OF RESIDENCE OR DOMICILE; 
 (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 IN SECTION 16 HEREOF 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. 
 18. Integration. This Guaranty represents the agreement of Guarantor with
respect to the subject matter hereof and there are no promises or representations by Buyer relative to the subject matter hereof not reflected herein. 

19. Counterparts. This Guaranty may be executed in counterparts, each of which so executed shall be deemed to be an original, but all
of such counterparts shall together constitute but one and the same instrument. Delivery by telecopier or other electronic transmission (including a .pdf e-mail transmission) of an executed counterpart of a
signature page to this Guaranty shall be effective as delivery of an original executed counterpart of this Guaranty. 

  
 -14- 

 20. Acknowledgments. Guarantor hereby acknowledges that: 

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

(b) Buyer does not have any fiduciary relationship to Guarantor, and the relationship between Buyer, on the one hand, and Guarantor, on the
other, is solely that of creditor and surety; and 
 (c) no joint venture exists between or among any of Buyer, Guarantor and/or Seller.

 21. Intent. Guarantor intends for this Guaranty to be a credit enhancement related to a repurchase agreement, within the meaning
of Section 101(47) of the Bankruptcy Code and, therefore, for this Guaranty to be itself a repurchase agreement, within the meaning of Section 101(47) and Section 559 of the Bankruptcy Code. 

22. WAIVERS OF JURY TRIAL. EACH OF GUARANTOR AND BUYER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS GUARANTY OR ANY RELATED DOCUMENT AND FOR ANY COUNTERCLAIM HEREIN OR THEREIN. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
 -15- 

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

			
	   GUARANTOR:

		
		 	 TPG RE FINANCE TRUST HOLDCO, LLC, a

Delaware limited liability company

  

			
	
		
	By:	 	/s/ Clive D. Bode
		 	Name: Clive D. Bode
		 	Title: Vice President

 [Signature Page to Guaranty]

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