Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 FIFTH
AMENDMENT TO TERM LOAN CREDIT AGREEMENT 
 This FIFTH AMENDMENT TO TERM LOAN CREDIT AGREEMENT, dated as of June 21,
2021 (this “Fifth Amendment”), is entered into by and among Blackstone Mortgage Trust, Inc., a Maryland corporation (the “Borrower”), the subsidiary guarantors party hereto, each Lender party hereto (each, a
“Fifth Amendment Term Lender” and, collectively, the “Fifth Amendment Term Lenders”) and JPMorgan Chase Bank, N.A. (“JPMCB”), in its capacities as administrative agent and collateral agent (in such
capacities and together with its successors and assigns, the “Administrative Agent”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Amended Credit Agreement (as defined
below). 
 PRELIMINARY STATEMENTS: 

WHEREAS, the Borrower, the Lenders from time to time party thereto and the Administrative Agent have entered into that certain
Term Loan Credit Agreement dated as of April 23, 2019 (as amended by the First Amendment to Term Loan Credit Agreement, dated as of November 19, 2019, the Second Amendment to Term Loan Credit Agreement, dated as of May 20, 2020, the
Third Amendment to Term Loan Credit Agreement, dated as of June 11, 2020, the Fourth Amendment to Term Loan Credit Agreement, dated as of February 19, 2021, and as further amended, restated, supplemented or otherwise modified from time to
time prior to, but not including, the date hereof, the “Existing Credit Agreement”). The Existing Credit Agreement, as amended by this Fifth Amendment, is referred to herein as the “Amended Credit Agreement”. 

WHEREAS, pursuant to the Existing Credit Agreement, the Lenders thereunder extended certain credit facilities to the Borrower
consisting of Term B-2 Loans. 
 WHEREAS, the Borrower desires to (i) refinance all of its Term B-2 Loans with
Refinancing Indebtedness pursuant to Section 9.02(c) of the Existing Credit Agreement (the “Refinancing”) in the form of Replacement Term Loans in an aggregate principal amount of $322,562,500 and having the terms set forth in
this Fifth Amendment (the “Replacement Term B-3 Loans”), (ii) obtain Incremental Term Loans pursuant to Section 2.22 of the Amended Credit Agreement in an aggregate principal amount of $100,000,000 and having the terms set
forth in this Fifth Amendment (the “Incremental Term B-3 Loans” and, together with the Replacement Term B-3 Loans, collectively, the “Term B-3 Loans”) and (iii) make other amendments to certain provisions of
the Existing Credit Agreement, in each case, upon the terms and subject to the conditions set forth below. 
 WHEREAS, each
Fifth Amendment Term Lender holding a Term B-2 Loan immediately prior to the effectiveness of this Fifth Amendment (each, an “Existing Term Lender”) that has executed and delivered to the Administrative Agent a “Consent to
Fifth Amendment” (a “Consent to Fifth Amendment”) in the form attached as Exhibit A hereto (each, a “Converting Term Lender”) shall be deemed to have converted the entire aggregate principal
amount of its Term B-2 Loans (each, an “Existing Term Loan”) (or such lesser amount as is notified to such Existing Term Lender by the Fifth Amendment Arrangers (as defined below)) into Replacement Term B-3 Loans (such portion of
the Replacement Term B-3 Loans converted from Existing Term Loans, the “Converted Term Loans”) of a like principal amount to such Existing Term Loans on the Fifth Amendment Effective Date (as defined below). 

WHEREAS, each Fifth Amendment Term Lender that executes and delivers a signature page to this Fifth Amendment in the capacity
of an “Additional Replacement Term B-3 Lender” (each, in such capacity, an “Additional Replacement Term B-3 Lender”; the Additional Replacement Term B-3 Lenders together with the Converting Term Lenders, collectively, the
“Replacement Term B-3 Lenders”) shall 

  
 1 

 
make Replacement Term B-3 Loans (such portion of the Replacement Term B-3 Loans made by the Additional Replacement Term B-3 Lenders, the “Additional Replacement Term B-3 Loans”)
to the Borrower in an aggregate principal amount equal to its “Additional Replacement Term B-3 Loan Commitments” set forth on Schedule 1 hereto on the Fifth Amendment Effective Date (such commitments, the “Additional
Replacement Term B-3 Loan Commitments” and, together with the aggregate amount of Existing Term Loans to be converted into Converted Term Loans, the “Replacement Term B-3 Loan Commitments”). 

WHEREAS, each Fifth Amendment Term Lender that executes and delivers a signature page to this Fifth Amendment in the capacity
of an “Incremental Term B-3 Lender” (each, in such capacity, an “Incremental Term B-3 Lender”) shall make Incremental Term B-3 Loans to the Borrower in an aggregate principal amount equal to its “Incremental Term B-3
Loan Commitment” set forth on Schedule 1 hereto on the Fifth Amendment Effective Date (such commitments, the “Incremental Term B-3 Loan Commitments”). 

WHEREAS, in connection with the Refinancing and the incurrence of the Incremental Term B-3 Loans, the Borrower desires to
amend the Existing Credit Agreement on the terms set forth in Annex A hereto, as further set forth below. 
 WHEREAS,
each of JPMorgan Chase Bank, N.A., BofA Securities, Inc., Barclays Bank PLC, Deutsche Bank Securities Inc. and Blackstone Securities Partners L.P. will act as joint lead arrangers and joint bookrunners in connection with this Fifth Amendment (in
such capacities, the “Fifth Amendment Arrangers”). 
 WHEREAS, this Fifth Amendment and the related
extensions of credit and application of proceeds therefrom, including payment of related fees and expenses and the other transactions described in the foregoing preliminary statements are collectively referred to herein as the “Fifth
Amendment Transactions”. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and other
good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows: 

SECTION 1. Replacement Term B-3 Loans and Refinancing Amendments. Subject only to the satisfaction of the conditions
set forth in Section 5 below, on the Fifth Amendment Effective Date: 
 (a) Each Converting Term Lender hereby
agrees that the entire aggregate principal amount of its Existing Term Loans (or such lesser amount as is notified to such Existing Term Lender by the Fifth Amendment Arrangers) shall be converted into Converted Term Loans on the Fifth Amendment
Effective Date in an aggregate principal amount equal to the outstanding principal amount of the applicable Existing Term Loans (and, for the avoidance of doubt, such Converting Term Lender shall constitute a Replacement Term B-3 Lender and such
Converted Term Loans shall constitute Replacement Term B-3 Loans made on the Fifth Amendment Effective Date). 
 (b) Each
Additional Replacement Term B-3 Lender hereby severally agrees to make to the Borrower Additional Replacement Term B-3 Loans on the Fifth Amendment Effective Date in an aggregate principal amount equal to such Additional Replacement Term B-3
Lender’s Additional Replacement Term B-3 Loan Commitment (and, for the avoidance of doubt, such Additional Replacement Term B-3 Lender shall constitute a Replacement Term B-3 Lender and such Additional Replacement Term B-3 Loans shall
constitute Replacement Term B-3 Loans), which Additional Replacement Term B-3 Loans shall in the aggregate, together with the Converted Term Loans, be deemed to be incurred pursuant to a single Borrowing and Class of Replacement Term B-3 Loans. 

  
 2 

 (c) On the Fifth Amendment Effective Date, the Borrower shall prepay in full the
Term B-2 Loans by (i) paying or causing to be paid to the Administrative Agent immediately available funds in an aggregate amount equal to the excess of (1) the Term B-2 Loan Prepayment Amount (as defined below), over (2) the
Additional Replacement Term B-3 Loan Funding Amount (as defined below) (such excess, the “Cash Prepayment Amount”) and (ii) hereby directing the Administrative Agent to apply the gross cash proceeds of the Additional
Replacement Term B-3 Loans made pursuant to clause (b) above (such amount, the “Additional Replacement Term B-3 Loan Funding Amount”), along with the Cash Prepayment Amount to prepay in full the Term B-2 Loans. The term
“Term B-2 Loan Prepayment Amount” shall mean the sum of (I) the aggregate principal amount of the Term B-2 Loans (other than Existing Term Loans converted into Converted Term Loans pursuant to clause (a) above) outstanding
on the Fifth Amendment Effective Date immediately before giving effect to this Fifth Amendment, plus (II) all accrued and unpaid interest on the Term B-2 Loans as of the Fifth Amendment Effective Date. 

(d) This Fifth Amendment shall constitute delivery by the Borrower of a notice of prepayment of the Term B-2 Loans in
satisfaction of Section 2.11(a)(ii) under the Existing Credit Agreement. 
 SECTION 2. Amendments. Subject only
to the satisfaction of the conditions set forth in Section 5 below, immediately upon giving effect to the Refinancing set forth in Section 1 above on the Fifth Amendment Effective Date, the Borrower, the Administrative Agent
and the Replacement Term B-3 Lenders (for the avoidance of doubt, such Replacement Term B-3 Lenders constituting 100% of the Term B-3 Lenders under the Credit Agreement at the time of giving effect to the Amendments) agree that the Existing Credit
Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example:
double-underlined text) as set forth in the pages of the
Amended Credit Agreement attached as Annex A hereto (the “Amendments”) (without giving effect to the incurrence of the Incremental Term B-3 Loans included therein). For the avoidance of doubt, each Fifth Amendment Lender, by signing
this Fifth Amendment, consents to the Amendments. 
 SECTION 3. Incremental Term B-3 Loan. Subject only to the
satisfaction of the conditions set forth in Section 5 below, immediately upon giving effect to the Refinancing set forth in Section 1 above and the Amendments set forth in Section 2 above on the Fifth Amendment
Effective Date: 
 (a) Each Incremental Term B-3 Lender hereby severally agrees to make to the Borrower Incremental Term B-3
Loans on the Fifth Amendment Effective Date in an aggregate amount equal to such Incremental Term B-3 Lender’s Incremental Term B-3 Loan Commitment, which Incremental Term B-3 Loans, together with the Replacement Term B-3 Loans, shall be deemed
to constitute a single Class of Term B-3 Loans and Term Loans under the Amended Credit Agreement. For the avoidance of doubt, after giving effect to the incurrence of the Incremental Term B-3 Loans pursuant to this Section 3(a), the
Amendments shall be effected in their entirety in the form of Annex A hereto (giving effect to the incurrence of the Incremental Term B-3 Loans included therein). 

(b) On the Fifth Amendment Effective Date, after giving effect to the Fifth Amendment Transactions, (x) the aggregate
principal amount of the Term B-3 Loans will be $422,562,500 and (y) the aggregate principal amount of the Converted Term Loans will be $272,959,302.35. 

  
 3 

 SECTION 4. Representations and Warranties. 

On the date hereof, the Borrower hereby represents and warrants to the Fifth Amendment Term Lenders as of the date hereof that:

 (a) Each Loan Party (i) is duly organized and validly existing and (ii) is in good standing (to the extent such
concept exists in the relevant jurisdiction) under the Requirements of Law of its jurisdiction of organization, except, in the case of this clause (ii), where the where the failure of such Loan Party to be in good standing would not reasonably be
expected to result in a Material Adverse Effect. 
 (b) The execution and delivery of this Fifth Amendment, and the
performance of this Fifth Amendment and the other Loan Documents (as amended and supplemented pursuant to this Fifth Amendment), are within each applicable Loan Party’s corporate or other organizational power and have been duly authorized by
all necessary corporate or other organizational action of each such Loan Party. 
 (c) This Fifth Amendment has been duly
executed and delivered by each Loan Party and is a legal, valid and binding obligation of each Loan Party, enforceable against each Loan Party in accordance with its terms, subject to the Legal Reservations. 

(d) The execution and delivery of this Fifth Amendment by each Loan Party and the performance by each applicable Loan Party of
this Fifth Amendment and the other Loan Documents (as amended and supplemented pursuant to this Fifth Amendment) (x) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority,
except (i) such as have been obtained or made and are in full force and effect, (ii) in connection with the Perfection Requirements or (iii) such consents, approvals, registrations, filings, or other actions the failure to obtain or
make which could not be reasonably expected to have a Material Adverse Effect, (y) will not violate any (i) of such Loan Party’s Organizational Documents or (ii) Requirement of Law applicable to such Loan Party which violation,
in the case of this clause (y)(ii), could reasonably be expected to have a Material Adverse Effect and (z) will not violate or result in a default under any material Contractual Obligation to which such Loan Party is a party which violation, in
the case of this clause (z), could reasonably be expected to result in a Material Adverse Effect. 
 (e) No Event of Default
exists immediately prior to, or shall exist immediately after, giving effect to the Fifth Amendment Transactions. 
 SECTION
5. Conditions to Effectiveness. 
 This Fifth Amendment shall become effective on the date (the “Fifth
Amendment Effective Date”) upon which each of the following conditions is satisfied: 
 (a) The Administrative Agent
shall have received each of the following: 
 (i) a Borrowing Request with respect to the Replacement Term
B-3 Loans and the Incremental Term B-3 Loans; 
 (ii) counterparts to this Fifth Amendment executed by the
Borrower, the Subsidiary Guarantors, each Additional Replacement Term B-3 Lender and each Incremental Term B-3 Lender; 

(iii) Consents to Fifth Amendment executed by each Converting Term Lender; 

  
 4 

 (iv) a certificate from a Responsible Officer of the Borrower
certifying satisfaction of the condition precedent set forth in Section 5(c); 
 (v) a written
opinion of (x) Ropes & Gray LLP, in its capacity as counsel for the Loan Parties and (y) Venable LLP, in its capacity as local Maryland counsel for the Borrower, each dated as of the date hereof and addressed to the Administrative
Agent and the Fifth Amendment Term Lenders; 
 (vi)    (i) a certificate of each Loan
Party, dated as of the date hereof and executed by a secretary, assistant secretary or other similarly-titled Responsible Officer thereof, which shall certify (a) that attached thereto is a true and complete copy of the certificate or articles
of incorporation, formation or organization of such Loan Party, as applicable, certified by the relevant authority of its jurisdiction of organization, which certificate or articles of incorporation, formation or organization of such Loan Party, as
applicable, have not been amended (except as attached thereto) since the date reflected thereon (or for Loan Parties other than the Borrower, if applicable, a certification that no change has been made to such documents of such Loan Party since the
Fourth Amendment Effective Date), (b) that attached thereto is a true and correct copy of the by-laws or operating, management, partnership or similar agreement of such Loan Party, as applicable, together with all amendments thereto as of the
Fifth Amendment Effective Date (or for Loan Parties other than the Borrower, if applicable, a certification that no change has been made to such documents of such Loan Party since the Fourth Amendment Effective Date) and such by-laws or operating,
management, partnership or similar agreement are in full force and effect, (c) that attached thereto is a true and complete copy of the resolutions or written consent, as applicable, of its board of directors, board of managers, sole member,
manager or other applicable governing body authorizing the execution and delivery of this Fifth Amendment, which resolutions or consent have not been modified, rescinded or amended (other than as attached thereto) and are in full force and effect
and (d) as to the incumbency and specimen signature of each officer, manager, director or authorized signatory executing this Fifth Amendment or any other Loan Document delivered by such Loan Party in connection therewith and (ii) a good
standing (or equivalent) certificate for such Loan Party, as applicable, from the relevant authority of its jurisdiction of organization, dated as of a recent date; and 

(vii) a solvency certificate in substantially the form of Exhibit O to the Existing Credit Agreement (but with
modifications to reflect the Fifth Amendment Effective Date) from the chief financial officer (or other officer with reasonably equivalent responsibilities) of the Borrower dated as of the Fifth Amendment Effective Date and certifying as to the
matters set forth therein (after giving effect to the transactions contemplated by this Fifth Amendment to occur on the Fifth Amendment Effective Date). 

(b) Prior to, or substantially concurrently with the funding of the Term B-3 Loans, (1) the Borrower shall have paid or
caused to be paid to the Administrative Agent, for the account of each Replacement Term B-3 Lender and/or Incremental Term B-3 Lender, a fee in the amount separately agreed between the Fifth Amendment Arrangers and the Borrower, as applicable, which
amounts may be offset against the proceeds of the Incremental Term B-3 Loans, (2) the Administrative Agent and the Fifth Amendment Arrangers shall have received (i) all fees required to be paid by the Borrower on the Fifth Amendment
Effective Date as separately agreed among the Borrower, the Administrative Agent and the applicable Fifth Amendment Arrangers and (ii) all expenses required to be reimbursed by the Borrower under the Existing Credit Agreement in connection with
this Fifth Amendment for which invoices have been presented at least three Business Days prior to the Fifth Amendment Effective Date or such later date to which the Borrower may agree (including the reasonable fees and expenses of legal counsel
required to be paid), in each case on or before the Fifth Amendment Effective Date, which amounts may 

  
 5 

 
be offset against the proceeds of the Incremental Term B-3 Loans, and (3) the Borrower shall have paid (or caused to be paid) to the Administrative Agent the Cash Prepayment Amount in
immediately available funds for the ratable accounts of the applicable Existing Term Lenders, which amounts may be offset against the proceeds of the Incremental Term B-3 Loans (and, for the avoidance of doubt, any such amounts offset against the
proceeds of the Incremental Term B-3 Loans shall be deemed to have been paid to the Administrative Agent on behalf of the Borrower). 

(c) The representations and warranties of the Borrower set forth in Article 3 of the Existing Credit Agreement and the
representations and warranties of the applicable Loan Parties set forth in the other Loan Documents (including Section 4 above) shall be true and correct in all material respects on and as of the Fifth Amendment Effective Date; provided that
(A) in the case of any representation which expressly relates to a given date or period, such representation shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be and
(B) if any representation is qualified by or subject to a “material adverse effect,” “material adverse change” or similar term or qualification, such representation shall be true and correct in all respects. 

(d) The Administrative Agent shall have received all documentation and other information reasonably requested with respect to
any Loan Party in writing by the Administrative Agent or any Fifth Amendment Term Lender at least seven (7) Business Days in advance of the Fifth Amendment Effective Date, which documentation or other information is required by regulatory
authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. 

SECTION 6. Counterparts. 

This Fifth Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts,
each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to this Fifth Amendment (including by way of execution of a Consent to Fifth Amendment) and/or any document to be signed in connection with this Fifth Amendment and the transactions
contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. “Electronic Signatures” means any electronic symbol or process attached to, or associated with, any contract or other record
and adopted by a person with the intent to sign, authenticate or accept such contract or record. 
 SECTION 7. Governing
Law and Waiver of Right to Trial by Jury. 
 This Fifth Amendment shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York. Sections 9.10 and 9.11 of the Existing Credit Agreement are incorporated herein by reference mutatis mutandis. 

SECTION 8. Headings. 

The headings of this Fifth Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning
hereof. 

  
 6 

 SECTION 9. Reaffirmation; No Novation. 

Each Loan Party hereby expressly acknowledges the terms of this Fifth Amendment and reaffirms, as of the date hereof,
(i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Fifth Amendment and the transactions
contemplated hereby and (ii) its guarantee of the Obligations under the Guarantee, as applicable, and its grant of Liens on the Collateral to secure the Obligations pursuant to the Collateral Documents, with all such Liens continuing in full
force and effect after giving effect to this Fifth Amendment. 
 Each of the Loan Parties confirms, acknowledges and agrees
that the Fifth Amendment Term Lenders are “Lenders” and “Secured Parties” for all purposes under the Loan Documents. For the avoidance of doubt, each Loan Party hereby agrees that all references to “Obligations” shall
include the Term B-3 Loans. All obligations of the Borrower under the Existing Credit Agreement shall remain obligations of the Borrower under the Amended Credit Agreement. Each of the parties hereto confirms that the amendment of the Existing
Credit Agreement pursuant to this Fifth Amendment shall not constitute a novation of the Existing Credit Agreement or any other Loan Document. For the avoidance of doubt, this Fifth Amendment shall also constitute a Loan Document for all purposes
under the Amended Credit Agreement. 
 SECTION 10. Effect of Amendment. 

(a) Except as expressly set forth herein, this Fifth Amendment shall not by implication or otherwise limit, impair, constitute
a waiver of or otherwise affect the rights and remedies of the Administrative Agent, the Lenders or the other Secured Parties under the Existing Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any
of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other provision of the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and
shall continue in full force and effect. 
 (b) (i) Each Person executing this Fifth Amendment in its capacity as a
Replacement Term B-3 Lender (including by way of any Consent to Fifth Amendment) or Incremental Term B-3 Lender shall be a “Lender” and a “Term Lender” under the Amended Credit Agreement for all purposes of the Amended Credit
Agreement and the other Loan Documents and shall, in each case, be bound by the provisions of the Amended Credit Agreement as a Lender holding “Term Commitments” and “Term Loans”, as applicable, (ii) the Replacement Term B-3
Loan Commitments shall constitute “Term Commitments” and “Additional Term Loan Commitments”, and the Replacement Term B-3 Loans shall constitute “Replacement Term Loans”, “Additional Term Loans”, “Term
B-3 Loans” and “Term Loans”, as applicable, for all purposes of the Amended Credit Agreement and the other Loan Documents and (iii) the Incremental Term B-3 Loan Commitments shall constitute “Term Commitments” and
“Additional Term Loan Commitments”, and the Incremental Term B-3 Loans shall constitute “Incremental Term Loans”, “Additional Term Loans”, “Term B-3 Loans” and “Term Loans”, as applicable, for all
purposes of the Amended Credit Agreement and the other Loan Documents. 
 [Signature Pages Follow] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be duly executed as
of the date first above written. 
  

					
	 BLACKSTONE MORTGAGE TRUST, INC.

		
	 By:
	 	 /s/ Douglas N. Armer

		 	 Name:
	 	 Douglas N. Armer

		 	Title:	 	 Executive Vice President, Capital Markets and Treasurer

	
	 HUSKY FINCO, LLC
 42-16 CLO L SELL,
LLC
 HUSKY UK FINCO, LLC
 VICTOR HOLDINGS I, LLC

AMBASSADOR AUD HOLDINGS, LLC
 345-JV PARTNERS LLC

HUSKY CAD FINCO, LLC
 HUSKY EUR FINCO, LLC

PARLEX ONT PARTNERS GP, LLC
 DE VERE RESORTS FINCO 2014, LLC

Q HOTELS FINCO 2014, LLC
 AMBASSADOR CAD HOLDINGS, LLC

AMBASSADOR GBP HOLDINGS, LLC
 AMBASSADOR EUR HOLDINGS, LLC

MOLTEN PARTNERS, LLC
 345-LUX GBP PARTNERS, LLC

345-1 PARTNERS, LLC
 345-LUX EUR PARTNERS, LLC

MAGMA FINCO 12, LLC
 MAGMA FINCO 13, LLC

		
	 By:
	 	 /s/ Douglas N. Armer

		 	 Name:
	 	 Douglas N. Armer

		 	 Title:
	 	 Executive Vice President, Capital Markets and Treasurer

  
 [Signature Page to Fifth
Amendment] 

 
					
	 JPMORGAN CHASE BANK, N.A.,

	 as Administrative Agent

		
	 By:
	 	 /s/ Alfred Chi

		 	 Name:
	 	 Alfred Chi

		 	 Title:
	 	 Vice President

  
 [Signature Page to Fifth
Amendment] 

 
					
	 JPMORGAN CHASE BANK, N.A.,

	 as an Additional Replacement Term B-3 Lender

		
	 By:
	 	 /s/ Alfred Chi

		 	 Name:
	 	 Alfred Chi

		 	 Title:
	 	 Vice President

  
 [Signature Page to Fifth
Amendment] 

 
					
	 JPMORGAN CHASE BANK, N.A.,

	 as an Incremental Term B-3 Lender

		
	 By:
	 	 /s/ Alfred Chi

		 	 Name:
	 	 Alfred Chi

		 	 Title:
	 	 Vice President

  
 [Signature Page to Fifth
Amendment] 

 Schedule 1 

Commitment Schedule 
 Additional Replacement
Term B-3 Loan Commitments 
  

			
	 Term Lender
	  	Additional Replacement Term B-3 Loan 
Commitment

					
	 JPMorgan Chase Bank, N.A.
	  	$	49,603,197.65	 
		  	  
	  
	 
	 Total
	  	$	49,603,197.65	 
		  	  
	  
	 

 Incremental Term B-3 Loan Commitments 
  

			
	 Incremental Term B-3 Lender
	  	Incremental Term B-3 Loan Commitment

					
	 JPMorgan Chase Bank, N.A.
	  	$	100,000,000.00	 
		  	  
	  
	 
	 Total
	  	$	100,000,000.00	 
		  	  
	  
	 

 Exhibit A 

CONSENT TO FIFTH AMENDMENT 

Reference is made to the Fifth Amendment to Term Loan Credit Agreement (the “Fifth Amendment”), among Blackstone Mortgage
Trust, Inc., a Maryland corporation (the “Borrower”), the Subsidiary Guarantors party thereto, each Fifth Amendment Term Lender party thereto and JPMorgan Chase Bank, N.A. (“JPMCB”), in its capacities as
administrative agent and collateral agent (in such capacities and together with its successors and assigns, the “Administrative Agent”), which Fifth Amendment amends and supplements that certain Term Loan Credit Agreement, dated as
of April 23, 2019 (as amended by the First Amendment to Term Loan Credit Agreement, dated as of November 19, 2019, the Second Amendment to Term Loan Credit Agreement, dated as of May 20, 2020, the Third Amendment to Term Loan Credit
Agreement, dated as of June 11, 2020, the Fourth Amendment to Term Loan Credit Agreement, dated as of February 19, 2021, and as further amended, restated, supplemented or otherwise modified from time to time prior to, but not including,
the Fifth Amendment Effective Date, the “Existing Credit Agreement”), among the Borrower, the Lenders party thereto from time to time and the Administrative Agent. Capitalized terms used and not otherwise defined herein shall have
the meanings assigned to them in the Fifth Amendment. 
 The undersigned Lender hereby irrevocably and unconditionally (a) approves,
agrees and consents to the Fifth Amendment, (b) consents and agrees that 100% of the outstanding principal amount of the Existing Term Loans held by such Lender (or such lesser amount allocated to such Lender by the Fifth Amendment Arrangers)
shall be converted on a cashless basis into Replacement Term B-3 Loans of the same principal amount on the Fifth Amendment Effective Date pursuant to the Fifth Amendment and (c) consents and agrees that such Lender shall constitute a Converting
Term Lender and a Replacement Term B-3 Lender. 
 The undersigned Lender agrees that the Fifth Amendment Arrangers may, in their sole
discretion, elect to convert less than 100% of such Lender’s existing hold of Existing Term Loans into Replacement Term B-3 Loans, in which case the difference between the current amount of such Lender’s Existing Term Loans and the
allocated amount of Replacement Term B-3 Loans will be prepaid on the Fifth Amendment Effective Date. 
 IN WITNESS WHEREOF, the
undersigned, in its capacity as a Lender, has caused this Consent to Fifth Amendment to be executed and delivered by a duly authorized officer as of the date of the Fifth Amendment. This counterpart also constitutes such Lender’s executed
counterpart to the Fifth Amendment in its capacity as a Converting Term Lender and Replacement Term B-3 Lender. 
 Name of Lender (Legal Entity):
                                        ,

 in its capacity as a Converting Term Lender and a Replacement Term B-3 Lender 

Signed:
                                         
    
 Name: 
 Title: 

(for Lenders requiring a second signature block) 

Signed:
                                         
    
 Name: 
 Title: 

 Annex A to
FourthFifth Amendment 

Deal CUSIP: 09259GAA1 
 2019 New Term
Loan CUSIP: 09259GAC7 
 Term B-23 Loan CUSIP: 09259GAD5GAE9 
  
  

 
 TERM LOAN CREDIT AGREEMENT 

Dated as of April 23, 2019 

among 
 BLACKSTONE MORTGAGE TRUST,
INC., 
 as the Borrower, 
 THE
FINANCIAL INSTITUTIONS PARTY HERETO, 
 as Lenders, 

JPMORGAN CHASE BANK, N.A., 
 as
Administrative Agent, 
 and 

JPMORGAN CHASE BANK, N.A., 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

BARCLAYS BANK PLC, 
 DEUTSCHE BANK
SECURITIES INC., and 
 BLACKSTONE ADVISORY PARTNERS LP, 

as Joint Lead Arrangers and Joint Bookrunners 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	  

	
	DEFINITIONS	  

			
	 Section 1.01.
	 	 Defined Terms
	  	 	1	 
			
	 Section 1.02.
	 	 Classification of Loans and Borrowings
	  	 	58	 
			
	 Section 1.03.
	 	 Terms Generally
	  	 	58	 
			
	 Section 1.04.
	 	 Accounting Terms; GAAP
	  	 	59	 
			
	 Section 1.05.
	 	 [Reserved]
	  	 	60	 
			
	 Section 1.06.
	 	 Timing of Payment of Performance
	  	 	60	 
			
	 Section 1.07.
	 	 Times of Day
	  	 	60	 
			
	 Section 1.08.
	 	 Currency Equivalents Generally
	  	 	60	 
			
	 Section 1.09.
	 	 Cashless Rollovers
	  	 	61	 
			
	 Section 1.10.
	 	 Certain Calculations and Tests
	  	 	61	 
	
	ARTICLE 2	  

	
	THE CREDITS	  

			
	 Section 2.01.
	 	 Commitments
	  	 	65	 
			
	 Section 2.02.
	 	 Loans and Borrowings
	  	 	67	 
			
	 Section 2.03.
	 	 Requests for Borrowings
	  	 	67	 
			
	 Section 2.04.
	 	 [Reserved]
	  	 	68	 
			
	 Section 2.05.
	 	 [Reserved]
	  	 	68	 
			
	 Section 2.06.
	 	 [Reserved]
	  	 	68	 
			
	 Section 2.07.
	 	 Funding of Borrowings
	  	 	68	 
			
	 Section 2.08.
	 	 Type; Interest Elections
	  	 	69	 
			
	 Section 2.09.
	 	 Termination of Commitments
	  	 	70	 
			
	 Section 2.10.
	 	 Repayment of Loans; Evidence of Debt
	  	 	70	 
			
	 Section 2.11.
	 	 Prepayment of Loans
	  	 	71	 
			
	 Section 2.12.
	 	 Fees
	  	 	75	 
			
	 Section 2.13.
	 	 Interest
	  	 	76	 

  
 -i- 

							
	 	 	 	  	Page	 
			
	 Section 2.14.
	 	 Alternate Rate of Interest
	  	 	77	 
			
	 Section 2.15.
	 	 Increased Costs
	  	 	79	 
			
	 Section 2.16.
	 	 Break Funding Payments
	  	 	80	 
			
	 Section 2.17.
	 	 Taxes
	  	 	80	 
			
	 Section 2.18.
	 	 Payments Generally; Allocation of Proceeds; Sharing of Payments
	  	 	84	 
			
	 Section 2.19.
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	86	 
			
	 Section 2.20.
	 	 Illegality
	  	 	87	 
			
	 Section 2.21.
	 	 Defaulting Lenders
	  	 	88	 
			
	 Section 2.22.
	 	 Incremental Facilities
	  	 	89	 
			
	 Section 2.23.
	 	 Extensions of Loans
	  	 	92	 
	
	ARTICLE 3	  

	
	REPRESENTATIONS AND WARRANTIES	  

			
	 Section 3.01.
	 	 Organization; Powers
	  	 	94	 
			
	 Section 3.02.
	 	 Authorization; Enforceability
	  	 	95	 
			
	 Section 3.03.
	 	 Governmental Approvals; No Conflicts
	  	 	95	 
			
	 Section 3.04.
	 	 Financial Condition; No Material Adverse Effect
	  	 	95	 
			
	 Section 3.05.
	 	 Properties
	  	 	95	 
			
	 Section 3.06.
	 	 Litigation and Environmental Matters
	  	 	96	 
			
	 Section 3.07.
	 	 Compliance with Laws
	  	 	96	 
			
	 Section 3.08.
	 	 Investment Company Status
	  	 	96	 
			
	 Section 3.09.
	 	 Taxes
	  	 	96	 
			
	 Section 3.10.
	 	 ERISA
	  	 	96	 
			
	 Section 3.11.
	 	 Disclosure
	  	 	97	 
			
	 Section 3.12.
	 	 Solvency
	  	 	97	 
			
	 Section 3.13.
	 	 Subsidiaries
	  	 	97	 
			
	 Section 3.14.
	 	 Security Interest in Collateral
	  	 	97	 
			
	 Section 3.15.
	 	 Labor Disputes
	  	 	98	 
			
	 Section 3.16.
	 	 Federal Reserve Regulations
	  	 	98	 

  
 -ii- 

							
	 	 	 	  	Page	 
			
	 Section 3.17.
	 	 OFAC; PATRIOT ACT and FCPA
	  	 	98	 
	
	ARTICLE 4	  

	
	CONDITIONS	  

			
	 Section 4.01.
	 	 Closing Date
	  	 	99	 
	
	ARTICLE 5	  

	
	AFFIRMATIVE COVENANTS	  

			
	 Section 5.01.
	 	 Financial Statements and Other Reports
	  	 	101	 
			
	 Section 5.02.
	 	 Existence
	  	 	104	 
			
	 Section 5.03.
	 	 Payment of Taxes
	  	 	104	 
			
	 Section 5.04.
	 	 Maintenance of Properties
	  	 	104	 
			
	 Section 5.05.
	 	 Insurance
	  	 	104	 
			
	 Section 5.06.
	 	 Inspections
	  	 	105	 
			
	 Section 5.07.
	 	 Maintenance of Book and Records
	  	 	105	 
			
	 Section 5.08.
	 	 Compliance with Laws
	  	 	105	 
			
	 Section 5.09.
	 	 Environmental
	  	 	105	 
			
	 Section 5.10.
	 	 Designation of Subsidiaries
	  	 	106	 
			
	 Section 5.11.
	 	 Use of Proceeds
	  	 	106	 
			
	 Section 5.12.
	 	 Covenant to Guarantee Obligations and Give Security
	  	 	107	 
			
	 Section 5.13.
	 	 Maintenance of Ratings
	  	 	109	 
			
	 Section 5.14.
	 	 Further Assurances
	  	 	109	 
	
	ARTICLE 6	  

	
	NEGATIVE COVENANTS	  

			
	 Section 6.01.
	 	 Indebtedness
	  	 	109	 
			
	 Section 6.02.
	 	 Liens
	  	 	115	 
			
	 Section 6.03.
	 	 [Reserved]
	  	 	119	 
			
	 Section 6.04.
	 	 Restricted Payments; Restricted Debt Payments
	  	 	119	 
			
	 Section 6.05.
	 	 Burdensome Agreements
	  	 	122	 
			
	 Section 6.06.
	 	 Investments
	  	 	124	 
			
	 Section 6.07.
	 	 Fundamental Changes; Disposition of Assets
	  	 	127	 

  
 -iii- 

							
	 	 	 	  	Page	 
			
	 Section 6.08.
	 	 [Reserved]
	  	 	131	 
			
	 Section 6.09.
	 	 Transactions with Affiliates
	  	 	131	 
			
	 Section 6.10.
	 	 Conduct of Business
	  	 	133	 
			
	 Section 6.11.
	 	 [Reserved]
	  	 	133	 
			
	 Section 6.12.
	 	 Fiscal Year
	  	 	134	 
			
	 Section 6.13.
	 	 Financial Covenant
	  	 	134	 
	
	ARTICLE 7	  

	
	EVENTS OF DEFAULT	  

			
	 Section 7.01.
	 	 Events of Default
	  	 	135	 
	
	ARTICLE 8	  

	
	THE ADMINISTRATIVE AGENT	  

	ARTICLE 9	  

	MISCELLANEOUS	  

			
	 Section 9.01.
	 	 Notices
	  	 	145	 
			
	 Section 9.02.
	 	 Waivers; Amendments
	  	 	148	 
			
	 Section 9.03.
	 	 Expenses; Indemnity
	  	 	153	 
			
	 Section 9.04.
	 	 Waiver of Claim
	  	 	154	 
			
	 Section 9.05.
	 	 Successors and Assigns
	  	 	154	 
			
	 Section 9.06.
	 	 Survival
	  	 	163	 
			
	 Section 9.07.
	 	 Counterparts; Integration; Effectiveness
	  	 	163	 
			
	 Section 9.08.
	 	 Severability
	  	 	163	 
			
	 Section 9.09.
	 	 Right of Setoff
	  	 	164	 
			
	 Section 9.10.
	 	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	165	 
			
	 Section 9.11.
	 	 Waiver of Jury Trial
	  	 	165	 
			
	 Section 9.12.
	 	 Headings
	  	 	165	 
			
	 Section 9.13.
	 	 Confidentiality
	  	 	166	 
			
	 Section 9.14.
	 	 No Fiduciary Duty
	  	 	167	 
			
	 Section 9.15.
	 	 Several Obligations
	  	 	167	 
			
	 Section 9.16.
	 	 USA PATRIOT Act
	  	 	167	 

  
 -iv- 

							
	 	 	 	  	Page	 
			
	 Section 9.17.
	 	 Disclosure of Agent Conflicts
	  	 	167	 
			
	 Section 9.18.
	 	 Appointment for Perfection
	  	 	167	 
			
	 Section 9.19.
	 	 Interest Rate Limitation
	  	 	168	 
			
	 Section 9.20.
	 	 Conflicts
	  	 	168	 
			
	 Section 9.21.
	 	 Release of Guarantors
	  	 	168	 
			
	 Section 9.22.
	 	 Acknowledgment and Consent to Bail-In of EEA Financial Institutions
	  	 	168	 

  

					
	 SCHEDULES:
	  		  	
	 Schedule 1.01(a)
	  	 –
	  	 Commitment Schedule

	 Schedule 1.01(b)
	  	 –
	  	 Dutch Auction

	 Schedule 1.01(c)
	  	 –
	  	 Mortgages

	 Schedule 3.05
	  	 –
	  	 Fee Owned Real Estate Assets

	 Schedule 3.13
	  	 –
	  	 Subsidiaries

	 Schedule 5.10
	  	 –
	  	 Unrestricted Subsidiaries

	 Schedule 6.01
	  	 –
	  	 Existing Indebtedness

	 Schedule 6.02
	  	 –
	  	 Existing Liens

	 Schedule 6.06
	  	 –
	  	 Existing Investments

		
	 EXHIBITS:
	  	
	 Exhibit A-1
	  	 –
	  	 Form of Affiliated Lender Assignment and Assumption

	 Exhibit A-2
	  	 –
	  	 Form of Assignment and Assumption

	 Exhibit B
	  	 –
	  	 Form of Borrowing Request

	 Exhibit C-1
	  	 –
	  	 Form of Intellectual Property Security Agreement

	 Exhibit C-2
	  	 –
	  	 Form of Intellectual Property Security Agreement Supplement

	 Exhibit D
	  	 –
	  	 Form of Compliance Certificate

	 Exhibit E
	  	 –
	  	 Form of First Lien Intercreditor Agreement

	 Exhibit F
	  	 –
	  	 Form of Intercompany Note

	 Exhibit G
	  	 –
	  	 Form of Intercreditor Agreement

	 Exhibit H
	  	 –
	  	 Form of Interest Election Request

	 Exhibit I
	  	 –
	  	 Form of Guaranty Agreement

	 Exhibit J
	  	 –
	  	 Form of Perfection Certificate

	 Exhibit K
	  	 –
	  	 Form of Perfection Certificate Supplement

	 Exhibit L
	  	 –
	  	 Form of Promissory Note

	 Exhibit M
	  	 –
	  	 Form of Pledge and Security Agreement

	 Exhibit N-1
	  	 –
	  	 Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax
Purposes)

	 Exhibit N-2
	  	 –
	  	 Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax
Purposes)

	 Exhibit N-3
	  	 –
	  	 Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax
Purposes)

	 Exhibit N-4
	  	 –
	  	 Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax
Purposes)

	 Exhibit O
	  	 –
	  	 Form of Solvency Certificate

  

  
 -v- 

 TERM LOAN CREDIT AGREEMENT 

TERM LOAN CREDIT AGREEMENT, dated as of April 23, 2019 (this “Agreement”), by and among Blackstone
Mortgage Trust, Inc., a Maryland corporation (the “Borrower”), the Lenders from time to time party hereto and JPMorgan Chase Bank, N.A. (“JPMCB”), in its capacities as administrative agent for the Lenders and collateral
agent for the Secured Parties (in such capacities and together with its successors and assigns, the “Administrative Agent”). 

RECITALS 
 A. On
the Closing Date, the Borrower requested that the Initial Term Lenders extend credit in the form of Initial Term Loans in an aggregate principal amount equal to $500,000,000. 

B. The Lenders were willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.

 C. The 2019 Replacement Term Lenders (as defined below) were willing to extend to the Borrower the 2019 Replacement Term
Loans (as defined below) on the First Amendment Effective Date in an aggregate principal amount equal to $498,750,000 upon the terms and subject to the conditions set forth in the First Amendment (as defined below). The proceeds of the 2019
Replacement Term Loans were used on the First Amendment Effective Date to refinance all of the Initial Term Loans outstanding on the First Amendment Effective Date. 

D. The 2019 Incremental Term Lenders (as defined below) were willing to extend to the Borrower the 2019 Incremental Term Loans
(as defined below) on the First Amendment Effective Date in an aggregate principal amount equal to $250,000,000 upon the terms and subject to the conditions set forth in the First Amendment. 

E. The Initial Term B-2 Lenders (as defined below) were willing to extend to the Borrower the Initial Term B-2 Loans (as
defined below) on the Second Amendment Effective Date in an aggregate principal amount equal to $250,000,000 upon the terms and subject to the conditions set forth in the Second Amendment. 

F. The Additional Term B-2 Lenders (as defined below) were willing to extend to the Borrower the Additional Term B-2 Loans (as
defined below) on the Third Amendment Effective Date in an aggregate principal amount equal to $75,000,000 upon the terms and subject to the conditions set forth in the Third Amendment. 

G. The Additional 2019 Incremental Term Lenders (as defined below) arewere willing to extend to the Borrower the Additional 2019 New Term Loans (as defined below) on the Fourth Amendment Effective Date in an aggregate principal amount equal to $200,000,000 upon the terms and subject to
the conditions set forth in the Fourth Amendment. 
 H. The Replacement Term B-3 Lenders (as defined below) are willing to extend to the Borrower the Replacement Term B-3 Loans (as defined below) on the Fifth Amendment Effective Date (as defined below) in an
aggregate principal amount equal to $322,562,500 upon the terms and subject to the conditions set forth in the Fifth Amendment (as defined below). The proceeds of the Replacement Term B-3 Loans will be used on the Fifth Amendment Effective Date to
refinance all of the Term B-2 Loans outstanding on the Fifth Amendment Effective Date. 

I.
 The Incremental Term B-3 Lenders (as defined below) are willing to extend to the Borrower the Incremental
Term B-3 Loans (as defined below) on the Fifth Amendment Effective Date in an aggregate principal amount equal to $100,000,000 upon the terms and subject to the conditions set forth in the Fifth Amendment. 
  

Accordingly, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“2019 Incremental Term Lender” has the meaning assigned to such term in the First Amendment. 

“2019 Incremental Term Loan Commitment” has the meaning assigned to such term in the First Amendment. 

“2019 Incremental Term Loans” has the meaning assigned to such term in the First Amendment. 

“2019 New Term Loans” means the 2019 Replacement Term Loans, the 2019 Incremental Term Loans and, from and
after the Fourth Amendment Effective Date, the Additional 2019 New Term Loans; provided that, for the avoidance of doubt, the 2019 Replacement Term Loans, the 2019 Incremental Term Loans and the Additional 2019 New Term Loans shall be treated as a
single Class of 2019 New Term Loans under this Agreement and the other Loan Documents. 
 “2019 Replacement Term
Lender” has the meaning assigned to such term in the First Amendment. 
 “2019 Replacement Term Loan
Commitment” has the meaning assigned to such term in the First Amendment. 
 “2019 Replacement Term
Loans” has the meaning assigned to such term in the First Amendment. 
 “ABR,” when used in reference to
any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Alternate Base Rate. 

“Acceptable Intercreditor Agreement” means: 

(a) with respect to any Indebtedness that is secured by the Collateral on a pari passu lien basis with the 2019 New
Term Loans and the Term
B-23 Loans, an intercreditor agreement substantially in the form of Exhibit E, with any immaterial changes (as are reasonably acceptable to the Administrative Agent and the Borrower) thereto as the Borrower and the
Administrative Agent may agree in their respective reasonable discretion; 
 (b) with respect to any Indebtedness
that is secured by the Collateral on a junior lien basis to the 2019 New Term Loans and the Term B-23 Loans, an intercreditor agreement substantially in the form of Exhibit
G, with any immaterial changes (as are reasonably acceptable to the Administrative Agent and the Borrower) thereto as the Borrower and the Administrative Agent may agree in their respective reasonable discretion; or 

  
 2 

 (c) with respect to any Indebtedness (including Indebtedness secured on a pari
passu or junior basis to the 2019 New Term Loans and the Term
B-23 Loans), any other intercreditor or subordination agreement or arrangement (which may take the form of a “waterfall” or similar provision), as applicable, the terms of which are (i) consistent with
market terms (as determined by the Borrower and the Administrative Agent in good faith) governing arrangements for the sharing and/or subordination of Liens and/or arrangements relating to the distribution of payments, as applicable, at the time the
relevant intercreditor agreement is proposed to be established in light of the type of Indebtedness subject thereto and/or (ii) reasonably acceptable to the Borrower and the Administrative Agent. 

“ACH” means automated clearing house arrangements. 

“Additional 2019 Incremental Term Lender” has the meaning assigned to such term in the Fourth Amendment. 

“Additional 2019 Incremental Term Loan Commitment” has the meaning assigned to such term in the Fourth
Amendment. 
 “Additional 2019 New Term Loans” has the meaning assigned to such term in the Fourth
Amendment. 
 “Additional Agreement” has the meaning assigned to such term in Article 8. 

“Additional Commitment” means any commitment hereunder added pursuant to Sections 2.22, 2.23 or
9.02(c). 
 “Additional Lender” has the meaning assigned to such term in Section 2.22(b).

 “Additional Term B-2 Lender” has the meaning assigned to such term in the Third Amendment. 

“Additional Term B-2 Loan Commitment” has the meaning assigned to such term in the Third Amendment. 

“Additional Term B-2 Loans” has the meaning assigned to such term in the Third Amendment. 

“Additional Term Lender” means any Lender with an Additional Term Loan Commitment or an outstanding
Additional Term Loan. 
 “Additional Term Loan Commitment” means any term commitment added pursuant to
Sections 2.22, 2.23 or 9.02(c). 
 “Additional Term Loans” means any term loan added pursuant to
Section 2.22, 2.23 or 9.02(c). 
 “Administrative Agent” has the meaning assigned to such term
in the preamble to this Agreement. 
 “Administrative Questionnaire” has the meaning assigned to such term
in Section 2.22(d). 

  
 3 

 “Adverse Proceeding” means any action, suit, proceeding (whether
administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of the Borrower or any of its Restricted Subsidiaries) at law, in equity or in arbitration, or before or by any Governmental
Authority, domestic or foreign (including any Environmental Claim), whether pending or, to the knowledge of a Responsible Officer of the Borrower or any of its Restricted Subsidiaries, threatened in writing, against or affecting the Borrower or any
of its Restricted Subsidiaries or any property of the Borrower or any of its Restricted Subsidiaries. 

“Affiliate” means, as applied to any Person, any other Person directly or indirectly Controlling, Controlled
by, or under common Control with, that Person. No Person shall be an “Affiliate” of the Borrower or any Subsidiary thereof solely because it is an unrelated portfolio company of the Sponsor (except for purposes of Section 6.09) and
none of the Administrative Agent, the Arrangers, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, any Lender (other than any Affiliated
Lender or any Debt Fund Affiliate) or any of their respective Affiliates shall be considered an Affiliate of the Borrower or any subsidiary thereof. 

“Affiliated Lender” means the Sponsor and any Affiliate of the Sponsor (other than any Debt Fund Affiliate,
the Borrower or any of its Subsidiaries). 
 “Affiliated Lender Assignment and Assumption” means an
assignment and assumption entered into by a Lender and an Affiliated Lender (with the consent of any party whose consent is required by Section 9.05) and accepted by the Administrative Agent in the form of Exhibit A-1 or any other form
approved by the Administrative Agent and the Borrower. 
 “Affiliated Lender Cap” has the meaning assigned
to such term in Section 9.05(g)(iv). 
 “Agreement” has the meaning assigned to such term in
the preamble to this Term Loan Credit Agreement. 
 “Alternate Base Rate” means, for any day, a rate per
annum equal to the highest of (a) the NYFRB Rate in effect on such day plus 0.50%, (b) the Published LIBO Rate (which rate shall be calculated based upon an Interest Period of one month and shall be determined on a daily basis and, for the
avoidance of doubt, the Published LIBO Rate for any day shall be based on the rate determined on such day at 11:00 a.m. (London time)) plus 1.00% or (c) the Prime Rate; provided that in no event shall the Alternate Base Rate be less than 1.00%
or, in the case of the Term B-2 Loans, less than 2.00%, or, in the case of the Term B-3 Loans, less than
1.50%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Published LIBO Rate, as the case may be, shall be effective from and including the effective
date of such change in the Prime Rate, the NYFRB Rate or the Published LIBO Rate, as the case may be. 

“Applicable Percentage” means, with respect to any Term Lender of any Class, a percentage equal to a fraction
the numerator of which is the aggregate outstanding principal amount of the Term Loans and unused Term Commitments (if any) of such Term Lender under the applicable Class and the denominator of which is the aggregate outstanding principal amount of
the Term Loans and unused Term Commitments (if any) of all Term Lenders under the applicable Class. 
 “Applicable
Rate” means (a) with respect to any Initial Term Loans, for any day prior to the First Amendment Effective Date, the rate per annum equal to (i) 1.50% in the case of an ABR Loan and (ii) 2.50% in the case of a LIBO Rate Loan,
(b) with respect to any 2019 New Term Loans, for any day, the 

  
 4 

 
rate per annum equal to (i) 1.25% in the case of an ABR Loan and (ii) 2.25% in the case of a LIBO Rate Loan
and, (c) with respect to any Term B-2 Loans, for any day prior to the Fifth
Amendment Effective Date, the rate per annum equal to (i) 3.75% in the case of an ABR Loan and (ii) 4.75% in the case of a LIBO Rate Loan and (d) with respect to any Term B-3 Loans, for any day, the rate per annum equal to (i) 1.75% in the case of an ABR Loan and (ii) 2.75% in the case of a LIBO Rate Loan. 
 “Approved Fund” means, with respect to any Lender, any
Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities and is administered, advised or managed by
(a) such Lender, (b) any Affiliate of such Lender or (c) any entity or any Affiliate of any entity that administers, advises or manages such Lender. 

“Arrangers” means JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Barclays Bank PLC, Deutsche Bank Securities Inc. and Blackstone Advisory Partners LP, in their capacities as joint lead arrangers and joint bookrunners for the Initial Term Loans. 

“Asset Financing Facility” means any indebtedness or obligations under securitization transactions,
repurchase facilities, warehouse facilities, note-on-note financings, other credit facilities and arrangements similar to any of the foregoing and any other indebtedness or obligations, in each case, secured directly or indirectly by, and incurred
for the primary purpose of directly or indirectly funding the origination or acquisition of, or any Investment in, or otherwise financing, refinancing or capitalizing any previous origination or acquisition of, or Investment in, any CRE Finance
Assets. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section 9.05), and accepted by the Administrative Agent in the form of Exhibit A-2 or any other form approved by the Administrative Agent and the Borrower (including
electronic records generated by the use of an electronic platform). 
 “Available Amount” means, at any
time, an amount equal to, without duplication: 
  

	 	(a)	 the sum of: 

(i) the greater of $50,000,000 and 0.35% of Consolidated Total Assets as of the end of the most recently ended
Test Period; plus 
 (ii)  (x) 50.0% of the cumulative Consolidated Net Income of the
Borrower and the Restricted Subsidiaries for the period, taken as one accounting period, commencing on April 1, 2019 and ending on the last day of the most recently ended Fiscal Quarter prior to incurring the applicable transaction in reliance
on this clause (ii) for which internal financial statements of the Borrower are available (or, if such cumulative Consolidated Net Income shall be a deficit, minus 100% of such deficit for any applicable period) minus (y) the amount
of Restricted Payments made in reliance on Section 6.04(a)(i) (provided that amounts under this clause (ii) (A) shall in no event be less than $0 and (B) shall not be available for (x) any Restricted Payment
pursuant to Section 6.04(a)(iii)(A) unless no Event of Default exists at the time of declaration of such Restricted Payment or would result therefrom, (y) any Restricted Debt Payment pursuant to Section 6.04(b)(vi)(A)
unless no Event of Default exists at the time of delivery of irrevocable notice with respect to such Restricted Debt Payment or would result therefrom or (z) any Investment pursuant to Section 6.06(r)(i) unless no Event of Default
under Section 7.01(a), (f) or (g) exists at the time of such Investment or would result therefrom); plus 

  
 5 

 (iii) the amount of any capital contribution in respect of
Qualified Capital Stock of or the proceeds of any issuance of Qualified Capital Stock after the Closing Date (other than any amounts (x) constituting a Cure Amount, an Available Excluded Contribution Amount or a Contribution Indebtedness
Amount, (y) received from the Borrower or any Restricted Subsidiary or (z) consisting of the proceeds of any loan or advance made pursuant to Section 6.06(h)(ii)) received as Cash equity by the Borrower or any of its Restricted
Subsidiaries, plus the fair market value (or, solely with respect to the Indebtedness of the Borrower or any Restricted Subsidiary, the aggregate original principal amount thereof), as reasonably determined by the Borrower, of Cash Equivalents,
marketable securities or other property or assets received by the Borrower or any Restricted Subsidiary as a capital contribution in respect of Qualified Capital Stock or in return for any issuance of Qualified Capital Stock (other than any amounts

 (x) constituting a Cure Amount, an Available Excluded Contribution Amount or a Contribution Indebtedness
Amount or (y) received from the Borrower or any Restricted Subsidiary), in each case, during the period from and including the day immediately following the Closing Date through and including such time; provided that amounts received by a
Restricted Subsidiary from a Person that is not the Borrower or a Restricted Subsidiary has not been distributed or otherwise returned to such Person; plus 

(iv) the aggregate principal amount of any Indebtedness or Disqualified Capital Stock, in each case, of the
Borrower or any Restricted Subsidiary issued after the Closing Date (other than Indebtedness or such Disqualified Capital Stock issued to the Borrower or any Restricted Subsidiary), which has been converted into or exchanged for Capital Stock of the
Borrower that does not constitute Disqualified Capital Stock, together with the fair market value of any Cash Equivalents and the fair market value (as reasonably determined by the Borrower) of any assets received by the Borrower or such Restricted
Subsidiary upon such exchange or conversion, in each case, during the period from and including the day immediately following the Closing Date through and including such time; plus 

(v) the net proceeds received by the Borrower or any Restricted Subsidiary during the period from and including
the day immediately following the Closing Date through and including such time in connection with the Disposition to any Person (other than the Borrower or any Restricted Subsidiary) of any Investment made pursuant to Section 6.06(r)(i); plus

 (vi) to the extent not already reflected as a return of capital with respect to such Investment for
purposes of determining the amount of such Investment (pursuant to the definition thereof), the proceeds received by the Borrower or any Restricted Subsidiary during the period from and including the day immediately following the Closing Date
through and including such time in connection with Cash returns, Cash profits, Cash distributions and similar Cash amounts, including Cash principal repayments and interest payments of loans, in each case received in respect of any Investment made
after the Closing Date pursuant to Section 6.06(r)(i); plus 
 (vii) an amount equal to
the sum of (A) the amount of any Investments by the Borrower or any Restricted Subsidiary pursuant to Section 6.06(r)(i) in any Unrestricted Subsidiary (in an amount not to exceed the original amount of such Investment) that has been
re-designated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or is liquidated, wound up or dissolved into, the Borrower or any Restricted Subsidiary and (B) the fair market value (as reasonably
determined by the 

  
 6 

 Borrower) of the assets of any Unrestricted Subsidiary that have been
transferred, conveyed or otherwise distributed (in an amount not to exceed the original amount of the Investment in such Unrestricted Subsidiary pursuant to Section 6.06(r)(i)) to the Borrower or any Restricted Subsidiary, in each case,
during the period from and including the day immediately following the Closing Date through and including such time; plus 

(viii) to the extent not otherwise included in clause (ii) or clause (vi) above, the
aggregate amount of any cash dividend and/or other cash distribution received (or deemed to be received) by the Borrower or any Restricted Subsidiary from any Unrestricted Subsidiary, limited (except to the extent the Investment in such Unrestricted
Subsidiary was made pursuant to Section 6.06(r)(i)) to amounts constituting a return of capital and profits; plus 

(ix) the fair market value (not to exceed par, in the case of any loans optionally prepayable at par) (or, in
the case of any Indebtedness issued by the Borrower or any Restricted Subsidiary, the original principal amount) of any Indebtedness that has been contributed to the Borrower or any Restricted Subsidiary in accordance with
Section 9.05(g)(i) (or any comparable provision under the document governing such Indebtedness, as applicable) and canceled or retired; plus 

(x) the amount of any Declined Proceeds; minus 

(b) an amount equal to the sum of (i) Restricted Payments made pursuant to
Section 6.04(a)(iii)(A), plus (ii) Restricted Debt Payments made pursuant to Section 6.04(b)(vi)(A), plus (iii) Investments made pursuant to Section 6.06(r)(i), in each case, after the Closing
Date and prior to such time or contemporaneously therewith. 
 “Available Excluded Contribution Amount”
means the aggregate amount of Cash or Cash Equivalents or the fair market value of other assets (as reasonably determined by the Borrower, but excluding any Cure Amount and any Contribution Indebtedness Amount) received (or deemed to be received) by
the Borrower or any of its Restricted Subsidiaries after the Closing Date from: 
 (a) contributions in
respect of Qualified Capital Stock of the Borrower (other than any amounts received from any Restricted Subsidiary of the Borrower), plus 

(b) the sale of Qualified Capital Stock of the Borrower (other than (x) to any Restricted Subsidiary of
the Borrower, (y) pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or (z) with the proceeds of any loan or advance made pursuant to Section 6.06(h)(ii)); 

in each case, designated as an Available Excluded Contribution Amount pursuant to a certificate of a Financial Officer on or promptly after
the date on which the relevant capital contribution is made or the relevant proceeds are received, as the case may be, and which are excluded from the calculation of the Available Amount. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution
Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule. 

  
 7 

 “Bankruptcy Code” means Title 11 of the United States Code (11
U.S.C. § 101 et seq.), as it has been, or may be, amended, from time to time. 
 “Base Incremental
Amount” means (a) an amount equal to the greater of (i) $140,000,000 and (ii) 1.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis minus (b) the
aggregate principal amount of all Incremental Facilities and/or Incremental Equivalent Debt incurred or issued in reliance on the Base Incremental Amount after the First Amendment Effective Date, in each case, for the avoidance of doubt, determined
after giving effect to any reclassification of such Incremental Facilities and/or Incremental Equivalent Debt permitted under this Agreement. 

“Basket” has the meaning assigned to such term in Section 1.10(d). 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is
subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA
or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“BHC Act Affiliate” of a party means an “affiliate’ (as such term is defined under, and interpreted
in accordance with, 12 U.S.C. 1841(k)) of such party. 
 “Board” means the Board of Governors of the
Federal Reserve System of the U.S. 
 “Bona Fide Debt Fund” means any bona fide debt fund, investment
vehicle, regulated bank entity or unregulated lending entity that is primarily engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business for financial
investment purposes which is managed, sponsored or advised by any Person controlling, controlled by or under common control with (a) any Competitor or (b) any Affiliate of such Competitor, but, in each case, with respect to which no
personnel involved with any investment in such Person or the management, control or operation of such Person directly or indirectly makes, has the right to make or participates with others in making any investment decisions, or otherwise causing the
direction of the investment policies, with respect to such debt fund, investment vehicle, regulated bank entity or unregulated entity; it being understood and agreed that the term “Bona Fide Debt Fund” shall not include any Person that is
a Disqualified Lending Institution. 
 “Borrower” has the meaning assigned to such term in the preamble to
this Agreement, together with any successors and assigns permitted under this Agreement. 
 “Borrower
Materials” has the meaning assigned to such term in Section 9.01(d). 
 “Borrowing”
means any Loans of the same Type and Class made, converted or continued on the same date and, in the case of LIBO Rate Loans, as to which a single Interest Period is in effect. 

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with
Section 2.03 and substantially in the form attached hereto as Exhibit B or such other form that is reasonably acceptable to the Administrative Agent and the Borrower. 

“Burdensome Agreement” has the meaning assigned to such term in Section 6.05. 

  
 8 

 “Business Day” means any day that is not a Saturday, Sunday or
other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that when used in connection with a LIBO Rate Loan, the term “Business Day” shall also exclude any day on which banks are not
open for dealings in Dollar deposits in the London interbank market. 
 “Capital Stock” means any and all
shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests, membership interests,
profits interests and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing, but excluding for the avoidance of doubt any Indebtedness convertible into or exchangeable for any of the
foregoing. 
 “Captive Insurance Subsidiary” means any Restricted Subsidiary of the Borrower that is
subject to regulation as an insurance company (or any Restricted Subsidiary thereof). 
 “Cash” means
money, currency or a credit balance in any Deposit Account, in each case determined in accordance with GAAP. 

“Cash Equivalents” means, as at any date of determination, (a) readily marketable securities
(i) issued or directly and unconditionally guaranteed or insured as to interest and principal by the U.S. government or (ii) issued by any agency or instrumentality of the U.S. the obligations of which are backed by the full faith and
credit of the U.S., in each case maturing within one year after such date and, in each case, repurchase agreements and reverse repurchase agreements relating thereto; (b) readily marketable direct obligations issued by any state of the U.S. or
any political subdivision of any such state or any public instrumentality thereof or by any foreign government, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-2 from
S&P or at least P-2 from Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency) and, in each case, repurchase
agreements and reverse repurchase agreements relating thereto; (c) commercial paper maturing no more than one year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-2 from S&P or at
least P-2 from Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency); (d) deposits, money market deposits, time
deposit accounts, certificates of deposit or bankers’ acceptances (or similar instruments) maturing within one year after such date and issued or accepted by any Lender or by any bank organized under, or authorized to operate as a bank under,
the laws of the U.S., any state thereof or the District of Columbia or any political subdivision thereof and that has capital and surplus of not less than $100,000,000 and, in each case, repurchase agreements and reverse repurchase agreements
relating thereto; (e) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank having capital and surplus of not less than $100,000,000; (f) shares of
any money market mutual fund that has (i) substantially all of its assets invested in the types of investments referred to in clauses (a) through (e) above, (ii) net assets of not less than $250,000,000 and
(iii) a rating of at least A-2 from S&P or at least P-2 from Moody’s; and (g) solely with respect to any Captive Insurance Subsidiary, any investment that such Captive Insurance Subsidiary is not prohibited to make in accordance
with applicable law. 
 The term “Cash Equivalents” shall also include (x) Investments of the type and
maturity described in clauses (a) through (g) above of foreign obligors, which Investments or obligors (or the parent companies thereof) have the ratings described in such clauses or equivalent ratings from comparable foreign
rating agencies and (y) other short-term Investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in Investments that are analogous to the Investments described in clauses (a) through
(g) and in this paragraph. 

  
 9 

 “Change in Law” means (a) the adoption of any law, treaty,
rule or regulation after the Closing Date, (b) any change in any law, treaty, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for
purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or
issued after the Closing Date (other than any such request, guideline or directive to comply with any law, rule or regulation that was in effect on the Closing Date). For purposes of this definition and Section 2.15, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof and (y) all requests, rules, guidelines,
requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or U.S. or foreign regulatory authorities, in each case pursuant to Basel III, shall
in each case described in clauses (a), (b) and (c) above, be deemed to be a Change in Law, regardless of the date enacted, adopted, issued or implemented. 

“Change of Control” means the acquisition by any Person or group (within the meaning of Section 13(d)(3)
or Section 14(d)(2) of the Exchange Act) (including any group acting for the purpose of acquiring, holding or disposing of Securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), but excluding (i) any employee benefit
plan and/or Person acting as the trustee, agent or other fiduciary or administrator therefor and (ii) one or more Permitted Holders), of Capital Stock representing more than the greater of (x) 40% of the total voting power of all of the
outstanding voting stock of the Borrower and (y) the percentage of the total voting power of all of the outstanding voting stock of the Borrower owned, directly or indirectly, beneficially by the Permitted Holders. 

“Charge” means any fee, loss, charge, expense, cost, accrual or reserve of any kind. 

“Charged Amounts” has the meaning assigned to such term in Section 9.19. 

“Class,” when used with respect to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, are Initial Term Loans, 2019 New Term Loans, Term B-2 Loans, Term B-3 Loans or
other Additional Term Loans of any series established as a separate “Class” pursuant to Section 2.22, 2.23 or 9.02(c), (b) any Commitment, refers to whether such Commitment is an Initial Term Loan Commitment
or an Additional Term Loan Commitment of any series established as a separate “Class” pursuant to Section 2.22, 2.23 or 9.02(c) and (c) any Lender, refers to whether such Lender has a Loan or Commitment of a particular Class. For
the avoidance of doubt, (x) the Term
B-23
 Loans shall constitute, and shall be treated as, a separate Class of “Term Loans” from the “2019 New Term Loans” under the Loan Documents and (y) the
InitialReplacement Term B-23 Loans and the
AdditionalIncremental
 Term
B-23
 Loans shall constitute, and shall be treated as, forming parts of the same Class of “Term Loans” under the Loan Documents. 

“Closing Date” means April 23, 2019, the date on which the conditions specified in Section 4.01 were
satisfied (or waived in accordance with Section 9.02). 
 “Code” means the Internal Revenue Code of
1986, as amended. 
 “Collateral” means any and all property of any Loan Party subject (or purported to be
subject) to a Lien under any Collateral Document and any and all other property of any Loan Party, now existing or hereafter acquired, that is or becomes subject (or purported to be subject) to a Lien pursuant to any Collateral Document to secure
the Secured Obligations. For the avoidance of doubt, in no event shall “Collateral” include any Excluded Asset. 

  
 10 

 “Collateral and Guarantee Requirement” means, at any time,
subject to (x) the applicable limitations set forth in this Agreement and/or any other Loan Document and (y) the time periods (and extensions thereof) set forth in Section 5.12, the requirement that: 

(a) the Administrative Agent shall have received in the case of any Restricted Subsidiary that is required to
become a Loan Party after the Closing Date (including by ceasing to be an Excluded Subsidiary) and each Discretionary Guarantor: 

(i) (A) a joinder to the Loan Guaranty in substantially the form attached as an exhibit thereto, (B) a
supplement to the Security Agreement in substantially the form attached as an exhibit thereto, (C) if the respective Restricted Subsidiary required to comply with the requirements set forth in this definition pursuant to
Section 5.12 owns registrations of or applications for U.S. Patents, Trademarks and/or Copyrights that do not constitute Excluded Assets and are intended to constitute Collateral, an Intellectual Property Security Agreement in
substantially the form attached as Exhibit C-2 hereto, (D) a completed Perfection Certificate or Perfection Certificate Supplement, as applicable, and a certificate of a type described in Section 4.01(c)(i), (E) Uniform
Commercial Code financing statements in appropriate form for filing in such jurisdictions as the Administrative Agent may reasonably request, and (F) a joinder to the Intercompany Note, in each case duly executed by the appropriate parties;

 (ii) each item of Collateral that such Restricted Subsidiary is required to deliver under the Security
Agreement (which, for the avoidance of doubt, shall be delivered within the time periods set forth in Section 5.12(a) or the Security Agreement, as applicable); and 

(iii) in the event a Restricted Subsidiary that is organized in a jurisdiction other than a jurisdiction in the
United States becomes a Foreign Discretionary Guarantor, the Capital Stock of such Foreign Discretionary Guarantor shall be pledged (unless such Capital Stock constitutes an Excluded Asset for any reason other than solely by virtue of such
Restricted Subsidiary being a Foreign Subsidiary) and such Loan Party shall grant a perfected lien on substantially all of its assets, in each case pursuant to an arrangement reasonably agreed between the Administrative Agent and the Borrower
subject to customary limitations and exclusions in such jurisdiction as reasonably agreed between the Administrative Agent and the Borrower; and 

(b) the Administrative Agent shall have received with respect to any Material Real Estate Assets acquired after
the Closing Date that do not constitute Excluded Assets, a Mortgage and any necessary UCC fixture filing in respect thereof, in each case together with, to the extent customary and appropriate (as reasonably determined by the Administrative Agent
and the Borrower): 
 (i) evidence that (A) counterparts of such Mortgage have been duly executed,
acknowledged and delivered and such Mortgage and any corresponding UCC or equivalent fixture filing are in form suitable for filing or recording in all filing or recording offices that the Administrative Agent may deem reasonably necessary in order
to create a valid and subsisting Lien on such Material Real Estate Asset in favor of the Administrative Agent for the benefit of the Secured Parties, (B) such Mortgage and any corresponding UCC or equivalent fixture filings have been duly
recorded or filed, as applicable, and (C) all filing and recording taxes and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Administrative Agent; 

  
 11 

 (ii) one or more fully paid policies of title insurance (the
“Mortgage Policies”) in an amount reasonably acceptable to the Administrative Agent (not to exceed the fair market value of the Material Real Estate Asset covered thereby (as reasonably determined by the Borrower)) issued by a nationally
recognized title insurance company in the applicable jurisdiction that is reasonably acceptable to the Administrative Agent, insuring the relevant Mortgage as having created a valid subsisting Lien on the real property described therein with the
ranking or the priority which it is expressed to have in such Mortgage, subject only to Permitted Liens, together with such endorsements, coinsurance and reinsurance as the Administrative Agent may reasonably request to the extent the same are
available in the applicable jurisdiction; 
 (iii) customary legal opinions of local counsel for the relevant
Loan Party addressed to the Administrative Agent and the Secured Parties in the jurisdiction in which such Material Real Estate Asset is located, and if applicable, in the jurisdiction of formation of the relevant Loan Party, with respect to the due
authorization, execution, delivery, enforceability and validity of the lien of such Mortgage and the perfection of any related fixture filings, in each case as the Administrative Agent may reasonably request and shall otherwise be in form and
substance reasonably satisfactory to the Administrative Agent; 
 (iv) ALTA surveys, including an existing
survey together with a no-change affidavit sufficient for the title insurance company to remove the standard survey exception from the Mortgage Policies and issue the survey-related endorsements and appraisals (if required under the Financial
Institutions Reform Recovery and Enforcement Act of 1989, as amended); provided that the Administrative Agent shall accept any such existing certificate or appraisal so long as such existing certificate or appraisal satisfies any applicable local
law requirements; and 
 (v) a completed life-of-loan Federal Emergency Management Agency standard flood
hazard determination with respect to each Material Real Estate Asset. 
 Notwithstanding any provision of any Loan Document
to the contrary, if a mortgage tax or any similar tax or charge will be owed on the entire amount of the Secured Obligations evidenced hereby, then, to the extent permitted by, and in accordance with, applicable law, the amount of such mortgage tax
or any similar tax or charge shall be calculated based on the lesser of (x) the amount of the Secured Obligations allocated to the applicable Material Real Estate Assets and (y) the fair market value of the applicable Material Real Estate
Assets at the time the Mortgage is entered into and determined in a manner reasonably acceptable to Administrative Agent and the Borrower, which in the case of clause (y) will result in a limitation of the Secured Obligations secured by
the Mortgage to such amount. 
 “Collateral Documents” means, collectively, (i) the Security
Agreement, (ii) each Mortgage, (iii) each Intellectual Property Security Agreement, (iv) any supplement to any of the foregoing delivered to the Administrative Agent pursuant to the definition of “Collateral and Guarantee
Requirement,” and (v) each of the other instruments and documents pursuant to which any Loan Party grants (or purports to grant) a Lien on any Collateral as security for payment of the Secured Obligations. 

“Commercial Tort Claim” has the meaning set forth in Article 9 of the UCC. 

  
 12 

 “Commitment” means, with respect to each Lender, such
Lender’s Initial Term Loan Commitment and Additional Commitment, as applicable, in effect as of such time. 

“Commitment Schedule” means the Schedule attached hereto as Schedule 1.01(a). 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 

“Competitor” has the meaning assigned to such term in the definition of “Disqualified Institution.”

 “Compliance Certificate” means a Compliance Certificate substantially in the form of Exhibit D. 

“Confidential Information” has the meaning assigned to such term in Section 9.13. 

“Consolidated Net Income” means, in respect of any period and as determined for any Person (the
“Subject Person”) on a consolidated basis, an amount equal to the sum of net income, determined in accordance with GAAP, but excluding: 

(a) (i) the income of any person (other than a Restricted Subsidiary of the Subject Person), except to the
extent of the amount of dividends or distributions or other payments (including any ordinary course dividend, distribution or other payment) paid in cash (or to the extent converted into cash within 180 days after receipt) to the Subject Person or
any of its Restricted Subsidiaries by such Person during such period or (ii) the loss of any Person (other than a Restricted Subsidiary of the Subject Person), other than to the extent that the Subject Person or any of its Restricted
Subsidiaries has contributed Cash or Cash Equivalents to such Person in respect of such loss during such period, 

(b) any gain or Charge attributable to any asset Disposition (including asset retirement costs and including
abandonments of assets) or of returned surplus assets, in each case, outside the ordinary course of business, 

(c) (i) any gain or Charge from (A) any extraordinary item (as determined in good faith by such Person)
and/or (B) any nonrecurring or unusual item (as determined in good faith by such Person) and/or (ii) any Charge associated with and/or payment of any actual or prospective legal settlement, fine, judgment or order, 

(d) any net gain or Charge with respect to (i) any disposed, abandoned, divested and/or discontinued
asset, property or operation (other than, at the option of the Borrower, any asset, property or operation pending the disposal, abandonment, divestiture and/or termination thereof), (ii) any disposal, abandonment, divestiture and/or
discontinuation of any asset, property or operation (other than, at the option of the Borrower, relating to assets or properties held for sale or pending the divestiture or termination thereof) and/or (iii) any facility that has been closed
during such period, 
 (e) any net income or Charge (less all fees and expenses or charges related thereto)
or write-off or amortization made of any deferred financing cost and/or premium paid or other Charge, in each case attributable to the early extinguishment of Indebtedness (and the termination of any associated Hedge Agreement), 

  
 13 

 (f) (i) any Charge incurred as a result of, in connection with or
pursuant to any profits interest plan, equity incentive, stock option plan, other management equity plan, or any other management or employee benefit plan or agreement, any pension plan (including any post-employment benefic scheme which has been
agreed with the relevant pension trustee), any stock subscription or shareholder agreement, any employee benefit trust, any employment benefit scheme or any similar equity plan or agreement (including any deferred compensation arrangement) and
(ii) any Charge incurred in connection with the rollover, acceleration or payout of Capital Stock held by management of the Borrower and/or any Restricted Subsidiary, in each case under this subclause (ii), to the extent that any cash Charge is
funded with net cash proceeds contributed to the relevant Person as a capital contribution or as a result of the sale or issuance of Qualified Capital Stock (other than any amount included in the calculation of the Available Amount pursuant to
clause (a)(ii) of the definition thereof or any amount included in the Available Excluded Contribution Amount), 

(g) any Charge that is established, adjusted and/or incurred, as applicable, (i) within 18 months after
the closing of any other acquisition, investment or asset sale that is required to be established, adjusted or incurred, as applicable, as a result of such acquisition in accordance with GAAP or (ii) as a result of any change in, or the
adoption or modification of, accounting principles and/or policies in accordance with GAAP, 
 (h) (A) the
effects of adjustments (including the effects of such adjustments pushed down to the relevant Person and its Restricted Subsidiaries) in such Person’s consolidated financial statements in component amounts required or permitted by GAAP
(including, without limitation, in the inventory, property and equipment, leases, rights fee arrangements, software, goodwill, intangible asset, in-process research and development, deferred revenue, advanced billing and debt line items thereof),
resulting from the application of purchase accounting in relation to any consummated acquisition or recapitalization accounting or the amortization or write-off of any amounts thereof, net of Taxes, and (B) the cumulative effect of changes in,
or the adoption or modification of, accounting principles or policies made in such period in accordance with GAAP which affect Consolidated Net Income (except that, if the Borrower determines in good faith that the cumulative effects thereof are not
material to the interests of the Lenders, the effects of any change, adoption or modification of any such principles or policies may be included in any subsequent period after the Fiscal Quarter in which such change, adoption or modification was
made), and 
 (i) (i) any realized or unrealized gain or loss in respect of (x) any obligation under any
Hedge Agreement not entered into for speculative purposes as determined in accordance with GAAP and/or (y) any other derivative instrument pursuant to, in the case of this clause (y), Financial Accounting Standards Board’s Accounting
Standards Codification No. 815-Derivatives and Hedging, (ii) any realized or unrealized foreign currency exchange gain or loss (including any currency re-measurement of Indebtedness, any net gain or loss resulting from Hedge Agreements for
currency exchange risk resulting from any intercompany Indebtedness, any foreign currency translation or transaction or any other currency-related risk); provided, that notwithstanding anything to the contrary herein, realized gains and losses in
respect of any Designated Operational FX Hedge shall be included in the calculation of Consolidated Net Income. 

“Consolidated Senior Debt” means, at any date of determination, the sum of (x) Consolidated Total Debt
as of the last day of the most recently ended Test Period minus (y) the aggregate principal amount of Indebtedness included in calculating Consolidated Total Debt consisting of Indebtedness of Loan Parties that is unsecured or secured only by a
Lien on the Collateral ranking junior to the Liens securing the Term Facility. 

  
 14 

 “Consolidated Total Assets” means, at any date, an amount equal
to the aggregate book value of all assets owned by the Borrower and its Restricted Subsidiaries on a consolidated basis at such date in conformity with GAAP (excluding amounts attributable to Investments in Unrestricted Subsidiaries) less (in the
case of each of clauses (a) – (c), to the extent such amounts would otherwise be included in Consolidated Total Assets) (a) all amounts owing to the Borrower from any Affiliate thereof, or from officers, employees, partners, members,
directors, shareholders of other persons similarly affiliated with the Borrower or any Affiliate thereof, (b) all intangible assets, (c) prepaid taxes and expenses, and (d) the amount of Non-Recourse Indebtedness, including pursuant
to securitization transactions such as a REMIC securitization, a collateralized loan obligation transactions or other similar securitizations. 

“Consolidated Total Debt” means, at any date of determination, all Indebtedness of the Borrower and its
Restricted Subsidiaries outstanding as of the last day of the most recently ended Test Period, in an amount that would be reflected on a balance sheet on a consolidated basis in accordance with GAAP. 

“Contractual Obligation” means, as applied to any Person, any provision of any Security issued by that Person
or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject. 

“Contribution Indebtedness Amount” has the meaning assigned to such term in Section 6.01(r). 

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

“Copyright” means the following: (a) all copyrights, rights and interests in copyrights, works
protectable by copyright whether published or unpublished, copyright registrations and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable
under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of any of the foregoing; and (e) all
rights corresponding to any of the foregoing. 
 “Core Earnings” means, in respect of any period and as
determined for the Borrower and its Restricted Subsidiaries on a consolidated basis, an amount equal to the sum of net income, determined in accordance with GAAP, attributable to the holders of the Borrower’s Capital Stock, including any
realized gains and losses not otherwise included under GAAP, but excluding: 
 (a) non-cash equity
compensation expense, 
 (b) incentive compensation owed to the Manager pursuant to any management agreement
in place from time to time between the Borrower and the Manager, 
 (c) depreciation and amortization, 

(d) any unrealized gain or losses or other non-cash items included in net income, 

(e) one-time events pursuant to changes in GAAP and certain non-cash charges or expense items, in each case, as
determined by the Manager and approved by a majority of the independent directors of the Borrower, 

  
 15 

 (f) net income (loss) related to the “CT Legacy
Interests” referenced in that certain Second Amended and Restated Management Agreement, dated as of October 23, 2014, by and between the Borrower and BXMT Advisors L.L.C., and 

(g) any amounts attributable to Unrestricted Subsidiaries except to the extent distributed to the Borrower or a
Restricted Subsidiary in Cash. 
 “Covered Entity” means any of the following: 

 

	 	(i)	 a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 252.82(b); 

  

	 	(ii)	 a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or 

  

	 	(iii)	 a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 

 “Covered Party” has the meaning assigned to it in Section 9.23.

 “CRE Finance Assets” means (i) any commercial real estate loans and/or direct or indirect interests
therein (including, without limitation, commercial mortgage backed securities, collateralized loan obligations, mezzanine interests, senior and junior notes and participation interests with respect to any of the foregoing), (ii) any rights,
assets or investments similar to or derivative of, any item referred to in the foregoing clause (i) and/or the origination, acquisition, financing, servicing or administration thereof (regardless of whether or not the Borrower or any of its
Restricted Subsidiaries owns or originated the applicable commercial real estate loan or direct or indirect interest therein) and (iii) Capital Stock in any Person substantially all of whose assets, directly or indirectly, are comprised of one
or more of the items referred to in the foregoing clauses (i) and/or (ii). For the avoidance of doubt, no Real Estate Investment shall constitute a CRE Finance Asset. 

“CRE Financing” shall mean any Indebtedness or obligations principally secured directly or indirectly by, and
incurred for the primary purpose of directly or indirectly funding the acquisition of, or any Investment in, or otherwise financing, refinancing or capitalizing any previous acquisition of, or Investment in, Real Estate Investments and/or interests
therein (including, for the avoidance of doubt, any mezzanine financing secured by Capital Stock in Subsidiaries that directly or indirectly own Real Estate Investments). 

“Cure Amount” has the meaning assigned to such term in Section 6.13(b). 

“Cure Right” has the meaning assigned to such term in Section 6.13(b). 

“Debt Fund Affiliate” means any Affiliate of the Sponsor (other than a natural Person, the Borrower or any of
its Subsidiaries) that is a bona fide debt fund or investment vehicle that is primarily engaged in, or advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and
similar extensions of credit or securities in the ordinary course, in each case with respect to which the Persons making such investment decisions for such applicable Affiliate are not primarily engaged in the making, acquiring or holding of equity
investments in the Borrower or any of its Subsidiaries. 

  
 16 

 “Debtor Relief Laws” means the Bankruptcy Code, and all other
liquidation, conservatorship, bankruptcy, general assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the U.S. or other applicable jurisdictions from time to
time in effect and affecting the rights of creditors generally. 
 “Declined Proceeds” has the meaning
assigned to such term in Section 2.11(b)(v). 
 “Default” means any event or condition which
upon notice, lapse of time or both would become an Event of Default. 
 “Default Right” has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“Defaulting Lender” means any Lender that has (a) defaulted in its obligations under this Agreement,
including without limitation, to make a Loan within two Business Days of the date required to be made by it hereunder, unless such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith
determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) notified the Administrative Agent or the Borrower in writing that it does not intend to
satisfy any such obligation or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under agreements in which it commits to extend credit generally (unless such writing
indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan cannot be satisfied), (c) failed, within
two Business Days after the request of the Administrative Agent or the Borrower, to confirm in writing that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans; provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent, (d) become (or any parent company thereof has become) insolvent or been determined by any
Governmental Authority having regulatory authority over such Person or its assets, to be insolvent, or the assets or management of which has been taken over by any Governmental Authority or (e) become the subject of (i) a bankruptcy,
insolvency, receivership or other similar case or proceeding or (ii) a Bail-In Action, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or
liquidation of its business or custodian, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in, any such proceeding or appointment, unless in the case of any Lender subject to this
clause (e), the Borrower and the Administrative Agent have each determined that such Lender intends, and has all approvals required to enable it (in form and substance satisfactory to the Borrower and the Administrative Agent), to continue to
perform its obligations as a Lender hereunder; provided that no Lender shall be deemed to be a Defaulting Lender solely by virtue of the ownership or acquisition of any Capital Stock in such Lender or its parent by any Governmental Authority;
provided that such action does not result in or provide such Lender with immunity from the jurisdiction of courts within the U.S. or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any contract or agreement to which such Lender is a party. 

“Deposit Account” means a demand, time, savings, passbook or like account with a bank, savings and loan
association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit. 

  
 17 

 “Derivative Transaction” means (a) any interest-rate
transaction, including any interest-rate swap, basis swap, forward rate agreement, interest rate option (including a cap, collar or floor) and any other instrument linked to interest rates that gives rise to similar credit risks (including
when-issued securities and forward deposits accepted), (b) any exchange-rate transaction, including any cross-currency interest-rate swap, any forward foreign-exchange contract, any currency option and any other instrument linked to exchange
rates that gives rise to similar credit risks, (c) any equity derivative transaction, including any equity-linked swap, any equity-linked option, any forward equity-linked contract and any other instrument linked to equities that gives rise to
similar credit risk and (d) any commodity (including precious metal) derivative transaction, including any commodity-linked swap, any commodity-linked option, any forward commodity-linked contract and any other instrument linked to commodities
that gives rise to similar credit risks; provided, that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees, members of management, managers or
consultants of the Borrower or its Subsidiaries shall be a Derivative Transaction. 
 “Designated Non-Cash
Consideration” means the fair market value (as determined by the Borrower in good faith) of non-Cash consideration received by the Borrower or any Restricted Subsidiary in connection with any Disposition pursuant to
Section 6.07(h) that is designated as Designated Non-Cash Consideration pursuant to a certificate of a Financial Officer of the Borrower, setting forth the basis of such valuation (which amount will be reduced by the amount of Cash or
Cash Equivalents received in connection with a subsequent sale or conversion of such Designated Non-Cash Consideration to Cash or Cash Equivalents). 

“Designated Operational FX Hedge” means any Hedge Agreement entered into for the purpose of hedging currency
related risks in respect of the revenues, cash flows or other balance sheet items of the Borrower and/or any of its Subsidiaries and designated at the time entered into (or on or prior to the Closing Date, with respect to any Hedge Agreement entered
into on or prior to the Closing Date) as a Designated Operational FX Hedge by the Borrower in a writing delivered to the Administrative Agent. 

“Designated Revolving Commitments” means any commitments to make loans or extend credit on a revolving basis
(or delayed draw basis) to the Borrower or any Restricted Subsidiary by any Person other than the Borrower or any Restricted Subsidiary that have been designated in a certificate of a Financial Officer of the Borrower and delivered to the
Administrative Agent as “Designated Revolving Commitments” until such time as the Borrower subsequently delivers a certificate of a Financial Officer of the Borrower to the Administrative Agent to the effect that such commitments will no
longer constitute “Designated Revolving Commitments”. 
 “Discretionary Guarantor” has the
meaning assigned to such term in the definition of “Guarantor”. 
 “Disposition” or
“Dispose” means the sale, lease, sublease, or other disposition (but excluding, for the avoidance of doubt, repayments) of any property of any Person; provided that all sales, leases, subleases, syndications and other
dispositions of CRE Finance Assets in the ordinary course of business (as determined in good faith by the Borrower) shall not constitute a Disposition. 

“Disqualified Capital Stock” means any Capital Stock which, by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable (other than for
Qualified Capital Stock), pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than for Qualified Capital Stock), in whole or in part, on or prior to 91 days following the Latest Maturity
Date at the time such Capital Stock is issued (it being understood that if any such redemption is in part, only such part coming into effect prior to 91 days following the Latest Maturity Date shall constitute Disqualified Capital Stock),
(b) is or becomes convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt 

  
 18 

 securities or (ii) any Capital Stock that would constitute Disqualified Capital Stock, in
each case at any time on or prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued, (c) contains any mandatory repurchase obligation or any other repurchase obligation at the option of the holder thereof (other
than for Qualified Capital Stock), in whole or in part, which may come into effect prior to 91 days following the Latest Maturity Date at the time such Capital Stock is issued (it being understood that if any such repurchase obligation is in part,
only such part coming into effect prior to 91 days following the Latest Maturity Date shall constitute Disqualified Capital Stock) or (d) provides for the scheduled payments of dividends in Cash on or prior to 91 days following the Latest
Maturity Date at the time such Capital Stock is issued; provided that any Capital Stock that would not constitute Disqualified Capital Stock but for provisions thereof giving holders thereof (or the holders of any security into or for which
such Capital Stock is convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Capital Stock upon the occurrence of any change of control or any Disposition occurring prior to 91 days following the Latest
Maturity Date at the time such Capital Stock is issued shall not constitute Disqualified Capital Stock if such Capital Stock provides that the issuer thereof will not redeem any such Capital Stock pursuant to such provisions prior to the Termination
Date. 
 Notwithstanding the preceding sentence, (A) if such Capital Stock is issued for the benefit of directors,
officers, employees, members of management, managers or consultants or by any such plan to such directors, officers, employees, members of management, managers or consultants of the Borrower or its Restricted Subsidiaries (or the Manager or its
Affiliates), in each case in the ordinary course of business of the Borrower or any Restricted Subsidiary, such Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required to be repurchased by the issuer thereof
in order to satisfy applicable statutory or regulatory obligations, and (B) no Capital Stock held by any future, present or former employee, director, officer, manager, member of management or consultant (or their respective Affiliates or
Immediate Family Members) of the Borrower (or any Subsidiary) shall be considered Disqualified Capital Stock because such stock is redeemable or subject to repurchase pursuant to any management equity subscription agreement, stock option, stock
appreciation right or other stock award agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time. 

“Disqualified Institution” means: 

(a) (i) any Person identified in writing to the Arrangers on or prior to April 10, 2019, (ii) any Person
thereafter identified in writing (and reasonably acceptable) to the Arrangers prior to the Closing Date, (iii) any Affiliate of any Person described in clauses (i) or (ii) above that is reasonably identifiable as an
Affiliate of such Person solely on the basis of such Affiliate’s name and (iv) any other Affiliate of any Person described in clauses (i) or (ii) above that is identified in a written notice to the Arrangers (if
prior to the Closing Date) or the Administrative Agent as described below (if after the Closing Date) (each such person, a “Disqualified Lending Institution”), and/or 

(b) (i) any Person that is or becomes a competitor of the Borrower, the Manager or any of their respective
Subsidiaries or Affiliates (each such person, a “Competitor”) and any Affiliate of any Competitor (other than any Affiliate that is a Bona Fide Debt Fund) and is identified as such in writing to the Arrangers (if prior to the
Closing Date) or the Administrative Agent as described below (if after the Closing Date), (ii) any Affiliate of any Person described in clause (i) above (other than any Affiliate that is a Bona Fide Debt Fund) that is reasonably
identifiable as an Affiliate of such Person solely on the basis of such Affiliate’s name and (iii) any other Affiliate of any Person described in clause (i) above that is identified in a written notice to the Arrangers (if prior to
the Closing Date) or to the Administrative Agent as described below (if after the Closing Date) (it being understood and agreed that no Bona Fide Debt Fund may be designated as a Disqualified Institution pursuant to this clause (iii)); 

  
 19 

 it being understood and agreed that (x) no written notice delivered pursuant to clauses
(a)(ii), (a)(iv), (b)(i) and/or (b)(iii) above shall apply retroactively to disqualify any Person that has previously acquired an assignment or participation interest in any Loans and (y) any designation of a Person as
a Disqualified Institution permitted above shall not be effective until the third Business Day after written notice thereof by the Borrower to the Administrative Agent in accordance with the next succeeding paragraph. 

Any supplement or other modification to the list of Persons identified as Disqualified Institutions permitted above shall be e-mailed to the
Administrative Agent at JPMDQcontact@JPMorgan.com. 
 “Disqualified Lending Institution” has the meaning
assigned to such term in the definition of “Disqualified Institution.” 
 “Dividing Person” has
the meaning assigned to it in the definition of “Division”. 
 “Division” means the
division of the assets, liabilities and/or obligations of a Person that is a limited liability company (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement
resulting in two or more Persons), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive. 

“Division Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds
all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after
a Division shall be deemed a Division Successor upon the occurrence of such Division. 
 “Dollar
Equivalent” means, on any date of determination, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount in any other currency, the equivalent in Dollars of such amount determined
pursuant to Section 1.08. 
 “Dollars” or “$” refers to lawful money of the
U.S. 
 “Domestic Subsidiary” means any Restricted Subsidiary incorporated or organized under the laws of
the U.S., any state thereof or the District of Columbia. 
 “Dutch Auction” has the meaning assigned to
such term on Schedule 1.01(b) hereto. 
 “EEA Financial Institution” means (a) any credit
institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause
(a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent. 
 “EEA Member Country” means any of the member states of the European Union, Iceland,
Liechtenstein, and Norway. 

  
 20 

 “EEA Resolution Authority” means any public administrative
authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Yield” means, as to any Indebtedness, the effective yield applicable thereto calculated by the
Administrative Agent in consultation with the Borrower in a manner consistent with generally accepted financial practices, taking into account (a) interest rate margins, (b) interest rate floors (subject to the proviso set forth below),
(c) any amendment to the relevant interest rate margins and interest rate floors effective subsequent to the Closing Date but prior to the applicable date of determination and (d) original issue discount and upfront or similar fees on
customary terms paid by the Borrower (with upfront fees and original issue discount being equated to interest rate margins based on an assumed four-year average life to maturity or lesser remaining average life to maturity) (provided that,
solely for purposes of determining the Effective Yield of 2019 Replacement Term B-3 Loans in the form of Converted Term Loans (as defined in the FirstFifth Amendment) that were converted from Existing Term Loans (as defined in the FirstFifth Amendment) for purposes of Section 2.22(a)(v), any original issue discount and upfront or similar fees paid by the
Borrower with respect to the 2019 Incremental Term B-3 Loans on the FirstFifth Amendment Effective Date shall be deemed to have been paid with respect to the applicable 2019 Replacement Term B-3
Loans in an equivalent percentage as paid with respect to the 2019 Incremental Term B-3 Loans), but excluding (i) any prepayment premiums, arrangement,
commitment, structuring, underwriting, placement, success, advisory, ticking, unused line fees, amendment and/or consent fees (regardless of whether any such fees are paid to or shared in whole or in part with any lender) and (ii) any other fee
that is not paid directly by the Borrower generally to all relevant lenders ratably; provided, however, that (A) to the extent that the Published LIBO Rate (with an Interest Period of three months) or Alternate Base Rate (without
giving effect to any floor specified in the definition thereof) is less than any floor applicable to the Term Loans in respect of which the Effective Yield is being calculated on the date on which the Effective Yield is determined, the amount of the
resulting difference will be deemed added to the interest rate margin applicable to the relevant Indebtedness for purposes of calculating the Effective Yield and (B) to the extent that the Published LIBO Rate (for a period of three months) or
Alternate Base Rate (without giving effect to any floor specified in the definition thereof) is greater than any applicable floor on the date on which the Effective Yield is determined, the floor will be disregarded in calculating the Effective
Yield. 
 “Eligible Assignee” means (a) any Lender, (b) any commercial bank, insurance
company, or finance company, financial institution, any fund that invests in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act), (c) any Affiliate of any Lender, (d) any Approved Fund of
any Lender and (e) to the extent permitted under Section 9.05(g), any Affiliated Lender or any Debt Fund Affiliate; provided that in any event, “Eligible Assignee” shall not include (i) any natural person,
(ii) any Disqualified Institution or (iii) except as permitted under Section 9.05(g), the Borrower or any of its Affiliates. 

“Environment” means ambient air, indoor air, surface water, groundwater, drinking water, land surface and
subsurface strata & natural resources such as wetlands, flora and fauna. 
 “Environmental Claim”
means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising (a) pursuant to or
in connection with any actual or alleged violation of any Environmental Law; (b) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (c) in connection with any actual or alleged damage,
injury, threat or harm to the Environment. 

  
 21 

 “Environmental Laws” means any and all current or future
applicable foreign or domestic, federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other applicable requirements of Governmental Authorities and
the common law relating to (a) environmental matters, including those relating to any Hazardous Materials Activity; or (b) the generation, use, storage, transportation or disposal of or exposure to Hazardous Materials, in any manner
applicable to the Borrower or any of its Restricted Subsidiaries or any Facility. 
 “Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), directly or indirectly resulting from or based upon (a) any actual or
alleged violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release
of any Hazardous Materials into the Environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that is under common control with
the Borrower or any Restricted Subsidiary and is treated as a single employer within the meaning of Section 414 of the Code or Section 4001 of ERISA. 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the
Borrower or any Restricted Subsidiary or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of
operations at any facility of the Borrower or any Restricted Subsidiary or any ERISA Affiliate as described in Section 4062(e) of ERISA, in each case, resulting in liability pursuant to Section 4063 of ERISA; (c) a complete or partial
withdrawal by the Borrower or any Restricted Subsidiary or any ERISA Affiliate from a Multiemployer Plan resulting in the imposition of Withdrawal Liability on the Borrower or any Restricted Subsidiary or any ERISA Affiliate, notification of the
Borrower or any Restricted Subsidiary or any ERISA Affiliate concerning the imposition of Withdrawal Liability or notification that a Multiemployer Plan is “insolvent” within the meaning of Section 4245 of ERISA or is in
“reorganization” within the meaning of Section 4241 of ERISA; (d) the filing of a notice of intent to terminate a Pension Plan under Section 4041(c) of ERISA, the treatment of a Pension Plan amendment as a termination under
Section 4041(c) of ERISA, the commencement of proceedings by the PBGC to terminate a Pension Plan or the receipt by the Borrower or any Restricted Subsidiary or any ERISA Affiliate of notice of the treatment of a Multiemployer Plan amendment as
a termination under Section 4041A of ERISA or of notice of the commencement of proceedings by the PBGC to terminate a Multiemployer Plan; (e) the occurrence of an event or condition which constitutes grounds under Section 4042 of
ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under
Section 4007 of ERISA, upon the Borrower or any Restricted Subsidiary or any ERISA Affiliate, with respect to the termination of any Pension Plan; or (g) the conditions for imposition of a Lien under Section 303(k) of ERISA have been
met with respect to any Pension Plan. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation
Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Event of Default” has the meaning assigned to such term in Article 7. 

  
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 “Exchange Act” means the Securities Exchange Act of 1934 and the
rules and regulations of the SEC promulgated thereunder. 
 “Excluded Assets” means each of the following:

 (a) any asset (including Capital Stock) the grant or perfection of a security interest in which would
(i) be prohibited by enforceable anti-assignment or negative pledge provisions set forth in any contract that is permitted by the terms of this Agreement and is binding on such asset at the Closing Date or at the time of its acquisition and, in
each case, to the extent such prohibitions are not incurred in contemplation of the Closing Date or such acquisition, as applicable (other than in the case of Finance Leases and purchase money financings), (after giving effect to applicable
anti-assignment provisions of the UCC or other applicable Requirements of Law), (ii) notwithstanding anything in this clause (a) to the contrary, be prohibited by any Asset Financing Facility or CRE Financing, in each case, that is
permitted hereunder (including, without limitation, any Asset Financing Facility or CRE Financing existing on the Closing Date or established from time to time after the Closing Date, in each case, that is permitted hereunder) (including, without
limitation, to the extent required in order to obtain, or prohibited under, the applicable Asset Financing Facility or CRE Financing, any Capital Stock in any Financing SPE Subsidiary and any direct or indirect parent thereof, in each case, directly
owned by any Loan Party (such Capital Stock, the “Financing Equity”)), so long as (I) in the case of any Capital Stock in any Subsidiary that is excluded from the Collateral under this clause (a)(ii), all of the
outstanding Capital Stock in a direct or indirect parent of such Subsidiary is pledged as Collateral hereunder or under a Collateral Document and (II) no assets shall constitute Excluded Assets under this clause (a)(ii) other than the
(x) relevant CRE Finance Assets or Real Estate Investments, as applicable, financed by such Asset Financing Facility or CRE Financing, as applicable, (y) any corresponding Financing Equity and (z) other assets ancillary to such CRE
Finance Asset or Real Estate Investments owned by the Financing SPE Subsidiary under such Asset Financing Facility or CRE Financing, as applicable, (iii) violate the terms of any contract relating to such asset that is permitted or otherwise
not prohibited by the terms of this Agreement and is binding on such asset at the time of its acquisition and not incurred in contemplation thereof (other than in the case of Finance Leases and purchase money financings) (after giving effect to
applicable anti-assignment provisions of the UCC or other applicable Requirements of Law) or (iv) except with respect to the Capital Stock of any Loan Party or any Wholly-Owned Subsidiary that is a Restricted Subsidiary, trigger termination of
any contract relating to such asset that is permitted by the terms of this Agreement pursuant to any “change of control” or similar provision (to the extent such contract is binding on such asset at the time of its acquisition and not
entered into in contemplation of such acquisition) (after giving effect to applicable anti-assignment provisions of the UCC or other applicable Requirements of Law) or would violate any joint venture agreement binding on such Capital Stock; it being
understood that the term “Excluded Asset” shall not include proceeds or receivables arising out of any contract described in this clause (a) to the extent that the assignment of such proceeds or receivables is expressly deemed
to be effective under the UCC or other applicable Requirements of Law notwithstanding the relevant prohibition, violation or termination right, 

(b) any asset (other than Capital Stock of the Borrower or Restricted Subsidiaries that are Loan Parties) to
the extent the grant or perfection of a security interest in such asset would result in material adverse tax consequences (including any adverse tax consequences due to the application of Section 956 of the Code) or materially adverse
regulatory consequences, in each case, to any Loan Party as reasonably determined by the Borrower in writing and delivered to the Administrative Agent, 

  
 23 

 (c) the Capital Stock of any (i) Captive Insurance
Subsidiary, (ii) Unrestricted Subsidiary, (iii) not-for-profit subsidiary, (iv) special purpose entity used for any permitted Qualified Securitization Financing and/or (v) an Immaterial Subsidiary, in each case, except to the
extent such Person is a Loan Party, 
 (d) any intent-to-use (or similar) Trademark application prior to the
filing and acceptance of a “Statement of Use,” “Amendment to Allege Use” or similar filing with respect thereto, by the United States Patent and Trademark Office, only to the extent, if any, that, and solely during the period if
any, in which, the grant of a security interest therein may impair the validity or enforceability of such intent-to-use (or similar) Trademark application under applicable federal Law, 

(e) any asset (including Capital Stock), the grant or perfection of a security interest in which would
(i) be prohibited under applicable Requirements of Law (including, without limitation, rules and regulations of any Governmental Authority) or (ii) require any governmental (including regulatory) or third party (other than Borrower, a
Subsidiary of Borrower, the Manager, or the respective Affiliates of the foregoing) consent, approval, license or authorization (to the extent such consent, approval, license or authorization was not obtained it being understood and agreed that no
Loan Party shall have any obligation to procure any such consent, approval, license or authorization) (in each case in this clause (e), to the extent such requirement in clause (e)(ii) was not incurred in contemplation of the Closing Date or of such
Restricted Subsidiary becoming a Subsidiary (other than in the case of any Asset Financing Facility or CRE Financing with respect to (x) the relevant CRE Finance Assets or Real Estate Investments, as applicable, (y) any corresponding
Financing Equity and (z) other assets ancillary to such CRE Finance Asset or Real Estate Investments owned by the Financing SPE Subsidiary under such Asset Financing Facility or CRE Financing, as applicable), financed by such Asset Financing
Facility or CRE Financing, as applicable, and any corresponding Financing Equity), and after giving effect to applicable anti-assignment provisions of the UCC or other applicable Requirements of Law and so long as, in the case of any Capital Stock
in any Subsidiary that is excluded from the Collateral under clause (e)(ii) as a result of absence of any requisite third party consent, approval, license or authorization only, all of the outstanding Capital Stock in a direct or indirect
parent of such Subsidiary is pledged as Collateral hereunder or under a Collateral Document); it being understood that the term “Excluded Asset” shall not include proceeds or receivables arising out of any asset described in this clause
(e) to the extent that the assignment of such proceeds or receivables is expressly deemed to be effective under the UCC or other applicable Requirements of Law notwithstanding the relevant requirement or prohibition, 

(f) (i) any leasehold interest in Real Estate Assets (including, without limitation, any ground lease),
(ii) except to the extent a security interest therein can be perfected by the filing of a UCC-1 financing statement, any other leasehold interests, (iii) any owned Real Estate Asset that is not a Material Real Estate Asset, (iv) any
owned Real Estate Asset that is not used by the Borrower or its Restricted Subsidiaries for operational purposes (including, for the avoidance of doubt, any such Real Estate Asset (x) subject to a sale-leaseback, ground lease or other long-term
net lease, in each case, in respect of which the Borrower or any of its Restricted Subsidiaries is the landlord or lessor, as applicable, (y) acquired in connection with a foreclosure or other exercise of remedies under any CRE Finance Asset
and/or (z) which is, or is in the process of becoming, subject to any CRE Financing), in each case, so long as all of the outstanding Capital Stock in a direct or indirect parent of any Subsidiary owning such Real Estate Assets is pledged as
Collateral hereunder or under a Collateral Document, and (v) any owned Real Estate Asset (including any owned Real Estate Asset that is, or is intended to become, subject to a Mortgage) located in a flood hazard area or Real Estate Assets
subject to 

  
 24 

 
any flood insurance due diligence (other than, for the avoidance of doubt, standard flood hazard determinations), flood insurance requirements or compliance with any Flood Insurance Laws (it
being agreed that (A) if it is subsequently determined that any owned Material Real Estate Asset subject to, or otherwise required to be subject to a Mortgage is or might be located in a flood hazard area, (1) such Real Estate Asset shall
be deemed to constitute an Excluded Asset until a determination is made that such Real Estate Asset is not located in a flood hazard area and does not require flood insurance and (2) if there is an existing Mortgage on such property, such
Mortgage shall be released if the mortgaged property is a Flood Hazard Property for so long as such Real Estate Asset constitutes Flood Hazard Property or requires flood insurance, or (B) if it cannot be determined whether such owned Real
Estate Asset is a Flood Hazard Property or would require flood insurance and the time or information necessary to make such determination would (as determined by the Borrower in good faith) delay or impair the intended date of funding any Loan or
effectiveness of any amendment or supplement under the Loan Documents, the foregoing clause (A) shall also apply), 

(g) the Capital Stock of any Person that is not a Wholly-Owned Subsidiary (other than a Loan Party), 

(h) any Margin Stock, 

(i) the Capital Stock of (i) any Foreign Subsidiary (other than a Foreign Discretionary Guarantor) and
(ii) any Foreign Subsidiary Holdco, in each case (x) in excess of 65% of the issued and outstanding Capital Stock of any such Person or (y) to the extent such Foreign Subsidiary or Foreign Subsidiary Holdco is not a first-tier
Subsidiary of a Loan Party, 
 (j) Commercial Tort Claims with a value (as reasonably estimated by the
Borrower) of less than $10,000,000, 
 (k) Trust Accounts and Trust Funds, 

(l) assets subject to a purchase money security interest, Finance Lease or similar arrangement, in each case,
that is permitted by the terms of this Agreement and to the extent the grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money or similar arrangement or create a right of termination in
favor of any other party thereto (other than Holdings or any Subsidiary of Holdings) after giving effect to the applicable anti-assignment provisions of the UCC or other applicable Requirements of Law; it being understood that the term
“Excluded Asset” shall not include proceeds or receivables arising out of any asset described in this clause (l) to the extent that the assignment of such proceeds or receivables is expressly deemed to be effective under
the UCC or other applicable Requirements of Law notwithstanding the relevant violation or invalidation, 

(m) any asset with respect to which the Administrative Agent and the relevant Loan Party have reasonably
determined that the cost, burden, difficulty or consequence (including any effect on the ability of the relevant Loan Party to conduct its operations and business in the ordinary course of business and including the cost of title insurance, surveys
or flood insurance (if necessary) or any mortgage, stamp, intangibles or other tax or expenses of obtaining or perfecting such security interest) of obtaining or perfecting a security interest therein outweighs, or is excessive in light of, the
practical benefit of a security interest to the relevant Secured Parties afforded thereby, which determination is evidenced in writing, 

  
 25 

 (n) any governmental license or state or local franchise, charter
and/or authorization, to the extent the grant of a security interest in such license, franchise, charter and/or authorization is prohibited or restricted thereby after giving effect to the applicable anti-assignment provisions of the UCC or other
applicable Requirements of Law, other than any proceed or receivable thereof the assignment of which is expressly deemed to be effective under the UCC or other applicable Requirements of Law, 

(o) any asset of a Subsidiary (including its Capital Stock) acquired by the Borrower or any Restricted
Subsidiary in a Permitted Acquisition (other than from the Borrower of any Subsidiary) that, at the time of the relevant acquisition, is encumbered by a Permitted Lien to secure assumed indebtedness permitted under Section 6.01 to the
extent (and for so long as) the documentation governing the applicable assumed Indebtedness prohibits such asset from being pledged to secure the Obligations and the relevant prohibition was not implemented in contemplation of the applicable
acquisition, 
 (p) any assets owned by an Excluded Subsidiary that is not a Loan Party, and 

(q) any aircraft or any trucks, trailers, tractors, service vehicles, automobiles, rolling stock or other
registered mobile equipment or equipment covered by certificates of title or ownership of the Borrower or any Restricted Subsidiary; 

provided, however, that Excluded Assets will not include any proceeds, substitutions or replacements of any
Excluded Assets (unless such proceeds, substitutions or replacements would otherwise constitute Excluded Assets). 

“Excluded Subsidiary” means: 

(a) any Restricted Subsidiary that is not a Wholly-Owned Subsidiary on the Closing Date or on the date such
Subsidiary becomes a Subsidiary, in each case for so long as such Subsidiary remains not a Wholly-Owned Subsidiary, 

(b) any Immaterial Subsidiary, 

(c) any Restricted Subsidiary (i) that is prohibited or restricted from providing a Loan Guaranty by
(A) any Requirement of Law, (B) any Contractual Obligation that, in the case of this clause (B), exists on the Closing Date or at the time such Restricted Subsidiary becomes a Subsidiary (which Contractual Obligation was not entered
into in contemplation of such Restricted Subsidiary becoming a Subsidiary (including pursuant to assumed Indebtedness)) and/or (C) with respect to any Restricted Subsidiary owning, directly or indirectly, the relevant CRE Finance Assets or Real
Estate Investments, as applicable, financed thereby, or the corresponding Financing Equity and notwithstanding anything in clause (B) above to the contrary, any Asset Financing Facility or CRE Financing, in each case, that is permitted
hereunder (including, without limitation, any Asset Financing Facility or CRE Financing existing on the Closing Date or established from time to time after the Closing Date, in each case, that is permitted hereunder (including Asset Financing
Facilities or CRE Financings established in contemplation of the applicable Restricted Subsidiary becoming a Subsidiary)) or (ii) that would require a governmental (including regulatory) or third party (other than Borrower, a Subsidiary of
Borrower, the Manager, or the respective Affiliates of the foregoing) consent, approval, license or authorization on the Closing Date or at the time such Restricted Subsidiary becomes a Subsidiary (and (other than in the case of any Asset Financing
Facility or CRE Financing with respect to (x) the relevant CRE Finance Assets or Real Estate Investments, as applicable, 

  
 26 

 
financed by such Asset Financing Facility or CRE Financing, as applicable, (y) any corresponding Financing Equity and (z) other assets ancillary to such CRE Finance Asset or Real Estate
Investments owned by the Financing SPE Subsidiary under such Asset Financing Facility or CRE Financing, as applicable) to the extent such requirement was not incurred in contemplation of the Closing Date or of such Restricted Subsidiary becoming a
Subsidiary), (including any regulatory consent, approval, license or authorization) to provide a Loan Guaranty (except to the extent such consent has been obtained, it being understood there is no obligation to obtain or seek to obtain any such
consent, approval, license or authorization), so long as, in the case of any Subsidiary that constitutes an Excluded Subsidiary pursuant to clause (i)(C) or (ii) (with respect to third party consent, approval, license or authorization only)
above only, a direct or indirect parent of such Subsidiary is a Guarantor, 
 (d) any not-for-profit
subsidiary, 
 (e) any Captive Insurance Subsidiary, 

(f) any (x) special purpose entity used for any permitted receivables facility or financing (including any
Securitization Subsidiary) or (y) Financing SPE Subsidiary, in the case of this clause (y), that is not an obligor under any Indebtedness and that does not own any assets other than assets ancillary to its potential ownership of CRE
Finance Asset or Real Estate Investments under Asset Financing Facilities or CRE Financing, as applicable, 

(g) any Foreign Subsidiary, 

(h) (i) any Foreign Subsidiary Holdco and/or (ii) any Domestic Subsidiary that is a direct or indirect
subsidiary of a Foreign Subsidiary or of any Foreign Subsidiary Holdco, 
 (i) any Unrestricted Subsidiary,

 (j) any Restricted Subsidiary acquired pursuant to a Permitted Acquisition or other Investment permitted
under this Agreement with assumed Indebtedness permitted by Section 6.01(n), and each Restricted Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness, in each case to
the extent that, and for so long as, the documentation relating to such Indebtedness to which such Subsidiary is a party prohibits such Subsidiary from providing a Loan Guaranty (which prohibition was not implemented in contemplation of such
Restricted Subsidiary becoming a Subsidiary or in order to avoid the requirement of providing a Loan Guaranty), and 

(k) any other Restricted Subsidiary with respect to which, in the reasonable judgment of the Administrative
Agent and the Borrower, the burden or cost of providing a Loan Guaranty (including any adverse tax consequences to the Borrower or any of its direct or indirect Parent Companies or Subsidiaries) outweighs, or would be excessive in light of, the
practical benefits afforded thereby; in each case, unless such Subsidiary becomes a Guarantor pursuant to the last sentence of the definition thereof, which judgment is evidenced in writing; 

provided, however, that no Discretionary Guarantor shall constitute an Excluded Subsidiary. 

  
 27 

 “Excluded Swap Obligation” means, with respect to any Guarantor,
any Swap Obligation if, and to the extent that, all or a portion of the Loan Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Loan Guaranty thereof) is or becomes illegal
under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) (a) by virtue of such Guarantor’s failure for any reason to
constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder (determined after giving effect to Section 3.20 of the Loan Guaranty and any other “keepwell,” support or
other agreement for the benefit of such Guarantor) at the time the Loan Guaranty of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation or (b) in the case of a Swap Obligation that is
subject to a clearing requirement pursuant to section 2(h) of the Commodity Exchange Act, because such Guarantor is a “financial entity,” as defined in section 2(h)(7)(C) of the Commodity Exchange Act, at the time the guarantee of (or
grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply
only to the portion of such Swap Obligation that is attributable to swaps for which such Loan Guaranty or security interest is or becomes illegal. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, or any other recipient of any
payment to be made by or on account of any obligation of any Loan Party under any Loan Document, (a) any Taxes imposed on (or measured by) such recipient’s net income or franchise Taxes, (i) imposed as a result of such recipient being
organized or having its principal office located in or, in the case of any Lender, having its applicable lending office located in, the taxing jurisdiction or (ii) that are Other Connection Taxes, (b) any branch profits Taxes imposed under
Section 884(a) of the Code, or any similar Tax, imposed by any jurisdiction described in clause (a), (c) any U.S. federal withholding Tax that is imposed on amounts payable to or for the account of such Lender (other than a Lender
that became a Lender pursuant to an assignment under Section 2.19) with respect to an applicable interest in a Loan or Commitment pursuant to a Requirement of Law in effect on the date on which such Lender (i) acquires such interest
in the applicable Commitment or, if such Lender did not fund the applicable Loan pursuant to a prior Commitment, on the date such Lender acquires its interest in such Loan, or (ii) designates a new lending office, except in each case to the
extent that, pursuant to Section 2.17, amounts with respect to such Tax were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender
immediately before it designated a new lending office, (d) any Tax imposed as a result of a failure by such Lender to comply with Section 2.17(f) (or, in the case of any payment made to the Administrative Agent for its own account,
by the Administrative Agent to comply with Section 2.17(i)), (e) any Taxes imposed under FATCA, and (f) any U.S. federal backup withholding Taxes imposed under Section 3406 of the Code. 

“Extended Term Loans” has the meaning assigned to such term in Section 2.23(a). 

“Extension” has the meaning assigned to such term in Section 2.23(a). 

“Extension Amendment” means an amendment to this Agreement that is reasonably satisfactory to the
Administrative Agent (to the extent required by Section 2.23) and the Borrower executed by each of (a) the Borrower and the Subsidiary Guarantors, (b) the Administrative Agent and (c) each Lender that has accepted the
applicable Extension Offer pursuant hereto and in accordance with Section 2.23. 
 “Extension
Offer” has the meaning assigned to such term in Section 2.23(a). 
 “Facility” means
any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or, except with respect to Articles 5 and 6, owned or leased by the Borrower or any of its Restricted Subsidiaries or any of their respective
predecessors or Affiliates. 

  
 28 

 “FATCA” means Sections 1471 through 1474 of the Code, as of the
date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant
to Section 1471(b)(1) of the Code as of the date of this Agreement (or any amended or successor version described above), and any fiscal or regulatory legislation, rules or official administrative practices adopted pursuant to any
intergovernmental agreement (and any related fiscal or regulatory legislation or rules, or official administrative guidance) implementing any of the foregoing. 

“FCPA” has the meaning assigned to such term in Section 3.17(c). 

“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s
federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds
rate; provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Fifth
 Amendment” means that certain Fifth Amendment to Term Loan Credit Agreement, dated as of June 21, 2021, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent. 

“Fifth
 Amendment Arranger” has the meaning assigned to such term in the Fifth Amendment. 

“Fifth
 Amendment Effective Date” means June 21, 2021. 

“Finance Lease” means, as applied to any Person, any lease of any property (whether real, personal, or mixed)
by that Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a finance lease on the balance sheet of that Person. 

“Finance Lease Obligations” means, at the time any determination thereof is to be made, the amount of the
liability in respect of a Finance Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP; provided that Finance Lease Obligations
shall, for the avoidance of doubt, exclude all Non-Finance Lease Obligations. 
 “Financial Covenant” has
the meaning assigned to such term in Section 6.13(a). 
 “Financial Incurrence Test” has the
meaning assigned to such term in Section 1.10(d). 
 “Financial Officer” means the chief
financial officer, the chief accounting officer, treasurer, or any vice president having duties substantially similar to the foregoing, of the Borrower, or such other officer of the Borrower reasonably acceptable to Administrative Agent. 

“Financial Officer Certification” means, with respect to the financial statements for which such
certification is required, the certification of a Financial Officer that such financial statements fairly present, in all material respects, in accordance with GAAP, the consolidated financial condition of the Borrower as at the dates indicated and
its consolidated income and cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments. 

“Financing Equity” has the meaning assigned to such term in the definition of “Excluded Assets.”

  
 29 

 “Financing SPE Subsidiary” means any Subsidiary that constitutes
a special purpose entity or other similar entity, in each case, formed or acquired to incur, or provide credit support with respect to, any Asset Financing Facility or CRE Financing at such time of formation or acquisition or any time thereafter.

 “First Amendment” means that certain First Amendment to Term Loan Credit Agreement, dated as of
November 19, 2019, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent. 

“First Amendment Effective Date” means November 19, 2019. 

“First Lien Specified Debt” means Indebtedness in respect of the (a) 2019 New Term Loans, (b) to
the extent incurred in reliance on clause (a) of the Incremental Cap, any Incremental Facility or Incremental Equivalent Debt, (c) any other Indebtedness incurred in reliance on the Incremental Cap (other than clause
(d) thereof) that is secured by the Collateral on a pari passu basis with the 2019 New Term Loans, and (d) Refinancing Indebtedness (including Replacement Term Loans and Replacement Notes) and/or other Refinancing Indebtedness or
permitted Indebtedness that refinances any of the foregoing that were or are, in the case of this clause (d), incurred to refinance any Indebtedness under the Loan Documents or any Incremental Equivalent Debt, in each case, that was secured
by the Collateral on a pari passu basis with the 2019 New Term Loans. 
 “Fiscal Quarter” means a fiscal
quarter of any Fiscal Year. 
 “Fiscal Year” means the fiscal year of the Borrower ending December 31
of each calendar year. 
 “Fixed Basket” has the meaning assigned to such term in
Section 1.10(d). 
 “Flood Hazard Property” means any parcel of any Material Real Estate Asset
located in the U.S. in an area designated by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area. 

“Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Act of 1968 as now or
hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter
in effect or any successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (v) Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect
or any successor statute thereto. 
 “Foreign Lender” means any Lender that is not a “United States
person” within the meaning of Section 7701(a)(30) of the Code. 
 “Foreign Discretionary
Guarantor” means a Discretionary Guarantor that is organized in a jurisdiction outside of the United States. 

“Foreign Subsidiary” means any Restricted Subsidiary that is not a Domestic Subsidiary. 

“Foreign Subsidiary Holdco” means any Restricted Subsidiary that has, directly or indirectly, no material
assets other than the Capital Stock and, if applicable, indebtedness of one or more subsidiaries that are Foreign Subsidiaries or other Foreign Subsidiary Holdcos. 

  
 30 

 “Fourth Amendment” means that certain Fourth Amendment to Term
Loan Credit Agreement, dated as of February 19, 2021, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent. 

“Fourth Amendment Arranger” has the meaning assigned to such term in the Fourth Amendment. 

“Fourth Amendment Effective Date” means February 19, 2021. 

“GAAP” means generally accepted accounting principles in the U.S. in effect and applicable to the accounting
period in respect of which reference to GAAP is made. 
 “Governmental Authority” means any federal, state,
municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to any government or any court, in each case whether associated with the U.S., a foreign government or any political subdivision thereof. 

“Governmental Authorization” means any permit, license, authorization, approval, plan, directive, consent
order or consent decree of or from any Governmental Authority. 
 “Granting Lender” has the meaning
assigned to such term in Section 9.05(e). 
 “Guarantee” of or by any Person (as used in this
definition, the “Guarantor”) means any obligation, contingent or otherwise, of the Guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation of any other Person (the
“Primary Obligor”) in any manner and including any obligation of the Guarantor (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation or to purchase (or
to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other monetary obligation of the
payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other monetary obligation,
(d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or monetary obligation, (e) entered into for the purpose of assuring in any other manner the obligee in respect of such
Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part) or (f) secured by any Lien on any assets of such Guarantor securing any
Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or monetary other obligation is assumed by such Guarantor (or any right, contingent or otherwise, of any holder of such Indebtedness or other monetary
obligation to obtain any such Lien); provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the
Closing Date or entered into in connection with any acquisition, Disposition or other transaction permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount
equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith. 
 “Guarantor” means any Subsidiary Guarantor. For the
avoidance of doubt, the Borrower may, in its sole discretion, elect to cause one or more Restricted Subsidiaries that are Excluded Subsidiaries to become a Guarantor (any such person, a “Discretionary Guarantor”) by causing such
Person to execute a joinder to the Loan Guaranty (in substantially the form attached as an exhibit thereto) and to satisfy the 

  
 31 

 
requirements of Section 5.12 and the Collateral and Guarantee Requirement (as if such Person was a newly formed Restricted Subsidiary that is not an Excluded Subsidiary but without
regard to the time periods specified therein); provided, that (i) in the case of any Foreign Discretionary Guarantor, the jurisdiction of such person is reasonably satisfactory to the Administrative Agent and (ii) Administrative
Agent shall have received at least two (2) Business Days prior to such Person becoming a Guarantor all documentation and other information in respect of such person required under applicable “know your customer” and anti-money
laundering rules and regulations (including the USA PATRIOT Act). 
 “Hazardous Materials” means any
chemical, material, substance or waste, or any constituent thereof, which is prohibited, limited or regulated under any Environmental Law or by any Governmental Authority or which poses a hazard to the Environment or to human health and safety,
including, without limitation, petroleum and petroleum by-products, asbestos and asbestos-containing materials, polychlorinated biphenyls, medical waste and pharmaceutical waste. 

“Hazardous Materials Activity” means any past, current, proposed or threatened activity, event or occurrence
involving any Hazardous Material, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment,
abatement, removal, remediation, disposal, disposition or handling of any Hazardous Material, and any corrective action or response action with respect to any of the foregoing. 

“Hedge Agreement” means any agreement with respect to any Derivative Transaction between any Loan Party or
any Restricted Subsidiary and any other Person. 
 “Hedging Obligations” means, with respect to any Person,
the obligations of such Person under any Hedge Agreement. 
 “IFRS” means international accounting
standards within the meaning of the IAS Regulation 1606/2002, as in effect from time to time (subject to the provisions of Section 1.04), to the extent applicable to the relevant financial statements. 

“Immaterial Subsidiary” means, as of any date, any Restricted Subsidiary of the Borrower, unless the Borrower
elects not to treat any such Restricted Subsidiaries as Immaterial Subsidiaries, (a) the total assets (excluding the amount of operating lease “right-of-use assets” under GAAP) of which Restricted Subsidiary as of the last day of the
most recently ended Test Period do not exceed 5.0% of Consolidated Total Assets of the Borrower and its Restricted Subsidiaries as of the last day of the most recently ended Test Period and (b) the gross revenues of such Restricted Subsidiary
for such Test Period were equal to or greater than 5.0% of the consolidated gross revenues of the Borrower and the Restricted Subsidiaries for such Test Period, in each case under this clause (b), determined in accordance with GAAP; provided
that, if at any time and from time to time, the consolidated total assets (excluding the amount of operating lease “right-of-use assets” under GAAP), and consolidated gross revenues, of all Restricted Subsidiaries that are not Guarantors
solely because they do not meet the thresholds set forth in the preceding clause (a) or (b) above shall exceed 7.5% of Consolidated Total Assets and 7.5% of consolidated gross revenues, respectively, of the Borrower and its Restricted
Subsidiaries, in each case, as of or for the last day of the most recently ended Test Period, then the Borrower shall, not later than sixty (60) days after the date by which financial statements for such Fiscal Quarter were required to be
delivered pursuant to this Agreement (or such longer period as the Administrative Agent may agree in its reasonable discretion), (i) designate in writing to the Administrative Agent one or more Restricted Subsidiaries as not constituting
“Immaterial Subsidiaries” to the extent required such that the foregoing condition ceases to be true and (ii) comply with the provisions of Section 5.12 with respect to any such Restricted Subsidiaries (to the extent applicable),
in each case, other than any Restricted Subsidiaries that otherwise constitute Excluded Subsidiaries; provided further that, at all times prior to the first delivery of financial statements pursuant to Section 5.01(a) or
(b), this definition shall be applied based on the consolidated financial statements of the Borrower most recently filed with the SEC. 

  
 32 

 “Immediate Family Member” means, with respect to any individual,
such individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, domestic partner, former domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law
(including adoptive relationships), any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals, such individual’s estate (or an executor or administrator acting on its
behalf), heirs or legatees or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor. 

“Incremental Cap” means: 

(a) the Base Incremental Amount, plus 

(b) in the case of any Incremental Facility or Incremental Equivalent Debt that (x) effectively extends
the Maturity Date with respect to, or effects a repricing of, any Class of Loans hereunder or any other First Lien Specified Debt, an amount equal to the portion of the relevant Class of Loans or such other First Lien Specified Debt that will be
replaced or repriced by such Incremental Facility or Incremental Equivalent Debt, that, to the extent secured, is secured by the Collateral with the same priority as the Class of Loans or such other First Lien Specified Debt so extended or repriced
or (y) effectively replaces any Loans hereunder or any other First Lien Specified Debt pursuant to Section 2.19(b)(iv) hereof (or any analogous provisions in any applicable other First Lien Specified Debt), an amount equal to the
portion of the relevant Class of Loans or such other First Lien Specified Debt replaced by such Incremental Facility or Incremental Equivalent Debt, that, to the extent secured, is secured by the Collateral with the same priority as the Class of
Loans or such other First Lien Specified Debt so replaced, plus 
 (c) without duplication of clause
(b) above, the amount of any optional or voluntary Prepayment (including in accordance with Section 2.11(a)) of any First Lien Specified Debt; provided that the relevant optional or voluntary Prepayment was not funded with the
proceeds of any long-term Indebtedness (other than revolving Indebtedness), minus the aggregate principal amount of all Incremental Facilities and/or Incremental Equivalent Debt incurred or issued in reliance on this clause (c), in each case
after giving effect to any reclassification of such Incremental Facilities and/or Incremental Equivalent Debt, as incurred under clause (d) below (this clause (c), together with clauses (a) and (b) above,
the “Non-Ratio Based Incremental Amount”), plus 
 (d) an unlimited amount so long as, in the case
of this clause (d), after giving effect to the relevant Incremental Facility, (i) if such Incremental Facility is secured by a Lien on the Collateral that is pari passu with the Lien securing the Secured Obligations that are secured on a
first lien basis, the Senior Debt to Total Assets Ratio does not exceed the greater of (A) 80.0% or (B) if such Incremental Facility is incurred in connection with any Permitted Acquisition or other Investment not prohibited by the Loan
Documents, the Senior Debt to Total Assets Ratio immediately prior to the incurrence of such Incremental Facility, or (ii) if such Incremental Facility is unsecured or secured by a Lien on the Collateral that is junior to the Lien securing the
Secured Obligations that are secured on a first lien basis, the Total Debt to Total Assets Ratio does not exceed the greater of (A) 82.0% or (B) if such Incremental Facility is incurred in 

  
 33 

 
connection with any Permitted Acquisition or other Investment not prohibited by the Loan Documents, the Total Debt to Total Assets Ratio immediately prior to the incurrence of such Incremental
Facility, in each case described in this clause (d), calculated on a Pro Forma Basis including all pro forma adjustments in accordance with Section 1.10, including the application of the proceeds thereof (this clause (d),
the “Ratio Based Incremental Amount”); 
 provided that: 

(i) Incremental Facilities and Incremental Equivalent Debt may be incurred or implemented under one or more of
clauses (a) through (d) of this definition as selected by the Borrower in its sole discretion, provided that unless the Borrower elects otherwise, each Incremental Facility or Incremental Equivalent Debt will be deemed
incurred first under clause (d) to the maximum extent permitted thereunder, 
 (ii) if Incremental
Facilities or Incremental Equivalent Debt are intended to be incurred under clause (d) of this definition and one or more other clause of this definition in a single transaction or series of related transactions, (A) the
permissibility of the portion of such Incremental Facilities or Incremental Equivalent Debt to be incurred or implemented under clause (d) of this definition will be determined without giving effect to any Incremental Facilities or
Incremental Equivalent Debt to be incurred or implemented in reliance on each other clause of this definition, but giving full pro forma effect to the use of proceeds of the entire amount of all such Incremental Facilities or Incremental
Equivalent Debt that will be incurred or implemented at such time in reliance on each other clause of this definition and the related transactions, and (B) thereafter, the permissibility of the portion of the Incremental Facilities or Incremental
Equivalent Debt to be incurred or implemented, as applicable, under the other applicable provisions of this definition will be determined, and 

(iii) any portion of Incremental Facilities or Incremental Equivalent Debt incurred or implemented in reliance
on clauses (a) through (c) of this definition will, unless the Borrower otherwise elects, automatically be reclassified from time to time after the incurrence or implementation under clause (d) of this definition
if such portion of Incremental Facilities or Incremental Equivalent Debt could at such time be satisfied under clause (d) of this definition on a pro forma basis. 

“Incremental Commitment” means any commitment made by a lender to provide all or any portion of any
Incremental Facility or Incremental Term Loan. 
 “Incremental Equivalent Debt” means Indebtedness in the
form of senior secured, junior secured or unsecured Indebtedness, whether in the form of term or revolving loans, notes, debt securities or otherwise and/or commitments in respect of any of the foregoing, (in each case in respect of the issuance of
notes, whether issued in a public offering, Rule 144A or other private placement or purchase or otherwise) or any bridge financing in lieu of the foregoing, or secured or unsecured “mezzanine” debt, issued, incurred or implemented in lieu
of loans under an Incremental Facility or to refinance other Indebtedness incurred under the Loan Documents; provided that: 

(a) the aggregate principal amount thereof shall not exceed the Incremental Cap (as in effect at the time of
determination, including giving effect to any reclassification on or prior to such date of determination), 

  
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 (b) subject to the Permitted Earlier Maturity Indebtedness
Exception, the Weighted Average Life to Maturity applicable to such Incremental Equivalent Debt (other than customary bridge loans with a maturity date not longer than one year that are exchangeable or convertible into, or are intended to be
refinanced, with other debt instruments permitted hereunder; provided, that any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans shall be subject to the requirements of this clause
(b)) is no shorter than the remaining Weighted Average Life to Maturity of the then-existing Term Loans (without giving effect to any prepayments thereof) on the date of incurrence of such Incremental Equivalent Debt, 

(c) subject to the Permitted Earlier Maturity Indebtedness Exception, the final maturity date with respect to
such Incremental Equivalent Debt (other than customary bridge loans with a maturity date not longer than one year that are exchangeable or convertible into, or are intended to be refinanced, with other debt instruments permitted hereunder;
provided, that any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans shall be subject to the requirements of this clause (c)) is no earlier than the Initial Term Loan Maturity
Date on the date of incurrence of such Incremental Equivalent Debt, 
 (d) subject to clauses (b) and
(c), to the extent constituting term indebtedness, such Incremental Equivalent Debt may otherwise have an amortization schedule as determined by the Borrower and the lenders providing such Incremental Equivalent Debt, 

(e) in the case of Incremental Equivalent Debt incurred on any date after the SecondFifth Amendment Effective Date that is on or prior to the day that is six months
after the Fifth Amendment Effective Date in an aggregate principal amount, together with any Incremental
Term Loans incurred during such six-month period that satisfy the MFN Conditions, in excess of the MFN Threshold that satisfies each of the MFN Conditions, the Effective Yield of the Term
B-23
 Loans shall be subject to the adjustment in the manner set forth in the MFN Protection (to the extent then applicable), determined for purposes of this clause (e) as if such Incremental Equivalent Debt
were Incremental Term Loans, 
 (f) any such Incremental Equivalent Debt (x) shall rank pari
passu in right of payment with any then-existing tranche of Term Loans or be subordinated in right of payment thereto and (y) may rank pari passu with or junior to any then-existing tranche of Term Loans, as applicable, in right of security
with respect to the Collateral or may be unsecured, 
 (g) if such Incremental Equivalent Debt is
(a) secured by a Lien on the Collateral, then such Incremental Equivalent Debt shall be subject to any applicable Acceptable Intercreditor Agreement or (b) unsecured and contractually subordinated to the Obligations with respect to right
of payment, then such Incremental Equivalent Debt shall be subject to a subordination agreement or subordination provision reasonably acceptable to the Borrower, 

(h) no such Indebtedness may be (x) incurred or guaranteed by any Person that is not a Loan Party or
(y) secured by any assets other than the Collateral, and 
 (i) any conditions to availability or
funding of any Incremental Equivalent Debt (or commitments with respect to any such Incremental Equivalent Debt), subject to any requirements or limitations set forth above (and subject to the Borrower’s right to make an LCT Election), will be
determined by the lenders or holders providing such Incremental Equivalent Debt. 
 “Incremental
Facilities” has the meaning assigned to such term in Section 2.22(a). 

  
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 “Incremental Facility Amendment” means an amendment to this
Agreement that is reasonably satisfactory to the Administrative Agent (solely for purposes of giving effect to Section 2.22) and the Borrower executed by each of (a) the Borrower, (b) the Administrative Agent and (c) each
Lender that agrees to provide all or any portion of the Incremental Facility being incurred pursuant thereto and in accordance with Section 2.22. 

“Incremental
 Term B-3 Lender” has the meaning assigned to such term in the Fifth Amendment. 

“Incremental
 Term B-3 Loan Commitment” has the meaning assigned to such term in the Fifth Amendment. 

“Incremental
 Term B-3 Loans” has the meaning assigned to such term in the Fifth Amendment. 

“Incremental Term Loans” has the meaning assigned to such term in Section 2.22(a). 

“Indebtedness” shall mean, with respect to 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
(x) trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business so long as such trade accounts payable are payable within 90 days of the date the respective goods are
delivered or the respective services are rendered and (y) obligations with respect to earn-outs and similar deferred or contingency compensation arrangements that are not due and payable at such time), 

(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 the account of such Person, 

(v) Finance Lease Obligations of such person to the extent required to be characterized as a capitalized or financing lease
(but not, for the avoidance of doubt, an operating lease) under GAAP, and 
 (vi) obligations of such Person under
repurchase agreements or like arrangements and (vii) Indebtedness of others Guaranteed by such Person to the extent of such Guarantee; 

provided that, notwithstanding the foregoing, (a) in no event shall obligations under any Derivative Transaction be deemed
“Indebtedness” for any calculation of the Senior Debt to Total Assets Ratio or the Total Debt to Total Assets Ratio or any other financial ratio under the Loan Documents, (b) the amount of Indebtedness of any Person for purposes of
clause (iii) shall be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Indebtedness and (B) the fair market value of the property encumbered thereby as determined by such Person in good faith,
(c) Indebtedness of the Borrower and its Restricted Subsidiaries shall exclude intercompany Indebtedness so long as such intercompany Indebtedness (A) has a term not exceeding 364 days (inclusive of any roll-over or extensions of terms)
and (B) of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party is unsecured and subordinated to the Obligations and subject to the Intercompany Note, (d) in no event shall any

  
 36 

 
Non-Finance Lease Obligations be deemed “Indebtedness” for any purpose under the Loan Documents, (e) in no event shall any Non-Recourse Indebtedness owing pursuant to a securitization
transaction such as a “REMIC” securitization, a collateralized loan obligation transaction or other similar securitization be deemed “Indebtedness” for any purpose under the Loan Documents and (f) for, the avoidance of
doubt, in no event shall any funding obligations or commitments, or guarantees of funding obligations or commitments, under any CRE Finance Assets be deemed “Indebtedness” for any purpose under the Loan Documents 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any third person (including any partnership in which
such Person is a general partner and any unincorporated joint venture in which such Person is a joint venture) to the extent such Person would be liable therefor under applicable Requirements of Law or any agreement or instrument by virtue of such
Person’s ownership interest in such Person, except to the extent the terms of such Indebtedness provides that such Person is not liable therefor. Notwithstanding anything herein to the contrary, the term “Indebtedness” shall not
include, and shall be calculated without giving effect to, (x) the effects of Accounting Standards Codification Topic 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for
any purpose hereunder as a result of accounting for any embedded derivatives created by the terms of such Indebtedness (it being understood that any such amounts that would have constituted Indebtedness hereunder but for the application of this
proviso shall not be deemed an incurrence of Indebtedness hereunder) and (y) the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an
amount of Indebtedness for any purpose under this Agreement as a result of accounting for any embedded derivative created by the terms of such Indebtedness (it being understood that any such amounts that would have constituted Indebtedness under
this Agreement but for the application of this sentence shall not be deemed to be an incurrence of Indebtedness under this Agreement). 

For the avoidance of doubt, Indebtedness will not be deemed to include obligations incurred in advance of, and the proceeds of which are to be
applied in connection with, the consummation of a transaction solely to the extent that the proceeds thereof are and continue to be held in an escrow, trust, collateral or similar account or arrangement and are not otherwise made available for any
other purpose and are used for such purpose. 
 “Indemnified Taxes” means all Taxes, other than Excluded
Taxes or Other Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document. 

“Indemnitee” has the meaning assigned to such term in Section 9.03(b). 

“Information” has the meaning assigned to such term in Section 3.11(a). 

“Information Memorandum” means the Confidential Information Memorandum dated on or about April 2019 relating
to the Borrower and its subsidiaries and the Transactions. 
 “Initial Lenders” means the Arrangers, the
Affiliates of the Arrangers and the other financial institutions that are party to this Agreement as Lenders on the Closing Date. 

“Initial Term B-2 Lender” has the meaning assigned to the term “Term B-2 Lender” in the Second
Amendment. 

  
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 “Initial Term B-2 Loan Commitment” has the meaning assigned to
the term “Term B-2 Loan Commitment” in the Second Amendment. 
 “Initial Term B-2 Loans” has the
meaning assigned to the term “Term B-2 Loans” in the Second Amendment. 
 “Initial Term Lender”
means any Lender with an Initial Term Loan Commitment or an outstanding Initial Term Loan. 
 “Initial Term Loan
Commitment” means, with respect to each Term Lender, the commitment of such Term Lender to make Initial Term Loans hereunder in an aggregate amount not to exceed the amount set forth opposite such Term Lender’s name on the Commitment
Schedule, as the same may be (a) terminated pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Term Lender pursuant to Section 9.05 or (ii) increased from time
to time pursuant to Section 2.22. The aggregate amount of the Term Lenders’ Initial Term Loan Commitments on the Closing Date is $500,000,000. 

“Initial Term Loan Maturity Date” means April 23, 2026. 

“Initial Term Loans” means the term loans made by the Initial Term Lenders to the Borrower pursuant to
Section 2.01(a)(i). 
 “Intellectual Property” has the meaning assigned to such term in the
Collateral Documents. 
 “Intellectual Property Security Agreement” means any agreement executed on the
Closing Date confirming or effecting the grant of any Lien on IP Rights owned by any Loan Party to the Administrative Agent, for the benefit of the Secured Parties, in accordance with this Agreement and the Security Agreement, including an
Intellectual Property Security Agreement substantially in the form of Exhibit C-1 hereto. 
 “Intellectual
Property Security Agreement Supplement” means any agreement executed after the Closing Date confirming or effecting the grant of any Lien on IP Rights owned by any Loan Party to the Administrative Agent, for the benefit of the Secured
Parties, in accordance with this Agreement and the Security Agreement, including an Intellectual Property Security Agreement Supplement substantially in the form of Exhibit C-2 hereto. 

“Intercompany Note” means a promissory note substantially in the form of Exhibit F. 

“Interest Election Request” means a request by the Borrower in the form of Exhibit H hereto or another form
reasonably acceptable to the Administrative Agent to convert or continue a Borrowing in accordance with Section 2.08. 

“Interest Payment Date” means (a) with respect to any ABR Loan, the last Business Day of each March,
June, September and December and the maturity date applicable to such Loan and (b) with respect to any LIBO Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a LIBO Rate
Borrowing with an Interest Period of more than three months’ duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration been applicable to such Borrowing. 

  
 38 

 “Interest Period” means with respect to any LIBO Rate Borrowing,
the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is less than one (if consented to by all relevant affected Lenders), one, two, three or six months (or, to the extent
agreed to by all relevant affected Lenders, twelve months or a shorter period) thereafter, as the Borrower may elect; provided that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be
extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period that
commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such
Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Investment” means (a) any purchase or other acquisition by the Borrower or any of its Restricted
Subsidiaries of any of the Securities of any other Person (other than any Loan Party), (b) the acquisition by purchase or otherwise (other than any purchase or other acquisition of inventory, materials, supplies and/or equipment in the ordinary
course of business) of all or a substantial portion of the business, property or fixed assets of any other Person or any division or line of business or other business unit of any other Person and (c) any loan, advance (other than any advance
to any current or former employee, officer, director, member of management, manager, consultant or independent contractor of the Borrower or any Restricted Subsidiary for moving, entertainment and travel expenses, drawing accounts and similar
expenditures in the ordinary course of business) or capital contribution by the Borrower or any of its Restricted Subsidiaries to any other Person (but, in all cases, excluding, in the case of the Borrower and its Restricted Subsidiaries,
intercompany loans, advances or Indebtedness so long as such Indebtedness (i) has a term not exceeding 364 days (inclusive of any roll over or extensions of terms) and (ii) of any Loan Party owed to a Restricted Subsidiary that is not a
Loan Party is unsecured and subordinated to the Secured Obligations and subject to the Intercompany Note). Subject to Section 5.10, the amount of any Investment shall be the original cost of such Investment, plus the cost of any
addition thereto that otherwise constitutes an Investment, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect thereto, but giving effect to any repayments of principal in the case of any
Investment in the form of a loan and any return of capital or return on Investment in the case of any equity Investment (whether as a distribution, dividend, redemption or sale but not in excess of the amount of the relevant initial Investment).

 “IP Rights” has the meaning assigned to such term in Section 3.05(c). 

“IRS” means the U.S. Internal Revenue Service. 

“JPMCB” has the meaning assigned to such term in the preamble to this Agreement. 

“Junior Debt” means any Indebtedness of the types described in clauses (i) and
(ii) of the definition of “Indebtedness” (other than Indebtedness among the Borrower and/or its Restricted Subsidiaries) of the Borrower or any of its Restricted Subsidiaries that is contractually subordinated in right of
payment to the Obligations, in each case, with an individual outstanding principal amount in excess of the Threshold Amount. For the avoidance of doubt, each Asset Financing Facility and CRE Financing shall not constitute Junior Debt. 

“Knowledge” or “knowledge” means, as of any date of determination, then-current actual (as
distinguished from imputed or constructive) knowledge. For the avoidance of doubt, “know”, “known” and “knew” shall have the respective correlative meaning thereto. 

  
 39 

 “Latest Maturity Date” means, as of any date of determination,
the latest maturity or expiration date applicable to any Loan or Commitment hereunder at such time, including the latest maturity or expiration date of any Term Loan or Term Commitment. 

“LCT Election” has the meaning set forth in Section 1.10(b). 

“LCT Requirements” has the meaning set forth in Section 1.10(b). 

“LCT Test Date” has the meaning set forth in Section 1.10(b). 

“Legal Reservations” means the application of relevant Debtor Relief Laws, general principles of equity
and/or principles of good faith and fair dealing. 
 “Lenders” means the Term Lenders, any lender with an
Additional Commitment or an outstanding Additional Term Loan and any other Person that becomes a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and
Assumption. 
 “LIBO Rate” means, the Published LIBO Rate, as adjusted to reflect applicable reserves
prescribed by governmental authorities; provided that, in no event shall the LIBO Rate be less than 0.00% per annum or, in the case of the Term B-2 Loans, less than 1.00% per annum, or, in the case of the Term B-3 Loans, less than 0.50% per annum.

 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any Finance Lease having
substantially the same economic effect as any of the foregoing), in each case, in the nature of security; provided that in no event shall (x) an operating lease (or other lease in respect of a Non-Finance Lease Obligation) or a license
to use intellectual property be deemed to constitute a Lien or (y) for the avoidance of doubt, any right of first refusal and tag, drag, forced sale, major decision or similar right in respect of any CRE Finance Asset or Real Estate Investment
constitute a Lien. 
 “Limited Condition Transaction” means any (a) Permitted Acquisition or other
Investment or similar transaction (whether by merger, amalgamation, consolidation or other business combination or the acquisition of Capital Stock or otherwise) permitted hereunder by the Borrower or one or more of its Restricted Subsidiaries,
(b) any redemption, repurchase, defeasance, satisfaction and discharge, repayment or other retirement of Indebtedness and (c) any Restricted Payment. 

“LLC” means any Person that is a limited liability company under the laws of its jurisdiction of formation.

 “Loan” means any Term Loan. 

“Loan Documents” means this Agreement, any Promissory Note, each Loan Guaranty, the Collateral Documents, the
Perfection Certificate (including any Perfection Certificate delivered to the Administrative Agent pursuant to the definition of “Collateral and Guarantee Requirement”), any Perfection Certificate Supplement, any Acceptable Intercreditor
Agreement to which the Borrower is a party, each Refinancing Amendment, each Incremental Facility Amendment, each Extension Amendment and any other document or instrument designated by the Borrower and the Administrative Agent as a “Loan
Document.” Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto. 

  
 40 

 “Loan Guaranty” means the Guaranty Agreement, substantially in
the form of Exhibit I hereto, executed by each Loan Party thereto and the Administrative Agent for the benefit of the Secured Parties, as supplemented in accordance with the terms of Section 5.12 hereof. 

“Loan Installment Date” has the meaning assigned to such term in Section 2.10(a). 

“Loan Parties” means the Borrower and each Guarantor. 

“Manager” means BXMT Advisors L.L.C. (“BX Advisors”) (or any successor thereto) or, to the
extent the board of directors of the Borrower appoints another investment manager of the Borrower at any time and from time to time, such other investment manager appointed thereby. Notwithstanding anything to the contrary set forth herein,
(i) each reference to “Manager” set forth in clause (b) of the definition of Core Earnings, the last paragraph of the definition of Disqualified Stock, Section 6.04(a)(ii) and Section 6.06(z) shall, as applicable, also
be deemed to include any previous investment manager of the Borrower (each, a “Predecessor Manger”) with respect to any Capital Stock, compensation or deferred compensation granted or provided to any applicable Person set forth in
such applicable clause, or any arrangement or agreement entered into with respect to any applicable item referenced in such clause, while such Predecessor Manager was acting as the Manager of the Borrower and (ii) each reference to
“Manager” set forth in Section 6.09(f)(i) shall include any Predecessor Manager (provided that any fees paid to a Predecessor Manager pursuant to Section 6.09(f)(i) shall have accrued or been granted while such Person was acting
as the Manager of the Borrower). 
 “Margin Stock” has the meaning assigned to such term in Regulation U.

 “Material Adverse Effect” means a material adverse effect on (i) the business, assets, financial
condition or results of operations, in each case, of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) the rights and remedies (taken as a whole) of the Administrative Agent under the applicable Loan Documents or
(iii) the ability of the Loan Parties (taken as a whole) to perform their payment obligations under the applicable Loan Documents. 

“Material Debt Instrument” means any physical instrument evidencing any Indebtedness for borrowed money which
is required to be pledged and delivered to the Administrative Agent (or its agent or bailee) pursuant to the Security Agreement or any applicable Acceptable Intercreditor Agreement. 

“Material Real Estate Asset” means (a) on the Closing Date, each Real Estate Asset listed on Schedule
1.01(c) and (b) any “fee-owned” Real Estate Asset acquired by any Loan Party after the Closing Date having a fair market value (as reasonably determined by the Borrower in consultation with the Administrative Agent after taking into
account any liabilities with respect thereto that impact such fair market value) in excess of $20,000,000 as of the date of acquisition thereof. 

“Maturity Date” means (a) with respect to the 2019 Replacement Term Loans, the 2019 Incremental Term
Loans, the Additional 2019 New Term Loans, the Replacement Term B-3 Loans and the Incremental Term B-23 Loans, the Initial Term Loan Maturity Date, (b) with respect to any Replacement Term Loans (other than the 2019 Replacement Term Loans and the Replacement Term
B-3 Loans), the final maturity date for such
Replacement Term Loans, as set forth in the applicable Refinancing Amendment, (c) with respect to any Incremental Term Loans (other than the 2019 Incremental Term Loans, the Additional 2019 New Term Loans and the Incremental Term B-23 Loans), the final maturity date set forth in the applicable Incremental Facility Amendment and (d) with respect to any Extended Term Loans, the final maturity date for such Extended Term Loans as set forth
in the applicable Extension Amendment. 

  
 41 

 “Maximum Rate” has the meaning assigned to such term in
Section 9.19. 
 “MFN Conditions” has the meaning set forth in Section 2.22(a)(v).

 “MFN Protection” has the meaning set forth in Section 2.22(a)(v). 

“MFN
 Threshold” has the meaning set forth in Section 2.22(a)(v). 

“Minimum Extension Condition” has the meaning assigned to such term in Section 2.23(b). 

“Moody’s” means Moody’s Investors Service, Inc. 

“Mortgage” means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of
the Administrative Agent, for the benefit of the relevant Secured Parties, on any Material Real Estate Asset constituting Collateral, which shall contain such terms as may be necessary under applicable local Requirements of Law to perfect a Lien on
the applicable Material Real Estate Asset. 
 “Mortgage Policies” has the meaning assigned to such term in
the definition of “Collateral and Guarantee Requirement.” 
 “Multiemployer Plan” means any
employee benefit plan which is a “multiemployer plan” as defined in Section 3(37) of ERISA that is subject to the provisions of Title IV of ERISA, and in respect of which the Borrower or any of its Restricted Subsidiaries, or any of
their respective ERISA Affiliates, makes or is obligated to make contributions or with respect to which any of them has any ongoing obligation or liability, contingent or otherwise. 

“Net Insurance/Condemnation Proceeds” means an amount equal to: (a) any Cash payments or proceeds
(including Cash Equivalents) received by the Borrower or any of its Restricted Subsidiaries (i) under any casualty insurance policy in respect of a covered loss thereunder of any assets of the Borrower or any of its Restricted Subsidiaries
(other than, for purposes of Section 2.11(b)(ii), assets acquired after the Closing Date with the proceeds of equity contributions to, or the issuance of Qualified Capital Stock of, the Borrower or its Restricted Subsidiaries (in each
case, other than contributions by, or issuances to, the Borrower or a Restricted Subsidiary) or (ii) as a result of the taking of any assets of the Borrower or any of its Restricted Subsidiaries (other than, for purposes of
Section 2.11(b)(ii), assets acquired after the Closing Date with the proceeds of equity contributions or the issuance of Qualified Capital Stock of the Borrower or its Restricted Subsidiaries (in each case, other than contributions by,
or issuances to, the Borrower or a Restricted Subsidiary)) by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking,
minus (b) (i) any actual out-of-pocket costs and expenses incurred by the Borrower or any of its Restricted Subsidiaries in connection with the adjustment, settlement or collection of any claims of the Borrower or the relevant
Restricted Subsidiary in respect thereof, (ii) payment of the outstanding principal amount of, premium or penalty, if any, and interest and other amounts on any Indebtedness (other than the Loans and any Indebtedness secured by a Lien on the
Collateral that is pari passu with or expressly subordinated to the Lien on the Collateral securing any Secured Obligation) that is secured by a Lien on the assets in question and that is required to be repaid or otherwise comes due or would
be in default under the terms thereof as a result of such loss, taking or sale, or payment of other amounts due to, or required to be made available to, any Person under any other Contractual Obligation binding such assets or to which such assets
are subject (including, without limitation, in the case of Real 

  
 42 

 
Estate Assets, any ground lease, lease or other occupancy agreement) (iii) in the case of a taking, the reasonable out-of-pocket costs of putting any affected property in a safe and secure
position, (iv) any selling costs and out-of-pocket expenses (including reasonable broker’s fees or commissions, legal fees, accountants’ fees, investment banking fees, survey costs, title insurance premiums, and related search and
recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith and the Borrower’s good faith estimate of income Taxes
paid or payable (including pursuant to Tax sharing arrangements or any intercompany distribution)) in connection with any sale or taking of such assets as described in clause (a) of this definition, (v) any amounts provided as a
reserve in accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustments associated with any sale or taking of such assets as referred to in clause (a) of this definition (provided
that to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Insurance/Condemnation Proceeds) and (vi) in the case of any covered loss or taking from a non-Wholly-Owned Subsidiary, the
pro rata portion thereof (calculated without regard to this clause (vi)) attributable to minority interests and not available for distribution to or for the account of the Borrower or a Wholly-Owned Subsidiary as a result thereof. 

“Net Proceeds” means (a) with respect to any Disposition (including any Prepayment Asset Sale), the Cash
proceeds (including Cash Equivalents and Cash proceeds subsequently received (as and when received) in respect of non-cash consideration initially received), net of (i) selling costs and out-of-pocket expenses (including reasonable
broker’s fees or commissions, legal fees, accountants’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, escrow costs and
fees, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith and the Borrower’s good faith estimate of income Taxes paid or payable (including pursuant to Tax sharing arrangements
or any intercompany distributions) in connection with such Disposition), (ii) amounts provided as a reserve in accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustment associated with such
Disposition (provided that to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Proceeds), (iii) the principal amount, premium or penalty, if any, interest and other amounts on
any Indebtedness (other than the Loans and any other Indebtedness secured by a Lien on the Collateral that is pari passu with or expressly subordinated to the Lien on the Collateral securing any Secured Obligation) which is secured by the
asset sold in such Disposition and which is required to be repaid or otherwise comes due or would be in default and is repaid (other than any such Indebtedness that is assumed by the purchaser of such asset) (including, without limitation, any Asset
Financing Facility or CRE Financing), (iv) Cash escrows (until released from escrow to the Borrower or any of its Restricted Subsidiaries) from the sale price for such Disposition and (v) in the case of any Disposition by a
non-Wholly-Owned Subsidiary, the pro rata portion of the Net Proceeds thereof (calculated without regard to this clause (v)) attributable to minority interests and not available for distribution to or for the account of the Borrower or a
Wholly-Owned Subsidiary as a result thereof; and (b) with respect to any issuance or incurrence of Indebtedness or Capital Stock, the Cash proceeds thereof, net of all Taxes and customary fees, commissions, costs, underwriting discounts and
other fees and expenses incurred in connection therewith. 
 “Net Proceeds Percentage” has the meaning
assigned to such term in Section 2.11(b)(ii). 
 “Non-Finance Lease” means, as applied to any
Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that is not required to be accounted for as a finance lease or capital lease on the balance sheet and the income statement in accordance with GAAP as in
effect at any time of determination. For the avoidance of doubt, any lease pursuant to which a Person recognizes lease expense on a straight-line basis over the lease term and any operating lease shall be considered a Non-Finance Lease. 

  
 43 

 “Non-Finance Lease Obligation” means a lease obligation pursuant
to any Non-Finance Lease. 
 “Non-Fixed Basket” has the meaning assigned to such term in
Section 1.10(d). 
 “Non-Recourse Indebtedness” means any Indebtedness other than Recourse
Indebtedness. 
 “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate
in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a
Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided,
further, that if any of the aforesaid rates as so determined be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Obligations” means all unpaid principal of and accrued and unpaid interest (including interest accruing
during the pendency of any bankruptcy, insolvency, receivership or other similar case or proceeding, regardless of whether allowed or allowable in such case or proceeding) on the Loans, all accrued and unpaid fees and all expenses (including fees
and expenses accruing during the pendency of any bankruptcy, insolvency, receivership or other similar case or proceeding, regardless of whether allowed or allowable in such case or proceeding), reimbursements, indemnities and all other advances to,
debts, liabilities and obligations of any Loan Party to the Lenders or to any Lender, the Administrative Agent, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second
Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger or any Indemnitee arising under the Loan Documents in respect of any Loan or otherwise, whether direct or indirect (including those acquired by assumption), absolute, contingent, due or to become due, now
existing or hereafter arising. 
 “Overnight Bank Funding Rate” means, for any day, the rate
comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time,
and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate. 
 “OFAC”
means the Office of Foreign Assets Control of the U.S. Treasury Department. 
 “Organizational Documents”
means (a) with respect to any corporation, its certificate or articles of incorporation or organization and its by-laws, (b) with respect to any limited partnership, its certificate of limited partnership and its partnership agreement,
(c) with respect to any general partnership, its partnership agreement, (d) with respect to any limited liability company, its articles of organization or certificate of formation, and its operating agreement or limited liability company
agreement, and (e) with respect to any other form of entity, such other organizational documents required by local Requirements of Law or customary under such jurisdiction to document the formation and governance principles of such type of
entity. In the event that any term or condition of this Agreement or any other Loan Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such
“Organizational Document” shall only be to a document of a type customarily certified by such governmental official. 

“Other Applicable Indebtedness” has the meaning assigned to such term in Section 2.11(b)(ii).

  
 44 

 “Other Connection Taxes” means, with respect to any Lender or
the Administrative Agent, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising solely from such recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan
Document). 
 “Other Taxes” means all present or future stamp, court or documentary Taxes or any
intangible, recording, filing or other excise or property Taxes arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document, but excluding any such Taxes
that are Other Connection Taxes imposed with respect to an assignment, grant of a participation or designation of a new office for receiving payments by or on account of the Borrower (other than an assignment or designation of a new office made
pursuant to Section 2.19(b)). 
 “Participant” has the meaning assigned to such term in
Section 9.05(c)(i). 
 “Participant Register” has the meaning assigned to such term in
Section 9.05(c)(ii). 
 “Patent” means the following: (a) any and all patents and patent
applications; (b) all inventions, designs or improvements thereto described or claimed therein; (c) all reissues, reexaminations, divisions, continuations, renewals, extensions and continuations in part thereof; (d) all income,
royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and
future infringements thereof; and (f) all rights corresponding to any of the foregoing. 
 “PBGC”
means the Pension Benefit Guaranty Corporation. 
 “Pension Plan” means any employee pension benefit plan,
as defined in Section 3(2) of ERISA (other than a Multiemployer Plan), that is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, which the Borrower or any of its Restricted
Subsidiaries, or any of their respective ERISA Affiliates, maintains or contributes to or has an obligation to contribute to, or otherwise has any liability, contingent or otherwise. 

“Perfection Certificate” means a certificate substantially in the form of Exhibit J. 

“Perfection Certificate Supplement” means a supplement to the Perfection Certificate substantially in the
form of Exhibit K. 
 “Perfection Requirements” means the filing of appropriate financing statements with
the office of the Secretary of State or other appropriate office of the state of organization (or, in the case of a Foreign Discretionary Guarantor, other office under Section 9-307 of the UCC) of each Loan Party, the filing of appropriate
assignments, security agreements, instruments or notices with the U.S. Patent and Trademark Office and the U.S. Copyright Office, the proper recording or filing, as applicable, of Mortgages and fixture filings with respect to any Material Real
Estate Asset constituting Collateral, in each case in favor of the Administrative Agent for the benefit of the Secured Parties and to the extent required by the applicable Loan Documents, in each case, the delivery to the Administrative Agent of any
stock certificate, promissory note and instruments required to be delivered pursuant to the applicable Loan Documents, together with instruments of transfer executed in blank and, in the case of any Foreign Discretionary Guarantor (and its Capital
Stock), such steps required to grant the Administrative Agent a first priority perfected lien on its Capital Stock and substantially all of its assets pursuant to arrangements reasonably agreed between the Administrative Agent and the Borrower. 

 

  
 45 

 “Permitted Acquisition” means any acquisition made by the
Borrower or any of its Restricted Subsidiaries, whether by purchase, merger or otherwise, of all or substantially all of the assets of, or any business line, unit or division or product line (including research and development and related assets in
respect of any product) of, any Person or of a majority of the outstanding Capital Stock of any Person (and, in any event, including any Investment in (x) any Restricted Subsidiary the effect of which is to increase the Borrower’s or any
Restricted Subsidiary’s equity ownership in such Restricted Subsidiary or (y) any joint venture for the purpose of increasing the Borrower’s or its relevant Restricted Subsidiary’s ownership interest in such joint venture) if
(A) such Person becomes a Restricted Subsidiary or (B) such Person, in one transaction or a series of related transaction, is amalgamated, merged or consolidated with or into, or transfers or conveys substantially all of its assets (or
such division, business unit or product line) to, or is liquidated into, the Borrower or any Restricted Subsidiary as a result of such Investment. 

“Permitted Earlier Maturity Indebtedness Exception” means Indebtedness incurred, at the option of the
Borrower (in its sole discretion), with a final maturity date prior to the earliest maturity date otherwise expressly required under this Agreement with respect to such Indebtedness (in each such case, the “Earliest Permitted Maturity
Date”) and/or a Weighted Average Life to Maturity shorter than the minimum Weighted Average Life to Maturity otherwise expressly required under this Agreement with respect to such Indebtedness (in each such case, the “Minimum
Permitted Weighted Average Life to Maturity”) in an aggregate principal amount up to the greater of (a) $225,000,000 and (b) 1.5% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on
a Pro Forma Basis, in each case, solely to the extent the final maturity date of such Indebtedness is expressly restricted under the applicable Basket from occurring prior to an Earliest Permitted Maturity Date set forth therein that is expressly
applicable thereto and/or the Weighted Average Life to Maturity of such Indebtedness is expressly restricted under the applicable Basket from being shorter than a Minimum Permitted Weighted Average Life to Maturity set forth therein that is
expressly applicable thereto. 
 “Permitted Holders” means (a) the Sponsor and (b) any Person
with which the Sponsor forms a “group” (within the meaning of Section 14(d) of the Exchange Act) so long as, in the case of this clause (b), the Sponsor beneficially owns more than 50% of the relevant voting stock beneficially owned
by the group. 
 “Permitted Liens” means Liens permitted pursuant to Section 6.02. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or any other entity. 
 “Plan” means any “employee
benefit plan” (as such term is defined in Section 3(3) of ERISA) maintained by the Borrower and/or any Restricted Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any of its
ERISA Affiliates, other than any Multiemployer Plan. 
 “Platform” has the meaning assigned to such term in
Section 5.01. 
 “Prepayment” means, with respect to any Indebtedness, the repayment, in whole
or in part, thereof prior to the stated maturity thereof (excluding regularly scheduled amortization and other mandatory or required payments), including by redemption, repurchase (including by assignment to the Borrower or a Restricted Subsidiary
and cancellation or reduction of such Indebtedness or by Dutch Auction), tender offer, offer to purchase, defeasance, satisfaction and discharge, or other retirement of such Indebtedness; provided, that if such Indebtedness is under a revolving
credit or similar facility, such Prepayment is accompanied by a corresponding permanent reduction of the commitments thereunder. “Prepay” and “Prepayment” shall have meanings correlative thereto. 

  
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 “Prepayment Asset Sale” means any non-ordinary course
Disposition by the Borrower or its Restricted Subsidiaries made pursuant to Section 6.07(h), (s) or (aa), other than the Disposition of assets acquired after the Closing Date with the proceeds of equity contributions or the issuance of
Qualified Capital Stock of the Borrower (in each case, other than contributions by, or issuances to, the Borrower or a Restricted Subsidiary). 

“Primary Obligor” has the meaning assigned to such term in the definition of “Guarantee.”

 “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime
Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as
the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as reasonably determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as reasonably determined
by the Administrative Agent). 
 “Pro Forma Basis” or “pro forma effect” means, with respect to
any determination of the Total Debt to Total Assets Ratio, the Senior Debt to Total Assets Ratio or Consolidated Total Assets (including component definitions thereof), subject to Section 1.10, that each Subject Transaction shall be deemed to
have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which such calculation is being made and that: 

(a) any retirement or repayment of Indebtedness (other than normal fluctuations in revolving Indebtedness
incurred for working capital purposes) shall be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made, 

(b) any Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in connection therewith
shall be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which the relevant determination is being made; provided that, (x) if such Indebtedness has a floating or formula rate,
such Indebtedness shall have an implied rate of interest for the applicable Test Period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness at the relevant date of
determination (taking into account any interest hedging arrangements applicable to such Indebtedness), (y) interest on any obligation with respect to any Finance Lease shall be deemed to accrue at an interest rate reasonably determined by a
Financial Officer of the Borrower to be the rate of interest implicit in such obligation in accordance with GAAP and (z) interest on any Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or
similar rate, a eurocurrency interbank offered rate or other rate shall be determined to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen by the Borrower, 

(c) the acquisition of any asset included in calculating Consolidated Total Assets, whether pursuant to any
Subject Transaction or any Person becoming a Subsidiary or merging, amalgamating or consolidating with or into the Borrower or any of its Subsidiaries, or the Disposition of any asset included in calculating Consolidated Total Assets described in
the definition of “Subject Transaction,” shall be deemed to have occurred as of the first day of the applicable Test Period with respect to any test or covenant for which such calculation is being made, and 

 

  
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 (d) whenever a financial ratio or test is to be calculated on a
pro forma basis, the reference to the “Test Period” for purposes of calculating such financial ratio or test (except for purposes of determining actual compliance with Section 6.13(a)) shall be deemed to be a reference
to, and shall be based on, the most recently ended Test Period for which either, as determined by the Borrower, internal financial statements of the Borrower of the type described in Section 5.01(a) or Section 5.01(b), as
applicable, are available (as determined in good faith by the Borrower) or such financial statements have been delivered pursuant to Section 5.01(a) or Section 5.01(b), as applicable. Notwithstanding anything to the contrary
set forth in the immediately preceding paragraph, for the avoidance of doubt, when calculating the Total Debt to Total Assets Ratio for purposes of Section 6.13(a) (other than for the purpose of determining pro forma compliance with
Section 6.13(a) as a condition to taking any action under this Agreement), the events described in the immediately preceding paragraph that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect. 

“Projections” means the financial projections, forecasts, financial estimates, other forward-looking and/or
projected information and pro forma financial statements of the Borrower and its subsidiaries included in the Information Memorandum (or a supplement thereto). 

“Promissory Note” means a promissory note of the Borrower payable to any Lender or its registered assigns, in
substantially the form of Exhibit L hereto, evidencing the aggregate outstanding principal amount of Loans of the Borrower to such Lender resulting from the Loans made by such Lender. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such
exemption may be amended from time to time. 
 “Public Lender” has the meaning assigned to such term in
Section 9.01(d). 
 “Published LIBO Rate” means, for any day and time, with respect to any LIBO Rate
Borrowing for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars for a period equal in length to such Interest
Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that
displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion)); provided that if the Published LIBO Rate as so
determined would be (x) less than 1.00%, such rate shall be deemed to be 1.00% in the case of the Term B-2 Loans or (y), (y) less than 0.50%, such rate shall be deemed to be 0.50% in the case of the Term B-3 Loans, or (z) less than zero, such rate shall be deemed to be zero for all other purposes of this Agreement. 

“Qualified Capital Stock” of any Person means any Capital Stock of such Person that is not Disqualified
Capital Stock. 
 “QFC” has the meaning assigned to the term “qualified financial contract” in,
and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” has the
meaning assigned to it in Section 9.23. 

  
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 “Qualified Securitization Financing” means any Securitization
Financing of a Securitization Subsidiary that meets the following conditions: (a) such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and
reasonable to the Borrower and the Securitization Subsidiary, (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value and (c) the financing terms, covenants,
termination events and other provisions thereof, including any Standard Securitization Undertakings, shall be market terms. The grant of a security interest in any Securitization Assets of the Borrower or any of the Restricted Subsidiaries (other
than a Securitization Subsidiary) to secure Indebtedness under this Agreement prior to engaging in any Securitization Financing shall not be deemed a Qualified Securitization Financing. For the avoidance of doubt, no Asset Financing Facility or CRE
Financing is required to meet the conditions for a Qualified Securitization Financing in order to be permitted to be incurred hereunder and Qualified Securitization Financings shall be deemed to exclude Asset Financing Facilities and CRE Financings.

 “Real Estate Asset” means, at any time of determination, all right, title and interest (fee, leasehold
or otherwise) of any Loan Party in and to real property (including, but not limited to, land, improvements and fixtures thereon). 

“Real Estate Investment” means (i) any Real Estate Asset that is not used by the Borrower or its
Restricted Subsidiaries for operational purposes (including, for the avoidance of doubt, any such Real Estate Asset (x) subject to a sale- leaseback, ground lease or other long-term net lease, in each case, in respect of which the Borrower or
any of its Restricted Subsidiaries is the landlord or lessor, as applicable, (y) acquired in connection with a foreclosure or other exercise of remedies under any CRE Finance Asset and/or (z) which is, or is in the process of becoming,
subject to any CRE Financing) and/or direct or indirect interests therein (including, without limitation, preferred equity and/or syndicated equity interests), and (ii) any rights, assets or investments similar to or derivative of, any item
referred to in the foregoing clause (i) and/or the acquisition, financing, operation or administration thereof (regardless of whether or not the Borrower or any of its Restricted Subsidiaries owns the applicable Real Estate Asset or direct or
indirect interest therein) (including, without limitation, management, franchise and/or other operational rights) and (iii) Capital Stock in any Person substantially all of whose assets, directly or indirectly, are comprised of one or more of
the items referred to in the foregoing clauses (i) and/or (ii). 
 “Recourse Indebtedness” means with
respect to any Person, on any date of determination, the amount of Indebtedness for which such Person has recourse liability (including without limitation through a Guarantee), exclusive of any such Indebtedness to the extent such recourse liability
of such Person is limited to obligations relating to customary nonrecourse carve-outs. 
 “Refinancing
Amendment” means an amendment to this Agreement that is reasonably satisfactory to the Administrative Agent and the Borrower executed by (a) the Borrower, (b) the Administrative Agent and (c) each Lender that agrees to
provide all or any portion of the Replacement Term Loans being incurred pursuant thereto and in accordance with Section 9.02(c). 

“Refinancing Indebtedness” has the meaning assigned to such term in Section 6.01(p). 

“Refunding Capital Stock” has the meaning assigned to such term in Section 6.04(a)(viii). 

“Register” has the meaning assigned to such term in Section 9.05(b)(iv). 

“Regulation D” means Regulation D of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof. 
  

  
 49 

 “Regulation H” means Regulation H of the Board as from time to
time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation U” means
Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 

“REIT Status” shall mean, with respect to any Person, (a) the qualification of such Person as a real
estate investment trust under Sections 856 through 860 of the Code and (b) the applicability to such Person and its shareholders of the method of taxation provided for in Section 857 et seq. of the Code. 

“Related Funds” means with respect to any Lender that is an Approved Fund, any other Approved Fund that is
managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 “Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, managers, officers, trustees, employees, partners, agents, advisors and other representatives of such Person and such
Person’s Affiliates. 
 “Release” means any release, spill, emission, leaking, pumping, pouring,
injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the Environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any
Hazardous Material), including the movement of any Hazardous Material through the air, soil, surface water or groundwater. 

“Replaced Term Loans” has the meaning assigned to such term in Section 9.02(c). 

“Replacement Notes” means any Refinancing Indebtedness (whether issued in a public offering, Rule 144A under
the Securities Act or other private placement or bridge financing in lieu of the foregoing or otherwise) incurred in respect of Indebtedness permitted under Section 6.01(a) (and any subsequent refinancing of such Replacement Notes). 

“Replacement
 Term B-3 Lender” has the meaning assigned to such term in the Fifth Amendment. 

“Replacement
 Term B-3 Loan Commitment” has the meaning assigned to such term in the Fifth Amendment. 

“Replacement
 Term B-3 Loans” has the meaning assigned to such term in the Fifth Amendment. 

“Replacement Term Loans” has the meaning assigned to such term in Section 9.02(c). 

“Reportable Event” means, with respect to any Pension Plan or Multiemployer Plan, any of the events described
in Section 4043(c) of ERISA or the regulations issued thereunder, other than those events as to which the 30-day notice period is waived under PBGC Reg. Section 4043. 

“Representatives” has the meaning assigned to such term in Section 9.13. 

“Repricing Transaction” means each of (a) the prepayment, repayment, refinancing, substitution or
replacement of all or a portion of any Term
B-23 Loans with the incurrence by any Loan Party of any broadly syndicated term loans secured by the Collateral on a pari passu basis with the Term B-23 Loans (including any Replacement Term Loans) under any credit facilities the primary purpose (as determined in good faith by the Borrower) of which is to, and which does, reduce the Effective Yield of such
Indebtedness relative to the Term
B-23
 Loans so prepaid, repaid, refinanced, substituted or replaced, as applicable, and 
  

  
 50 

 (b) any amendment, waiver or other modification to this Agreement the primary purpose (as
determined in good faith by the Borrower) of which is to, and which does, reduce the Effective Yield applicable to the applicable Term B-23 Loans immediately prior to such amendment, waiver or modification;
provided that in no event shall any “Repricing Transaction” include (or be deemed to include) any such prepayment, repayment, refinancing, substitution, replacement, amendment, waiver or other modification in connection with (x) a
Change of Control or (y) any acquisition, investment or disposition, in each case under this clause (y), for which the aggregate consideration (together with any related acquisition, investment or disposition forming part of the same
transaction or series of related transactions) is equal to or greater than $400,000,000. Any determination by the Administrative Agent of the Effective Yield for purposes of this definition shall be conclusive and binding on all Lenders, and the
Administrative Agent shall have no liability to any Person with respect to such determination absent bad faith, gross negligence or willful misconduct. 

“Required Lenders” means, at any time, Lenders having Loans and unused Commitments representing more than 50%
of the sum of the total Loans and such unused Commitments at such time. 
 “Requirements of Law” means,
with respect to any Person, collectively, the common law and all federal, state, local, foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs,
injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation or administration thereof by, and other determinations, directives, requirements or requests of any Governmental Authority, in each case
whether or not having the force of law and that are applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer” means, (A) with respect to the Borrower and its Restricted Subsidiaries
(i) Stephen Plavin, Thomas C. Ruffing or Douglas Armer, or any successor to any of the foregoing, (ii) any asset manager at The Blackstone Group L.P. or any Affiliate thereof responsible for the applicable asset (or replacement manager of
Borrower), or (iii) any other employee with a title equivalent or more senior to that of “principal” within The Blackstone Group L.P. or any Affiliate thereof responsible for the origination, acquisition and/or management of the
applicable asset and (B) with respect to any other Person, the chief executive officer, the president, the chief financial officer, the treasurer, any assistant treasurer, any executive vice president, any senior vice president, any vice
president, the chief operating officer or any other executive officer of such Person and any other individual or similar official thereof responsible for the administration of the obligations of such Person in respect of this Agreement, and, as to
any document delivered on the Closing Date, shall include any secretary or assistant secretary or any other individual or similar official thereof with substantially equivalent responsibilities of a Loan Party. Any document delivered hereunder that
is signed by a Responsible Officer on behalf of any Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party, and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Loan Party. 
 “Restricted Amount” has the meaning
set forth in Section 2.11(b)(iv). 
 “Restricted Debt Payments” has the meaning set forth in
Section 6.04(b). 
 “Restricted Payment” means (a) any dividend or other distribution on
account of any shares of any class of the Capital Stock of the Borrower, except a dividend payable solely in shares of Qualified Capital Stock of the Borrower to the holders of such class; (b) any redemption, retirement, sinking fund or similar
payment, purchase or other acquisition for value of any shares of any class of the Capital Stock of the Borrower; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire
shares of any class of the Capital Stock of the Borrower now or hereafter outstanding. 

  
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 “Restricted Subsidiary” means, as to any Person, any subsidiary
of such Person that is not an Unrestricted Subsidiary. Unless otherwise specified, “Restricted Subsidiary” shall mean any Restricted Subsidiary of the Borrower. 

“S&P” means S&P Global Ratings, a subsidiary of S&P Global Inc. 

“Sanctioned Person” means a person that is (i) the subject of Sanctions, (ii) located in or
organized under the laws of a country or territory which is the subject of country- or territory-wide Sanctions (including without limitation Cuba, Iran, North Korea, Syria, or the Crimea region), (iii) ordinarily a resident in a country or
territory which is the subject of country—or territory-wide Sanctions (including without limitation Cuba, Iran, North Korea, Syria, or the Crimea region), or (iv) majority-owned or, as relevant under applicable Sanctions, controlled by any
of the foregoing. 
 “Sanctions” means those trade, economic and financial sanctions laws, regulations,
embargoes, and restrictive measures (in each case having the force of law) administered, enacted or enforced from time to time by the United States (including without limitation the Department of Treasury, Office of Foreign Assets Control) or Her
Majesty’s Treasury of the United Kingdom. 
 “SEC” means the Securities and Exchange Commission, or
any Governmental Authority succeeding to any or all of its functions. 
 “Second Amendment” means that
certain Second Amendment to Term Loan Credit Agreement, dated as of May 20, 2020, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent. 

“Second Amendment Effective Date” means May 20, 2020. 

“Secured Hedging Obligations” means all Hedging Obligations (other than any Excluded Swap Obligations) under
each Hedge Agreement that (a) is in effect on the Closing Date between any Loan Party and a counterparty that is the Administrative Agent, a Lender, an Arranger or any Affiliate of the Administrative Agent, a Lender or an Arranger as of the
Closing Date, (b) is entered into after the Closing Date between any Loan Party and any counterparty that is (or is an Affiliate of) the Administrative Agent, any Lender, any Arranger, any First Amendment Arranger (as defined in the First
Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger
or, any Fourth Amendment Arranger,
or any Fifth Amendment Arranger at the time such Hedge
Agreement is entered into or (c) is in effect on the Closing Date or entered into after the Closing Date by any Loan Party with any counterparty that is reasonably acceptable to the Administrative Agent designated as a “Secured Hedge
Bank” by written notice executed by the Borrower and such counterparty to the Administrative Agent in a form reasonably acceptable to the Administrative Agent, in each case, for which such Loan Party agrees to provide security and in each case
that has been designated to the Administrative Agent in writing by the Borrower as being a Secured Hedging Obligation for purposes of the Loan Documents, it being understood that each counterparty thereto shall be deemed (x) to appoint the
Administrative Agent as its agent under the applicable Loan Documents and (y) to agree to be bound by the provisions of Article 8, Section 9.03 and Section 9.10 as if it were a Lender. 

“Secured Obligations” means all Obligations, together with all Secured Hedging Obligations. 

  
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 “Secured Parties” means (i) the Lenders, (ii) the
Administrative Agent, (iii) each counterparty to a Hedge Agreement with a Loan Party the obligations under which constitute Secured Hedging Obligations, (iv) the Arrangers, the First Amendment Arrangers (as defined in the First Amendment),
the Second Amendment Arrangers (as defined in the Second Amendment), the Third Amendment Arranger and, the Fourth Amendment Arrangers and the Fifth Amendment Arrangers, and
(v) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document. 

“Securities” means any stock, shares, units, partnership interests, voting trust certificates, certificates
of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments
commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing;
provided that “Securities” shall not include any earn-out agreement or obligation or any employee bonus or other incentive compensation plan or agreement. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations of the SEC promulgated
thereunder. 
 “Securitization Assets” means the accounts receivable, royalty or other revenue streams and other
rights to payment subject to a Qualified Securitization Financing and the proceeds thereof. 
 “Securitization
Fees” means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection
with, any Qualified Securitization Financing. 
 “Securitization Financing” means any transaction or series
of transactions that may be entered into by the Borrower or any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer
by the Borrower or any of its Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower or any of its Subsidiaries, and any
assets related thereto, including all collateral securing such Securitization Assets, all contracts and all guarantees or other obligations in respect of such Securitization Assets, proceeds of such Securitization Assets and other assets that are
customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving Securitization Assets. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a
Qualified Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense,
dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means a wholly owned Subsidiary of the Borrower (or another Person formed for the
purposes of engaging in a Qualified Securitization Financing in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers Securitization Assets and related assets)
that engages in no activities other than in connection with the financing of Securitization Assets of the Borrower or its Subsidiaries, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any
business or activities incidental or related to such business, and which is designated by the board of directors of the Borrower or such other Person (as provided below) as a Securitization Subsidiary and (a) 

  
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 no portion of the Indebtedness or any other obligations (contingent or otherwise) of which
(i) is guaranteed by the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard
Securitization Undertakings), (ii) is recourse to or obligates the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or
(iii) subjects any property or asset of the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to
Standard Securitization Undertakings, (b) with which none of the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on
terms which the Borrower reasonably believes to be no less favorable to the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower and (c) to which none of the Borrower or
any other Subsidiary of the Borrower, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. Any such
designation by the board of directors of the Borrower or such other Person shall be evidenced to the Administrative Agent by delivery to the Administrative Agent of a certified copy of the resolution of the board of directors of the Borrower or such
other Person giving effect to such designation and a certificate executed by a Responsible Officer certifying that such designation complied with the foregoing conditions. 

“Security Agreement” means the Pledge and Security Agreement, substantially in the form of Exhibit M, among
the Loan Parties and the Administrative Agent for the benefit of the Secured Parties. 
 “Senior Debt to Total
Assets Ratio” means, at any date, the percentage obtained by dividing (i) Consolidated Senior Debt as of the last day of the most recently ended Test Period by (ii) Consolidated Total Assets as of the last day of the most recently
ended Test Period. 
 “Similar Business” means any Person the majority of the revenues of which are derived
from, or the majority of operations relate to, a business that would be permitted by Section 6.10 if the references to “Restricted Subsidiaries” in Section 6.10 were read to refer to such Person. 

“SPC” has the meaning assigned to such term in Section 9.05(e). 

“Specified Debt” has the meaning assigned to such term in the definition of “Permitted Earlier Maturity
Indebtedness Exception.” 
 “Specified Representations” means the representations and warranties set
forth in Sections 3.01(a)(i) (solely with respect to the Loan Parties), 3.02 (as it relates to the due authorization, execution, delivery and performance of the Loan Documents and the enforceability thereof), 3.03(b)(i),
3.08, 3.12, 3.14 (as it relates to the creation, validity and perfection of the security interests in the Collateral), 3.16, 3.17(a)(ii), 3.17(b) and 3.17(c) (solely as it relates to the use of
proceeds in violation of FCPA). 
 “Sponsor” means, collectively, The Blackstone Group L.P., its controlled
Affiliates and funds managed or advised by any of them or any of their respective controlled Affiliates, in each case, for the avoidance of doubt, other than any portfolio company of the foregoing and other than the Borrower or any of its
Subsidiaries. 
 “Standard Securitization Undertakings” means representations, warranties, covenants and
indemnities entered into by the Borrower or any Subsidiary of the Borrower that are customary in a Securitization Financing. 

  
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 “Subject Indebtedness” has the meaning assigned to such term in
Section 1.10(f)(i). 
 “Subject Loans” has the meaning assigned to such term in
Section 2.11(b)(ii). 
 “Subject Person” has the meaning assigned to such term in the
definition of “Consolidated Net Income.” 
 “Subject Proceeds” has the meaning assigned to such
term in Section 2.11(b)(ii). 
 “Subject Transaction” means (a) the Transactions,
(b) any Permitted Acquisition or any other acquisition, whether by purchase, merger or otherwise, of all or substantially all of the assets of, or any business line, unit or division of, any Person or of a majority of the outstanding Capital
Stock of any Person (including (i) to the extent applicable, any Investment in (A) any Restricted Subsidiary the effect of which is to increase the Borrower’s or any Restricted Subsidiary’s respective equity ownership in such
Restricted Subsidiary or (B) any joint venture for the purpose of increasing the Borrower’s or its relevant Restricted Subsidiary’s ownership interest in such joint venture and (ii) and any transaction resulting in any Person
that was not previously a Restricted Subsidiary becoming a Restricted Subsidiary or being merged, amalgamated or consolidated with or into the Borrower or a Restricted Subsidiary), in each case that is not prohibited by this Agreement, (c) any
Disposition of all or substantially all of the assets or Capital Stock of any subsidiary (or any business unit, line of business or division of the Borrower or a Restricted Subsidiary) not prohibited by this Agreement, (d) the designation of a
Restricted Subsidiary as an Unrestricted Subsidiary or an Unrestricted Subsidiary as a Restricted Subsidiary in accordance with Section 5.10 hereof, (e) any incurrence or repayment (or redemption, repurchase or other retirement) of
Indebtedness and/or (f) any other event that by the terms of the Loan Documents requires pro forma compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a pro forma basis. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company,
association, joint venture or other business entity of which more than 50% of the total voting power of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or
Persons (whether directors, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by such Person
or one or more of the other subsidiaries of such Person or a combination thereof, in each case to the extent such entity’s financial results are required to be included in such Person’s consolidated financial statements under GAAP;
provided that in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interests in the nature of a “qualifying share” of the former Person shall be deemed to be outstanding. Unless
otherwise specified, “Subsidiary” shall mean any Subsidiary of the Borrower. 
 “Subsidiary
Guarantor” means (x) on the Closing Date, each Subsidiary of the Borrower (other than any such Subsidiary that is an Excluded Subsidiary on the Closing Date) and (y) thereafter, each Subsidiary of the Borrower that becomes a
guarantor of the Secured Obligations pursuant to the terms of this Agreement (including each Restricted Subsidiary that is a Discretionary Guarantor), in each case, until such time as the relevant Subsidiary is released from its obligations under
the Loan Guaranty in accordance with the terms and provisions hereof. 
 “Successor Borrower” has the
meaning assigned to such term in Section 6.07(a). 
 “Supported QFC” has the meaning assigned
to it in Section 9.23. 

  
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 “Swap Obligations” means, with respect to any Guarantor, any
obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

“Taxes” means all present and future taxes, levies, imposts, duties, deductions, withholdings (including
backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term B-2 Lender” means each Initial Term B-2 Lender and each Additional Term B-2 Lender. 

“Term B-2 Loan Commitments” means the Initial Term B-2 Loan Commitments and the Additional Term B-2 Loan
Commitments. 
 “Term B-2 Loans” means the Initial Term B-2 Loans and the Additional Term B-2 Loans. 

“Term
 B-3 Loans” means the Replacement Term B-3 Loans and the Incremental Term B-3 Loans; provided that, for the avoidance of doubt, the Replacement Term B-3 Loans and the Incremental Term B-3 Loans shall be treated as a single Class of Term B-3
Loans under this Agreement and the other Loan Documents. 

“Term Commitment” means any Initial Term Loan Commitment, any 2019 Replacement Term Loan Commitment, any 2019
Incremental Term Loan Commitment, any Additional 2019 Incremental Term Loan Commitment, any Term B-2 Loan Commitment,
any Replacement Term B-3 Loan Commitment, any Incremental Term B-3 Loan Commitment and any other Additional Term Loan Commitment. 

“Term Facility” means the Term Loans provided to or for the benefit of the Borrower pursuant to the terms of
this Agreement. 
 “Term Lender” means any Initial Term Lender, any 2019 Replacement Term Lender, any 2019
Incremental Term Lender, any Additional 2019 Incremental Term Lender, any Term B-2 Lender, any Replacement Term B-3
Lender, any Incremental Term B-3 Lender, and any other Additional Term Lender. 

“Term Loan” means the Initial Term Loans and, from and after the First Amendment Effective Date, the 2019
Replacement Term Loans and the 2019 Incremental Term Loans, and, from and after the Second Amendment Effective Date, the Term B-2 Loans, and, from and after the Fourth Amendment Effective Date, the Additional 2019 New Term Loans, and from and after the Fifth Amendment Effective Date, the Replacement Term B-3 Loans and the Incremental Term B-3
Loans, and any other Additional Term Loans. 

“Termination Date” has the meaning assigned to such term in the lead-in to Article 5. 

“Test Period” means, as of any date, the period of four consecutive Fiscal Quarters then most recently ended
for which financial statements under Section 5.01(a) or Section 5.01(b), as applicable, have been delivered (or are required to have been delivered). 

“Third Amendment” means that certain Third Amendment to Term Loan Credit Agreement, dated as of June 11,
2020, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent. 

  
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 “Third Amendment Arranger” has the meaning assigned to such term
in the Third Amendment. 
 “Third Amendment Effective Date” means June 11, 2020. 

“Threshold Amount” means, at any date, the greater of (i) $50,000,000 and (ii) 0.35% of Consolidated Total
Assets as of the last day of the most recently ended Test Period. 
 “Total Debt to Total Assets Ratio”
means, at any date, the percentage obtained by dividing (i) Consolidated Total Debt as of the last day of the most recently ended Test Period by (ii) Consolidated Total Assets as of the last day of the most recently ended Test Period. 

“Trademark” means the following: (a) all trademarks (including service marks), common law marks, trade
names, trade dress, domain names and logos, slogans and other indicia of origin under the Requirements of Law of any jurisdiction in the world, and the registrations and applications for registration thereof and the goodwill of the business
symbolized by the foregoing; (b) all renewals of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past
and future infringements, dilutions or violations thereof; (d) all rights to sue for past, present, and future infringements, dilutions or violations of the foregoing, including the right to settle suits involving claims and demands for
royalties owing; and (e) all domestic rights corresponding to any of the foregoing. 
 “Transaction
Costs” means fees, premiums, expenses and other transaction costs (including original issue discount or upfront fees) payable or otherwise borne by the Borrower and/or its Subsidiaries in connection with the Transactions and the
transactions contemplated thereby. 
 “Transactions” means, collectively, (a) the execution, delivery
and performance by the Loan Parties of the Loan Documents to which they are a party and the Borrowing of Loans hereunder on the Closing Date and (b) the payment of the Transaction Costs. 

“Treasury Capital Stock” has the meaning assigned to such term in Section 6.04(a)(viii). 

“Treasury Regulations” means the U.S. federal income tax regulations promulgated under the Code. 

“Trust Account” means any accounts used solely to hold Trust Funds. 

“Trust Funds” means, to the extent segregated from other assets of the Loan Parties in a segregated account
that contains amounts comprised solely and exclusively of such Trust Funds, cash, cash equivalents or other assets comprised solely of (a) funds used for payroll and payroll taxes and other employee benefit payments to or for the benefit of
such Loan Party’s employees, (b) all taxes required to be collected, remitted or withheld (including, without limitation, federal and state withholding taxes) and (c) any other funds which the Loan Parties hold in trust or as an escrow or
fiduciary for another person, which is not a Loan Party or a Restricted Subsidiary. 
 “Type,” when used in
reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the LIBO Rate or the Alternate Base Rate. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other
state the laws of which are required to be applied in connection with the creation or perfection of security interests. 

  
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 “Unrestricted Subsidiary” means any Subsidiary of the Borrower
that is listed on Schedule 5.10 hereto or designated by the Borrower as an Unrestricted Subsidiary after the Closing Date pursuant to Section 5.10. 

“U.S.” means the United States of America. 

“U.S. Lender” means any Lender that is a “United States person” within the meaning of
Section 7701(a)(30) of the Code. 
 “U.S. Special Resolution Regimes” has the meaning assigned to it
in Section 9.23. 
 “U.S. Tax Compliance Certificate” has the meaning assigned to such term in
Section 2.17(f). 
 “USA PATRIOT Act” means The Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years
obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required scheduled payments of principal, including payment at final
maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness;
provided that the effects of any Prepayments made on such Indebtedness shall be disregarded in making such calculation. 

“Wholly-Owned Subsidiary” of any Person means a direct or indirect subsidiary of such Person, 100% of the
Capital Stock or other ownership interests of which (other than directors’ qualifying shares or shares required by Requirements of Law to be owned by a resident of the relevant jurisdiction) shall be owned by such Person or by one or more
Wholly-Owned Subsidiaries of such Person. 
 “Withdrawal Liability” means the liability to any
Multiemployer Plan as the result of a “complete” or “partial” withdrawal by the Borrower or any Restricted Subsidiary or any ERISA Affiliate from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title
IV of ERISA. 
 “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the
write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

 Section 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified
and referred to by Class (e.g., an “Initial Term Loan”) or by Type (e.g., a “LIBO Rate Loan” or an “ABR Loan”) or by Class and Type (e.g., a “LIBO Rate Initial Term Loan”). Borrowings also
may be classified and referred to by Class (e.g., a “Term Loan Borrowing”) or by Type (e.g., a “LIBO Rate Borrowing”) or by Class and Type (e.g., a “LIBO Rate Initial Term Loan Borrowing”). 

Section 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be
followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (a) any definition of or reference to
any agreement, instrument or other document herein or in 

  
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 any Loan Document (including any Loan Document) shall be construed as referring to such
agreement, instrument or other document as from time to time amended, restated, amended and restated, supplemented or otherwise modified or extended, replaced or refinanced (subject to any restrictions or qualifications on such amendments,
restatements, amendment and restatements, supplements or modifications or extensions, replacements or refinancings set forth herein), (b) any reference to any Requirement of Law in any Loan Document shall include all statutory and regulatory
provisions consolidating, amending, replacing, supplementing or interpreting such Requirement of Law, (c) any reference herein or in any Loan Document to any Person shall be construed to include such Person’s successors and permitted
assigns, (d) the words “herein,” “hereof” and “hereunder,” and words of similar import, when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular
provision hereof, (e) all references herein or in any Loan Document to Articles, Sections, clauses, paragraphs, Exhibits and Schedules shall be construed to refer to Articles, Sections, clauses and paragraphs of, and Exhibits and Schedules to,
such Loan Document, (f) in the computation of periods of time in any Loan Document from a specified date to a later specified date, the word “from” means “from and including,” the words “to” and “until”
mean “to but excluding” and the word “through” means “to and including” and (g) the words “asset” and “property,” when used in any Loan Document, shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including Cash, securities, accounts and contract rights. 

Section 1.04. Accounting Terms; GAAP. 

(a) All financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with GAAP as in effect
from time to time and, except as otherwise expressly provided herein, all terms of an accounting nature that are used in calculating the Total Debt to Total Assets Ratio, the Senior Debt to Totals Assets Ratio or Consolidated Total Assets shall be
construed and interpreted in accordance with GAAP, as in effect from time to time; provided that 

(i) if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision
hereof to eliminate the effect of any change occurring after the date of delivery of the financial statements described in Section 3.04(a) in GAAP or in the application thereof (including the conversion to IFRS as described below) on the
operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in
GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change becomes effective until such notice shall have been withdrawn or such provision shall have been
amended in accordance herewith; provided, further, that if such an amendment is requested by the Borrower or the Required Lenders, then the Borrower and the Administrative Agent shall negotiate in good faith to enter into an amendment of the
relevant affected provisions (without the payment of any amendment or similar fee to the Lenders) to preserve the original intent thereof in light of such change in GAAP or the application thereof; 

(ii) all terms of an accounting or financial nature used herein shall be construed, and all computations of
amounts and ratios referred to herein shall be made without giving effect to (A) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting
Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value,” as defined therein and (B) any treatment of
Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness
in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof; and 

  
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 (iii) if the Borrower notifies the Administrative Agent that the
Borrower is required to report under IFRS or has elected to do so through an early adoption policy, “GAAP” shall mean international financial reporting standards pursuant to IFRS and after such conversion, the Borrower cannot elect to
report under GAAP. 
 (b) [Reserved]. 

(c) Notwithstanding anything to the contrary contained in paragraph (a) above or in the definition of
“Finance Lease,” regardless of GAAP as in effect at any applicable time, only those leases (assuming for purposes hereof that such leases were in existence on the date hereof) that would constitute Finance Leases in conformity with GAAP as
in effect on January 1, 2018 shall be considered Finance Leases, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith. 

Section 1.05. [Reserved]. 

Section 1.06. Timing of Payment of Performance. When payment of any obligation or the performance of any covenant,
duty or obligation is stated to be due or required on a day which is not a Business Day, the date of such payment (other than as described in the definition of “Interest Period”) or performance shall extend to the immediately succeeding
Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. 

Section 1.07. Times of Day. Unless otherwise specified herein, all references herein to times of day shall be
references to New York City time (daylight or standard, as applicable). 
 Section 1.08. Currency Equivalents
Generally. 
 (a) With respect to amounts denominated in currencies other than Dollars: 

(i) For purposes of any determination under Article 1, Article 5, Article 6 (other than
Section 6.13(a) and the calculation of compliance with any financial ratio for purposes of taking any action hereunder) or Article 7 with respect to the amount of any Indebtedness, Lien, Restricted Payment, Restricted Debt
Payment, Investment, Disposition, Affiliate transaction or other transaction, event or circumstance, or any determination under any other provision of this Agreement (any of the foregoing, a “specified transaction”), in a currency
other than Dollars, the Dollar Equivalent amount of a specified transaction in a currency other than Dollars shall be determined by the Borrower in good faith; provided, that (A) if any Indebtedness is incurred (and, if applicable,
associated Lien granted) to refinance or replace other Indebtedness denominated in a currency other than Dollars, and the relevant refinancing or replacement would cause the applicable Dollar-denominated restriction to be exceeded if the Dollar
Equivalent thereof were determined on the date of such refinancing or replacement, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing or replacement Indebtedness (and, if
applicable, associated Lien granted) does not exceed an amount sufficient to repay the principal amount of such Indebtedness being refinanced or replaced, except by an amount equal to (x) unpaid accrued interest, penalties and premiums
(including tender premiums) thereon plus reasonable and customary fees and expenses (including upfront fees and original issue discount) incurred in connection with such refinancing or replacement and the Indebtedness being refinanced or

  
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replaced, (y) any existing commitments unutilized thereunder and (z) additional amounts permitted to be incurred under Section 6.01, and (B) for the avoidance of doubt,
no Default or Event of Default shall occur or be deemed to have occurred solely as a result of a change in the rate of currency exchange occurring after the time of any specified transaction so long as such specified transaction was permitted at the
time incurred, made, acquired, committed, entered or declared as set forth above. 
 (ii) For purposes of
Section 6.13(a) and the calculation of compliance with any financial ratio for purposes of taking any action hereunder, on any relevant date of determination, amounts denominated in currencies other than Dollars shall be translated into
Dollars at the applicable rate of currency exchange used in preparing the financial statements delivered pursuant to Sections 5.01(a) or (b) (or, prior to the first such delivery, the financial statements referred to in
Section 3.04), as applicable, for the relevant Test Period and will, with respect to any Indebtedness, reflect the currency translation effects, determined in accordance with GAAP, of any Hedge Agreement permitted hereunder in respect of
currency exchange risks with respect to the applicable currency in effect on the date of determination for the Dollar Equivalent amount of such Indebtedness. Notwithstanding the foregoing or anything to the contrary herein, to the extent that the
Borrower would not be in compliance with Section 6.13(a) if any Indebtedness denominated in a currency other than Dollars were to be translated into Dollars on the basis of the applicable rate of currency exchange used in preparing the
financial statements for the relevant Test Period, but would be in compliance with Section 6.13(a) if such Indebtedness that is denominated in a currency other than in Dollars were instead translated into Dollars on the basis of the average
relevant rate of currency exchange over such Test Period (taking into account the currency translation effects, determined in accordance with GAAP, of any Hedge Agreement permitted hereunder in respect of currency exchange risks with respect to the
applicable currency in effect on the date of determination for the Dollar Equivalent amount of such Indebtedness), then, solely for purposes of compliance with Section 6.13(a), the Total Debt to Total Assets Ratio as of the last day of
such Test Period shall be calculated on the basis of such average relevant rate of currency exchange. 
 (b) Each provision
of this Agreement shall be subject to such reasonable changes of construction as agreed by the Administrative Agent and the Borrower to appropriately reflect a change in currency of any country and any relevant market convention or practice relating
to such change in currency. 
 Section 1.09. Cashless Rollovers. Notwithstanding anything to the contrary
contained in this Agreement or in any other Loan Document, to the extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with Incremental Term Loans, Replacement Term Loans, Extended
Term Loans or loans incurred under a new credit facility, in each case, to the extent such extension, replacement, renewal or refinancing is effected by means of a “cashless roll” by such Lender, such extension, replacement, renewal or
refinancing shall be deemed to comply with any requirement hereunder or any other Loan Document that such payment be made “in Dollars,” “in immediately available funds,” “in Cash” or any other similar requirement. 

Section 1.10. Certain Calculations and Tests. 

(a) Notwithstanding anything to the contrary herein, but subject to this Section 1.10, all financial ratios and
tests (including the Total Debt to Total Assets Ratio, the Senior Debt to Total Assets Ratio and the amount of Consolidated Total Assets and the component definitions of any of the foregoing) contained in this Agreement shall be calculated with
respect to any applicable Test Period to give effect to all Subject Transactions on a Pro Forma Basis that occurred on or after the first day of such 

  
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Test Period and on or prior to the date of any required calculation of any financial ratio or test (which may be after the end of such Test Period); provided, that solely for purposes of
calculating quarterly compliance with Section 6.13(a), no Subject Transaction occurring after the last day of the Test Period shall be taken into account or given pro forma effect. 

(b) With respect to any Limited Condition Transaction, notwithstanding anything to the contrary in this Agreement: 

(i) To the extent that the terms of this Agreement require (A) the making or accuracy of any
representations and warranties (other than in connection with any acquisition or similar Investment, the Specified Representations as related thereto), (B) compliance with any Financial Incurrence Test (including, without limitation,
Section 6.13(a) hereof, any Total Debt to Total Assets Ratio test or any Senior Debt to Totals Assets Ratio test), and/or any Basket expressed as a percentage of Consolidated Total Assets, (C) the absence of a Default or Event of
Default (or any type of Default or Event of Default), (D) compliance with, or determination of availability under, any Basket (including any categories (or subcategories) or items (or sub-items) under Section 2.22, 6.01,
6.02, 6.04, 6.06, 6.07 or 6.09 or any applicable defined terms used in any of the foregoing, including any measured as a percentage of Consolidated Total Assets) or (E) compliance with, or satisfaction of, any
other condition or requirement, in each case, in connection with any Limited Condition Transactions (or any actions and transactions in connection with any Limited Condition Transaction (including the incurrence of any Indebtedness (and related
Liens) pursuant to Sections 2.22 and 6.01)) and any actions or transactions related thereto, determination of whether the relevant conditions or requirement described in subclauses (A) through (E) above (the “LCT Requirements”)
are satisfied or complied with may be made, at the election of the Borrower (an “LCT Election”), on the date (the “LCT Test Date”) the definitive agreements for such Limited Condition Transaction is entered into (or, if
applicable, the date of delivery of irrevocable notice (which may be conditional or subject to deferral) with respect to Indebtedness or declaration of a Restricted Payment). 

(ii) If, after giving effect to the Limited Condition Transaction (any related actions and transactions,
including the incurrence of any Indebtedness (and related Liens) pursuant to Sections 2.22 and 6.01 and the use of proceeds thereof and related Subject Transactions) and any related pro forma adjustments on a Pro Forma Basis, the Borrower or any of
its Restricted Subsidiaries would have been permitted to take such actions or consummate such Limited Condition Transaction (and all related actions and transactions) on the relevant LCT Test Date in compliance with any applicable LCT Requirements,
all applicable LCT Requirements shall be deemed to have been complied with (or satisfied) for all purposes and the Borrower and its Restricted Subsidiaries may consummate such Limited Condition Transaction and take or consummate all related actions
and transactions at any time subsequent to the LCT Test Date regardless of whether any LCT Requirement determined or tested as of the LCT Test Date would at any time subsequent to such LCT Test Date fail to be complied with or satisfied for any
reason whatsoever (including due to the occurrence or existence of any event, fact or circumstance), and no Default or Event of Default shall be deemed to have occurred as a result of the consummation of such Limited Condition Transaction and taking
or consummation of all related actions and transactions. 
 (iii) If internal financial statements of the
Borrower of the type described in Section 5.01(a) or Section 5.01(b), as applicable, are available (as determined in good faith by the Borrower) or such financial statements have been delivered pursuant to
Section 5.01(a) or Section 5.01(b), as applicable, (a) the Borrower may elect, in its sole discretion, to re-determine 

  
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compliance with, or satisfaction of, all applicable LCT Requirements on the basis of such financial statements, in which case, such date of re-determination shall thereafter be deemed to be the
applicable LCT Test Date for purposes of such ratios, tests or baskets, and (b) except as contemplated in the foregoing clause (a), compliance with such ratios, tests or baskets (and any related requirements and conditions) shall not be
determined or tested at any time after the applicable LCT Test Date. 
 (iv) In calculating the availability
under any ratio, test, basket, cap or threshold in connection with any action or transaction unrelated to such Limited Condition Transaction (including any other Limited Condition Transaction and related actions and transactions) following the
relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement, the notice redemption, purchase or repayment or the declaration for such Limited
Condition Transaction is terminated, expires, passes or is revoked, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test, basket, cap or threshold shall be determined or tested giving pro forma effect to
such Limited Condition Transaction (and related actions and transactions). 
 (c) For purposes of determining the
permissibility of any action, change, transaction or event that requires a calculation of any financial ratio or test (including, without limitation, Section 6.13(a) hereof, any Total Debt to Total Assets Ratio test, any Senior Debt to
Total Assets Ratio test and/or the amount of Consolidated Total Assets), such financial ratio or test shall be calculated at the time such action is taken (subject to clause (b) above), such change is made, such transaction is
consummated or such event occurs, as the case may be, and no Default or Event of Default shall occur or be deemed to have occurred solely as a result of a change in such financial ratio or test occurring after such calculation. 

(d) Notwithstanding anything in this Agreement or any Loan Document to the contrary, in calculating any Non-Fixed Basket any
(x) Indebtedness incurred to fund original issue discount and/or upfront fees with respect to Indebtedness incurred under an applicable Non-Fixed Basket or in a concurrent transaction, a single transaction or a series of related transactions
with the amount incurred, or transaction entered into or consummated, under an applicable Non-Fixed Basket and (y) any amounts incurred, or transactions entered into or consummated, in reliance on a Fixed Basket (including the Free and Clear
Incremental Amount) in a concurrent transaction, a single transaction or a series of related transactions with the amount incurred, or transaction entered into or consummated, under an applicable Non-Fixed Basket, in each case of the foregoing
clauses (x) and (y), shall be disregarded in the calculation of such Non-Fixed Basket. For all purposes hereunder, (i) “Fixed Basket” shall mean any Basket that is subject to a fixed-dollar limit (including Baskets based
on a percentage of Consolidated Total Assets), (ii) “Non-Fixed Basket” shall mean any Basket that is subject to compliance with a financial ratio or test (including, without limitation, the Financial Covenant, the Senior Debt
to Total Assets Ratio and the Total Debt to Total Assets Ratio) (any such ratio or test, a “Financial Incurrence Test”) and (iii) “Basket” means any amount, threshold, exception or value (including by reference
to the Senior Debt to Total Assets Ratio, the Total Debt to Total Assets Ratio or Consolidated Total Assets) permitted or prescribed with respect to any Indebtedness (including any Incremental Facility, Incremental Term Loan or Incremental
Equivalent Debt), Lien, Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Investment, Disposition, Affiliate transaction or any transaction, action, judgment or amount under any provision in this Agreement or any other Loan
Document. 
 (e) The principal amount of any non-interest bearing Indebtedness or other discount security constituting
Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP. The increase in amounts secured by Liens by virtue of accrual of interest, the
accretion of accreted value, the payment of interest or dividends in the form of additional Indebtedness, amortization of original issue discount and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the
exchange rate of currencies will not be deemed to be an incurrence of Liens for purposes of Section 6.02. 

  
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 (f) For purposes of determining at any time compliance with, or availability
under, Section 2.22, 6.01, 6.02, 6.04, 6.06, 6.07 or 6.09 (including any applicable defined terms used therein): 

(i) In the event that any Indebtedness (including any Incremental Facility, Incremental Term Loan or
Incremental Equivalent Debt), Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition, Affiliate transaction or and any related transactions, as applicable, meets the criteria of more than one of the Baskets (including, without
limitation, sub-clauses, sub-categories or sub-items) permitted pursuant to any clause of such Sections 2.22, 6.01 (other than Sections 6.01(a) with respect to the Initial Term Loans incurred on the Closing Date), 6.02
(other than Section 6.02(a) to the extent securing Initial Term Loans incurred on the Closing Date), 6.04, 6.06, 6.07 or 6.09 or in any defined term used in any of the foregoing, in each case, the Borrower, in
its sole discretion, may, at any time and from time to time, divide, classify or reclassify such transaction or item (or portion thereof) under one or more Baskets of each such Section (and/or applicable defined terms) and will only be required to
include the amount and type of such transaction (or portion thereof) in any one applicable Basket thereof; provided that, upon delivery of any financial statements pursuant to Section 5.01(a) or (b) following the initial
incurrence of any portion of any Indebtedness (such portion of Indebtedness, the “Subject Indebtedness”) incurred under Section 6.01 (other than Section 6.01(a) with respect to the Initial Term Loans incurred
on the Closing Date) or, with respect to any Incremental Facility, Incremental Term Loan or Incremental Equivalent Debt, incurred under the Non-Ratio Based Incremental Amount, if any such Subject Indebtedness could have been incurred under the Ratio
Based Incremental Amount under the Incremental Cap, such Subject Indebtedness shall, unless otherwise elected by the Borrower, automatically be reclassified as incurred under the Ratio Based Incremental Amount (as provided in clause
(iii) of the proviso in the definition of “Incremental Cap”). 
 (ii) It is understood and
agreed that (A) any Indebtedness (including any Incremental Facility, Incremental Term Loan or Incremental Equivalent Debt), Lien, Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Investment, Disposition, Affiliate transaction
and any related transactions need not be permitted solely by reference to one category (or subcategory) or item (or sub-item) under Sections 2.22, 6.01, 6.02, 6.04, 6.05, 6.06, 6.07 or 6.09,
respectively, or in any applicable defined terms used in any of the foregoing, but may instead be permitted in part under any combination thereof within the applicable Section and/or applicable defined terms and of any other available Basket and
(B) the Borrower (x) shall in its sole discretion determine under which Baskets (including sub-categories and sub-items) such Indebtedness (including any Incremental Facility, Incremental Term Loan or Incremental Equivalent Debt), Lien,
Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Investment, Disposition, Affiliate transaction and any related transactions (or, in each case, any portion thereof), as applicable, is permitted and (y) shall be permitted from
time to time, in its sole discretion, to make any redetermination and/or to divide, re-divide, classify or reclassify under which Baskets (including sub-categories and sub-items) such Indebtedness (including any Incremental Facility, Incremental
Term Loan or Incremental Equivalent Debt), Lien, Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Investment, Disposition, Affiliate transaction and any related transaction is permitted, including reclassifying any utilization of
Fixed Baskets as incurred under any available Non-Fixed Baskets, in each case, within the applicable Section and/or applicable defined terms. For the avoidance of doubt, if the applicable date for meeting any requirement hereunder or under any other
Loan Document falls on a day 

  
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that is not a Business Day, compliance with such requirement shall not be required until noon on the first Business Day following such applicable date and if any such test would be satisfied in
any subsequent fiscal quarter following the relevant date of determination, then such reclassification shall be deemed to have automatically occurred at such time. For the avoidance of doubt, the amount of any Lien, Indebtedness, Disqualified Stock,
Disposition, Investment, Restricted Payment, Restricted Debt Payment, Burdensome Agreement, Affiliate transaction or other transaction, action, judgment or amount that shall be allocated to each such Basket shall be determined by the Borrower at the
time of such division, classification, re-division or re-classification, as applicable. 
 (g) With respect to Designated
Revolving Commitments (to the extent loans funded under such Designated Revolving Commitments would constitute Indebtedness) (including Designated Revolving Commitments established as Incremental Equivalent Debt) (i) except for purposes of
determining the Net Proceeds Percentage and determining actual compliance with Section 6.13(a), such Designated Revolving Commitments will be deemed an incurrence of Indebtedness on the date of the establishment thereof and will be
deemed outstanding for purposes of calculating the Senior Debt to Total Assets Ratio, the Total Debt to Total Assets Ratio and the availability of any baskets hereunder and (ii) commencing on the date such Designated Revolving Commitments are
established after giving pro forma effect to the incurrence of the entire committed amount of the Indebtedness thereunder (but without netting any cash proceeds thereof), and so long as such incurrence is permitted hereunder on such date of
establishment, such committed amount under such Designated Revolving Commitments may thereafter be borrowed (and reborrowed, if applicable), in whole or in part, from time to time, without further compliance with any basket or financial ratio or
test under this Agreement. 
 (h) Interest on a Finance Lease Obligation shall be deemed to accrue at an interest rate
reasonably determined by a Financial Officer of the Borrower to be the rate of interest implicit in such Finance Lease Obligation in accordance with GAAP. 

ARTICLE 2 
 THE CREDITS 

Section 2.01. Commitments. 

(a) Subject to the terms and conditions set forth herein, each Initial Term Lender severally, and not jointly, agrees to make
an Initial Term Loan to the Borrower on the Closing Date in Dollars in a principal amount not to exceed its Initial Term Loan Commitment. Amounts paid or prepaid in respect of the Initial Term Loans may not be reborrowed. 

(b) Subject to the terms and conditions of this Agreement and any applicable Refinancing Amendment or Incremental Facility
Amendment, each Lender with an Additional Commitment of a given Class, severally and not jointly, agrees to make Additional Term Loans of such Class to the Borrower, which Loans shall not exceed for any such Lender at the time of any incurrence
thereof the Additional Commitment of such Class of such Lender as set forth in the applicable Refinancing Amendment or Incremental Facility Amendment. 

(c) Subject to and upon the terms and conditions set forth in the First Amendment, each 2019 Replacement Term Lender
severally, and not jointly, agrees to make a 2019 Replacement Term Loan to the Borrower on the First Amendment Effective Date in Dollars in a principal amount not to exceed its 2019 Replacement Term Loan Commitment. Subject to and upon the terms and
conditions set forth in the First Amendment, each 2019 Incremental Term Lender severally, and not jointly, agrees to 

  
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 make a 2019 Incremental Term Loan to the Borrower on the First Amendment Effective Date in
Dollars in a principal amount not to exceed its 2019 Incremental Term Loan Commitment. Amounts paid or prepaid in respect of the 2019 Incremental Term Loans and 2019 Replacement Term Loans may not be reborrowed. For the avoidance of doubt, the 2019
Replacement Term Loans and 2019 Incremental Term Loans shall constitute, and shall be treated as, a single Class of “2019 New Term Loans” and “Term Loans” under the Loan Documents. 

(d) Subject to and upon the terms and conditions set forth in the Second Amendment, each Initial Term B-2 Lender severally,
and not jointly, agrees to make an Initial Term B-2 Loan to the Borrower on the Second Amendment Effective Date in Dollars in a principal amount not to exceed its Initial Term B-2 Loan Commitment. 

(e) Subject to and upon the terms and conditions set forth in the Third Amendment, each Additional Term B-2 Lender severally,
and not jointly, agrees to make an Additional Term B-2 Loan to the Borrower on the Third Amendment Effective Date in Dollars in a principal amount not to exceed its Additional Term B-2 Loan Commitment. Each Additional Term B-2 Loan shall initially
take the form of a pro rata increase in each outstanding Borrowing of Initial Term B-2 Loans on the Third Amendment Effective Date. 

(f) Amounts paid or prepaid in respect of the Term B-2 Loans may not be reborrowed. For the avoidance of doubt, (x) the
Term B-2 Loans shall constitute, and shall be treated as, a separate Class of “Term Loans” from the “2019 New Term Loans” under the Loan Documents and (y) the Initial Term B-2 Loans and the Additional Term B-2 Loans shall
constitute, and shall be treated as, forming parts of the same Class of “Term Loans” under the Loan Documents. 

(g) Subject to and upon the terms and conditions set forth in the Fourth Amendment, each Additional 2019 Incremental Term
Lender severally, and not jointly, agrees to make an Additional 2019 New Term Loan to the Borrower on the Fourth Amendment Effective Date in Dollars in a principal amount not to exceed its Additional 2019 Incremental Term Loan Commitment. Each
Additional 2019 New Term Loan shall initially take the form of a pro rata increase in each outstanding Borrowing of 2019 New Term Loans on the Fourth Amendment Effective Date. Amounts paid or prepaid in respect of the Additional 2019 New Term Loans
may not be reborrowed. For the avoidance of doubt, the Additional 2019 New Term Loans shall constitute 2019 New Term Loans under the Loan Documents, and shall be treated as forming a single Class of Term Loans with the 2019 New Term Loans
outstanding on the Fourth Amendment Effective Date immediately prior to giving effect to the Fourth Amendment. 
 (h) Subject to and upon the terms and conditions set forth in the Fifth Amendment, each Replacement Term B-3 Lender severally,
and not jointly, agrees to make a Replacement Term B-3 Loan to the Borrower on the Fifth Amendment Effective Date in Dollars in a principal amount not to exceed its Replacement Term B-3 Loan Commitment. Subject to and upon the terms and conditions
set forth in the Fifth Amendment, each Incremental Term B-3 Lender severally, and not jointly, agrees to make an Incremental Term B-3 Loan to the Borrower on the Fifth Amendment Effective Date in Dollars in a principal amount not to exceed its
Incremental Term B-3 Loan Commitment. Amounts paid or prepaid in respect of the Incremental Term B-3 Loans and Replacement Term B-3 Loans may not be reborrowed. For the avoidance of doubt, the Replacement Term B-3 Loans and the Incremental Term B-3
Loans shall constitute, and shall be treated as, a single Class of “Term B-3 Loans” and “Term Loans” under the Loan Documents. 

  
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 Section 2.02. Loans and Borrowings. 

(a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably
in accordance with their respective Commitments of the applicable Class. 
 (b) Subject to Section 2.14, each
Borrowing shall be comprised entirely of ABR Loans or LIBO Rate Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any LIBO Rate Loan by causing any domestic or foreign branch or Affiliate of such Lender to
make such Loan; provided that (i) any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement, (ii) such LIBO Rate Loan shall be deemed to have been
made and held by such Lender, and the obligation of the Borrower to repay such LIBO Rate Loan shall nevertheless be to such Lender for the account of such domestic or foreign branch or Affiliate of such Lender and (iii) in exercising such
option, such Lender shall use reasonable efforts to minimize increased costs to the Borrower resulting therefrom (which obligation of such Lender shall not require it to take, or refrain from taking, actions that it determines would result in
increased costs for which it will not be compensated hereunder or that it otherwise determines would be disadvantageous to it and in the event of such request for costs for which compensation is provided under this Agreement, the provisions of
Section 2.15 shall apply); provided, further, that no such domestic or foreign branch or Affiliate of such Lender shall be entitled to any greater indemnification under Section 2.17 in respect of any U.S.
federal withholding tax with respect to such LIBO Rate Loan than that to which the applicable Lender was entitled on the date on which such Loan was made (except in connection with any indemnification entitlement arising as a result of any Change in
Law after the date on which such Loan was made). 
 (c) At the commencement of each Interest Period for any LIBO Rate
Borrowing, such LIBO Rate Borrowing shall comprise an aggregate principal amount that is an integral multiple of $50,000 and not less than $250,000. Each ABR Borrowing when made shall be in a minimum principal amount of $50,000 and in an integral
multiple of $50,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of six different Interest Periods in effect for LIBO Rate Borrowings at any
time outstanding (or such greater number of different Interest Periods as the Administrative Agent may agree from time to time). 

(d) Notwithstanding any other provision of this Agreement, the Borrower shall not, nor shall it be entitled to, request, or to
elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date applicable to the relevant Loans. 

Section 2.03. Requests for Borrowings. Each Term Loan Borrowing, each conversion of Term Loans from one Type to
the other, and each continuation of LIBO Rate Loans shall be made upon irrevocable notice by the Borrower to the Administrative Agent (provided that notices in respect of Term Loan Borrowings to be made in connection with any acquisition,
investment or irrevocable repayment or redemption of Indebtedness may be conditioned on the closing of such Permitted Acquisition, permitted Investment or permitted irrevocable repayment or redemption of Indebtedness). Each such notice must be in
the form of a written Borrowing Request, appropriately completed and signed by a Responsible Officer of the Borrower and must be received by the Administrative Agent (by hand delivery, fax or other electronic transmission (including “.pdf”
or “.tif”)) not later than (i) 1:00 p.m. three Business Days prior to the requested day of any Borrowing, conversion or continuation of LIBO Rate Loans (or one Business Day in the case of any Borrowing of LIBO Rate Loans to be made on
the Closing Date) and (ii) 1:00 p.m. on the requested date of any Borrowing of ABR Loans (or, in each case, such later time as is reasonably acceptable to the Administrative Agent); provided, however, that if the Borrower wishes
to request LIBO Rate Loans having an Interest Period of other than one, two, three or six months in 

  
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duration as provided in the definition of “Interest Period,” (A) the applicable notice from the Borrower must be received by the Administrative Agent not later than 1:00 p.m. four
Business Days prior to the requested date of the relevant Borrowing (or such later time as is reasonably acceptable to the Administrative Agent), conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the
appropriate Lenders of such request and determine whether the requested Interest Period is available to them and (B) not later than 12:00 noon three Business Days before the requested date of the relevant Borrowing, conversion or continuation,
the Administrative Agent shall notify the Borrower whether or not the requested Interest Period is available to the appropriate Lenders. 

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no
Interest Period is specified with respect to any requested LIBO Rate Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. The Administrative Agent shall advise each Lender of the details and
amount of any Loan to be made as part of the relevant requested Borrowing (x) in the case of any ABR Borrowing, on the same Business Day of receipt of a Borrowing Request in accordance with this Section or (y) in the case of any
LIBO Rate Borrowing, no later than one Business Day following receipt of a Borrowing Request in accordance with this Section. 

Section 2.04. [Reserved]. 

Section 2.05. [Reserved]. 

Section 2.06. [Reserved]. 

Section 2.07. Funding of Borrowings. 

(a) Each Lender shall make each Loan to be made by it hereunder not later than (i) 1:00 p.m., in the case of LIBO Rate
Loans, and (ii) 2:00 p.m., in the case of ABR Loans (or, in the case of ABR Loans requested after 11:00 a.m. but before 1:00 p.m. on the date of the applicable Borrowing, 4:00 p.m.), in each case on the Business Day specified in the applicable
Borrowing Request by wire transfer of immediately available funds to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender’s respective Applicable
Percentage. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to the account designated in the relevant Borrowing Request or as otherwise directed by the Borrower.

 (b) Unless the Administrative Agent has received notice from any Lender that such Lender will not make available to the
Administrative Agent such Lender’s share of any Borrowing prior to the proposed date of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph
(a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if any Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding amount with interest thereon, for each day from and including the date
such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to Loans comprising such Borrowing at such time. If such Lender pays such amount to the Administrative Agent,
then such amount shall constitute such Lender’s Loan included in such Borrowing and the obligation of the Borrower to repay the Administrative Agent such corresponding amount pursuant to this Section

  
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2.07(b) shall cease. If the Borrower pays such amount to the Administrative Agent, the amount so paid shall constitute a repayment of such Borrowing by such amount. Nothing herein shall be
deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Borrower or any other Loan Party may have against any Lender as a result of any default by such Lender
hereunder. 
 Section 2.08. Type; Interest Elections. 

(a) Each Borrowing shall initially be of the Type specified in the applicable Borrowing Request and, in the case of any LIBO
Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert any Borrowing to a Borrowing of a different Type or to continue such Borrowing and, in the case of a LIBO
Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated
ratably among the Lenders based upon their Applicable Percentages and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b) To make an election pursuant to this Section, the Borrower shall deliver an Interest Election Request,
appropriately completed and signed by a Responsible Officer of the Borrower, of the applicable election to the Administrative Agent; provided that, in each case under this Section 2.08(b), such Interest Election Request must be
received by the Administrative Agent (by hand delivery, fax or other electronic transmission (including “.pdf” or “.tif”)) not later than (i) 1:00 p.m. three Business Days prior to the requested day of any Borrowing,
conversion or continuation of LIBO Rate Loans (or one Business Day in the case of any Borrowing of or conversion to LIBO Rate Loans in Dollars to be made on the Closing Date) and (ii) 1:00 p.m. on the requested date of any Borrowing of ABR
Loans (or, in each case, such later time as is reasonably acceptable to the Administrative Agent); provided, however, that if the Borrower wishes to request LIBO Rate Loans having an Interest Period of other than one, two, three or six
months in duration as provided in the definition of “Interest Period,” (A) the applicable notice from the Borrower must be received by the Administrative Agent not later than 1:00 p.m. four Business Days prior to the requested date of
the relevant Borrowing, conversion or continuation (or such later time as is reasonably acceptable to the Administrative Agent), whereupon the Administrative Agent shall give prompt notice to the appropriate Lenders of such request and determine
whether the requested Interest Period is available to them and (B) not later than 12:00 noon three Business Days before the requested date of the relevant Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower
whether or not the requested Interest Period is available to the appropriate Lenders. 
 If any such Interest Election
Request requests a LIBO Rate Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(c) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender
of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (d) If the Borrower fails to
deliver a timely Interest Election Request with respect to a LIBO Rate Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, such Borrowing shall be converted at the end of
such Interest Period to an ABR Borrowing. Notwithstanding anything to the contrary herein, if an Event of Default exists and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as such Event of
Default exists (i) no outstanding Borrowing may be converted to or continued as a LIBO Rate Borrowing and (ii) unless repaid, each LIBO Rate Borrowing shall be converted to an ABR Borrowing at the end of the then-current Interest Period
applicable thereto. 

  
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 Section 2.09. Termination of Commitments. Unless previously
terminated, (i) the Initial Term Loan Commitments on the Closing Date shall automatically terminate upon the making of the Initial Term Loans on the Closing Date, (ii) the 2019 Replacement Term Loan Commitments on the First Amendment
Effective Date shall automatically terminate upon the making of the 2019 Replacement Term Loans on the First Amendment Effective Date, (iii) the 2019 Incremental Term Loan Commitments on the First Amendment Effective Date shall automatically
terminate upon the making of the 2019 Incremental Term Loans on the First Amendment Effective Date, (iv) the Initial Term B-2 Loan Commitments on the Second Amendment Effective Date shall automatically terminate upon the making of the Initial
Term B-2 Loans on the Second Amendment Effective Date, (v) the Additional Term B-2 Loan Commitments on the Third Amendment Effective Date shall automatically terminate upon the making of the Additional Term B-2 Loans on the Third Amendment
Effective Date, (vi) the Additional 2019 Incremental Term Loan Commitments on the Fourth Amendment Effective Date shall automatically terminate upon the making of the Additional 2019 New Term Loans on the Fourth Amendment Effective Date and (vi, (vii) the
Replacement Term B-3 Loan Commitments on the Fifth Amendment Effective Date shall automatically terminate upon the making of the Replacement Term B-3 Loans on the Fifth Amendment Effective Date, (viii) the Incremental Term B-3 Loan Commitments
on the Fifth Amendment Effective Date shall automatically terminate upon the making of the Incremental Term B-3 Loans on the Fifth Amendment Effective Date, and (ix) the Additional Term Loan
Commitments of any Class shall automatically terminate upon the making of the Additional Term Loans of such Class and, if any such Additional Term Loan Commitment is not drawn on the date that such Additional Term Loan Commitment is required to be
drawn pursuant to the applicable Refinancing Amendment or Incremental Facility Amendment, the undrawn amount thereof shall automatically terminate. 

Section 2.10. Repayment of Loans; Evidence of Debt. 

(a) (i) The Borrower hereby unconditionally promises to repay the outstanding principal amount of the 2019 New Term Loans
(including, for the avoidance of doubt, from and after the Fourth Amendment Effective Date, the Additional 2019 New Term Loans) to the Administrative Agent for the account of each Term Lender (x) commencing March 31, 2021, on the last
Business Day of each March, June, September and December prior to the Initial Term Loan Maturity Date (each such date being referred to as a “Loan Installment Date”), in each case in an amount equal to 0.253164557% of the principal amount
of the 2019 New Term Loans outstanding on the Fourth Amendment Effective Date immediately after giving effect to the funding of the Additional 2019 New Term Loans (as such payments may be reduced from time to time as a result of the application of
prepayments in accordance with Section 2.11 and repurchases in accordance with Section 9.05(g) or increased as a result of any increase in the amount of such 2019 New Term Loans pursuant to Section 2.22(a)), and (y) on the
Initial Term Loan Maturity Date, in an amount equal to the remainder of the principal amount of the 2019 New Term Loans outstanding on such date, together in each case with accrued and unpaid interest on the principal amount to be paid to but
excluding the date of such payment. 
 (ii) The Borrower hereby unconditionally promises to repay the outstanding principal
amount of the Initial Term
B-23
 Loans and the Additional Term B-2 Loans to the
Administrative Agent for the account of each Term Lender (x) commencing SeptemberJune 30, 2020,2021, on each Loan Installment Date, in each case in an amount equal to 0.25% of the original principal amount of the
Initial Term B-2 Loans and the Additional Term B-23 Loans (as such payments may be reduced from time to time as a result
of the application of prepayments in accordance with Section 2.11 and repurchases in accordance with Section 9.05(g) or increased as a result of any increase in the amount of such Term B-23 Loans pursuant to Section 2.22(a)), and (y) on the Initial Term Loan Maturity Date, in an amount equal to the remainder of the principal amount of the Term B-23 Loans outstanding on such date, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment. 

  
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 (iii) The Borrower shall repay the Additional Term Loans of any Class in such
scheduled amortization installments and on such date or dates as shall be specified therefor in the applicable Refinancing Amendment, Incremental Facility Agreement or Extension Amendment (as such payments may be reduced from time to time as a
result of the application of prepayments in accordance with Section 2.11 or repurchases in accordance with Section 9.05(g) or increased as a result of any increase in the amount of such Additional Term Loans of such Class
pursuant to Section 2.22(a)). 
 (b) Each Lender shall maintain in accordance with its usual practice an account
or accounts evidencing the Indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain the Register in accordance with Section 9.05(b)(iv), and shall maintain
accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and
payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

(d) The entries made in the accounts maintained pursuant to paragraphs (b) or (c) of this Section
shall be prima facie evidence of the existence and amounts of the obligations recorded therein (absent manifest error); provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any manifest error
therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement; provided, further, that in the event of any inconsistency between the accounts maintained by the
Administrative Agent pursuant to paragraph (c) of this Section and any Lender’s records, the accounts of the Administrative Agent shall govern. 

(e) Any Lender may request that any Loan made by it be evidenced by a Promissory Note. In such event, the Borrower shall
prepare, execute and deliver a Promissory Note to such Lender payable to such Lender and its registered assigns; it being understood and agreed that such Lender (and/or its applicable assign) shall be required to return such Promissory Note to the
Borrower in accordance with Section 9.05(b)(iii) and upon the occurrence of the Termination Date (or as promptly thereafter as practicable). If any Lender loses the original copy of its Promissory Note, it shall execute an affidavit of
loss containing an indemnification provision reasonably satisfactory to the Borrower. 
 Section 2.11. Prepayment of
Loans. 
 (a) Optional Prepayments. 

(i) Upon prior notice in accordance with paragraph (a)(ii) of this Section, the Borrower shall have the right at any time and
from time to time to prepay any Borrowing of Term Loans of one or more Classes (such Class or Classes to be selected by the Borrower in its sole discretion) in whole or in part without premium or penalty (but subject (A) in the case of
Borrowings of Term
B-23
 Loans only, to Section 2.12(c) and (B) if applicable, to Section 2.16). Each such prepayment shall be paid to the Lenders in accordance with their respective
Applicable Percentages of the relevant Class. 

  
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 (ii) The Borrower shall notify the Administrative Agent in
writing of any prepayment under this Section 2.11(a) (x) in the case of any prepayment of a LIBO Rate Borrowing, not later than 2:00 p.m. three Business Days before the date of prepayment or (y) in the case of any prepayment of an ABR
Borrowing, not later than 1:00 p.m. on the day of prepayment (or, in each case, such later time as to which the Administrative Agent may reasonably agree). Each such notice shall be irrevocable (except as set forth in the proviso to this sentence)
and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof or each relevant Class to be prepaid; provided that any notice of prepayment delivered by the Borrower may be conditioned upon the effectiveness of
other transactions, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt of any such notice
relating to any Borrowing, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount at least equal to the amount that would be permitted in the case of a
Borrowing of the same Type and Class as provided in Section 2.02(c), or such lesser amount that is then outstanding with respect to such Borrowing being repaid (and in increments of $100,000 in excess thereof or such lesser incremental amount
that is then outstanding with respect to such Borrowing being repaid). Each prepayment of Term Loans shall be applied to the Class or Classes of Term Loans specified in the applicable prepayment notice and consistent with the requirements hereof,
and each prepayment of Term Loans of such Class or Classes made pursuant to this Section 2.11(a) shall be applied against the remaining scheduled installments of principal due in respect of the Term Loans of such Class or Classes in the manner
specified by the Borrower or, in the absence of any such specification on or prior to the date of the relevant optional prepayment, in direct order of maturity. 

(b) Mandatory Prepayments. 

(i) [Reserved]. 

(ii) No later than the fifth Business Day following the receipt of Net Proceeds in respect of any Prepayment
Asset Sale or Net Insurance/Condemnation Proceeds, in each case, in excess of $15,000,000 in any Fiscal Year, the Borrower shall apply an amount equal to 100% (such percentage, as it may be reduced as described below, the “Net Proceeds
Percentage”) of the Net Proceeds or Net Insurance/Condemnation Proceeds received with respect thereto in excess of such threshold (collectively, the “Subject Proceeds”) to prepay the outstanding principal amount of Term
Loans then subject to prepayment requirements (the “Subject Loans”) in accordance with clause (vi) below; provided that (A) so long as the Borrower does not notify the Administrative Agent in writing prior to
the date any such prepayment is required to be made that it does not intend to (I) reinvest (including to make capital expenditures) the Subject Proceeds in the business (other than Cash or Cash Equivalents) (including, without limitation,
investments in CRE Finance Assets and Real Estate Investments) of the Borrower or any of its Restricted Subsidiaries, then, the Borrower shall not be required to make a mandatory prepayment under this clause (ii) in respect of the
Subject Proceeds to the extent (x) the Subject Proceeds are so reinvested within 18 months following receipt thereof, or (y) the Borrower or any of its Restricted Subsidiaries has committed to so reinvest the Subject Proceeds during such
18 month period and the Subject Proceeds are so reinvested within 180 days after the expiration of such 18 month period (it being understood that if the Subject Proceeds have not been so reinvested prior to the expiration of the applicable period,
the Borrower shall promptly prepay the Subject Loans with the amount of Subject Proceeds not so reinvested as set forth above in this clause (I)) (provided that, with respect to this clause (I), at the Borrower’s election by written notice to
the Administrative Agent, expenditures and investments occurring prior to receipt of the relevant Subject Proceeds (and not otherwise applied in respect of any other prepayment required by this clause (ii)), but after the definitive agreement
governing the transaction from which such Subject Proceeds were generated was entered into, may be deemed to have been reinvested after receipt of such Subject Proceeds) or (II) apply the Subject Proceeds to prepay 

  
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 amounts outstanding under any (x) Asset Financing Facility secured directly
or indirectly by CRE Finance Assets or any (y) CRE Financing, then, the Borrower shall not be required to make a mandatory prepayment under this clause (ii) in respect of the Subject Proceeds to the extent the Subject Proceeds are so
applied within 18 months following receipt thereof (it being understood that if the Subject Proceeds have not been so applied prior to the expiration of the applicable period, the Borrower shall promptly prepay the Subject Loans with the amount of
Subject Proceeds not so applied to repay such amounts as set forth above in this clause (II)) and (B) if, at the time that any such prepayment would be required hereunder, the Borrower or any of its Restricted Subsidiaries is required to Prepay
any other Indebtedness that is secured on a pari passu basis with the Obligations by the documentation governing such other Indebtedness (such other Indebtedness, “Other Applicable Indebtedness”), then the relevant Person may
apply the Subject Proceeds on a pro rata basis to the prepayment of the Subject Loans and to the Prepayment of the Other Applicable Indebtedness (determined on the basis of the aggregate outstanding principal amount of the Subject Loans and the
Other Applicable Indebtedness (or accreted amount if such Other Applicable Indebtedness is issued with original issue discount) at such time); it being understood that (1) the portion of the Subject Proceeds allocated to the Other Applicable
Indebtedness shall not exceed the amount of the Subject Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount, if any, of the Subject Proceeds shall be allocated to the Subject
Loans in accordance with the terms hereof, and the amount of the prepayment of the Subject Loans that would have otherwise been required pursuant to this Section 2.11(b)(ii) shall be reduced accordingly and (2) to the extent the holders of
the Other Applicable Indebtedness decline to have such Indebtedness Prepaid, the declined amount shall promptly (and in any event within ten Business Days after the date of such rejection) be applied to prepay the Subject Loans to the extent
required in accordance with the terms of this Section 2.11(b)(ii). Notwithstanding the foregoing, (x) the Net Proceeds Percentage shall be 50.0% if the Senior Debt to Total Assets Ratio for the Test Period most recently ended prior to the
date of such required prepayment is less than or equal to 70.0% and greater than 64.5% (with the Net Proceeds Percentage being calculated after giving pro forma effect to such prepayment at a rate of 100.0%), (y) the Net Proceeds Percentage
shall be 25.0% if the Senior Debt to Total Assets Ratio for the Test Period most recently ended prior to the date of such required prepayment is less than or equal to 64.5% and greater than 60.0% (with the Net Proceeds Percentage being calculated
after giving pro forma effect to such prepayment at a rate of 50.0%) and (z) the Net Proceeds Percentage shall be 0.0% if the Senior Debt to Total Assets Ratio for the Test Period most recently ended prior to the date of such required
prepayment is less than or equal to 60.0% (with the Net Proceeds Percentage being calculated after giving pro forma effect to such prepayment at a rate of 25.0%). 

(iii) In the event that the Borrower or any of its Restricted Subsidiaries receives Net Proceeds from the
issuance or incurrence of Indebtedness by the Borrower or any of its Restricted Subsidiaries (other than Indebtedness that is permitted to be incurred under Section 6.01, except to the extent the relevant Indebtedness constitutes
(A) Refinancing Indebtedness (including Replacement Notes) incurred to refinance all or a portion of any Class of Term Loans pursuant to Section 6.01(p), (B) Incremental Term Loans incurred to refinance all or a portion of any Class
of Term Loans pursuant to Section 2.22, (C) Replacement Term Loans incurred to refinance all or any portion of any Class of Term Loans in accordance with the requirements of Section 9.02(c) and/or (D) Incremental Equivalent Debt
incurred to refinance all or a portion of any Class of Term Loans in accordance with the requirements of Section 6.01(z), in each case to the extent required by the terms hereof or thereof to prepay or offer to prepay such Indebtedness), the
Borrower shall, promptly upon (and in any event not later than two Business Days thereafter) the receipt thereof of such Net Proceeds by the Borrower or its applicable Restricted Subsidiary, apply an amount equal to 100% of such Net Proceeds to
prepay the outstanding principal amount of the relevant Class or Classes of Term Loans in accordance with clause (vi) below. 

  
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 (iv) Notwithstanding anything in this Section 2.11(b)
to the contrary: 
 (A) the Borrower shall not be required to prepay any amount that would otherwise be
required to be paid pursuant to Section 2.11(b)(ii) above to the extent that the relevant Prepayment Asset Sale is consummated by any Foreign Subsidiary or the relevant Net Insurance/Condemnation Proceeds are received by any Foreign
Subsidiary, as the case may be, for so long as the repatriation to the Borrower of any such amount would be prohibited or delayed under any Requirement of Law or conflict with the fiduciary duties of such Foreign Subsidiary’s directors, or
result in, or could reasonably be expected to result in, a material risk of personal, civil or criminal liability for any officer, director, employee, manager, member of management or consultant of such Foreign Subsidiary (it being agreed that,
solely within 365 days following the event giving rise to the relevant Subject Proceeds, the Borrower shall take all commercially reasonable actions required by applicable Requirements of Law to permit such repatriation) (it being understood that if
the repatriation of the relevant Subject Proceeds is permitted under the applicable Requirement of Law and, to the extent applicable, would no longer conflict with the fiduciary duties of such director, or result in, or be reasonably expected to
result in, a material risk of personal, civil or criminal liability for the Persons described above, in either case, an amount equal to such Subject Proceeds will be promptly applied (net of additional Taxes that would be payable or reserved against
as a result of repatriating such amounts) to the repayment of the applicable Term Loans pursuant to this Section 2.11(b) to the extent required herein (without regard to this clause (iv))), 

(B) the Borrower shall not be required to prepay any amount that would otherwise be required to be paid
pursuant to Section 2.11(b)(ii) to the extent that the relevant Subject Proceeds are received by any joint venture, in each case, solely with respect to any joint venture that is a Restricted Subsidiary, for so long as the distribution
to the Borrower of such Subject Proceeds would be prohibited under the Organizational Documents governing such joint venture by any provision not entered into in contemplation of the Closing Date or of receipt of such Subject Proceeds; it being
understood that if the relevant prohibition ceases to exist, the relevant joint venture that is a Restricted Subsidiary will promptly distribute the relevant Subject Proceeds, and the distributed Subject Proceeds will be promptly (and in any event
not later than two Business Days after such distribution) applied to the repayment of the applicable Term Loans pursuant to this Section 2.11(b) to the extent required herein (without regard to this clause (iv)), and 

(C) to the extent that the relevant Prepayment Asset Sale is consummated by any Foreign Subsidiary or the
relevant Net Insurance/Condemnation Proceeds are received by any Foreign Subsidiary, if the Borrower determines in good faith that the repatriation (or other intercompany distribution) to the Borrower, directly or indirectly, from a Foreign
Subsidiary as a distribution or dividend of any amounts required to mandatorily prepay the Term Loans pursuant to Section 2.11(b)(ii) above would result in a material adverse Tax liability (taking into account any withholding Tax) (the
amount attributable to such Foreign Subsidiary, a “Restricted Amount”), the amount that the Borrower shall be required to mandatorily prepay pursuant to Section 2.11(b)(ii) above, as applicable, shall be reduced by the
Restricted Amount; provided that to the extent that the repatriation (or other intercompany distribution) of the relevant Subject Proceeds, directly or indirectly, from the relevant Foreign Subsidiary would no longer have a material adverse tax
consequence within the 365 day period following the event giving rise to the relevant Subject Proceeds, an amount equal to the Subject Proceeds to the extent available, and not previously applied pursuant to this clause (C), shall be promptly
applied to the repayment of the applicable Term Loans pursuant to Section 2.11(b) as otherwise required above; 

  
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 (v) Any Term Lender may elect, by notice to the Administrative Agent at or prior
to the time and in the manner specified by the Administrative Agent, prior to any prepayment of Term Loans required to be made by the Borrower pursuant to Section 2.11(b), to decline all (but not a portion) of its Applicable Percentage
of such prepayment (such declined amounts, the “Declined Proceeds”), in which case such Declined Proceeds may be retained by the Borrower; provided that, for the avoidance of doubt, no Lender may reject any prepayment made under
Section 2.11(b)(iii) above to the extent that such prepayment is made with the Net Proceeds of (w) Refinancing Indebtedness (including Replacement Notes) incurred to refinance all or a portion of the Term Loans pursuant to
Section 6.01(p), (x) Incremental Term Loans incurred to refinance all or a portion of the Term Loans pursuant to Section 2.22, (y) Replacement Term Loans incurred to refinance all or any portion of the Term Loans in
accordance with the requirements of Section 9.02(c), and/or (z) Incremental Equivalent Debt incurred to refinance all or a portion of the Term Loans in accordance with the requirements of Section 6.01(z). If any Lender
fails to deliver a notice to the Administrative Agent of its election to decline receipt of its Applicable Percentage of any mandatory prepayment within the time frame specified by the Administrative Agent, such failure will be deemed to constitute
an acceptance of such Lender’s pro rata share of the total amount of such mandatory prepayment of Term Loans. 
 (vi)
Except as otherwise contemplated by this Agreement or provided in, or intended with respect to, any Refinancing Amendment, any Incremental Facility Amendment or any Extension Amendment or the definitive documentation governing any Replacement Notes
(provided, that such Refinancing Amendment, Incremental Facility Amendment or Extension Amendment may not provide that the applicable Class of Term Loans receive a greater than pro rata portion of mandatory prepayments of Term Loans pursuant to this
Section 2.11(b) than would otherwise be permitted by this Agreement), in each case effectuated or issued in a manner consistent with this Agreement, each mandatory prepayment of applicable Term Loans pursuant to this
Section 2.11(b) shall be applied ratably to each Class and Type of Term Loans then outstanding which is pari passu with the 2019 New Term Loans and/or the Term B-23 Loans in right of payment and with respect to security (provided that any prepayment of applicable Term Loans with the Net Proceeds of any Refinancing Indebtedness, Incremental Facility or Replacement Term
Loans shall be applied to the applicable Class and Type of Term Loans being refinanced or replaced). With respect to each relevant Class and Type of Term Loans, all accepted prepayments under this Section 2.11(b) shall be applied against
the remaining scheduled installments of principal due in respect of such Term Loans as directed by the Borrower (or, in the absence of direction from the Borrower, to the remaining scheduled amortization payments in respect of such Term Loans in
direct order of maturity provided that such prepayments may not be directed to a later maturing Class of Term Loans without at least a pro rata repayment of any earlier maturing Classes of Term Loans), and each such prepayment shall be paid
to the applicable Term Lenders in accordance with their respective Applicable Percentage of the applicable Class. 

(vii) Prepayments made under this Section 2.11(b) shall be (A) accompanied by accrued interest as required by
Section 2.13, (B) subject to Section 2.16 and (C) in the case of prepayments of Term B-23 Loans under clause (iii) above that constitute a Repricing
Transaction, subject to Section 2.12(c), but shall otherwise be without premium or penalty. 

Section 2.12. Fees. 

(a) The Borrower agrees to pay to the Administrative Agent, for its own account, the annual administration fee separately
agreed in writing between the Borrower and JPMCB. 
 (b) All fees payable hereunder shall be paid on the dates due, in
Dollars and in immediately available funds, to the Administrative Agent. Fees paid shall not be refundable under any circumstances except, as to the annual administration fee payable to the Administrative Agent, as otherwise provided in the written
agreement referred to in clause (a) above. Fees payable hereunder shall accrue through and including the last day of the month immediately preceding the applicable fee payment date. 

  
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 (c) In the event that, on or prior to the date that is twelvesix months after the
SecondFifth Amendment Effective Date, the Borrower
(i) prepays, repays, refinances, substitutes or replaces any Term B-23 Loans in connection with a Repricing Transaction (including, for the
avoidance of doubt, any prepayment made pursuant to Section 2.11(b)(iii) that constitutes a Repricing Transaction), or (ii) effects any amendment, modification or waiver of, or consent under, this Agreement resulting in a Repricing
Transaction, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Term Lenders, (A) in the case of clause (i), a premium of 1.00% of the aggregate principal amount of the Term B-23 Loans so prepaid, repaid, refinanced, substituted or replaced and (B) in the case of clause (ii), a fee equal to 1.00% of the aggregate principal amount of the Term B-23 Loans that are the subject of such Repricing Transaction outstanding immediately prior to such amendment. If, on or prior to the date that is twelvesix months after the
SecondFifth Amendment Effective Date, all or any
portion of the Term
B-23
 Loans held by any Term Lender are prepaid, repaid, refinanced, substituted or replaced pursuant to Section 2.19(b)(iv) in connection with such Term Lender not agreeing or otherwise consenting to
any waiver, consent, modification or amendment that constitutes, and which actually and directly results in, a Repricing Transaction, such prepayment, repayment, refinancing, substitution or replacement will be made at 101.00% of the principal
amount so prepaid, repaid, refinanced, substituted or replaced. All such amounts shall be due and payable on the date of effectiveness of such Repricing Transaction. 

(d) Unless otherwise indicated herein, all computations of fees shall be made on the basis of a 360-day year and shall be
payable for the actual days elapsed (including the first day but excluding the last day). Each determination by the Administrative Agent of a fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

Section 2.13. Interest. 

(a) The Term Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate. 

(b) The Term Loans comprising each LIBO Rate Borrowing shall bear interest at the LIBO Rate for the Interest Period in effect
for such Borrowing plus the Applicable Rate. 
 (c) Notwithstanding the foregoing but in all cases subject to
Section 9.05(f), if any principal of or interest on any Term Loan or any fee payable by the Borrower hereunder is not, in each case, paid or reimbursed when due, whether at stated maturity, upon acceleration or otherwise, the relevant
overdue amount shall bear interest, to the fullest extent permitted by applicable Requirements of Law, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal or interest of any Term Loan, 2.00% plus
the rate otherwise applicable to such Term Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2.00% plus the rate applicable to Term Loans that are ABR Loans as provided in paragraph
(a) of this Section; provided that no amount shall accrue pursuant to this Section 2.13(c) on any overdue amount or other amount payable to a Defaulting Lender so long as such Lender is a Defaulting Lender. 

(d) Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment Date for such Term Loan and on the
Maturity Date applicable to such Loan; provided that (A) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (B) in the event of any repayment or prepayment of any Term Loan,
accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (C) in the event of any conversion of any LIBO Rate Loan prior to the end of the current Interest Period therefor,
accrued interest on such Term Loan shall be payable on the effective date of such conversion. 

  
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 (e) All interest hereunder shall be computed on the basis of a year of 360 days,
except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be
payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent
manifest error. Interest shall accrue on each Loan for the day on which the Loan is made and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same
day on which it is made shall bear interest for one day. 
 Section 2.14. Alternate Rate of Interest.
(a) If prior to the commencement of any Interest Period for a LIBO Rate Borrowing: 
 (i) the
Administrative Agent reasonably determines that adequate and reasonable means do not exist for ascertaining the Published LIBO Rate or the LIBO Rate, as applicable (including because the Published LIBO Rate is not available or published on a current
basis), for such Interest Period; or 
 (ii) the Required Lenders reasonably determine (and have so advised
the Administrative Agent) that the Published LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included
in such Borrowing for such Interest Period; 
 then the Administrative Agent shall promptly give notice thereof to the
Borrower and the Lenders by telephone or electronic mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, which the
Administrative Agent agrees promptly to do, (A) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Borrowing of LIBO Rate Loans shall be ineffective and (B) if any
Borrowing Request requests a Borrowing of LIBO Rate Loans, such Borrowing shall be made as an ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be
permitted. 
 (b) If at any time the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that (i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) have not arisen but either
(w) the supervisor for the administrator of the Published LIBO Rate has made a public statement that the administrator of the Published LIBO Rate is insolvent (and there is no successor administrator that will continue publication of the
Published LIBO Rate), (x) the administrator of the Published LIBO Rate has made a public statement identifying a specific date after which the Published LIBO Rate will permanently or indefinitely cease to be published by it (and there is no
successor administrator that will continue publication of the Published LIBO Rate), (y) the supervisor for the administrator of the Published LIBO Rate has made a public statement identifying a specific date after which the Published LIBO Rate
will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the Published LIBO Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying
a specific date after which the Published LIBO Rate may no longer be used for determining interest rates for loans, in each 

  
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 case, then (I) the Administrative Agent and the Borrower shall establish an alternate rate
of interest to the LIBO Rate based on then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time as a comparable successor to the LIBO Rate, and shall enter into an amendment to this
Agreement pursuant to this clause (I) to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the
Applicable Rate) or (II) if no such prevailing market convention for a comparable successor to the LIBO Rate exists at such time, the Administrative Agent and the Borrower shall determine a reasonable acceptable successor or alternative index rate
(which rate shall be administratively feasible for the Administrative Agent), and shall enter into an amendment to this Agreement pursuant to this clause (II) to reflect such alternate rate of interest and such other related changes to this
Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate) (provided that, notwithstanding anything to the contrary in Section 9.02, such amendment pursuant
to clause (I) or (II) above shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such
alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment); provided that, in each case, if such alternate rate of interest as so determined would be
(x) less than
1.000.50%, such rate shall be deemed to be 1.000.50% in the case of the Term
B-23
 Loans or (y) otherwise, less than zero, such rate shall be deemed to be zero for all other purposes of this Agreement. Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of
the circumstances described in clauses (ii)(w), (x) or (y) of the first sentence of this Section 2.14(b), only to the extent the Published LIBO Rate for such Interest Period is not available or published at
such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Borrowing of LIBO Rate Loans shall be ineffective and (y) if any Borrowing Request
requests a Borrowing of LIBO Rate Loans, such Borrowing shall be made as an ABR Borrowing. 
 (c) If at any time the
Administrative Agent determines (which determination shall be conclusive absent manifest error) or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower
or the Required Lenders (as applicable) have determined that broadly syndicated loans in the United States arranged by the Administrative Agent or its affiliates and currently being executed are being executed or amended (as applicable), with the
Administrative Agent as the administrative agent, to incorporate or adopt a new benchmark interest rate to replace LIBOR, then the Administrative Agent and the Borrower may enter into an amendment to replace the LIBO Rate with an alternate benchmark
rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein) and to make such other related changes to this Agreement as may be applicable (which rate shall be administratively feasible for the Administrative
Agent), giving due consideration to any evolving or the then prevailing market convention for determining a rate of interest for such syndicated loans in the United States at such time as a comparable successor to the LIBO Rate (but for the
avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate); provided that, if such alternate rate of interest as so determined would be (x) less than 1.000.50%, such rate shall be deemed to be 1.000.50% in the case of the Term B-23 Loans or (y) otherwise, less than zero, such rate shall be deemed to be zero for all other purposes of this Agreement. Notwithstanding anything to the contrary in Section 9.02, such amendment shall become effective without any
further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice
from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (c) (but only to the extent the Published LIBO Rate for such Interest
Period is not available or published at such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Borrowing of LIBO Rate Loans shall be ineffective
and (y) if any Borrowing Request requests a Borrowing of LIBO Rate Loans, such Borrowing shall be made as an ABR Borrowing. 

  
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 Section 2.15. Increased Costs. 

(a) If any Change in Law: 

(i) imposes, modifies or deems applicable any reserve, special deposit or similar requirement against assets
of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the LIBO Rate); 

(ii) subject any Lender to any Taxes (other than (A) Indemnified Taxes and Other Taxes indemnifiable under
Section 2.17 and (B) Excluded Taxes) on or with respect to its loans, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(iii) imposes on any Lender or the London interbank market any other condition (other than Taxes) affecting
this Agreement or LIBO Rate Loans made by any Lender; 
 and the result of any of the foregoing is to increase the cost to the relevant
Lender of making or maintaining any LIBO Rate Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise) in respect
of any LIBO Rate Loan in an amount deemed by such Lender to be material, then, within 30 days after the Borrower’s receipt of the certificate contemplated by paragraph (c) of this Section, the Borrower will pay to such Lender
such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered; provided that the Borrower shall not be liable for such compensation if (x) the relevant Change in Law occurs on a
date prior to the date such Lender becomes a party hereto, (y) such Lender invokes Section 2.20 or (z) in the case of requests for reimbursement under clause (iii) above resulting from a market disruption, (A) the
relevant circumstances are not generally affecting the banking market or (B) the applicable request has not been made by Lenders constituting Required Lenders. 

(b) If any Lender determines that any Change in Law regarding liquidity or capital requirements has or would have the effect
of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender, to a level below that which such Lender or such
Lender’s holding company could have achieved but for such Change in Law other than due to Taxes (taking into consideration such Lender’s policies of general applicability and the policies of general applicability of such Lender’s
holding company with respect to capital adequacy), then within 30 days of receipt by the Borrower of the certificate contemplated by paragraph (c) of this Section the Borrower will pay to such Lender such additional amount or
amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c) Any
Lender requesting compensation under this Section 2.15 shall be required to deliver a certificate to the Borrower that (i) sets forth the amount or amounts necessary to compensate such Lender or the holding company thereof, as
applicable, as specified in paragraph (a) or (b) of this Section, (ii) sets forth, in reasonable detail, the manner in which such amount or amounts were determined and (iii) certifies that such Lender is generally
charging such amounts to similarly situated borrowers, which certificate shall be conclusive absent manifest error. 

  
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 (d) Failure or delay on the part of any Lender to demand compensation pursuant to
this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided, however that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions
incurred more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided,
further, that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

Section 2.16. Break Funding Payments. Subject to Section 9.05(f), in the event of (a) the
conversion or prepayment of any principal of any LIBO Rate Loan other than on the last day of an Interest Period applicable thereto (whether voluntary, mandatory, automatic, by reason of acceleration or otherwise), (b) the failure to borrow,
convert, continue or prepay any LIBO Rate Loan on the date or in the amount specified in any notice delivered pursuant hereto or (c) the assignment of any LIBO Rate Loan of any Lender other than on the last day of the Interest Period applicable
thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense actually incurred by such Lender that is attributable to such
event (other than loss of profit). In the case of a LIBO Rate Loan, the loss, cost or expense of any Lender (other than loss of profit) shall be the amount reasonably determined by such Lender to be the excess, if any, of (i) the amount of
interest which would have accrued on the principal amount of such Loan had such event not occurred at the LIBO Rate that would have been applicable to such Loan for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period
at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in Dollars of a comparable amount and period from other banks in the Eurodollar market; it being understood that such loss, cost or
expense shall in any case exclude any interest rate floor and all administrative, processing or similar fees. Any Lender requesting compensation under this Section 2.16 shall be required to deliver a certificate to the Borrower that
(A) sets forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, the basis therefor and, in reasonable detail, the manner in which such amount or amounts were determined and (B) certifies that
such Lender is generally charging the relevant amounts to similarly situated borrowers, which certificate shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 30 days
after receipt thereof. 
 Section 2.17. Taxes. 

(a) All payments by or on account of any obligation of any Loan Party under any Loan Document shall be made free and clear of
and without deduction for any Taxes, except as required by applicable Requirements of Law. If any applicable Requirement of Law requires the deduction or withholding of any Tax in respect of any such payment, then (i) if such Tax is an
Indemnified Tax and/or Other Tax, the amount payable by the applicable Loan Party shall be increased as necessary so that after all required deductions or withholdings have been made (including deductions or withholdings applicable to additional
sums payable under this Section 2.17) each Lender (or, in the case of any payment made to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such
deductions or withholdings been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall timely pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable Requirements of Law. 

  
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 (b) In addition, without duplication of other amounts payable by the Borrower
under Section 2.17, the Loan Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Requirements of Law. 

(c) The Borrower shall indemnify the Administrative Agent and each Lender within 30 days after receipt of the certificate
described in the succeeding sentence, for the full amount of any Indemnified Taxes or Other Taxes payable or paid by the Administrative Agent or such Lender, other than any penalties determined by a final and non-appealable judgment of a court of
competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of the Administrative Agent or such Lender as applicable (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts
payable under this Section 2.17), and, in each case, any reasonable expenses arising therefrom or with respect thereto, whether or not correctly or legally imposed or asserted, provided that if the Borrower reasonably believes that such Taxes
were not correctly or legally asserted, the Administrative Agent or such Lender, as applicable, will, at the request of the Borrower, use reasonable efforts to cooperate with the Borrower to obtain a refund of such Taxes (which, if obtained, shall
be repaid to the Borrower to the extent provided in Section 2.17(g)) so long as such efforts would not, in the sole determination of the Administrative Agent or such Lender, result in any additional out-of-pocket costs or expenses not
reimbursed by such Loan Party or be otherwise materially disadvantageous to the Administrative Agent or such Lender. In connection with any request for reimbursement under this Section 2.17(c), the relevant Lender or the Administrative
Agent, as applicable, shall deliver a certificate to the Borrower setting forth, in reasonable detail, the basis and calculation of the amount of the relevant payment or liability. 

(d) [Reserved]. 

(e) As soon as practicable after any payment of any Taxes pursuant to this Section 2.17 by any Loan Party to a
Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued, if any, by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment that is reasonably satisfactory to the Administrative Agent. 
 (f) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of any withholding Tax with respect to any
payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation as the
Borrower or the Administrative Agent may reasonably request to permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable Requirements of Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements. Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent any documentation provided to the Administrative
Agent pursuant to this Section 2.17(f). 

  
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 (ii) Without limiting the generality of the foregoing, 

(A) each U.S. Lender shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), two executed original copies of IRS Form W-9 (or any successor forms) certifying
that such Lender is exempt from U.S. federal backup withholding; 
 (B) each Foreign Lender shall deliver to
the Borrower and the Administrative Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
whichever of the following is applicable: 
 (1) in the case of any Foreign Lender claiming the benefits of
an income tax treaty to which the U.S. is a party, two executed original copies of IRS Form W-8BEN or W-8BEN-E, as applicable (or any successor forms, as applicable), establishing any available exemption from, or reduction of, U.S. federal
withholding Tax; 
 (2) two executed original copies of IRS Form W-8ECI (or any successor forms); 

(3) in the case of any Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 871(h) or 881(c) of the Code, (x) two executed original copies of a certificate substantially in the form of Exhibit N-1 to the effect that such Foreign Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code,
and that no payments payable to such Lender are effectively connected with the conduct of a U.S. trade or business (a “U.S. Tax Compliance Certificate”) and (y) two executed original copies of IRS Form W-8BEN or W-8BEN-E, as
applicable (or any successor forms, as applicable); or 
 (4) to the extent any Foreign Lender is not the
beneficial owner (e.g., where the Foreign Lender is a partnership or participating Lender), two executed original copies of IRS Form W-8IMY (or any successor forms), accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance
Certificate substantially in the form of Exhibit N-2, Exhibit N-3 or Exhibit N-4, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if such Foreign Lender is a
partnership (and not a participating Lender) and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the
form of Exhibit N-3 on behalf of each such direct or indirect partner(s); 
 (C) each Foreign Lender
shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), two executed original copies of any other form prescribed by applicable Requirements of 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 Requirements of Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

  
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 (D) if a payment made to any Lender under any Loan Document would
be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such
Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by applicable Requirements of Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation as is
prescribed by applicable Requirements of Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the
Borrower and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such
payment. 
 For the avoidance of doubt, if a Lender is an entity disregarded from its owner for U.S. federal income tax
purposes, references to the foregoing documentation are intended to refer to documentation with respect to such Lender’s owner and, as applicable, such Lender. 

Each Lender agrees that if any documentation it previously delivered expires or becomes obsolete or inaccurate in any respect
(including any specific documentation required above in this Section 2.17(f)), it shall deliver to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested
by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its legal ineligibility to do so. 

Notwithstanding anything to the contrary in this Section 2.17(f), no Lender shall be required to provide any
documentation that such Lender is not legally eligible to deliver. 
 (g) If the Administrative Agent or any Lender
determines, in its sole discretion, exercised in good faith, that it has received a refund (whether received in cash or applied as a credit against any cash taxes of the same type payable) of any Indemnified Taxes or Other Taxes as to which it has
been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.17, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section 2.17 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (including
any Taxes imposed with respect to such refund), and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrower, upon the request of the Administrative Agent
or such Lender, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative
Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the Administrative Agent or any Lender be required to pay any amount to the
Borrower pursuant to this paragraph (g) to the extent that the payment thereof would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the position that the Administrative Agent or such Lender
would have been in if the Tax subject to indemnification had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid. This Section 2.17 shall
not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the relevant Loan Party or any other Person. 

  
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 (h) Survival. Each party’s obligations under this
Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of
all obligations under any Loan Document. 
 (i) On or before the date the Administrative Agent becomes a party to this
Agreement, the Administrative Agent shall deliver to Borrower whichever of the following is applicable: (i) if the Administrative Agent is a “United States person” within the meaning of Section 7701(a)(30) of the Code, two
executed original copies of IRS Form W-9 certifying that such Administrative Agent is exempt from U.S. federal backup withholding or (ii) if the Administrative Agent is not a “United States person” within the meaning of
Section 7701(a)(30) of the Code, (A) with respect to payments received for its own account, two executed original copies of IRS Form W-8ECI and (B) with respect to payments received on account of any Lender, two executed original
copies of IRS Form W-8IMY (together with all required accompanying documentation) certifying that the Administrative Agent is a U.S. branch and may be treated as a United States person for purposes of applicable U.S. federal withholding Tax. At any
time thereafter, the Administrative Agent shall provide updated documentation previously provided (or a successor form thereto) when any documentation previously delivered has expired or become obsolete or invalid or otherwise upon the reasonable
request of the Borrower. Notwithstanding anything to the contrary in this Section 2.17(i), the Administrative Agent shall not be required to provide any documentation that the Administrative Agent is not legally eligible to deliver as a
result of a Change in Law after the Closing Date. 
 Section 2.18. Payments Generally; Allocation of Proceeds;
Sharing of Payments. 
 (a) Unless otherwise specified, the Borrower shall make each payment required to be made by it
hereunder (whether of principal, interest or fees, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 3:00 p.m. on the date when due, in immediately available funds, without set-off or
counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent to the applicable account designated by the Administrative Agent to the Borrower, except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the
Person or Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. Except as provided in Sections
2.19(b) and 2.20, each Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest on the Loans of a given Class and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of
any Type (and of the same Class) shall be allocated pro rata among the Lenders in accordance with their respective Applicable Percentages of the applicable Class. Each Lender agrees that in computing such Lender’s portion of any Borrowing to be
made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole Dollar amount. All payments hereunder shall be made in Dollars. Any payment required to be made
by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or
operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment. 

  
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 (b) Subject, if applicable, in all respects to the provisions of any Acceptable
Intercreditor Agreements, all proceeds of Collateral received by the Administrative Agent while an Event of Default is continuing and all or any portion of the Loans have been accelerated hereunder pursuant to Section 7.01, shall be
applied, first, to the payment of all costs and expenses then due incurred by the Administrative Agent in connection with any collection, sale or realization on Collateral or otherwise in connection with this Agreement, any other Loan Document or
any of the Secured Obligations, including all court costs and the fees and expenses of agents and legal counsel, the repayment of all advances made by the Administrative Agent hereunder or under any other Loan Document on behalf of any Loan Party
and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document, second, on a pro rata basis, to pay any fees, indemnities or expense reimbursements then due to the
Administrative Agent (other than those covered in clause first above) from the Borrower constituting Secured Obligations, third, on a pro rata basis in accordance with the amounts of the Secured Obligations (other than contingent indemnification
obligations for which no claim has yet been made) owed to the Secured Parties on the date of any such distribution, to the payment in full of the Secured Obligations, and fourth, to, or at the direction of, the Borrower or as a court of
competent jurisdiction may otherwise direct. 
 (c) If any Lender obtains payment (whether voluntary, involuntary, through
the exercise of any right of set-off or otherwise) in respect of any principal of or interest on any of its Loans of any Class held by it resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans of such
Class and accrued interest thereon than the proportion received by any other Lender with Loans of such Class, then the Lender receiving such greater proportion shall purchase (for Cash at face value) participations in the Loans of such Class and of
other Lenders of such Class at such time outstanding to the extent necessary so that the benefit of all such payments shall be shared by the Lenders of such Class ratably in accordance with the aggregate amount of principal of and accrued interest
on their respective Loans of such Class; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price
restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or
(y) any payment obtained by any Lender as consideration for the assignment of or sale of a participation in any of its Loans to any permitted assignee or participant, including any payment made or deemed made in connection with Sections
2.22, 2.23, 9.02(c) and/or Section 9.05. The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable Requirements of Law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. The
Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section 2.18(c) and will, in each case, notify the Lenders following any such
purchases or repayments. Each Lender that purchases a participation pursuant to this Section 2.18(c) shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications under this
Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased. For purposes of subclause (c) of the definition of “Excluded
Taxes,” a Lender that acquires a participation pursuant to this Section 2.18(c) shall be treated as having acquired such participation on the earlier date(s) on which such Lender acquired the applicable interest(s) in the
Commitment(s) and/or Loan(s) to which such participation relates. 
 (d) Unless the Administrative Agent has received notice
from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of any Lender hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such
payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lender the amount due. In such event, if the Borrower has not in fact made 

  
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 such payment, then each Lender severally agrees to repay to the Administrative Agent forthwith on
demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(e) If any Lender fails to make any payment required to be made by it pursuant to Section 2.07(b) or
Section 2.18(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such
Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 Section 2.19.
Mitigation Obligations; Replacement of Lenders. 
 (a) If any Lender requests compensation under
Section 2.15 or such Lender determines it can no longer make or maintain LIBO Rate Loans pursuant to Section 2.20, or any Loan Party is required to pay any additional amount to or indemnify any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder affected by such event, or to assign its
rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15
or 2.17, as applicable, in the future or mitigate the impact of Section 2.20, as the case may be, and (ii) would not subject such Lender to any unreimbursed out-of-pocket cost or expense and would not otherwise be
disadvantageous to such Lender in any material respect. The Borrower hereby agrees to pay all reasonable documented out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) If (i) any Lender requests compensation under Section 2.15 or such Lender determines it can no longer
make or maintain LIBO Rate Loans pursuant to Section 2.20, (ii) any Loan Party is required to pay any additional amount to or indemnify any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.17, (iii) any Lender is a Defaulting Lender or (iv) in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender,” or “each Lender directly affected thereby”
(or any other Class or group of Lenders other than the Required Lenders) with respect to which Required Lender consent (or the consent of Lenders holding Loans or Commitments of such Class or lesser group representing more than 50% of the sum of the
total Loans and unused Commitments of such Class or lesser group at such time) has been obtained, as applicable, any Lender is a non-consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the
Administrative Agent, (x) terminate the applicable Commitments of such Lender, and repay all Obligations of the Borrower owing to such Lender relating to the applicable Loans and participations held by such Lender as of such termination date or
(y) replace such Lender by requiring such Lender to assign and delegate (and such Lender shall be obligated to assign and delegate), without recourse (in accordance with and subject to the restrictions contained in Section 9.05), all of
its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which Eligible Assignee may be another Lender, if any Lender accepts such assignment); provided that (A) such Lender has
received payment of an amount equal to the outstanding principal amount of its Loans of such Class of Loans and/or Commitments, accrued interest thereon, accrued fees and all other amounts payable to it under any Loan Document with respect to such
Class of Loans and/or Commitments, (B) in the case of any assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment would result in a
reduction in such compensation or payments and (C) such assignment does not conflict with applicable Requirements of Law. No Lender (other than a Defaulting Lender) shall be required to make any such 

  
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 assignment and delegation, and the Borrower may not repay the Obligations of such Lender or
terminate its Commitments, if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Each Lender agrees that if it is replaced pursuant
to this Section 2.19, it shall execute and deliver to the Administrative Agent an Assignment and Assumption to evidence such sale and purchase and shall deliver to the Administrative Agent any Promissory Note (if the assigning
Lender’s Loans are evidenced by one or more Promissory Notes) subject to such Assignment and Assumption (provided that the failure of any Lender replaced pursuant to this Section 2.19 to execute an Assignment and Assumption or
deliver any such Promissory Note shall not render such sale and purchase (and the corresponding assignment) invalid), such assignment shall be recorded in the Register, any such Promissory Note shall be deemed cancelled. Each Lender hereby
irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such Lender’s attorney-in-fact, with full authority in the place and stead of such Lender and in the name of such Lender, from time to time in
the Administrative Agent’s discretion, with prior written notice to such Lender, to take any action and to execute any such Assignment and Assumption or other instrument that the Administrative Agent may deem reasonably necessary to carry out
the provisions of this clause (b). To the extent that any Lender is replaced pursuant to Section 2.19(b)(iv) in connection with a Repricing Transaction requiring payment of a fee pursuant to Section 2.12(c), the
Borrower shall pay to each Lender being replaced as a result of such Repricing Transaction the fee set forth in Section 2.12(c). 

Section 2.20. Illegality. If any Lender reasonably determines that any Change in Law has made it unlawful, or that
any Governmental Authority has asserted after the Closing Date that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to the Published LIBO Rate, or to
determine or charge interest rates based upon the Published LIBO Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of Dollars in the applicable interbank
market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue LIBO Rate Loans or to convert ABR Loans to LIBO Rate Loans shall be suspended and
(ii) if such notice asserts the illegality of such Lender making or maintaining ABR Loans the interest rate on which is determined by reference to the Published LIBO Rate component of the Alternate Base Rate, the interest rate on ABR Loans of
such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Published LIBO Rate component of the Alternate Base Rate, in each case until such Lender notifies the Administrative Agent
and the Borrower that the circumstances giving rise to such determination no longer exist (which notice such Lender agrees to give promptly). Upon receipt of such notice, (x) the Borrower shall, upon demand from the relevant Lender (with a copy
to the Administrative Agent), prepay or convert all of such Lender’s LIBO Rate Loans to ABR Loans (the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent
without reference to the Published LIBO Rate component of the Alternate Base Rate) either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBO Rate Loans to such day, or immediately, if such
Lender may not lawfully continue to maintain such LIBO Rate Loans (in which case the Borrower shall not be required to make payments pursuant to Section 2.16 in connection with such payment) and (y) if such notice asserts the illegality of
such Lender determining or charging interest rates based upon the Published LIBO Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to the Published
LIBO Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Published LIBO Rate. Upon any such prepayment or
conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different lending office if such designation will avoid the need for such notice and will not, in the determination of
such Lender, otherwise be materially disadvantageous to such Lender. 

  
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 Section 2.21. Defaulting Lenders. Notwithstanding any provision of
this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) The Commitments of such Defaulting Lender shall not be included in determining whether all Lenders, each affected Lender,
the Required Lenders or such other number of Lenders as may be required hereby or under any other Loan Document have taken or may take any action hereunder (including any consent to any waiver, amendment or modification pursuant to
Section 9.02); provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender disproportionately and adversely relative to other affected
Lenders shall require the consent of such Defaulting Lender. 
 (b) Any payment of principal, interest, fees or other
amounts received by the Administrative Agent for the account of any Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 2.11, Section 2.15, Section 2.16, Section 2.17,
Section 2.18, Article 7, Section 9.05 or otherwise, and including any amounts made available to the Administrative Agent by such Defaulting Lender pursuant to Section 9.09), shall be applied at such time or
times as may be determined by the Administrative Agent and, where relevant, the Borrower as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, so long as no Default or Event
of Default exists, as the Borrower may request, to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement; third, as the Administrative Agent or the Borrower may
elect, to be held in a deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; fourth, to the payment of any amounts owing to the non-Defaulting Lenders as a result of any judgment
of a court of competent jurisdiction obtained by any non-Defaulting Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, to the payment of any amounts owing
to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loan in respect of which such Defaulting Lender has not fully funded
its appropriate share and (y) such Loan was made or created, as applicable, at a time when the conditions to such Lender’s obligations to fund such Loan were satisfied or waived, such payment shall be applied solely to pay the Loans of all
non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to any Defaulting Lender that are applied (or held) to pay amounts
owed by any Defaulting Lender pursuant to this Section 2.21(b) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(c) Notwithstanding the fact that any Defaulting Lender has adequately remedied all matters that caused such Lender to be a
Defaulting Lender, (x) no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender and (y) except to the extent otherwise expressly
agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender. 

  
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 Section 2.22. Incremental Facilities. 

(a) The Borrower may, at any time, on one or more occasions pursuant to an Incremental Facility Amendment add one or more new
Classes of term facilities and/or increase the principal amount of the Term Loans of any existing Class by requesting new commitments to provide such Term Loans (any such new Class or increase, an “Incremental Facility” and any
loans made pursuant to an Incremental Facility, “Incremental Term Loans”) in an aggregate principal amount for all such Incremental Term Loans incurred after the First Amendment Effective Date not to exceed the Incremental Cap;
provided that: 
 (i) no Incremental Commitment in respect of any Incremental Facility may be in an amount
that is less than $5,000,000 (or such lesser amount to which the Administrative Agent may reasonably agree); 

(ii) except as the Borrower and any Lender may separately agree, no Lender shall be obligated to provide any
Incremental Commitment, and the determination to provide such commitments shall be within the sole and absolute discretion of such Lender (it being agreed that the Borrower shall not be obligated to offer the opportunity to any Lender to participate
in any Incremental Facility); 
 (iii) no Incremental Facility or Incremental Term Loan (nor the creation,
provision or implementation thereof) shall require the approval of any existing Lender other than in its capacity, if any, as a lender providing all or part of any Incremental Commitment or Incremental Term Loan; 

(iv) except as otherwise permitted herein (including with respect to margin, pricing, maturity and fees), the
terms of any Incremental Facility, if not consistent with those applicable to any then-existing Term Loans (as reasonably determined by the Borrower and the Administrative Agent), must either, at the option of the Borrower, (x) not be
materially more restrictive to the Borrower and its Restricted Subsidiaries (as determined by the Borrower in good faith) than (when taken as a whole) those contained in the Loan Documents (other than any terms which are applicable only after the
then-existing Latest Maturity Date), (y) be conformed (or added) to the Loan Documents for the benefit of the existing Term Lenders or, as applicable, the Administrative Agent (i.e., by conforming or adding a term to the then-outstanding
Term Loans pursuant to the applicable Incremental Facility Amendment, it being understood that, without limitation, any amendment or modification to the Loan Documents that solely adds one or more terms for the benefit of the existing Term Lenders
shall not require the consent of any such existing Term Lender so long as the form (but not the substance) of the applicable agreement effecting such amendment or modification is reasonably satisfactory to the Administrative Agent) or
(z) reflect then current market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower in good faith); 

(v) the interest rate, fees, discount and yield applicable to any Incremental Facility shall be determined by
the Borrower and the lender or lenders providing such Incremental Facility; provided that, with respect to any Incremental Term Loans incurred on any date after the
SecondFifth Amendment Effective Date that is on or
prior to the day that is six months after the Fifth Amendment Effective Date in an aggregate principal amount in
excess of the greater of (x) $105,000,000 and
(y) 0.75% of Consolidated Total Assets as of the last day of the most 

  
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recently
 ended Test Period calculated on a Pro Forma Basis (the “MFN Threshold”) under any Incremental Facility that (A) consists of syndicated floating rate Dollar-denominated Term Loans
that are pari passu with the Term
B-23
 Loans in right of payment and with respect to security and (B, (B) is originally incurred in reliance on the Ratio Based Incremental Amount (but not any reclassification
thereunder), (C) is scheduled to mature prior to the date that is one year after the Initial Term Loan Maturity Date and (D) is not incurred or established in connection with a Permitted Acquisition or any other Investment permitted hereby (the
foregoing sub-clauses
(A) 
andthrough (BD), the “MFN Conditions”), the Effective Yield applicable thereto may not be more than 0.75% higher than the Effective Yield applicable to any Term B-23 Loans unless the Applicable Rate (and/or, as provided in the proviso below, the Alternate Base Rate floor or LIBO Rate floor) with respect to the applicable Term B-23 Loans is adjusted to be equal to the Effective Yield with respect to such Incremental Facility, minus 0.75% (this clause (v), the “MFN Protection”); provided, further, that
any increase in Effective Yield to any Term
B-23
 Loan due to the application or imposition of an Alternate Base Rate floor or LIBO Rate floor on any Incremental Term Loan may be effected, at the option of the Borrower, through an increase in (or
implementation of, as applicable) any Alternate Base Rate floor or LIBO Rate floor applicable to such Term B-23 Loan; 

(vi) subject to the Permitted Earlier Maturity Indebtedness Exception, the final maturity date with respect to
any Incremental Term Loans shall be no earlier than the Initial Term Loan Maturity Date; 
 (vii) subject to
the Permitted Earlier Maturity Indebtedness Exception or as expressly provided in clause (xiv) below, the Weighted Average Life to Maturity of any Incremental Facility shall be no shorter than the remaining Weighted Average Life to Maturity of
the 2019 New Term Loans or the Term
B-23 Loans on the date of incurrence of such Incremental Facility; 

(viii) subject to clauses (vi) and (vii) above, any Incremental Facility may otherwise have an
amortization schedule as determined by the Borrower and the lenders providing such Incremental Facility; 

(ix) subject to clause (v) above, to the extent applicable, any fees payable in connection with any
Incremental Facility shall be determined by the Borrower and the arrangers and/or lenders providing such Incremental Facility; 

(x) (A) any Incremental Facility (x) shall rank pari passu in right of payment with any
then-existing Class of Term Loans and (y) may rank pari passu with or junior to any then-existing Class of Term Loans, as applicable, in right of security or may be unsecured (and to the extent the relevant Incremental Facility is
secured by the Collateral, it shall be subject to an Acceptable Intercreditor Agreement) and (B) no Incremental Facility may be (x) guaranteed by any Restricted Subsidiary which is not a Loan Party or (y) secured by any assets of the
Borrower or any Restricted Subsidiary other than the Collateral; 
 (xi) any Incremental Facility may
participate (A) in any voluntary prepayment of Term Loans as set forth in Section 2.11(a) on a pro rata basis, greater than pro rata basis or less than a pro rata basis with the then-existing Term Loans and (B) in any mandatory
prepayment of Term Loans as set forth in Section 2.11(b) on a pro rata basis (to the extent such Incremental Facility is secured on a pari passu basis with the 2019 New Term Loans and/or the Term B-23 Loans), greater than pro rata basis with respect to prepayments of any such Incremental Facility with the proceeds of any Replacement Term Loans or Refinancing Indebtedness (including Replacement Notes) or less
than a pro rata basis with the then-existing Term Loans, in each case, to the extent provided in such Sections; 

  
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 (xii) notwithstanding anything to the contrary in this
Section 2.22 or in any other provision of any Loan Document, (A) no Event of Default (or, if the proceeds of any Incremental Facility are incurred in connection with a Limited Condition Transaction, no Event of Default under
Section 7.01(a), (f) or (g)) shall have occurred and be continuing on such date and (B) the Specified Representations shall be true and correct in all material respects on and as of the date of the initial
borrowing or establishment of such Incremental Facility; provided that (I) in the case of any Specified Representation which expressly relates to a given date or period, such representation and warranty shall be true and correct in all material
respects as of the respective date or for the respective period, as the case may be, (II) if any Specified Representation is qualified by or subject to a “material adverse effect,” “material adverse change” or similar term or
qualification, such Specified Representation shall be true and correct in all respects and (III) Section 3.14 shall not apply to Collateral that is not required to be created or perfected on or prior to the date of initial funding of
such Incremental Facility; provided, further, that with respect to any Limited Condition Transaction, except as set forth above, any other conditions may be satisfied on the LCT Test Date; 

(xiii) the proceeds of any Incremental Facility may be used for working capital and/or purchase price
adjustments and other general corporate purposes (including capital expenditures, acquisitions, Investments, Restricted Payments and Restricted Debt Payments and related fees and expenses) and any other use not prohibited by this Agreement; and 

(xiv) on the date of the Borrowing of any Incremental Term Loans that will be of the same Class as any
then-existing Class of Term Loans, and notwithstanding anything to the contrary set forth in Section 2.08 or 2.13 above, such Incremental Term Loans shall be added to (and constitute a part of, be of the same Type as and, at the
election of the Borrower, have the same Interest Period as) each Borrowing of outstanding Term Loans of such Class on a pro rata basis (based on the relative sizes of such Borrowings), so that each Term Lender providing such Incremental Term Loans
will participate proportionately in each then-outstanding Borrowing of Term Loans of such Class; it being acknowledged that the application of this clause (a)(xiv) may result in new Incremental Term Loans having Interest Periods (the duration of
which may be less than one month) that begin during an Interest Period then applicable to outstanding LIBO Rate Loans of the relevant Class and which end on the last day of such Interest Period. 

(b) Incremental Commitments may be provided by any existing Lender, or by any other Eligible Assignee (any such other lender
being called an “Additional Lender”); provided that the Administrative Agent shall have a right to consent (such consent not to be unreasonably withheld or delayed) to the relevant Additional Lender’s provision of
Incremental Commitments if such consent would be required under Section 9.05(b) for an assignment of Loans to such Additional Lender; provided, further, that any Additional Lender that is an Affiliated Lender shall be
subject to the provisions of Section 9.05(g), mutatis mutandis, to the same extent as if the relevant Incremental Commitments and related Obligations had been acquired by such Lender by way of assignment. 

(c) Each Lender or Additional Lender providing a portion of any Incremental Commitment shall execute and deliver to the
Administrative Agent and the Borrower all such documentation (including the relevant Incremental Facility Amendment) as may be reasonably required by the Administrative Agent to evidence and effectuate such Incremental Commitment. On the effective
date of such Incremental Commitment, each Additional Lender shall become a Lender for all purposes in connection with this Agreement. 

  
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 (d) As conditions precedent to the effectiveness of any Incremental Facility or,
subject to Section 1.10, the making of any Incremental Term Loans, (i) upon its request, the Administrative Agent shall be entitled to receive customary written opinions of counsel, as well as such reaffirmation agreements,
supplements and/or amendments as it shall reasonably require, (ii) the Administrative Agent shall be entitled to receive, from each Additional Lender, an administrative questionnaire, in the form provided to such Additional Lender by the
Administrative Agent (the “Administrative Questionnaire”) and such other documents as it shall reasonably require from such Additional Lender, (iii) the Administrative Agent and the applicable Lenders shall be entitled to
receive all fees required to be paid to them in respect of such Incremental Facility or Incremental Term Loans, (iv) the Administrative Agent shall have received a Borrowing Request as if the relevant Incremental Term Loans were subject to
Section 2.03 (provided that such Borrowing Request need not include any bring down of any representation or warranty, include any representation as to the occurrence of any default or Event of Default or other item not consistent with
this Section 2.22) and (v) the Administrative Agent shall be entitled to receive a certificate of the Borrower signed by a Responsible Officer thereof; 

(A) certifying and attaching a copy of the resolutions adopted by the governing body of the Borrower approving
or consenting to such Incremental Facility or Incremental Term Loans, and 
 (B) to the extent applicable,
certifying that the conditions set forth in subclauses (A) and (B) of clause (a)(xii) above has been satisfied. 

(e) The Lenders hereby irrevocably authorize the Administrative Agent to enter into any Incremental Facility Amendment and/or
any amendment to any other Loan Document as may be necessary in order to establish new Classes or sub-Classes in respect of Loans or commitments pursuant to this Section 2.22 and such technical, mechanical and conforming amendments as
may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such new Classes or sub-Classes, in each case on terms consistent with this Section 2.22. 

(f) This Section 2.22 shall supersede any provision in Section 2.18 or 9.02 to the contrary.

 Section 2.23. Extensions of Loans. 

(a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension
Offer”) made from time to time by the Borrower to all Lenders holding Loans of any Class or Commitments of any Class, in each case on a pro rata basis within such Class (based on the aggregate outstanding principal amount of the respective
Loans or Commitments of such Class) and on the same terms to each such Lender, the Borrower is hereby permitted to consummate transactions with any individual Lender who accepts the terms contained in the relevant Extension Offer to extend the
Maturity Date of all or a portion of such Lender’s Loans and/or Commitments of such Class and otherwise modify the terms of all or a portion of such Loans and/or Commitments pursuant to the terms of the relevant Extension Offer (including by
increasing the interest rate or fees payable in respect of such Loans and/or Commitments (and related outstandings) and/or modifying the amortization schedule, if any, in respect of such Loans) (each, an “Extension,” and each group
of Loans or Commitments, as applicable, in each case as so extended, and the original Loans and the original Commitments (in each case not so extended), being a “Class”; it being understood that any Extended Term Loans shall constitute a
separate Class of Loans from the Class of Loans from which they were converted, so long as the following terms are satisfied: 

(i) [Reserved]; 

  
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 (ii) except as to (A) interest rates, fees, amortization,
final maturity date, premiums, required prepayment dates and participation in prepayments (which shall, subject to immediately succeeding clauses (iii), (iv) and (v), be determined by the Borrower and any Lender who agrees
to an Extension of its Term Loans and set forth in the relevant Extension Offer), (B) terms applicable to such Extended Term Loans (as defined below) that are more favorable to the lenders or the agent of such Extended Term Loans than those
contained in the Loan Documents and are then conformed (or added) to the Loan Documents for the benefit of the Term Lenders or, as applicable, the Administrative Agent (i.e., by conforming or adding a term to the then-outstanding Term Loans
pursuant to the applicable Extension Amendment) and (C) any covenants or other provisions applicable only to periods after the Latest Maturity Date (in each case, as of the date of such Extension), the Term Loans of any Lender extended pursuant
to any Extension (any such extended Term Loans, the “Extended Term Loans”) shall have substantially consistent terms (or terms not less favorable to existing Lenders) as the Class of Term Loans subject to the relevant Extension
Offer; 
 (iii) the final maturity date of any Extended Term Loans may be no earlier than the Class of Term
Loans from which they were converted; 
 (iv) the Weighted Average Life to Maturity of any Extended Term
Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Class of Term Loans from which they were converted; 

(v) subject to clauses (iii) and (iv) above, any Extended Term Loans may otherwise have
an amortization schedule as determined by the Borrower and the Lenders providing such Extended Term Loans; 

(vi) any Extended Term Loans may participate (A) in any voluntary prepayments of Term Loans as set forth
in Section 2.11(a)(i) and (B) in any mandatory prepayments of Term Loans as set forth in Section 2.11(b)(vi), in each case, to the extent provided in such Sections; 

(vii) if the aggregate principal amount of Loans or Commitments, as the case may be, in respect of which
Lenders have accepted the relevant Extension Offer exceed the maximum aggregate principal amount of Loans or Commitments, as the case may be, offered to be extended by the Borrower pursuant to such Extension Offer, then the Loans or Commitments, as
the case may be, of such Lenders shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed the applicable Lender’s actual holdings of record) with respect to which such Lenders have
accepted such Extension Offer; 
 (viii) unless the Administrative Agent otherwise agrees, any Extension must
be in a minimum amount of $5,000,000; 
 (ix) any applicable Minimum Extension Condition must be satisfied or
waived by the Borrower; and 
 (x) any documentation in respect of any Extension shall be consistent with the
foregoing. 
 (b) (i) No Extension consummated in reliance on this Section 2.23 shall constitute a voluntary or
mandatory prepayment for purposes of Section 2.11, (ii) the scheduled amortization payments (insofar as such schedule affects payments due to Lenders participating in the relevant Class) set forth in Section 2.10
shall be adjusted to give effect to any Extension of any Class of Loans and/or 

  
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 Commitments and (iii) except as set forth in clause (a)(viii) above, no Extension
Offer is required to be in any minimum amount or any minimum increment; provided that the Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to the consummation of any Extension that a minimum
amount (to be specified in the relevant Extension Offer in the Borrower’s sole discretion) of Loans or Commitments (as applicable) of any or all applicable tranches be tendered; it being understood that the Borrower may, in its sole discretion,
waive any such Minimum Extension Condition. The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section 2.23 (including, for the avoidance of doubt, the payment of any interest, fees or
premium in respect of any Extended Term Loans on such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement (including Sections 2.10, 2.11 and/or 2.18) or
any other Loan Document that may otherwise prohibit any such Extension or any other transaction contemplated by this Section. 

(c) No consent of any Lender or the Administrative Agent shall be required to effectuate any Extension, other than the consent
of each Lender agreeing to such Extension with respect to one or more of its Loans and/or Commitments of any Class (or a portion thereof). All Extended Term Loans and all obligations in respect thereof shall constitute Secured Obligations under this
Agreement and the other Loan Documents that are secured by the Collateral and guaranteed on a pari passu basis with all other applicable Secured Obligations under this Agreement and the other Loan Documents. The Lenders hereby irrevocably
authorize the Administrative Agent to enter into any Extension Amendment and any amendments to any of the other Loan Documents with the Loan Parties as may be necessary in order to establish new Classes or sub-Classes in respect of Loans or
Commitments so extended and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such new Classes or sub-Classes, in each case on
terms consistent with this Section 2.23. 
 (d) In connection with any Extension, the Borrower shall provide the
Administrative Agent at least five Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including regarding timing, rounding and other adjustments
and to ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of
this Section 2.23. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES 

On the Closing Date, the Borrower hereby represents and warrants to the Lenders that: 

Section 3.01. Organization; Powers. The Borrower and each of its Restricted Subsidiaries (a) is (i) duly
organized and validly existing and (ii) in good standing (to the extent such concept exists in the relevant jurisdiction) under the Requirements of Law of its jurisdiction of organization, (b) has all requisite organizational power and
authority to own its assets and to carry on its business as now conducted and (c) is qualified to do business in, and is in good standing (to the extent such concept exists in the relevant jurisdiction) in, every jurisdiction where the
ownership, lease or operation of its properties or conduct of its business requires such qualification, except, in each case referred to in this Section 3.01 (other than clause (a)(i) and clause (b) with respect to the
Loan Parties) where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 3.02. Authorization; Enforceability. The execution, delivery
and performance of each Loan Document are within each applicable Loan Party’s corporate or other organizational power and have been duly authorized by all necessary corporate or other organizational action of such Loan Party. Each Loan Document
to which any Loan Party is a party has been duly executed and delivered by such Loan Party and is a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to the Legal Reservations. 

Section 3.03. Governmental Approvals; No Conflicts. The execution and delivery of each Loan Document by each Loan
Party thereto and the performance by such Loan Party thereof (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and
are in full force and effect, (ii) in connection with the Perfection Requirements or (iii) such consents, approvals, registrations, filings, or other actions the failure to obtain or make which could not be reasonably expected to have a
Material Adverse Effect, (b) will not violate any (i) of such Loan Party’s Organizational Documents or (ii) Requirement of Law applicable to such Loan Party which violation, in the case of this clause (b)(ii), could
reasonably be expected to have a Material Adverse Effect and (c) will not violate or result in a default under any material Contractual Obligation to which such Loan Party is a party which violation, in the case of this clause (c), could
reasonably be expected to result in a Material Adverse Effect. 
 Section 3.04. Financial Condition; No Material
Adverse Effect. 
 (a) The financial statements (i) of the Borrower for its fiscal year ended December 31,
2018 filed with the SEC prior to the Closing Date and (ii) after the Closing Date, most recently provided pursuant to Section 5.01(a) or (b), as applicable, present fairly, in all material respects, the financial position and results of
operations and cash flows of the Borrower on a consolidated basis as of such dates and for such periods in accordance with GAAP, (x) except as otherwise expressly noted therein, (y) subject, in the case of quarterly financial statements,
to the absence of footnotes and normal year-end adjustments and (z) except as may be necessary to reflect any differing entities and organizational structure prior to giving effect to the Transactions. 

(b) Since December 31, 2018, there has been no Material Adverse Effect. 

Section 3.05. Properties. 

(a) As of the Closing Date, Schedule 3.05 sets forth the address of each Real Estate Asset (or each set of such assets
that collectively comprise one operating property) that is owned in fee simple by any Loan Party. 
 (b) The Borrower and
each of its Restricted Subsidiaries have good and valid fee simple title to or rights to purchase, or valid leasehold interests as tenants in, or easements or other limited property interests in, all of their respective Real Estate Assets and have
good title to their personal property and assets, in each case, except (i) for defects in title that do not materially interfere with their ability to conduct their business as currently conducted or to utilize such properties and assets for
their intended purposes, (ii) where the failure to have such title would not reasonably be expected to have a Material Adverse Effect or (iii) Permitted Liens. 

(c) The Borrower and its Restricted Subsidiaries own or otherwise have a license or right to use all Intellectual Property
rights (“IP Rights”) used or held for use to conduct their respective businesses as presently conducted without, to the knowledge of any Responsible Officer of the Borrower, any infringement, dilution, violation or misappropriation
of the IP Rights of third parties, except to the extent the failure to own or license or have rights to use would not, or where such infringement, dilution, violation or misappropriation would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect. 

  
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 Section 3.06. Litigation and Environmental Matters. 

(a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to
the knowledge of any Responsible Officer of the Borrower, threatened in writing against or affecting the Borrower or any of its Restricted Subsidiaries which would reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect. 
 (b) Except for any matters that, individually or in the aggregate, would not reasonably be expected to
result in a Material Adverse Effect, (i) neither the Borrower nor any of its Restricted Subsidiaries is subject to or has received notice of any Environmental Claim or Environmental Liability or knows of any basis for any Environmental
Liability or Environmental Claim of the Borrower or any of its Restricted Subsidiaries and (ii) neither the Borrower nor any of its Restricted Subsidiaries has failed to comply with any Environmental Law or to obtain, maintain or comply with
any Governmental Authorization, permit, license or other approval required under any Environmental Law. 
 (c) In the
five-year period prior to the Closing Date, neither the Borrower nor any of its Restricted Subsidiaries has treated, stored, transported or Released any Hazardous Materials on, at, under or from any currently or formerly owned or leased real estate
or facility in a manner that would reasonably be expected to have a Material Adverse Effect. 
 Section 3.07.
Compliance with Laws. The Borrower and each of its Restricted Subsidiaries is in compliance with all Requirements of Law applicable to it or its property, except, in each case where the failure to do so, individually or in the aggregate,
would not reasonably be expected to result in a Material Adverse Effect; it being understood and agreed that this Section 3.07 shall not apply to the Requirements of Law covered by Section 3.17 below. 

Section 3.08. Investment Company Status. No Loan Party is an “investment company” under the Investment
Company Act of 1940. 
 Section 3.09. Taxes. The Borrower and each of its Restricted Subsidiaries has timely
filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it that are due and payable (including in its capacity as a withholding agent), except
(a) Taxes (or any requirement to file Tax returns with respect thereto) that are being contested in good faith by appropriate proceedings and for which the Borrower or such Restricted Subsidiary, as applicable, has set aside on its books
adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

Section 3.10. ERISA. 

(a) Each Plan is in compliance in form and operation with its terms and with ERISA and the Code and all other applicable
Requirements of Law, except where any failure to comply would not reasonably be expected to result in a Material Adverse Effect. 

(b) In the five-year period prior to the date on which this representation is made or deemed made, no ERISA Event has occurred
and is continuing or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 3.11. Disclosure. 

(a) As of the Closing Date, all written information (other than the Projections, financial estimates, other forward-looking
information and/or projected information and information of a general economic or industry-specific nature) concerning the Borrower and its subsidiaries that was included in the Information Memorandum (the “Information”), when taken
as a whole, did not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which
such statements were made (after giving effect to all supplements and updates thereto from time to time). 
 (b) The
Projections have been prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time furnished (it being recognized that such Projections are as to future events and are not to be viewed as facts and are subject
to significant uncertainties and contingencies many of which are beyond the Borrower’s control, that no assurance can be given that any particular financial projections will be realized, that actual results may differ from projected results and
that such differences may be material). 
 Section 3.12. Solvency. As of the Closing Date and after giving
effect to the Transactions and the incurrence of the Indebtedness and obligations being incurred in connection with this Agreement and the Transactions, (i) the sum of the debt (including contingent liabilities) of the Borrower and its
Subsidiaries, taken as a whole, does not exceed the fair value of the assets (on a going concern basis) of the Borrower and its Subsidiaries, taken as a whole; (ii) the capital of the Borrower and its Subsidiaries, taken as a whole, is not
unreasonably small in relation to the business of the Borrower and its Subsidiaries, taken as a whole, contemplated as of the Closing Date; and (iii) the Borrower and its Subsidiaries, taken as a whole, do not intend to incur, or believe that
they will incur, debts (including current obligations and contingent liabilities) beyond their ability to pay such debt as they mature in the ordinary course of business. 

Section 3.13. Subsidiaries. Schedule 3.13 sets forth, in each case as of the Closing Date, (a) a
correct and complete list of the name of each subsidiary of the Borrower and the ownership interest therein held by the Borrower or its applicable Subsidiary, and (b) the type of entity of the Borrower and each of its Subsidiaries. 

Section 3.14. Security Interest in Collateral. Subject to any limitations and exceptions set forth in any Loan
Documents, the Legal Reservations and the provisions of this Agreement and the other relevant Loan Documents, the Collateral Documents create legal, valid and enforceable Liens on all of the Collateral in favor of the Administrative Agent, for the
benefit of itself and the other Secured Parties, and upon the satisfaction of the applicable Perfection Requirements, such Liens constitute perfected Liens (with the priority that such Liens are expressed to have under the relevant Collateral
Documents, unless otherwise permitted hereunder or under any Loan Document) on the Collateral (to the extent such Liens are required to be perfected under the terms of the Loan Documents) securing the Secured Obligations, in each case as and to the
extent set forth therein. For the avoidance of doubt, notwithstanding anything herein or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation or warranty as to (A) the effects of
perfection or non-perfection, the priority or the enforceability of any pledge of or security interest in any Capital Stock of any Foreign Subsidiary (other than Capital Stock and assets of Foreign Subsidiaries, if any, that are Guarantors), or as
to the rights and remedies of the Administrative Agent or any Lender with respect thereto, under foreign Requirements of Law not required to be obtained under the Loan Documents, (B) the enforcement of any security interest, or rights or
remedies with respect to any Collateral that may be limited or restricted by, or require any consents, authorizations approvals or licenses under, any Requirement of Law or (C) on the Closing Date and until required pursuant to
Section 5.12, the pledge or creation of any security interest, or the effects of perfection or non-perfection, the priority or enforceability of any pledge or security interest to the extent not required on the Closing Date. 

  
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 Section 3.15. Labor Disputes. Except as individually or in the
aggregate would not reasonably be expected to have a Material Adverse Effect, (a) there are no strikes, lockouts or slowdowns against the Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of any Responsible Officer of
the Borrower or any of its Restricted Subsidiaries, threatened and (b) the hours worked by and payments made to employees of the Borrower and its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other
applicable Requirements of Law dealing with such matters. 
 Section 3.16. Federal Reserve Regulations. No part
of the proceeds of any Loan have been used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that results in a violation of the provisions of Regulation U. 

Section 3.17. OFAC; PATRIOT ACT and FCPA. 

(a) (i) None of the Borrower or any of its Subsidiaries or, to the knowledge of any Responsible Officer of the Borrower, any
director, officer or employee of any of the foregoing is a Sanctioned Person; and (ii) the Borrower will not directly or, to the knowledge of any Responsible Officer of the Borrower, indirectly, use the proceeds of the Loans or otherwise make
available such proceeds to any Person in violation of Sanctions. 
 (b) To the extent applicable, each Loan Party is in
compliance (i) in all material respects with the USA PATRIOT Act, the Trading with the Enemy Act, as amended, each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and
any other enabling legislation or executive order relating thereto, and the UK Bribery Act of 2010 and any enabling legislation or executive order relating thereto and (ii) except as would not reasonably be expected to have a Material Adverse
Effect, with all Sanctions. 
 (c) Neither the Borrower nor any of its Subsidiaries nor, to the knowledge of any Responsible
Officer of the Borrower, any director, officer or employee of the Borrower or any Subsidiary, has taken any action, directly or, to the knowledge of any Responsible Officer of the Borrower, indirectly, that would result in a material violation by
any such Person of the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), including, without limitation, making any offer, payment, promise to pay or authorization or approval of the payment of any money, or other
property, gift, promise to give or authorization of the giving of anything of value, directly or indirectly, to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any
candidate for foreign political office, in each case in contravention in any material respect of the FCPA and any applicable anti-corruption Requirement of Law of any Governmental Authority. The Borrower will not directly or, to the knowledge of any
Responsible Officer of the Borrower, indirectly, use the proceeds of the Loans or otherwise make available such proceeds to any governmental official or employee, political party, official of a political party, candidate for public 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 FCPA. 

The representations and warranties set forth in Section 3.17 above made by or on behalf of any Foreign Subsidiary
are subject to and limited by any Requirement of Law applicable to such Foreign Subsidiary; it being understood and agreed that to the extent that any Foreign Subsidiary is unable to make any representation or warranty set forth in
Section 3.17 as a result of the application of this sentence, such Foreign Subsidiary shall be deemed to have represented and warranted that it is in compliance, in all material respects, with any equivalent Requirement of Law relating
to anti-terrorism, anti-corruption, sanctions or anti-money laundering that is applicable to such Foreign Subsidiary in its relevant local jurisdiction of organization. 

  
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 ARTICLE 4 

CONDITIONS 

Section 4.01. Closing Date. The obligations of each Lender to make Loans on the Closing Date shall not become
effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 

(a) Credit Agreement and Loan Documents. The Administrative Agent (or its counsel) shall have received from each Loan
Party, to the extent party thereto, (i) a counterpart signed by such Loan Party (or written evidence reasonably satisfactory to the Administrative Agent (which may include a copy transmitted by facsimile or other electronic method) that such
party has signed a counterpart) of (A) this Agreement, (B) the Security Agreement, (C) each applicable Intellectual Property Security Agreement, (D) the Loan Guaranty and (E) each Promissory Note requested by a Lender at
least three Business Days prior to the Closing Date and (ii) a Borrowing Request as required by Section 2.03 (and any such requirements may be waived or extended by the Administrative Agent). 

(b) Legal Opinions. The Administrative Agent (or its counsel) shall have received, on behalf of itself and the Lenders
on the Closing Date, a customary written opinion of (i) Ropes 
 & Gray LLP, in its capacity as counsel for the Loan
Parties and (ii) Venable LLP, in its capacity as local Maryland counsel for the Loan Parties, each dated as of the Closing Date and addressed to the Administrative Agent and the Lenders on the Closing Date. 

(c) Secretary’s Certificate and Good Standing Certificates. The Administrative Agent (or its counsel) shall have
received (i) a certificate of each Loan Party, dated the Closing Date and executed by a secretary, assistant secretary or other similarly-titled Responsible Officer thereof, which shall (A) certify that (x) attached thereto is a true
and complete copy of the certificate or articles of incorporation, formation or organization of such Loan Party, as applicable, certified by the relevant authority of its jurisdiction of organization, which certificate or articles of incorporation,
formation or organization of such Loan Party, as applicable, have not been amended (except as attached thereto) since the date reflected thereon, (y) attached thereto is a true and correct copy of the by-laws or operating, management,
partnership or similar agreement of such Loan Party, as applicable, together with all amendments thereto as of the Closing Date and such by-laws or operating, management, partnership or similar agreement are in full force and effect and
(z) attached thereto is a true and complete copy of the resolutions or written consent, as applicable, of its board of directors, board of managers, sole member, manager or other applicable governing body authorizing the execution and delivery
of the Loan Documents, which resolutions or consent have not been modified, rescinded or amended (other than as attached thereto) and are in full force and effect, and (B) identify by name and title and bear the signatures of the officers,
managers, directors or authorized signatories of such Loan Party, as applicable, authorized to sign the Loan Documents to which such Loan Party, as applicable, is a party and (ii) a good standing (or equivalent) certificate for such Loan Party,
as applicable, from the relevant authority of its jurisdiction of organization, dated as of a recent date. 

  
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 (d) Representations and Warranties. The representations and warranties of
the Borrower set forth in Article 3 hereof and the representations and warranties of the applicable Loan Parties set forth in the other Loan Documents shall be true and correct in all material respects on and as of the Closing Date;
provided that (A) in the case of any representation which expressly relates to a given date or period, such representation shall be true and correct in all material respects as of the respective date or for the respective period, as the
case may be and (B) if any representation is qualified by or subject to a “material adverse effect,” “material adverse change” or similar term or qualification, such representation shall be true and correct in all respects.

 (e) Fees. Prior to or substantially concurrently with the funding of the Initial Term Loans
hereunder, the Administrative Agent and the Arrangers shall have received (i) all fees required to be paid by the Borrower on the Closing Date as separately agreed among the Borrower, the Administrative Agent and the applicable Arrangers and
(ii) all expenses required to be paid by the Borrower for which invoices have been presented at least three Business Days prior to the Closing Date or such later date to which the Borrower may agree (including the reasonable fees and expenses
of legal counsel required to be paid), in each case on or before the Closing Date, which amounts may be offset against the proceeds of the Loans. 

(f) Solvency. The Administrative Agent (or its counsel) shall have received a certificate in
substantially the form of Exhibit O from the chief financial officer (or other officer with reasonably equivalent responsibilities) of the Borrower dated as of the Closing Date and certifying as to the matters set forth therein. 

(g) Perfection Certificate. The Administrative Agent (or its counsel) shall have received a completed
Perfection Certificate dated the Closing Date and signed by a Responsible Officer of each Loan Party, together with all attachments contemplated thereby. 

(h) Pledged Stock and Pledged Notes. The Administrative Agent (or its counsel) shall have received
(i) the certificates representing the Capital Stock required to be pledged pursuant to the Security Agreement, together with an undated stock power or similar instrument of transfer for each such certificate endorsed in blank by a duly
authorized officer of the pledgor thereof, and (ii) each Material Debt Instrument (if any) endorsed (without recourse) in blank (or accompanied by a transfer form endorsed in blank) by the pledgor thereof. 

(i) Filings Registrations and Recordings. Each document (including any UCC (or similar) financing
statement) required by any Collateral Document or under applicable Requirements of Law to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the
Collateral required to be delivered pursuant to such Collateral Document, which, if applicable, shall be in proper form for filing, registration or recordation. 

(j) USA PATRIOT Act. No later than three Business Days in advance of the Closing Date, the
Administrative Agent shall have received all documentation and other information reasonably requested with respect to any Loan Party in writing by any Initial Lender at least ten Business Days in advance of the Closing Date, which documentation or
other information is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. 

(k) Officer’s Certificate. The Administrative Agent shall have received a certificate from a
Responsible Officer of the Borrower certifying satisfaction of the conditions precedent set forth in Section 4.01(d). 

  
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 For purposes of determining whether the conditions specified in this
Section 4.01 have been satisfied on the Closing Date, by funding the Loans hereunder, the Administrative Agent and each Lender shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other
matter required hereunder to be consented to or approved by or acceptable or satisfactory to the Administrative Agent or such Lender, as the case may be. 

ARTICLE 5 
 AFFIRMATIVE COVENANTS

 From the Closing Date until the date on which all Commitments have expired or terminated and the principal of and
interest on each Loan and all fees, expenses and other amounts and payment Obligations (other than (i) contingent indemnification obligations for which no claim or demand has been made and (ii) Secured Hedging Obligations under any Hedge
Agreements as to which arrangements reasonably satisfactory to the applicable counterparty have been made) have been paid in full in Cash (such date, the “Termination Date”), the Borrower hereby covenants and agrees with the Lenders
that: 
 Section 5.01. Financial Statements and Other Reports. The Borrower will deliver to the Administrative
Agent for delivery by the Administrative Agent, subject to Section 9.05(f), to each Lender: 

(a) Quarterly Financial Statements. As soon as available, and in any event within 45 days after the end
of each of the first three Fiscal Quarters of each Fiscal Year, commencing with the Fiscal Quarter ending March 31, 2019 the consolidated balance sheet of Borrower and its Subsidiaries as at the end of such Fiscal Quarter and the related
consolidated statements of operations (or income) and cash flows of Borrower and its Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, and setting forth, in
reasonable detail, in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail, together with a Financial Officer Certification (which may be included in the applicable Compliance
Certificate) with respect thereto; 
 (b) Annual Financial Statements. As soon as available, and in
any event within 90 days after the end of each Fiscal Year ending after the Closing Date, (i) the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such Fiscal Year and the related consolidated statements of
operations (or income), changes in equity and cash flows of the Borrower and its Subsidiaries for such Fiscal Year and setting forth, in reasonable detail, in comparative form the corresponding figures for the previous Fiscal Year and (ii) with
respect to such consolidated financial statements, a report thereon of an independent certified public accountant of recognized national standing (which report shall not be subject to a qualification as to the scope of such audit or “going
concern” qualification (except (A) as resulting from the impending maturity of any permitted Indebtedness or anticipated or actual breach of any financial covenant, (B) the upcoming maturity of any Indebtedness within one year of the
date such opinion is deliver or (C) the activities, operations, financial results, assets or liabilities of any Unrestricted Subsidiary) but may include a “going concern” explanatory paragraph or like statement), and shall state that
such consolidated financial statements fairly present, in all material respects, the consolidated financial position of the Borrower for, and as of the end of, such Fiscal Year in conformity with GAAP (such report and opinion, a “Conforming
Accounting Report”); 

  
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 (c) Compliance Certificate. Together with each delivery of
financial statements of the Borrower and its subsidiaries pursuant to Sections 5.01(a) and (b), (i) a duly executed and completed Compliance Certificate, and (ii) (A) a summary of the pro forma adjustments necessary to
eliminate the accounts of Unrestricted Subsidiaries (if any) from such financial statements and (B) a list identifying any change in the Subsidiaries of the Borrower as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of
delivery of such Compliance Certificate or confirmation that there is no change in such information since the later of the Closing Date and the date of the last such list; 

(d) [Reserved]; 

(e) Notice of Default. Promptly upon any Responsible Officer of the Borrower obtaining actual knowledge
of any Default or Event of Default, a reasonably-detailed notice specifying the nature and period of existence of such event and what action the Borrower has taken, is taking and/or proposes to take with respect thereto; 

(f) Notice of Litigation. Promptly upon any Responsible Officer of the Borrower obtaining actual
knowledge of (i) the institution of, or threat of, any Adverse Proceeding not previously disclosed in writing by the Borrower to the Administrative Agent, or (ii) any material development in any Adverse Proceeding that, in the case of
either of clauses (i) or (ii), could reasonably be expected to have a Material Adverse Effect, written notice thereof from the Borrower together with such other non-privileged information as may be reasonably available to the Loan
Parties to enable the Lenders to evaluate such matters; 
 (g) ERISA. Promptly upon any Responsible
Officer of the Borrower obtaining actual knowledge of the occurrence of any ERISA Event that could reasonably be expected to have a Material Adverse Effect, a written notice specifying the nature thereof; 

(h) [Reserved]. 

(i) Information Regarding Collateral. Prompt (and, in any event, within 60 days of the relevant change)
written notice of any change (i) in any Loan Party’s legal name, (ii) in any Loan Party’s type of organization or (iii) in any Loan Party’s jurisdiction of organization, together with a certified copy of the applicable
Organizational Document reflecting the relevant change; 
 (j) Annual Collateral Verification.
Together with the delivery of each Compliance Certificate provided with the financial statements required to be delivered pursuant to Section 5.01(b), a Perfection Certificate Supplement (or confirmation that there have been no changes in such
information since the Closing Date or the most recent Perfection Certificate Supplement provided); 
 (k)
Certain Reports. Promptly upon their becoming available and without duplication of any obligations with respect to any such information that is otherwise required to be delivered under the provisions of any Loan Document, copies of all
special reports and registration statements which the Borrower or any Restricted Subsidiary files with the SEC or any analogous Governmental Authority or with any national securities exchange, as the case may be (other than amendments to any
registration statement (to the extent such registration statement, in the form it became effective, is delivered to the Administrative Agent), exhibits to any registration statement and, if applicable, any registration statement on Form S-8); 

  
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 (l) Other Information. Such other certificates, reports
and information (financial or otherwise) as the Administrative Agent may reasonably request from time to time regarding the financial condition or business of the Borrower and its Restricted Subsidiaries; provided, however, that none of the
Borrower or any Restricted Subsidiary shall be required to disclose or provide any information (a) that constitutes non-financial trade secrets or non-financial proprietary information of the Borrower or any of its subsidiaries or any of their
respective borrowers, tenants or other occupants, joint venture partners, customers and/or suppliers, (b) in respect of which disclosure to the Administrative Agent or any Lender (or any of their respective representatives) is prohibited by
applicable Requirements of Law, (c) that is subject to attorney-client or similar privilege or constitutes attorney work product, (d) in respect of which the Borrower or any Restricted Subsidiary owes confidentiality obligations to any
third party (provided such confidentiality obligations were not entered into in contemplation of the requirements of this Section 5.01(l)) or (e) to the extent applicable, which the Borrower or any Restricted Subsidiary is
not reasonably able to obtain with respect to any obligor under any CRE Finance Asset or tenant or other occupant under any Real Estate Investment; and 

(m) promptly following any request therefor, solely to the extent actually required to comply with such laws at
such time, information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the USA
PATRIOT Act and 31 C.F.R. 1010.230, in each case, solely to the extent actually required to comply with such rules and regulations at such time. 

Documents required to be delivered pursuant to this Section 5.01 may be delivered electronically and if so delivered,
shall be deemed to have been delivered on the date (i) on which the Borrower (or a representative thereof) (x) posts such documents or (y) provides a link thereto at http://www.blackstonemortgagetrust.com; provided that, other
than with respect to items required to be delivered pursuant to Section 5.01(k) above, the Borrower shall promptly notify (which notice may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents at
http://www.blackstonemortgagetrust.com and provide to the Administrative Agent by electronic mail electronic versions of such documents; (ii) on which such documents are delivered by the Borrower to the Administrative Agent for posting on
behalf of the Borrower on IntraLinks/SyndTrak or another relevant website (the “Platform”), if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the
Administrative Agent); (iii) on which such documents are faxed to the Administrative Agent (or electronically mailed to an address provided by the Administrative Agent); or (iv) in respect of the items required to be delivered pursuant to
Sections 5.01(a), 5.01(b) and 5.01(k) above in respect of information filed by the Borrower with any securities exchange or with the SEC or any analogous governmental or private regulatory authority with jurisdiction over matters relating to
securities (including in Form 10-Q Reports and Form 10-K reports), on which such items have been made available on the SEC website or the website of the relevant analogous governmental or private regulatory authority or securities exchange. Each
Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents. 

Notwithstanding the foregoing, the obligations referred to in Section 5.01(a) and/or 5.01(b) may be satisfied by filing
the Borrower’s Form 10-K or 10-Q, as applicable, with the SEC or any securities exchange, in each case, within the time periods specified in Sections 5.01(a) or 5.01(b), as applicable (and the public filing of such report with the SEC or such
securities exchange shall constitute delivery thereof for purposes of Section 5.01(a) and 5.01(b), as applicable); provided that to the extent such statements are provided in lieu of the statements required to be provided under
Section 5.01(b), such statements shall include, or be accompanied by, a Conforming Accounting Report. 

  
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 Any financial statement required to be delivered pursuant to
Section 5.01(a) or (b) shall not be required to include acquisition accounting adjustments relating to any Permitted Acquisition, Investment or other transaction permitted under this Agreement, in each case, to the extent it
is not practicable to include any such adjustments in such financial statement. 
 Section 5.02. Existence.
Except as otherwise permitted under Section 6.07, the Borrower will, and the Borrower will cause each of its Restricted Subsidiaries to, at all times preserve and keep in full force and effect its existence and all rights, franchises, licenses
and permits in the normal conduct of its business that are material to its business except, other than with respect to the preservation of the existence of the Borrower, to the extent that the failure to do so could not reasonably be expected to
result in a Material Adverse Effect; provided that neither the Borrower nor any of the Borrower’s Restricted Subsidiaries shall be required to preserve any such existence (other than with respect to the preservation of existence of the
Borrower), right, franchise, license or permit if a Responsible Officer of such Person or such Person’s board of directors (or similar governing body) determines that the preservation thereof is no longer desirable in the conduct of the
business of such Person. 
 Section 5.03. Payment of Taxes. The Borrower will, and the Borrower will cause each
of its Restricted Subsidiaries to, timely pay all Taxes imposed upon it or any of its properties or assets or in respect of any of its income or businesses or franchises; provided, however, that no such Tax need be paid if (a) it
is being contested in good faith by appropriate proceedings, so long as (i) adequate reserves or other appropriate provisions, as are required in conformity with GAAP, have been made therefor and (ii) in the case of a Tax which has resulted or
may result in the creation of a Lien on any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax or (b) failure to pay or discharge the same could not reasonably
be expected, individually or in the aggregate, to result in a Material Adverse Effect. 
 Section 5.04. Maintenance
of Properties. The Borrower will, and will cause each of its Restricted Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear and casualty and condemnation excepted, all property
reasonably necessary to the normal conduct of business of the Borrower and its Restricted Subsidiaries and from time to time will make or cause to be made all needed and appropriate repairs, renewals and replacements thereof except as expressly
permitted by this Agreement or where the failure to maintain such properties or make such repairs, renewals or replacements could not reasonably be expected to have a Material Adverse Effect. 

Section 5.05. Insurance. Except where the failure to do so would not reasonably be expected to have a Material
Adverse Effect, the Borrower will maintain or cause to be maintained, with financially sound and reputable insurers that the Borrower believes (in the good faith and judgment of its management) are financially sound and reputable at the time the
relevant coverage is placed or renewed, or with a Captive Insurance Subsidiary, such insurance coverage with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the Borrower and its Restricted Subsidiaries
as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks
and otherwise on such terms and conditions as shall be customary for such Persons; provided that notwithstanding the foregoing, in no event will the Borrower or any Restricted Subsidiary be required to obtain or maintain insurance that is
more restrictive than its normal course of practice. Each such policy of insurance (excluding, for the avoidance of doubt, any business interruption insurance policy) shall, (i) in the case of each general liability policy in favor of any Loan
Party, name the Administrative Agent on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy in favor of any Loan Party, to the extent available
from the relevant insurance carrier, contain a lenders’ loss payable clause or endorsement that names the Administrative Agent, on behalf of the Secured Parties as the lenders’ loss payee thereunder. 

  
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 Section 5.06. Inspections. The Borrower will, and will cause each of
its Restricted Subsidiaries to, permit any authorized representative designated by the Administrative Agent to visit and inspect any of the properties owned or leased by the Borrower and any of its Restricted Subsidiaries at which the principal
financial records and executive officers of the applicable Person are located, to inspect and copy its and their respective financial and accounting records, and to discuss its and their respective affairs, finances and accounts with its and their
Responsible Officers and independent public accountants at the expense of the Borrower (provided that the Borrower (or any of its subsidiaries) may, if it so chooses, be present at or participate in any such discussion), all upon reasonable
notice and at reasonable times during normal business hours; provided that (a) only the Administrative Agent on behalf of the Lenders may exercise the rights of the Administrative Agent and the Lenders under this Section 5.06 and
(b) except as expressly set forth in the proviso below during the continuance of an Event of Default under Section 7.01(a), (f) or (g), the Administrative Agent shall not exercise such rights more often than one
time during any calendar year; provided, further, that when an Event of Default under Section 7.01(a), (f) or (g) exists and is continuing, the Administrative Agent (or any of its representatives)
may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice; provided, further, that notwithstanding anything to the contrary herein, neither the Borrower nor
any Restricted Subsidiary shall be required to disclose, permit the inspection, examination or making of copies of or taking abstracts from, or discuss any document, information, or other matter (A) that constitutes non-financial trade secrets
or non-financial proprietary information of the Borrower and its subsidiaries and/or any of its borrowers, tenants or other occupants, joint venture partners, customers and/or suppliers, (B) in respect of which disclosure to the Administrative
Agent or any Lender (or any of their respective representatives or contractors) is prohibited by applicable Requirements of Law, (C) that is subject to attorney-client or similar privilege or constitutes attorney work product or (D) in
respect of which the Borrower or any Restricted Subsidiary owes confidentiality obligations to any third party (provided such confidentiality obligations were not entered into in contemplation of the requirements of this
Section 5.06). 
 Section 5.07. Maintenance of Book and Records. The Borrower will, and will cause
its Restricted Subsidiaries to, maintain proper books of record and account containing entries of all material financial transactions and matters involving the assets and business of the Borrower and its Restricted Subsidiaries that are full, true
and correct in all material respects and permit the preparation of consolidated financial statements in accordance with GAAP. 

Section 5.08. Compliance with Laws. The Borrower will comply, and will cause each of its Restricted Subsidiaries
to comply, with the requirements of all applicable Requirements of Law (including applicable ERISA and all Environmental Laws, OFAC, the USA PATRIOT Act and the FCPA), except to the extent the failure of the Borrower or the relevant Restricted
Subsidiary to comply could not reasonably be expected to have a Material Adverse Effect; provided that the requirements set forth in this Section 5.08, as they pertain to compliance by any Foreign Subsidiary with OFAC, the USA
PATRIOT ACT and the FCPA are subject to and limited by any Requirement of Law applicable to such Foreign Subsidiary in its relevant local jurisdiction. 

Section 5.09. Environmental. 

(a) Environmental Disclosure. The Borrower will deliver to the Administrative Agent as soon as practicable following the
sending or receipt thereof by any Responsible Officer of the Borrower, written notice of (A) any Environmental Claim that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, (B) any Release
required to be reported by the Borrower or 

  
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 any of its Restricted Subsidiaries to any federal, state or local governmental or regulatory
agency or other Governmental Authority that reasonably could be expected to have a Material Adverse Effect, (C) any request made to the Borrower or any of its Restricted Subsidiaries for information from any governmental agency that suggests
such agency is investigating whether the Borrower or any of its Restricted Subsidiaries may be potentially responsible for any Hazardous Materials Activity which is reasonably expected to have a Material Adverse Effect and (D) subject to the
limitations set forth above in the proviso in Section 5.01(l), such other documents and information as from time to time may be reasonably requested by the Administrative Agent in relation to any matters disclosed pursuant to this
Section 5.09(a). 
 (b) Hazardous Materials Activities, Etc. Subject to the rights of tenants or other
occupants of any Real Estate Investment and obligors of any CRE Finance Asset, the Borrower shall promptly take, and shall cause each of its Restricted Subsidiaries promptly to take, any and all actions necessary to (i) cure any violation of
applicable Environmental Laws by the Borrower or its Restricted Subsidiaries, and address with appropriate corrective or remedial action any known Release or threatened Release of Hazardous Materials at or from any Facility, in each case, that could
reasonably be expected to have a Material Adverse Effect and (ii) make an appropriate response to any Environmental Claim against the Borrower or any of its Restricted Subsidiaries in their individual capacities and discharge any obligations it
may have to any Person thereunder, in each case, where failure to do so could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 5.10. Designation of Subsidiaries. The Borrower may at any time after the Closing Date designate
(or re-designate) any subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately after any such re-designation, no Event of Default exists (including after giving
effect to the reclassification of Investments in, Indebtedness of and Liens on the assets of, the applicable Unrestricted Subsidiary), (ii) as of the date of the designation thereof, no Unrestricted Subsidiary shall own any Capital Stock in any
Restricted Subsidiary of the Borrower (unless such Restricted Subsidiary is also designated as an Unrestricted Subsidiary) or hold any Indebtedness of or any Lien on any property of the Borrower or its Restricted Subsidiaries (unless the Borrower or
such Restricted Subsidiary is permitted to incur such Indebtedness or Liens in favor of such Unrestricted Subsidiary pursuant to Sections 6.01 and 6.02) and (iii) subject to clause (ii) above, any subsidiary of an
Unrestricted Subsidiary will be deemed to be an Unrestricted Subsidiary. The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower (or its applicable Restricted Subsidiary) therein at the date of
designation in an amount equal to the portion of the fair market value of the net assets of such Subsidiary attributable to the Borrower’s (or its applicable Restricted Subsidiary’s) equity interest therein as reasonably estimated by the
Borrower (and such designation shall only be permitted to the extent such Investment is permitted under Section 6.06). The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the making, incurrence or
granting, as applicable, at the time of designation of any then-existing Investment, Indebtedness or Lien of such Subsidiary, as applicable; provided that upon any re-designation of any Unrestricted Subsidiary as a Restricted Subsidiary, the
Borrower shall be deemed to continue to have an Investment in the resulting Restricted Subsidiary in an amount (if positive) equal to (a) the Borrower’s “Investment” in such Restricted Subsidiary at the time of such
re-designation, less (b) the portion of the fair market value of the net assets of such Restricted Subsidiary attributable to the Borrower’s equity therein at the time of such re-designation. 

Section 5.11. Use of Proceeds. The Borrower shall use the proceeds of (a) the Initial Term Loans to finance
working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents, including the payment of Transaction Costs, (b) 2019 Replacement Term Loans to prepay in
full the outstanding principal amount of all Initial Term Loans on the First Amendment Effective Date, (c) the 2019 Incremental Term Loans to finance 

  
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 working capital needs and other general corporate purposes of the Borrower and for any other
purpose not prohibited by the terms of the Loan Documents (including, without limitation, the repayment of any Asset Financing Facility or CRE Financing and/or the payment of fees and expenses in connection with the First Amendment Transactions (as
defined in the First Amendment)), (d) the Term B-2 Loans to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents (including, without
limitation, the repayment of any Asset Financing Facility or CRE Financing and/or the payment of fees and expenses in connection with the Second Amendment Transactions (as defined in the Second Amendment) and the Third Amendment Transactions (as
defined in the Third Amendment))
and, (e) the Additional 2019 New Term Loans
to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan Documents (including, without limitation, the repayment of any Asset Financing Facility or CRE
Financing and/or the payment of fees and expenses in connection with the Fourth Amendment Transactions (as defined in the Fourth
Amendment)), (f) the Replacement Term B-3 Loans to prepay in full the outstanding principal amount of all
Term B-2 Loans on the Fifth Amendment Effective Date, and (g) the Incremental Term B-3 Loans to finance working capital needs and other general corporate purposes of the Borrower and for any other purpose not prohibited by the terms of the Loan
Documents (including, without limitation, the repayment of any Asset Financing Facility or CRE Financing and/or the payment of fees and expenses in connection with the Fifth Amendment Transactions (as defined in the Fifth Amendment)). 
 Section 5.12. Covenant to Guarantee Obligations and Give
Security. 
 (a) Upon (i) the formation or acquisition after the Closing Date of any Restricted Subsidiary that is
not an Excluded Subsidiary, including as a result of a Division, (ii) any Restricted Subsidiary that is a Domestic Subsidiary ceasing to be an Excluded Subsidiary (including pursuant to the last sentence of the definition of
“Guarantor”) or (iii) the designation of a Discretionary Guarantor, (x) if the designation of any Unrestricted Subsidiary that is a Domestic Subsidiary as Restricted Subsidiary or the event giving rise to the obligation under
this Section 5.12(a) occurs during the first three Fiscal Quarters of any Fiscal Year, on or before the date on which financial statements are required to be delivered pursuant to Section 5.01(a) for the Fiscal Quarter in
which the relevant formation, acquisition, designation or cessation occurred or (y) if the designation of any Unrestricted Subsidiary that is a Domestic Subsidiary as Restricted Subsidiary or the event giving rise to the obligation under this
Section 5.12(a) occurs during the fourth Fiscal Quarter of any Fiscal Year, on or before the date that is 60 days after the end of such Fiscal Quarter (or, in the cases of clauses (x) and (y), such longer period as the
Administrative Agent may reasonably agree), the Borrower shall (A) cause such Restricted Subsidiary (other than any Excluded Subsidiary) to comply with the requirements set forth in clause (a) of the definition of “Collateral
and Guarantee Requirement” and (B) upon the reasonable request of the Administrative Agent, cause the relevant Restricted Subsidiary (other than any Excluded Subsidiary) or Discretionary Guarantor to deliver to the Administrative Agent a
signed copy of a customary opinion of counsel for such Restricted Subsidiary or Discretionary Guarantor, addressed to the Administrative Agent and the other relevant Secured Parties. 

(b) Within 120 days after the acquisition by any Loan Party of any Material Real Estate Asset other than any Excluded Asset (or
such longer period as the Administrative Agent may reasonably agree), the Borrower shall cause such Loan Party to comply with the requirements set forth in clause (b) of the definition of “Collateral and Guarantee Requirement”
(it being understood and agreed that, with respect to any Material Real Estate Asset owned by any Restricted Subsidiary at the time such Restricted Subsidiary is required to become a Loan Party under Section 5.12(a) above, such Material Real
Estate Asset shall be deemed to have been acquired by such Restricted Subsidiary on the last day of the time period within which such Restricted Subsidiary becomes a Loan Party under Section 5.12(a)). 

  
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 (c) Notwithstanding anything to the contrary herein or in any other Loan
Document, it is understood and agreed that: 
 (i) the Administrative Agent may grant extensions of time (at
any time, including after the expiration of any relevant period, which will be retroactive) for the creation and perfection of security interests in, or obtaining of title insurance, legal opinions, surveys or other deliverables with respect to,
particular assets or the provision of any Loan Guaranty by any Restricted Subsidiary (in connection with assets acquired, or Restricted Subsidiaries formed or acquired after the Closing Date), and each Lender hereby consents to any such extension of
time, 
 (ii) any Lien required to be granted from time to time pursuant to the definition of
“Collateral and Guarantee Requirement” shall be subject to the exceptions and limitations set forth in the Collateral Documents, 

(iii) perfection by control shall not be required with respect to assets requiring perfection through control
agreements or other control arrangements (other than control of pledged Capital Stock and/or Material Debt Instruments, in each case to the extent otherwise constituting Collateral), 

(iv) no Loan Party shall be required to seek any landlord lien waiver, bailee letter, estoppel, warehouseman
waiver or other collateral access or similar letter or agreement; 
 (v) no Loan Party will be required to
(A) take any action outside of the U.S. in order to create or perfect any security interest in any asset located outside of the U.S., (B) execute any foreign law security agreement, pledge agreement, mortgage, deed or charge or
(C) make any foreign intellectual property filing, conduct any foreign intellectual property search or prepare any foreign intellectual property schedule; 

(vi) in no event will the Collateral include any Excluded Asset, 

(vii) no action shall be required to perfect any Lien with respect to (1) any vehicle or other asset
subject to a certificate of title, (2) letter-of-credit rights, (3) the Capital Stock of any Immaterial Subsidiary and/or (4) the Capital Stock of any Person that is not a Subsidiary, which Person, if a Subsidiary, would constitute an
Immaterial Subsidiary, in each case except to the extent that a security interest therein can be perfected by filing a Form UCC-1 (or similar) financing statement under the UCC, 

(viii) any joinder or supplement to any Loan Guaranty, any Collateral Document and/or any other Loan Document
executed by any Restricted Subsidiary that is required to become a Loan Party pursuant to Section 5.12(a) above may, with the consent of the Administrative Agent (not to be unreasonably withheld or delayed), include such schedules (or
updates to schedules) as may be necessary to ensure that any representation or warranty is true and correct to the extent required thereby or by the terms of any other Loan Document, and 

(ix) any time periods to comply with the foregoing Section 5.12(a) shall not apply to Discretionary
Guarantors; 
 provided that clauses (iii), (v) and (vi) shall not apply to the
Capital Stock or assets of a Foreign Discretionary Guarantor that becomes a Guarantor pursuant to the last sentence of the definition of “Guarantor.” 

  
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 Section 5.13. Maintenance of Ratings. The Borrower shall use
commercially reasonable efforts to maintain public corporate credit facility and public corporate family ratings from each of S&P and Moody’s; provided that in no event shall the Borrower be required to maintain any specific rating
with any such agency. 
 Section 5.14. Further Assurances. Promptly upon request of the Administrative Agent and
subject to the limitations described in Section 5.12: 
 (a) Subject to the rights of tenants or
other occupants of any Real Estate Investment and obligors of any CRE Finance Asset (in each case, to the extent such rights were not created in contemplation of the requirements of this Section 5.14(a)), the Borrower will, and will
cause each other Loan Party to, execute any and all further documents, financing statements, agreements, instruments, certificates, notices and acknowledgments and take all such further actions (including the filing and recordation of financing
statements, fixture filings, Mortgages and/or amendments thereto and other documents), that may be required under any applicable Requirements of Law and which the Administrative Agent may reasonably request to ensure the creation, perfection and
priority of the Liens created or intended to be created under the Collateral Documents, all at the expense of the relevant Loan Parties. 

(b) The Borrower will, and will cause each other Loan Party to (i) correct any material defect or error
that may be discovered in the execution, acknowledgment, filing or recordation of any Collateral Document or other document or instrument relating to any Collateral and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file,
register and re-register any and all such further acts (including notices to third parties), deeds, certificates, assurances and other instruments as the Administrative Agent may reasonably request from time to time in order to ensure the creation,
perfection and priority of the Liens created or intended to be created under the Collateral Documents. 
 ARTICLE 6 

NEGATIVE COVENANTS 

From the Closing Date and until the Termination Date, the Borrower covenants and agrees with the Lenders that: 

Section 6.01. Indebtedness. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, assume or otherwise become or remain liable with respect to any Indebtedness, except: 

(a) the Obligations (including any Additional Term Loans); 

(b) Indebtedness of the Borrower to any Restricted Subsidiary and/or of any Restricted Subsidiary to the
Borrower and/or any other Restricted Subsidiary; provided that in the case of any Indebtedness of any Restricted Subsidiary that is not a Loan Party owing to any Restricted Subsidiary that is a Loan Party, such Indebtedness shall be permitted
as an Investment under Section 6.06; provided, further, that any Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party must be expressly subordinated to the Obligations of such Loan Party
on terms that are reasonably acceptable to the Administrative Agent (including pursuant to an Intercompany Note); 

(c) [reserved]; 

  
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 (d) Indebtedness arising from any agreement providing for
indemnification, adjustment of purchase price or similar obligations (including contingent earn-out obligations) incurred in connection with any Disposition permitted hereunder, any acquisition permitted hereunder or consummated prior to the Closing
Date and not in contemplation thereof or any other purchase of assets or Capital Stock, and Indebtedness arising from guarantees, letters of credit, bank guarantees, surety bonds, performance bonds or similar instruments securing the performance of
the Borrower or any such Restricted Subsidiary pursuant to any such agreement; 
 (e) Indebtedness of the
Borrower and/or any Restricted Subsidiary (i) pursuant to tenders, statutory obligations, bids, leases, governmental contracts, trade contracts, surety, stay, customs, appeal, performance and/or return of money bonds or other similar
obligations incurred in the ordinary course of business and (ii) in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments to support any of the foregoing items; 

(f) Indebtedness of the Borrower and/or any Restricted Subsidiary in respect of commercial credit cards, stored
value cards, purchasing cards, treasury management services, netting services, overdraft protections, check drawing services, automated payment services (including depository, overdraft, controlled disbursement, ACH transactions, return items and
interstate depository network services), employee credit card programs, cash pooling services and any arrangements or services similar to any of the foregoing and/or otherwise in connection with Cash management and Deposit Accounts, including
incentive, supplier finance or similar programs; 
 (g) (i) guarantees by the Borrower and/or any Restricted
Subsidiary of the obligations of suppliers, customers and licensees in the ordinary course of business, (ii) Indebtedness incurred in the ordinary course of business in respect of obligations of the Borrower and/or any Restricted Subsidiary to
pay the deferred purchase price of goods, services, CRE Finance Assets or Real Estate Investments or progress payments in connection with such assets, goods and services and (iii) Indebtedness in respect of letters of credit, bankers’
acceptances, bank guaranties or similar instruments supporting trade payables, warehouse receipts or similar facilities entered into in the ordinary course of business; 

(h) guarantees by the Borrower and/or any Restricted Subsidiary of Indebtedness or other obligations of the
Borrower or any Restricted Subsidiary with respect to Indebtedness otherwise permitted to be incurred pursuant to this Section 6.01 or other obligations not prohibited by this Agreement; provided that in the case of any Guarantee
by any Loan Party of the obligations of any non-Loan Party, the related Investment is permitted under Section 6.06; 

(i) Indebtedness of the Borrower and/or any Restricted Subsidiary existing, or pursuant to commitments
existing, on the Closing Date and, to the extent in excess of $6,000,000 described on Schedule 6.01; 

(j) [reserved]; 

(k) Indebtedness of the Borrower and/or any Restricted Subsidiary consisting of obligations owing under
incentive, supply, license or similar agreements entered into in the ordinary course of business; 
 (l)
Indebtedness of the Borrower and/or any Restricted Subsidiary consisting of (i) the financing of insurance premiums, (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business and/or
(iii) obligations to reacquire assets or inventory in connection with customer financing arrangements in the ordinary course of business; 

  
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 (m) Indebtedness of the Borrower and/or any Restricted Subsidiary
with respect to Finance Leases and purchase money Indebtedness in an aggregate outstanding principal amount not to exceed the greater of $50,000,000 and 0.36% of Consolidated Total Assets as of the last day of the most recently ended Test Period;

 (n) Indebtedness of any Person that becomes a Restricted Subsidiary or Indebtedness assumed in connection
with an acquisition or any other similar investment permitted hereunder after the Closing Date; provided that (i) such Indebtedness (A) existed at the time such Person became a Restricted Subsidiary or the assets subject to such
Indebtedness were acquired and (B) was not created or incurred in anticipation of such acquisition or investment or such Person becoming a Restricted Subsidiary and (ii) the Borrower is in compliance with Section 6.13(a)
calculated on a Pro Forma Basis; 
 (o) Indebtedness consisting of promissory notes issued by the Borrower or
any Restricted Subsidiary to any stockholder of the Borrower or any current or former director, officer, employee, member of management, manager or consultant of the Borrower or any Subsidiary (or their respective Immediate Family Members) to
finance the purchase or redemption of Capital Stock of the Borrower permitted by Section 6.04(a); 

(p) Indebtedness refinancing, refunding or replacing any Indebtedness permitted under clauses (a),
(i), (m), (n), (r), (u), (y), and (z) of this Section 6.01 (“Refinancing Indebtedness”) and any subsequent Refinancing Indebtedness in respect thereof; provided that:

 (i) the principal amount of such Indebtedness does not exceed the principal amount of the Indebtedness
being refinanced, refunded or replaced, except by (A) an amount equal to unpaid accrued interest, penalties and premiums (including tender premiums) thereon plus underwriting discounts, other reasonable and customary fees, commissions and
expenses (including upfront fees, original issue discount or initial yield payments) incurred in connection with the relevant refinancing, refunding or replacement and the related refinancing transaction, (B) an amount equal to any existing
commitments unutilized thereunder and (C) additional amounts permitted to be incurred pursuant to this Section 6.01 (provided that (x) any additional Indebtedness referenced in this clause (C) satisfies the
other applicable requirements of this definition (with additional amounts incurred in reliance on this clause (C) constituting a utilization of the relevant basket or exception pursuant to which such additional amount is permitted) and
(y) if such additional Indebtedness is secured, the Lien securing such Indebtedness satisfies the applicable requirements of Section 6.02), 

(ii) other than in the case of Refinancing Indebtedness with respect to clauses (i), (m),
(n), (r), (u) and/or (y) (and other than customary bridge loans with a maturity date of not longer than one year; provided that any loans, notes, securities or other Indebtedness which are exchanged for
or otherwise replace such bridge loans shall be subject to the requirements of this clause (ii)), such Indebtedness has (A) subject to the Permitted Earlier Maturity Indebtedness Exception, a final maturity equal to or later than (and,
in the case of revolving Indebtedness, does not require mandatory commitment reductions, if any, prior to) the earlier of (x) the Initial Term Loan Maturity Date and (y) the final maturity of the Indebtedness being refinanced, refunded or
replaced and (B) subject to the Permitted Earlier Maturity Indebtedness Exception and other than with 

  
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 respect to revolving Indebtedness, such Indebtedness (x) has a Weighted
Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of the Indebtedness being refinanced, refunded or replaced (without giving effect to any Prepayments thereof) or (y) a Weighted Average Life to
Maturity equal to or greater than the remaining Weighted Average Life to Maturity of the outstanding 2019 New Term Loans and Term B-23 Loans at such time, 

(iii) [reserved], 

(iv) in the case of Refinancing Indebtedness with respect to Indebtedness permitted under clauses (m),
(r), (u) and (z) (solely as it relates to the Base Incremental Amount) of this Section 6.01, the incurrence thereof shall be without duplication of any amounts outstanding in reliance on the relevant
clause, 
 (v) except in the case of Refinancing Indebtedness incurred in respect of Indebtedness permitted
under clause (a) of this Section 6.01 incurred as Replacement Term Loans, (A) such Indebtedness, if secured, is secured only by Permitted Liens at the time of such refinancing, refunding or replacement (it being
understood that secured Indebtedness may be refinanced with unsecured Indebtedness), and, to the extent the Liens securing such Indebtedness were contractually subordinated at time of such refinancing to the Liens on the Collateral securing the 2019
New Term Loans and/or the Term
B-23 Loans, the Liens securing such Indebtedness either constitute Permitted Liens (other than pursuant to Section 6.02(k)) or are subordinated to the Liens on the Collateral securing the 2019 New Term Loans
and/or the Term
B-23
 Loans on terms not materially less favorable (as reasonably determined by the Borrower), taken as a whole, to the Lenders than those applicable to the Liens securing the Indebtedness being refinanced,
refunded or replaced, taken as a whole, or set forth in, or otherwise subject to, an Acceptable Intercreditor Agreement, (B) such Indebtedness is incurred by the obligor or obligors in respect of the Indebtedness being refinanced, refunded or
replaced, except to the extent otherwise permitted pursuant to Section 6.01, (C) if the Indebtedness being refinanced, refunded or replaced was expressly contractually subordinated to the Obligations in right of payment,
(x) such Indebtedness is contractually subordinated to the Obligations in right of payment, or (y) if not contractually subordinated to the Obligations in right of payment, the purchase, defeasance, redemption, repurchase, repayment,
refinancing or other acquisition or retirement of such Indebtedness is permitted under Section 6.04(b) (other than Section 6.04(b)(i), and 

(vi) in the case of Replacement Notes, (A) such Indebtedness is pari passu or junior in right of
payment and secured by the Collateral on a pari passu or junior basis with respect to the remaining Obligations hereunder, or is unsecured; provided that any such Indebtedness that is secured by Liens on the Collateral shall be subject
to any applicable Acceptable Intercreditor Agreements, (B) such Indebtedness is not secured by any assets other than the Collateral and shall not be incurred or Guaranteed by any Person other than one or more Loan Parties, (C) such
Indebtedness is incurred under (and pursuant to) documentation other than this Agreement, and (D) if such Replacement Notes are incurred to refinance Indebtedness outstanding under the Loan Documents, then, except as otherwise set forth above
in this Section 6.01(p), the other terms and conditions of such Replacement Notes, if not substantially identical to those applicable to the Indebtedness being refinanced (as determined by the Borrower in good faith), must either, at the
option of the Borrower, (x) not be materially more restrictive to the Borrower and its Restricted Subsidiaries (as determined by the Borrower in good faith) 

  
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 than (when taken as a whole) those contained in the Indebtedness being refinanced
(other than any terms which are applicable only after the then-existing Latest Maturity Date with respect to such Indebtedness), (y) be conformed (or added) to the Loan Documents for the benefit of the applicable Term Lenders or, as applicable,
the Administrative Agent (i.e., by conforming or adding a term to the then-outstanding Term Loans pursuant to the applicable Incremental Facility Amendment, it being understood that, without limitation, any amendment or modification to the Loan
Documents that solely adds one or more terms for the benefit of the existing Term Lenders shall not require the consent of any such existing Term Lender so long as the form (but not the substance) of the applicable agreement effecting such amendment
or modification is reasonably satisfactory to the Administrative Agent) or (z) reflect then current market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower in good faith); it being
understood and agreed that any such Indebtedness that is pari passu with the 2019 New Term Loans and/or the Term B-23 Loans hereunder in right of payment and secured by the Collateral on a
pari passu basis with the Liens on the Collateral securing the 2019 New Term Loans and/or Term B-23 Loans may participate (x) in any voluntary prepayments of Term Loans
as set forth in Section 2.11(a)(i) and (y) in any mandatory prepayments of Term Loans as set forth in Section 2.11(b); 

(q) [reserved]; 

(r) Indebtedness of the Borrower and/or any Restricted Subsidiary in an aggregate outstanding principal amount
not to exceed 200% of the amount of Net Proceeds received by the Borrower from any cash contribution (made in Cash or converted into Cash) to the common equity of the Borrower and from the issuance and sale by the Borrower of its Qualified Capital
Stock, in each case, (i) other than any Net Proceeds received from the sale of Capital Stock to, or contributions from, the Borrower or any of its Restricted Subsidiaries and (ii) other than the Available Excluded Contribution Amount, Cure
Amounts and amounts otherwise applied under the Available Amount to incur a transaction (the amount of any Net Proceeds or contribution utilized to incur Indebtedness in reliance on this clause (r), a “Contribution Indebtedness
Amount”); 
 (s) Indebtedness of the Borrower and/or any Restricted Subsidiary under any Derivative
Transaction not entered into for speculative purposes; 
 (t) Indebtedness of the Borrower and/or any
Restricted Subsidiary representing (i) deferred compensation to current or former directors, officers, employees, members of management, managers, and consultants of the Borrower and/or any Restricted Subsidiary in the ordinary course of
business and (ii) deferred compensation or other similar arrangements in connection with the Transactions, any Permitted Acquisition or any other Investment permitted hereby; 

(u) Indebtedness of the Borrower and/or any Restricted Subsidiary in an aggregate outstanding principal amount
not to exceed the sum of (i) the greater of $185,000,000 and 1.325% of Consolidated Total Assets as of the last day of the most recently ended Test Period, plus (ii) at the election of the Borrower (and without duplication), any amount
reallocated to this Section 6.01(u)(ii) from Section 6.04(a)(x) (provided that the Borrower may reallocate to Section 6.04(a)(x) any unutilized amounts under this 6.01(u)(ii) that were originally
reallocated from Section 6.04(a)(x))); 
 (v) [reserved]; 

  
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 (w) [reserved]; 

(x) [reserved]; 

(y) [reserved]; 

(z) Incremental Equivalent Debt; 

(aa) Indebtedness (including obligations in respect of letters of credit, bank guaranties, surety bonds,
performance bonds or similar instruments with respect to such Indebtedness) incurred by the Borrower and/or any Restricted Subsidiary in respect of workers compensation claims, unemployment insurance (including premiums related thereto), other types
of social security, pension obligations, vacation pay, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding
workers compensation claims; 
 (bb) Indebtedness of any Restricted Subsidiary that is not a Loan Party under
any Asset Financing Facility or CRE Financing (and any Guarantees and co-borrower obligations of the Borrower, any Restricted Subsidiary that is a Loan Party or any Restricted Subsidiary that is not a Loan Party, in each case, with respect to the
foregoing), in each case, (i) to the extent that such Indebtedness and obligations are not secured by the assets of any Loan Party (other than Capital Stock held by such Loan Party that constitutes Capital Stock issued by any Person that is not
a Loan Party and is an obligor, or provides credit support, with respect to such Indebtedness) and (ii) so long as the Borrower is in compliance with Section 6.13(a) calculated on a Pro Forma Basis; 

(cc) [reserved]; 

(dd) [reserved]; 

(ee) unfunded pension fund and other employee benefit plan obligations and liabilities incurred by the Borrower
and/or any Restricted Subsidiary in the ordinary course of business to the extent that the unfunded amounts would not otherwise cause an Event of Default under Section 7.01(i); 

(ff) security deposits, diligence deposits, purchase price deposits, reserves, advance payments and similar
monetary items (in each case, to the extent constituting Indebtedness of the Borrower or any Restricted Subsidiary), received in the ordinary course of business (as determined in good faith by the Borrower) from current or prospective borrowers
under any CRE Finance Asset, tenants or other occupants, purchasers for the acquisition, refinancing or occupancy of, or Investment in, CRE Finance Assets and Real Estate Investments; 

(gg) Indebtedness incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not
recourse (except for Standard Securitization Undertakings) to the Borrower or any of the Restricted Subsidiaries; and 

(hh) without duplication of any other Indebtedness, all premiums (if any), interest (including post-petition
interest and payment in kind interest), accretion or amortization of original issue discount, fees, expenses and charges with respect to Indebtedness of the Borrower and/or any Restricted Subsidiary hereunder. 

  
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 Section 6.02. Liens. The Borrower shall not, nor shall it permit any
of its Restricted Subsidiaries to, create, incur, assume or permit or suffer to exist any Lien on or with respect to any property of any kind owned by it, whether now owned or hereafter acquired, or any income or profits therefrom, except: 

(a) Liens securing the Secured Obligations created pursuant to the Loan Documents; 

(b) Liens for Taxes which (i) are not then due and payable, or (ii) are being contested in accordance
with Section 5.03; 
 (c) statutory or common law Liens (and rights of set-off) of landlords,
banks, brokers, carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by applicable Requirements of Law, in each case incurred in the ordinary course of business (i) for amounts not yet overdue by more
than 90 days, (ii) for amounts that are overdue by more than 90 days and that are being contested in good faith by appropriate proceedings, so long as any reserves or other appropriate provisions required by GAAP have been made for any such
contested amounts or (iii) with respect to which the failure to make payment would not reasonably be expected to have a Material Adverse Effect; 

(d) Liens incurred (i) in the ordinary course of business in connection with workers’ compensation,
unemployment insurance and other types of social security laws and regulations, (ii) in the ordinary course of business to secure the performance of tenders, statutory obligations, surety, stay, customs and appeal bonds, bids, leases, government
contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money), (iii) pursuant to pledges and deposits of Cash or Cash Equivalents in the ordinary
course of business securing (x) any liability for reimbursement or indemnification obligations of insurance carriers providing property, casualty, liability or other insurance to the Borrower and its Subsidiaries or (y) leases or licenses
of property otherwise permitted by this Agreement and (iv) to secure Obligations in respect of letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments posted with respect to the items described in clauses
(i) through (iii) above; 
 (e) Liens consisting of easements, rights-of-way,
restrictions (including zoning restrictions), encroachments, protrusions, conditions and other similar encumbrances and defects or irregularities in title, in each case, which, either (i) do not, in the aggregate, materially interfere with the
ordinary conduct of the business of the Borrower and/or its Restricted Subsidiaries, taken as a whole, or both the then-current and intended use of the affected property or (ii) solely with respect to Real Estate Investments, any applicable
title company providing the Borrower or any Restricted Subsidiary, or the applicable provider of CRE Financing with respect thereto, with title insurance with respect thereto insures over (without including an exception therefor); 

(f) Liens consisting of any (i) interest or title of a lessor, sub-lessor, licensor or sub- licensor under
any lease, sublease or license of real estate permitted hereunder, (ii) landlord lien permitted by the terms of any lease, (iii) restriction or encumbrance to which the interest or title of such lessor, sub-lessor, licensor or sub-licensor
may be subject or (iv) subordination of the interest of the lessee, sub-lessee, licensee or sub-licensee under such lease to any restriction or encumbrance referred to in the preceding clause (iii); 

(g) Liens (i) solely on any Cash earnest money deposits made by the Borrower and/or any of its Restricted
Subsidiaries in connection with any letter of intent or purchase agreement with respect to any Investment permitted hereunder and (ii) consisting of an agreement to Dispose of any property in a Disposition permitted under
Section 6.07; 

  
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 (h) purported Liens evidenced by the filing of UCC financing
statements relating solely to operating leases or consignment or bailee arrangements, and Liens arising from precautionary UCC financing statements or similar filings; 

(i) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs
duties in connection with the importation of goods; 
 (j) Liens in connection with any zoning, building or
similar Requirement of Law (including, without limitation, notices of violation) or right reserved to or vested in any Governmental Authority to control or regulate the use of any or dimensions of real property or the structure thereon, including
Liens in connection with any condemnation or eminent domain proceeding or compulsory purchase order; 
 (k)
Liens securing Indebtedness permitted pursuant to, and subject to the provisions (including with respect to priority and whether permitted to be secured) set forth in, Section 6.01(p) (solely with respect to the permitted refinancing of
(x) Indebtedness permitted pursuant to Sections 6.01(i), (m), (n), (y) and (z) (provided that, in the case of Indebtedness incurred pursuant to Section 6.01(z), such Liens extend only to
Collateral) and (y) Indebtedness that is secured in reliance on Section 6.02(u) (without duplication of any amount outstanding thereunder)); provided that (i) no such Lien extends to any asset not covered by the Lien
securing the Indebtedness that is being refinanced unless otherwise permitted by this Section 6.02 and (ii) if the Lien securing the Indebtedness being refinanced applied to Collateral and was subject to intercreditor arrangements,
then any Lien as to such Collateral securing any refinancing Indebtedness in respect thereof shall be subject to (A) intercreditor arrangements that are not materially less favorable to the Secured Parties, taken as a whole, than the
intercreditor arrangements governing the Lien securing the Indebtedness that is refinanced or (B) an Acceptable Intercreditor Agreement; 

(l) Liens existing, or required pursuant to commitments existing on the Closing Date and, to the extent any
such Lien secures amounts in excess of $6,000,000, described on Schedule 6.02 and any modification, replacement, refinancing, renewal or extension thereof; provided that (i) no such Lien extends to any additional property other
than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under Section 6.01, (B) proceeds and products thereof, replacements, accessions or
additions thereto and improvements thereon (it being understood that individual financings of the type permitted under Section 6.01(m) provided by any lender may be cross-collateralized to other financings of such type provided by such
lender or its affiliates) and (C) Liens otherwise permitted by this Section 6.02, and (ii) any such modification, replacement, refinancing, renewal or extension of the obligations secured or benefited by such Liens, if constituting
Indebtedness, is permitted by Section 6.01; 
 (m) [reserved]; 

(n) Liens securing Indebtedness permitted pursuant to Section 6.01(m); provided that any
such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness and proceeds and products thereof, replacements, accessions or additions thereto and improvements thereon (it being understood that individual financings of the
type permitted under Section 6.01(m) provided by any lender may be cross-collateralized to other financings of such type provided by such lender or its affiliates); 

  
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 (o) (i) Liens securing Indebtedness permitted pursuant to
Section 6.01(n) on the relevant acquired assets or on the Capital Stock and assets of the relevant acquired Subsidiary at the time such Person becomes a Subsidiary and (ii) Liens on property or other assets at the time the Borrower
or a Restricted Subsidiary acquired the property or such other assets, including any acquisition by means of a merger, amalgamation or consolidation with or into the Borrower or any Restricted Subsidiary; provided that no such Lien
(x) extends to or covers any other assets (other than the proceeds or products thereof, replacements, accessions or additions thereto and improvements thereon) or (y) was created in contemplation of the applicable acquisition or Investment
or in contemplation of such Person becoming a Subsidiary; 
 (p) (i) Liens that are contractual rights of
setoff or netting relating to (A) the establishment of depositary relations with banks not granted in connection with the issuance of Indebtedness, (B) pooled deposit or sweep accounts of the Borrower or any Restricted Subsidiary to permit
satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any Restricted Subsidiary, (C) purchase orders and other agreements entered into with customers of the Borrower or any Restricted
Subsidiary in the ordinary course of business and (D) commodity trading or other brokerage accounts incurred in the ordinary course of business, (ii) Liens encumbering reasonable customary initial deposits and margin deposits,
(iii) bankers Liens and rights and remedies as to Deposit Accounts, (iv) Liens of a collection bank arising under Section 4-208 or 4-210 of the UCC on items in the ordinary course of business, (v) Liens in favor of banking or
other financial institutions arising as a matter of Law or under customary general terms and conditions encumbering deposits or other funds maintained with a financial institution and that are within the general parameters customary in the banking
industry or arising pursuant to such banking institution’s general terms and conditions, (vi) Liens on the proceeds of any Indebtedness incurred in connection with any transaction permitted hereunder, which proceeds have been deposited
into an escrow account on customary terms to secure such Indebtedness pending the application of such proceeds to finance such transaction, (vii) Liens of the type described in the foregoing clauses (i), (ii), (iii),
(iv) and (v) securing obligations under Sections 6.01(f), 6.01(s) and/or 6.01(ff) and (viii) Liens in favor of any servicer, depository or cash management bank, title company, custodian, bailee or other
service provider in connection with the administration of any Asset Financing Facility or CRE Financing; 

(q) Liens on assets and Capital Stock of Restricted Subsidiaries that are not Loan Parties (including Capital
Stock owned by such Persons) securing Indebtedness, Refinancing Indebtedness and other obligations of Restricted Subsidiaries that are not Loan Parties permitted under this Agreement (or co-borrower or guarantee obligations of any Loan Party with
respect to Indebtedness and other obligations permitted under Section 6.01(bb) as to which any Restricted Subsidiary that is not a Loan Party is the primary obligor thereunder); 

(r) Liens securing obligations (other than obligations representing Indebtedness for borrowed money) under
operating, reciprocal easement or similar agreements entered into in the ordinary course of business of the Borrower and/or its Restricted Subsidiaries; 

(s) Liens securing Indebtedness incurred in reliance on, and subject to the provisions, (including with respect
to priority and whether permitted to be secured), set forth in, Section 6.01(z); provided, that any Lien that is granted in reliance on this clause (s) on the Collateral shall be subject to an Acceptable Intercreditor
Agreement; 

  
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 (t) Liens on assets securing Asset Financing Facilities and CRE
Financings; provided that no such Lien extends to any additional assets other than (i) the CRE Finance Assets or Real Estate Investments, as applicable, financed by such Asset Financing Facility or CRE Financing, as applicable,(ii) any
corresponding Financing Equity and (iii) other assets ancillary to such CRE Finance Asset or Real Estate Investments owned by the Financing SPE Subsidiary under such Asset Financing Facility or CRE Financing, as applicable; 

(u) (i) Liens on assets securing Indebtedness or other obligations in an aggregate principal amount at any time
outstanding not to exceed the greater of $185,000,000 and 1.325% of Consolidated Total Assets as of the last day of the most recently ended Test Period and (ii) Liens with respect to property or assets of the Borrower or any of its Restricted
Subsidiaries securing obligations not to exceed the amount under Section 6.04(a)(x) that is then reallocated to Section 6.01(u)(ii); 

(v) (i) Liens on assets securing judgments, awards, attachments and/or decrees and notices of lis
pendens and associated rights relating to litigation being contested in good faith not constituting an Event of Default under Section 7.01(h) and (ii) any pledge and/or deposit securing any settlement of litigation; 

(w) (i) leases, subleases, licenses, sublicense concessions or other occupancy agreements granted to others in
the ordinary course of business (determined by the Borrower in good faith) which do not secure any Indebtedness, and (ii) restrictions and encumbrances to which the interest or title of the Borrower or any Restricted Subsidiary as lessor,
sub-lessor, licensor or sub-licensor may be subject in connection therewith (including, without limitation, under any non-disturbance provisions); 

(x) Liens on Securities that are the subject of repurchase agreements constituting Investments permitted under
Section 6.06 arising out of such repurchase transaction; 
 (y) Liens securing obligations in
respect letters of credit, bank guaranties, surety bonds, performance bonds or similar instruments permitted under Sections 6.01(d), (e), (g) and (aa); 

(z) Liens arising (i) out of conditional sale, title retention, consignment or similar arrangements for
the sale of any asset in the ordinary course of business and permitted by this Agreement or (ii) by operation of law under Article 2 of the UCC (or similar Requirement of Law under any jurisdiction); 

(aa) Liens (i) in favor of any Loan Party and/or (ii) granted by any non-Loan Party in favor of any
Restricted Subsidiary that is not a Loan Party; 
 (bb) Liens on insurance policies and the proceeds thereof
securing the financing of the premiums with respect thereto; 
 (cc) Liens on specific items of inventory or
other goods and the proceeds thereof securing the relevant Person’s obligations in respect of documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate the purchase, shipment or
storage of such inventory or goods; 
 (dd) licenses, sublicenses and cross-licenses involving any IP Rights
in the ordinary course of business or on a non-exclusive basis; 

  
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 (ee) (i) Liens on Capital Stock of joint ventures or Unrestricted
Subsidiaries securing capital contributions to, or obligations of, such Persons, (ii) rights of first refusal and tag, drag, forced sale, major decisions and similar rights in joint venture agreements and agreements with respect to
non-Wholly-Owned Subsidiaries, in each case, in the ordinary course of business (determined by the Borrower in good faith) and (iii) Liens on Capital Stock in joint ventures pursuant to the relevant joint venture agreement or arrangement; 

(ff) Liens on cash or Cash Equivalents arising in connection with the defeasance, discharge or redemption of
Indebtedness; 
 (gg) Liens consisting of the prior rights of consignees and their lenders under consignment
arrangements entered into in the ordinary course of business; 
 (hh) Liens on the Collateral
(i) ranking pari passu in right of priority with the Liens on the Collateral securing the Term Loans to the extent the Senior Debt to Total Assets Ratio does not exceed 80.0% on a Pro Forma Basis and (ii) ranking junior in right of
priority to the Liens on the Collateral securing the Term Loans to the extent the Total Debt to Total Assets Ratio does not exceed 82.0% on a Pro Forma Basis; provided that, in the case of each of clause (i) and (ii),
such Liens shall be subject to any applicable Acceptable Intercreditor Agreement; 
 (ii) Liens on the
Securitization Assets arising in connection with a Qualified Securitization Financing; 
 (jj) Liens
disclosed in any Mortgage Policy delivered pursuant to Section 5.12 with respect to any Material Real Estate Asset and any replacement, extension or renewal thereof; provided that no such replacement, extension or renewal Lien shall
cover any property other than the property that was subject to such Lien prior to such replacement, extension or renewal (and additions thereto, improvements thereon and the proceeds thereof); and 

(kk) Liens on Financing Equity or CRE Finance Assets securing funding obligations or commitments of the
Borrower or any Financing SPE Subsidiary in respect of such CRE Finance Asset (including such Liens provided under any co-lender, intercreditor, participation or similar agreement). 

Section 6.03. [Reserved]. 

Section 6.04. Restricted Payments; Restricted Debt Payments. 

(a) The Borrower shall not pay or make, directly or indirectly, any Restricted Payment, except that: 

(i) the Borrower may make Restricted Payments consisting of dividends or other similar distributions on account
of its Capital Stock declared by the Borrower in any Fiscal Quarter; provided that such dividends or similar distributions may be paid by the Borrower within 60 calendar days following the date that such dividend or other distribution is
declared by the Borrower; provided, further, that, solely for purposes of this clause (i), the amount of such dividends or distributions declared in any Fiscal Quarter as to which Restricted Payments are made pursuant to this clause
(i) shall not exceed the greater of (x) the amount necessary to enable the Borrower to maintain its REIT Status (provided that the Borrower may make such distributions in the form of cash or Cash Equivalents notwithstanding whether
dividends in a form other than cash or Cash Equivalents would be sufficient to maintain the Borrower’s REIT 

  
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 Status) and (y) 100.0% of estimated Core Earnings of the Borrower and its
Subsidiaries, determined in good faith by the Borrower on a run-rate basis as of the date of declaration of the relevant Restricted Payment, for the full fiscal quarter in which the applicable Restricted Payment is declared; 

(ii) the Borrower may pay to repurchase, redeem, retire or otherwise acquire or retire for value the Capital
Stock of the Borrower or any Subsidiary held by any present or former employee, director, member of management, officer, manager or consultant (or any Affiliate or Immediate Family Member thereof) of the Borrower or any Subsidiary (or of the Manager
or any Affiliate thereof): 
 (A) with Cash and Cash Equivalents (and including, to the extent constituting a
Restricted Payment, amounts paid in respect of promissory notes issued to evidence any obligation to repurchase, redeem, retire or otherwise acquire or retire for value the Capital Stock of the Borrower or any Subsidiary held by any present or
former employee, director, member of management, officer, manager or consultant (or any Affiliate or Immediate Family Member thereof) of the Borrower or any Subsidiary (or of the Manager or any Affiliate thereof)) in an amount not to exceed, in any
Fiscal Year, the greater of $25,000,000 and 0.18% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis, which, if not used in such Fiscal Year, shall be carried forward to succeeding
Fiscal Years; 
 (B) with the proceeds of any sale or issuance of, or any capital contribution in respect of,
the Capital Stock of the Borrower (to the extent such proceeds are contributed in respect of Qualified Capital Stock to the Borrower or any Restricted Subsidiary (other than any such proceeds or contribution that forms part of any Available Excluded
Contribution Amount, Cure Amount or outstanding Contribution Indebtedness Amount or to the extent such proceeds or contribution has increased the Available Amount and is applied to incur an applicable transaction under the Available Amount)); or

 (C) with the net proceeds of any key-man life insurance policies; 

(iii) the Borrower may make Restricted Payments in an amount not to exceed (A) the portion, if any, of the
Available Amount on such date that the Borrower elects to apply to this clause (iii)(A) and/or (B) the portion, if any, of the unutilized Available Excluded Contribution Amount on such date that the Borrower elects to apply to this clause
(iii)(B); 
 (iv) the Borrower may make Restricted Payments consisting of Cash payments in lieu of the
issuance of fractional shares in connection with the exercise, settlement, grant or vesting of warrants, options or other securities convertible into or exchangeable for, or otherwise based on, Capital Stock of the Borrower; 

(v) the Borrower may repurchase Capital Stock upon the exercise, settlement, grant or vesting of warrants,
options or other securities convertible into or exchangeable for, or otherwise based on, Capital Stock if such Capital Stock represents all or a portion of the exercise price of, or tax withholdings with respect to, such warrants, options or other
securities convertible into or exchangeable for, or otherwise based on, Capital Stock; 
 (vi) [reserved];

  
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 (vii) [reserved]; 

(viii) the Borrower may make Restricted Payments to (i) redeem, repurchase, retire or otherwise acquire
any Capital Stock (“Treasury Capital Stock”) of the Borrower and/or any Restricted Subsidiary in exchange for, or out of the proceeds of the substantially concurrent sale (other than to the Borrower and/or any Restricted Subsidiary)
of, Qualified Capital Stock of the Borrower to the extent any such proceeds are contributed to the capital of the Borrower and/or any Restricted Subsidiary in respect of Qualified Capital Stock (“Refunding Capital Stock”) and (ii)
declare and pay dividends on any Treasury Capital Stock out of the proceeds of the substantially concurrent sale (other than to the Borrower or a Restricted Subsidiary) of any Refunding Capital Stock; provided that any amount applied to make
a Restricted Payment pursuant to this clause (viii) shall not be applied or used as any Cure Amount or any Contribution Indebtedness Amount or to increase the Available Amount or the Available Excluded Contribution Amount; 

(ix) to the extent constituting a Restricted Payment, the Borrower may consummate any transaction permitted by
Section 6.06 (other than Sections 6.06(j) and (t)), Section 6.07 (other than Section 6.07(g)) and Section 6.09 (other than Sections 6.09(d), (j) and (q)); 

(x) the Borrower may make Restricted Payments in an aggregate amount not to exceed the greater of $350,000,000
and 2.5% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis, so long as no Event of Default under Section 7.01(a), (f) or (g) exists,
minus any amounts then reallocated at the election of the Borrower (and without duplication) to Section 6.01(u), Section 6.04(b)(iv) or Section 6.06(q)(i) at such time of determination; 

(xi) [reserved]; 

(xii) the Borrower may make Restricted Payments with the Capital Stock of, or Indebtedness owed to the Borrower
or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash Equivalents contributed by the Borrower and its Restricted Subsidiaries); and 

(xiii) the Borrower may declare and make dividend payments or other Restricted Payments payable solely in the
Capital Stock of the Borrower. 
 (b) The Borrower shall not, nor shall it permit any Restricted Subsidiary to, make any
Prepayment in respect of principal of any Junior Debt, including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Junior Debt more than one year prior to the
scheduled maturity date thereof (collectively, “Restricted Debt Payments”), except: 
 (i)
with respect to any purchase, defeasance, redemption, repurchase, repayment or other acquisition or retirement of Junior Debt made by exchange for, or out of the proceeds of, either (x) Refinancing Indebtedness or (y) any other
Indebtedness or Disqualified Capital Stock permitted pursuant to Section 6.01; 
 (ii) as part of
an applicable high yield discount obligation catch-up payment; 
 (iii) payments of regularly scheduled
interest (including any penalty interest, if applicable) and payments of fees, expenses and indemnification obligations as and when due (other than payments with respect to Junior Debt that are prohibited by the subordination provisions thereof);

  
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 (iv) Restricted Debt Payments in an aggregate amount not to
exceed the portion, if any, of Section 6.04(a)(x) at such time of determination that the Borrower elects to reallocate to this Section 6.04(b)(iv); 

(v) (A) Restricted Debt Payments in exchange for, or with proceeds of any issuance of, Qualified Capital Stock
of the Borrower and/or any capital contribution in respect of Qualified Capital Stock of the Borrower, in each case, other than any such issuance to, or contribution by, any Restricted Subsidiary and except to the extent such amount is applied as
any Cure Amount or utilized to incur outstanding Indebtedness pursuant to the Contribution Indebtedness Amount or to make any Restricted Payment, Investment or Restricted Debt Payment pursuant to the Available Amount or the Available Excluded
Contribution Amount, (B) Restricted Debt Payments as a result of the conversion of all or any portion of any Junior Debt into Qualified Capital Stock of the Borrower and (C) to the extent constituting a Restricted Debt Payment, payment-in-kind interest with respect to any Junior Debt that is permitted under Section 6.01; 

(vi) Restricted Debt Payments in an aggregate amount not to exceed (A) the portion, if any, of the
Available Amount on such date that the Borrower elects to apply to this clause (vi)(A) and (B) the portion, if any, of the Available Excluded Contribution Amount on such date that the Borrower elects to apply to this clause
(vi)(B); and 
 (vii) (A) Restricted Debt Payments of Junior Debt made with Declined Proceeds (it
being understood that any Declined Proceeds applied to make Restricted Debt Payments in reliance on this Section 6.04(b)(vii)(A) shall not increase the amount available under clause (a)(ix) of the definition
of “Available Amount” to the extent so applied) and (B) Restricted Debt Payments of Junior Debt to the extent such Junior Debt was assumed in connection with a Permitted Acquisition or other permitted Investment, which such assumption
by permitted under Section 6.01, and such Junior Debt was not issued in contemplation of such Permitted Acquisition. 

Section 6.05. Burdensome Agreements. Except as provided herein or in any other Loan Document and/or in agreements
with respect to refinancings, renewals or replacements of such Indebtedness that are permitted by Section 6.01, the Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into or cause to exist
any agreement restricting the ability of (x) any Restricted Subsidiary of the Borrower that is not a Loan Party to pay dividends or other distributions to the Borrower or any Loan Party, (y) any Restricted Subsidiary that is not a Loan
Party to make cash loans or advances to the Borrower or any Loan Party or (z) any Loan Party to create, permit or grant a Lien on any of its properties or assets to secure the Secured Obligations (each, a “Burdensome
Agreement”), except restrictions: 
 (a) set forth in any agreement evidencing or relating to
(i) Indebtedness of a Restricted Subsidiary that is not a Loan Party permitted by Section 6.01, (ii) Indebtedness permitted by Section 6.01 that is secured by a Permitted Lien if the relevant
restriction applies only to the Person obligated under such Indebtedness and its Restricted Subsidiaries or the assets intended to secure such Indebtedness and (iii) Indebtedness permitted pursuant to clauses (m), (p) (as it relates to
Indebtedness in respect of clauses (a), (m), (r), (u) and/or (y) of Section 6.01), (r), (u), (y), (bb) or (ff) of Section 6.01; 

  
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 (b) arising under customary provisions restricting assignments,
subletting, licensing, sublicensing or other transfers (including the granting of any Lien) contained in CRE Finance Assets, Real Estate Investments, leases, subleases, licenses, sublicenses, concessions, occupancy agreements, joint venture
agreements, co-lender agreements, intercreditor agreements, participation agreements, purchase and sale agreements, servicing agreements, custodial agreements and other agreements entered into in the ordinary
course of business (determined by the Borrower in good faith); 
 (c) that are or were created by virtue of
any Lien granted upon, transfer of, agreement to transfer or grant of, any option or right with respect to any assets or Capital Stock not otherwise prohibited under this Agreement; 

(d) that are assumed in connection with any acquisition of property or the Capital Stock of any Person, so long
as the relevant encumbrance or restriction relates solely to the Person and its subsidiaries (including the Capital Stock of the relevant Person or Persons) and/or property so acquired and was not created in connection with or in anticipation of
such acquisition; 
 (e) set forth in any agreement for any Disposition of any Restricted Subsidiary (or all
or substantially all of the assets thereof) that restricts the payment of dividends or other distributions or the making of cash loans or advances by such Restricted Subsidiary pending such Disposition; 

(f) set forth in provisions in agreements or instruments which prohibit the payment of dividends or the making
of other distributions with respect to any class of Capital Stock of a Person other than on a pro rata basis; 

(g) imposed by customary provisions in partnership agreements, limited liability company organizational
governance documents, joint venture agreements and other similar agreements; 
 (h) on Cash, other deposits
or net worth or similar restrictions imposed by any Person under any contract entered into in the ordinary course of business or for whose benefit such Cash, other deposits or net worth or similar restrictions exist; 

(i) set forth in documents which exist on the Closing Date and were not created in contemplation thereof; 

(j) arising pursuant to an agreement or instrument relating to any Indebtedness permitted to be incurred after
the Closing Date if the relevant restrictions, taken as a whole, are not materially less favorable to the Lenders than the restrictions contained in this Agreement, taken as a whole (as determined in good faith by the Borrower); 

(k) arising under or as a result of applicable Requirements of Law or the terms of any license, authorization,
concession or permit; 
 (l) arising in any Hedge Agreement (or any other agreement relating to any
Derivative Transaction permitted under this Agreement) or any customary agreement in respect of deposit, treasury or cash management services; 

  
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 (m) relating to any asset (or all of the assets) of and/or the
Capital Stock of the Borrower and/or any Restricted Subsidiary which is imposed pursuant to an agreement entered into in connection with any Disposition of such asset (or assets) and/or all or a portion of the Capital Stock of the relevant Person
that is permitted or not restricted by this Agreement; 
 (n) set forth in any agreement relating to any
Permitted Lien that limit the right of the Borrower or any Restricted Subsidiary to Dispose of or encumber the assets subject thereto; 

(o) set forth in agreements entered into in connection with the administration, operation or management of CRE
Finance Assets, Asset Financing Facilities, Real Estate Investments and/or CRE Financings in the ordinary course of business (as determined in good faith by the Borrower); 

(p) imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement
or refinancing of any contract, instrument or obligation referred to in clauses (a) through (n) above; provided that no such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or
refinancing is, in the good faith judgment of the Borrower, more restrictive with respect to such restrictions, taken as a whole, than those in existence prior to such amendment, modification, restatement, renewal, increase, supplement, refunding,
replacement or refinancing. 
 Section 6.06. Investments. The Borrower shall not, nor shall it permit any of its
Restricted Subsidiaries to, make or own any Investment in any other Person except: 
 (a) Cash or Investments
that were Cash Equivalents at the time made; 
 (b) (i) Investments in the Borrower and/or one or more
Restricted Subsidiaries and (ii) Investments made by any Loan Party and/or any Restricted Subsidiary that is not a Loan Party in the form of any contribution to or Disposition of the Capital Stock of any Person to the Borrower or any Restricted
Subsidiary; 
 (c) Investments (i) constituting deposits, prepayments and/or other credits to suppliers,
(ii) made in connection with obtaining, maintaining or renewing client and customer contracts and/or (iii) in the form of advances made to distributors, suppliers, licensors and licensees, in each case, in the ordinary course of business
or, in the case of clause (iii), to the extent necessary to maintain the ordinary course of supplies to the Borrower or any Restricted Subsidiary; 

(d) Investments in any Similar Business (including, for the avoidance of doubt, to the extent constituting a
Similar Business, joint ventures) in an aggregate outstanding amount not to exceed the greater of $50,000,000 and 0.36% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis; 

(e) Permitted Acquisitions; 

(f) Investments (i) existing on, or contractually committed to or contemplated as of, the Closing Date
and, to the extent any such Investment in excess of $6,000,000, described on Schedule 6.06 and (ii) any modification, replacement, renewal or extension of any Investment described in clause (i) above so long as no such
modification, renewal or extension increases the amount of such Investment except by the terms thereof or as otherwise permitted by this Section 6.06; 

  
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 (g) Investments received in lieu of Cash in connection with any
Disposition permitted by Section 6.07 or any other disposition of assets not constituting a Disposition; 

(h) loans or advances to present or former employees, directors, members of management, officers, managers or
consultants or independent contractors (or their respective Immediate Family Members) of the Borrower, its Subsidiaries, the Manager (or its Affiliates) and/or any joint venture to the extent permitted by Requirements of Law, in connection with such
Person’s purchase of Capital Stock of the Borrower, either (i) in an aggregate principal amount not to exceed the greater of $10,000,000 and 0.0725% of Consolidated Total Assets as of the last day of the most recently ended Test Period
calculated on a Pro Forma Basis at any one time outstanding or (ii) so long as the proceeds of such loan or advance are substantially contemporaneously contributed to the Borrower for the purchase of such Capital Stock; 

(i) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable
arising from the grant of trade credit in the ordinary course of business; 
 (j) Investments consisting of
(or resulting from) Indebtedness permitted under Section 6.01 (other than Indebtedness permitted under Sections 6.01(b) and (h)), Permitted Liens, Restricted Payments permitted under
Section 6.04 (other than Section 6.04(a)(ix)), Restricted Debt Payments permitted by Section 6.04 and mergers, consolidations, amalgamations, liquidations, windings up,
dissolutions or Dispositions permitted by Section 6.07 (other than Section 6.07(a) (if made in reliance on subclause (ii)(y) of the proviso thereto),
Section 6.07(b) (if made in reliance on clause (ii) therein), Section 6.07(c)(ii) (if made in reliance on clause (B) therein) and Section 6.07(g));

 (k) Investments in the ordinary course of business consisting of endorsements for collection or deposit
and customary trade arrangements with customers; 
 (l) Investments (including debt obligations and Capital
Stock) received (i) in connection with the bankruptcy or reorganization of any Person, (ii) in settlement of delinquent obligations of, or other disputes with, customers, suppliers and other account debtors arising in the ordinary course
of business, (iii) upon foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment and/or (iv) as a result of the settlement, compromise, resolution of litigation, arbitration or
other disputes; 
 (m) loans and advances of payroll payments or other compensation to present or former
employees, directors, members of management, officers, managers or consultants of the Borrower or its Restricted Subsidiaries, in each case, to the extent such payments or other compensation relate to services provided to the Borrower or its
Restricted Subsidiaries in the ordinary course of business; 
 (n) Investments to the extent that payment
therefor is made solely with Qualified Capital Stock of the Borrower, in each case, to the extent not resulting in a Change of Control; 

(o) (i) Investments of any Restricted Subsidiary acquired after the Closing Date, or of any Person acquired by,
or merged into or consolidated or amalgamated with, the Borrower or any Restricted Subsidiary after the Closing Date, in each case as part of an Investment otherwise permitted by this Section 6.06 to the extent that such
Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of the relevant acquisition, merger, amalgamation or 

  
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 consolidation and (ii) any modification, replacement, renewal or extension
of any Investment permitted under clause (i) of this Section 6.06(o) so long as no such modification, replacement, renewal or extension thereof increases the original amount of such Investment except as
otherwise permitted by this Section 6.06; 
 (p) Investments in CRE Finance Assets
and Real Estate Investments; 
 (q) Investments made after the Closing Date by the Borrower and/or any of its
Restricted Subsidiaries in an aggregate amount at any time outstanding not to exceed, without duplication: 

(i) the sum of (X) greater of $50,000,000 and 0.36% of Consolidated Total Assets as of the last day of the
most recently ended Test Period calculated on a Pro Forma Basis and (Y) at the election of the Borrower (and without duplication), any amounts then reallocated from Section 6.04(a)(x) to this
Section 6.06(q)(i)(Y) (provided that the Borrower may reallocate to Section 6.04(a)(x) any unutilized amounts under this Section 6.06(q)(i)(Y) that were originally
reallocated from Section 6.04(a)(x)), plus 
 (ii) in the event that
(A) the Borrower or any of its Restricted Subsidiaries makes any Investment after the Closing Date in any Person that is not a Restricted Subsidiary and (B) such Person subsequently becomes a Restricted Subsidiary, an amount equal to
100.0% of the fair market value of such Investment as of the date on which such Person becomes a Restricted Subsidiary; 

(r) Investments made after the Closing Date by the Borrower and/or any of its Restricted Subsidiaries in an
aggregate outstanding amount not to exceed (i) the portion, if any, of the Available Amount on such date that the Borrower elects to apply to this clause (r)(i) and/or (ii) the portion, if any, of the Available Excluded Contribution
Amount on such date that the Borrower elects to apply to this clause (r)(ii); 
 (s) (i) Guarantees of
leases (other than Finance Leases) or of other obligations not constituting Indebtedness and (ii) Guarantees of the lease obligations of suppliers, customers, franchisees and licensees of the Borrower and/or its Restricted Subsidiaries, in each
case, in the ordinary course of business; 
 (t) [reserved]; 

(u) repurchases of Secured Obligations through open market purchases and Dutch Auctions, in each case, to the
extent such repurchase or purchase is otherwise permitted hereunder; 
 (v) Investments in Restricted
Subsidiaries in connection with internal reorganizations and/or restructurings and activities related to tax planning; provided that, after giving effect to any such reorganization, restructuring or activity, neither the Loan Guaranty, taken
as a whole, nor the security interest of the Administrative Agent in the Collateral, taken as a whole, is materially impaired; 

(w) Investments under any Derivative Transaction of the type permitted under
Section 6.01(s); 

  
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 (x) Investments in any joint ventures and Unrestricted
Subsidiaries in an aggregate amount not to exceed the greater of $50,000,000 and 0.36% of Consolidated Total Assets as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis; 

(y) Investments made in joint ventures as required by, or made pursuant to, customary buy/sell arrangements
between the joint venture parties set forth in joint venture agreements and similar binding arrangements entered into in the ordinary course of business; 

(z) Investments made in connection with any nonqualified deferred compensation plan or arrangement for any
present or former employees, directors, members of management, officers, managers or consultants or independent contractors (or their respective Immediate Family Members) of the Borrower, its Subsidiaries, the Manager (or its Affiliates) and/or any
joint venture; 
 (aa) Investments in the Borrower, any Restricted Subsidiary and/or joint venture in
connection with intercompany cash management arrangements and related activities in the ordinary course of business; 

(bb) Investments so long as (x) no Event of Default under Section 7.01(a),
(f) or (g) exists or would result therefrom and (y) on a Pro Forma Basis, the Total Debt to Total Assets Ratio does not exceed 82.0% as of the last day of the most recently ended Test Period calculated on a Pro Forma Basis;

 (cc) any Investment made by any Unrestricted Subsidiary prior to the date on which such Unrestricted
Subsidiary is designated as a Restricted Subsidiary so long as the relevant Investment was not made in contemplation of the designation of such Unrestricted Subsidiary as a Restricted Subsidiary; 

(dd) Investments consisting of the licensing or contribution of IP Rights pursuant to joint marketing
arrangements with other Persons; and 
 (ee) so long as the Borrower would be in compliance with
Section 6.13(a) on a Pro Forma Basis, (i) Investments in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in connection with a Qualified Securitization Financing;
provided, however, that any such Investment in a Securitization Subsidiary is in the form of a contribution of additional Securitization Assets or equity and (ii) distributions or payments of Securitization Fees and purchases of
Securitization Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing. 

Section 6.07. Fundamental Changes; Disposition of Assets. The Borrower shall not, nor shall it permit any of its
Restricted Subsidiaries to, enter into any transaction of merger, consolidation or amalgamation, consummate a Division as the Dividing Person, or liquidate, wind up or dissolve themselves (or suffer any liquidation or dissolution), or otherwise make
any Disposition of any assets, except: 
 (a) (i) any Restricted Subsidiary may be merged, consolidated or
amalgamated with or into the Borrower or any other Restricted Subsidiary and (ii) any Restricted Subsidiary may consummate a Division as the Dividing Person if, immediately upon the consummation of the Division, the assets of the applicable
Dividing Person are held by one or more Subsidiaries at such time, or, with respect to assets not so held by one or more Subsidiaries, such Division, in the aggregate, would otherwise result in a Disposition permitted by
Section 6.07 (other than Section 

  
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 6.07(a); provided that (A) in the case of any such merger,
consolidation or amalgamation with or into the Borrower, (1) the Borrower shall be the continuing or surviving Person or (2) if the Person formed by or surviving any such merger, consolidation or amalgamation is not the Borrower (any such
Person, the “Successor Borrower”), (x) the Successor Borrower shall be an entity organized or existing under the law of the U.S., any state thereof or the District of Columbia, (y) the Successor Borrower shall expressly assume
the Obligations of the Borrower in a manner reasonably satisfactory to the Administrative Agent and (z) except as the Administrative Agent may otherwise agree, each Guarantor, unless it is the other party to such merger, consolidation or
amalgamation, shall have executed and delivered a reaffirmation agreement with respect to its obligations under the Loan Guaranty and the other Loan Documents; it being understood and agreed that if the foregoing conditions under clauses
(x) through (z) are satisfied, the Successor Borrower will succeed to, and be substituted for, the Borrower under this Agreement and the other Loan Documents, and (B) in the case of any such merger or Division, consolidation or
amalgamation with or into the Borrower or any Subsidiary Guarantor, either (1) the Borrower or a Subsidiary Guarantor shall be the continuing or surviving Person or the continuing or surviving Person shall expressly assume the obligations of
the Borrower or Subsidiary Guarantor in a manner reasonably satisfactory to the Administrative Agent or (2) the relevant transaction shall be treated as an Investment and shall comply with Section 6.06; 

(b) Dispositions (including of Capital Stock) among the Borrower and/or any Restricted Subsidiary (upon
voluntary liquidation or otherwise) (including as a result of a Division); 
 (c) (i) the liquidation or
dissolution of any Restricted Subsidiary if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower, is not materially disadvantageous to the Lenders and the Borrower or any Restricted
Subsidiary receives any assets of the relevant dissolved or liquidated Restricted Subsidiary; provided that in the case of any liquidation or dissolution of any Loan Party that results in a distribution of assets to any Restricted Subsidiary
that is not a Loan Party, such distribution shall be treated as an Investment and shall comply with Section 6.06 (other than in reliance on clause 

(j) thereof); (ii) any merger or Division, amalgamation, dissolution, liquidation or consolidation, the
purpose of which is to effect (A) any Disposition otherwise permitted under this Section 6.07 (other than clause (a), clause (b) or this clause (c)) or (B) any Investment permitted under
Section 6.06; and (iii) the conversion of the Borrower or any Restricted Subsidiary into another form of entity, so long as such conversion does not adversely affect the value of the Loan Guaranty or Collateral, if any; 

(d) (x) Dispositions of obsolete, damaged or worn out property or assets, inventory, equipment and other assets
in the ordinary course of business (as determined in good faith by the management of the Borrower), and property or assets no longer used or useful in the ordinary course or the principal business of the Borrower and its Restricted Subsidiaries) and
(y) the leasing or subleasing of real property in the ordinary course of business; 
 (e) Dispositions
of surplus, obsolete, used or worn out property or other property that, in the reasonable judgment of the Borrower, is (A) no longer useful in its business (or in the business of any Restricted Subsidiary of the Borrower) or (B) otherwise
economically impracticable to maintain; 
 (f) Dispositions of Cash and/or Cash Equivalents and/or other
assets that were Cash Equivalents when the relevant original Investment was made; 

  
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 (g) Dispositions, mergers, Divisions, amalgamations,
consolidations or conveyances that constitute (w) Investments permitted pursuant to Section 6.06 (other than Section 6.06(j)), (x) Permitted Liens and (y) Restricted Payments permitted by
Section 6.04(a) (other than Section 6.04(a)(ix)); 
 (h)
Dispositions for fair market value; provided that with respect to any such Disposition involving assets with a purchase price in excess of the greater of $45,000,000 and 0.35% of Consolidated Total Assets as of the last day of the most
recently ended Test Period calculated on a Pro Forma Basis, at least 75% of the consideration for such Disposition shall consist of Cash or Cash Equivalents (provided that for purposes of the 75% Cash consideration requirement, (w) the
amount of any Indebtedness or other liabilities (other than Indebtedness or other liabilities that are subordinated to the Obligations or that are owed to the Borrower or any Restricted Subsidiary) of the Borrower or any Restricted Subsidiary (as
shown on such Person’s most recent balance sheet or statement of financial position (or in the notes thereto)) that are assumed by the transferee of any such assets and for which the Borrower and/or its applicable Restricted Subsidiary have
been validly released by all relevant creditors in writing, (x) the amount of any trade-in value applied to the purchase price of any replacement assets acquired in connection with such Disposition,
(y) any Securities received by the Borrower or any Restricted Subsidiary from such transferee that are converted by such Person into Cash or Cash Equivalents (to the extent of the Cash or Cash Equivalents received) within 180 days following the
closing of the applicable Disposition and (z) any Designated Non-Cash Consideration received in respect of such Disposition having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (z) that is at that time outstanding, not in excess of the greater of $105,000,000 and 0.75% of Consolidated Total Assets as of the last day of the
most recently ended Test Period, in each case, shall be deemed to be Cash); provided, further, that (x) on the date on which the agreement governing such Disposition is executed, no Event of Default under
Section 7.01(a), (f) or (g) exists and (y) the Net Proceeds of such Disposition shall be applied and/or reinvested as (and to the extent) required by Section 2.11(b)(ii); 

(i) to the extent that (i) the relevant property is exchanged for credit against the purchase price of
similar replacement property or (ii) the proceeds of the relevant Disposition are promptly applied to the purchase price of such replacement property; 

(j) Dispositions of investments in joint ventures to the extent required by, or made pursuant to, customary
buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(k) Dispositions of notes receivable or accounts receivable in the ordinary course of business (including any
discount and/or forgiveness thereof) or in connection with the collection or compromise thereof; 
 (l)
Dispositions and/or terminations of leases, subleases, licenses or sublicenses (including the provision of software under any open source license), (i) the Disposition or termination of which will not materially interfere with the business of the
Borrower and its Restricted Subsidiaries or (ii) which relate to closed facilities or the discontinuation of any product line; 

  
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 (m) (i) any termination of any lease in the ordinary course of
business, (ii) any expiration of any option agreement in respect of real or personal property and (iii) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or litigation claims
(including in tort) in the ordinary course of business; 
 (n) Dispositions of property subject to
foreclosure, casualty, eminent domain or condemnation proceedings (including in lieu thereof or any similar proceeding); 

(o) Dispositions or consignments of equipment, inventory or other assets (including leasehold interests in real
property) with respect to facilities that are temporarily not in use, held for sale or closed; 
 (p)
Dispositions of Real Estate Investments in the ordinary course of business (as determined in good faith by the Borrower); 

(q) Disposition of any assets (i) acquired in a acquisition or other investment permitted hereunder, which
assets are (x) not used or useful in the ordinary course or the principal business of the Borrower and its Restricted Subsidiaries or (y) non-core assets or unnecessary to the business or operations
of the Borrower and its Restricted Subsidiaries or (ii) made in connection with the approval of any applicable antitrust authority or otherwise necessary or advisable in the good faith determination of the Borrower to consummate any acquisition
permitted hereunder; 
 (r) exchanges or swaps, including transactions covered by Section 1031 of the
Code (or any comparable provision of any foreign jurisdiction), of assets so long as any such exchange or swap is made for fair value (as reasonably determined by the Borrower) for like assets; provided that, upon the consummation of any such
exchange or swap by any Loan Party, to the extent the assets received do not constitute an Excluded Asset, the Administrative Agent has a perfected Lien with the same priority as the Lien held on the Real Estate Assets so exchanged or swapped; 

(s) [reserved]; 

(t) (i) licensing, sublicensing and cross-licensing arrangements involving any IP Rights of the Borrower or any
Restricted Subsidiary in the ordinary course of business and (ii) Dispositions, abandonments, cancellations or lapses of IP Rights, or issuances or registrations, or applications for issuances or registrations, of IP Rights, which, in the
reasonable business judgment of the Borrower, are not material to the conduct of the business of the Borrower or its Restricted Subsidiaries, or are no longer economical to maintain in light of its use; 

(u) terminations or unwinds of Derivative Transactions; 

(v) Dispositions of Capital Stock of, or sales of Indebtedness or other Securities of, Unrestricted
Subsidiaries; 
 (w) [reserved]; 

(x) Dispositions made to comply with any order of any Governmental Authority or any applicable Requirement of
Law; 
 (y) any merger, consolidation, Disposition or conveyance the sole purpose of which is to
reincorporate or reorganize (i) any Domestic Subsidiary in another jurisdiction in the U.S. and/or (ii) any Foreign Subsidiary in the U.S. or any other jurisdiction; 

  
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 (z) any sale of motor vehicles and information technology
equipment purchased at the end of an operating lease and resold thereafter; 
 (aa) Dispositions involving
assets having a fair market value (as reasonably determined by the Borrower at the time of the relevant Disposition) of not more than the greater of $50,000,000 and 0.36% of Consolidated Total Assets as of the last day of the most recently ended
Test Period calculated on a Pro Forma Basis in any Fiscal Year, which, if not used in such Fiscal Year, shall be carried forward to succeeding Fiscal Years; 

(bb) so long as the Borrower would be in compliance with Section 6.13(a) on a Pro
Forma Basis, any Disposition of Securitization Assets to a Securitization Subsidiary; provided, that such Disposition shall be for no less than the fair market value of such property at the time of such Disposition as determined by the
Borrower in good faith; and 
 (cc) any Disposition of Securitization Assets (other than to a Securitization
Subsidiary) or related assets in connection with any Qualified Securitization Financing. 
 To the extent that any
Collateral is Disposed of as expressly permitted by this Section 6.07 to any Person other than a Loan Party, such Collateral shall be sold free and clear of the Liens created by the Loan Documents, which Liens shall be
automatically released upon the consummation of such Disposition; it being understood and agreed that the Administrative Agent shall be authorized to take, and shall take, any actions deemed appropriate in order to effect the foregoing in accordance
with Article 8 hereof. 
 Section 6.08. [Reserved]. 

Section 6.09. Transactions with Affiliates. The Borrower shall not, nor shall it permit any of its Restricted
Subsidiaries to, enter into any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) involving payment in excess of $15,000,000 with any of their respective Affiliates on terms that are less
favorable to the Borrower or such Restricted Subsidiary, as the case may be (as reasonably determined by the Borrower), than those that might be obtained at the time in a comparable arm’s-length
transaction from a Person who is not an Affiliate; provided that the foregoing restriction shall not apply to: 

(a) any transaction between or among the Borrower and/or one or more Restricted Subsidiaries (or any entity
that becomes a Restricted Subsidiary as a result of such transaction) to the extent permitted or not restricted by this Agreement; 

(b) any issuance, sale or grant of securities or other payments, awards or grants in cash, securities or
otherwise pursuant to, or the funding of employment arrangements, stock options, incentive equity awards and similar arrangements, and stock or other equity ownership plans approved by the board of directors (or equivalent governing body) of the
Borrower or any Restricted Subsidiary; 
 (c) (i) any collective bargaining, employment or severance
agreement or compensatory (including profit sharing) arrangement entered into by the Borrower or any of its Restricted Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants
or independent contractors of the Borrower or its Subsidiaries (or of the Manager or its Affiliates), (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock pursuant to put/call rights or similar rights
with current or former officers, directors, members of management, managers, employees, 

  
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 consultants or independent contractors and (iii) transactions pursuant to
any employee compensation, benefit plan, stock option, equity incentive plan or similar arrangement and stock or other equity ownership plans, any health, disability or similar insurance plan which covers current or former officers, directors,
members of management, managers, employees, consultants or independent contractors or any employment contract or arrangement; 

(d) (i) transactions permitted by Sections 6.01(d), (o) and (ee), 6.04 and
6.06(h), (m), (o), (t), (y), (z) and (aa) and (ii) issuances of Capital Stock and issuances and incurrences of Indebtedness not restricted by this Agreement; 

(e) transactions in existence on the Closing Date and any amendment, modification or extension thereof to the
extent such amendment, modification or extension, taken as a whole, is not (i) materially adverse to the Lenders or (ii) more disadvantageous to the Lenders than the relevant transaction in existence on the Closing Date; 

(f) (i) so long as no Event of Default under Sections 7.01(a), 7.01(f) or 7.01(g) then
exists or would result therefrom (provided, that during such an Event of Default such fees may continue to accrue and become payable upon the waiver, termination or cure of the relevant Event of Default), the payment of management,
monitoring, consulting, transaction, oversight, advisory and similar fees to the Manager (or its Affiliates) pursuant to any management agreement in place from time to time between the Borrower and the Manager (to the extent such management
agreement is approved or ratified by the board of directors of the Borrower) and (ii) the payment or reimbursement of all indemnification obligations and expenses owed to the Manager (or its Affiliates) and any of their respective directors,
officers, members of management, managers, employees and consultants, in each case whether currently due or paid in respect of accruals from prior periods; 

(g) the Transactions, including the payment of Transaction Costs; 

(h) customary compensation to Affiliates of the Borrower (or the Manager or Affiliates thereof) in connection
with financial advisory, financing, underwriting or placement services or in respect of other investment banking activities and other transaction fees, which payments are approved by the board of directors (or similar governing body) of the Borrower
in good faith; 
 (i) Guarantees permitted by Section 6.01 or
Section 6.06; 
 (j) transactions among the Borrower and its Restricted
Subsidiaries that are otherwise permitted (or not restricted) under this Article 6; 
 (k) the payment
of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, members of the board of directors (or similar governing body), officers,
employees, members of management, managers, consultants and independent contractors of the Borrower and/or any of its Restricted Subsidiaries in the ordinary course of business; 

(l) transactions with customers, clients, suppliers, joint ventures, purchasers or sellers of goods or services
or providers of employees or other labor entered into in the ordinary course of business, which are (i) fair to the Borrower and/or its applicable Restricted Subsidiary in the good faith determination of the board of directors (or similar
governing body) of the Borrower or the senior management thereof or (ii) on terms at least as favorable as might reasonably be obtained from a Person other than an Affiliate; 

  
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 (m) the payment of reasonable out-of-pocket costs and expenses related to registration rights and customary indemnities provided to shareholders under any shareholder agreement; 

(n) any transaction in respect of which the Borrower delivers to the Administrative Agent a letter addressed to
the board of directors (or equivalent governing body) of the Borrower from an accounting, appraisal or investment banking firm of nationally recognized standing stating that such transaction is on terms that are no less favorable to the Borrower or
the applicable Restricted Subsidiary than might be obtained at the time in a comparable arm’s length transaction from a Person who is not an Affiliate; 

(o) the non-exclusive licensing of trademarks, copyrights or other
Intellectual Property in the ordinary course of business to permit the commercial exploitation of Intellectual Property between or among Affiliates and Subsidiaries of the Borrower; 

(p) any Disposition of Securitization Assets or related assets in connection with any Qualified Securitization
Financing; 
 (q) any customary tax sharing agreements or arrangements entered into among the Borrower and
any Affiliates or Subsidiaries of the Borrower; and 
 (r) any (x) disposition of CRE Finance Assets,
Real Estate Investments and/or related assets in connection with any Asset Financing Facility and/or CRE Financing, and any transaction in connection therewith and (y) any transaction in connection with the servicing, administration, operation
or management (including property management) of CRE Finance Assets and/or Real Estate Investments in the ordinary course of business (as determined in good faith by the Borrower). 

Section 6.10. Conduct of Business. From and after the Closing Date, the Borrower shall not, nor shall it permit
any of its Restricted Subsidiaries to, engage in any material line of business other than a business which is not prohibited from being conducted by such Person while maintaining REIT Status with respect to the Borrower (including, without
limitation, to the extent not prohibited from being conducted by such Person while maintaining REIT Status with respect to the Borrower, (x) similar, incidental, complementary, ancillary or related businesses to the businesses engaged in
by the Borrower or any Restricted Subsidiary on the Closing Date and (y) any business permitted to be engaged in by a “taxable REIT subsidiary” (as defined in Section 856 of the Code) pursuant to Section 856, et seq. of the
Code). 
 Section 6.11. [Reserved]. 

  
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 Section 6.12. Fiscal Year. The Borrower shall not change its Fiscal Year-end to a date other than December 31; provided that the Borrower may, upon written notice to the Administrative Agent, change the Fiscal Year-end of the Borrower
to another date, in which case the Borrower and the Administrative Agent will, and are hereby authorized to, make any adjustments to this Agreement that are necessary to reflect such change in Fiscal Year. 

Section 6.13. Financial Covenant. 

(a) Total Debt to Total Assets Ratio. As of the last day of each Fiscal Quarter commencing with the Fiscal Quarter
ending December 31, 2019, the Borrower shall not permit the Total Debt to Total Assets Ratio to be greater than 83.333% (the “Financial Covenant”). 

(b) Financial Cure. 

(i) Notwithstanding anything to the contrary in this Agreement (including Article 7), upon the
occurrence of an Event of Default as a result of the Borrower’s failure to comply with Section 6.13(a) above for any Fiscal Quarter, the Borrower shall have the right (the “Cure Right”) (at any
time during such Fiscal Quarter or thereafter until the date that is 15 Business Days after the date on which financial statements for such Fiscal Quarter are required to be delivered pursuant to Section 5.01(a) or
(b), as applicable) to issue Qualified Capital Stock for Cash or otherwise receive Cash contributions in respect of its Qualified Capital Stock (the “Cure Amount”), and thereupon the Borrower’s compliance with
Section 6.13(a) shall be recalculated giving effect to a pro forma increase in the amount of Consolidated Total Assets by an amount equal to the Cure Amount solely for the purpose of determining compliance with
Section 6.13(a) as of the end of such Fiscal Quarter and for applicable subsequent Fiscal Quarters. If, after giving effect to the foregoing recalculation (but not, for the avoidance of doubt, taking into account any
repayment of Indebtedness in connection with determining compliance with Section 6.13(a) for the Fiscal Quarter with respect to which such Cure Right is exercised), the requirements of
Section 6.13(a) would be satisfied, then the requirements of Section 6.13(a) shall be deemed satisfied as of the end of the relevant Fiscal Quarter with the same effect as though there had been no
failure to comply therewith at such date, and the applicable breach or default of Section 6.13(a) that had occurred (or would have occurred) shall be deemed cured for the purposes of this Agreement. Notwithstanding anything herein
to the contrary, (I) in each four consecutive Fiscal Quarter period there shall be at least two Fiscal Quarters (which may, but are not required to be, consecutive) in which the Cure Right is not exercised, (II) during the term of this
Agreement, the Cure Right shall not be exercised more than five times (provided that, in addition to any remaining Fiscal Quarters as to which a Cure Right may be exercised under the cap set forth in this clause (II), there shall be an additional
Cure Right under this clause (II) applicable solely after the Initial Term Loan Maturity Date) , (III) the Cure Amount shall be no greater than the amount required for the purpose of complying with Section 6.13(a),
(IV) upon the Administrative Agent’s receipt of a written notice from the Borrower that the borrower intends to exercise the Cure Right until the 15th Business Day following the date on which financial statements for the Fiscal Quarter are
required to be delivered pursuant to Section 5.01(a) or (b), as applicable, neither the Administrative Agent (nor any sub-agent therefor) nor any Lender shall exercise any
right to accelerate the Loans, and none of the Administrative Agent (nor any sub-agent therefor) nor any Lender or Secured Party shall exercise any right to foreclose on or take possession of the Collateral or
any other right or remedy under the Loan Documents solely on the basis of the relevant Event of Default under Section 6.13(a), (V) there shall be no pro forma reduction of the amount of Indebtedness by the amount of any
Cure Amount for purposes of determining compliance with Section 6.13(a) for the Fiscal Quarter in respect of which the Cure Right was exercised and (VI) for the Fiscal Quarter with respect to which any Cure Amount is
included in the calculation of Consolidated Total Assets as of the last day thereof as a result of any exercise of the Cure Right, such increase to Consolidated Total Assets as a result of applying such Cure Amount shall be disregarded for purposes
of determining whether any financial ratio or test or Basket set forth in Article 6 of this Agreement has been satisfied (other than any direct or indirect condition or requirement under any applicable Basket to be in compliance on a Pro
Forma Basis with Section 6.13(a)). 

  
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 (ii) In addition to, and without limitation of, the Cure Right
set forth in clause (ii) above, any breach of Section 6.13(a) in respect of a given Fiscal Quarter will be deemed to be cured if the applicable financial statements in accordance with Sections 5.01(a) or (b),
together with a related Compliance Certificate, for a subsequent Fiscal Quarter demonstrating compliance with the Financial Covenant for such subsequent Fiscal Quarter are delivered to the Administrative Agent, unless as at such date the Required
Lenders have declared all Obligations to be immediately due and payable pursuant to Section 7.01 on account of such Event of Default occurring as a result of such breach of Section 6.13(a). 

ARTICLE 7 
 EVENTS OF DEFAULT 

Section 7.01. Events of Default. If any of the following events (each, an “Event of Default”)
shall occur: 
 (a) Failure To Make Payments When Due. Failure by the Borrower to pay (i) any
installment of principal of any Loan when due, whether at stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise or (ii) any interest on any Loan or any fee or any other amount due hereunder
within five Business Days after the date due; or 
 (b) Default in Other Agreements. (i) Failure
by the Borrower or any of its Restricted Subsidiaries to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in clause (a) above)
with an aggregate outstanding principal amount exceeding the Threshold Amount, in each case beyond the grace period, if any, provided therefor; or (ii) breach or default by the Borrower or any of its Restricted Subsidiaries with respect to any
other term of (A) one or more items of Indebtedness with an aggregate outstanding principal amount exceeding the Threshold Amount or (B) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness
(other than, for the avoidance of doubt, with respect to Indebtedness consisting of Hedging Obligations, termination events or equivalent events pursuant to the terms of the relevant Hedge Agreement which are not the result of any default thereunder
by any Loan Party or any Restricted Subsidiary), in each case beyond the grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on
behalf of such holder or holders) to cause, with the giving of notice if required, such Indebtedness to become or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the
case may be; provided that (X) clause (ii) of this paragraph (b) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property securing such Indebtedness if such
sale or transfer is permitted hereunder and (Y) this clause (b) shall not apply to the extent such failure is remedied or waived by the holders of the applicable Indebtedness prior to any acceleration of the Loans pursuant to Article 7;
provided, further, that no such event (other than the failure to make a principal payment at stated final maturity) under any Asset Financing Facility or CRE Financing shall constitute a Default or Event of Default under this clause
(b) until such Asset Financing Facility or CRE Financing, as applicable, shall have been accelerated as a result of such event; or 

(c) Breach of Certain Covenants. Failure of any Loan Party, as required by the relevant provision, to
perform or comply with any term or condition contained in Section 5.01(e), Section 5.02 (as it applies to the preservation of the existence of the Borrower), or Article 6; it 

  
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 being understood and agreed that any breach of
Section 6.13(a) is subject to cure as provided in Section 6.13(b), and no Event of Default may arise under Section 6.13(a) until the 15th Business Day after the day on
which financial statements are required to be delivered for the relevant Fiscal Quarter under Sections 5.01(a) or (b), as applicable (so long as the Borrower shall have the right to exercise Cure Rights), and then only to the extent
the Cure Amount has not been received on or prior to such date; or 
 (d) Breach of Representations,
Etc. Any representation, warranty or certification made or deemed made by any Loan Party in any Loan Document or in any certificate required to be delivered in connection herewith or therewith (including, for the avoidance of doubt, any
Perfection Certificate or any Perfection Certificate Supplement) being untrue in any material respect as of the date made or deemed made (it being understood and agreed that any breach of representation, warranty or certification resulting from the
failure of the Administrative Agent to file any Uniform Commercial Code continuation statement shall not result in an Event of Default under this Section 7.01(d) or any other provision of any Loan Document) and, in each
case, to the extent capable of being cured, such incorrect representation, warranty, certification or statement of fact shall remain incorrect in such material respect for a period of 30 calendar days after receipt by the Borrower of written notice
thereof from the Administrative Agent; or 
 (e) Other Defaults Under Loan Documents. Default by any
Loan Party in the performance of or compliance with any term contained herein or any of the other Loan Documents, other than any such term referred to in any other Section of this Article 7, which default has not been remedied or waived
within 30 calendar days after receipt by the Borrower of written notice thereof from the Administrative Agent; or 

(f) Involuntary Bankruptcy; Appointment of Receiver, Etc. (i) The entry by a court of competent
jurisdiction of a decree or order for relief in respect of the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) in an involuntary case or proceeding under any Debtor Relief Law now or hereafter in effect, which
decree or order is not stayed; or any other similar relief shall be granted under any applicable federal, state or local Requirements of Law, which relief is not stayed; or (ii) the commencement of an involuntary case or proceeding against the
Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) under any Debtor Relief Law; the entry by a court having jurisdiction in the premises of a decree or order for the appointment of a receiver, receiver and manager,
(preliminary) insolvency receiver, liquidator, sequestrator, trustee, administrator, custodian or other officer having similar powers over the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary), or over all or a
material part of its property; or the involuntary appointment of an interim receiver, trustee or other custodian of the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) for all or a material part of its property,
which remains, in any case or proceeding under this clause (f), undismissed, unvacated, unbonded or unstayed pending appeal for 60 consecutive days; or 

(g) Voluntary Bankruptcy; Appointment of Receiver, Etc. (i) The entry against the Borrower or any
of its Restricted Subsidiaries (other than any Immaterial Subsidiary) of an order for relief, the commencement by the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) of a voluntary case or proceeding under any
Debtor Relief Law, or the consent by the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) to the entry of an order for relief in an involuntary case or proceeding or to the conversion of an involuntary case or
proceeding to a voluntary case or proceeding, under any Debtor Relief Law, or the consent by the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) to the appointment of or taking possession by a receiver, 

  
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 receiver and manager, insolvency receiver, liquidator, sequestrator, trustee,
administrator, custodian or other like official for or in respect of itself or for all or a material part of its property; (ii) the making by the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) of a general
assignment for the benefit of creditors; or (iii) the admission in writing by any Responsible Officer of the Borrower of the inability of the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary) to pay their
respective debts as such debts become due; or 
 (h) Judgments and Attachments. The entry or filing of
one or more final money judgments, writs or warrants of attachment or similar process against the Borrower or any of its Restricted Subsidiaries or any of their respective assets involving in the aggregate at any time an amount in excess of the
Threshold Amount (in either case to the extent not adequately covered by indemnity from a third party, by self-insurance (if applicable) or by insurance as to which the relevant third party insurance company has been notified and not denied
coverage), which judgment, writ, warrant or similar process remains unpaid, undischarged, unvacated, unbonded or unstayed pending appeal for a period of 60 consecutive days; or 

(i) Employee Benefit Plans. The occurrence of one or more ERISA Events, which individually or in the
aggregate result in liability of the Borrower or any of its Restricted Subsidiaries in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect; or 

(j) Change of Control. The occurrence of a Change of Control; or 

(k) Guaranties, Collateral Documents and Other Loan Documents. At any time after the execution and
delivery thereof, (i) any material Loan Guaranty for any reason, other than the occurrence of the Termination Date, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared, by a court of
competent jurisdiction, to be null and void or any Guarantor shall repudiate in writing its obligations thereunder (in each case, other than as a result of the discharge of such Guarantor in accordance with the terms thereof and other than as a
result of acts or omissions by the Administrative Agent or any Lender), (ii) this Agreement or any material Collateral Document ceases to be in full force and effect or shall be declared, by a court of competent jurisdiction, to be null and void or
any Lien on Collateral created (or purported to be created) under any Collateral Document ceases to be valid and perfected with respect to a material portion of the Collateral (other than (I) Collateral consisting of Material Real Estate Assets
to the extent that such losses are covered by a lender’s title insurance policy and such insurer has not denied coverage or (II) solely by reason of (w) such perfection is not required pursuant to the Collateral and Guarantee
Requirement, the Perfection Requirements, the Collateral Documents, this Agreement or otherwise, (x) the failure of the Administrative Agent to maintain possession of any Collateral actually delivered to it or the failure of the Administrative
Agent to file Uniform Commercial Code continuation statements, (y) a release of Collateral in accordance with the terms hereof or thereof or (z) the occurrence of the Termination Date or any other termination of such Collateral Document in
accordance with the terms thereof) or (iii) other than bona fide, good faith disputes as to the scope of Collateral or whether any Lien has been, or is required to be released, any Loan Party shall contest in writing, the validity or
enforceability of any material provision of any Loan Document (or any Lien purported to be created by the Collateral Documents or any Loan Guaranty) or deny in writing that it has any further liability (other than by reason of the occurrence of the
Termination Date or any other termination of any other Loan Document in accordance with the terms thereof), including with respect to future advances by the Lenders, under any Loan Document to which it is a party; it being understood and agreed that
the failure of the Administrative Agent to file any Uniform Commercial Code continuation statement shall not result in an Event of Default under this Section 7.01(k) or any other provision of any Loan Document; 

  
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 then, and in every such event (other than an event with respect to the Borrower described in
clause (f) or (g) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take any of the
following actions, at the same or different times: declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable),
and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; provided that upon the occurrence of an event with respect to the Borrower described in clauses (f) or (g) of this Article,
any such Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, in each case without further action of the Administrative Agent or any Lender. Upon the occurrence and during the continuance
of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all remedies
provided under the UCC. 
 ARTICLE 8 

THE ADMINISTRATIVE AGENT 

Each of the Lenders hereby irrevocably appoints JPMCB (or any successor appointed pursuant hereto) as Administrative Agent and
authorizes the Administrative Agent to take such actions on its behalf (including, without limitation, in any insolvency or liquidation proceeding), including execution of the other Loan Documents, and to exercise such powers as are delegated to the
Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. 

Any Person serving as Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any
other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, unless the context otherwise requires or unless such Person is
in fact not a Lender, include each Person serving as Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity
for and generally engage in any kind of business with any Loan Party or any Subsidiary of any Loan Party or other Affiliate thereof as if it were not the Administrative Agent hereunder. The Lenders acknowledge that, pursuant to such activities, the
Administrative Agent or its Affiliates may receive information regarding any Loan Party or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of such Loan Party or such Affiliate) and acknowledge
that the Administrative Agent shall not be under any obligation to provide such information to them. 
 The Administrative
Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default or Event of Default exists, and the use of the term “agent” herein and in the other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or

  
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 express) obligations arising under agency doctrine of any applicable Requirements of Law; it
being understood that such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties, (b) the Administrative Agent shall not have any duty
to take any discretionary action or exercise any discretionary power, except discretionary rights and powers that are expressly contemplated by the Loan Documents and which the Administrative Agent is required to exercise in writing as directed by
the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the relevant circumstances as provided in Section 9.02); provided that the Administrative Agent shall not be
required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Requirements of Law, and (c) except as expressly set forth
in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Restricted Subsidiaries that is communicated to or
obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable to the Lenders or any other Secured Party for any action taken or not taken by it with the consent or at
the request of the Required Lenders (or such other number or percentage of the Lenders as is necessary, or as the Administrative Agent believes in good faith shall be necessary, under the relevant circumstances as provided in Section
9.02) or in the absence of its own gross negligence or willful misconduct, as determined by the final judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein. The Administrative Agent shall not
be deemed to have knowledge of any Default or Event of Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or any Lender, and the Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan
Document, (iii) the performance or observance of any covenant, agreement or other term or condition set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or
genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of any Lien on the Collateral or the existence, value or sufficiency of the Collateral or to assure that the Liens granted
to the Administrative Agent pursuant to any Loan Document have been or will continue to be properly or sufficiently or lawfully created, perfected or enforced or are entitled to any particular priority, (vi) the satisfaction of any condition
set forth in Article 4 or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or (vii) any property, book or record of any Loan Party or any Affiliate
thereof. 
 Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, the Borrower,
the Administrative Agent and each Secured Party agree that (i) no Secured Party (other than the Administrative Agent) shall have any right individually to realize upon any of the Collateral or to enforce the Loan Guaranty; it being understood
that any realization upon the Collateral or enforcement on any Loan Guaranty against the Loan Parties pursuant hereto or pursuant to any Loan Document may be exercised solely by the Administrative Agent on behalf of the Secured Parties in accordance
with the terms hereof or thereof, and (ii) in the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale or in the event of any other Disposition (including pursuant to Section 363
of the Bankruptcy Code or any similar provision of any other Debtor Relief Law), (A) the Administrative Agent, as agent for and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of
the purchase price for all or any portion of the Collateral sold at any such sale, to use and apply all or any portion of the Obligations as a credit on account of the purchase price for any Collateral payable by the Administrative Agent at such
Disposition and (B) the Administrative Agent or any Lender may be the purchaser or licensor of all or any portion of such Collateral at any such Disposition. 

  
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 No holder of any Secured Hedging Obligation in its capacity as such shall have
any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under this Agreement. 

Each Secured Party agrees that the Administrative Agent may in its sole discretion, but is under no obligation to, credit bid
any part of the Secured Obligations or to purchase or retain or acquire any portion of the Collateral. 
 The Administrative
Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website
posting or other distribution) that it believes to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by
it to have been made by the proper Person and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the
Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent has received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with
legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 The Administrative Agent may perform any and all of its duties and exercise its rights and powers by or through any one
or more sub-agents appointed by it. The Administrative Agent and any such sub-agent may perform any and all of their respective duties and exercise their respective
rights and powers through their respective Related Parties. The exculpatory provisions of this Article 8 shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any
such sub-agent and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent. The Secured
Parties agree that the Administrative Agent shall not be responsible to the Secured Parties for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction
determines in a final and nonappealable judgment that such Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent. 

The Administrative Agent may resign at any time by giving ten days’ written notice to the Lenders and the Borrower;
provided that if no successor agent is appointed in accordance with the terms set forth below within such 10-day period, the Administrative Agent’s resignation shall not be effective until the
earlier to occur of (x) the date of the appointment of the successor agent or (y) the date that is twenty (20) days after the last day of such 10-day period. If the Administrative Agent is a
Defaulting Lender under clause (a), (b) or (e) of the definition thereof, either the Required Lenders or the Borrower may, upon ten days’ notice, remove the Administrative Agent; provided that if no successor
agent is appointed in accordance with the terms set forth below within such 10-day period, the Administrative Agent’s removal shall, at the option of the Borrower, not be effective until the earlier to
occur of (x) the date of the appointment of the successor agent or (y) the date that is twenty (20) days after the last day of such 10-day period. Upon receipt of any such notice of resignation,
the Required Lenders shall have the right, with the consent of the Borrower (not to be unreasonably withheld or delayed), to appoint a successor Administrative Agent which shall be a commercial bank or trust company with offices in the U.S. having
combined capital and surplus in excess of $1,000,000,000, and which, for the avoidance of doubt, shall be a “U.S. person” and a “financial institution” within the meaning of Treasury Regulations
Section 1.1441-1; provided that during the existence of an Event of Default under Section 7.01(a) or, with respect to any Borrower, Sections 7.01(f) or (g),
no consent of the Borrower shall be required. If no 

  
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 successor has been appointed as provided above and accepted such appointment within ten days
after the retiring Administrative Agent gives notice of its resignation or the Administrative Agent receives notice of removal, then (a) in the case of a retirement, the retiring Administrative Agent may (but shall not be obligated to), on
behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above (including, for the avoidance of doubt, the consent of the Borrower) or (b) in the case of a removal, the Borrower may, after consulting
with the Required Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that (x) in the case of a retirement, if the Administrative Agent notifies the Borrower, the Lenders that no
qualifying Person has accepted such appointment or (y) in the case of a removal, the Borrower notifies the Required Lenders that no qualifying Person has accepted such appointment, then, in each case, such resignation or removal shall
nonetheless become effective in accordance with the provisos to the first two sentences in this paragraph and (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other
Loan Documents (except that in the case of any collateral security held by the Administrative Agent in its capacity as collateral agent for the Secured Parties for purposes of maintaining the perfection of the Lien on the Collateral securing the
Secured Obligations, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) all payments, communications and determinations required to be
made by, to or through the Administrative Agent shall instead be made by or to each Lender directly (and each Lender will cooperate with the Borrower to enable the Borrower to take such actions), until such time as the Required Lenders or the
Borrower, as applicable, appoint a successor Administrative Agent, as provided above in this Article 8. Upon the acceptance of its appointment as Administrative Agent hereunder as a successor Administrative Agent, the successor Administrative
Agent shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring Administrative Agent), and the retiring or
removed Administrative Agent shall be discharged from its duties and obligations hereunder (other than its obligations under Section 9.13 hereof). The fees payable by the Borrower to any successor Administrative Agent shall
be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor Administrative Agent. After the Administrative Agent’s resignation or removal hereunder, the provisions of this Article and
Section 9.03 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any action
taken or omitted to be taken by any of them while the relevant Person was acting as Administrative Agent (including for this purpose holding any collateral security following the retirement or removal of the Administrative Agent). Notwithstanding
anything to the contrary herein, no Disqualified Institution may be appointed as a successor Administrative Agent. 
 Each
Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their respective Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement or any document furnished
hereunder or thereunder. Each Lender acknowledges that neither the Administrative Agent nor any Affiliate thereof has made any representation or warranty to it. Except for notices, reports and other documents expressly required to be furnished to
the Lenders by the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and
other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession of the Administrative Agent or any of its Related Parties. 

  
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 Each Lender, by delivering its signature page to this Agreement or an Assignment
and Assumption and funding its Loan or assignment, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be approved by the Administrative Agent, the Required Lenders
or the Lenders, as applicable, on the Closing Date or, in the case of a Lender that becomes party hereto by Assignment and Assumption, thereafter and prior to the effectiveness of such Assignment and Assumption. 

Notwithstanding anything to the contrary herein, the Arrangers, the First Amendment Arrangers (as defined in the First
Amendment), the Second Amendment Arrangers (as defined in the Second Amendment), the Third Amendment Arranger, the Fourth Amendment Arrangers,
the Fifth Amendment Arrangers and their respective Affiliates
shall not have any right, power, obligation, liability, responsibility or duty under this Agreement, except in their respective capacities as the Administrative Agent or a Lender hereunder, as applicable. 

Each Secured Party hereby further authorizes the Administrative Agent, on behalf of and for the benefit of the Secured
Parties, to be the agent for and representative of the Secured Parties with respect to the Loan Guaranty, the Collateral and the Loan Documents; provided that the Administrative Agent shall not owe any fiduciary duty, duty of loyalty, duty of care,
duty of disclosure or any other obligation whatsoever to any holder of Secured Obligations with respect to any Secured Hedging Obligations. 

The Secured Parties agree that the Administrative Agent shall not be responsible for or have a duty to the Secured Parties to
ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection (or continued perfection) of the Administrative Agent’s Lien thereon, or any
certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

Each Secured Party irrevocably authorizes the Administrative Agent to: 

(a) release any Lien on any property granted to or held by Administrative Agent under any Loan Document
(i) upon the occurrence of the Termination Date, (ii) that is sold or transferred as part of or in connection with any sale, transfer or other disposition permitted under the Loan Documents to a Person that is not a Loan Party,
(iii) that does not constitute (or ceases to constitute) Collateral, (iv) if the property subject to such Lien is owned by a Subsidiary Guarantor, upon the release of such Subsidiary Guarantor from its Loan Guaranty otherwise in accordance
with the Loan Documents, (v) as required under clause (d) below or (vi) if approved, authorized or ratified in writing by the Required Lenders in accordance with Section 9.02; 

(b) subject to Section 9.21, release any Subsidiary Guarantor from its obligations
under the Loan Guaranty if such Person ceases to be a Restricted Subsidiary (or becomes an Excluded Subsidiary as a result of a single transaction or series of related transactions permitted hereunder and the Borrower has requested such Excluded
Subsidiary cease to be a Subsidiary Guarantor); 
 (c) subordinate any Lien on any property granted to or
held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Sections 6.02(d), 6.02(e), 6.02(g)(i), 6.02(l), 6.02(n), 6.02(o)(i) (other than any
Lien on the Capital Stock of any Subsidiary Guarantor), 6.02(q), 6.02(r) (to the extent the relevant Lien is of 

  
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 the type to which the Lien of the Administrative Agent is otherwise required to
be subordinated under this clause (c) pursuant to any of the other exceptions to Section 6.02 that are expressly included in this clause (c)), 6.02(x), 6.02(y), 6.02(z)(i),
6.02(bb), 6.02(cc), 6.02(ee), 6.02(ff) and 6.02(gg) (and any Refinancing Indebtedness in respect of any thereof to the extent such Refinancing Indebtedness is permitted to be secured under
Section 6.02(k)); provided, that the subordination of any Lien on any property granted to or held by the Administrative Agent shall only be required with respect to any Lien on such property that is permitted by
Sections 6.02(l), 6.02(o), 6.02(q), 6.02(r) and/or 6.02(bb) to the extent that the Lien of the Administrative Agent with respect to such property is required to be subordinated to the relevant Permitted Lien in
accordance with the documentation governing the Indebtedness that is secured by such Permitted Lien; and 

(d) enter into subordination, intercreditor and/or similar agreements with respect to Indebtedness (including
any Acceptable Intercreditor Agreement and/or any amendment to any of the foregoing in accordance with Section 9.02) that is (i) required or permitted to be subordinated hereunder and/or (ii) secured by Liens, and
with respect to which Indebtedness, this Agreement contemplates an intercreditor, subordination, collateral trust agreement or similar agreement. 

Upon the request of the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative
Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Loan Party from its obligations under the Loan Guaranty or its Lien on any Collateral pursuant to this Article 8. In
each case as specified in this Article 8, the Administrative Agent will (and each Lender hereby authorizes the Administrative Agent to), at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such
Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents, to subordinate its interest therein, or to release such Loan Party from its
obligations under the Loan Guaranty, in each case in accordance with the terms of the Loan Documents and this Article 8; provided, that upon the request of the Administrative Agent, the Borrower shall deliver a certificate of a
Financial Officer certifying that the relevant transaction has been consummated in compliance with the terms of this Agreement. Any execution and delivery of documents pursuant to this paragraph shall be without recourse to or warranty by the
Administrative Agent. 
 The Administrative Agent is authorized to enter into an Acceptable Intercreditor Agreement and any
other intercreditor, subordination, collateral trust or similar agreement contemplated hereby, in each case, on terms reasonably satisfactory to the Administrative Agent, with respect to any (a) Indebtedness permitted hereby (i) that is
(A) required or permitted to be subordinated hereunder and/or (B) secured by Liens permitted hereby and (ii) which contemplates an intercreditor, subordination or collateral trust agreement and/or (b) Secured Hedging Obligations,
whether or not constituting Indebtedness (any such other intercreditor agreement an “Additional Agreement”), and the Secured Parties party hereto acknowledge that the Intercreditor Agreement and any Additional Agreement is binding
upon them. Each Secured Party party hereto hereby (a) agrees that it will be bound by, and will not take any action contrary to, the provisions of any Additional Agreement and (b) authorizes the Administrative Agent to enter into an
Acceptable Intercreditor Agreement and/or any Additional Agreement and to subject the Liens on the Collateral securing the Secured Obligations to the provisions thereof. The foregoing provisions are intended as an inducement to the Secured Parties
to extend credit to the Borrower, and the Secured Parties are intended third-party beneficiaries of such provisions and the provisions of an Acceptable Intercreditor Agreement and/or any Additional Agreement. 

  
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 To the extent that the Administrative Agent (or any Affiliate thereof) is not
reimbursed and indemnified by the Borrower in accordance with and to the extent required by Section 9.03(b) hereof, the Lenders will reimburse and indemnify the Administrative Agent (and any Affiliate thereof) in proportion
to their respective Applicable Percentages (determined as if there were no Defaulting Lenders and all Term Loans were of a single Class) for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments,
costs, expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against or incurred by the Administrative Agent (or any Affiliate thereof) in performing its duties hereunder or under any other Loan Document or in any
way relating to or arising out of this Agreement or any other Loan Document (in all cases, whether or not caused or arising, in whole or in part, out of the comparative, contributory or sole negligence of the Administrative Agent or any Affiliate
thereof); provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s
(or such affiliate’s) gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision). The agreements in this paragraph shall survive the
payment of the Loans and all other amounts payable hereunder. 
 To the extent required by any applicable Requirements of
Law (as determined in good faith by the Administrative Agent), the Administrative Agent may withhold from any payment to any Lender under any Loan Document an amount equivalent to any applicable withholding Tax. Without limiting or expanding the
provisions of Section 2.17, each Lender shall indemnify and hold harmless the Administrative Agent against, and shall make payable in respect thereof within 10 days after demand therefor, all Taxes and all related losses,
claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the
failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed to
notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding Tax ineffective), whether or not such Taxes were correctly or legally imposed or asserted. A certificate as to the amount of
such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender
under this Agreement or any other Loan Document against any amount due the Administrative Agent under this paragraph. The agreements in this paragraph shall survive the resignation or replacement of the Administrative Agent or any assignment of
rights by, or the replacement of, any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the
Borrower or any other Loan Party, that at least one of the following is and will be true: 
 (i) such Lender
is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans,
the Commitments or this Agreement, 
 (ii) the transaction exemption set forth in one or more PTEs, such as
PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain
transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance 

  
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 company pooled separate accounts), PTE
91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager”
(within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the
Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of
sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative
Agent, in its sole discretion, and such Lender. 
 In addition, unless either
(1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in
accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to,
and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the
Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the
Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

ARTICLE 9 
 MISCELLANEOUS 

Section 9.01. Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to
paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or email, as
follows: 
 (i) if to any Loan Party, to such Loan Party in the care of the Borrower at: 

Blackstone Mortgage Trust, Inc. 

345 Park Avenue 

New York, New York 10154 

Attention: Douglas Armer 

Email: BXMTTermLoanB@blackstone.com 

with copies to (which shall not constitute notice to any Loan Party): 

  
 145 

 Ropes & Gray LLP 

1211 Avenue of the Americas 

New York, New York 10036 

Attention: Jay Kim 

Email: jay.kim@ropesgray.com 

Telephone: (212) 497-3626 

and 

Ropes & Gray LLP 

1211 Avenue of the Americas 

New York, New York 10036 

Attention: Daniel Stanco 

Email: daniel.stanco@ropesgray.com 

Telephone: (212) 841-5758 

(ii) if to the Administrative Agent, at: 

JPMorgan Chase Bank, N.A. 

as Administrative Agent 

500 Stanton Christiana Road 

NCC 5, 1st Floor 

Newark, DE 19713-2107 

Attention: Andre Diaz 

Telephone: (302) 634-1098 

Facsimile: (201) 244-3628 

(iii) if to any Lender, to it at its address or facsimile number set forth in its Administrative Questionnaire.

 All such notices and other communications (A) sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof or three Business Days after dispatch if sent by certified or registered mail, in each case, delivered, sent or mailed (properly
addressed) to the relevant party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01 or (B) sent by
facsimile shall be deemed to have been given when sent and when receipt has been confirmed by telephone; provided that notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given
during normal business hours for the recipient, such notices or other communications shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through
electronic communications to the extent provided in clause (b) below shall be effective as provided in such clause (b). 

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications
(including e-mail and Internet or intranet websites) pursuant to procedures set forth herein or otherwise approved by the Administrative Agent. The Administrative Agent or the Borrower (on behalf of any Loan
Party) may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures set forth herein or otherwise approved by it (provided that approval of such procedures may be
limited to particular notices or communications). All such notices and other communications (i) sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from
the intended 

  
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 recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that any such notice or communication not given during the normal business hours of the recipient shall be deemed to have been given at the opening of
business on the next Business Day for the recipient and (ii) posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (b)(i) of notification that such notice or communication is available and identifying the website address therefor. 

(c) Any party hereto may change its address or facsimile number or other notice information hereunder by notice to the other
parties hereto; it being understood and agreed that the Borrower may provide any such notice to the Administrative Agent as recipient on behalf of itself and each Lender. 

(d) The Borrower hereby acknowledges that (a) the Administrative Agent will make available to the Lenders materials and/or
information provided by, or on behalf of, the Borrower hereunder (collectively, the “Borrower Materials”) by posting the Borrower Materials on the Platform and (b) certain of the Lenders may be “public-side” Lenders
(i.e., Lenders that do not wish to receive material nonpublic information within the meaning of the United States federal securities laws with respect to the Borrower, any of its subsidiaries, or their respective securities) (each, a “Public
Lender”). At the request of the Arrangers, the First Amendment Arrangers (as defined in the First Amendment), the Second Amendment Arrangers (as defined in the Second Amendment), the Third Amendment Arranger or, the Fourth Amendment Arrangers
or the Fifth Amendment Arrangers, the Borrower hereby
agrees that (i) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC,” (ii) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have
authorized the Administrative Agent and the Lenders to treat such Borrower Materials as information of a type that would (x) customarily be made publicly available (or could be derived from publicly available information), as determined in good
faith by the Borrower, or (y) would not be material with respect to the Borrower, its subsidiaries, any of their respective securities or the Transactions as determined in good faith by the Borrower for purposes of United States federal
securities laws and (iii) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not marked as “Public
Investor.” Notwithstanding the foregoing, the following Borrower Materials shall be deemed to be marked “PUBLIC,” unless the Borrower notifies the Administrative Agent promptly that any such document contains material nonpublic
information: (1) the Loan Documents, (2) any notification of changes in the terms of the Term Facility and (3) all information delivered pursuant to Section 5.01(a) or (b). 

Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected
the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and
applicable law, including United States Federal and state securities laws, to make reference to communications that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities laws. 

THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF
ITS RELATED PARTIES WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A 

  
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 PARTICULAR PURPOSE, NON-INFRINGEMENT OF
THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS
RELATED PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES
(WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY
A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 

Section 9.02. Waivers; Amendments. 

(a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or under any other
Loan Document shall operate as a waiver thereof except as provided herein or in any Loan Document, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any party hereto therefrom shall in any event be effective unless the same is permitted by this
Section 9.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, to the extent permitted by applicable
Requirements of Law, the making of any Loan shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default or Event of Default at
the time. 
 (b) Subject to this Section 9.02(b) and Sections 9.02(c) and
(d) below and to Section 2.14(b), Section 2.22 and Section 9.05(f), neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived,
amended or modified, except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders (or the Administrative Agent with the consent of the Required Lenders) or
(ii) in the case of any other Loan Document (other than any waiver, amendment or modification to effectuate any modification thereto expressly contemplated by the terms of such other Loan Document), pursuant to an agreement or agreements in
writing entered into by the Administrative Agent and each Loan Party that is party thereto, with the consent of the Required Lenders; provided that: 

(A) the consent of each Lender directly and adversely affected thereby (but, except in the case of subclause
(1), not the consent of the Required Lenders) shall be required for any waiver, amendment or modification that: 

(1) increases the Commitment of such Lender (other than with respect to any Incremental Facility pursuant to
Section 2.22 in respect of which such Lender has agreed to be an Additional Lender); it being understood that no amendment, modification or waiver of, or consent to departure from, any condition precedent, representation,
warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall constitute an increase of any Commitment of such Lender; 

  
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 (2) reduces the principal amount of any Loan owed to such Lender
or any amount due to such Lender on any Loan Installment Date; 
 (3) (x) extends the scheduled final
maturity of any Loan or (y) postpones any Loan Installment Date or any Interest Payment Date with respect to any Loan held by such Lender or the date of any scheduled payment of any fee or premium payable to such Lender hereunder (in each case,
other than any extension for administrative reasons agreed by the Administrative Agent); 
 (4) reduces the
rate of interest (other than to waive any Default or Event of Default or obligation of the Borrower to pay interest to such Lender at the default rate of interest under Section 2.13(c), which shall only require the consent
of the Required Lenders) or the amount of any fee or premium owed to such Lender; it being understood that no change in the calculation of any other interest, fee or premium due hereunder (including any component definition thereof) shall constitute
a reduction in any rate of interest or fee hereunder; 
 (5) extends the expiry date of such Lender’s
Commitment; it being understood that no amendment, modification or waiver of, or consent to departure from, any condition precedent, representation, warranty, covenant, Default, Event of Default, mandatory prepayment or mandatory reduction of any
Commitment shall constitute an extension of any Commitment of any Lender; and 
 (6) waives, amends or
modifies the provisions of Section 2.18(b) or 2.18(c) of this Agreement in a manner that would by its terms alter the “waterfall” in Section 2.18(b) or pro rata sharing of payments
required by Section 2.18(c) (except in connection with any transaction permitted under Sections 2.22, 2.23, 9.02(c) and/or 9.05(g) or as otherwise provided in this
Section 9.02); 
 (B) no such agreement shall: 

(1) change any of the provisions of Section 9.02(a) or Section 9.02(b)
or the definition of “Required Lenders” to reduce any voting percentage required to waive, amend or modify any right thereunder or make any determination or grant any consent thereunder, without the prior written consent of each Lender;

 (2) release all or substantially all of the Collateral from the Lien granted pursuant to the Loan
Documents (except as otherwise permitted herein or in the other Loan Documents, including pursuant to Article 8 or Section 9.21 hereof), without the prior written consent of each Lender; or 

(3) release all or substantially all of the value of the Guarantees under the Loan Guaranty (except as
otherwise permitted herein or in the other Loan Documents, including pursuant to Section 9.21 hereof), without the prior written consent of each Lender; and 

  
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 (C) no such agreement shall amend, modify or otherwise affect the
rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent. 
 (c)
Notwithstanding the foregoing, this Agreement may be amended with the written consent of the Borrower and the Lenders providing the relevant Replacement Term Loans to permit the refinancing or replacement of all or any portion of the outstanding
Term Loans under the applicable Class (any such loans being refinanced or replaced, the “Replaced Term Loans”) with one or more replacement term loans hereunder (“Replacement Term Loans”) pursuant to a Refinancing
Amendment; provided that 
 (A) the aggregate principal amount of any Replacement Term Loans shall not
exceed the aggregate principal amount of the Replaced Term Loans (plus (1) any additional amounts permitted to be incurred under Section 6.01 and, to the extent any such additional amounts are secured, the
related Liens are permitted under Section 6.02, and plus (2) the amount of accrued interest, penalties and premium (including tender premium) thereon any committed but undrawn amounts and underwriting discounts,
fees (including upfront fees, original issue discount or initial yield payments), commissions and expenses associated therewith), 

(B) subject to the Permitted Earlier Maturity Indebtedness Exception, any Replacement Term Loans (other than
customary bridge loans with a maturity date of not longer than one year; provided that any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans shall be subject to the requirements of
this clause (B)) must have a final maturity date that is equal to or later than the final maturity date of, and have a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Replaced Term
Loans at the time of the relevant refinancing, 
 (C) any Replacement Term Loans may be pari passu
with or junior to any then-existing Term Loans in right of payment and pari passu with or junior to such Term Loans with respect to the Collateral (provided that any Replacement Term Loans not incurred under this Agreement that are
secured by Liens on the Collateral shall be subject to any applicable Acceptable Intercreditor Agreements), 

(D) any Replacement Term Loans that are secured may not be secured by any assets other than the Collateral,

 (E) any Replacement Term Loans that are guaranteed may not be guaranteed by any Person other than one or
more Guarantors, 
 (F) any Replacement Term Loans that are pari passu with the 2019 New Term Loans and/or
the Term B-23 Loans in right of payment and security may participate (A) in any voluntary prepayments of
Term Loans as set forth in Section 2.11(a)(i) and (B) in any mandatory prepayments of Term Loans as set forth in Section 2.11(b)(vi), 

(G) any Replacement Term Loans may have pricing (including interest, fees and premiums) and, subject to
preceding clause (F), optional prepayment and redemption terms and, subject to preceding clause (B), amortization schedule, as the Borrower and the lenders providing such Replacement Term Loans may agree, 

  
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 (H) other terms and conditions of any Replacement Term Loans
(excluding as set forth above, including pricing, interest rate margins, fees, discounts, rate floors and optional prepayment or redemption terms), if not substantially identical to those applicable to Replaced Term Loans (as reasonably determined
by the Borrower and the Administrative Agent), must either, at the option of the Borrower, (x) not be materially more restrictive to the Borrower and its Restricted Subsidiaries (as determined by the Borrower in good faith) than (when taken as
a whole) those contained in the Replaced Term Loans (other than any terms which are applicable only after the then-existing Latest Maturity Date with respect to such Replaced Term Loans), (y) be conformed (or added) to the Loan Documents for the
benefit of the existing Term Lenders or, as applicable, the Administrative Agent (i.e., by conforming or adding a term to the then-outstanding Term Loans pursuant to the applicable Incremental Facility Amendment, it being understood that, without
limitation, any amendment or modification to the Loan Documents that solely adds one or more terms for the benefit of the existing Term Lenders shall not require the consent of any such existing Term Lender so long as the form (but not the
substance) of the applicable agreement effecting such amendment or modification is reasonably satisfactory to the Administrative Agent) or (z) reflect then current market terms and conditions (taken as a whole) at the time of incurrence or
issuance (as determined by the Borrower in good faith), and 
 (I) no Event of Default under
Section 7.01(a), (f) or (g) shall exist immediately prior to or after giving effect to such Replacement Term Loans; 

provided, further, that, in respect of this clause (c), any Affiliated Lender and Debt Fund Affiliate shall be permitted
without the consent of the Administrative Agent to provide any Replacement Term Loans, it being understood that in connection therewith, the relevant Affiliated Lender or Debt Fund Affiliate, as applicable, shall be subject to the restrictions
applicable to such Person under Section 9.05 as if such Replacement Term Loans were Term Loans. 

Each party hereto hereby agrees that this Agreement may be amended by the Borrower, the Administrative Agent and the lenders
providing the relevant Replacement Term Loans to the extent (but only to the extent) necessary to reflect the existence and terms of such Replacement Term Loans incurred or implemented pursuant thereto (including any amendment necessary to treat the
loans and commitments subject thereto as a separate “tranche” and “Class” of Loans and/or Commitments hereunder). It is understood that any Lender approached to provide all or a portion of any Replacement Term Loans may elect or
decline, in its sole discretion, to provide such Replacement Term Loans. 
 (d) Notwithstanding anything to the contrary
contained in this Section 9.02 or any other provision of this Agreement or any provision of any other Loan Document: 

(i) the Borrower and the Administrative Agent may, without the input or consent of any Lender, amend,
supplement and/or waive any guaranty, collateral security agreement, pledge agreement and/or related document (if any) executed in connection with this Agreement to (A) comply with any Requirement of Law or the advice of counsel, (B) cause
any such guaranty, collateral security agreement, pledge agreement or other document to be consistent with this Agreement and/or the relevant other Loan Documents or (C) add a benefit for solely the Lenders under the existing Term Facility,
including, but not limited to, increase in margin, interest rate floor, prepayment premium, call protection and reestablishment of or increase in amortization schedule; provided that no such amendment, modification or waiver that increases or
accelerates the amortization schedule shall operate to cause the amounts subject to such increased or accelerated amortization schedule to not be subject to Section 2.12(c), 

  
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 (ii) the Borrower and the Administrative Agent may, without the
input or consent of any other Lender (other than the relevant Lenders (including Additional Lenders) providing Loans under such Sections), effect amendments to this Agreement and the other Loan Documents as may be necessary in the reasonable opinion
of the Borrower and the Administrative Agent to (1) effect the provisions of Sections 2.22, 2.23, 5.12, 6.12 or 9.02(c), or any other provision specifying that any waiver, amendment or modification may be made with
the consent or approval of the Administrative Agent and/or (2) to add terms (including representations and warranties, conditions, prepayments, covenants or events of default), in connection with the addition of any Additional Term Loan or
Additional Commitment hereunder pursuant to Sections 2.22, 2.23 or 9.02(c), that are favorable to the then-existing Lenders, as reasonably determined by the Administrative Agent, 

(iii) if the Administrative Agent and the Borrower have jointly identified any ambiguity, mistake, defect,
inconsistency, obvious error or any error or omission of a technical nature or any necessary or desirable technical change, in each case, in any provision of any Loan Document, then the Administrative Agent and the Borrower shall be permitted to
amend such provision (without any further action or consent of any other party) solely to address such matter as reasonably determined by them acting jointly, 

(iv) the Administrative Agent and the Borrower may amend, restate, amend and restate or otherwise modify any
Acceptable Intercreditor Agreement as provided therein, 
 (v) the Administrative Agent may amend the
Commitment Schedule to reflect assignments entered into pursuant to Section 9.05, Commitment terminations pursuant to Section 2.09, implementations of Additional Commitments or incurrences of Additional
Term Loans pursuant to Sections 2.22, 2.23 or 9.02(c) and reductions or terminations of any such Additional Commitments or Additional Term Loans, 

(vi) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder, except as permitted pursuant to Section 2.21(a) and except that the Commitment and any Additional Commitment of any Defaulting Lender may not be increased without the consent of such Defaulting Lender (it being
understood that any Commitment or Loan held or deemed held by any Defaulting Lender shall be excluded from any vote hereunder that requires the consent of any Lender, except as expressly provided in Section 2.21(a)), 

(vii) this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders,
the Administrative Agent and the Borrower (i) to add one or more additional credit facilities to this Agreement and to permit any extension of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof
to share ratably in the relevant benefits of this Agreement and the other Loan Documents and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders on substantially the same basis
as the Lenders prior to such inclusion, and 
 (viii) any amendment, wavier or modification of any term or
provision that directly affects Lenders under one or more Classes and does not directly affect Lenders under one or more other Classes may be effected by the consent of Lenders representing more than 50% of the aggregate Commitments and/or Loans of
such directly affected Class in lieu of the consent of the Required Lenders. 

  
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 Section 9.03. Expenses; Indemnity. 

(a) Subject to Section 9.05(f), the Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by each Arranger, the Administrative Agent and their respective Affiliates (but limited, in the case of legal fees and expenses, to the actual
reasonable and documented out-of-pocket fees, disbursements and other charges of one firm of outside counsel to all such Persons taken as a whole and, if necessary, of
one local counsel in any relevant jurisdiction to all such Persons, taken as a whole) in connection with the syndication and distribution (including via the Internet or through a service such as IntraLinks) of the Term Facility, the preparation,
execution, delivery and administration of the Loan Documents and any related documentation, including in connection with any amendment, modification or waiver of any provision of any Loan Document (whether or not the transactions contemplated
thereby are consummated, but only to the extent the preparation of any such amendment, modification or waiver was requested by the Borrower and except as otherwise provided in a separate writing between the Borrower, the relevant Arranger and/or the
Administrative Agent), but excluding solely in connection with any arranging of commitments to provide the Term Facility on the Closing Date (with any expense reimbursement in connection therewith to be governed by the Engagement Letter, dated as of
April 17, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the Closing Date), by and among the Borrower, JPMCB and the Arrangers) and (ii) all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent, the Arrangers or the Lenders or any of their respective Affiliates (but limited, in the case of legal fees
and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one firm of outside counsel to all such Persons taken as a
whole and, if necessary, of one local counsel in any relevant jurisdiction to all such Persons, taken as a whole) in connection with the enforcement, collection or protection of their respective rights in connection with the Loan Documents,
including their respective rights under this Section, or in connection with the Loans made hereunder. Except to the extent required to be paid on the Closing Date, all amounts due under this paragraph (a) shall be payable by the
Borrower within 30 days of receipt by the Borrower of an invoice setting forth such expenses in reasonable detail, together with backup documentation supporting the relevant reimbursement request. 

(b) The Borrower shall indemnify each Arranger, the Administrative Agent and each Lender, and each Related Party of any of the
foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages and liabilities (but limited, in the case of legal fees and expenses, to the
actual reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to all Indemnitees taken as a whole and, if reasonably necessary, one
local counsel in any relevant jurisdiction to all Indemnitees, taken as a whole and solely in the case of an actual or perceived conflict of interest, (x) one additional counsel to all affected Indemnitees, taken as a whole, and (y) one
additional local counsel to all affected Indemnitees, taken as a whole, in each relevant jurisdiction), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the
Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby or thereby
and/or the enforcement of the Loan Documents, (ii) the use of the proceeds of the Loans, (iii) any actual or alleged Release or presence of Hazardous Materials on, at, under or from any property currently or formerly owned or leased by the
Borrower, any of its Restricted Subsidiaries or any other Loan Party or any Environmental Liability related to the Borrower, any of its Restricted Subsidiaries or any other Loan Party and/or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a third party or by
the Borrower, any other Loan Party or any of their respective Affiliates); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that any such loss, claim, 

  
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 damage, or liability (i) is determined by a final and
non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee or such Person’s material breach of the Loan
Documents or (ii) arises out of any claim, litigation, investigation or proceeding brought by such Indemnitee against another Indemnitee (other than any claim, litigation, investigation or proceeding that is brought by or against the
Administrative Agent or any Arranger, acting in its capacity as the Administrative Agent or as an Arranger) that does not involve any act or omission of the Borrower or any of its Affiliates. Each Indemnitee shall be obligated to refund or return
any and all amounts paid by the Borrower pursuant to this Section 9.03(b) to such Indemnitee for any fees, expenses, or damages to the extent such Indemnitee is not entitled to payment thereof in accordance with the terms
hereof. All amounts due under this paragraph (b) shall be payable by the Borrower within 30 days (x) after receipt by the Borrower of a written demand therefor, in the case of any indemnification obligations and (y) in the case
of reimbursement of costs and expenses, after receipt by the Borrower of an invoice setting forth such costs and expenses in reasonable detail, together with backup documentation supporting the relevant reimbursement request. This
Section 9.03(b) shall not apply to Taxes other than any Taxes that represent losses, claims, damages or liabilities in respect of a non-Tax claim. 

(c) The Borrower shall not be liable for any settlement of any proceeding effected without the written consent of the Borrower
(which consent shall not be unreasonably withheld, delayed or conditioned), but if any proceeding is settled with the written consent of the Borrower, or if there is a final judgment against any Indemnitee in any such proceeding, the Borrower agrees
to indemnify and hold harmless each Indemnitee to the extent and in the manner set forth above. The Borrower shall not, without the prior written consent of the affected Indemnitee (which consent shall not be unreasonably withheld, conditioned or
delayed), effect any settlement of any pending or threatened proceeding in respect of which indemnity could have been sought hereunder by such Indemnitee unless (i) such settlement includes an unconditional release of such Indemnitee from all
liability or claims that are the subject matter of such proceeding and (ii) such settlement does not include any statement as to any admission of fault or culpability. 

Section 9.04. Waiver of Claim. To the extent permitted by applicable Requirements of Law, no party to this
Agreement shall assert, and each hereby waives, any claim against any other party hereto, any Loan Party and/or any Related Party of any thereof, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof, except, in the case of any claim by
any Indemnitee against the Borrower, to the extent such damages would otherwise be subject to indemnification pursuant to the terms of Section 9.03. 

Section 9.05. Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns; provided that (i) except as provided under Section 6.07, the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with the
terms of this Section 9.05 (any attempted assignment or transfer not complying with the terms of this Section 9.05, including with respect to attempted assignments or transfers to Disqualified
Institutions shall be subject to Section 9.05(f)). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and permitted assigns, to
the extent provided in paragraph (e) of this Section 9.05, Participants and, to the extent expressly contemplated hereby, the Related Parties of each of the Arrangers, the Administrative Agent and the Lenders)
any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) (i) Subject to the conditions set forth in paragraph (b)(ii)
below, any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of any Additional Term Loan or Additional Commitment added pursuant to Sections
2.22, 2.23 or 9.02(c) at the time owing to it) with the prior written consent of: 
 (A)
the Borrower (such consent not to be unreasonably withheld, conditioned or delayed); provided, that (x) the Borrower shall be deemed to have consented to any assignment of Term Loans unless it has objected thereto by written notice to
the Administrative Agent within 15 Business Days after receipt of written notice thereof and (y) the consent of the Borrower shall not be required for any assignment of Term Loans or Term Commitments (1) to any Term Lender or any Affiliate
of any Term Lender or an Approved Fund or (2) at any time when an Event of Default under Section 7.01(a) or, solely with respect to the Borrower, Sections 7.01(f) or (g) exists; provided,
further, that notwithstanding the foregoing, unless an Event of Default under Section 7.01(a) or, solely with respect to the Borrower, Sections 7.01(f) or (g) exists, the Borrower may withhold its
consent to any assignment to any Person (other than a Bona Fide Debt Fund that is a Competitor (unless the Borrower has a reasonable basis for withholding consent)) that is either (I) not a Disqualified Institution but is known by the Borrower
to be an Affiliate of a Disqualified Institution regardless of whether such Person is identifiable as an Affiliate of a Disqualified Institution on the basis of such Affiliate’s name and/or (II) known by the Borrower to be an investor
primarily in distressed credits or opportunistic or special situations or any affiliate of such investor; and 

(B) the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed);
provided, that no consent of the Administrative Agent shall be required for any assignment to another Lender, any Affiliate of a Lender or any Approved Fund. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of any assignment to another Lender, any Affiliate of any Lender or any Approved Fund or
any assignment of the entire remaining amount of the relevant assigning Lender’s Loans or Commitments of any Class, the principal amount of Loans or Commitments of the assigning Lender subject to the relevant assignment (determined as of the
date on which the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent and determined on an aggregate basis in the event of concurrent assignments to Related Funds of the assignee or by Related Funds of
the assigning Lender) shall not be less than $1,000,000, in the case of Term Loans and Term Commitments, unless the Borrower and the Administrative Agent otherwise consent; 

(B) any partial assignment shall be made as an assignment of a proportionate part of all the relevant assigning
Lender’s rights and obligations under this Agreement; 
 (C) the parties to each assignment shall
execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the
Administrative Agent a processing and recordation fee of $3,500 (which fee (i) shall not apply to an assignment by a Lender to its controlled Affiliates and (ii) may otherwise be waived or reduced in the sole discretion of the
Administrative Agent); and 

  
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 (D) the relevant Eligible Assignee, if it is not a Lender, shall
deliver on or prior to the effective date of such assignment, to the Administrative Agent (1) an Administrative Questionnaire and (2) any IRS form and/or other documentation required under Section 2.17. 

(iii) Subject to the acceptance and recording thereof pursuant to paragraph (b)(iv) of this
Section 9.05, from and after the effective date specified in any Assignment and Assumption, the Eligible Assignee thereunder shall be a party hereto and, to the extent of the interest assigned pursuant to such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be (A) entitled to the
benefits of Sections 2.15, 2.16, 2.17 and 9.03 with respect to facts and circumstances occurring on or prior to the effective date of such assignment and (B) subject to its obligations thereunder and under
Section 9.13). If any assignment by any Lender holding any Promissory Note is made after the issuance of such Promissory Note, the assigning Lender shall, upon the effectiveness of such assignment or as promptly thereafter
as practicable, surrender such Promissory Note to the Administrative Agent for cancellation, and, following such cancellation, if requested by either the assignee or the assigning Lender, the Borrower shall issue and deliver a new Promissory Note to
such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new commitments and/or outstanding Loans of the assignee and/or the assigning Lender. 

(iv) The Administrative Agent, acting for this purpose as a
non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders
and their respective successors and assigns, and the commitment of, and principal amount of and interest on the Loans and Commitments owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries
in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and each Lender (but only as to its own holdings), at any reasonable time and from time to time upon reasonable prior notice.

 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an
Eligible Assignee, the Eligible Assignee’s completed Administrative Questionnaire and any tax certification required by Section 9.05(b)(ii)(D)(2) (unless the assignee is already a Lender hereunder), the processing and
recordation fee referred to in Section 9.05(b)(ii)(C), if applicable, and any written consent to the relevant assignment required by Section 9.05(b)(i), the Administrative Agent shall promptly
accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(vi) By executing and delivering an Assignment and Assumption, the assigning Lender and the Eligible Assignee
thereunder shall be deemed to confirm and agree with each other and the other parties hereto as follows: (A) the assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any
adverse claim and that the amount of its commitments, and the outstanding balances of its Loans, in each case without giving effect to any assignment thereof which has not become effective, are as set forth in such Assignment and Assumption, (B)
except as set forth in clause (A) above, the assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statement, warranty or representation made in or in 

  
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 connection with this Agreement, or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of the Borrower or any Restricted Subsidiary or the performance or observance by
the Borrower or any Restricted Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (C) the assignee represents and warrants that it is an Eligible
Assignee, legally authorized to enter into such Assignment and Assumption; (D) the assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in
Section 3.04 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Assumption; (E) the assignee will independently and
without reliance upon the Administrative Agent, the assigning Lender or any other Lender and based on such documents and information as it deems appropriate at the time, continue to make its own credit decisions in taking or not taking action under
this Agreement; (F) the assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent, by the terms hereof,
together with such powers as are reasonably incidental thereto; and (G) the assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a
Lender. 
 (c) (i) Any Lender may, without the consent of the Borrower, the Administrative Agent or any other Lender,
sell participations to any bank or other entity (other than to any Disqualified Institution, any natural Person or, other than with respect to any participation to any Debt Fund Affiliate (any such participations to a Debt Fund Affiliate being
subject to the limitation set forth in the first proviso of the penultimate paragraph set forth in Section 9.05(g), as if the limitation applied to such participations), the Borrower or any of its Affiliates) (a
“Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and the other Lenders
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which any Lender sells such a participation shall provide that
such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the relevant Participant, agree to any amendment, modification or waiver described in (x) clause (A) of the first proviso to Section 9.02(b) that directly and adversely affects the Loans or
Commitments in which such Participant has an interest and (y) clauses (B)(1), (2) or (3) of the first proviso to Section 9.02(b). Subject to paragraph (c)(ii) of this
Section 9.05, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the limitations and requirements of such Sections and
Section 2.19) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.05 and it being understood that the
documentation required under Section 2.17(f) shall be delivered solely to the participating Lender, and if additional amounts are required to be paid pursuant to Section 2.17(a) or
Section 2.17(c), by the participating Lender to the Borrower and the Administrative Agent. To the extent permitted by applicable Requirements of Law, each Participant also shall be entitled to the benefits of
Section 9.09 as though it were a Lender; provided that such Participant shall be subject to Section 2.18(c) as though it were a Lender. 

(ii) No Participant shall be entitled to receive any greater payment under Section 2.15, 2.16 or
2.17 than the participating Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written
consent, not to be unreasonably withheld or delayed, expressly acknowledging that such Participant’s entitlement to benefits under Sections 2.15, 2.16 and 2.17 is not limited to what the participating Lender would have been
entitled to receive absent the participation. 

  
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 Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and their respective successors and registered assigns, and the principal and interest
amounts of each Participant’s interest in the Loans or other obligations under the Loan Documents (a “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of any
Participant Register (including the identity of any Participant or any information relating to any Participant’s interest in any Commitment, Loan or any other obligation under any Loan Document) to any Person except to the extent that such
disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the Treasury Regulations, or is otherwise required under the Code or
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and each Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(other than to any Disqualified Institution or any natural person) to secure obligations of such Lender, including, without limitation, any pledge or assignment to secure obligations to any Federal Reserve Bank or other central bank having
jurisdiction over such Lender, and this Section 9.05 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release any Lender from any of
its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (e)
Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the
Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement;
provided that (i) nothing herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall
be obligated to make such Loan pursuant to the terms hereof. The making of any Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto
hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement (including its obligations
under Section 2.15, 2.16 or 2.17) and no SPC shall be entitled to any greater amount under Section 2.15, 2.16 or 2.17 or any other provision of this Agreement or any
other Loan Document that the Granting Lender would have been entitled to receive, unless the grant to such SPC is made with the prior written consent of the Borrower, not to be unreasonably withheld or delayed, expressly acknowledging that such
SPC’s entitlement to benefits under Sections 2.15, 2.16 and 2.17 is not limited to what the Granting Lender would have been entitled to receive absent the grant to the SPC, (ii) no SPC shall be liable for any indemnity
or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender) and (iii) the Granting Lender shall for all purposes (including approval of any amendment, waiver or other modification of any
provision of the Loan Documents) remain the Lender of record hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and
one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, 

  
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 arrangement, insolvency or liquidation proceedings under the Requirements of Law of the U.S. or
any State thereof; provided that (i) such SPC’s Granting Lender is in compliance in all material respects with its obligations to the Borrower hereunder and (ii) each Lender designating any SPC hereby agrees to indemnify, save
and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such SPC during such period of forbearance. In addition, notwithstanding anything to the contrary
contained in this Section 9.05, any SPC may (i) with notice to, but without the prior written consent of, the Borrower or the Administrative Agent and without paying any processing fee therefor, assign all or a portion
of its interests in any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of
any surety, guaranty or credit or liquidity enhancement to such SPC. Any grant by a Granting Lender to an SPC shall be recorded in the Participant Register pursuant to subsection 9.5(c)(ii). 

(f) (i) Any assignment or participation by a Lender without the Borrower’s consent to any Disqualified Institution or
otherwise not in compliance with this Section 9.05 shall be subject to the provisions of this Section 9.05(f), and the Borrower shall be entitled to seek specific performance to enforce this
Section 9.05(f) in addition to injunctive relief (without posting a bond or presenting evidence of irreparable harm) or any other remedies available to the Borrower at law or in equity; it being understood and agreed that
the Borrower and its Subsidiaries will suffer irreparable harm if any Lender breaches any obligation under this Section 9.05 as it relates to any assignment, participation or pledge of any Loan or Commitment to any
Disqualified Institution or any other Person to whom the Borrower’s consent is required but not obtained. Nothing in this Section 9.05(f) shall be deemed to prejudice any right or remedy that the Borrower may otherwise
have at law or equity. Upon the request of any Lender, the Administrative Agent and the Borrower may make the list of Disqualified Institutions (other than any Disqualified Institution under clause (a)(iii) or (b)(ii) of the definition
thereof) available to such Lender so long as such Lender agrees to keep the list of Disqualified Institutions confidential in accordance with the terms hereof and such Lender may provide such list of Disqualified Institutions to any potential
assignee or participant on a confidential basis, solely for the purpose of permitting such potential assignee or participant to verify whether such Person constitutes a Disqualified Institution. 

(ii) If any assignment or participation under this Section 9.05 is made to a Disqualified Institution
without the Borrower’s prior written consent or otherwise not in compliance with this Section 9.05, then the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Institution (or the
applicable Lender) and the Administrative Agent, (A) terminate any Commitment of such Disqualified Institution (or the applicable Lender) and repay all obligations of the Borrower owing to such Disqualified Institution (or the applicable
Lender), (B) in the case of any outstanding Term Loans, held by such Disqualified Institution (or the applicable Lender), purchase such Term Loans by paying the lesser of (x) par and (y) the amount that such Disqualified Institution (or
the applicable Lender) paid to acquire such Term Loans, plus accrued interest thereon, accrued fees and all other amounts payable to it hereunder and/or (C) require such Disqualified Institution (or the applicable Lender) to assign,
without recourse (in accordance with and subject to the restrictions contained in this Section 9.05), all of its interests, rights and obligations under this Agreement to one or more Eligible Assignees; provided that
(I) in the case of clause (B), the applicable Disqualified Institution (or the applicable Lender) has received payment of an amount equal to the lesser of (1) par and (2) the amount that such Disqualified Institution (or the
applicable Lender) paid for the applicable Loans, plus accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the Borrower, (II) in the case of clauses (A) and (B), the Borrower
shall not be liable to the relevant Disqualified Institution (or the applicable Lender) under Section 2.16 if any LIBO Rate Loan owing to such Disqualified Institution (or the applicable Lender) is repaid or purchased other
than on the last day of the Interest Period relating thereto, (III) in the case of clause (C), the relevant assignment shall otherwise comply with this Section 9.05 (except that (x) no registration and
processing fee required under this Section 9.05 

  
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 shall be required with any assignment pursuant to this paragraph and (y) any Term Loan
acquired by any Affiliated Lender pursuant to this paragraph will not be included in calculating compliance with the Affiliated Lender Cap for a period of 90 days following such transfer; provided that, to the extent the aggregate principal
amount of Term Loans held by Affiliated Lenders exceeds the Affiliated Lender Cap on the 91st day following such transfer, then such excess amount shall either be (x) contributed to the Borrower or any of its Subsidiaries and retired and
cancelled immediately upon such contribution or (y) automatically cancelled) and (IV) in no event shall such Disqualified Institution (or the applicable Lender) be entitled to receive amounts set forth in
Section 2.13(c). Further, the Borrower may, upon notice to the Administrative Agent, require that such Disqualified Institution (or the applicable Lender) (A) will not receive information or reporting provided by any Loan
Party, the Administrative Agent or any Lender and will not be permitted to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent, (B) (x) for purposes of determining whether the
Required Lenders or the majority Lenders under any Class have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any
Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or
under any Loan Document, shall not have any right to consent (or not consent), otherwise act or direct or require the Administrative Agent or any Lender to take (or refrain from taking) any such action, and all Loans held by any Disqualified
Institution (or the applicable Lender) shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders, majority Lenders under any Class or all Lenders have taken any actions, and (y) hereby agrees that
if a case or proceeding under any Debtor Relief Law shall be commenced by or against the Borrower or any other Loan Party, such Disqualified Institution (or the applicable Lender) will be deemed to vote in the same proportion as Lenders that are not
Disqualified Institutions (or the applicable Lender) and that any vote by any such Disqualified Institution in violation of the foregoing shall not be counted and (C) hereby agrees that the provisions of Section 9.03
shall not apply in favor of such Disqualified Institutions (or the applicable Lender). For the sake of clarity, the provisions in this Section 9.05(f) shall not apply to any Person that is an assignee of a Disqualified
Institution (or the applicable Lender), if such assignee is not a Disqualified Institution (or the applicable Lender). 

(iii) Notwithstanding anything to the contrary herein, each of the Borrower and each Lender acknowledges and agrees that the
Administrative Agent, in its capacity as such, shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions (or the
applicable Lender), including whether any Lender or potential Lender is a Disqualified Institution (or the applicable Lender). Without limiting the generality of the foregoing, the Administrative Agent, in its capacity as such, shall not (x) be
obligated to ascertain, monitor or inquire as to whether any Lender or participant or prospective Lender or participant is a Disqualified Institution (or the applicable Lender) or (y) have any liability with respect to or arising out of any
assignment or participation of Loans or Commitments, or disclosure of confidential information, to any Disqualified Institution (or the applicable Lender) (regardless of whether the consent of the Administrative Agent is required thereto), and none
of the Borrower, any Lender or their respective Affiliates will bring any claim to such effect. 
 (g) Notwithstanding
anything to the contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations under this Agreement in respect of its Term Loans to any Affiliated Lender (A) through Dutch Auctions open to all
Lenders holding the relevant Term Loans or (B) through open market purchases on a non-pro rata basis, in each case with respect to clauses (A) and (B), without the consent of the
Administrative Agent; provided that: 

  
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 (i) any Term Loans acquired by the Borrower or any of its
Restricted Subsidiaries shall, to the extent permitted by applicable Requirements of Law, be retired and cancelled immediately upon the acquisition thereof; provided that upon any such retirement and cancellation, the aggregate outstanding
principal amount of the Term Loans shall be deemed reduced by the full par value of the aggregate principal amount of the Term Loans so retired and cancelled, and each principal repayment installment with respect to the Term Loans pursuant to
Section 2.10(a) shall be reduced on a pro rata basis by the full par value of the aggregate principal amount of Term Loans so cancelled; 

(ii) any Term Loans acquired by any Affiliated Lender may (but shall not be required to) be contributed to the
Borrower or any of its Subsidiaries (it being understood that any such Term Loans shall, to the extent permitted by applicable Requirements of Law, be retired and cancelled promptly upon such contribution); provided that upon any such
cancellation, the aggregate outstanding principal amount of the applicable Term Loans shall be deemed reduced, as of the date of such contribution, by the full par value of the aggregate principal amount of the Term Loans so contributed and cancelled, and each principal repayment
installment with respect to the applicable Term Loans
pursuant to Section 2.10(a) shall be reduced pro rata by the full par value of the aggregate principal amount of Term Loans so contributed and cancelled; 

(iii) the relevant Affiliated Lender and assigning Lender shall have executed an Affiliated Lender Assignment
and Assumption; 
 (iv) after giving effect to the relevant assignment and to all other assignments to all
Affiliated Lenders, the aggregate principal amount of all Term Loans then held by all Affiliated Lenders shall not exceed 25% of the aggregate principal amount of the Term Loans then outstanding (after giving effect to any substantially simultaneous
cancellations thereof) (the “Affiliated Lender Cap”); provided that each party hereto acknowledges and agrees that the Administrative Agent shall not be liable for any losses, damages, penalties, claims, demands, actions,
judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever incurred or suffered by any Person in connection with any compliance or non-compliance with this clause (g)(iv) or
any purported assignment exceeding the Affiliated Lender Cap (it being understood and agreed that the Affiliated Lender Cap is intended to apply to any Term Loans made available to Affiliated Lenders by means other than formal assignment (e.g., as a
result of an acquisition of another Lender (other than any Debt Fund Affiliate)) by any Affiliated Lender or the provision of Additional Term Loans by any Affiliated Lender); provided, further, that to the extent that any assignment to
any Affiliated Lender would result in the aggregate principal amount of Term Loans held by Affiliated Lenders exceeding the Affiliated Lender Cap (after giving effect to any substantially simultaneous cancellations thereof), the assignment of the
relevant excess amount shall be null and void; (v) in connection with any assignment effected pursuant to a Dutch Auction and/or open market purchase conducted by the Borrower or any of its Restricted Subsidiaries, no Event of Default exists at the
time of acceptance of bids for the Dutch Auction or the confirmation of such open market purchase, as applicable; and 

(vi) by its acquisition of Term Loans, each relevant Affiliated Lender shall be deemed to have acknowledged and
agreed that: 
 (A) subject to clause (iv) above, the Term Loans held by such Affiliated Lender
shall be disregarded in both the numerator and denominator in the calculation of 

  
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 any Required Lender or other Lender vote (and the Term Loans held by such
Affiliated Lender shall be deemed to be voted pro rata along with the other Lenders that are not Affiliated Lenders); provided that (x) such Affiliated Lender shall have the right to vote (and the Term Loans held by such Affiliated
Lender shall not be so disregarded) with respect to any amendment, modification, waiver, consent or other action that requires the vote of all Lenders or all Lenders directly and adversely affected thereby, as the case may be, and (y) no
amendment, modification, waiver, consent or other action shall (1) disproportionately affect such Affiliated Lender in its capacity as a Lender as compared to other Lenders of the same Class that are not Affiliated Lenders or
(2) deprive any Affiliated Lender of its share of any payments which the Lenders are entitled to share on a pro rata basis hereunder, in each case without the consent of such Affiliated Lender; and 

(B) such Affiliated Lender, solely in its capacity as an Affiliated Lender, will not be entitled to
(i) attend (including by telephone) or participate in any meeting or discussion (or portion thereof) among the Administrative Agent or any Lender or among Lenders to which the Loan Parties or their representatives are not invited or
(ii) receive any information or material prepared by the Administrative Agent or any Lender or any communication by or among the Administrative Agent and one or more Lenders, except to the extent such information or materials have been made
available by the Administrative Agent or any Lender to any Loan Party or its representatives (and in any case, other than the right to receive notices of Borrowings, prepayments and other administrative notices in respect of its Term Loans required
to be delivered to Lenders pursuant to Article 2); 
 (vii) no Affiliated Lender shall be required to
represent or warrant that it is not in possession of material non-public information with respect to the Borrower and/or any Subsidiary thereof and/or their respective securities in connection with any
assignment permitted by this Section 9.05(g); and 
 (viii) in any case or
proceeding under any Debtor Relief Law, the interest of any Affiliated Lender in any Term Loan will be deemed to be voted in the same proportion as the vote of Lenders that are not Affiliated Lenders on the relevant matter; provided that each
Affiliated Lender will be entitled to vote its interest in any Term Loan to the extent that any plan of reorganization or similar dispositive restructuring plan with respect to which the relevant vote is sought proposes to treat the interest of such
Affiliated Lender in such Term Loan in a manner that is less favorable to such Affiliated Lender than the proposed treatment of Term Loans held by other Term Lenders. 

Notwithstanding anything to the contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations
under this Agreement in respect of its Term Loans to any Debt Fund Affiliate, and any Debt Fund Affiliate may, from time to time, purchase Term Loans (x) on a non-pro rata basis through Dutch Auctions
open to all applicable Lenders or (y) on a non-pro rata basis through open market purchases without the consent of the Administrative Agent, in each case, notwithstanding the requirements set forth in
subclauses (i) through (viii) of this clause (g); provided that the Term Loans held by all Debt Fund Affiliates shall not account for more than 49.9% of the amounts included in determining whether the Required
Lenders have (A) consented to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (B) otherwise acted on any matter related to any
Loan Document or (C) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document; it being understood and agreed that the portion of 

  
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 the Term Loan that accounts for more than 49.9% of the relevant Required Lender action shall be
deemed to be voted pro rata along with other Lenders that are not Debt Fund Affiliates. Any Term Loans acquired by any Debt Fund Affiliate may (but shall not be required to) be contributed to the Borrower or any of its Subsidiaries for purposes of
cancelling such Indebtedness (it being understood that any Term Loans so contributed shall be retired and cancelled immediately upon thereof); provided that upon any such cancellation, the aggregate outstanding principal amount of the
relevant Class of Loans shall be deemed reduced, as of the date of such contribution, by the full par value of the aggregate principal amount of the Loans so contributed and cancelled, and each principal repayment installment with respect to
the Term Loans pursuant to Section 2.10(a) shall be reduced pro rata by the full par value of the aggregate principal amount of any applicable Term Loans so contributed and cancelled. 

Section 9.06. Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the
Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the
execution and delivery of the Loan Documents and the making of any Loan regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent may have had notice or knowledge of any Default
or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect until the Termination Date. The provisions of Sections 2.15, 2.16, 2.17,
9.03 and 9.13 and Article 8 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the occurrence of the Termination Date or the
termination of this Agreement or any provision hereof but in each case, subject to the limitations set forth in this Agreement. 

Section 9.07. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents, the Engagement Letter and any
separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire agreement among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. This Agreement shall become effective when it has been executed by the Borrower and the Administrative Agent and when the Administrative Agent has received counterparts hereof which, when taken
together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile or other electronic transmission (including by email as a “.pdf” or “.tif” attachment) shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 9.08. Severability. To the extent permitted by applicable Requirements of Law, any provision of any Loan
Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of
the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 9.09. Right of Setoff. At any time when an Event of Default exists, the Administrative Agent and each
Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Requirements of Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other obligations (in any currency) at any time owing by the Administrative Agent or such Lender to or for the credit or the account of any Loan Party against any of and all the Secured Obligations held by the Administrative Agent or such 

  
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 Lender, irrespective of whether or not the Administrative Agent or such Lender shall have made
any demand under the Loan Documents and although such obligations may be contingent or unmatured or are owed to a branch or office of such Lender different than the branch or office holding such deposit or obligation on such Indebtedness. Any
applicable Lender shall promptly notify the Borrower and the Administrative Agent of such set-off or application; provided that any failure to give or any delay in giving such notice shall not affect
the validity of any such set-off or application under this Section 9.09. The rights of each Lender and the Administrative Agent under this Section 9.09 are
in addition to other rights and remedies (including other rights of setoff) which such Lender or the Administrative Agent may have. 

Section 9.10. Governing Law; Jurisdiction; Consent to Service of Process. 

(a) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN ANY OTHER LOAN DOCUMENT) AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN ANY OTHER LOAN DOCUMENT), SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 (b) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO
THE EXCLUSIVE JURISDICTION OF ANY U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK (OR ANY APPELLATE COURT THEREFROM) OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN
DOCUMENT AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL (EXCEPT AS PERMITTED BELOW) BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, FEDERAL COURT. EACH PARTY
HERETO AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY REGISTERED MAIL ADDRESSED TO SUCH PERSON SHALL BE EFFECTIVE SERVICE OF PROCESS AGAINST SUCH PERSON FOR ANY SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT. EACH PARTY
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE REQUIREMENTS OF LAW. EACH PARTY HERETO AGREES THAT THE ADMINISTRATIVE
AGENT RETAINS THE RIGHT TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION SOLELY IN CONNECTION WITH THE EXERCISE OF ITS RIGHTS UNDER ANY COLLATERAL DOCUMENT. 

(c) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO
SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS
SECTION 9.10. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH
COURT. 

  
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 (d) TO THE EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, EACH PARTY HERETO
HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL) DIRECTED TO IT AT ITS ADDRESS FOR NOTICES AS PROVIDED
FOR IN SECTION 9.01. EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT
THAT SERVICE OF PROCESS WAS INVALID AND INEFFECTIVE. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE REQUIREMENTS OF LAW. 

Section 9.11. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT,
ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 9.11. 
 Section 9.12. Headings. Article and Section headings and the Table of Contents
used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 9.13. Confidentiality. Each of the Administrative Agent, each Lender, each Arranger, each First Amendment
Arranger (as defined in the First Amendment), each Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger and, each Fourth Amendment Arranger and each Fifth Amendment Arranger agrees (and each Lender agrees to
cause its SPC, if any) to maintain the confidentiality of the Confidential Information (as defined below), except that Confidential Information may be disclosed (a) to its and its Affiliates’ directors, officers, managers, employees,
independent auditors, or other experts and advisors, including accountants, legal counsel and other advisors (collectively, the “Representatives”) on a “need to know” basis solely in connection with the transactions
contemplated hereby and who are informed of the confidential nature of the Confidential Information and are or have been advised of their obligation to keep the Confidential Information of this type confidential; provided that such Person
shall be responsible for its Affiliates’ and their Representatives’ compliance with this paragraph; provided, further, that unless the Borrower otherwise consents, no such disclosure shall be made by the Administrative Agent,
any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, any Lender or any
Affiliate or Representative thereof to any Affiliate or Representative of the Administrative Agent, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment),
the Third Amendment Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger, or any Lender that is a Disqualified Institution, (b) to the extent compelled by legal process in, or reasonably necessary to, the defense of such legal, judicial or administrative proceeding, in any
legal, judicial or administrative proceeding or otherwise as required by applicable Requirements of Law (in which case 

  
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 such Person shall (i) to the extent permitted by applicable Requirements of Law, inform the
Borrower promptly in advance thereof and (ii) use commercially reasonable efforts to ensure that any such information so disclosed is accorded confidential treatment), (c) upon the demand or request of any regulatory or governmental authority
(including any self-regulatory body) purporting to have jurisdiction over such Person or its Affiliates (in which case such Person shall, except with respect to any audit or examination conducted by bank accountants or any Governmental Authority or
regulatory or self-regulatory authority exercising examination or regulatory authority, to the extent permitted by applicable Requirements of Law, (i) inform the Borrower promptly in advance thereof and (ii) use commercially reasonable
efforts to ensure that any information so disclosed is accorded confidential treatment), (d) to any other party to this Agreement, (e) subject to an acknowledgment and agreement by the relevant recipient that the Confidential Information is
being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as otherwise reasonably acceptable to the Borrower and the Administrative Agent, including as set forth in the Information Memorandum) in
accordance with the standard syndication process of the Arrangers, First Amendment Arrangers (as defined in the First Amendment), Second Amendment Arrangers (as defined in the Second Amendment), Third Amendment Arranger or, Fourth Amendment Arrangers or Fifth Amendment Arrangers, as applicable, or market standards for dissemination of the relevant type of information, which shall in any event require “click through” or other affirmative action on the part of the recipient to
access the Confidential Information and acknowledge its confidentiality obligations in respect thereof, to (i) any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or prospective Participant in, any of its rights
or obligations under this Agreement, including any SPC (in each case other than a Disqualified Institution), (ii) any pledgee referred to in Section 9.05, (iii) any actual or prospective, direct or indirect contractual
counterparty (or its advisors) to any Derivative Transaction (including any credit default swap) or similar derivative product to which any Loan Party is a party and (iv) subject to the Borrower’s prior approval of the information to be
disclosed, (x) to Moody’s or S&P on a confidential basis in connection with obtaining or maintaining ratings as required under Section 5.13 or (y) to the CUSIP Service Bureau or any similar agency in
connection with the issuance and monitoring of CUSIP numbers with respect to the facilities or, on a confidential basis, market data collectors and service providers to the Administrative Agent in connection with the administration and management of
this Agreement and the Loan Documents, (f) with the prior written consent of the Borrower and (g) to the extent the Confidential Information becomes publicly available other than as a result of a breach of this
Section 9.13 by such Person, its Affiliates or their respective Representatives. For purposes of this Section 9.13, “Confidential Information” means all information relating
to the Borrower and/or any of its Subsidiaries and their respective businesses or the Transactions (including any information obtained by the Administrative Agent, any Lender, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any
Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth
Amendment Arranger, any Fifth Amendment Arranger or any of
their respective Affiliates or Representatives, based on a review of any books and records relating to the Borrower and/or any of its Subsidiaries and their respective Affiliates from time to time, including prior to the date hereof) other than any
such information that is publicly available to the Administrative Agent, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment
Arranger, any Fourth Amendment Arranger, any Fifth Amendment Arranger or Lender on a non-confidential basis prior to disclosure by the Borrower or any of its Subsidiaries. For the avoidance of doubt, in no
event shall any disclosure of any Confidential Information be made to a Person that is a Disqualified Institution at the time of disclosure. 

Section 9.14. No Fiduciary Duty. Each of the Administrative Agent, the Arrangers, any First Amendment Arranger (as
defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger,
any Fourth Amendment Arranger, any Fifth Amendment Arranger, each
Lender and their respective Affiliates (collectively, solely for 

  
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 purposes of this paragraph, the “Lenders”), may have economic interests that conflict
with those of the Loan Parties, their stockholders and/or their respective affiliates. Each Loan Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or
other implied duty between the Administrative Agent, any Arranger, any First Amendment Arranger (as defined in the First Amendment), any Second Amendment Arranger (as defined in the Second Amendment), the Third Amendment Arranger, any Fourth
Amendment Arranger, any Fifth Amendment Arranger, any Lender or
their respective Affiliates, on the one hand, and such Loan Party, its respective stockholders or its respective affiliates, on the other. Each Loan Party acknowledges and agrees that: (i) the transactions contemplated by the Loan Documents
(including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and the Loan Parties, on the other, and (ii) in
connection therewith and with the process leading thereto, (x) no Lender, in its capacity as such, has assumed an advisory or fiduciary responsibility in favor of any Loan Party, its respective stockholders or its respective affiliates with
respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Loan Party, its
respective stockholders or its respective Affiliates on other matters) or any other obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and (y) each Lender, in its capacity as such, is acting solely as
principal and not as the agent or fiduciary of such Loan Party, its respective management, stockholders, creditors or any other Person. Each Loan Party acknowledges and agrees that such Loan Party has consulted its own legal, tax and financial
advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. To the fullest extent permitted by the applicable Requirements of Law,
each Loan Party hereby agrees not to assert any claim against the Administrative Agent, the Arrangers, the First Amendment Arrangers (as defined in the First Amendment), the Second Amendment Arrangers (as defined in the Second Amendment), the Third
Amendment Arranger, the Fourth Amendment Arrangers, the Fifth Amendment Arrangers any Lender or any of their respective Affiliates with respect to any alleged breach of fiduciary duty arising solely by virtue of this Agreement. 

Section 9.15. Several Obligations. The respective obligations of the Lenders hereunder are several and not joint
and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. 

Section 9.16. USA PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby
notifies the Loan Parties that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan Party and other
information that will allow such Lender to identify such Loan Party in accordance with the USA PATRIOT Act. 

Section 9.17. Disclosure of Agent Conflicts. Each Loan Party and each Lender hereby acknowledge and agree that the
Administrative Agent and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective Affiliates. 

Section 9.18. Appointment for Perfection. Each Lender hereby appoints each other Lender as its agent for the
purpose of perfecting Liens for the benefit of the Administrative Agent and the Lenders, in assets which, in accordance with Article 9 of the UCC or any other applicable Requirement of Law can be perfected only by possession. If any Lender (other
than the Administrative Agent) obtains possession of any Collateral, such Lender shall notify the Administrative Agent thereof and, promptly upon the Administrative Agent’s request therefor shall deliver such Collateral to the Administrative
Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions. 

  
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 The Lenders hereby acknowledge and agree that the Administrative Agent may act, subject to and in
accordance with the terms of any Acceptable Intercreditor Agreement, and any other applicable intercreditor or subordination agreement, as the collateral agent for the Lenders. 

Section 9.19. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the
interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable Requirements of Law (collectively the “Charged Amounts”), shall exceed the
maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable Requirements of Law, the rate of interest payable in respect of
such Loan hereunder, together with all Charged Amounts payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charged Amounts that would have been payable in respect of such Loan but were not
payable as a result of the operation of this Section 9.19 shall be cumulated and the interest and Charged Amounts payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum
Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, have been received by such Lender. 

Section 9.20. Conflicts. Notwithstanding anything to the contrary contained herein or in any other Loan Document,
in the event of any conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall govern and control; provided that in the case of any conflict or inconsistency between any Acceptable
Intercreditor Agreement and any Loan Document, the terms of any Acceptable Intercreditor Agreement shall govern and control. 

Section 9.21. Release of Guarantors. Notwithstanding anything in Section 9.02(b) to the
contrary, any Subsidiary Guarantor shall automatically be released from its obligations hereunder (and its Loan Guaranty shall be automatically released) (i) upon the consummation of any permitted transaction or series of related transactions
if as a result thereof such Subsidiary Guarantor ceases to be a Restricted Subsidiary, (ii) upon such Subsidiary Guarantor becoming or constituting an Excluded Subsidiary as a result of a transaction or transactions permitted hereunder and/or
(iii) upon the occurrence of the Termination Date. In connection with any such release, the Administrative Agent shall promptly execute and deliver to the relevant Loan Party, at such Loan Party’s expense, all documents that such Loan
Party shall reasonably request to evidence termination or release; provided, that upon the request of the Administrative Agent, the Borrower shall deliver a certificate of a Financial Officer certifying that the relevant transaction has been
consummated in compliance with the terms of this Agreement. Any execution and delivery of any document pursuant to the preceding sentence of this Section 9.21 shall be without recourse to or warranty by the Administrative
Agent (other than as to the Administrative Agent’s authority to execute and deliver such documents). 

Section 9.22. Acknowledgment and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding of the parties hereto, each such party acknowledges that any liability of any EEA Financial Institution arising
under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

  
 168 

 (b) the effects of any Bail-In Action on
any such liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any
such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or other instruments
of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any
rights with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii) the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

Section 9.23. Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support,
through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as
follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact
be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

In the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such
QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the
Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered
Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are
permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United
States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party under a Supported QFC or any QFC Credit
Support. 
 [Signature Pages Follow] 

  
 169 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the day and year first above written. 
  

			
	 BLACKSTONE MORTGAGE TRUST, INC., as the

	 Borrower

		
	 By:
	 	              

		 	 Name:

Title:

 Signature Page to Term Loan Credit Agreement 

 
			
	 JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender

		
	 By:
	 	              

		 	 Name:

Title:

 Signature Page to Term Loan Credit AgreementEX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
 MASTER REPURCHASE AGREEMENT

 Dated as of May 14, 2021 

by and among 
 PARLEX 8 USD IE
ISSUER DESIGNATED ACTIVITY COMPANY, 
 as US Purchaser, 

PARLEX 8 GBP IE ISSUER DESIGNATED ACTIVITY COMPANY, 

as UK Purchaser, 
 PARLEX 8 EUR IE
ISSUER DESIGNATED ACTIVITY COMPANY, 
 as EUR Purchaser, 

BANCO SANTANDER, S.A., 
 as
Collateral Agent, 
 PARLEX 8 FINCO, LLC, 

as US Seller, 
 PARLEX 8 GBP FINCO,
LLC, 
 as UK Seller, 
 and 

PARLEX 8 EUR FINCO, LLC, 
 as EUR
Seller 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE 1
	 	 APPLICABILITY
	  	 	1	 
			
	 ARTICLE 2
	 	 DEFINITIONS
	  	 	1	 
			
	 ARTICLE 3
	 	 INITIATION; CONFIRMATION; TERMINATION; EXTENSION
	  	 	32	 
			
	 ARTICLE 4
	 	 MARGIN MAINTENANCE
	  	 	45	 
			
	 ARTICLE 5
	 	 PAYMENTS; COLLECTION ACCOUNTS
	  	 	45	 
			
	 ARTICLE 6
	 	 REQUIREMENTS OF LAW
	  	 	49	 
			
	 ARTICLE 7
	 	 SECURITY INTEREST
	  	 	51	 
			
	 ARTICLE 8
	 	 TRANSFER AND CUSTODY
	  	 	53	 
			
	 ARTICLE 9
	 	 SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED ASSETS
	  	 	54	 
			
	 ARTICLE 10
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	54	 
			
	 ARTICLE 11
	 	 NEGATIVE COVENANTS OF SELLERS
	  	 	61	 
			
	 ARTICLE 12
	 	 AFFIRMATIVE COVENANTS OF SELLERS
	  	 	62	 
			
	 ARTICLE 13
	 	 SINGLE PURPOSE ENTITY COVENANTS
	  	 	68	 
			
	 ARTICLE 14
	 	 EVENTS OF DEFAULT; REMEDIES
	  	 	71	 
			
	 ARTICLE 15
	 	 SET-OFF
	  	 	76	 
			
	 ARTICLE 16
	 	 SINGLE AGREEMENT
	  	 	77	 
			
	 ARTICLE 17
	 	 RECORDING OF COMMUNICATIONS
	  	 	78	 
			
	 ARTICLE 18
	 	 NOTICES AND OTHER COMMUNICATIONS
	  	 	78	 
			
	 ARTICLE 19
	 	 ENTIRE AGREEMENT; SEVERABILITY
	  	 	79	 
			
	 ARTICLE 20
	 	 NON-ASSIGNABILITY
	  	 	79	 
			
	 ARTICLE 21
	 	 GOVERNING LAW
	  	 	81	 
			
	 ARTICLE 22
	 	 WAIVERS AND AMENDMENTS
	  	 	81	 
			
	 ARTICLE 23
	 	 INTENT
	  	 	81	 
			
	 ARTICLE 24
	 	 DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS
	  	 	83	 
			
	 ARTICLE 25
	 	 CONSENT TO JURISDICTION; WAIVERS
	  	 	83	 
			
	 ARTICLE 26
	 	 NO RELIANCE
	  	 	84	 
			
	 ARTICLE 27
	 	 INDEMNITY AND EXPENSES
	  	 	85	 
			
	 ARTICLE 28
	 	 DUE DILIGENCE
	  	 	86	 
			
	 ARTICLE 29
	 	 SERVICING
	  	 	88	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE 30
	 	 CONTRACTUAL RECOGNITION OF BAIL-IN
	  	 	89	 
			
	 ARTICLE 31
	 	 MISCELLANEOUS
	  	 	90	 
			
	 ARTICLE 32
	 	 TAXES
	  	 	91	 
			
	 ARTICLE 33
	 	 JOINT AND SEVERAL LIABILITY
	  	 	94	 
			
	 ARTICLE 34
	 	 COLLATERAL AGENT
	  	 	96	 
			
	 ARTICLE 35
	 	 TRANSACTION REPORTING; CONSENT FOR DISCLOSURE OF INFORMATION
	  	 	99	 
			
	 ARTICLE 36
	 	 NON-PETITION
	  	 	99	 
			
	 ARTICLE 37
	 	 EFFECTIVE DATE
	  	 	100	 
			
	 ARTICLE 38
	 	 ACKNOWLEDGMENT OF COMMON ISSUER SECURITY
	  	 	100	 

  

  
 ii 

 ANNEXES AND EXHIBITS 

 

			
	 ANNEX I
	  	 Seller Wire Instructions

	 ANNEX II
	  	 Purchaser Wire Instructions

	 ANNEX III
	  	 Collateral Agent Wire Instructions

		
	 EXHIBIT I
	  	 Names and Addresses for Communications between Parties

	 EXHIBIT II
	  	 Form of Confirmation Statement

	 EXHIBIT III
	  	 Authorized Representatives of Sellers

	 EXHIBIT IV-A
	  	 Form of Power of Attorney (for U.S. Purchased Assets)

	 EXHIBIT IV-B
	  	 Form of Power of Attorney (for Foreign Purchased Assets (GBP))

	 EXHIBIT IV-C
	  	 Form of Power of Attorney (for Foreign Purchased Assets (EUR))

	 EXHIBIT V-A
	  	 Representations and Warranties Regarding Individual Purchased Assets (for U.S. Purchased Assets)

		
	 EXHIBIT V-B
	  	 Representations and Warranties Regarding Individual Purchased Assets in the United Kingdom

		
	 EXHIBIT V-C
	  	 Representations and Warranties Regarding Individual Purchased Assets in the European Union

	 EXHIBIT VI
	  	 Asset Information

	 EXHIBIT VII
	  	 Advance Procedures

	 EXHIBIT VIII
	  	 Form of Margin Call Notice

	 EXHIBIT IX
	  	 Form of Release Letter

	 EXHIBIT X
	  	 Form of Covenant Compliance Certificate

	 EXHIBIT XI
	  	 Form of Redirection Letter

	 EXHIBIT XII
	  	 Form of Bailee Letter

	 EXHIBIT XIII
	  	 Prohibited Transferees

	 EXHIBIT XIV
	  	 Form of U.S. Tax Compliance Certificates

	 EXHIBIT XV
	  	 Form of Parallel Guaranty

  
 iii 

 MASTER REPURCHASE AGREEMENT 

MASTER REPURCHASE AGREEMENT, dated as of May 14, 2021 (as amended, restated, supplemented or otherwise modified
and in effect from time to time, this “Agreement”), by and among (i) PARLEX 8 USD IE ISSUER DESIGNATED ACTIVITY COMPANY (including any successor thereto, “US Purchaser”), PARLEX 8 GBP IE ISSUER
DESIGNATED ACTIVITY COMPANY (including any successor thereto, “UK Purchaser”), and PARLEX 8 EUR IE ISSUER DESIGNATED ACTIVITY COMPANY, each a designated activity company organized under the laws of Ireland (including any
successor thereto, “EUR Purchaser” and, together with US Purchaser and UK Purchaser, each a “Purchaser” and collectively, “Purchaser”), (ii) BANCO SANTANDER, S.A., a Sociedad
Anónima incorporated under Spanish law (including any successor thereto in accordance with the Collateral Agency Agreement (as defined herein), “Collateral Agent”), and (iii) PARLEX 8 FINCO, LLC, a limited
liability company organized under the laws of the State of Delaware (“US Seller”), PARLEX 8 GBP FINCO, LLC, a limited liability company organized under the laws of the State of Delaware (“UK Seller”),
and PARLEX 8 EUR FINCO, LLC, a limited liability company organized under the laws of the State of Delaware (“EUR Seller” and, together with US Seller and UK Seller, each a “Seller” and collectively,
“Sellers”). 
 ARTICLE 1 

APPLICABILITY 

Subject to the terms of the Transaction Documents, from time to time during the Availability Period (as defined herein) the
parties hereto may enter into transactions in which a Seller will sell to Purchaser, all of such Seller’s right, title and interest in and to certain Eligible Assets (as defined herein) on a servicing-released basis and the other related
Purchased Items (as defined herein) (collectively, the “Assets”) against the transfer of funds (in the Applicable Currency of the related Eligible Asset) by Purchaser to such Seller (or at the direction of such Seller to a
Designated Funding Party), with a simultaneous agreement by Purchaser to re-sell back to such Seller, and by such Seller to repurchase, such Assets at a date certain or on demand, against the transfer of funds (in the Applicable Currency of the
related Eligible Asset) by such Seller to Purchaser. Each such transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing by the applicable Seller and Purchaser, shall be governed by this
Agreement, including any supplemental terms or conditions contained in any exhibits identified herein as applicable hereunder. Each individual transfer of an Eligible Asset shall constitute a distinct Transaction. Notwithstanding any provision or
agreement herein, this Agreement is not a commitment by Purchaser to engage in Transactions, but sets forth the requirements under which Purchaser would consider entering into Transactions from time to time. At no time shall Purchaser be obligated
to purchase or effect the transfer of any Eligible Asset from any Seller to Purchaser. 
 ARTICLE 2 

DEFINITIONS 

The following capitalized terms shall have the respective meanings set forth below. 

 “Accelerated Repurchase Date” shall have the meaning specified
in Article 14(b). 
 “Accepted Servicing Practices” shall mean with respect to any Purchased Asset,
those mortgage loan, mezzanine loan or participation interest servicing practices of prudent mortgage lending institutions that service mortgage loans, mezzanine loans and/or participation interests of the same type as such Purchased Asset in the
jurisdiction where the related underlying real estate directly or indirectly securing or supporting such Purchased Asset is located. 

“Account Bank” shall mean PNC Bank, National Association, or any successor appointed by Purchaser and
reasonably acceptable to Sellers. 
 “Account Control Agreement” shall mean individually or collectively,
as the context may require, (i) that certain Account Control Agreement, dated on or about the Closing Date, among Purchaser, Collateral Agent, US Seller and Account Bank relating to the US Collection Account, (ii) that certain Account Control
Agreement, dated on or about the Closing Date, among Purchaser, Collateral Agent, UK Seller and Account Bank relating to the UK Collection Account, (iii) that certain Account Control Agreement, dated on or about the Closing Date, among
Purchaser, Collateral Agent, EUR Seller and Account Bank relating to the EUR Collection Account and (iv) any other account control or similar agreement entered into with respect to any other Collection Account, in each case, as such agreements may
be amended, modified and/or restated from time to time, and/or any replacement agreement. 
 “Act of
Insolvency” shall mean, with respect to any Person, (a) the filing of a petition, commencing, or authorizing the commencement by such Person as debtor or with the authorization of such Person of any case or proceeding under any
bankruptcy, insolvency, reorganization, liquidation, moratorium, dissolution, delinquency or similar law relating to the protection of creditors, or (b) suffering any such petition or proceeding described in clause (a) to be
commenced by another Person which (i) is consented to, solicited by, colluded with or not timely contested or (ii) results in the entry of an order or decree for relief that, in the case of an action not commenced by or with the consent of such
Person, is not dismissed or stayed within sixty (60) days; (c) the seeking or consenting by such Person to the appointment of a receiver, trustee, custodian or similar official for such Person or all or substantially all of the property of
such Person; (d) the appointment of a receiver, conservator, or manager for such Person by any governmental agency or authority having the jurisdiction to do so that, in the case of an appointment not sought by or with the consent of such
Person, is not dismissed or stayed within sixty (60) days; (e) the making by such Person of a general assignment for the benefit of creditors; (f) the admission in a legal proceeding by such Person of its inability to, or intention
not to, pay its debts or discharge its obligations as they become due or mature; or (g) that any Governmental Authority or agency or any person, agency or entity acting or purporting to act under Governmental Authority shall have taken any
action to condemn, seize or appropriate, or to assume custody or control of, all or substantially all 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, with respect to clauses (a) through (g) above, any equivalent in each relevant jurisdiction). 

  
 2 

 “Affiliate” shall mean, when used with respect to any specified
Person, (a) any other Person directly or indirectly controlling, controlled by, or under common control with, such Person or (b) any “affiliate” of such Person, as such term is defined in the Bankruptcy Code. Control shall mean,
with respect to any Person, the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such a Person, whether through the ownership of voting power, by contract or otherwise and
“controlling” and “controlled” shall have meanings correlative thereto. 
 “Agreement”
shall have the meaning specified in the introductory paragraph hereof. 
 “Allocation Proportion” shall
means, at any time, the proportion (expressed as a percentage) which the U.S. Dollar equivalent of the Senior Exposure of each Purchaser at that time bears to sum of the U.S. Dollar equivalent of the Senior Exposure of all Purchasers at
that time. For this purpose, the Senior Exposure of EUR Purchaser and UK Purchaser shall be converted into U.S. Dollars at the Spot Rate with respect to the Applicable Currency on the Remittance Date. References to the applicable Allocation
Proportion are to the Allocation Proportion of Purchaser whose Notes are denominated in the same Applicable Currency as an Collection Account. 

“Alternative Diversification Notice” shall have the meaning specified in the Master Definitions and
Construction Module. 
 “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction
in which any Seller Party is located or doing business applicable to such Seller Party and any of their respective Affiliates from time to time concerning or relating to bribery, corruption or money laundering including, without limitation, the
United Kingdom Bribery Act of 2010 and the United States Foreign Corrupt Practices Act of 1977, as amended. 

“Anti-Money Laundering Laws” shall mean all anti-money laundering laws and regulations of any jurisdiction in
which any Seller Party is located or doing business applicable to such Seller Party and any of their respective Affiliates. 

“Applicable Currency” shall mean U.S. Dollars, Pounds Sterling, Euros or such other currency permitted by
Purchaser, in its sole and absolute discretion, as applicable. 
 “Asset Combination” shall mean any
Mezzanine Asset together with the related Mezzanine Related Asset. 
 “Asset Information” shall mean, with
respect to each Purchased Asset, the information set forth in Exhibit VI attached hereto to the extent applicable to such Purchased Asset. 

“Assets” shall have the meaning specified in Article 1. 

“Availability Period” shall mean the period (a) beginning on the Closing Date and (b) ending on the
earlier of (i) May 13, 2024, which date will, on each anniversary of the Closing Date, be automatically extended, in each case, for one (1) year from the expiration date of the then-current Availability Period absent Seller’s
receipt within thirty (30) days prior to such anniversary of a written notice from Purchaser electing not to extend the Availability Period, and (ii) the date on which an Event of Default has occurred which is continuing. 

  
 3 

 “Bailee” shall mean (i) Ropes & Gray LLP,
(ii) a firm of solicitors regulated by the Solicitors Regulation Authority (with respect to any Foreign Purchased Asset secured by Mortgaged Property located in England) reasonably acceptable to Purchaser or (iii) any other attorney-at-law
or law firm reasonably acceptable to Purchaser, or notary (if required in the relevant jurisdiction) that has, in the case of each of (i), (ii) and (iii) herein, delivered at Seller’s request a Bailee Letter, as applicable. 

“Bailee Letter” shall mean a letter from Seller and acknowledged by Bailee and Purchaser substantially in the
form attached hereto as Exhibit XII, pursuant to which the Bailee (i) agrees to issue a Bailee Trust Receipt upon taking possession of the Purchased Asset Documents identified in such Bailee Letter, (ii) confirms that it is holding
the Purchased Asset Documents as bailee (in the case of U.S. Purchased Assets) or agent (in the case of Foreign Purchased Assets), as applicable, for the benefit of Purchaser under the terms of such Bailee Letter, (iii) agrees that it shall
deliver such Purchased Asset Documents to the Custodian, or as otherwise directed by Purchaser in writing, by not later than the fifth (5th) Business Day following the Purchase Date for the related Purchased Asset and (iv) agrees to
indemnify Purchaser and Sellers for any failure of Bailee to deliver the Purchased Asset Documents in accordance with the Bailee Letter. 

“Bailee Trust Receipt” shall mean a trust receipt issued by Bailee to Purchaser in accordance with and
substantially in the form contained in Exhibit XII confirming the Bailee’s possession of the Purchased Asset Documents listed thereon. 

“Bankruptcy Code” shall mean The United States Bankruptcy Code of 1978, as amended from time to time. 

“Borrower” shall mean (a) with respect to a U.S. Purchased Asset, (i) the obligor on a Promissory
Note and (ii) (x) in the case of a Mortgage Loan related to the applicable Purchased Asset, the grantor of the related Mortgage or (y) in the case of a Mezzanine Loan related to the applicable Purchased Asset, the grantor of the
pledge under the related pledge agreement and (b) with respect to a Foreign Purchased Asset, each obligor under the related Mortgage Loan. 

“Breakage Costs” shall mean the amount (if any) by which (a) the Pricing Rate (excluding the portion
thereof comprising the applicable spread) which Purchaser should have received for the period from the date of receipt of all or any part of the Purchase Price for the related Transaction to the last day of the current Pricing Rate Period in respect
of such Transaction, had the amount of Purchase Price received been paid on the last day of that Pricing Rate Period exceeds (b) the amount which that Purchaser would be able to obtain by placing an amount equal to the amount of Purchase Price
received by it on deposit with a leading bank in the London Interbank Eurodollar Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Pricing Rate Period. 

“Business Day” shall mean a day other than (a) a Saturday or Sunday, or (b) a day in which the New
York Stock Exchange, the Federal Reserve Bank of New York or banks in the States of New York, Kansas, Pennsylvania or Minnesota or in the cities of Frankfurt, London, Luxembourg, Madrid, Milan or Paris or, as it relates to a specific Foreign
Purchased Asset, the relevant non-U.S. jurisdiction in which the Mortgaged Property securing the related Foreign Purchased Asset is located or the laws of which otherwise govern the Purchased Asset Documents relating to the subject Foreign Purchased
Asset (or as otherwise designated in the Purchased Asset Documents relating to the subject Foreign Purchased Asset and stated in the related Confirmation) are authorized or obligated by law or executive order to be closed. 

  
 4 

 “Capital Requirements Regulations” shall mean
(a) Regulation (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, and (b) Regulation (EU)
575/2013 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended by the Capital Requirements Regulation (Amendments) (EU Exit) Regulations 2019 (S.I. 2019 No. 1232) and in the
case of both (a) and (b) as amended, extended, consolidated and/or replaced and in force from time to time. 

“Capital Stock” shall mean any and all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all equivalent equity ownership interests in a Person which is not a corporation, including, without limitation, any and all member or other equivalent interests in any limited liability
company, and any and all warrants or options to purchase any of the foregoing. 
 “Capitalized Lease
Obligations” shall mean, with respect to 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 obligation shall be the capitalized amount thereof, determined in accordance with GAAP. 

“Cash Manager” shall have the meaning specified in the Master Definitions and Construction Module. 

“Change of Control” shall mean the occurrence of any of the following events (a) any consummation of a
merger, amalgamation, or consolidation of Guarantor with or into another entity or any other reorganization occurs and more than fifty percent (50%) of the combined voting power of the continuing or surviving entity’s stock or other
ownership interest in such entity outstanding immediately after such merger, amalgamation, consolidation or such other reorganization is not owned directly or indirectly by Persons who were stockholders or holders of such other ownership interests
in Guarantor immediately prior to such merger, amalgamation, consolidation or other reorganization; (b) any “person” or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) shall become, or obtain
rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of a percentage of the total voting power of all classes of
Capital Stock of Guarantor entitled to vote generally in the election of directors of twenty percent (20%) or more other than wholly-owned Affiliates of Guarantor and related funds of The Blackstone Group L.P., or to the extent such interests
are obtained through a public market offering or secondary market trading; (c) Guarantor shall cease to directly or indirectly own and control, of record and beneficially, 100% of the Capital Stock of Pledgor; (d) Pledgor shall cease to
directly own and control, of record and beneficially, 100% of the Capital Stock of Seller; or (e) any transfer of all or substantially all of Guarantor’s assets (other than any securitization transaction or any repurchase or other similar
transactions in the ordinary course of Guarantor’s business). 

  
 5 

 “Class A Noteholder” shall have the meaning specified in the
Master Definitions and Construction Module. 
 “Class A VFN” shall have the meaning specified in the Master
Definitions and Construction Module. 
 “Class B Notes” shall have the meaning specified in the Master
Definitions and Construction Module. 
 “Closing Date” shall mean May 14, 2021. 

“Collateral” shall have the meaning specified in Article 7(a). 

“Collateral Agency Agreement” shall have the meaning specified in the Master Definitions and Construction
Module. 
 “Collateral Agent” shall have the meaning specified in the introductory paragraph hereof. 

“Collection Accounts” shall have the meaning specified in Article 5(c). 

“Common Issuer Security Trustee” shall have the meaning specified in the Master Definitions and Construction
Module. 
 “Confirmation” shall have the meaning specified in Article 3(c). 

“Conforming Changes” shall mean any technical, administrative or operational changes which Collateral Agent
reasonably determines are necessary or desirable in connection with changes to the applicable index rate under any Purchased Asset Documents. 

“Controlling Holder” shall mean, the holder of any Promissory Note or Participation Interest, to the extent
that such holder has the full power, authority and discretion to service (or cause to be serviced) the related Mortgage Loan and/or Mezzanine Loan and to direct servicing actions with respect thereto (including, without limitation, to modify and
amend the terms thereof and to pursue remedies and enforcement actions) (provided that the granting or possession of major or fundamental decision rights or similar consent rights in favor of any holder of a companion Promissory Note or companion
Participation Interests shall not cause “full power, authority and discretion” to be deemed absent for the purposes of this definition). 

“Covenant Compliance Certificate” shall mean a properly completed and executed Covenant Compliance
Certificate substantially in the form of Exhibit X hereto. 
 “Custodial Agreement” shall mean the
Custodial Agreement, dated as of the Closing Date, by and among Custodian, Collateral Agent, Sellers and Purchaser, as the same may be amended, modified and/or restated from time to time, and/or any replacement agreement. 

“Custodian” shall mean U.S. Bank, National Association, or any successor custodian appointed by Purchaser and
reasonably acceptable to Sellers. 

  
 6 

 “Default” shall mean any event which, with the giving of notice,
the passage of time, or both, would constitute an Event of Default. 
 “Default Threshold” shall have the
meaning specified in the Fee Letter. 
 “Designated Funding Party” shall mean a title company or escrow
agent selected by Seller to receive any funds on its behalf with respect to any Transaction and specified in the related Confirmation that has been (a) reasonably approved by Purchaser and Collateral Agent and (b) satisfies the applicable
customary “Know Your Customer” requirements of Purchaser and/or Collateral Agent, if any. 

“Disclosure” shall mean disclosure, reporting, retention, or any action similar or analogous to any of the
aforementioned. 
 “Dividing LLC” shall mean a Delaware limited liability company that is effecting a
Division pursuant to and in accordance with Section 18-217 of the Delaware LLC Act. 
 “Division”
shall mean the division of a Dividing LLC into two (2) or more domestic limited liability companies pursuant to and in accordance with Section 18-217 of the Delaware LLC Act. 

“Due Diligence Package” shall have the meaning specified in Exhibit VII to this Agreement. 

“Due Diligence Representations” shall mean: 

(i) with respect to each Mortgage Loan that (x) is a Purchased Asset or (y) is related to a Purchased
Asset that is a Mezzanine Loan, Senior Note or Participation Interest (A) the representations and warranties set forth in the following paragraphs of Exhibit V-A, Section (B): Paragraph 11 (Condition of Property), Paragraph 12
(Taxes and Assessments), Paragraph 14 (Actions Concerning Mortgage Loan), Paragraph 15 (Escrow Deposits), Paragraph 18 (Access; Utilities; Separate Tax Lots), Paragraph 19 (No Encroachments), Paragraph 25 (Local Law Compliance), Paragraph 26
(Licenses and Permits), Paragraph 35(f) (Ground Leases), Paragraph 36 (Servicing), Paragraph 37 (Origination and Underwriting), Paragraph 39 (No Material Default; Payment Record) and Paragraph 42 (Environmental Conditions); and (B) solely with
respect to each Purchased Asset where (and to the extent that) the Mortgaged Property is located in the United Kingdom or the European Union, those representations and warranties described in sub-clause (A) above and the representations and
warranties set forth in Paragraph 8, Paragraph 9, Paragraph 10, Paragraph 17, Paragraph 19 and Paragraph 24 of Exhibit V-B or Exhibit V-C, as applicable. 

(ii) with respect to each Mezzanine Loan that (x) is a Purchased Asset or (y) is related to a
Purchased Asset that is a Senior Note or Participation Interest, the representations and warranties set forth in the following paragraphs of Exhibit V-A, Section (C): Paragraph 1 (Whole Loans) (solely with respect to the last sentence
thereof as it relates to the representations and warranties set forth in clause (i) above), Paragraph 7 (Actions Concerning Mezzanine Loan), Paragraph 8 (Escrow Deposits), Paragraph 16 (Servicing), Paragraph 17 (Origination and Underwriting) and
Paragraph 18 (No Material Default; Payment Record); 

  
 7 

 (iii) with respect to each Senior Note that is a Purchased
Asset, the representation and warranty set forth in Exhibit V-A, Section (D) solely as it relates to the representations and warranties set forth in clauses (i) and (ii) above, as applicable; and 

(iv) with respect to each Participation Interest that is a Purchased Asset, the representations and warranties
set forth in the following paragraphs of Exhibit V-A, Section (E): Paragraph 1 (Mortgage Loan/Mezzanine Loan) (solely as it relates to the representations and warranties set forth in clauses (i) and (ii) above,
as applicable), Paragraph 7 (No Defaults or Waivers under Participation Documents) and Paragraph 9 (No Known Liabilities). 

“Early Redemption Notice” shall have the meaning specified in the Master Definitions and Construction Module.

 “Early Repurchase Date” shall have the meaning specified in Article 3(e). 

“Effective Purchase Price Percentage” shall mean, with respect to any Purchased Asset as of any date of
determination, (a) the outstanding Purchase Price of such Purchased Asset divided by (b) the unpaid principal balance of such Purchased Asset, in each case, as of such date of determination. 

“Eligibility Criteria” shall mean, (a) with respect to any Mortgage Loan or Mezzanine Loan, such
Mortgage Loan or Mezzanine Loan: 
 (i) is a term loan or revolving credit facility secured by one or more
real estate properties originated or acquired by the applicable Seller or an Affiliate thereof and (A) in the case of an origination, such loan was originated in accordance with the applicable Seller’s standard underwriting and origination
criteria and procedures as at the time of origination (including due diligence of valuation and legal matters as well as structural and environmental matters where deemed appropriate) and in all material respects in accordance with all applicable
legal requirements, or (B) such loan was acquired after receiving the same credit, business, legal and compliance approvals as would be required if the applicable Seller or an Affiliate thereof were to originate such loan based on having
carried out due diligence as above; 
 (ii) has a remaining term to maturity (including all extensions
thereunder) of no more than seven (7) years; 
 (iii) has a Senior Exposure LTV Ratio no greater than
sixty percent (60)%; 
 (iv) is denominated in an Applicable Currency and is secured by properties all of
which are located in the United Kingdom, Ireland, the United States or certain European countries (including Spain, France, Germany, Italy and Benelux); 

  
 8 

 (v) has an outstanding principal balance as of its Purchase Date
of at least $25,000,000 (or, with respect to any Foreign Purchased Asset, the then-current equivalent of such amount based on the Spot Rate with respect to the Applicable Currency of such Foreign Purchased Asset as of the date of determination);

 (vi) is a legally binding agreement entered into by the applicable Seller or an Affiliate thereof; 

(vii) the applicable Seller has certified that, as of its Purchase Date, such Mortgage Loan and the related
Mortgaged Property, share and other security is, subject to insolvency and other laws generally applicable to creditors’ rights, legally valid, binding and enforceable in accordance with its terms; 

(viii) as of its Purchase Date there are or will be no legal proceedings, independent arbitration or material
dispute resolution procedures between the lender and any Borrower regarding the underlying assets to the best of the applicable Seller’s knowledge; 

(ix) is not a “securitisation” under the Securitisation Regulations; 

(x) is secured by a first Lien mortgage or deed of trust on one or more properties that are of an Eligible
Property Type or, in the case of a Mezzanine Loan, equity interest in the Borrower under such mortgage or deed of trust, and otherwise satisfies the criteria set forth in the definition of Eligible Property Type; and 

(b) with respect to any Mezzanine Loan, Senior Note or Senior Participation Interest, the related Mortgage Loan
and/or Mezzanine Loan satisfies the criteria set forth in clause (a) above. 
 “Eligibility
Requirements” shall mean, with respect to any Person, that such Person (i) has total assets (in name or under management) in excess of $650,000,000 and (except with respect to a pension advisory firm, asset manager or similar
fiduciary) capital/statutory surplus or shareholder’s equity of $250,000,000 and (ii) is regularly engaged in the business of making or owning (including indirectly through REMIC bonds and/or securitizations) commercial real estate loans
or interests therein (including, without limitation, A-notes, B-notes, participations and mezzanine loans with respect to commercial real estate) or owning and operating commercial properties. 

“Eligible Asset” shall mean any Mortgage Loan, Mezzanine Loan, Senior Note or Senior Participation Interest
(a) that is approved by Purchaser in its sole and absolute discretion as of the related Purchase Date; (b) that satisfies the Eligibility Criteria as of the related Purchase Date; and (c) with respect to which, on the related Purchase
Date, the representations and warranties set forth in this Agreement (including the exhibits hereto) are true and correct in all material respects, except to the extent disclosed in a Requested Exceptions Report approved by Purchaser in writing in
accordance with the terms hereof; provided, that any Mezzanine Asset shall be transferred to Purchaser together with the related Mezzanine Related Asset and, after becoming a Purchased Asset, repurchased together with the related Mezzanine
Related Asset pursuant to this Agreement. 

  
 9 

 Unless otherwise specified, with respect to any Asset Combination, any reference
to Eligible Asset shall include the applicable Mezzanine Related Asset and the Mezzanine Asset that is, or is proposed to be, subject to the same Transaction. 

“Eligible Assignee” shall mean (a) any Person which (i) is a Qualified Transferee and (ii) is
not (A) a Prohibited Transferee, (B) a Borrower or (C) an Affiliate of a Borrower and (b) Common Issuer Security Trustee. 

“Eligible Property Types” shall mean multi-family, office, retail, hospitality, logistics/industrial, data
centers, student housing, shopping centers, self-storage and manufactured housing properties, or properties made up of any combination of the foregoing. 

The Eligible Property Type criteria set forth herein may be revised by Purchaser in its sole and absolute discretion with
respect to any new Eligible Assets proposed to be purchased by Purchaser pursuant to this Agreement prior to the Purchase Date of such Eligible Asset. 

“Enforcement Notice” shall have the meaning specified in the Master Definitions and Construction Module. 

“Equity Pledge Agreement” shall mean that certain Pledge and Security Agreement dated as of the Closing Date,
from Pledgor in favor of Purchaser, as the same may be amended, modified and/or restated from time to time, and/or any replacement agreement. 

“Equity Pledged Collateral” shall mean the “Pledged Collateral” as defined in the Equity Pledge
Agreement. 
 “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. 
 “ERISA Affiliate” shall mean any corporation or trade or business that is a member
of any group of organizations (a) described in Section 414(b) or (c) of the Internal Revenue Code of which any Seller is a member and (b) solely for purposes of potential liability under Section 302 of ERISA and
Section 412 of the Internal Revenue Code, described in Section 414(m) or (o) of the Internal Revenue Code of which any Seller is a member. 

“EUR Collection Account” shall have the meaning specified in Article 5(c). 

“EUR Loan Realisation Account” shall have the meaning specified in the Master Definitions and Construction
Module. 
 “EUR Pledgor” shall mean 345-50 Partners, LLC, a Delaware limited liability company. 

  
 10 

 “EUR Purchaser” shall have the meaning assigned thereto in the
introductory paragraph 
 hereof. 

“EUR Seller” shall have the meaning assigned thereto in the introductory paragraph hereof. 

“EUR Transaction Account” shall have the meaning specified in the Master Definitions and Construction Module.

 “Euros” and “€” shall mean the lawful currency of the member states of the
European Union that have adopted and retain the single currency in accordance with the Treaty establishing the European Community, as amended from time to time; provided that if any member state or states ceases to have such single currency as its
lawful currency (such member state(s) being the “Exiting State(s)”), Euro and € shall, for the avoidance of doubt, mean for all purposes of this Agreement the single currency adopted and retained as the lawful currency of the
remaining member states and shall not include any successor currency introduced by the Exiting State(s). 
 “Event
of Default” shall have the meaning specified in Article 14(a). 
 “Exchange Act” shall mean
the Securities and Exchange Act of 1934, as amended. 
 “Excluded Taxes” shall mean any of the following
taxes imposed on or with respect to Purchaser or required to be withheld or deducted from a payment to Purchaser: (a) taxes imposed on or measured by net income or similar taxes imposed in lieu of net income (however denominated), franchise
taxes, and branch profits taxes, in each case, (i) imposed as a result of Purchaser being organized under the laws of, or having its principal office or the office from which it books a Transaction located in, the jurisdiction imposing such tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding taxes imposed on amounts payable to or for the account of Purchaser pursuant to a law in effect as of the date on which such
Person (i) acquires such interest in a Transaction or (ii) changes its principal office or the office from which it books a Transaction, except to the extent that, pursuant to Article 32, that such taxes were payable to such
party’s assignor immediately before such Person became a party hereto or to such Person immediately before it changed its lending office, (c) taxes attributable to Purchaser’s failure to comply with Article 23(g) or Article 32 of this
Agreement and (d) any U.S. federal withholding taxes imposed under FATCA. 
 “FATCA” shall mean
Sections 1471 through 1474 of the Internal Revenue 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 in each case with any current
or future regulations, guidance or official interpretations thereof, any agreements entered into pursuant thereto, including any intergovernmental agreements, treaty or convention among Governmental Authorities and any rules or guidance implementing
such intergovernmental agreements. 
 “FCA Regulations” shall have the meaning specified in Article
23(a). 
 “Fee Letter” shall mean the letter agreement, dated as of the Closing Date, from Purchaser
and accepted and agreed by Sellers, as the same may be amended, modified and/or restated from time to time, and/or any replacement agreement. 

  
 11 

 “Filings” shall have the meaning specified in Article
7(b). 
 “Foreign Assignment Agreement” shall mean, with respect to a Foreign Purchased Asset, a
security agreement or a security deed between the applicable Seller and Purchaser pursuant to which such Seller assigns and charges to Purchaser all of its right, title and interest under and in relation to each related Purchased Asset Document
relating to such Foreign Purchased Asset (including its rights against any Security Agent) and any professional report delivered with respect to a Foreign Purchased Asset that is addressed to or capable of being relied on by such Seller (in such
form as Purchaser may reasonably require). 
 “Foreign Purchased Asset” shall mean any Purchased Asset
secured directly or indirectly by Mortgaged Property located outside of the United States of America or any territory thereof. Any Foreign Purchased Asset that is repurchased by a Seller in accordance with this Agreement shall cease to be a
Purchased Asset. 
 “Foreign Purchased Asset (EUR)” shall mean a Foreign Purchased Asset denominated in
Euros. 
 “Foreign Purchased Asset (GBP)” shall mean a Foreign Purchased Asset denominated in Pounds
Sterling. 
 “Foreign Purchased Asset Collection Account” shall mean individually or collectively, as the
context may require, (i) the UK Collection Account, (ii) the EUR Collection Account and (iii) any other deposit account entered into with respect to any Foreign Purchased Asset in accordance with Article 3(b)(iii)(D). 

“Fundamental Purchased Asset Representations” shall mean each of the representations and warranties made in
respect of the Purchased Assets pursuant to Exhibit V-A, Exhibit V-B, Exhibit V-C, any schedule to the related Confirmation and/or Article 10(w) (in each case other than any Due Diligence Representation). 

“Funding Date” shall mean each Purchase Date and any other date on which any amount of Purchase Price is
transferred from Purchaser to Seller (or at the direction of Seller to a title company or escrow agent) with respect to any Purchased Asset. 

“Future Advance” shall have the meaning specified in the definition of Future Advance Purchased Asset. 

“Future Advance Failure” shall mean, with respect to any Purchased Asset, any Seller’s or
Servicer’s receipt of notice or any Seller’s Knowledge of any litigation or other proceeding commenced by the related Borrower alleging a failure to fund any Future Advance as and when required thereunder. 

“Future Advance Purchase Price Increase Conditions” shall have the meaning specified in Article 3(h).

  
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 “Future Advance Purchased Asset” shall mean any Purchased Asset
with respect to which less than the full principal amount of such Purchased Asset (or the related Mortgage Loan or Mezzanine Loan) is funded at origination and the applicable Seller as the lender or holder (or licensee) of such Purchased Asset is
obligated, subject to the satisfaction of certain conditions precedent under the related Purchased Asset Documents, to make additional advances (each, a “Future Advance”) in the future to the related Borrower. 

“GAAP” shall mean United States generally accepted accounting principles consistently applied as in effect
from time to time. 
 “GBP Loan Realisation Account” shall have the meaning specified in the Master
Definitions and Construction Module. 
 “GBP Transaction Account” shall have the meaning specified in the
Master Definitions and Construction Module. 
 “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
(including any supra-national bodies such as the European Union or the European Central Bank). 

“Guarantor” shall mean Blackstone Mortgage Trust, Inc., a Maryland corporation. 

“Guaranty” shall mean the Guaranty, dated as of the Closing Date, from Guarantor in favor of Purchaser, as
the same may be amended, modified and/or restated from time to time, and/or any replacement agreement. 
 “Hedging
Transaction” 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 Eurodollar futures) or options contract or any swap, cap or
collar agreement or similar arrangements providing for protection against fluctuations in interest rates, credit spreads or the exchange of nominal interest obligations, either generally or under specific contingencies, entered into by any Seller in
respect of such Purchased Asset(s) with Purchaser or an Affiliate of Purchaser or one or more other counterparties acceptable to Purchaser in its sole and absolute discretion. 

“Income” shall have the meaning specified in the Master Definitions and Construction Module. 

“Indebtedness” shall mean, with respect to any Person, without duplication (a) obligations created,
issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such property
from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the
ordinary course of business so long as such trade accounts payable are payable within ninety (90) days of the date the respective goods are delivered or the respective services are rendered; (c) Indebtedness of others secured by a Lien on the
property of such Person, whether or not the respective Indebtedness so secured has been assumed by such Person; (d) obligations (contingent or otherwise) of such Person in respect of letters of credit or similar instruments issued or accepted

  
 13 

 
by banks and other financial institutions for account of such Person; (e) obligations of such Person under repurchase agreements or like arrangements; (f) Indebtedness of others
guaranteed by such Person to the extent of such guarantee; (g) all obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such Person; and (h) Capitalized Lease Obligations of such Person.
Notwithstanding the foregoing, non-Recourse Indebtedness owing pursuant to a securitization transaction such as a REMIC securitization, a collateralized loan obligation transaction or other similar securitization shall not be considered Indebtedness
for any Person. 
 “Indemnified Amounts” and “Indemnified Parties” shall each have the
respective meanings specified in Article 27(a). 
 “Indemnified Taxes” means (a) taxes, other
than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Sellers under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Independent Manager” shall mean a natural Person who (a) is not at the time of initial appointment and
has never been, and will not while serving as Independent Manager be: (i) a stockholder, director, officer, employee, partner, member (other than a “special member” or “springing member”) or manager (with the exception of
serving as the Independent Manager of a Seller) of any Seller Party or any Affiliate or equity owner of any Seller Party; (ii) a creditor, supplier or service provider who derives any of its purchases or revenues (other than any revenue derived
from serving as the Independent Manager of such party or as a nationally recognized company that routinely provides professional independent managers or directors and that also provides lien search and other similar services to a Seller or any of
its equity owners or Affiliates in the ordinary course of business) from its activities with any Seller Party, or any Affiliate or equity owner of any Seller Party; (iii) a Person controlling or under common control with any such stockholder,
director, officer, employee, partner, member, manager, attorney, counsel, equity owner, customer, supplier or other Person of any Seller Party or any Affiliate or equity owner of any Seller Party; or (iv) a member of the immediate family of any
such stockholder, director, officer, employee, partner, member, manager, equity owner, creditor, supplier or service provider of any Seller Party or any Affiliate or equity owner of any Seller Party and (b) has (i) prior experience as an
independent director or independent manager for a corporation, a trust or limited liability company whose charter documents required the unanimous consent of all independent directors or independent managers thereof before such corporation, trust or
limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (ii) at least three
(3) years of employment experience and who is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company or LordSPV, a TMF Group company or, if none of these
companies is then providing professional independent directors or managers, another nationally recognized company reasonably acceptable to Purchaser, that is not an Affiliate of a Seller and that provides, inter alia, professional independent
directors or independent managers in the ordinary course of their respective business to issuers of securitization or structured finance instruments, agreements or securities or lenders originating commercial real estate loans for inclusion in
securitization or structured finance instruments, agreements or securities (a “Professional Independent Manager”) and is an employee of such a company or companies at all 

  
 14 

 
times during his or her service as an Independent Manager. A natural Person who satisfies the foregoing definition except for being (or having been) the independent director or independent
manager of a “special purpose entity” Affiliated with any Seller Party (provided such Affiliate does not or did not own a direct or indirect equity interest in any Seller) shall not be disqualified from serving as an Independent Manager,
provided that such natural Person satisfies all other criteria set forth above and that the fees such individual earns from serving as independent director or independent manager of Affiliates of any Seller or in any given year constitute in
the aggregate less than five percent (5%) of such individual’s annual income for that year. A natural Person who satisfies the foregoing definition other than clause (a)(ii) shall not be disqualified from serving as an Independent
Manager if such individual is a Professional Independent Manager and such individual complies with the requirements of the previous sentence. 

“Initial Class A Noteholder” shall have the meaning specified in the Master Definitions and Construction
Module. 
 “Initial Senior Exposure” shall mean, with respect to any Purchased Asset, the amount, expressed
in the Applicable Currency, of the Class A VFNs secured by such Purchased Asset as of the related Purchase Date (which shall be set forth in the applicable Confirmation). 

“Insolvency Regulation” shall have the meaning specified in Article 10(b)(kk). 

“Internal Revenue Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the
regulations promulgated and rulings issued thereunder. 
 “Knowledge” shall mean, as of any date of
determination, the then-current actual (as distinguished from imputed or constructive) knowledge of (i) Stephen Plavin, Robert Sitman, Douglas Armer, any individual holding the title of “Managing Director” or “Senior Managing
Director” of the manager of Guarantor or in each case their respective replacements (written notice of which shall be given by the applicable Seller to Purchaser) or (ii) any asset manager at The Blackstone Group L.P. or any Affiliate
thereof or any employee with a title equivalent or more senior to that of “principal” within The Blackstone Group L.P. or any Affiliate thereof, in each case of this clause (ii), responsible for the origination, acquisition and/or
management of the applicable Purchased Asset. “Knew” and “Known” shall have correlative meanings. 

“Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title
retention agreement and any Capitalized Lease Obligation having substantially the same economic effect as any of the foregoing), and the filing of any financing statement under the UCC or comparable law of any jurisdiction in respect of any of the
foregoing. 
 “Litigation Threshold” shall have the meaning specified in the Fee Letter. 

“Loan Realisation Account” shall mean, individually or collectively, as the context may require, (i) the
USD Loan Realisation Account, (ii) the GBP Loan Realisation Account, (iii) the EUR Loan Realisation Account (iii) any other deposit account designated by Collateral Agent in accordance with Annex III for payments to Collateral
Agent in any Applicable Currency. 

  
 15 

 “Manager Affiliate Information” shall have the meaning specified
in Article 12(n). 
 “Margin Call” shall have the meaning specified in Article 4(a). 

“Margin Deficit” shall exist if (a) the aggregate Maximum Purchase Price for all Purchased Assets
calculated individually with respect to each Purchased Asset, is less than (b) the aggregate outstanding Purchase Price for all Purchased Assets (with respect to any Purchased Asset for which the Applicable Currency is not Euros, based on the
Spot Rate with respect to the Applicable Currency as of the date of determination). 
 “Margin Excess”
shall mean, with respect to a Purchased Asset at any time of determination, the amount by which the Maximum Purchase Price for such Purchased Asset exceeds the outstanding Purchase Price for such Purchased Asset. 

“Market” shall mean any exchange, regulated market, clearing house, central clearing seller or multilateral
trading facility. 
 “Market Value” shall mean, on any day, with respect to any Purchased Asset: 

(a) which is not a Non-Performing Purchased Asset on such day, the unpaid principal balance thereof; 

(b) which is a Non-Performing Purchased Asset on such day, the market value of such Purchased Asset on such
day, determined by Purchaser in its commercially reasonably discretion solely in relation to material changes in terms of the following factors considered in the aggregate relative to Purchaser’s initial underwriting and, thereafter,
Purchaser’s latest determination of Market Value (in each case taking into account, if previously taken into account for the purpose of determining any prior Market Value, the then-relevant base case assumptions in respect of the Purchased
Asset): (i) the performance or condition of (A) the related Mortgaged Property, (B) the related Borrower or sponsor and (C) the commercial real estate market relevant to the Mortgaged Property(ies) securing the Purchased Asset,
and (ii) any actual risks posed by any liens on the related Mortgaged Property(ies) (and for the avoidance of doubt, the determination of Market Value in each case expressly excludes any reference to loan pricing, loan sales and/or capital
markets events); and 
 (c) which is a Significantly Impaired Purchased Asset on such day, the market value
of such Purchased Asset on such day, determined by Purchaser in its sole discretion, acting in good faith. 

“Master Definitions and Construction Module” shall mean that certain Master Definitions and Construction
Module, dated as of the date hereof and relating to the GBP Class A Asset Backed Floating Rate Term Notes due May 2036, the GBP Class A Asset Backed Floating Rate Variable Funding Notes due May 2036, the GBP Class B Asset Backed Floating
Rate Variable Funding Notes due May 2036, and, when issued, the EUR Notes and the USD Notes to be issued by the EUR Issuer and the USD Issuer respectively (each as defined therein). 

  
 16 

 “Material Adverse Effect” shall mean a material adverse effect
on (a) the property, business, condition (financial or otherwise), assets or operations of the Seller Parties as a whole; (b) the ability of any Seller Party to perform its material obligations under any of the Transaction Documents;
(c) the validity or enforceability of, or the effectiveness or ranking of, any security interest granted or purposed to be granted under, any of the Transaction Documents; or (d) the material rights and remedies of Purchaser under the
Transaction Documents as a whole. 
 “Material Decision” shall mean any amendment or modification to the
terms of any Purchased Asset Documents or grant of any waiver or permit the transfer or assignment of any right (or agree to do or give its consent to any of the foregoing), with respect to a Purchased Asset, that: 

(a) reduces the principal amount of the Purchased Asset other than with respect to a dollar-for-dollar
principal payments; 
 (b) increases the principal amount of a Purchased Asset other than (A) increases which
are derived from accrual or capitalization of deferred interest which is added to principal or protective advances or (B) increases resulting from future fundings made pursuant to the Purchased Asset Documents; 

(c) reduces the amount or changes the timing of any regularly scheduled payments of principal, interest and
other amounts due or changes the frequency of scheduled payments of principal and interest or extends the maturity of a Purchased Asset, provided, however, that the Sellers may, without the consent of Purchaser change the scheduled
payment date of a Purchased Asset within any given calendar month; 
 (d) changes the calculation of the rate
of interest and any of its components in a material way (including, for the avoidance of doubt, the applicable index rate or other relevant indices and the spread); 

(e) amends any collateral security document unless it is an amendment of an administrative or formal nature or
is to correct a manifest error; 
 (f) subordinates the Lien priority other than subordinations required
under the terms and conditions of the Purchased Asset Documents (provided, however, the foregoing shall not preclude the execution and delivery of subordination, nondisturbance and attornment agreements with tenants, subordination to tenant
leases, easements, plats of subdivision and condominium declarations, conditions, covenants and restrictions and similar instruments which in the commercially reasonable judgment of the Sellers do not materially adversely affect the rights and
interest of the holder of the Purchased Asset in question); 
 (g) releases any Mortgaged Property or any
other material collateral for the Purchased Asset in question other than releases required under the related Purchased Asset Documents or releases in connection with compulsory purchase order or procedures having a similar effect; 

  
 17 

 (h) waives, amends or modifies any cash management or reserve
account requirements or hedging requirements of the Purchased Asset other than changes required under the related Purchased Asset Documents; 

(i) waives, amends or modifies any representation and warranty, undertaking or event of default or change of
control provision under the Purchased Asset Documents in a way that is materially adverse to the interests of Purchaser; 

(j) waives, amends or modifies any provision concerning Purchaser under the Purchased Asset Documents in a way
that is materially adverse to the interests of Purchaser; 
 (k) waives, amends or modifies any provision
regarding the acceleration of any facility and enforcement of any provision or security interest by or on behalf of the related Seller in respect of any Purchased Asset; 

(l) changes the definition of majority lenders (or similar concept) under the Purchased Asset Documents; 

(m) waives any prepayment or negative pledge provision other than waivers required to be given under the
Purchased Asset Documents; 
 (n) waives, amends or modifies the underlying insurance requirements of the
Purchased Asset; 
 (o) waives any requirement in the Purchased Asset Documents for the compliance with
applicable law; 
 (p) would otherwise have a material adverse effect on the validity or enforceability of,
or the effectiveness or ranking of any security interest granted or purported to be granted on, the Purchased Assets pursuant to, any Purchased Asset Document or any material right or remedy of the lenders in respect of the Purchased Asset Documents
as a whole; or 
 (q) waive any default or event of default, enter into any forbearance agreement (which, for
the avoidance of doubt, shall waive or grant any extension for performance of any default) or release any Borrower from any material obligation under the related Purchased Asset Documents except as required, permitted or otherwise contemplated
thereunder without lender discretion. 
 “Maximum Facility Purchase Price” shall have the meaning specified
in the Fee Letter. 
 “Maximum Purchase Price” shall mean, with respect to any Purchased Asset on any date,
an amount expressed in the Applicable Currency of such Purchased Asset equal to the product obtained by multiplying the applicable Maximum Purchase Price Percentage, by the lesser of (x) the unpaid principal balance of such Purchased Asset
and (y) the Market Value of such Purchased Asset. 

  
 18 

 “Maximum Purchase Price Percentage” shall have the meaning
specified in the Fee Letter. 
 “Mezzanine Asset” shall mean, any Eligible Asset or Purchased Asset that is
a Mezzanine Loan, a Senior Note representing a portion of a Mezzanine Loan or a Participation Interest representing an interest in a Mezzanine Loan. 

“Mezzanine Loan” shall mean a whole mezzanine loan that is secured by a pledge of all of the equity interests
in entities that own, directly or indirectly, the Mortgaged Property(ies) that serve as collateral for a related Mortgage Loan. 

“Mezzanine Related Asset” shall mean, with respect to any Mezzanine Asset, the related Mortgage Loan, Senior
Note related to such Mortgage Loan or Participation Interest representing an interest in such Mortgage Loan, as applicable. 

“Monthly Reporting Package” shall mean a monthly reporting package that includes (a) any and all reports,
rent rolls, financial statements, certificates and material notices (including, without limitation, any notice of the occurrence of a default or an event of default under the Purchased Asset Documents) required to be provided under the Purchased
Asset Documents that the related Seller receives pursuant to the Purchased Asset Documents relating to any Purchased Asset, (b) a remittance report containing servicing information, including, without limitation, the amount of each periodic
payment due, the amount of each periodic payment received, the date of receipt, the date due, and whether, to the related Seller’s Knowledge, there has been any developments or events with respect to such Purchased Asset that have occurred
since delivery of the last Monthly Reporting Package that are reasonably likely to have a material adverse effect on the credit characteristics of such Purchased Asset (i.e., changes that materially impair the collectability of such Purchased
Asset other than to a de minimis extent), on a loan by loan basis and in the aggregate, with respect to the Purchased Assets serviced by Servicer (such remittance report, a “Servicing Tape”), or to the extent Servicer does
not provide any such Servicing Tape, a remittance report containing the servicing information that would otherwise be set forth in the Servicing Tape, and (c) a listing of all Purchased Assets reflecting (i) loan status, collection
performance and any delinquency and loss experience with respect to any Purchased Asset, and (ii) such other information as mutually agreed by the related Seller and Purchaser. 

“Mortgage” shall mean: (x) with respect to a U.S. Purchased Asset, a mortgage, deed of trust, deed to
secure debt or other instrument, creating a valid and enforceable first Lien on or a first priority ownership interest in an estate in (i) fee simple in real property and the improvements thereon or (ii) a ground lease, in each case
securing a Promissory Note or similar evidence of indebtedness, and (y) with respect to a Foreign Purchased Asset, the related debenture or equivalent security deed or other instrument creating a first priority Lien (or, in relation to a
Foreign Purchased Asset located in England, a first ranking legal mortgage) or a first priority security interest in a property and the improvements thereon, securing a Promissory Note or similar evidence of indebtedness. 

“Mortgage Loan” shall mean a whole mortgage loan secured by a first Lien on one or more commercial or
multi-family properties. 

  
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 “Mortgaged Property” shall mean, in the case of (a) a
Mortgage Loan, the mortgaged property securing such Mortgage Loan, (b) a Mezzanine Loan, the mortgaged property indirectly securing such Mezzanine Loan and (c) a Participation Interest, the mortgaged property securing such Participation
Interest, or the mortgaged property directly or indirectly securing the Mortgage Loan and/or Mezzanine Loan, as applicable, in which such Participation Interest represents a participation, as applicable. 

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

“Net Cash Flow” shall mean, with respect to any Purchased Asset at any time, all monies collected from or in
respect of such Purchased Asset, including without limitation, payments of interest, Principal Payment, repayment, rental or other income, insurance and liquidation proceeds, payments in respect of any associated hedging transaction, and all net
proceeds from sale or other disposition of such Purchased Asset to a Person other than Purchaser. For the avoidance of doubt, Net Cash Flow shall not include (i) any escrow payments made by Borrowers and payments made by Borrowers into reserve
accounts maintained pursuant to any Purchased Asset Documents, in each case, for so long as the applicable Seller is not entitled to receive or withdraw payments and sums referred to in this clause (i), (ii) origination fees and expense
deposits paid by Borrowers in connection with the origination and closing of the Purchased Asset, (iii) any reimbursement for out-of-pocket costs and expenses or any amounts in respect of compensation payable by a Borrower to Seller, servicers,
the Security Agent, other agents or account banks appointed in connection with the Purchased Asset, or (iv) any amounts in respect of compensation payable by the applicable Seller to servicers, the Security Agent, other agents or account banks
appointed in connection with the Purchased Asset. 
 “Non-Performing Purchased Asset” shall mean any
Purchased Asset (including, with respect to any Participation Interest, the related Mortgage Loan and/or Mezzanine Loan) (a) as to which a monetary event of default shall have occurred under the terms of the related Purchased Asset Documents
(beyond any applicable grace or cure periods) and is continuing, (b) as to which an Act of Insolvency shall have occurred and is continuing with respect to the related Borrower or guarantor, (c) as to which a material non-monetary event of
default shall have occurred under the terms of the related Purchased Asset Documents (beyond any applicable grace or cure periods) and is continuing or (d) that is included in the calculation of “w” for the purposes of Article 261 of
the Capital Requirements Regulations (provided that if the related Seller has failed to satisfy its reporting obligations under this Agreement with respect to any Purchased Asset in such a manner as to leave the determination of whether such
Purchased Asset is included in the calculation of “w” (as set out in Art 261(2) of EU 2017/2401) uncertain and such failure is not cured within fifteen (15) Business Days following written notice of such failure from Purchaser,
Purchaser shall be entitled to make a determination in good faith as to whether or not such Purchased Asset should be identified as being included in “w”). 

“Note Event” shall mean the delivery of an Early Redemption Notice in respect of any of the Notes, other in
connection with a default arising under this Agreement. 

  
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 “Notes” shall have the meaning specified in the Master
Definitions and Construction Module. 
 “Ongoing Funding Fee” shall have the meaning specified in the Fee
Letter. 
 “Other Connection Taxes” shall mean taxes imposed as a result of a present or former connection
between Purchaser and the jurisdiction imposing such taxes (other than a connection arising solely as a result of Purchaser having executed, delivered, become a party to, performed its obligations under, received payments under, or received or
perfected a security interest under any Transaction Document). 
 “Other Taxes” shall mean all present or
future stamp, court or documentary, intangible, recording, filing or similar taxes (including, without limitation, United Kingdom stamp duty and stamp duty reserve tax) that arise from any payment made under, the execution, delivery, performance,
enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Transaction Document, except any such taxes that are Other Connection Taxes imposed with respect to an assignment,
transfer or sale of participation or other interest in or with respect to the Transaction Document. 
 “Parallel
Agreement” shall have the meaning specified in Article 12(q). 
 “Participant Register”
shall have the meaning specified in Article 20(d). 
 “Participation Certificate” shall mean the
original participation certificate, if any, that was executed and delivered in connection with a Participation Interest. 

“Participation Interest” shall mean a participation interest in a Mortgage Loan or Mezzanine Loan. 

“Pay-down Amount” shall have the meaning specified in Article 5(f). 

“Paying Seller” shall have the meaning specified in Article 33(c). 

“Person” shall mean an individual, corporation, limited liability company, business trust, partnership, joint
tenant or tenant-in-common, trust, joint stock company, joint venture, unincorporated organization, or any other entity of whatever nature, or a Governmental Authority. 

“Plan” shall mean an employee benefit or other plan established or maintained by any Seller or any ERISA
Affiliate during the five year period ended prior to the date of this Agreement or to which each 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 Internal Revenue Code, other than a Multiemployer Plan. 

“Pledgor” shall mean, collectively or individually, as the context may require, the US Pledgor, the UK
Pledgor and the EUR Pledgor. 
 “Pledgor Financing Statements” shall have the meaning specified in
Article 3(b). 

  
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 “Pounds Sterling” and “£” shall mean the
lawful currency for the time being of the United Kingdom. 
 “Pre-Purchase Due Diligence” shall have the
meaning specified in Article 3(c). 
 “Pricing Rate” shall mean, for any Pricing Rate Period and any
Transaction, an annual rate equal to the interest rate (i.e., the applicable index rate plus the applicable spread) in effect under the applicable Purchased Asset Documents relating to such Transaction (excluding any default interest), subject to a
floor of zero percent (0%). 
 “Pricing Rate Period” shall mean, with respect to any Transaction,
Remittance Date or Repurchase Date (a) in the case of the first Pricing Rate Period, the period commencing on and including the Purchase Date for such Transaction and ending on and excluding the following Remittance Date, and (b) in the
case of any subsequent Pricing Rate Period, the period commencing on and including the immediately preceding Remittance Date and ending on and excluding the following Remittance Date; provided, however, that in no event shall any
Pricing Rate Period for a Purchased Asset end subsequent to the Repurchase Date for such Purchased Asset (or such later date on which the Purchased Asset is actually repurchased). 

“Principal Payment” shall mean, with respect to any Purchased Asset, any payment or prepayment of principal
received or allocated as principal in respect thereof. 
 “Prohibited Person” shall mean any Person
(i) whose name appears on the list of Specially Designated Nationals and Blocked Persons by the Office of Foreign Asset Control (OFAC); (ii) that is a foreign shell bank; (iii) that is resident in 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 Financial Action Task
Force on Money Laundering (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; or (iv) that is, or is owned or controlled by or, to Seller’s Knowledge,
acting on behalf of any Person that is, the target of any Sanctions or is located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions. 

“Prohibited Transferee” shall have the meaning specified on Exhibit XIII. 

“Promissory Note” shall mean (x) with respect to a U.S. Purchased Asset, a note or other evidence of
indebtedness of a Borrower under a Mortgage Loan or a Mezzanine Loan in connection with such U.S. Purchased Asset, and (y) with respect to a Foreign Purchased Asset, any evidence of indebtedness of a Borrower (including, without limitation, the
applicable facility, bond or loan agreement) in connection with such Foreign Purchased Asset. 
 “Property
Report” shall mean, with respect to a Foreign Purchased Asset, any certificate or report title in relation to the related Mortgaged Property that is delivered as a condition precedent to the making of the related Foreign Purchased Asset
under the loan agreement for such Foreign Purchased Asset. Any such Property Report shall (a) with respect to any Wet Purchased Asset, be addressed to Purchaser and capable of being relied upon by Purchaser or any beneficial owner of the
related Foreign Purchased Asset from time to time and (b) with respect to any Purchased Asset other than a Wet Purchased Asset, at Purchaser’s request, be addressed to Purchaser or otherwise capable of being relied upon by Purchaser or any
beneficial owner of the related Foreign Purchased Asset from time to time. 

  
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 “Purchase Date” shall mean, with respect to any Purchased Asset,
the date on which Purchaser purchases such Purchased Asset from the related Seller hereunder. 
 “Purchase Date
Funding Fee” shall have the meaning specified in the Fee Letter. 
 “Purchase Date Spot Rate”
shall mean, with respect to any Purchased Asset for which the Applicable Currency is not Euros, the Spot Rate as of the related Purchase Date for purchasing the Applicable Currency of such Purchased Asset using Euros (which shall be set forth in the
applicable Confirmation). 
 “Purchase Price” shall mean, with respect to any Purchased Asset, the price
(paid in the same Applicable Currency as the related Purchased Asset) at which such Purchased Asset is transferred by the related Seller to Purchaser on the applicable Purchase Date, increased by any amounts advanced by Purchaser to such
Seller (or at the direction of such Seller to a Designated Funding Party) hereunder with respect to such Purchased Asset after its Purchase Date, decreased by any amounts applied by Purchaser to reduce the Purchase Price for the Purchased
Asset (including, without limitation, any cash payment and/or application of Margin Excess by such Seller in connection with the cure of any Margin Deficit pursuant to Article 4). The Purchase Price as of the Purchase Date for any Purchased
Asset shall be set forth in the Confirmation for the related Transaction (expressed in the same Applicable Currency as the related Purchased Asset) and shall not exceed the Maximum Purchase Price with respect to such Purchased Asset. 

For purposes of calculating the aggregate outstanding Purchase Price for all Purchased Assets in relation to the determination
of whether the Maximum Facility Purchase Price has been exceeded as of any date of determination, the outstanding Purchase Price of each Purchased Asset for which the Applicable Currency is not Euros as of such date of determination shall be
converted to Euros at the respective Purchase Date Spot Rate with respect to the Applicable Currency. 
 “Purchase
Price Differential” shall mean, with respect to any Purchased Asset as of any date of determination, the amount equal to the product of (a) the applicable Pricing Rate for such Purchased Asset and (b) the daily outstanding
Purchase Price of such Purchased Asset, calculated on the basis of the “Day-Count Convention” specified in the related Confirmation commencing on (and including) the Purchase Date for such Purchased Asset and ending on (but excluding) the
Repurchase Date (or such later date on which the Purchased Asset is actually repurchased) for such Purchased Asset (reduced by any amount of such Purchase Price Differential previously paid by the related Seller to Purchaser with respect to such
Purchased Asset). Purchase Price Differential shall be payable in the Applicable Currency of the Purchase Price of the applicable Purchased Asset. 

“Purchased Asset” shall mean (a) with respect to any Transaction, the Eligible Asset sold by a Seller to
Purchaser in such Transaction and (b) with respect to the Transactions in general, all Eligible Assets sold by such Seller to Purchaser (other than Purchased Assets that have been repurchased by such Seller). Any Purchased Asset that is
repurchased by the related Seller in accordance with this Agreement shall cease to be a Purchased Asset. Unless otherwise specified, with respect to any Asset Combination, any reference to Purchased Asset shall include the applicable Mezzanine
Related Asset and the Mezzanine Asset that is, or is proposed to be, subject to the same Transaction. 

  
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 “Purchased Asset Documents” shall mean, with respect to a
Purchased Asset, the documents comprising the Purchased Asset File for such Purchased Asset. 
 “Purchased Asset
File” shall mean, with respect to each Purchased Asset, the documents specified as the “Purchased Asset File” in the Custodial Agreement, together with any additional documents and information required to be delivered to Purchaser
or its designee (including the Custodian) pursuant to this Agreement and/or the Custodial Agreement. 
 “Purchased
Asset Schedule” shall mean, with respect to any Purchased Asset, a schedule attached to each Trust Receipt and Custodial Delivery Certificate substantially in the form attached as Exhibit A to Annex 1 to the Custodial Agreement. 

“Purchased Items” shall mean all of a Seller’s right, title and interest in, to and under each of the
following items of property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located: 

(a) the Purchased Assets; 

(b)the Purchased Asset Documents, the Servicing Rights, the Servicing Agreements, the Servicing Records,
mortgage guaranties, mortgage insurance, insurance policies, insurance claims, collection and escrow accounts, and letters of credit, in each case, relating to the Purchased Assets; 

(c)any Hedging Transactions entered into with respect to any Purchased Asset to the extent such Hedging
Transactions are permitted to be transferred without consent of the applicable counterparty; 
 (d)all
related forward trades and takeout commitments placed on the Purchased Assets to the extent such takeout commitments are permitted to be transferred without consent of the applicable counterparty; 

(e)all proceeds relating to the sale, securitization, liquidation, or other disposition of the Purchased
Assets; 
 (f)all “general intangibles”, “accounts”, “chattel paper”,
“investment property”, “instruments”, “securities accounts” and “deposit accounts”, each as defined in the UCC, relating to or constituting any and all of the foregoing; and 

(g)all replacements, substitutions or distributions on or proceeds, payments, Net Cash Flow and profits of,
and records (but excluding any financial models or other proprietary information) and files relating to any and all of any of the foregoing. 

“Purchaser” shall have the meaning specified in the introductory paragraph hereof. 

  
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 “Qualified Collateral Agent” shall mean, any Person that is a
“financial institution” or “financial participant” within the meaning of the Bankruptcy Code. 

“Qualified Transferee” shall mean (i) Purchaser, Collateral Agent and any entity Controlled by,
Controlling or under common Control with Purchaser or Collateral Agent, or (ii) any one or more of the following: 

(A) a real estate investment trust, bank, savings and loan association, investment bank, insurance company,
trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan; provided that any such Person satisfies the Eligibility Requirements; 

(B) an investment company, money management firm or “qualified institutional buyer” within the
meaning of Rule 144A under the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended; provided that any such Person satisfies the
Eligibility Requirements; 
 (C) an institution substantially similar to any of the entities described in
clauses (ii)(A), (ii)(B) or (ii)(E) of this definition that satisfies the Eligibility Requirements; 
 (D)
any entity Controlled by, Controlling or under common Control with, any of the entities described in clauses (ii)(A), (ii)(B), (ii)(C) or (ii)(E) of this definition; 

(E) an investment fund, limited liability company, limited partnership or general partnership where an entity
that is otherwise a Qualified Transferee under clauses (ii)(A), (ii)(B), (ii)(C) or (ii)(D) of this definition, acts as the general partner, managing member or fund manager and at least fifty percent (50%) of the equity interests in such
investment fund, limited liability company, limited partnership, general partnership or entity are owned, directly or indirectly, by one or more of the following: a Qualified Transferee, an institutional “accredited investor” within the
meaning of Regulation D promulgated under the Securities Act of 1933, as amended, and/or a “qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act of 1933, as amended, provided such
institutional “accredited investors” or “qualified institutional buyers” that are used to satisfy the fifty percent (50%) test set forth above in this clause (ii)(E) satisfy the financial tests in clause (i) of the
definition of Eligibility Requirements; or 
 (F) any entity that is otherwise a Qualified Transferee under
clauses (ii)(A), (ii)(B), (ii)(C), (ii)(D) or (ii)(E) of this definition that is acting in an agency capacity for a syndicate of lenders, provided more than fifty percent (50%) of the committed loan amounts or outstanding loan balance are owned
by lenders in the syndicate that are Qualified Transferees. 
 For purposes of this definition of “Qualified
Transferee” only, “Control” shall mean, when used with respect to any specific Person, the ownership, directly or indirectly, in the aggregate of more than twenty percent (20%) of the beneficial ownership interest of such
Person and the possession, directly or indirectly, of the 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, and “Controlled
by,” “Controlling” and “under common Control with” shall have the respective correlative meaning thereto. 

  
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 “Record Holder” shall mean, the holder of any Promissory Note or
Participation Interest, to the extent that such holder is the lender of record (including, without limitation, the mortgagee or pledgee, as applicable, of record) with respect to the related Mortgage Loan and/or Mezzanine Loan pursuant to the
related co-lender agreement, participation agreement or intercreditor agreement. 
 “Recourse Indebtedness”
shall mean, with respect to any Person, on any date of determination, the amount of Indebtedness for which such Person has recourse liability (such as through a guarantee agreement), exclusive of any such Indebtedness for which such recourse
liability is limited to obligations relating to or under agreements containing customary nonrecourse carve-outs. 

“Redirection Letter” shall have the meaning specified in Article 29(e). 

“Register” shall have the meaning specified in Article 20(c). 

“Release Letter” shall mean a letter substantially in the form of Exhibit IX hereto (or such other
form as may be acceptable to Purchaser). 
 “Remittance Date” shall mean (i) for any U.S. Purchased
Assets the seventeenth (17th) calendar day of each month, or the immediately succeeding Business Day, if such calendar day shall not be a Business Day, (ii) for any Foreign Purchased
Asset, March 25, June 25, September 25 and December 25 (for Foreign Purchased Assets, commencing September 25, 2021), or the immediately succeeding Business Day, if such calendar day shall not be a Business Day or
(iii) for any Purchased Asset, such other day as is mutually agreed to by the related Seller and Purchaser as set forth in the related Confirmation. 

“Repeating Representations” shall mean (a) with respect to Seller, each of the representations and
warranties set forth in Articles 10(a) (Organization), 10(b) (Authority), 10(c) (Due Execution and Delivery; Consideration), 10(d) (Enforceability), 10(e) (Approvals and Consents), 10(f) (Licenses and
Permits), 10(h) (Non-Contravention), 10(s) (Full and Accurate Disclosure), 10(t) (Financial Information), 10(u) (Authorized Representatives), 10(v) (Chief Executive Office; Jurisdiction of Organization; Location of
Books and Records), 10(y) (No Encumbrances), 10(aa) (Solvency), 10(cc) (Investment Company Act), 10(dd) (Tax), 10(ee) (ERISA), 10(ff) (Use of Proceeds; Margin Regulations), 10(jj) (Sanctions; No
Prohibited Persons), and 10(ll) (Centre of Main Interests) and (b) with respect to Guarantor, each of the representations and warranties set forth in Article IV of the Guaranty. 

“Reporting Consent” shall have the meaning specified in Article 35(a). 

“Reporting Requirements” shall have the meaning specified in Article 35(a)(ii). 

  
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 “Repurchase Date” shall mean, with respect to any Purchased
Asset, the earliest to occur of (a) the date set forth in the applicable Confirmation, or if such day is not a Business Day, the immediately following Business Day, as the same may be extended by Purchaser in its sole discretion or otherwise in
accordance with this Agreement; (b) an Early Repurchase Date with respect to such Purchased Asset; (c) the maturity date of such Purchased Asset (as the same may be extended pursuant to the Purchased Asset Documents); (d) the
Accelerated Repurchase Date; or (e) the earlier of (x) the date of execution of the Parallel Agreement and (y) the sixtieth (60th) day after Class A Noteholder’s
exercise of its right to redeem the Notes in accordance with the UK Transaction Documents in exchange for the novation of the Transaction with respect to such Purchased Asset (such sixty (60) day period to be extended by the minimum number of
days reasonably necessary to account for any delays in the execution of the Parallel Agreement caused by any action or inaction of Collateral Agent). Notwithstanding anything to the contrary herein, any Mezzanine Loan that is a Purchased Asset shall
be repurchased simultaneously with the repurchase of the related Mezzanine Related Asset. 
 “Repurchase
Obligations” shall have the meaning specified in Article 7(a). 
 “Repurchase Price” shall
mean, with respect to any Purchased Asset as of any Repurchase Date or any date on which the Repurchase Price is required to be determined hereunder, the price at which such Purchased Asset is to be transferred from Purchaser to the applicable
Seller; such price will be determined in each case as the sum of (i) the outstanding Purchase Price of such Purchased Asset as of such date; (ii) the accrued and unpaid Purchase Price Differential with respect to such Purchased Asset as of
such date (other than, with respect to calculations in connection with the determination of a Margin Deficit, accrued and unpaid Purchase Price Differential for the current Pricing Rate Period); (iii) all accrued and unpaid out-of-pocket costs
and expenses (including, without limitation, the reasonable fees and expenses of outside counsel and any applicable Breakage Costs) of Purchaser relating to such Purchased Assets required to be paid by any Seller Party under the Transaction
Documents; and (iv) any other amounts due and owing by the applicable Seller to Purchaser pursuant to the terms of the Transaction Documents as of such date. 

“Requested Exceptions Report” shall have the meaning specified in Exhibit VII hereto. 

“Requirement of Law” shall mean any applicable law, treaty, rule, regulation, code, directive, policy, order
or requirement or determination of an arbitrator or a court or other Governmental Authority whether now or hereafter enacted or in effect in any relevant jurisdiction. 

“Responsible Officer” shall mean any executive officer of a Seller. 

“Sanctions” shall mean, collectively, any sanctions administered or enforced by the U.S. Treasury Department
Office of Foreign Asset Control (OFAC), the U.S. Department of State, the U.S. Department of Commerce, the United Nations Security Council, the European Union, the United Kingdom or any other relevant sanctions authority of any jurisdiction in which
any Seller Party is located or does business. 
 “SEC” shall have the meaning specified in Article
24(a). 
 “Securities Financing Transactions Regulation” shall mean Regulation (EU) 2015/2365 of The
European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012. 

  
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 “Securitisation Regulations” shall have the meaning specified in
the Master Definitions and Construction Module. 
 “Securitisation Regulations Reporting Servicer” shall
mean Trimont Real Estate Advisors, U.K. LTD or any other servicer approved by Purchaser in its reasonable discretion. 

“Securitisation Regulations Reporting Servicing Agreement” shall mean that certain Reporting Services
Agreement, dated as of the Closing Date, by and among Seller and Securitisation Regulations Reporting Servicer, as the same may be amended, modified and/or restated from time to time, and/or any replacement servicing agreement reasonably acceptable
to Purchaser. 
 “Security Agent” shall mean, with respect to a Foreign Purchased Asset, a security agent
or a security trustee appointed by the lender(s) under such Foreign Purchased Asset to hold the benefit of any security agreements relating to such Foreign Purchased Asset on their behalf or under a parallel debt obligation. 

“Seller” shall have the meaning assigned thereto in the introductory paragraph hereof. 

“Seller Financing Statement” shall have the meaning specified in Article 3(b). 

“Seller Party” shall mean, collectively or individually, as the context may require, the applicable Seller,
Pledgor, and Guarantor. 
 “Senior Exposure” shall have the meaning specified in the Master Definitions and
Construction Module. 
 “Senior Exposure LTV Ratio” shall mean, with respect to any Purchased Asset as of
any date of determination, the ratio of (a) the Senior Exposure with respect to such Purchased Asset to (b) the market value of the related Mortgaged Property or Mortgaged Properties as of such date, as determined by Collateral Agent in its
sole and absolute discretion. 
 “Senior Note” shall mean a Promissory Note evidencing a senior or pari
passu senior position in a Mortgage Loan or a Mezzanine Loan; provided that any pari passu Senior Note possesses at least 50% of the voting rights of the lenders of such Purchased Asset or any other percentage of the voting rights of
such lenders provided that the applicable Seller has at least a blocking voting right on Material Decisions with respect to the Mortgage Loan which are subject to the lenders’ vote as per the related Purchased Asset Documents. A Senior Note
shall not be junior to any other Promissory Note secured directly or indirectly by the same Mortgaged Property (it being understood, for the avoidance of doubt, that a Senior Note in a Mezzanine Loan shall not be deemed junior to a Senior Note in
the related Mortgage Loan to the extent that such Senior Notes collectively are not junior to any other Promissory Note or Participation Interest secured directly or indirectly by the same Mortgaged Property). 

  
 28 

 “Senior Participation Interest” shall mean a senior or pari
passu senior Participation Interest in a Mortgage Loan (which Participation Interest shall be paid in the same Applicable Currency as the related Mortgage Loan) or a Mezzanine Loan and the related Mortgage Loan evidenced by a Participation
Certificate; provided that any pari passu Senior Participation Interest possesses at least 50% of the voting rights of the lenders of such Purchased Asset or any other percentage of the voting rights of such lenders provided that the
applicable Seller has at least a blocking voting right on Material Decisions with respect to the Mortgage Loan which are subject to the lenders’ vote as per the related Purchased Asset Documents. A Senior Participation Interest shall not be
junior to any other participation interest or Promissory Note secured directly or indirectly by the same Mortgaged Property (it being understood, for the avoidance of doubt, that a Senior Participation Interest in a Mezzanine Loan shall not be
deemed junior to a Senior Participation Interest in the related Mortgage Loan to the extent that such Senior Participation Interests collectively are not junior to any other Promissory Note or Participation Interest secured directly or indirectly by
the same Mortgaged Property). 
 “Servicer” shall mean Midland Loan Services, a division of PNC Bank,
National Association or any other servicer approved by Purchaser in its reasonable discretion. 
 “Servicing
Agreement” shall mean (i) that certain Servicing Agreement, dated on or about the Closing Date, by and among Servicer, Collateral Agent, US Seller and Purchaser, (ii) that certain Servicing Agreement, dated on or about the Closing
Date, by and among Servicer, Collateral Agent, UK Seller and Purchaser, (iii) that certain Servicing Agreement, dated on or about the Closing Date, by and among Servicer, Collateral Agent, EUR Seller and Purchaser and (iv) any other servicing
agreement, in form and substance acceptable to Purchaser in its sole and absolute discretion, entered into by any Seller, any Servicer and Purchaser, in each case, as the same may be amended, modified and/or restated from time to time, and/or any
replacement servicing agreement reasonably acceptable to Purchaser. 
 “Servicing Records” shall have the
meaning specified in Article 29(f). 
 “Servicing Rights” shall mean rights of any Seller Party, to
administer, service or subservice, the Purchased Assets or to possess related Servicing Records. 
 “Servicing
Tape” shall have the meaning specified in the definition of “Monthly Reporting Package.” 

“Shortfall Seller” shall have the meaning specified in Article 5(i). 

“Significantly Impaired Purchased Asset” shall mean a Purchased Asset that continues to be a Non-Performing
Purchased Asset for one hundred eighty (180) or more consecutive days. 
 “SIPA” shall have the
meaning specified in Article 24(a). 
 “Spot Rate” shall mean, with respect to any Purchased Asset
on any date of determination, the rate quoted as the spot rate for the purchase of the Applicable Currency of such Purchased Asset using such other Applicable Currency at or about 11:00 a.m., London time, on the date that is two (2) Business
Days prior to the date as of which the foreign exchange computation is made as obtained from the applicable screen on Bloomberg. 

“SR Disclosure Technical Standards” shall have the meaning specified in the Master Definitions and
Construction Module. 

  
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 “Step Down Trigger” shall occur if at any time after the end of
the Availability Period, there are four or fewer Transactions outstanding at the time of receipt of principal repayments under a Purchased Asset and shall remain in effect until the Senior Exposure is reduced by 10%; provided that no Step
Down Trigger shall exist if an Alternative Diversification Notice has been given pursuant to the UK Transaction Documents specifying that the Step Down Trigger shall no longer apply. 

“Subsidiary” shall mean, as to any Person, a corporation, partnership, limited liability company or other
entity of which shares of stock or other ownership interests in each case having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the
board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of Seller. 

“Title Insurer” shall mean, with respect to any U.S. Purchased Asset, a nationally recognized title insurance
company qualified to do business in the jurisdiction where the applicable Mortgaged Property is located. 
 “Title
Policy” shall mean, with respect to any U.S. Purchased Asset, an American Land Title Association (ALTA) lender’s title insurance policy or a comparable form of lender’s title insurance policy (or escrow instructions binding on the
Title Insurer and irrevocably obligating the Title Insurer to issue such title insurance policy, a title policy commitment or pro-forma “marked up” at the origination of the related Purchased Asset and countersigned by the Title Insurer or
its authorized agent) as adopted in the applicable jurisdiction and, if applicable, a mezzanine endorsement thereto. 

“Transaction” shall mean a Transaction, as specified in Article 1. 

“Transaction Account” shall mean, individually or collectively, as the context may require, (i) the USD
Transaction Account, (ii) the GBP Transaction Account, (iii) the EUR Collection Account (iii) any other deposit account designated by Collateral Agent in accordance with Annex II for payments to any Purchaser in any Applicable
Currency. 
 “Transaction Documents” shall mean, collectively, this Agreement, any applicable Annexes and
Exhibits to this Agreement, the Fee Letter, the Guaranty, the Custodial Agreement, the Servicing Agreement, each Redirection Letter, the Account Control Agreement, the Equity Pledge Agreement, the Trustee Pledge Agreement, each Foreign Assignment
Agreement, the UK Transaction Documents, each Trust Receipt, all Confirmations and assignment documentation executed pursuant to this Agreement in connection with specific Transactions, and all other documents executed in connection with this
Agreement or any Transaction. 
 “Transfer Certificate” shall mean, with respect to a Foreign Purchased
Asset, any form of transfer or substitution certificate or assignment agreement that is scheduled to the related loan agreement or other equivalent agreement for such Foreign Purchased Asset and that is used to effect the legal transfer or
assignment of such Foreign Purchased Asset. 

  
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 “Trust Receipt” shall have the meaning specified in the
Custodial Agreement. 
 “Trustee Pledge Agreement” shall mean that certain Pledge and Security Agreement
dated as of the Closing Date, from Purchasers in favor of Common Issuer Security Trustee. 
 “U.S. Dollars”
and “$” shall mean freely transferable lawful money of the United States of America. 
 “U.S.
Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code. 

“U.S. Purchased Asset” shall mean any Purchased Asset secured directly or indirectly by Mortgaged Property
located in the United States of America or any territory thereof and which is sold by the applicable Seller to Purchaser. 

“U.S. Tax Compliance Certificate” shall have the meaning specified in Article 32(a) hereof. 

“UCC” shall have the meaning specified in Article 7(b). 

“UCC Filing Jurisdiction” shall mean the State of Delaware. 

“UCC Financing Statement” shall mean the Seller Financing Statement or the Pledgor Financing Statements,
individually or collectively as the context may require. 
 “UK Collection Account” shall have the meaning
specified in Article 5(c). 
 “UK Pledgor” shall mean 345-40 Partners, LLC, a Delaware limited
liability company. 
 “UK Purchaser” shall have the meaning assigned thereto in the introductory paragraph
hereof. 
 “UK Seller” shall have the meaning assigned thereto in the introductory paragraph hereof. 

“UK Transaction Documents” shall have the meaning given to the term “Transaction Documents” in the
Master Definitions and Construction Module. 
 “Underwriting Issues” shall mean, with respect to any
Purchased Asset as to which a Seller intends to request a Transaction, (i) all material information Known by such Seller after making reasonable inquiries and exercising reasonable care and diligence used by a prudent commercial real estate
lender in determining whether to originate or acquire the Purchased Asset in question that would be considered a materially “negative” factor (either separately or in the aggregate with other information) or (ii) a defect in loan
documentation or closing deliveries (such as any absence of any material Purchased Asset Document(s)) Known by such Seller that a prudent commercial real estate lender would consider material in determining whether to originate or acquire the
Purchased Asset in question. 
 “US Collection Account” shall have the meaning specified in Article
5(c). 

  
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 “US Pledgor” shall mean 42-16 Partners, LLC, a Delaware limited
liability company. 
 “US Purchaser” shall have the meaning assigned thereto in the introductory paragraph
hereof. 
 “US Seller” shall have the meaning assigned thereto in the introductory paragraph hereof. 

“USD Loan Realisation Account” shall have the meaning specified in the Master Definitions and Construction
Module. 
 “USD Transaction Account” shall have the meaning specified in the Master Definitions and
Construction Module. 
 “VFN Drawdown Date” shall have the meaning specified in the Master Definitions and
Construction Module. 
 “VFN Drawdown Request” shall have the meaning specified in the Master Definitions
and Construction Module. 
 “VFN Note Purchase Agreement” shall have the meaning specified in the Master
Definitions and Construction Module. 
 “Wet Purchased Asset” shall mean an Eligible Asset which Seller is
selling to Purchaser simultaneously with the origination thereof or any other Purchased Asset for which such Seller has delivered a Bailee Letter in accordance with the terms of the Custodial Agreement and, in each case, for which the Purchased
Asset File has not been delivered to Custodian. 
 The terms defined in this Agreement have the meanings assigned to them in
this Agreement and include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender. All references to articles, schedules and exhibits are to articles, schedules and exhibits in or to this
Agreement unless otherwise specified. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. The term “include” or “including” shall mean without limitation by reason of enumeration. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting
principles. References to “good faith” in this Agreement shall mean “honesty in fact in the conduct or transaction concerned”. 

ARTICLE 3 
 INITIATION;
CONFIRMATION; TERMINATION; EXTENSION 
 (a) Entry into Transactions. During the Availability Period, upon the
satisfaction of all conditions set forth in Article 3(b) for the initial Transaction involving any Purchaser (and, with respect to Article 3(b)(iii), the initial Transaction entered into by any Purchaser with any Seller with respect to
a Foreign Purchased Asset and any Applicable Currency) and Article 3(c) for each Transaction (including any initial Transaction), the related Eligible Asset shall be transferred to Purchaser against the transfer of the Purchase Price therefor
on the Purchase Date 

  
 32 

 
specified in the related Confirmation by wire transfer of immediately available funds to the applicable Seller (or at the direction of such Seller to a Designated Funding Party), subject to
Article 3(c)(ii)(A) below. Each Confirmation, together with this Agreement, shall be conclusive evidence of the terms of the Transaction covered thereby. In the event of any conflict between the terms of such Confirmation and the terms of
this Agreement, such Confirmation shall prevail. 
 (b) Conditions Precedent to Initial Transaction. Each
Purchaser’s agreement to enter into the initial Transaction involving such Purchaser (and, with respect to Article 3(b)(iii), the initial Transaction entered into by any Purchaser with any Seller with respect to a Foreign Purchased Asset
and any Applicable Currency) is subject to the satisfaction (or waiver by Purchaser in writing), immediately prior to or concurrently with the making of such Transaction, of the following conditions precedent to the satisfaction of Purchaser in its
sole and absolute discretion: 
 (i) Delivery of Documents. The following documents, shall have been
delivered to Purchaser: 
 (A) this Agreement, duly completed and executed by each of the parties hereto
(other than any Purchaser not a party to such Transaction); 
 (B)the Fee Letter, duly completed and
executed by each of the parties thereto (other than any Purchaser not a party to such Transaction); 
 (C)
the Custodial Agreement, duly completed and executed by each of the parties thereto (other than any Purchaser not a party to such Transaction); 

(D) the applicable Account Control Agreement, each duly completed and executed by each of the parties thereto;

 (E) the Guaranty, duly completed and executed by each of the parties thereto; 

(F) the applicable Servicing Agreement, duly completed and executed by each of the parties thereto; 

(G) [reserved]; 

(H) the Equity Pledge Agreement, duty completed and executed by each of the parties thereto (other than any
Purchaser not a party to such Transaction); 
 (I) [reserved]; 

(J) any and all consents and waivers applicable to each Seller or to the Purchased Assets generally; 

(K) a power of attorney from US Seller substantially in the form of Exhibit IV-A hereto, a power of
attorney from UK Seller substantially in the form of Exhibit IV-B hereto, a power of attorney from EUR Seller substantially in the form of Exhibit IV-C hereto, in each case, duly completed and executed, provided that Purchaser
shall not utilize such power of attorney unless an Event of Default has occurred and is continuing; 

  
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 (L) a UCC Financing Statement for filing in the UCC Filing
Jurisdiction of each Seller, naming the applicable Seller as “Debtor” and Purchaser as “Secured Party” and describing as “Collateral” “All assets of Seller, whether now owned or existing or hereafter acquired or
arising and wheresoever located, and all proceeds and all products thereof” (the “Seller Financing Statement”); 

(M) a UCC Financing Statement for filing in the UCC Filing Jurisdiction of each Pledgor, naming the applicable
Pledgor as “Debtor” and Purchaser as “Secured Party” and describing as “Collateral” all of the items set forth in the definition of Equity Pledged Collateral (the “Pledgor Financing Statements”); 

(N) opinions of outside counsel to the Seller Parties in form and substance reasonably acceptable to Purchaser
(including, but not limited to, those relating to corporate matters, enforceability, applicability of the Investment Company Act of 1940, security interests and Bankruptcy Code safe harbors (including with respect to inclusion of Mezzanine Loans as
Purchased Assets)); 
 (O) for each Seller Party, a good standing certificate dated within thirty
(30) calendar days prior to the Closing Date, certified true, correct and complete copies of organizational documents and certified true, correct and complete copies of resolutions (or similar authority documents) with respect to the execution,
delivery and performance of the Transaction Documents and each other document to be delivered by such party from time to time in connection herewith; and 

(P) all such other and further documents and documentation as Purchaser shall reasonably require. 

(ii) Reimbursement of Costs and Expenses. Sellers shall have paid, or reimbursed Purchaser for, all
out-of-pocket costs and expenses, including but not limited to due diligence expenses and reasonable legal fees of outside counsel, actually incurred by Purchaser in connection with the development, preparation and execution of the Transaction
Documents and any other documents prepared in connection herewith or therewith. 
 (iii) Foreign
Purchased Assets. For any Seller, with respect to the initial Transaction entered into by Purchaser with such Seller with respect to a Foreign Purchased Asset and any Applicable Currency, the following shall have been delivered to Purchaser:

 (A) all such documents and documentation as Purchaser shall reasonably require for such Seller to grant
and perfect in favor of Purchaser in the relevant non-U.S. jurisdiction a first priority security interest in such Foreign Purchased Asset and any future Foreign Purchased Assets denominated in the same Applicable Currency; 

  
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 (B) a power of attorney from such Seller in form and substance
satisfactory to Purchaser, which power of attorney shall be duly completed and executed in accordance with customary practices in the applicable non-U.S. jurisdiction in which the related Mortgaged Property securing such Foreign Purchased Asset is
located, provided that Purchaser shall not utilize such power of attorney unless an Event of Default has occurred and is continuing; 

(C) an opinion of outside counsel to such Seller in form and substance reasonably acceptable to Purchaser with
respect to the perfection of Purchaser’s security interest in the relevant non-U.S. jurisdiction and consistent with market customs and such other matters as Purchaser may reasonably request; 

(D) evidence of the establishment by such Seller of the related Foreign Purchased Asset Collection Account in
the Applicable Currency; 
 (E) an Account Control Agreement, duly completed and executed by each of the
parties thereto, with respect to such Foreign Purchased Asset Collection Account; and 
 (F) all such other
and further documents and documentation as Purchaser in its discretion shall reasonably require (including, without limitation, a Foreign Assignment Agreement and such other closing documentation necessary to transfer such Foreign Purchased Asset to
Purchaser). 
 (c) Conditions Precedent to All Transactions. Purchaser’s agreement to enter into each Transaction
(including the initial Transaction) is subject to the satisfaction (or waiver by Purchaser in writing) of the following further conditions precedent to the satisfaction of Purchaser: 

(i) Foreign Assignment Agreement. With respect to each Foreign Purchased Asset subject to such
Transaction, the applicable Seller shall have delivered to Purchaser a Foreign Assignment Agreement in such form as Purchaser may require in order to give effect to Article 7(a) in the relevant jurisdiction(s) applicable to the Foreign
Purchased Asset. 
 (ii) Maximum Facility Purchase Price. The sum of (A) the aggregate
outstanding Purchase Price in Euros (with respect to any Purchased Asset for which the Applicable Currency is not Euros, based on the Purchase Date Spot Rate with respect to the Applicable Currency) for all prior outstanding Transactions and
(B) the requested Purchase Price in Euros (with respect to any Purchased Asset for which the Applicable Currency is not Euros, based on the Purchase Date Spot Rate with respect to the Applicable Currency) for the pending Transaction shall not
exceed an amount equal to the Maximum Facility Purchase Price. 
 (iii) Transaction Request and
Confirmation. The applicable Seller shall have: 

  
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 (A) no less than fifteen (15) Business Days (it being
acknowledged that Purchaser may agree to a shorter period on a case-by-case basis) prior to the requested Purchase Date, given written notice to Purchaser and Collateral Agent of the proposed Transaction and with respect to each Eligible Asset
subject to the requested Transaction, delivered to Purchaser and Collateral Agent the documents required pursuant to Exhibit VII hereto in accordance with the time frames set forth therein; and 

(B) within a time prior to the proposed Purchase Date acceptable to Purchaser given notice to Purchaser and
Collateral Agent of the proposed Transaction by delivering to Purchaser and Collateral Agent a completed draft confirmation substantially in the form of Exhibit II hereto (a “Confirmation”). The Confirmation shall be signed
on or prior to the Purchase Date by a Responsible Officer of the applicable Seller (and, if applicable, Guarantor); provided, however, that if such Confirmation directs Purchaser to transfer Purchase Price to be sent to an account or
recipient other than pursuant to the wire instructions of such Seller set forth on Annex I hereto, such Confirmation must be signed by two (2) Responsible Officers of the applicable Seller; provided, further, that neither
Purchaser nor Collateral Agent shall have any duty to confirm that any such Confirmation has been signed by the requisite number of Responsible Officers of the applicable Seller and shall not be liable to the applicable Seller if it inadvertently
acts on a Confirmation that has not been signed by the requisite number of Responsible Officers of the applicable Seller or at all. 

(iv) Delivery to Custodian. The applicable Seller shall have delivered to Custodian, with respect to
each Eligible Asset other than a Wet Purchased Asset, the related Purchased Asset File in accordance with the procedures and time frames set forth in the Custodial Agreement. 

(v) Bailee Trust Receipt. With respect to any Wet Purchased Asset, the related Bailee shall have issued
to Purchaser and Collateral Agent a Bailee Trust Receipt. 
 (vi) Due Diligence Review. Purchaser
shall have completed its due diligence investigation of the Eligible Assets subject to the pending Transaction and such other documents, records, agreements, instruments, mortgaged properties or information relating to such Eligible Assets and, in
accordance with Article 28, each Seller Party, as Purchaser in its sole and absolute discretion deems appropriate to review and such review shall be satisfactory to Purchaser in its sole and absolute discretion (the “Pre-Purchase Due
Diligence”) and has determined, in its sole and absolute discretion, to purchase any or all of the Eligible Assets proposed to be sold to Purchaser by any Seller. Purchaser shall inform the applicable Seller of its determination with
respect to any such proposed Transaction solely in accordance with Exhibit VII hereto. 
 (vii)
Countersigned Confirmation. Collateral Agent (on behalf of the applicable Purchaser) shall have delivered to the applicable Seller a countersigned copy of the related Confirmation described in clause (iii)(B) above. 

  
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 (viii) No Default. No Default or Event of Default shall
have occurred and be continuing or will occur as a result of the pending Transaction; 
 (ix) No Material
Adverse Effect. No event shall have occurred and be continuing which has had, or would reasonably be expected to have, a Material Adverse Effect. 

(x) Waiver of Exceptions. Purchaser shall have waived in writing all exceptions in the related
Requested Exceptions Report, as evidenced by Collateral Agent’s execution (on behalf of the applicable Purchaser), of the Confirmation to which such Requested Exceptions Report is attached. 

(xi) Representations and Warranties. The representations and warranties made by Sellers in Article
10 (other than with respect to Due Diligence Representations relating to Purchased Assets not subject to the proposed Transaction and as disclosed in a Requested Exceptions Report approved by Purchaser in accordance with the terms hereof) shall
be true, correct and complete on and as of the Purchase Date for the pending Transaction with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a
specific date, as of such specific date). 
 (xii) Acknowledgement of Servicer. Purchaser and
Collateral Agent shall have received from Servicer a written acknowledgement that each Eligible Asset to be sold to Purchaser will be serviced in accordance with the applicable Servicing Agreement as of the related Purchase Date. 

(xiii) No Margin Deficit. No Margin Deficit shall exist, either immediately prior to or after giving
effect to the requested Transaction. 
 (xiv) Receipt of Trust Receipt. With respect to any Eligible
Asset other than a Wet Purchased Asset, Purchaser and Collateral Agent shall have received from Custodian on each Purchase Date a Trust Receipt accompanied by a Purchased Asset Schedule and Exception Report (as defined in the Custodial Agreement)
with respect to such Eligible Asset to be sold to Purchaser, dated the Purchase Date, duly completed and with exceptions acceptable to Purchaser in its sole discretion in respect of such Eligible Assets to be purchased hereunder on such Purchase
Date. 
 (xv) Seller Release Letter. Purchaser shall have received from the applicable Seller a
Release Letter covering each Eligible Asset to be sold to Purchaser. 
 (xvi) Redirection Letter.
Purchaser and Collateral Agent shall have received from the applicable Seller a copy of each related Redirection Letter(s) that such Seller shall send to the related Borrower(s) and Security Agent within one (1) Business Day following the
closing of such Transaction in accordance with Article 29(e). 
 (xvii) No Change in Law.
Purchaser shall not have determined in good faith that the introduction of or a change in any Requirement of Law or in the interpretation or administration of any Requirement of Law has made it unlawful, and no Governmental Authority shall have
asserted that it is unlawful, for Purchaser to enter into Transactions. 

  
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 (xviii) Security Interest. The applicable Seller shall
have taken such other action as Purchaser shall have reasonably requested in order to transfer the Eligible Assets being transferred to Purchaser pursuant to this Agreement and to perfect all security interests granted under this Agreement or any
other Transaction Document in favor of Purchaser as secured party under the UCC, or with respect to any Foreign Purchased Asset, the equivalent Requirement of Law under the relevant non-U.S. jurisdiction (to the extent applicable), with respect to
such Eligible Assets. 
 (xix) Availability Period. The related Purchase Date occurs during the
Availability Period. 
 (xx) Know Your Customer and Sanctions Diligence. The applicable Seller shall
have completed its “Know Your Customer” and Sanctions diligence with respect to the related Borrower, guarantor and related parties and the results of such diligence are acceptable to Purchaser in its sole and absolute discretion.
Purchaser shall have completed its “Know Your Customer” and Sanctions diligence with respect to the applicable Seller, Guarantor and related parties (which shall include any Designated Funding Party, if applicable) and the results of such
diligence are acceptable to Purchaser in its sole and absolute discretion. 
 (xxi) True Sale. If
such Purchased Asset is originated by any Affiliate of Seller (but not, for the avoidance of doubt, Seller) or obtained by the applicable Seller from any Affiliate of such Seller, then, upon request from Purchaser, such Seller shall deliver to
Purchaser a true sale opinion from outside counsel in form and substance reasonably acceptable to Purchaser with respect to the transfer of such Purchased Asset to such Seller from such Affiliate and, to the extent such prior transfers were
evidenced by a New York-law governed assignment agreement, with respect to any transfers between Affiliates of Seller prior thereto. 

(xxii) Further Assurances. Purchaser shall have received all such other and further documents,
documentation and legal opinions (including, without limitation, opinions regarding the perfection of Purchaser’s security interests) as Purchaser shall have reasonably required; including, without limitation, any information reasonably
required by Collateral Agent in connection with Securities Financing Transactions Regulation reporting for any Purchased Assets. 

(xxiii) Payment of Purchase Date Funding Fee. Purchaser shall have received payment from the applicable
Seller of the applicable Purchase Date Funding Fee then due in respect of such Purchased Asset. 
 (xxiv)
Reimbursement of Costs and Expenses. The applicable Seller shall have paid, or reimbursed Purchaser for, all out-of-pocket costs and expenses, including but not limited to due diligence expenses and reasonable legal fees of outside counsel,
actually incurred by Purchaser in connection with the on-boarding and due-diligence review of such Purchased Asset. 

  
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 (d) Early Repurchase. The applicable Seller shall be entitled to terminate
a Transaction on demand and repurchase the Purchased Asset subject to such Transaction on any Business Day prior to the Repurchase Date (an “Early Repurchase Date”); provided, however, that: 

(i) no later than three (3) Business Days prior to such Early Repurchase Date, such Seller notifies
Purchaser in writing of its intent to terminate such Transaction and repurchase such Purchased Asset, setting forth the Early Repurchase Date and identifying with particularity the Purchased Asset to be repurchased on such Early Repurchase Date
(except if such Early Repurchase Date is in connection with curing a Margin Deficit, Default, Event of Default, representation breach or any of the events in Article 6 having occurred with respect to such Transaction, in which case only same
Business Day written notice shall be required); 
 (ii) no monetary or material non-monetary Default shall
have occurred and be continuing both as of the date notice is delivered pursuant to Article 3(d)(i) above and as of the applicable Early Repurchase Date, unless such Default is cured by such repurchase; 

(iii) no Event of Default shall have occurred and be continuing both as of the date notice is delivered
pursuant to Article 3(d)(i) above and as of the applicable Early Repurchase Date, unless such Event of Default would be cured by such repurchase; 

(iv) on such Early Repurchase Date, such Seller pays (in the Applicable Currency of such Purchased Asset) to
Purchaser an amount equal to the Repurchase Price (including, without limitation, any applicable Breakage Costs) for the applicable Purchased Asset against transfer to such Seller or its designated agent of such Purchased Asset; and 

(v) any Margin Deficit then existing is cured contemporaneously with such early repurchase (including, without
limitation, by repurchasing the applicable Purchased Asset pursuant to this Article 3(d)). 
 (e) Repurchase on the
Repurchase Date. On the Repurchase Date (including any Early Repurchase Date, so long as the conditions set forth in Article 3(d) are satisfied) for any Transaction, termination of the Transaction will be effected by transfer to the
applicable Seller (or such Seller’s designee) of the Purchased Assets being repurchased along with any Net Cash Flow in respect thereof received by Purchaser (and not previously credited or transferred to, or applied to the obligations of, such
Seller pursuant to Article 5) against the simultaneous transfer of the Repurchase Price (in the Applicable Currency of the related Purchased Asset) for such Purchased Asset to an account of Purchaser; provided that, Purchaser shall
have no obligation to permit such Seller to repurchase individual Purchased Assets if an Event of Default shall have occurred and be continuing unless, so long as Purchaser has not enforced remedies hereunder, such Purchased Asset is repaid in full
(with respect to any Mezzanine Loan, such repayment shall include the Mezzanine Loan and the related Mortgage Loan) by the Borrower thereunder and Purchaser receives for application in accordance with Article 5(f) an amount equal to the 

  
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greater of (i) the Repurchase Price (in the Applicable Currency of the related Purchased Asset) of such Purchased Asset and (ii) one hundred percent (100%) of such Principal
Payment. Promptly following such Repurchase Date for a Purchased Asset and satisfaction of the conditions in the preceding sentence, and so long as no Event of Default shall have occurred and be continuing (except as set forth in the immediately
preceding sentence), Purchaser’s right, title and interest in such Purchased Asset and the related Collateral shall automatically terminate in accordance with Article 7(b). Subject to the foregoing, upon the payment in full of any
Purchased Asset by the Borrower thereunder, the Repurchase Date of such Purchased Asset shall be deemed to have occurred on the date on which the Repurchase Price (in the Applicable Currency of the related Purchased Asset) therefor and any
additional amounts required hereunder, are received by Purchaser for application in accordance with Article 5. 
 (f)
[Reserved]. 
 (g) [Reserved]. 

(h) Future Advances. (i) From time to time prior to the Repurchase Date for any applicable Future Advance Purchased
Asset, the applicable Seller may request that Purchaser transfer cash (in the Applicable Currency of the related Purchased Asset) to such Seller (resulting in a corresponding increase in the outstanding Purchase Price of such Purchased Asset) in
connection with the making of a Future Advance under such Future Advance Purchased Asset, which amount shall be transferred by Purchaser to such Seller (or at the direction of such Seller to a Designated Funding Party) subject to the satisfaction
(or waiver by Purchaser in writing) of the conditions listed in clause (ii) below (collectively, the “Future Advance Purchase Price Increase Conditions”). 

(ii) For purposes of this Article 3(h), the Future Advance Purchase Price Increase Conditions shall be
deemed to have been satisfied if: 
 (A) at least three (3) Business Days (if requested prior to 11:00
am (New York City Time), otherwise four (4) Business Days) prior to the requested Purchase Price increase date, the applicable Seller shall have requested such increase in writing, which may be in the form of a draft amended and restated
Confirmation for the applicable Transaction described in subclause (D) below, and delivered to Purchaser (1) copies of all documentation submitted by Borrower in connection with the applicable Future Advance and (2) evidence
that all conditions precedent to such Future Advance under the related Purchased Asset Documents have been satisfied or will be satisfied as of the date of the related funding (or, if any conditions will not be satisfied, written request for
Purchaser’s waiver of such conditions); 
 (B) the amount of the requested Purchase Price increase
(together with the amount of all Purchase Price increases with respect to each other Purchased Asset requested by any Seller to be made on the applicable requested Purchase Price increase date) is at least $1,000,000 (with amounts requested with
respect to any Foreign Purchased Asset to be converted to U.S. Dollars for purposes of such calculation based on the Spot Rate with respect to the Applicable Currency of such Foreign Purchased Asset as of the date of determination); 

  
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 (C) Purchaser shall have determined in its commercially
reasonable discretion that (1) all conditions precedent to such Future Advance under the related Purchased Asset Documents have been satisfied and (2) any additional conditions imposed by Purchaser with respect to such Future Advance, as
specified in the related Confirmation on the Purchase Date (as may be amended by the applicable Seller and Purchaser upon mutual agreement following the Purchase Date), have been duly satisfied; 

(D) delivery by the applicable Seller to Purchaser and Collateral Agent of an amended and restated
Confirmation for the applicable Transaction which reflects the increase in the Purchase Price signed by a Responsible Officer of such Seller (subject to the provisos to Article 3(c)(iii)(B) hereof; provided, however, that
neither Purchaser nor Collateral Agent shall have any duty to confirm that any such Confirmation has been signed by the requisite number of Responsible Officers of such Seller and shall not be liable to such Seller if it inadvertently acts on a
Confirmation that has not been signed by the requisite number of Responsible Officers of such Seller or at all); 

(E) immediately after giving effect to the requested Purchase Price increase, the outstanding Purchase Price
of such Purchased Asset shall not exceed the updated Maximum Purchase Price of such Purchased Asset set forth on the related amended and restated Confirmation; 

(F) immediately after giving effect to the requested Purchase Price increase, the aggregate outstanding
Purchase Price in Euros (with respect to any Purchased Asset for which the Applicable Currency is not Euros, based on the Purchase Date Spot Rate with respect to the Applicable Currency) of all Purchased Assets shall not exceed the Maximum Facility
Purchase Price; 
 (G) no Default or Event of Default shall have occurred and be continuing as of the
related Purchase Price increase date or will occur as a result of such Purchase Price increase; 
 (H) no
Margin Deficit shall exist, either immediately prior to or after giving effect to the requested Purchase Price increase; 

(I) all Repeating Representations made by any Seller Party in the Transaction Documents and all Fundamental
Purchased Asset Representations made by the applicable Seller pursuant to Article 10(w) with respect to the applicable Purchased Asset (except as disclosed in a Requested Exceptions Report approved by Purchaser in accordance with the terms
hereof) shall be true, correct and complete on and as of the related Purchase Price increase date with the same force and effect as if made on and as of such date (or, if any such Repeating Representation or Fundamental Purchased Asset
Representation is expressly stated to have been made as of a specific date, as of such specific date); 

  
 41 

 (J) on or prior to the related Purchase Price increase date,
Purchaser shall have received a written certification by the related Seller stating that all conditions precedent to the funding of such Future Advance under the related Purchased Asset Documents have been satisfied (which may be made via a
representation in the amended and restated Confirmation for the applicable Transaction described in subclause (D) above); and 

(K) the applicable Seller shall have delivered to Purchaser such other information and documentation
(including, without limitation, either an updated title policy or an appropriate date-down endorsement) as Purchaser may reasonably request. 

For the avoidance of doubt, (i) the references to Purchaser in this Article 3(h) with respect to US Seller and any
U.S. Purchased Asset shall be limited to US Purchaser only, (ii) the references to Purchaser in this Article 3(h) with respect to UK Seller and any Foreign Purchased Asset (GBP) shall be limited to UK Purchaser only, and (iii) the
references to Purchaser in this Article 3(h) with respect to EUR Seller and any Foreign Purchased Asset (EUR) shall be limited to EUR Purchaser only. 

(i) Voluntary Purchase Price Reduction; Margin Excess. (i) Any Seller may from time to time, upon
two (2) Business Days’ prior written notice to Purchaser, Collateral Agent and Cash Manager, transfer cash (in the Applicable Currency for the applicable Purchased Asset(s)) to Purchaser to be applied in reduction of the outstanding
Purchase Price with respect to one or more Purchased Assets as such Seller may direct, subject to the satisfaction of the following conditions: 

(A) the amount of the applicable Purchase Price reduction (together with the amount of all Purchase Price
reductions with respect to each other Purchased Asset to be made by the related Seller on the applicable Purchase Price reduction date) is at least $5,000,000 (with reductions with respect to any Foreign Purchased Asset to be converted to U.S.
Dollars for purposes of such calculation based on the Spot Rate with respect to the Applicable Currency of such Foreign Purchased Asset as of the date of determination); and 

(B) immediately after giving effect to the applicable Purchase Price reduction, the Effective Purchase Price
Percentage of the applicable Purchased Asset shall not be less than seventy-eight and one-eighth percent (78.125%) (provided that if the Parallel Agreement is entered into, this subclause (B) shall be specifically referenced
therein with the percentage above adjusted to sixty-two and one-half percent (62.5%)). 
 The related Seller shall pay any
applicable Breakage Costs in connection with any such reduction of the outstanding Purchase Price. 

  
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 (ii) From time to time to the extent that any Margin Excess
exists with respect to one or more Purchased Assets, the related Seller may request that Purchaser transfer cash (in the Applicable Currency of the related Purchased Asset) to such Seller (or at the direction of such Seller to a Designated Funding
Party) (resulting in a corresponding increase in the outstanding Purchase Price of the applicable Purchased Asset(s)) in an amount not to exceed such Margin Excess, which amount shall be transferred by Purchaser to such Seller within two
(2) Business Days following such Seller’s written request, subject to the satisfaction of the following conditions: 

(A) the amount of the requested Purchase Price increase (together with the amount of all Purchase Price
increases with respect to each other Purchased Asset requested by any Seller to be made on the applicable requested Purchase Price increase date) is at least $1,000,000 (with amounts requested with respect to any Foreign Purchased Asset to be
converted to U.S. Dollars for purposes of such calculation based on the Spot Rate with respect to the Applicable Currency of such Foreign Purchased Asset as of the date of determination); 

(B) if requested by Purchaser, delivery by the applicable Seller to Purchaser and Collateral Agent of an
amended and restated Confirmation for the applicable Transaction which reflects the increase in the Purchase Price signed by a Responsible Officer of such Seller (subject to the provisos to Article 3(c)(iii)(B) hereof; provided,
however, that neither Purchaser nor Collateral Agent shall have any duty to confirm that any such Confirmation has been signed by the requisite number of Responsible Officers of such Seller and shall not be liable to such Seller if it
inadvertently acts on a Confirmation that has not been signed by the requisite number of Responsible Officers of such Seller or at all); 

(C) immediately after giving effect to the requested Purchase Price increase, the outstanding Purchase Price
of such Purchased Asset shall not exceed the Maximum Purchase Price of such Purchased Asset; 
 (D)
immediately after giving effect to the requested Purchase Price increase, the aggregate outstanding Purchase Price in Euros (with respect to any Purchased Asset for which the Applicable Currency is not Euros, based on the Purchase Date Spot Rate
with respect to the Applicable Currency) of all Purchased Assets shall not exceed the Maximum Facility Purchase Price; 

(E) no Default or Event of Default shall have occurred and be continuing as of the related Purchase Price
increase date or will occur as a result of such Purchase Price increase; 
 (F) no Margin Deficit shall
exist, either immediately prior to or after giving effect to the requested Purchase Price increase (unless the same would be cured by application of such Margin Excess); 

  
 43 

 (G) all Repeating Representations made by any Seller Party in
the Transaction Documents and all Fundamental Purchased Assets Representations made by the applicable Seller pursuant to Article 10(w) with respect to the applicable Purchased Asset (except as disclosed in a Requested Exceptions Report
approved by Purchaser in accordance with the terms hereof) shall be true, correct and complete on and as of the related Purchase Price increase date with the same force and effect as if made on and as of such date (or, if any such Repeating
Representation or Fundamental Purchased Asset Representation is expressly stated to have been made as of a specific date, as of such specific date); and 

(H)with respect to any Margin Excess which exists solely as a result of the increase in Market Value of any
Purchased Asset following satisfaction of a Margin Call in respect of such Purchased Asset pursuant to Article 4, Purchaser shall have approved the applicable Purchase Price increase in its sole good faith discretion (which Purchase Price
increase, if so approved by Purchaser, will be made under the same Transaction for the applicable Purchased Asset or as a new Transaction in respect of such Purchased Asset as elected by Purchaser). 

For the avoidance of doubt, (i) the references to Purchaser in this Article 3(i) with respect to US Seller and any
U.S. Purchased Asset shall be limited to US Purchaser only, (ii) the references to Purchaser in this Article 3(i) with respect to UK Seller and any Foreign Purchased Asset (GBP) shall be limited to UK Purchaser only, and (iii) the
references to Purchaser in this Article 3(i) with respect to EUR Seller and any Foreign Purchased Asset (EUR) shall be limited to EUR Purchaser only. 

(j) Custodial Delivery Failure. If a material portion of the Purchased Asset File for any Purchased Asset, as determined by
Purchaser in its commercially reasonable discretion, has not been delivered to the Custodian or remains outstanding in violation of the Custodial Agreement, then at Purchaser’s written request (made in Purchaser’s sole and absolute
discretion), then the applicable Seller shall be required to either (at Seller’s election) cure such deficiency or repurchase such Purchased Asset, in each case by no later than five (5) Business Days following such Seller’s receipt
of such request from Purchaser if received by 12:00 noon (New York City time) (for the avoidance of doubt, if such request is given by Purchaser on any Business Day after 12:00 noon (New York City time), such request shall be considered given prior
to such time on the immediately following Business Day). 
 (k) Fundamental Purchased Asset Representations. If any
Fundamental Purchased Asset Representation is incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated (except to the extent disclosed in a Requested Exceptions Report approved by Purchaser in writing
in accordance with the terms hereof), then the applicable Seller shall repurchase the applicable Purchased Asset upon Purchaser’s written request unless such Seller is able to cure the underlying condition that caused such Fundamental Purchased
Asset Representation to be materially breached within ten (10) Business Days (or such longer period of time as determined by Collateral Agent to be commercially reasonable under the circumstances) following such Seller’s receipt of such
request from Purchaser. 

  
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 ARTICLE 4 

MARGIN MAINTENANCE 

(a) Purchaser may, at its option in its sole and absolute discretion, re-determine the Market Value for any Purchased Asset in
accordance with definition of Market Value. If a Margin Deficit exists, Purchaser may, by notice to Sellers with a simultaneous copy to Cash Manager substantially in the form of Exhibit VIII hereto (a “Margin Call”), require
Sellers to either (at Sellers’ election with written notice of such election to Purchaser, Collateral Agent and Cash Manager) (i) make a cash payment (in the Applicable Currency of the related Purchased Asset) in reduction of the
outstanding Purchase Price of the Purchased Asset in respect of which such Margin Deficit exists so that after giving effect to such payment, no Margin Deficit shall exist with respect such Purchased Asset or (ii) repurchase such Purchased
Asset in accordance with Article 3(d), in either case within the time period set forth in clause (b) below. 

(b) If a Margin Call is given by Purchaser under Article 4(a) on any Business Day at or prior to 12:00 noon (New York
City time), the applicable Seller shall cure the related Margin Deficit as provided in Article 4(a) by no later than 5:00 p.m. (New York City time) two (2) Business Days following receipt of such Margin Call. For the avoidance of doubt,
if a Margin Call is given by Purchaser under Article 4(a) on any Business Day after 12:00 noon (New York City time), such Margin Call shall be considered given prior to such time on the immediately following Business Day. 

(c) The failure or delay by Purchaser, on any one or more occasions, to exercise its rights under this Article 4 shall
not change or alter the terms and conditions or limit or waive the right of Purchaser to do so at a later date or in any way create additional rights for any Seller. 

(d) For the avoidance of doubt, with respect to this Article 4, any such payments and/or reductions shall be made by the
applicable Seller in the Applicable Currency of the related Purchased Asset with respect to which such Margin Deficit exists. The amount of any reduction in Purchase Price of any Purchased Asset pursuant to this Article 4 may be redrawn by
the applicable Seller in accordance with Article 3(i)(ii) above. 
 ARTICLE 5 

PAYMENTS; COLLECTION ACCOUNTS 

(a) Unless otherwise mutually agreed in writing, all transfers of funds to be made by a Seller hereunder shall be made in the
Applicable Currency with respect to each related Purchased Asset, in immediately available funds, without deduction, set-off or counterclaim. 

(b) All payments required to be made directly to: 

(i) a Transaction Account shall be made in accordance with the wiring instructions set forth on Annex
II (or such other wire instructions provided by Collateral Agent to the applicable Seller in writing); 

  
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 (ii) a Loan Realisation Account shall be made in accordance with
the wiring instructions set forth on Annex III; and 
 (iii) a Purchaser shall be made as follows:

 (A) so long as no Event of Default shall have occurred and be continuing and no Enforcement Notice has
been served, to the applicable Transaction Account based on the Applicable Currency of such payment; 
 (B)
if an Event of Default has occurred and is continuing, but no Enforcement Notice has been served, to the applicable Loan Realisation Account based on the Applicable Currency of such payment; or 

(C) if an Enforcement Notice has been served, as Common Issuer Security Trustee shall direct in writing; 

in each case, not later than 2:00 p.m. (New York City time) (or such other time set forth herein with respect to such payment),
on the date on which such payment shall become due (and each such payment made after such time shall be deemed to have been made on the next succeeding Business Day). 

(c) Concurrently with the execution and delivery of this Agreement, Sellers shall establish (i) a segregated interest
bearing deposit account denominated in U.S. Dollars (the “US Collection Account”) in the name of US Seller for the benefit of Purchaser at Account Bank, (ii) a segregated interest bearing deposit account denominated in Pounds
Sterling (the “UK Collection Account”) in the name of UK Seller for the benefit of Purchaser at Account Bank and (iii) a segregated interest bearing deposit account denominated in Euros in the name of EUR Seller for the benefit of
Purchaser at Account Bank (the “EUR Collection Account” and, together with the US Collection Account, the UK Collection Account and any other Foreign Purchased Asset Collection Account, the “Collection Accounts”).
Each Collection Account shall be subject to the Account Control Agreement in favor of Purchaser. 
 (d) Each Seller shall
cause Servicer to promptly remit, and in any event no later than two (2) Business Days after receipt thereof, all Net Cash Flow in respect of the Purchased Assets directly into the applicable Collection Account maintained by such Seller. In
furtherance of the foregoing, Sellers shall cause each Servicer to execute and deliver a Redirection Letter in accordance with Article 29(e). If any Seller Party or any Affiliate thereof shall receive any Net Cash Flow with respect to a
Purchased Asset other than in accordance with the Transaction Documents, such party shall (and the applicable Seller shall cause such party to) promptly (and in any case within one (1) Business Day after receipt thereof) remit such amounts
directly into the applicable Collection Account. Amounts in the Collection Accounts shall be remitted by Account Bank in accordance with the provisions of Articles 5(e) and 5(f). 

(e) So long as no Event of Default shall have occurred and be continuing, Account Bank shall, on each Remittance Date (or, with
respect to any Principal Payments received by Account Bank, within one (1) Business Day after receipt thereof), remit all amounts on deposit in each Collection Account in the following order of priority: 

  
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 (i) first, from each Collection Account an amount equal to
the applicable Allocation Proportion of all fees and any amounts that are reimbursable to such Person out of collections on the Purchased Assets in accordance with the express terms of the applicable agreement (and not, for the avoidance of doubt,
any indemnification amounts owed by Seller) then due and payable to (w) Custodian pursuant to the Custodial Agreement, (x) Account Bank pursuant to the applicable Account Control Agreement, (y) Servicer pursuant to the applicable
Servicing Agreement, and (z) Securitisation Regulations Reporting Servicer pursuant to the Securitisation Regulations Reporting Servicing Agreement, in each case, which are (1) payable by Sellers pursuant to the terms of the applicable
agreement, (2) have not previously been paid to the parties entitled to such amounts and (3) exclusive of any amounts due under any indemnification; 

(ii) second, following the payment all amounts required to be paid by US Seller pursuant to clause
(i) above, an amount equal to the credit balance remaining in the US Collection Account to the USD Transaction Account; 

(iii) third, following the payment of all amounts required to be paid by EUR Seller pursuant to
clause (i) above, an amount equal to the credit balance remaining in the EUR Collection Account to the EUR Transaction Account; and 

(iv) fourth, following the payment of all amounts required to be paid by UK Seller pursuant to
clause (i) above, an amount equal to the credit balance remaining in the UK Collection Account to the GBP Transaction Account. 

(f) If a Step Down Trigger has occurred and is continuing, Sellers shall, within five (5) Business Days after any amount
on account of principal being paid to the holder of the Class B Notes in any Applicable Currency (a “Pay-down Amount”), pay to Purchaser an amount equal to the lesser of (i) the Pay-down Amount and (ii) the minimum amount
necessary to cure the Step Down Trigger (in each case after conversion by Sellers to each relevant Applicable Currency based on the Spot Rate with respect to the Applicable Currency as of the date of such payment) to be applied to the outstanding
Purchase Price of all Purchased Assets on a pro rata basis based on outstanding Purchase Price. 
 (g) If an Event of Default
has occurred and is continuing, Account Bank shall, on each Remittance Date (or, with respect to any Principal Payments received by Account Bank, within one (1) Business Day after receipt thereof), remit all amounts on deposit in each
Collection Account in the following order of priority: 
 (i) first, from each Collection Account an
amount equal to the applicable Allocation Proportion of all fees and any amounts that are reimbursable to such Person out of collections on the Purchased Assets in accordance with the express terms of the applicable agreement (and not, for the
avoidance of doubt, any indemnification amounts owed by Seller) then due and payable to (w) Custodian pursuant to the Custodial Agreement, (x) Account Bank pursuant to the applicable Account Control Agreement, (y) Servicer pursuant to
the applicable Servicing Agreement, and (z) Securitisation Regulations Reporting Servicer pursuant to the Securitisation Regulations Reporting Servicing Agreement, in each case, which are (1) payable by Sellers pursuant to the terms of the
applicable agreement, (2) have not previously been paid to the parties entitled to such amounts and (3) exclusive of any amounts due under any indemnification; 

  
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 (ii) second, if a Enforcement Notice has been served the
credit balance remaining in the Collection Accounts as Common Issuer Security Trustee shall direct; 

(iii) third, following the payment all amounts required to be paid by US Seller pursuant to clause
(i) above, an amount equal to the credit balance remaining in the US Collection Account to the USD Loan Realisation Account; 

(iv) fourth, following the payment of all amounts required to be paid by EUR Seller pursuant to
clause (i) above, an amount equal to the credit balance remaining in the EUR Collection Account to the EUR Loan Realisation Account; and 

(v) fifth, following the payment of all amounts required to be paid by UK Seller pursuant to clause
(i) above, an amount equal to the credit balance remaining in the UK Collection Account to the GBP Loan Realisation Account. 

(h) With respect to each Transaction, (x) all accrued and unpaid Purchase Price Differential shall be due and payable by
the related Seller to the related Purchaser on each Remittance Date and (y) all Ongoing Funding Fees shall be due and payable by the related Seller to the related Purchaser in accordance with the definition thereof. 

(i) To the extent any Principal Payment is received for any Purchased Asset, an amount equal to the product of (x) such
Principal Payment multiplied by (y) the Effective Purchase Price Percentage of such Purchased Asset as of the date of the receipt of such Principal Payment by Seller or by Servicer on its behalf, shall be due and payable by the related
Seller to the related Purchaser within two (2) Business Days after receipt of such Principal Payment by Seller or by Servicer on its behalf, such amount to be applied to reduce the outstanding Purchase Price of the related Purchased Asset. Any
remittance requests or notices to Servicer relating to Principal Payments shall be copied to the related Purchaser, Collateral Agent and Cash Manager. 

(j) If at any time the funds received by or for the account of a Seller (for these purposes, a “Shortfall
Seller”) under its Purchased Assets are not sufficient to fund the payment in full of all Margin Calls required to be satisfied by it, reductions in outstanding Purchase Price, Purchase Price Differential and other amounts at such time due
and payable under the Transaction Documents (such as reimbursement of expenses), an amount equal to the shortfall between the applicable funds received and the amount required to pay all amounts then due and payable by such Shortfall Seller under
the Transaction Documents shall be payable by each Seller into the Collection Account of Shortfall Seller, on terms that this payment obligation, albeit requiring a Seller to pay into its own Collection Account, is a joint and several obligation of
all Sellers. In the case of each Seller other than the Shortfall Seller, the payment obligation at any relevant time shall be determined by reference to the Spot Rate between the Applicable Currency in which the Collection Account of Shortfall
Seller is denominated, and the currency of the Collection Account of that other Seller as at the date on which that other Seller makes the shortfall payment into its Collection Account. 

  
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 (k) All remittances by Account Bank shall be made (i) so long as no Event of
Default shall have occurred and be continuing, in accordance with instructions that conform to the requirements of this Agreement received from any Seller (or a Servicer on its behalf) and approved by Purchaser (provided, that, Purchaser may
waive approval or any one or more such instructions, but such waiver shall not been deemed to be an approval of any instruction that does not conform to the requirements of this Agreement), and (ii) during the continuance of an Event of
Default, in accordance with instructions received from Purchaser. 
 (l) For the avoidance of doubt, Purchaser shall be
entitled to convert monies in the Collection Accounts from one Applicable Currency to another Applicable Currency (or direct any Account Bank to do so) in connection with any application thereof pursuant to this Article 5 to the extent that
any such Repurchase Obligation is in an Applicable Currency other than the Applicable Currency of the monies in the Collection Accounts. 

ARTICLE 6 
 REQUIREMENTS
OF LAW 
 (a) Requirements of Law. (i) Notwithstanding any other provision herein, if the adoption of or any
change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for Purchaser (A) to enter into Transactions as contemplated by the Transaction Documents, then any commitment of Purchaser hereunder to
enter into any Transaction shall forthwith be canceled, (B) to maintain or continue any Transaction and Purchaser does not have any means of complying with Requirements of Law other than to terminate such Transaction after exercising
commercially reasonable efforts to comply with such Requirements of Law without having to terminate such Transaction, then a Repurchase Date for such Transaction shall occur on the later to occur of (x) the date that is ten (10) Business
Days after delivery of written notice thereof from Purchaser to Sellers and (y) the next Remittance Date, or on such earlier date as may be required by law. In exercising its rights under this Article 6(a)(i), Purchaser shall exercise
its rights and remedies in a manner which is consistent with other similar agreements with other similarly situated counterparties covered by the same group within Purchaser. In addition, Purchaser will provide Sellers with notice promptly after any
such determination under this Article 6(a)(i) is made. 
 (ii) If the adoption of or any change in
any Requirement of Law or in the interpretation or application thereof by any Governmental Authority or compliance by Purchaser with any request or directive (whether or not having the force of law) from any central bank or other Governmental
Authority having jurisdiction over Purchaser made subsequent to the date hereof: 
 (A) [reserved];1 
  
  

	 1 
	 Parallel Agreement to include clause (A): “shall subject Purchaser to any tax with respect to the
Transaction Documents, any Purchased Asset or any Transaction (other than (x) Indemnified Taxes and (y) Excluded Taxes);” 

  
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 (B) shall impose, modify or hold applicable any reserve, special
deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of Purchaser that is
not otherwise included in the determination of the applicable index hereunder; or 
 (C) shall impose on
Purchaser any other condition (excluding, for the avoidance of doubt, any tax); 
 and the result of any of the foregoing is
to increase the cost to Purchaser, by an amount that Purchaser deems, in the exercise of its reasonable business judgment, to be material, of entering into, continuing or maintaining Transactions or to reduce any amount receivable under the
Transaction Documents in respect thereof; then, in any such case, the related Seller shall promptly after receipt of written notice thereof from Purchaser pay Purchaser any additional amounts necessary to compensate Purchaser for such increased cost
or reduced amount receivable in the Applicable Currency of such increased cost or reduced amount. In exercising its rights under this Article 6(a)(ii), Purchaser shall exercise its rights and remedies in a manner which is consistent with
other similar agreements with other similarly situated counterparties. In addition, Purchaser will provide Sellers with notice as soon as practical of any demand for any additional amounts payable by Sellers under this Article 6(a)(ii). Such
notification as to the calculation of any additional amounts payable pursuant to this subsection shall be submitted by Purchaser to Sellers and shall be conclusive evidence of such additional amounts absent manifest error. This covenant shall
survive the termination of this Agreement and the repurchase by Sellers of any or all of the Purchased Assets. 

(iii) If Purchaser shall have reasonably determined that the adoption of or any change in any Requirement of
Law regarding capital adequacy or in the interpretation or application thereof or compliance by Purchaser or any corporation controlling Purchaser with any request or directive regarding capital adequacy (whether or not having the force of law) from
any Governmental Authority made subsequent to the date hereof has, or will have, the effect of reducing the rate of return on Purchaser’s or such corporation’s capital as a consequence of its obligations hereunder to a level below that
which Purchaser or such corporation could have achieved but for such adoption, change or compliance (taking into consideration Purchaser’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by Purchaser in
the exercise of its reasonable business judgment, to be material, then from time to time, after submission by Purchaser to Sellers of a written request therefor, Sellers shall pay to Purchaser such additional amount or amounts as will compensate
Purchaser for such reduction. In exercising its rights under this Article 6(a)(iii), Purchaser shall exercise its rights and remedies in a manner which is consistent with other similar agreements with other similarly situated counterparties
covered by the same group within Purchaser. In addition, Purchaser will provide Sellers with notice as soon as practical of any demand for any additional amounts payable by Sellers under this Article 6(a)(iii). Such notification as to the
calculation of any additional amounts payable pursuant to this subsection shall be submitted by Purchaser to Sellers and shall be conclusive evidence of such additional amounts absent manifest error. 

  
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 (iv) Purchaser shall, in consultation with Sellers, make
commercially reasonable efforts to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or being cancelled pursuant to, this Article 6(a). Purchaser confirms that it is entitled to
full exemption from tax imposed by the United Kingdom on interest under the terms of the double taxation agreement between the United Kingdom and the Republic of Ireland. Seller confirms that it is entitled to full exemption from tax imposed by the
United Kingdom on interest under the terms of the double taxation agreement between the United Kingdom and the United States. 

(b) Conforming Changes. Notwithstanding anything to the contrary herein or in any other Transaction Documents,
Collateral Agent shall be permitted to make Conforming Changes and such Conforming Changes shall become effective without any further action or consent, but with written notice to Sellers. 

ARTICLE 7 
 SECURITY
INTEREST 
 (a) Purchaser and Sellers intend that the Transactions hereunder be sales to Purchaser of the Purchased
Assets and not loans from Purchaser to the applicable Seller secured by the Purchased Assets (other than for U.S. federal, state and local income and franchise tax purposes more fully described in Article 23(g)). However, in order to preserve
Purchaser’s rights under the Transaction Documents, in the event that, other than for such tax purposes, a court or other forum re-characterizes the Transactions hereunder as other than sales, and as security for the performance by each Seller
of all of such Seller’s obligations to Purchaser under the Transaction Documents and the Transactions entered into hereunder, or in the event that a transfer of a Purchased Asset is otherwise ineffective to effect an outright transfer of such
Purchased Asset to Purchaser, each such Seller hereby assigns, pledges and grants a security interest in all of its right, title and interest in, to and under the Collateral, whether now owned or hereafter acquired, now existing or hereafter created
and wherever located, to Purchaser to secure the payment of the Repurchase Price on all Transactions to which it is a party and all other amounts owing by it to Purchaser hereunder, including, without limitation, amounts owing pursuant to Article
27, and under the other Transaction Documents (collectively, the “Repurchase Obligations”). Each Seller agrees to mark its books and records to evidence the interests granted to Purchaser hereunder. For purposes of this
Agreement, “Collateral” shall mean: 
 (i) the Collection Accounts and all monies from time
to time on deposit in the Collection Accounts and any and all replacements, substitutions, distributions on, income relating to or proceeds of any and all of the foregoing; and 

(ii) the Purchased Items. 

(b) Purchaser’s security interest in the Collateral shall terminate only upon satisfaction of the Repurchase Obligations
(other than obligations under the Transaction Documents (including contingent reimbursement obligations and indemnity obligations) which, by their express terms, survive termination of this Agreement or such other Transaction Document, as the case
may be), provided that, so long as no Event of Default shall have occurred and be continuing (other than in connection with a repayment of a Purchased Asset by the Borrower thereunder and subject to the conditions set forth in Article
3(e)), Purchaser’s security 

  
 51 

 
interest with respect to any Purchased Asset shall terminate automatically effective upon the repurchase thereof in accordance with the terms of this Agreement and receipt by Purchaser of the
Repurchase Price therefor. Upon such satisfaction and, in the case of the clause (i) below, upon request by the applicable Seller, Purchaser shall, at such Seller’s sole expense, (i) deliver to such Seller such UCC termination
statements (and, with respect to Foreign Purchased Assets, the equivalent under the applicable Requirements of Law in the relevant non-U.S. jurisdiction, if applicable) and other release documents as may be commercially reasonable and
(ii) return (or authorize the return by Custodian in accordance with the Custodial Agreement, as applicable) the Purchased Assets to the applicable Seller and reconvey the Purchased Items to such Seller and release its security interest in the
Collateral, such release to be effective automatically without further action by any party. For purposes of the grant of the security interest pursuant to this Article 7 this Agreement shall be deemed to constitute a security agreement under
the New York Uniform Commercial Code (the “UCC”). Purchaser shall have all of the rights and may exercise all of the remedies of a secured creditor under the UCC and the other laws of the State of New York. In furtherance of the
foregoing, (i) Purchaser, at the applicable Seller’s sole cost and expense, as applicable, shall cause to be filed in such locations as may be reasonably necessary to perfect and maintain perfection and priority of the security interest
granted hereby, UCC financing statements and continuation statements (and, with respect to Foreign Purchased Assets, the equivalent under the applicable Requirements of Law in the relevant non-U.S. jurisdiction, if applicable) (collectively, the
“Filings”), and shall forward copies of such Filings to such Seller upon the filing thereof, and (ii) such Seller shall from time to time take such further actions as may be reasonably requested by Purchaser to maintain and
continue the perfection and priority of the security interest granted hereby and by any Foreign Assignment Agreement (including marking its records and files to evidence the interests granted to Purchaser hereunder). Notwithstanding the foregoing,
the Repurchase Obligations shall be full recourse to such Seller. 
 (c) Each Seller acknowledges that it has no rights to
service the Purchased Assets but only has rights granted to it pursuant to Article 29. Without limiting the generality of the foregoing and the grant of a security interest pursuant to Article 7(a), and in the event that any Seller is
deemed by a court, other forum or otherwise to retain any residual Servicing Rights (notwithstanding that such Servicing Rights are Purchased Items hereunder), and for the avoidance of doubt, each Seller hereby acknowledges and agrees that the
Servicing Rights constitute Collateral hereunder for all purposes. The foregoing provision is intended to constitute a security agreement or other arrangement or other credit enhancement related to the Agreement and Transactions hereunder as defined
under Sections 101(47)(v) and 741(7)(x) of the Bankruptcy Code. 
 (d) Each Seller agrees, to the extent permitted by any
Requirement of Law, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any Purchased
Asset or Mortgaged Property may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Purchased Assets, or the final and absolute putting into possession thereof,
immediately after such sale, of the purchasers thereof, and each Seller, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws and any and all
right to have any of the properties or assets constituting the Purchased Assets marshaled upon any such sale, and agrees that Purchaser or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the
Purchased Assets as an entirety or in such parcels as Purchaser or such court may determine. 

  
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 ARTICLE 8 

TRANSFER AND CUSTODY 

(a) On the Purchase Date for each Transaction, upon satisfaction (or waiver by Purchaser in writing) of the conditions
precedent in Article 3(b) and (c), each related Eligible Asset shall become a Purchased Asset hereunder and ownership of the related Purchased Assets and other Purchased Items shall be transferred to Purchaser or its designee
(including the Custodian or, with respect to any Wet Purchased Asset, the Bailee) against the simultaneous transfer of the Purchase Price for such Purchased Asset in immediately available funds (in the Applicable Currency of the relevant Purchased
Asset) to an account of such Seller (or an account directed by such Seller) specified in the Confirmation relating to such Transaction. 

(b) The applicable Seller shall deposit the Purchased Asset Files representing the Purchased Assets, or direct that the
Purchased Asset Files be deposited directly (including, with respect to any Wet Purchased Asset, by the Bailee), with the Custodian in accordance with the Custodial Agreement. The Purchased Asset Files shall be maintained in accordance with the
Custodial Agreement. If a Purchased Asset File is not delivered to Purchaser or its designee (including the Custodian), such Purchased Asset File shall be held in trust by the applicable Seller or its designee for the benefit of Purchaser as the
owner thereof. The applicable Seller or its designee shall maintain a copy of the Purchased Asset File and the originals of the Purchased Asset File not delivered to Purchaser or its designee (including the Custodian). The possession of the
Purchased Asset File by the applicable Seller or its designee is at the will of Purchaser for the sole purpose of servicing the related Purchased Asset, and such retention and possession by such Seller or its designee is in a custodial capacity
only. The books and records (including, without limitation, any computer records or tapes) of the applicable Seller or its designee shall be marked appropriately to reflect clearly the sale, subject to the terms and conditions of this Agreement, of
the related Purchased Asset to Purchaser. Each Seller or its designee (including the Custodian or, in the case of any Wet Purchased Asset, the Bailee) shall release its custody of the Purchased Asset File only in accordance with a written request
acknowledged in writing by Purchaser and otherwise in accordance with the Custodial Agreement (or, in the case of the Bailee with respect to any Wet Purchased Asset, in accordance with the related Bailee Letter). 

(c) From time to time, each Seller shall forward to the Custodian, with copy to Purchaser, 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 (which shall be clearly marked as to
which Purchased Asset File such documents relate), Custodian will be required to hold such other documents in the related Purchased Asset File in accordance with the Custodial Agreement. 

  
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 ARTICLE 9 

SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED ASSETS 

(a) Title to each Purchased Assets shall pass to Purchaser on the related Purchase Date, and Purchaser shall have free and
unrestricted use of each Purchased Asset, subject, however, to the terms of this Agreement. Nothing in this Agreement or any other Transaction Document shall preclude Purchaser (with the written consent of Collateral Agent) from engaging, at
Purchaser’s sole cost and expense, in repurchase transactions with the Purchased Assets or otherwise selling, transferring, pledging, repledging, hypothecating or rehypothecating the Purchased Assets, all on terms that Purchaser (with the
written consent of Collateral Agent) may determine in its sole and absolute discretion, in conformity with the terms and conditions of the Purchased Asset Documents; provided, however, that if no Event of Default has occurred and is
continuing (i) Purchaser (with the written consent of Collateral Agent) may only engage in repurchase transactions or sell, transfer, pledge, repledge, hypothecate or rehypothecate the Purchased Assets to an Eligible Assignee, (ii) other
than in the case of a merger or other fundamental corporate transaction (such as a sale of the applicable business unit), (A) Sellers shall only be required to interface with Parlex 8 USD IE Issuer Designated Activity Company, Parlex 8 GBP IE
Issuer Designated Activity Company, Parlex 8 EUR IE Issuer Designated Activity Company, Common Issuer Security Trustee or Banco Santander, S.A. or an Affiliate thereof with respect to this Agreement and the Transactions hereunder and (B) Banco
Santander, S.A. or an Affiliate thereof shall retain all authority to enforce remedies and provide consents, waivers or approvals (including, without limitation, approving any Eligible Asset as a Purchased Asset or any extension of the Availability
Period) under this Agreement and to determine the Market Value for any Purchased Asset under this Agreement and (iii) no such transaction shall relieve Purchaser of its obligations to transfer the same Purchased Assets to the applicable Seller
pursuant to Article 3 or of Purchaser’s obligation to apply amounts to the Repurchase Obligation in accordance with Article 5 or otherwise affect the rights, obligations and remedies of any party to this Agreement. 

(b) Seller acknowledges that on the date hereof Purchaser shall pledge the Purchased Asset as security for the Notes issued by
Purchaser, but such transaction shall not relieve Purchaser of its obligations to transfer the same Purchased Asset to Seller pursuant to Article 3. 

(c) Nothing contained in this Agreement or any other Transaction Document shall obligate Purchaser to segregate any Purchased
Asset delivered to Purchaser by any Seller. Except to the extent expressly set forth in this Agreement or any other Transaction Document, no Purchased Asset shall remain in the custody of any Seller or any Affiliate of any Seller. 

ARTICLE 10 

REPRESENTATIONS AND WARRANTIES 

Each of the Sellers represents and warrants to Purchaser as of the date hereof, as of each Funding Date and as of any other
date on which these representations and warranties are remade or deemed remade in accordance with the terms of any Transaction Document or certification delivered in connection with any Transaction Document, as follows: 

  
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 (a) Organization. Each Seller (i) is duly organized, validly existing
and in good standing under the laws and regulations of the jurisdiction of its formation, (ii) 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 (iii) has the power to execute, deliver, and perform its obligations under this Agreement and the other Transaction Documents. 

(b) Authority. Each Seller is duly authorized to execute and deliver the Transaction Documents to which it is a party,
to enter into the Transactions contemplated hereunder and to perform its obligations under the Transaction Documents, and has taken all necessary action to authorize such execution, delivery and performance, and (ii) each person signing any
Transaction Document on its behalf is duly authorized to do so on its behalf. 
 (c) Due Execution and Delivery;
Consideration. The Transaction Documents to which it is a party have been or will be duly executed and delivered by each Seller, for good and valuable consideration. 

(d) Enforceability. The Transaction Documents constitute the legal, valid and binding obligations of each Seller,
enforceable against each Seller in accordance with their respective terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles. 

(e) Approvals and Consents. No consent, approval or other action of, or filing by, Seller with any Governmental
Authority or any other Person is required to authorize, or is otherwise required in connection with, the execution, delivery and performance of any of the Transaction Documents (other than consents, approvals and filings that have been obtained or
made, as applicable, and any such consents, approvals and filings that have been obtained are in full force and effect, and the filing of the Seller Financing Statement). 

(f) Licenses and Permits. Each Seller is duly licensed, qualified and in good standing in every jurisdiction where such
licensing, qualification or standing is material to such Seller’s business, and has all material licenses, permits and other consents that are necessary, for the transaction of such Seller’s business or the acquisition, origination (if
applicable), ownership or sale of any Purchased Asset or other Purchased Item. 
 (g) [Reserved]. 

(h) Non-Contravention. Neither the execution and delivery of the Transaction Documents, nor consummation by any Seller
of the transactions contemplated by the Transaction Documents (or any of them), nor compliance by any Seller with the terms, conditions and provisions of the Transaction Documents (or any of them) will conflict with or result in a breach of any of
the terms, conditions or provisions of (i) the organizational documents of any Seller, (ii) any agreement by which any Seller is bound or to which any assets of such Seller are subject or constitute a default thereunder, or result thereunder in
the creation or imposition of any Lien upon any of the assets of such Seller, other than pursuant to the Transaction Documents, (iii) any judgment or order, writ, injunction, decree or demand of any court applicable to any Seller, or (iv) any
applicable Requirement of Law. 

  
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 (i) Litigation/Proceedings. Except as otherwise disclosed in writing to
Purchaser and Collateral Agent, there is no action, suit, proceeding, investigation, or arbitration pending or, to the Knowledge of any Seller, threatened in writing against any Seller Party, or any of their respective Affiliates or assets that
(i) questions or challenges the validity or enforceability of any of the Transaction Documents or any action to be taken in connection with the transactions contemplated thereby, (ii) with respect to any Seller Party, makes a claim in an
aggregate amount greater than the applicable Litigation Threshold or (iii) which, individually or in the aggregate, if adversely determined is reasonably likely to have a Material Adverse Effect. 

(j) No Outstanding Judgments. Except as disclosed in writing to Purchaser and Collateral Agent, there are no judgments
against any Seller Party unsatisfied of record or docketed in any court located in the United States of America or in any other relevant jurisdiction. 

(k) No Bankruptcies. No Act of Insolvency has ever occurred with respect to any Seller Party. 

(l) Compliance with Law. Each Seller is in compliance in all material respects with all Requirements of Law. Except as
otherwise disclosed in writing to Purchaser and Collateral Agent, no Seller Party is in default with respect to any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or Governmental Authority applicable to and imposed
upon such Seller Party which default, in the aggregate (x) is with respect to any amount at least equal to the applicable Litigation Threshold or (y) could be reasonably likely to have a Material Adverse Effect. 

(m) Acting as Principal. Each Seller is engaging in the Transactions as principal. 

(n) No Broker. No Seller has dealt with any broker, investment banker, agent, or other Person (other than Purchaser or
an Affiliate of Purchaser) who may be entitled to any commission or compensation in connection with the sale of any Purchased Asset pursuant to any of the Transaction Documents. 

(o) No Default. Subject to Article 12(n), no Event of Default or, to Seller’s Knowledge, Default has
occurred and is continuing. 
 (p) [Reserved]. 

(q) [Reserved]. 

(r) No Adverse Selection. No Purchased Asset under this Agreement has been selected by Seller so as to affect adversely
the interests of Purchaser. 
 (s) Full and Accurate Disclosure. Subject to Article 12(n), all information,
reports, statements, exhibits, schedules and certificates (i) furnished in writing by or on behalf of any Seller Party in connection with the negotiation, preparation or delivery of the Transaction Documents, or after the date hereof pursuant
to the terms of any Transaction Document or (ii) included in any Transaction Document, when taken as a whole, do not as of the date furnished (or, if earlier, as of the date on which such information, reports, statements, exhibits, schedules 

  
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and certificates are stated to be given) contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not misleading in
light of the circumstances under which they were made, or (in the case of projections, financial prospects, forecasts or other forward-looking information) is based on estimates believed by any Seller to be commercially reasonable on the date as of
which such information is stated or certified, except that with respect to information, reports, statements, exhibits, schedules and certificates prepared by third parties, including any Borrower, and to information, reports, statements, exhibits,
schedules and certificates prepared by any Seller Party based on information, reports, statements, exhibits, schedules and certificates prepared by third parties, each Seller will be deemed to represent that such information, reports, statements,
exhibits, schedules and certificates are, to each Seller’s Knowledge, true, complete and accurate in all material respects after due and careful enquiry, which enquiry is consistent with enquiries that such Seller (in its capacity as lender in
respect of a Purchased Asset) makes of third parties, including Borrowers, in the context of facilities under which it has a comparable contractual right to the Purchased Assets which facilities are commercial real estate mortgage loans of a similar
type, size and duration to the Purchased Assets. 
 (t) Financial Information. Subject to Article 12(n), all
financial data concerning the Seller Parties, the Purchased Asset and the other Purchased Items that has been delivered by or on behalf of any Seller Party to Purchaser is true, correct and complete in all material respects or (in the case of
projections, financial prospects, forecasts or other forward-looking information) is based on estimates believed by each Seller to be commercially reasonable on the date as of which such information is stated or certified, except that with respect
to information, reports, statements, exhibits, schedules and certificates prepared by third parties, including any Borrower, and to information, reports, statements, exhibits, schedules and certificates prepared by any Seller Party based on
information, reports, statements, exhibits, schedules and certificates prepared by third parties, such Seller will be deemed to represent that such information is, to each Seller’s Knowledge, true, complete and accurate in all material respects
after due and careful enquiry, which enquiry is consistent with enquiries that such Seller (in its capacity as lender in respect of a Purchased Asset) makes of third parties, including Borrowers, in the context of facilities under which it has a
comparable contractual right to the Purchased Assets which facilities are commercial real estate mortgage loans of a similar type, size and duration to the Purchased Assets. All financial data concerning the Seller Parties has been prepared fairly
in accordance with GAAP (to the extent applicable). 
 (u) Authorized Representatives. The duly authorized
representatives of each Seller are listed on, and true signatures of such authorized representatives are set forth on, Exhibit III hereto, or such other most recent list of authorized representatives substantially in the form of Exhibit
III hereto as the Sellers may from time to time deliver to Purchaser. 
 (v) Chief Executive Office; Jurisdiction of
Organization; Location of Books and Records. Each Seller’s and Pledgor’s chief executive office is located at the address for notices specified for such Seller and Pledgor on Exhibit I, unless such Seller and Pledgor have
provided a new chief executive office address to Purchaser in writing. Each Seller’s jurisdiction of organization is the State of Delaware. The location where each Seller keeps its books and records, including all computer tapes and records
relating to the Collateral, is its chief executive office. 

  
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 (w) Representations and Warranties Regarding the Purchased Assets. Subject
to Article 12(n), (A) each of the representations and warranties made in respect of the Purchased Assets pursuant to (i) in the case of a U.S. Purchased Asset, Exhibit V-A, (ii) in the case of a Foreign Purchased Asset
(GBP), Exhibit V-B, (iii) in the case of a Foreign Purchased Asset (EUR), Exhibit V-C or (iv) in the case of any other Foreign Purchased Asset, a schedule to the related Confirmation (in each case, other than (x) as
disclosed in a Requested Exceptions Report approved by Purchaser in accordance with the terms hereof and (y) the Due Diligence Representations) and (B) as of the Purchase Date of the applicable Purchased Asset only, each of the Due
Diligence Representations, in each case are true, complete and correct in all material respects as if repeated at all times while this Agreement or any Transaction is in effect. 

(x) Good Title to Purchased Asset. Immediately prior to the purchase of any Purchased Asset and other Purchased Items by
Purchaser from any Seller, (i) such Purchased Asset and other Purchased Items are free and clear of any Lien or impediment to transfer (including any “adverse claim” as defined in Article 8-102(a)(1) of the UCC) (other than any such
Lien or impediment to transfer that is released simultaneously with such purchase), (ii) such Purchased Asset and other Purchased Items are not subject to any right of set-off, any prior sale, transfer or assignment, or any agreement by any
Seller to assign, convey or transfer such Purchased Asset and other Purchased Items, in each case, in whole or in part, (iii) the applicable Seller is the record and beneficial owner of, and had good and marketable title to, and the right to
sell and transfer, such Purchased Asset and other Purchased Items to Purchaser, and (iv) the applicable Seller has the right to sell and transfer such Purchased Asset and other Purchased Items to Purchaser. Upon the purchase of any Purchased
Asset and other Purchased Items by Purchaser from any Seller, Purchaser shall be the sole owner of such Purchased Asset and other Purchased Items free from any adverse claim, subject to the rights of such Seller pursuant to the terms of this
Agreement. 
 (y) No Encumbrances. There are (i) no outstanding rights, options, warrants or agreements on the
part of any Seller for a purchase, sale or issuance, in connection with any Purchased Asset or other Purchased Item, (ii) no agreements on the part of any Seller to issue, sell or distribute any Purchased Asset or other Purchased Item and
(iii) no obligations on the part of any Seller (contingent or otherwise) to purchase, redeem or otherwise acquire any securities or interest therein, in each case, except as contemplated by the Transaction Documents. 

(z) Security Interest Matters. 

(i) The provisions of the Transaction Documents are effective to either (x) constitute a sale of Purchased
Items to Purchaser (other than for United States federal, state and local income or franchise tax purposes more fully described in Article 23(g)) or (y) create in favor of Purchaser a legal, valid and enforceable first priority “security
interest” (as defined in Section 1-201(b)(35) of the UCC) in each applicable jurisdiction in all rights, title and interest of the applicable Seller in, to and under the Collateral. 

(ii) Upon possession by the Custodian or by a Bailee pursuant to a Bailee Letter of each Promissory Note or
Participation Certificate, endorsed in blank by a duly authorized officer of the applicable Seller, Purchaser shall have a legal, valid, enforceable 

  
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and fully perfected first priority security interest in all right, title and interest of such Seller in such Promissory Note or Participation Certificate, as applicable. 

(iii) Upon the filing of the UCC Financing Statements in the applicable UCC Filing Jurisdiction, Purchaser
shall have a legal, valid, enforceable and fully perfected first priority security interest in that portion of the Collateral or the Equity Pledged Collateral, as applicable, in which a security interest can be perfected under the UCC by the filing
of financing statements. 
 (iv) Upon execution and delivery of any Account Control Agreement, Purchaser
shall either be the owner of, or have a legal, valid, enforceable and fully perfected first priority security interest in, the applicable Collection Account and all funds at any time credited thereto. In relation to any Collection Account situated
in any jurisdiction outside the United States (if any), such Collection Account shall be subject to a first ranking fixed charge. 

(aa) Solvency; No Fraudulent Transfer. Each Seller, as of the Closing Date and each Funding Date, has adequate capital
for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations. Each Seller, as of the Closing Date and each Purchase Date, is generally able to pay, and intends to pay,
its debts as they come due. Neither the Transaction Documents nor any Transaction are entered into in contemplation of insolvency or with intent to hinder, delay or defraud any of Sellers’ creditors. As of each Purchase Date, no Seller is
insolvent within the meaning of 11 U.S.C. Section 101(32) or any successor provision thereto and the transfer and sale of related Purchased Assets on such Purchase Date pursuant hereto and the obligation to repurchase such Purchased Assets
(i) will not cause the liabilities of any Seller to exceed the assets of such Seller, (ii) will not result in any Seller having unreasonably small capital and (iii) will not result in debts that would be beyond any Seller’s
ability to pay as the same mature. Each Seller received reasonably equivalent value in exchange for the transfer and sale of each Purchased Asset and other Purchased Item subject hereto. Each Seller has only entered into agreements on terms that
would be considered arm’s length and otherwise on terms consistent with other similar agreements with other similarly situated entities. 

(bb) [Reserved]. 

(cc) Investment Company Act. No Seller is required to register as an “investment company,” and is not a
company “controlled by an investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

(dd) Taxes. Each Seller has filed or caused to be filed all required U.S. federal and other material tax returns that to
the Knowledge of such Seller would be delinquent if they had not been filed on or before the date hereof and has paid all material taxes shown to be due and payable on or before the date hereof on such returns or on any assessments made against it
or any of its property and all other material taxes, fees or other charges imposed on it and any of its assets by any Governmental Authority except for any such taxes as (i) are being appropriately contested in good faith by appropriate
proceedings diligently conducted and with respect to which adequate reserves are being maintained in accordance with GAAP or (ii) are de minimis in amount; no tax liens have been filed against any of Sellers’ assets and, to
Sellers’ Knowledge, no claims are being asserted with respect to any such taxes, fees or other charges. 

  
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 (ee) ERISA. Neither any Seller nor any ERISA Affiliate of any Seller
sponsors, maintains or contributes to any Plans or any Multiemployer Plans. 
 (ff) Use of Proceeds; Margin
Regulations. All proceeds of each Transaction shall be used by the related Seller for purposes permitted under such Seller’s governing documents, provided that no part of the proceeds of any Transaction will be used by any 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 of any Transaction nor the use of any proceeds thereof will violate, or be inconsistent with, any
provision of Regulation T, U or X of the Board of Governors of the Federal Reserve System. 
 (gg) No Real Property.
Neither any Seller nor any Subsidiary of any Seller has at any time since its formation held title to any real property. 

(hh) Ownership. Each Seller is and shall remain at all times a wholly-owned direct or indirect subsidiary of Guarantor.

 (ii) Insider. No Seller is an “executive officer,” “director,” or “person who directly or
indirectly or acting through or in concert with one or more persons owns, controls, or has the power to vote more than ten percent (10%) of any class of voting securities” (as those terms are defined in 12 U.S.C. § 375(b) or in
regulations promulgated pursuant thereto) of Purchaser, of a bank holding company of which Purchaser is a Subsidiary, or of any Subsidiary, of a bank holding company of which Purchaser is a Subsidiary, of any bank at which Purchaser maintains a
correspondent account or of any lender which maintains a correspondent account with Purchaser. 
 (jj) Sanctions; No
Prohibited Persons. Each Seller Party and, to Sellers’ Knowledge, each of their respective controlled Affiliates is in compliance with Sanctions. No Seller Party or, to Sellers’ Knowledge, any controlled Affiliate, officer, director,
partner, member or employee, of any Seller Party or of such Affiliate, is an entity or person that is, or is owned, controlled by or acting on behalf of any Person that is, a Prohibited Person. Each Seller agrees that, from time to time upon the
prior written request of Purchaser, it shall execute and deliver such further documents, provide such additional information and reports and perform such other acts as Purchaser may reasonably request in order to ensure compliance with the
provisions hereof (including, without limitation, compliance with Sanctions); provided, however, that nothing in this Article 10(jj) shall be construed as requiring Purchaser to conduct any inquiry or decreasing any
Seller’s responsibility for its statements, representations, warranties or covenants hereunder. 
 (kk)
Anti-Corruption and Anti-Money Laundering Laws. Each Seller Party and, to Sellers’ Knowledge, each of their respective controlled Affiliates has complied with, and is in compliance with, all applicable Anti-Corruption Laws and Anti-Money
Laundering Laws. No part of the proceeds of any Transaction will be used, directly or, to Sellers’ Knowledge, 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 any Anti-Corruption Laws. 

  
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 (ll) Centre of Main Interests. Each Seller warrants, represents and
covenants that it has not (A) taken any action that would cause its “centre of main interests” (as such term is used in Section 3(1) of the European Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings (the
“Insolvency Regulation”)) to be located in the United Kingdom or Europe or (B) registered as a company in any jurisdiction other than Delaware. 

ARTICLE 11 
 NEGATIVE
COVENANTS OF SELLERS 
 On and as of the date hereof and at all times while this Agreement or any Transaction hereunder
is in effect, no Seller shall without the prior written consent of Purchaser, which may be granted or denied at Purchaser’s sole and absolute discretion: 

(i) subject to Sellers’ right to repurchase any Purchased Asset, take any action that would directly or
indirectly impair or adversely affect Purchaser’s title to any Purchased Asset or other Purchased Item; 

(ii) transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of, or pledge or
hypothecate, directly or indirectly, any interest in any Purchased Asset or other Purchased Item to any Person other than Purchaser, or engage in repurchase transactions or similar transactions with respect to any Purchased Asset or other Purchased
Item with any Person other than Purchaser; 
 (iii) create, incur, assume or suffer to exist any Lien in or
on any of its property, assets, revenue, the Purchased Assets, the other Collateral, whether now owned or hereafter acquired, other than the Liens and security interest granted by such Seller pursuant to the Transaction Documents; 

(iv) [reserved]; 

(v) enter into any transaction of merger or consolidation or Division or amalgamation, or liquidate, wind up
or dissolve itself (or suffer any liquidation, winding up or dissolution), or sell all or substantially all of its assets (except in connection with the sale or securitization of the Purchased Assets in the ordinary course of such Seller’s
business after the repurchase thereof in accordance with this Agreement); 
 (vi) permit a Change of
Control; 
 (vii) permit (through the giving of consent, waiver, failure to object or otherwise) any
Mortgaged Property or Borrower to create, incur, assume or suffer to exist any Liens or Indebtedness, including without limitation, senior or pari passu mortgage debt, junior mortgage debt or mezzanine debt (in each case, unless expressly
permitted by the applicable Purchased Asset Documents); 

  
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 (viii) consent or assent to any Material Decision other than in
accordance with Article 29 and the Servicing Agreement; 
 (ix) permit the organizational documents
of such Seller to be amended in any material respect without the prior written consent of Purchaser; 
 (x)
after the occurrence and during the continuance of a monetary Default or an 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 Capital Stock of such 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 such
Seller; 
 (xi) acquire or maintain any right or interest in any Purchased Asset or any Mortgaged Property
that is senior to, or pari passu with, the rights and interests of Purchaser therein under this Agreement and the other Transaction Documents unless such right or interest is a Purchased Asset hereunder; 

(xii) use any part of the proceeds of any Transaction hereunder for any purpose which violates, or would be
inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System; 

(xiii) directly, or through a Subsidiary, acquire or hold title to any real property; and 

(xiv) take any action that will cause its “centre of main interests” (as such term is used in the
Insolvency Regulation) to be located in the United Kingdom or Europe or register as a company in any jurisdiction other than Delaware. 

ARTICLE 12 
 AFFIRMATIVE
COVENANTS OF SELLERS 
 On and as of the date hereof and each Purchase Date and until this Agreement is no longer in
force with respect to any Transaction, each Seller covenants that, subject to Article 12(n): 
 (a)
Seller Notices. 
 (i) Material Adverse Effect. Each Seller shall promptly after obtaining Knowledge
thereof, notify Purchaser and Collateral Agent of any material adverse change in the business operations and/or financial condition of any Seller Party, which change is reasonably likely, in the commercially reasonable judgment of such Seller, to
have a Material Adverse Effect; provided, however, that nothing in this Article 12 shall relieve any Seller of its obligations under this Agreement and such 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 any Seller’s bad faith or willful misconduct. 

  
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 (ii) Default or Event of Default. Each Seller shall,
promptly after obtaining actual Knowledge of such event, notify Purchaser, Collateral Agent and Cash Manager of the occurrence of any Default or Event of Default. 

(iii) Purchased Asset Matters. Each Seller shall promptly after obtaining Knowledge thereof notify
Purchaser, Collateral Agent and Cash Manager of (A) any default or event of default under any Purchased Asset; (B) any facts or circumstances that in the commercially reasonable judgment of such Seller are reasonably likely to cause, or
have caused, the Market Value of any Purchased Asset to decline; (C) any Purchased Asset that has become a Non-Performing Purchased Asset or a Significantly Impaired Purchased Asset; (D) any change in facts or circumstances occurring
following the Purchase Date for any Purchased Asset that would render any Due Diligence Representation to be incorrect or untrue in any material respect if such Due Diligence Representation were to be remade at such time (except to the extent
disclosed in a Requested Exceptions Report approved by Purchaser in writing in accordance with the terms hereof); or (E) any Future Advance Failure. 

(iv) Other Defaults, Litigation and Judgments. Each Seller shall promptly after obtaining Knowledge
thereof notify Purchaser and Collateral Agent of (A) any default or event of default (or similar event) on the part of any Seller Party under any Indebtedness or other material contractual obligation to the extent the obligations in connection
with such default under the applicable agreement (1) are at least equal to the Default Threshold, or (2) which, individually or in the aggregate, if adversely determined, would reasonably be likely to have a Material Adverse Effect; and
(B) the commencement or threat in writing of, settlement of, or judgment in, any litigation, action, suit, arbitration, investigation or other legal or arbitrable proceeding involving any Seller Party that (1) makes a claim or claims in
aggregate amount greater than the applicable Litigation Threshold, or (2) which, individually or in the aggregate, if adversely determined, would reasonably be likely to have a Material Adverse Effect. 

(v) Corporate Change. Each Seller shall advise Purchaser and Collateral Agent in writing of the opening
of any new chief executive office, or the closing of any such office, of such Seller or Pledgor and of any change in such Seller’s or Pledgor’s name or the places where the books and records pertaining to the Purchased Asset are held not
less than thirty (30) Business Days before any financing statement will lapse, lose perfection or become materially misleading. 

(vi) Sanctions; Anti-Corruption and Anti-Money Laundering Laws. Each Seller shall promptly (and in any
event within two (2) Business Days after Knowledge thereof) notify Purchaser and Collateral Agent of any violation of the representation and warranty contained in Article 10(jj) (Sanctions; No Prohibited Persons) and Article
10(kk) (Anti-Corruption and Anti-Money Laundering Laws). 
 (b) Reporting and Other Information. Each Seller shall
provide, or to cause to be provided, to Purchaser, Collateral Agent and Cash Manager the following financial and reporting information: 

  
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 (i) Purchased Asset Information. (A) Promptly after
receipt by any Seller, but no less frequently than once per calendar month, copies of property level information made available to such Seller and all other required reports, rent rolls, financial statements, certificates and notices (including,
without limitation, any notice of the occurrence of a default or an event of default under the Purchased Asset Documents) it receives pursuant to the Purchased Asset Documents relating to any Purchased Asset and (B) any other information with
respect to the Purchased Assets that may be reasonably requested by Purchaser from time to time. 
 (ii)
Monthly Purchased Asset Reports. No later than the fifteenth (15th) day of each month, a Monthly Reporting Package with respect to the immediately preceding calendar month. 

(iii) Quarterly Reports. Within forty-five (45) days after the end of each of the first three
(3) quarterly fiscal periods of each fiscal year of Guarantor, the unaudited, consolidated balance sheet of Guarantor as at the end of such period and the related unaudited, consolidated statements of income, net assets and cash flows for
Guarantor for such period and the portion of the fiscal year through the end of such period (and in each case with comparisons to applicable information in the financial statements from the same quarter of the previous year), accompanied by an
officer’s certificate of Guarantor that includes a statement of Guarantor that said consolidated financial statements fairly and accurately present the consolidated financial condition and results of operations of Guarantor in accordance with
GAAP, consistently applied, as at the end of, and for, such period (subject to customary year-end audit adjustments). 

(iv) Annual Reports. Within ninety (90) days after the end of each fiscal year of Guarantor, the
consolidated balance sheet of Guarantor as at the end of such fiscal year and the related consolidated statements of income, net assets and cash flows for Guarantor for such fiscal year, accompanied by an opinion thereon of independent certified
public accountants of recognized national standing, which opinion shall not be qualified as to scope of audit or going concern and shall state that said consolidated financial statements fairly and accurately present the consolidated financial
condition and results of operations of Guarantor in accordance with GAAP, consistently applied, as at the end of, and for, such fiscal year. 

(v) Covenant Compliance Certificate. Along with each delivery pursuant to clauses (iii) and
(iv) above, a completed and executed Covenant Compliance Certificate. 
 (vi) Securitisation
Reporting. All (i) information necessary to complete all fields in the form of the template set out in Annex III to the SR Disclosure Technical Standards (the “Annex III Template”) for which the no data markers
“ND1”, “ND2”, “ND3” or “ND4” cannot be applied save in respect of those fields where no data marker “ND5” is applicable and Securitisation Regulations Reporting Servicer (on behalf of Sellers) has
determined, acting reasonably and with regard to the information contained within “Questions and Answers on the Securitisation Regulation” reference ESMA33-128-563 published by the European Securities and Markets Authority on
October 5, 2020 as amended and updated from time to time, or such documentary guidance as is expressed by 

  
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the European Securities and Markets Authority or the Financial Conduct Authority or any other competent authority to supplement, onshore or replace this document (“ESMA Reporting
Guidance”), that its usage is appropriate in this case, (ii) relevant servicing reports and other communications received by or available to any Seller Party containing information that may be reasonably requested by Purchaser,
Collateral Agent or Cash Manager for the purpose of completing all fields in the Annex III Template save in respect of those fields where a no data marker of “ND1”, “ND2”, “ND3”, “ND4” or “ND5” has
been determined to be applicable by Sellers or Securitisation Regulations Reporting Servicer on their behalf, acting reasonably and with regard to the ESMA Reporting Guidance and (iii) any information to which Sellers have access and are able
to provide which is reasonably requested by either Purchaser or Collateral Agent for the purpose of complying with the reporting requirements imposed by Article 7 and Article 5 of the Securitisation Regulations. 

(vii) Other Documentation. Promptly after Purchaser’s or Collateral Agent’s request thereof,
each Seller shall provide, or shall cause to be provided, to Purchaser and Collateral Agent such other documents, reports and information as Purchaser may reasonably request (A) with respect to the financial affairs of the Seller Parties,
(B) to demonstrate compliance with representations, warranties and covenants in the Transaction Documents and (C) to the extent available to each Seller pursuant to the Purchased Asset Documents related to such Purchased Asset, with
respect to any Purchased Asset or the operation of any Mortgaged Property. 
 Quarterly and annual reports of Guarantor
required to be delivered pursuant to Article 12(b)(iii) and (iv) shall be deemed to have been delivered on the date such items are made publicly available on the Securities and Exchange Commission website. 

(c) Defense of Purchaser’s Security Interest. Each Seller shall (i) defend the right, title and interest of
Purchaser in and to the Purchased Assets and other Collateral against, and take such other action as is necessary to remove, the Liens, security interests, claims and demands of all Persons (other than security interests to, by or through Purchaser)
and (ii) at Purchaser’s reasonable request, take all action Purchaser reasonably deems necessary to ensure that Purchaser will have a first priority security interest in the Purchased Assets and other Collateral subject to any of the
Transactions in the event such Transactions are recharacterized as secured financings. 
 (d) Additional Rights. If
any 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, such Seller shall accept the
same as Purchaser’s agent, hold the same in trust for Purchaser and deliver the same forthwith to Purchaser (or the Custodian, as appropriate) in the exact form received, duly endorsed by such Seller to Purchaser, if required, together with all
related reasonably necessary transfer documents duly executed in blank to be held by Purchaser 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 other than any Income which any Seller is entitled to direct to parties other than Purchaser pursuant to Article 5 shall be received by such Seller, such Seller shall, until such money or property is paid or delivered to Purchaser, hold such
money or property in trust for Purchaser, segregated from other funds of such Seller, as additional collateral security for the Transactions. 

  
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 (e) Further Assurances. At any time from time to time upon the reasonable
request of Purchaser, at the sole expense of such Seller, each Seller shall promptly and duly execute and deliver such further instruments and documents and take such further actions as Purchaser may deem reasonably necessary to (i) obtain or
preserve the security interest granted hereunder, (ii) ensure that such security interest remains fully perfected at all times and remains at all times first in priority as against all other creditors of such Seller (whether or not existing as
of the Closing Date or in the future) and (iii) obtain or preserve the rights and powers herein granted (including, among other things, filing such UCC financing statements or their equivalent under the Requirements of Law in the relevant
non-U.S. jurisdiction, if applicable, as Purchaser may reasonably request and serving notices of the security created under each Foreign Assignment Agreement in such form and on such parties as Purchaser may specify). If any amount payable under or
in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument or certificated security, such note, instrument or certificated security shall be promptly delivered to Purchaser, duly endorsed in blank,
to be itself held as Collateral pursuant to the Transaction Documents. 
 (f) Preservation of Existence; Licenses.
Each Seller shall at all times maintain and preserve its legal existence and all of its material rights, privileges, licenses, permits and franchises necessary for the operation of its business (including, without limitation, preservation of all
lending licenses held by each Seller and of each Seller’s status as a “qualified transferee” (however denominated) under all documents which govern the Purchased Assets), to protect the validity and enforceability of the Transaction
Documents and each Purchased Asset and for its performance under the Transaction Documents. 
 (g) Compliance with
Transaction Documents. Each Seller shall observe, perform and satisfy all the terms, provisions, covenants and conditions required to be observed, performed or satisfied by it, and shall pay when due all costs, fees and expenses required to be
paid by it, under the Transaction Documents. 
 (h) Compliance with Other Obligations. Each Seller shall at all times
comply (i) in all material respects, with its organizational documents, (ii) with any agreements by which it is bound or to which its assets are subject, to the extent non-compliance would be reasonably likely to have a Material Adverse
Effect, and (iii) in all material respects, with any Requirement of Law. 
 (i) Books and Record. Each Seller
shall, and shall cause each other Seller Party to, at all times keep proper books of records and accounts in which full, true and correct entries shall be made of its transactions fairly 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. 
 (j) Taxes and Other Charges. Each
Seller shall (i) timely file all U.S. federal and other material tax returns required to be filed by it and (ii) pay and discharge all material U.S. taxes, assessments, levies, liens and other charges imposed on it, on its income or
profits or on any of its property prior to the date on which penalties attach thereto, except for any such taxes, assessments, levies, liens and other charges which are being contested in good faith and by proper proceedings and against which
adequate reserves have been provided in accordance with GAAP. 

  
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 (k) Operations. Each Seller shall continue to engage in business of the
same general type as now conducted by it or otherwise as approved by Purchaser. Each Seller shall maintain records with respect to the Collateral and Purchased Items and the conduct and operation of its business with no less a degree of prudence
than if the Collateral and Purchased Items were held by Seller for its own account and shall furnish Purchaser, upon reasonable request by Purchaser or its designated representative, with reasonable information reasonably obtainable by Seller with
respect to the Collateral and Purchased Items and the conduct and operation of its business. 
 (l) Responsibility for
Fees and Expenses of Third-Parties. Each Seller shall be solely responsible for the fees and expenses of Custodian, Account Bank and Servicer. 

(m) Future Advances. To the extent any Future Advance is validly required to be made with respect to any Purchased
Asset, unless such Seller is contesting in good faith that such Future Advance is required to be made under the related Purchased Asset Documents, the related Seller shall fund such Future Advance in accordance with the related Purchased Asset
Documents, regardless of whether Purchaser funds an increase in the Purchase Price or the conditions for increasing the Purchase Price under this Agreement have been satisfied with regard to such Future Advance. 

(n) Manager Affiliate Information. Notwithstanding anything to the contrary contained in this Agreement, in no event
shall any Seller, Pledgor or Guarantor be deemed to (x) have made any representation or warranty pursuant to this Agreement or any other Transaction Document with respect to, (y) have any obligation under this Agreement or any other
Transaction Document to deliver to or notify Purchaser of, or (z) possess Knowledge of, any Manager Affiliate Information (or event dependent on Manager Affiliate Information), in each case unless and until such time as such Manager Affiliate
Information (or applicable event) is provided to the lenders under the related Purchased Asset Documents in accordance with the terms thereof. As used herein, “Manager Affiliate Information” means information that (i) relates to any
Purchased Asset with respect to which the related Borrower or any of its beneficial owners is an Affiliate of BXMT Advisors, L.L.C., a Delaware limited liability company (or any successor investment manager of Guarantor that is controlled by The
Blackstone Group Inc.), and (ii) such Seller, Pledgor or Guarantor obtains as a result of its affiliation with such Borrower or beneficial owner prior to the provision thereof to the lenders under the related Purchased Asset Documents in
accordance with the terms thereof. 
 (o) Due Diligence Representations. If there is a change in facts or
circumstances occurring following the Purchase Date for any Purchased Asset that would render any Due Diligence Representation to be incorrect or untrue in any material respect if such Due Diligence Representation were to be remade at such time
(except to the extent disclosed in a Requested Exceptions Report approved by Purchaser in writing in accordance with the terms hereof), then the applicable Seller shall pursue a reasonable remedy or cure for such Due Diligence Representation in a
manner consistent with that of a prudent commercial real estate lender under the circumstances. 

  
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 (p) No Plan Investments. Sellers shall not, and shall not use, any assets
of a any assets of a “benefit plan investor” as defined in Department of Labor regulation 29 C.F.R Section 2510.3-101, as modified by Section 3(42) of ERISA in connection with any Transaction in connection with any Transaction.

 (q) Exchange Terms. If a Transaction Exchange Notice is delivered pursuant to the Conditions of any of the Notes,
the Initial Class A Noteholder and Seller shall take commercially reasonable efforts to (i) execute a master repurchase agreement (the “Parallel Agreement”) between such Class A Noteholder and a single-purpose
bankruptcy-remote entity that is an Affiliate of Seller, which shall be on substantially similar terms (but shall not contemplate the issuance of notes as contemplated by this Agreement and shall include certain consents and disclosures that are
customarily included in financing transactions engaged in by the Initial Class A Noteholder under the headings “Nature and Risks of Transactions” and “Risks and Consequences of Reuse of Collateral”) as this Agreement,
together with relevant ancillary documents (including, without limitation, fee letter, guaranty (provided that, the guaranty shall be substantially in the form of Exhibit XV), custodial agreement, account control agreement and servicing
agreement), (ii) enter into one or more new transactions under such Parallel Agreement with respect to the Purchased Assets subject to the Transactions specified in the Transaction Exchange Notice (iii) enter into such other documents as
are specified in respect of delivery of a Transaction Exchange Notice under the Conditions of the Notes, provided that, the new maximum purchase price percentage shall be, in each case, a percentage equal to the amount of the Senior Exposure
with respect to the Purchased Assets subject to the Transactions specified in the Transaction Exchange Notice, divided by the related outstanding Purchase Price for such Purchased Assets immediately prior to the exercise of the exchange
option. For the avoidance of doubt, in connection with the Parallel Agreement the seller thereunder will be required to deliver substantially similar opinions and certificates as were require hereunder. 

(r) Alternative Diversification Notice. Upon the delivery of the Alternative Diversification Notice, Sellers and
Purchasers shall, at Seller’s cost and expense, execute such amendments to the Transaction Documents as Collateral Agent may reasonably determine are necessary or desirable to implement the election of the Initial Class A Noteholder set
forth in such Alternative Diversification Notice. 
 ARTICLE 13 

SINGLE PURPOSE ENTITY COVENANTS 

On and as of the date hereof and at all times while this Agreement or any Transaction hereunder is in effect, each Seller
covenants that: 
 (i) such Seller shall own no assets, and shall not engage in any business, other than the
assets and transactions specifically contemplated by the Transaction Documents (including, without limitation, Eligible Assets for which such Seller has delivered to Purchaser written notice of its intent to sell such Eligible Asset as a Purchased
Asset pursuant to this Agreement); 

  
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 (ii) such Seller shall not make any loans or advances to any
Affiliate or third party (other than Eligible Assets or advances under the Purchased Assets to Borrowers) and shall not acquire obligations or securities of its Affiliates (other than in connection with the origination or acquisition of Purchased
Assets), in each case except as permitted by the Transaction Documents; 
 (iii) such Seller shall pay its
debts and liabilities (including, as applicable, shared personnel and overhead expenses) only from its own assets as the same shall become due; 

(iv) such Seller shall comply with the provisions of its organizational documents in all material respects;

 (v) such Seller shall do all things necessary to observe its organizational formalities and to preserve
its existence; 
 (vi) such Seller shall maintain all of its books, records, financial statements and bank
accounts separate from those of its Affiliates (except that such financial statements may be consolidated to the extent consolidation is permitted or required under GAAP or as a matter of Requirements of Law; provided, that
(i) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of such Seller from such Affiliate and to indicate that such Seller’s assets and credit are not available to satisfy the debts
and other obligations of such Affiliate or any other Person and (ii) such assets shall also be listed on such Seller’s own separate balance sheet) and file its own tax returns, if any (except to the extent consolidation is required or
permitted under Requirements of Law); 
 (vii) such Seller shall be, and at all times shall hold itself out
to the public as, a legal entity separate and distinct from any other entity (including any Affiliate), shall correct any Known misunderstanding regarding its status as a separate entity, shall conduct business in its own name, and shall not
identify itself or any of its Affiliates as a division of the other; 
 (viii) such Seller shall 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 and shall remain solvent; provided, that the foregoing shall not require any
member, partner or shareholder of such Seller to make any additional capital contributions to such Seller; 

(ix) such Seller shall not commingle its funds or other assets with those of any Affiliate or any other Person
and shall maintain its properties and assets in such a manner that it would not be costly or difficult to identify, segregate or ascertain its properties and assets from those of others; 

(x) [reserved]; 

(xi) such Seller shall not hold itself out to be responsible for the debts or obligations of any other Person;

  
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 (xii) such Seller shall not, without the prior written consent
of its Independent Manager, take any action constituting an Act of Insolvency; 
 (xiii) such Seller shall,
at all times, have at least one (1) Independent Manager; 
 (xiv) such Seller’s organizational
documents shall provide (i) that Purchaser be given at least two (2) Business Days prior notice of the removal and/or replacement of any Independent Manager, together with the name and contact information of the replacement Independent
Manager and evidence of the replacement’s satisfaction of the definition of Independent Manager and (ii) that any Independent Manager of such Seller shall not have any fiduciary duty to anyone including the holders of the equity interest
in such Seller and any Affiliates of such Seller except such Seller and the creditors of such Seller with respect to taking of, or otherwise voting on, any Act of Insolvency; provided, that the foregoing shall not eliminate the implied
contractual covenant of good faith and fair dealing; 
 (xv) such Seller shall not enter into any
transaction with an Affiliate of such Seller except on commercially reasonable terms similar to those available to unaffiliated parties in an arm’s length transaction; 

(xvi) such Seller shall maintain a sufficient number of employees (or obtain services to be performed by its
Affiliates and/or their respective employees) in light of contemplated business operations, provided that such Seller shall not be required to maintain any employees; 

(xvii) such Seller shall use separate stationary, invoices and checks bearing its own name, and allocate
fairly and reasonably any overhead for shared office space and for services performed by an employee of an Affiliate; 

(xviii) such Seller shall not pledge its assets to secure the obligations of any other Person other than to
Purchaser pursuant to the Transaction Documents; 
 (xix) such Seller shall not form, acquire or hold any
Subsidiary or own any equity interest in any other entity; and 
 (xx) such Seller shall not create, incur,
assume or suffer to exist any Indebtedness or Lien in or on any of its property, assets, revenue, the Purchased Assets, the other Collateral, whether now owned or hereafter acquired, 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 $250,000 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 such Seller shall be paid within ninety (90) days of the date incurred unless the same are being contested in good faith
and adequate reserves in respect of which are maintained (it being understood that the amount of any trade debt denominated in an Applicable Currency other than U.S. Dollars shall be calculated under this clause (xx) based on the then-current
equivalent of such amount based on the Spot Rate with respect to such Applicable Currency as of the date of determination). 

  
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 ARTICLE 14 

EVENTS OF DEFAULT; REMEDIES 

(a) Events of Default. Each of the following events shall constitute an “Event of Default” under this
Agreement: 
 (i) Failure to Repurchase or Repay. Any Seller shall fail to repurchase any Purchased
Asset upon the applicable Repurchase Date or shall fail to pay the applicable Repurchase Price within three (3) Business Days after such payment becoming due and payable pursuant to the Transaction Documents. 

(ii) Failure to Pay Purchase Price Differential. Purchaser shall fail to receive on any Remittance Date
the accrued and unpaid Purchase Price Differential and such failure is not cured within three (3) Business Days. 

(iii) Failure to Cure Margin Deficit. Any Seller shall fail to cure any Margin Deficit within the
period specified in Article 4. 
 (iv) Failure to Remit Principal Payment. Any Seller fails to
remit (or cause to be remitted) to Purchaser any Principal Payment received with respect to a Purchased Asset for application to the payment of the Repurchase Price (or any component thereof) for such Purchased Asset in accordance with Article
5 and such failure is not cured within three (3) Business Days. 
 (v) Other Payment
Default. Any Seller shall fail to make any payment not otherwise enumerated that is owing to Purchaser that has become due, whether by acceleration or otherwise under the terms of the Transaction Documents, within three (3) Business Days
after such payment becoming due and payable. 
 (vi) Negative Acts. Any Seller shall fail to perform,
comply with or observe any term, covenant or agreement applicable to such Seller contained in Article 11 (Negative Covenants of Sellers) or Article 13 (Single Purpose Entity Covenants) and, if such failure is susceptible to cure, such
Seller fails to cure the same within fifteen (15) Business Days after notice of such breach from any Purchaser or Collateral Agent or such Seller’s Knowledge thereof. 

(vii) Act of Insolvency. An Act of Insolvency occurs with respect to any Seller Party (provided
that such Act of Insolvency occurring pursuant to an admission described in clause (f) of the definition thereof shall be limited to such admissions by any person described in clause (i) of the definition of “Knowledge”). 

(viii) Admission of Inability to Perform. Any Person described in clause (i) of the
definition of “Knowledge” shall admit to Purchaser in writing or in formal written communications to any other Person its inability to, or its intention not to, perform any of its respective obligations under any Transaction Document. 

  
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 (ix) Transaction Documents. Any Transaction Document or a
replacement therefor acceptable to Purchaser shall for whatever reason be terminated (other than by Purchaser without cause) or cease to be in full force and effect, or shall not be enforceable in accordance with its terms, or any Person described
in clause (i) of the definition of “Knowledge” (other than Purchaser or Collateral Agent) shall contest the validity or enforceability of any Transaction Document or the validity, perfection or priority of any Lien granted
thereunder, or any Person described in clause (i) of the definition of “Knowledge” (other than Purchaser or Collateral Agent) shall seek to disaffirm, terminate or reduce its obligations under any Transaction Document. 

(x) Cross-Default. Any Seller Party, and with respect to clause (x) below any Affiliate of
any Seller Party, shall be in default (beyond any applicable grace periods) under (x) the Parallel Agreement, (y) any Indebtedness of such Seller Party which default (A) involves the failure to pay a matured obligation or (B) permits the
acceleration of the maturity of obligations by any other party to or beneficiary with respect to such Indebtedness; or (z) any other contract to which such Seller Party is a party which default (A) involves the failure to pay a matured
obligation or (B) permits the acceleration of the maturity of obligations by any other party to or beneficiary of such contract, in each case of clauses (y) and (z), to the extent the obligations in connection with such
default individually or in the aggregate with other defaults are at least equal to the applicable Default Threshold. 

(xi) ERISA. (A) Any Seller or an ERISA Affiliate shall engage in any “prohibited
transaction” (as defined in Section 406 of ERISA or Section 4975 of the Internal Revenue Code) involving any Plan that is not exempt from such Sections of ERISA and the Internal Revenue Code, (B) any material “accumulated
funding deficiency” (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan shall arise on the assets of any Seller or any ERISA Affiliate, (C) a
Reportable Event (as referenced in Section 4043(b)(3) of ERISA) shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Plan, which Reportable
Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of Purchaser, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (D) any Plan shall terminate for purposes of Title
IV of ERISA, or (E) any Seller or any ERISA Affiliate shall, or in the reasonable opinion of Purchaser is likely to, incur any liability in connection with a withdrawal from, or the insolvency or reorganization of, a Multiemployer Plan; and in
each case in clauses (A) through (E) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect. 

(xii) Recharacterization. Either (A) the Transaction Documents shall for any reason not cause, or
shall cease to cause, Purchaser to be the owner free of any adverse claim of any of the Purchased Assets and other Purchased Items or (B) if a Transaction is recharacterized as a secured financing, and the Transaction Documents with respect to
any Transaction shall for any reason cease to create and maintain a valid first priority security interest in favor of Purchaser in any of the Collateral and the related Seller fails to repurchase the applicable Purchased Asset(s), in each case,
within three (3) Business Days after notice thereof to the applicable Seller from any Purchaser or Collateral Agent or such Seller’s Knowledge thereof; 

  
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 (xiii) Governmental or Regulatory Action. Any
governmental, regulatory, or self-regulatory authority shall have taken any action to remove, limit, restrict, suspend or terminate the rights, privileges, or operations of any Seller Party, which action has a Material Adverse Effect. 

(xiv) Note Event. The occurrence of a Note Event. 

(xv) Change of Control. A Change of Control shall have occurred without the prior written consent of
Purchaser. 
 (xvi) Representation or Warranty Breach. If any representation, warranty or
certification (other than (A) any Fundamental Purchased Asset Representation or (B) any Due Diligence Representation, in each case, unless Seller shall have made any such representations and warranties with Knowledge that they were
materially false or misleading at the time made) made to Purchaser or Collateral Agent by, or on behalf of, any Seller Party shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated;
provided, that, if such breach is susceptible to cure (excluding, for the avoidance of doubt, any representation or warranty set forth in Article 10(jj), which shall not be susceptible to cure), the related Seller fails to cure the
same (including by repurchasing the applicable Purchased Asset) within fourteen (14) days after notice of such breach to such Seller from any Purchaser or Collateral Agent or such Seller’s Knowledge thereof. 

(xvii) Judgment. Any final non-appealable judgment by any competent court in the United States of
America or other relevant jurisdiction for the payment of money is rendered against any Seller Party in an amount at least equal to the applicable Litigation Threshold, and such judgment remains undischarged or unpaid for a period of sixty
(60) days, during which period execution of such judgment is not effectively stayed by bonding over or other means reasonably acceptable to Purchaser. 

(xviii) Guarantor Breach. The breach by Guarantor of the covenants made by it in Article V(i)
(Limitation on Distributions) or Article V(k) (Financial Covenants) of the Guaranty. 
 (xix)
Securitisation Reporting. The failure by any Seller Party to comply with Article 12(b)(vi) which continues after notice of such failure from any Purchaser or Collateral Agent or such Seller Party’s Knowledge thereof for
(i) fifteen (15) Business Days with respect to information available to such Seller Party directly or which is provided by the related Borrower to Servicer or Securitisation Regulations Reporting Servicer and Servicer or Securitisation
Regulations Reporting Servicer, as applicable, is subject to a contractual obligation that such information be passed on to the related Seller; (ii) thirty (30) calendar days with respect to information which is provided by the related Borrower
to any servicer or facility agent other than Servicer or Securitisation Regulations Reporting Servicer and such servicer or facility agent, as applicable, is subject to a contractual obligation that such information be passed on to the related
Seller; and (iii) forty (40) calendar days with respect to information which is not available to Seller pursuant to either of clauses (i) or (ii) above. 

  
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 (xx) Other Covenant Default. If any Seller Party shall
breach or fail to perform any of the terms, covenants, obligations or conditions under any Transaction Document, other than as specifically otherwise referred to in this definition of “Event of Default”, provided, that, if such
breach or failure to perform is susceptible to cure, then such Person shall have fifteen (15) Business Days after the earlier of notice to such Person from any Purchaser or Collateral Agent or such Person’s Knowledge thereof, of such
breach or failure to perform, to remedy such breach or failure to perform (provided that, any breach or failure to perform resulting from the willful misconduct or bad faith of any applicable Person or any Affiliate thereof shall not be
susceptible to cure). 
 (b) Remedies. If an Event of Default shall occur and be continuing with respect to any
Seller, the following rights and remedies shall be available to Purchaser: 
 (i) At the option of
Purchaser, exercised by written notice to any 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 any Seller Party), the Repurchase Date for
each Transaction hereunder shall, if it has not already occurred, immediately occur (such date, the “Accelerated Repurchase Date”). 

(ii) If Purchaser exercises or is deemed to have exercised the option referred to in Article 14(b)(i):

 (A) each Seller’s obligations hereunder to repurchase all Purchased Assets shall become immediately
due and payable on and as of the Accelerated Repurchase Date; 
 (B) to the extent permitted by applicable
law, the Repurchase Price with respect to each Transaction (determined as of the Accelerated Repurchase Date) shall be increased by the aggregate amount obtained by daily application of, on a 360 day per year basis for the actual number of days
during the period from and including the Accelerated Repurchase Date to but excluding the date of payment of the Repurchase Price (as so increased), (x) the Pricing Rate for such Transaction multiplied by (y) the Purchase Price for
such Transaction (decreased by (I) any amounts actually remitted to Purchaser by the Account Bank or any Seller from time to time pursuant to Article 5 and applied to such Repurchase Price, and (II) any amounts applied to the Repurchase
Price pursuant to Article 14(b)(iii)); 
 (C) the Custodian shall, upon the request of Purchaser,
deliver to Purchaser or its designee all instruments, certificates and other documents then held by the Custodian relating to the Purchased Assets; and 

(D) Purchaser may (1) immediately sell, at a public or private sale in a commercially reasonable manner
and at such price or prices as Purchaser may deem satisfactory any or all of the Purchased Assets, and/or (2) in its sole and absolute 

  
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discretion elect, in lieu of selling all or a portion of such Purchased Assets, to give Sellers credit for such Purchased Assets in an amount equal to the market value of such Purchased Assets
(as determined by Purchaser in its sole but good faith discretion) against the aggregate unpaid Repurchase Price for such Purchased Assets and any other amounts owing by each Seller under the Transaction Documents. The proceeds of any disposition of
Purchased Assets effected pursuant to this Article 14(b)(ii) shall be applied to the Repurchase Obligations in such order of priority as Purchaser shall determine in its sole and absolute discretion. 

(iii) The parties acknowledge and agree that (A) the Purchased Assets subject to any Transaction
hereunder are not instruments traded in a recognized market, (B) in the absence of a generally recognized source for prices or bid or offer quotations for any Purchased Asset, Purchaser may establish the source therefor in its sole and absolute
discretion and (C) all prices, bids and offers shall be determined together with accrued Net Cash Flow (except to the extent contrary to market practice with respect to the relevant Purchased Assets). 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 liquidation of a Transaction or the Purchased Assets does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially reasonable
manner. Accordingly, Purchaser may elect, in its sole and absolute discretion, the time and manner of liquidating any Purchased Assets, and nothing contained herein shall (A) obligate Purchaser to liquidate any Purchased Assets on the
occurrence and during the continuance 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 Purchaser. 

(iv) Sellers shall be liable to Purchaser and its Affiliates and shall indemnify Purchaser and its Affiliates
for the amount (including, without limitation, in connection with the enforcement of the Transaction Documents) of all actual losses, out-of-pocket costs and expenses (including, without limitation, the reasonable fees and expenses of outside
counsel) incurred by Purchaser in connection with or as a consequence of an Event of Default. 
 (v)
Purchaser 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 (where relevant), 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 (or, with respect to any Foreign Purchased Asset, the equivalent Requirements of Law in the relevant non-U.S. jurisdiction), to the
extent that the UCC or such other Requirement of Law is applicable, and the right to offset any mutual debt and claim and the right to appropriate the Purchased Assets in accordance with Section 14(b)(ii)(D)), in equity, and under any
other agreement between Purchaser and any Seller. Without limiting the generality of the foregoing, Purchaser shall be entitled to set off the proceeds of the liquidation of the Purchased Assets against all of Sellers’ obligations to Purchaser
under this Agreement, without prejudice to Purchaser’s right to recover any deficiency. The parties hereto agree that the method of valuation of Purchased Assets provided for in this Section 14(b) shall constitute a commercially
reasonable method of valuation for the purposes of the FCA Regulations; 

  
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 (vi) Purchaser may exercise any or all of the remedies available
to Purchaser 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 Purchaser may have. 
 (vii) Purchaser may enforce its rights and remedies
hereunder without prior judicial process or hearing, and each Seller hereby expressly waives any defenses such Seller might otherwise have to require Purchaser to enforce its rights by judicial process. Each Seller also waives, to the extent
permitted by law, any defense such 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. Each 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)With respect to any Foreign Purchased Asset, Purchaser may take any steps necessary to vest all or any
of such Foreign Purchased Asset in the name of Purchaser (or its designee) including completing and submitting any Transfer Certificate to the relevant facility agent and making payment of any transfer fees. Each Seller hereby agrees that any such
transfer fees paid by Purchaser will constitute “Indemnified Amounts” for the purposes of Article 27 of this Agreement. 

(c) Power of Attorney. Each Seller hereby appoints Purchaser and Collateral Agent as attorney-in-fact of such Seller
during the continuance of an Event of Default for the purpose of taking any action and executing or endorsing any instruments that Purchaser or Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including
the exercise of any remedies hereunder, which appointment as attorney-in-fact is irrevocable and coupled with an interest. The Sellers hereby agree to deliver to Purchaser or Collateral Agent upon request such powers of attorney as to evidence such
appointment as Purchaser or Collateral Agent may reasonably request, substantially in the form of Exhibit IV. 
 ARTICLE 15

 SET-OFF 

(a) In addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation of any
such rights, each Seller hereby grants to Purchaser and its Affiliates, after the occurrence and during the continuance of an Event of Default, a right to set-off, without prior written notice to any Seller, any sum or obligation (whether or not
arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by any Seller to Purchaser or any Affiliate of Purchaser
against (i) any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and 

  
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irrespective of the currency, place of payment or booking office of the sum or obligation) owed by Purchaser or its Affiliates to each Seller and (ii) any and all deposits (general or
specified), monies, credits, securities, collateral or other property of any Seller and the proceeds therefrom, now or hereafter held or received for the account of such Seller (whether for safekeeping, custody, pledge, transmission, collection, or
otherwise) by Purchaser or its Affiliates or any entity under the control of Purchaser or its Affiliates and its respective successors and assigns (including, without limitation, branches and agencies of Purchaser, wherever located). Purchaser shall
give written notice to the applicable Seller of any set-off effected under this Article 15 to the extent it is not prohibited from doing so by applicable law. 

(b) If a sum or obligation is unascertained, Purchaser may in good faith 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. Nothing in this Article 15 shall be effective to create a charge or other security interest. This Article 15 shall be without prejudice
and in addition to any right of set-off, 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). 

(c) ANY AND ALL RIGHTS TO REQUIRE PURCHASER OR ITS AFFILIATES TO EXERCISE THEIR RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER
COLLATERAL OR PURCHASED ITEMS THAT SECURE THE AMOUNTS OWING TO PURCHASER OR ITS AFFILIATES BY ANY SELLER UNDER THE TRANSACTION DOCUMENTS, PRIOR TO EXERCISING THEIR RIGHT OF SET-OFF WITH RESPECT TO SUCH MONIES, SECURITIES, COLLATERAL, DEPOSITS,
CREDITS OR OTHER PROPERTY OF SUCH SELLER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED BY EACH SELLER. 
 ARTICLE 16 

SINGLE AGREEMENT 

Purchaser and each 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 Purchaser and each Seller agrees
(i) to perform all of its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder, (ii) that each of them
shall be entitled to set off claims and apply property held by them in respect of any Transaction against obligations owing to them in respect of any other Transactions hereunder and (iii) that payments, deliveries and other transfers made by
either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder, and the obligations to make any such payments, deliveries and
other transfers may be applied against each other and netted. 

  
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 ARTICLE 17 

RECORDING OF COMMUNICATIONS 

EACH OF PURCHASER AND EACH SELLER SHALL HAVE THE RIGHT (BUT NOT THE OBLIGATION) FROM TIME TO TIME TO MAKE OR CAUSE TO BE MADE
RECORDINGS OF COMMUNICATIONS BETWEEN ITS EMPLOYEES, IF ANY, AND THOSE OF THE OTHER PARTY WITH RESPECT TO TRANSACTIONS; PROVIDED, HOWEVER, THAT SUCH RIGHT TO RECORD COMMUNICATIONS SHALL BE LIMITED TO COMMUNICATIONS OF EMPLOYEES TAKING PLACE ON THE
TRADING FLOOR OF THE APPLICABLE PARTY. EACH OF PURCHASER AND EACH SELLER HEREBY CONSENTS TO THE ADMISSIBILITY OF SUCH RECORDINGS IN ANY COURT, ARBITRATION, OR OTHER PROCEEDINGS, AND AGREES THAT A DULY AUTHENTICATED TRANSCRIPT OF SUCH A TAPE
RECORDING SHALL BE DEEMED TO BE A WRITING CONCLUSIVELY EVIDENCING THE PARTIES’ AGREEMENT. 
 ARTICLE 18 

NOTICES AND OTHER COMMUNICATIONS 

(a) 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 sent by (i) hand delivery, with proof of delivery, (ii) certified or registered United States mail, postage prepaid, (iii) expedited prepaid delivery service, either
commercial or United States Postal Service or Royal Mail, with proof of delivery, or (iv) by electronic mail to the address specified in Exhibit I hereto or at such other address and person as shall be designated from time to time by the
respective notice party, as the case may be, in a written notice to the other parties listed on Exhibit I hereto in the manner provided for in this Article 18; provided, however, at least one of the individuals identified
in clause (i) of the definition of “Knowledge” shall be an “attention” party for notices to any Seller. A notice shall be deemed to have been given: (x) in the case of hand delivery, at the time of delivery, if
on a Business Day, and otherwise on the next occurring Business Day, (y) in the case of registered or certified mail or expedited prepaid delivery, when delivered, if on a Business Day, and otherwise on the next occurring Business Day, or upon
the first attempted delivery on a Business Day or (z) in the case of electronic mail, upon receipt of a verbal or electronic confirmation acknowledging receipt thereof (for the avoidance of doubt, any automatically generated email or any
similar automatic response shall not constitute confirmation). A party receiving a notice that does not comply with the technical requirements for notice under this Article 18 may elect to waive any deficiencies and treat the notice as having
been properly given. Notwithstanding the foregoing, in the event that any Seller directs Purchaser to transfer funds pursuant to a Transaction or otherwise in accordance with Article 3 to an account or recipient other than such Seller’s
wiring instructions specified on Annex I, such direction shall be in writing (including in a Confirmation) and signed by two (2) Responsible Officers of such Seller; provided, however, that neither Purchaser nor Collateral
Agent shall have any duty to confirm that any such request has been signed by the requisite number of Responsible Officers of such Seller and shall not be liable to such Seller if it acts on a request that has not been signed by the requisite number
of Responsible Officers of such Seller or at all. 

  
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 (b) All notices and other communications to be delivered by Purchaser under the
Transaction Documents may be given by Collateral Agent on its behalf. All notices and other communications by Purchaser or Seller to any other Person under the Transaction Documents shall be copied to Collateral Agent. 

ARTICLE 19 
 ENTIRE
AGREEMENT; SEVERABILITY 
 This Agreement shall supersede any existing agreements between the parties containing general
terms and conditions for repurchase transactions. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such
other provision or agreement. 
 ARTICLE 20 

NON-ASSIGNABILITY 

(a) No Seller Party may assign any of its rights or obligations under this Agreement or the other Transaction Documents without
the prior written consent of Purchaser (which may be granted or withheld in Purchaser’s sole and absolute discretion) and any attempt by any Seller Party to assign any of its rights or obligations under this Agreement or any other Transaction
Document without the prior written consent of Purchaser shall be null and void. 
 (b) Purchaser may, without consent of any
Seller, but with the written consent of Collateral Agent, at any time and from time to time, assign or participate some or all of its rights and obligations under the Transaction Documents and/or under any Transaction (subject to Article
9(a)) to any Person that is an Eligible Assignee; provided, however, that, so long as no Event of Default shall have occurred and be continuing, other than in the case of a merger or other fundamental corporate transaction (such as
a sale of the applicable business unit), (A) Banco Santander, S.A. or an Affiliate thereof shall directly or indirectly retain a minimum thirty-four percent (34%) interest in each Transaction in accordance with Clause 12.3.2 of the VFN
Note Purchase Agreement, (B) Sellers shall only be required to interface with Parlex 8 USD IE Issuer Designated Activity Company, Parlex 8 GBP IE Issuer Designated Activity Company, Parlex 8 EUR IE Issuer Designated Activity Company, Common
Issuer Security Trustee or Banco Santander, S.A. or an Affiliate thereof with respect to this Agreement and the Transactions hereunder and (C) Banco Santander, S.A. or an Affiliate thereof shall retain all authority to enforce remedies and
provide consents, waivers or approvals (including, without limitation, approving any Eligible Asset as a Purchased Asset or any extension of the Availability Period) under this Agreement and to determine the Market Value for any Purchased Asset
under this Agreement. In connection with any such assignment or participation, Purchaser may bifurcate or allocate (i.e. senior/subordinate) amounts due to Purchaser. Each Seller agrees to reasonably cooperate with Purchaser, at Purchaser’s
sole cost and expense, in connection with any such assignment, transfer or sale of participating interest and to enter into such restatements of, and amendments, supplements and other modifications to, the Transaction Documents to which it is a
party in order to give effect to such assignment, transfer or sale of participating 

  
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interest. Sellers acknowledge that, on the date hereof, Purchaser shall, in accordance with the Trustee Pledge Agreement, pledge in favor of Common Issuer Security Trustee its rights hereunder as
security for the Notes issued by Purchaser. Sellers further acknowledge that Common Issuer Security Trustee may, pursuant to the terms of the Trustee Pledge Agreement, assume the role of Purchaser under this Agreement, in which case, upon receipt of
written notice of the same, Sellers shall recognize Common Issuer Security Trustee as having all of the rights and obligations of Purchaser hereunder (for the avoidance of doubt, without limiting the requirements with respect to Banco Santander,
S.A. set forth in clauses (A) and (C) of the proviso to the first sentence of this Article 20(b)). 

(c) Purchaser, acting solely for this purpose as an agent of Sellers, shall maintain at one of its offices in the United States
a copy of each such sale, transfer and assignment and assumption delivered to it and a register for the recordation of the names and addresses of Purchaser and each permitted purchaser, transferee and assignee, as applicable, and the amounts (and
stated interest) owing to, each purchaser, transferee and assignee pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the parties hereunder
shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Purchaser hereunder for all purposes of this Agreement. The Register shall be available for inspection by any Seller at any reasonable time and from
time to time upon reasonable prior notice. No assignment, sale, negotiation, pledge, hypothecation or other transfer of any part of any Persons interest hereunder shall be effective or permitted under this Agreement until such person’s name and
address has been registered in the Register pursuant to this Article 20. 
 (d) If Purchaser sells a participation
interest pursuant to Article 20(b), it shall, acting solely for this purpose as an agent of the applicable Seller, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest)
of each participant’s interest herein or obligations under the Transaction Documents (the “Participant Register”); provided that Purchaser shall have no obligation to disclose all or any portion of the Participant
Register (including the identity of any participant or any information relating to a participant’s interest in any Transaction Document) to any Person except to the related Seller or to the extent that such disclosure is necessary to establish
that such interest is in registered form under Section 5f.103-1(c) of the United States Treasury regulations. The entries in the Participant Register shall be conclusive absent manifest error, and Purchaser and the related Seller shall treat
each Person whose name is recorded in the register as the owner of such participation interest for all purposes of this Agreement notwithstanding any notice to the contrary. No participation pursuant to this Article 20 shall be effective
until reflected in the foregoing register. 
 (e) 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 permitted successors and assigns. Nothing in the Transaction Documents, express or implied, shall give to any Person, other than the parties to the Transaction
Documents and their respective permitted successors, any benefit or any legal or equitable right, power, remedy or claim under the Transaction Documents. 

  
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 ARTICLE 21 

GOVERNING LAW 

THIS AGREEMENT (AND ANY CLAIM OR CONTROVERSY HEREUNDER) 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 WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
 ARTICLE 22 

WAIVERS AND AMENDMENTS 

No express or implied waiver of any Event of Default by either party shall constitute a waiver of any other Event of Default
and no exercise of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure herefrom
shall be effective unless and until such shall be in writing and duly executed by both of the parties hereto. 
 ARTICLE 23 

INTENT 

(a) The parties intend and recognize that the arrangements under this Agreement are to constitute a “title transfer
financial collateral arrangement” or a “security financial collateral arrangement” for the purposes of the Financial Collateral Arrangements (No 2) Regulations 2003 (the “FCA Regulations”). The parties intend and
acknowledge that (i) each Transaction is a “repurchase agreement” as that term is defined in Section 101(47) of Title 11 of the United States Code, as amended (except insofar as the type of Assets subject to such Transaction or
the term of such Transaction would render such definition inapplicable), and a “securities contract” as that term is defined in Section 741 of Title 11 of the United States Code, as amended (except insofar as the type of assets
subject to such Transaction would render such definition inapplicable), (ii) each Purchased Asset constitutes either a “mortgage loan” or “an interest in a mortgage” as such terms are used in Title 11 of the United States
Code and (iii) all payments hereunder are deemed “margin payments” or “settlement payments” as defined in Title II of the Bankruptcy Code. 

(b) The parties intend and acknowledge that either party’s right to cause the termination, liquidation or acceleration of,
or to set-off or net termination values, payment amounts or other transfer obligations arising under, or in connection with, this Agreement or any Transaction hereunder or to exercise any other remedies pursuant to Article 14 is in each case
a contractual right to cause or exercise such right as described in Sections 555, 559 and 561 of Title 11 of the United States Code, as amended. 

  
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 (c) The parties intend and acknowledge that if a party hereto is an “insured
depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term is defined in 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). 

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

 (e) The parties intend and acknowledge that this Agreement constitutes a “master netting agreement” as defined
in Section 101(38A) of Title 11 of the United States Code, as amended, and as used in Section 561 of Title 11 of the United States Code, as amended, and a “securities contract” with the meaning of Section 555 and
Section 559 under the Bankruptcy Code. 
 (f) The parties intend and acknowledge that any provisions hereof or in any
other document, agreement or instrument that is related in any way to this Agreement shall be deemed “related to” this Agreement within the meaning of Section 741 of the Bankruptcy Code. 

(g)Notwithstanding anything to the contrary in this Agreement, it is the intention of the parties that, for U.S. Federal, state
and local and foreign income and franchise and foreign tax purposes and for accounting purposes, each Transaction constitute a financing to the applicable Seller, and that the applicable Seller be (except to the extent that Purchaser shall have
exercised its remedies following an Event of Default) the owner of the Purchased Assets for such purposes. Unless prohibited by applicable law, Sellers and Purchaser agree to treat the Transactions as described in the preceding sentence for all U.S.
federal, state, and local income and franchise and foreign tax purposes (including, without limitation, on any and all filings with any U.S. Federal, state, or local taxing authority) and agree not to take any action inconsistent with such
treatment. 
 (h) Each party hereto hereby further agrees that it shall not challenge the characterization of (i) this
Agreement as a “repurchase agreement” (except to the extent the related Transaction has a duration that renders such term inapplicable), “securities contract” and/or “master netting agreement”, (ii) each party as a
“repo participant” within the meaning of the Bankruptcy Code except insofar as, in the case of a “repurchase agreement”, the term of the Transactions, would render such definition inapplicable, or (iii) Collateral Agent as a
“financial institution” or “financial participant” within the meaning of the Bankruptcy Code. 

  
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 ARTICLE 24 

DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS 

The parties acknowledge that they have been advised that: 

(a) in the case of any Transaction in which one of the parties is a broker or dealer registered with the Securities and
Exchange Commission (“SEC”) under Section 15 of the Exchange 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 such Transaction; 
 (b) in the case of any
Transaction 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 such
Transaction; and 
 (c) in the case of any Transactions in which one of the parties is a financial institution, funds held by
the financial institution in connection with such Transaction 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. 

ARTICLE 25 
 CONSENT TO
JURISDICTION; WAIVERS 
 (a) Each party irrevocably and unconditionally (i) submits to the exclusive jurisdiction of
any United States Federal or New York State court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or proceeding brought to enforce its obligations under this Agreement or relating in any
way to this Agreement or any Transaction under this Agreement and (ii) waives, to the fullest extent it may effectively do so, any defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and any right
of jurisdiction on account of its place of residence or domicile. The parties hereby agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. 
 (b) 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. 
 (c) The parties consent to the service of any summons and
complaint and any other process by the mailing of copies of such process to them at their respective address specified herein. Nothing in this Article 25 shall affect the right of either party to serve legal process in any other manner
permitted by law or affect the right of either party to bring any enforcement action or proceeding against the other party or its property located in other jurisdictions in the courts of such other jurisdictions to the extent required by the laws of
such other jurisdictions. 

  
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 (d) 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. 

ARTICLE 26 
 NO RELIANCE

 Each Seller and Purchaser 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: 

(a) 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; 

(b) it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent
that it has deemed necessary, and it has made its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction) based upon its own judgment and upon any advice from such advisors as it has deemed
necessary and not upon any view expressed by the other party; 
 (c) 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; 

(d) it is entering into the Transaction Documents and each Transaction thereunder for the purposes of managing its borrowings
or investments or hedging its assets or liabilities and not for purposes of speculation; 
 (e) no joint venture exists
between Purchaser and any Seller Party pursuant to any Transaction Document; and 
 (f) 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, guarantee 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. 

  
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 ARTICLE 27 

INDEMNITY AND EXPENSES 

(a) Sellers hereby agree to indemnify Purchaser, Collateral Agent, and their respective Affiliates, and each of its and their
Affiliates and each of its and their officers, directors, employees and agents (“Indemnified Parties”) for, and hold harmless from, any and all actual out-of-pocket liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, fees, costs, expenses (including, without limitation, the reasonable out-of-pocket fees and expenses of outside counsel and, subject to Article 28, the costs of obtaining updated appraisals), Indemnified Taxes (including
Indemnified Taxes imposed or asserted on or attributable to amounts payable under Article 5) 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, or as a
result of, this Agreement, the other Transaction Documents, any Transactions, any Event of Default or any action taken or omitted to be taken by any Indemnified Party under or in connection with any of the foregoing, and any enforcement of any of
the provisions of the Transaction Documents; provided that no Seller shall be liable for Indemnified Amounts resulting from the bad faith, gross negligence or willful misconduct of any Indemnified Party. Without limiting the generality of the
foregoing, each Seller agrees to hold Purchaser and Collateral Agent harmless from and indemnify Purchaser and Collateral Agent against all Indemnified Amounts with respect to all Purchased Assets relating to or arising out of any violation or
alleged violation of any environmental law, rule or regulation or any consumer credit laws, including without limitation ERISA, the Truth in Lending Act and/or the Real Estate Settlement Procedures Act in each case, which does not result from the
bad faith, gross negligence or willful misconduct of any Indemnified Party. In any suit, proceeding or action brought by Purchaser or Collateral Agent in connection with any Purchased Asset for any sum owing thereunder, or to enforce any provisions
of any Purchased Asset, each Seller agrees to hold Purchaser and Collateral Agent harmless from and indemnify Purchaser and Collateral Agent from and against all Indemnified Amounts suffered by Purchaser or Collateral Agent, as applicable, 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 any Seller Party or any Affiliate thereof party to the Transaction Documents 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 any Seller Party or any Affiliate thereof party to the Transaction
Documents. The obligation of each Seller hereunder is a recourse obligation of such Seller. This Article 27(a) shall (other than in respect of Indemnified Taxes) not apply with respect to taxes other than any taxes that represent losses,
claims, damages, etc. arising from any non-tax claim. 
 (b) Sellers agree to pay or reimburse promptly after written demand
all of Purchaser’s and Collateral Agent’s actual out-of-pocket costs and expenses (including, without limitation, the reasonable fees and expenses of outside counsel) incurred in connection with (i) the preparation, negotiation, execution
and consummation of, and any amendment, supplement or modification to, any Transaction Document or any Transaction thereunder, whether or not such Transaction Document (or amendment thereto) or such Transaction is

  
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ultimately consummated, (ii) the consummation (including on-boarding and pre-purchase due diligence) and administration of any Transaction or proposed Transaction (regardless of whether such
proposed Transaction is ultimately consummated), (iii) any preservation of Purchaser’s rights under the Transaction Documents, (iv) any performance by Purchaser or Collateral Agent of any obligations of any Seller in respect of any
Purchased Asset, (v) if any Event of Default has occurred and is continuing, any actual or attempted sale, or any exchange, enforcement, collection, compromise or settlement in respect of any of the Collateral or the Equity Pledged Collateral,
(vi) the custody, care or preservation of the Collateral or the Equity Pledged Collateral (including insurance, filing and recording costs) and defending or asserting rights and claims of Purchaser in respect thereof, by litigation or
otherwise, (vii) the maintenance of the Collection Accounts and registering the Collateral and the Equity Pledged Collateral in the name of Purchaser or its nominee, (viii) any default by any Seller in repurchasing the Purchased Asset
after such Seller has given a notice in accordance with Article 3(e) of an Early Repurchase Date, (ix) any failure by any Seller to sell any Eligible Asset to Purchaser on the Purchase Date thereof, (x) any actions taken and which are
reasonably necessary to perfect or continue any lien created under any Transaction Document, (xi) Purchaser owning any Purchased Asset or other Purchased Item and/or (xii) in accordance with Section 28(e), any due diligence
performed by Purchaser or Collateral Agent in accordance with Article 28. All such expenses shall be recourse obligations of Sellers to Purchaser and Collateral Agent under this Agreement. A certificate as to such costs and expenses, setting
forth the calculations thereof shall be conclusive and binding upon Sellers absent manifest error. 
 (c) This Article
27 shall survive termination of this Agreement and the repurchase of all Purchased Assets. 
 ARTICLE 28 

DUE DILIGENCE 

(a) Each Seller acknowledges that Purchaser and Collateral Agent have the right to perform continuing due diligence reviews
with respect to the Purchased Assets (including, without limitation, obtaining updated or new appraisals subject to the limitation on reimbursement for appraisals set forth in clause (f) below), the Seller Parties and Servicer for
purposes of verifying compliance with the representations, warranties and specifications made hereunder, or otherwise. Each Seller agrees that upon reasonable prior notice (unless an Event of Default has occurred and is continuing, in which case no
prior notice shall be required), such Seller shall provide (or shall cause any other Seller Party or Servicer, as applicable, to provide) reasonable access to Purchaser and Collateral Agent and any of their respective agents, representatives or
permitted assigns to the offices of such Seller, such other Seller Party or Servicer, as the case may be, during normal business hours and permit them to examine, inspect, and make copies and extracts of the Purchased Asset Files, Servicing Records
and any and all documents, records, agreements, instruments or information relating to such Purchased Assets in the possession or under the control of such party. 

(b) Each Seller agrees that it shall, promptly upon reasonable request of Purchaser or Collateral Agent, deliver (or shall
cause to be delivered) to Purchaser and Collateral Agent and any of their respective agents, representatives or permitted assigns copies of any documents permitted to be reviewed by Purchaser and Collateral Agent in accordance with Article
28(a). 

  
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 (c) Each Seller agrees to make available (or to cause any other Seller Party or
Servicer, as applicable, to make available) to Purchaser and Collateral Agent and any of their respective agents, representatives or permitted assigns (i) in person at the time of any inspection pursuant to Article 28(a) or
(ii) upon reasonable prior written notice (unless an Event of Default has occurred and is continuing, in which case no prior notice shall be required and there shall be no limitation on frequency), by phone, as applicable, a knowledgeable
financial or accounting officer or asset manager, as applicable, of such Seller, such other Seller Party or Servicer, as the case may be, for the purpose of answering questions about any of the foregoing Persons, or any other matters relating to the
Transaction Documents or any Transaction that Purchaser or Collateral Agent wishes to discuss with such Person. 
 (d)
Without limiting the generality of the foregoing, each Seller acknowledges that Purchaser may enter into Transactions with any Seller based solely upon the information provided by such Seller to Purchaser or Collateral Agent and the representations,
warranties and covenants contained herein, and that Purchaser or Collateral Agent, at its option, has the right at any time to conduct a partial or complete due diligence review on some or all of the Purchased Assets. Purchaser may underwrite such
Purchased Assets itself or engage a third-party underwriter to perform such underwriting. Each Seller agrees to reasonably cooperate with Purchaser, Collateral Agent and any third party underwriter designated by Purchaser or Collateral Agent in
writing in connection with such underwriting, including, but not limited to, providing Purchaser, Collateral Agent and such third party underwriter with access to any and all documents, records, agreements, instruments or information relating to
such Purchased Assets in the possession, or under the control, of any such Seller Party reasonably requested by Purchaser or Collateral Agent in writing. 

(e) Each Seller agrees to reimburse Purchaser or Collateral Agent, as applicable, within ten (10) Business Days after
receipt of an invoice therefor for any and all reasonable out-of-pocket costs and expenses (including, without limitation, the reasonable fees and expenses of outside counsel) incurred by Purchaser or Collateral Agent, as applicable, in connection
with its due diligence activities pursuant to this Article 28; provided that, so long as no Event of Default has occurred and is continuing, Sellers shall only be required to reimburse the cost of appraisals in accordance with the following
clause (f). 
 (f) To the extent that a Borrower under any Purchased Asset delivers a new or updated appraisal of a
Mortgaged Property securing such Purchased Asset, the related Seller shall deliver (or cause to be delivered) to Purchaser and Collateral Agent a copy of such appraisal no later than five (5) Business Days after such Seller has received the
same. Any additional appraisals of the Mortgaged Properties obtained or requested by Collateral Agent or Purchaser shall, so long as no Event of Default has occurred and is continuing, be at Collateral Agent’s sole cost and expense. 

  
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 ARTICLE 29 

SERVICING 

(a) The parties hereto agree and acknowledge that the Purchased Assets are sold to Purchaser on a “servicing
released” basis and Purchaser is owner of all Servicing Rights so long as the Purchased Assets are subject to this Agreement. Notwithstanding the foregoing, each Seller shall be granted a revocable license (which license shall automatically be
(i) renewed every thirty (30) days unless Purchaser provides written notice to such Seller that such license is not to be extended for another thirty (30) days, or (ii) revoked upon the occurrence of an Event of Default) to cause
Servicer to service the Purchased Assets sold by such Seller, and such Seller shall, at such Seller’s sole cost and expense, cause the Servicer to service the Purchased Assets in accordance with the applicable Servicing Agreement and this
Article 29 and for the benefit of Purchaser. Notwithstanding the foregoing, no Seller shall take any action or effect any Material Decision without first having given prior notice thereof to Purchaser in each such instance and receiving the
prior written consent of Purchaser, such consent not to be unreasonably withheld, conditioned, or delayed. 
 (b) The
obligation of Servicer (or of the applicable Seller to cause Servicer) to service any of the Purchased Assets shall cease, at Purchaser’s option, upon the earliest of (i) Purchaser’s termination of Servicer in accordance with
Article 29(c), (ii) Purchaser not extending the related Seller’s revocable license in accordance with Article 29(a) or (iii) the transfer of servicing to any other Servicer and the assumption of such servicing by such
other Servicer in accordance with the terms of this Agreement. Each Seller agrees to reasonably cooperate with Purchaser in connection with any termination of Servicer. Upon any termination of Servicer, if no Event of Default shall have occurred and
be continuing, Sellers shall at their sole cost and expense transfer the servicing of the effected Purchased Assets to another Servicer designated by Purchaser as expeditiously as possible. 

(c) Purchaser may, in its sole and absolute discretion, terminate Servicer or any sub-servicer with respect to any Purchased
Asset (i) upon the occurrence of a default by the Servicer under the applicable Servicing Agreement or (ii) during the continuance of an Event of Default, either for cause or without cause, in each case of clauses (i) and
(ii), without payment of any penalty or termination fee. Seller shall reasonably cooperate with Purchaser to effectuate the removal of any Servicer or any sub-servicer by Purchaser in accordance with this Article 29(c). 

(d) Sellers shall not, and shall not permit Servicer to, employ any other sub-servicers to service the Purchased Assets without
the prior written approval of Purchaser. If the Purchased Assets are serviced by a sub-servicer, the related Seller shall irrevocably assign all rights, title and interest (if any) in the servicing agreements with such sub-servicer to Purchaser;
provided that Servicer may delegate certain non-cashiering administrative functions to third parties without Purchaser’s consent provided that Servicer at all times remains liable for such functions. 

  
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 (e) Each Seller shall cause Servicer and any sub-servicer to service the
Purchased Assets pursuant to the applicable Servicing Agreement and any other applicable servicing agreement, as the case may be, in each case in accordance with Accepted Servicing Practices. Each Seller shall cause any Security Agent engaged by
such Seller to execute a letter agreement with Purchaser and Collateral Agent substantially in the form attached as Exhibit XI hereto or such other form as required by Collateral Agent (a “Redirection Letter”) acknowledging
Purchaser’s security interest in the Purchased Assets and agreeing to remit all Net Cash Flow received with respect to the Purchased Asset to the applicable Collection Account in accordance with Article 5 or as otherwise directed by
Purchaser in accordance with the applicable Redirection Letter. If a Borrower, Security Agent, issuer, servicer or other obligor forwards any Income with respect to a Purchased Asset to any Seller or to any of its Affiliates rather than directly to
the applicable Collection Account, such Seller shall deliver an additional Redirection Letter to such Person, with a simultaneous copy to Servicer, Purchaser and Collateral Agent, and make other commercially reasonable efforts to cause such Person
to forward such amounts directly to the applicable Collection Account. 
 (f) Each Seller agrees that, upon Purchaser’s
purchase of each Purchased Asset, Purchaser is the owner of all servicing records related to the Purchased Assets, including but not limited to the applicable Servicing Agreement, 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. Each Seller covenants to (or use commercially reasonable efforts to cause Servicer to) safeguard such Servicing Records and to deliver them promptly to Purchaser or
its designee (including the Custodian) at Purchaser’s request. 
 (g) The payment of servicing fees shall be solely the
responsibility of Sellers and shall be subordinate to payment of amounts outstanding and due to Purchaser under the Transaction Documents (except as expressly set forth in the Transaction Documents). 

ARTICLE 30 
 CONTRACTUAL
RECOGNITION OF BAIL-IN 
 (a) Notwithstanding and to the exclusion of any other term of this Agreement, each party
acknowledges and accepts that a BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by the relevant resolution authority and acknowledges and accepts to be bound by: 

(i) the effect of the exercise of Bail-in Powers by the relevant resolution authority in relation to any BRRD
Liability under this Agreement, that (without limitation) may include and result in any of the following, or some combination thereof: 

(A) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon; 

(B) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other
obligations of any Purchaser or another person, and the issue to or conferral on any Seller of such shares, securities or obligations; 

(C) the cancellation of the BRRD Liability; and/or 

  
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 (D) the amendment or alteration of any interest, if applicable,
thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period. 

(ii) the variation of the terms of this Agreement, as deemed necessary by the relevant resolution authority,
to give effect to the exercise of Bail-in Powers by the relevant resolution authority. 
 (b) Each party acknowledges and
accepts that this provision is exhaustive on the matters described herein to the exclusion of any other agreements, arrangements or understanding between the parties relating to the subject matter of this Agreement and that no further notice shall
be required between the parties pursuant to the Agreement in order to give effect to the matters described herein. 
 (c) For
purposes of this Article 30: 
 “Bail-in Legislation” means in relation to a member state of the
European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time. 

“Bail-in Powers” means any Write-Down and Conversion Powers as defined in the EU Bail-in Legislation
Schedule, in relation to the relevant Bail-in Legislation. 
 “BRRD” means Directive 2014/59/EU
establishing a framework for the recovery and resolution of credit institutions and investment firms. 
 “BRRD
Liability” means a liability in respect of which the relevant Write-Down and Conversion Powers (as defined in the EU Bail-in Legislation Schedule) in the applicable Bail-in Legislation may be exercised. 

“EU Bail-in Legislation Schedule” means the document described as such, then in effect, and published by the
Loan Market Association (or any successor person) from time to time. 
 ARTICLE 31 

MISCELLANEOUS 

(a) All rights, remedies and powers of Purchaser 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 Purchaser whether under law, equity or agreement. In addition to the rights and remedies granted to it in this Agreement, to the extent this Agreement is
determined to create a security interest, Purchaser shall have all rights and remedies of a secured party under the UCC or, with respect to Foreign Purchased Assets, the equivalent Requirements of Law in the relevant non-U.S. jurisdiction, as
applicable. 
 (b) 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. Signature pages to any Transaction Document or certification delivered pursuant thereto delivered in electronic form (such as PDF) shall be
considered binding with the same force and effect as original signatures. 

  
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 (c) The headings in the Transaction Documents are for convenience of reference
only and shall not affect the interpretation or construction of the Transaction Documents. 
 (d) 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. 

(e) This Agreement, the Fee Letter and each Confirmation contain 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. 

(f) The parties understand that this Agreement is a legally binding agreement that may affect such party’s rights. Each
party represents to the other that it has received legal advice from counsel of its choice regarding the meaning and legal significance of this Agreement and that it is satisfied with its legal counsel and the advice received from it. 

(g) 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. 

(h) Unless otherwise specifically enumerated, wherever pursuant to this Agreement Purchaser exercises any right given to it to
consent or not consent, or to approve or disapprove, or any arrangement or term is to be satisfactory to, Purchaser in its sole and absolute discretion, Purchaser shall decide to consent or not consent, or to approve or disapprove or to decide that
arrangements or terms are satisfactory or not satisfactory, in its sole and absolute discretion and such decision by Purchaser shall be final and conclusive. 

ARTICLE 32 
 TAXES

 (a) Status of Purchaser. 

(i) If Purchaser is entitled to an exemption from or reduction of withholding tax with respect to payments
made under the Transaction Documents, Purchaser shall deliver to Sellers, prior to becoming a party to this Agreement, and at the time or times reasonably requested by any Seller, such properly completed and executed documentation reasonably
requested by such Seller as will permit such payments to be made without 

  
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 withholding or at a reduced rate of withholding. In addition, Purchaser, if
reasonably requested by any Seller, shall deliver such other documentation prescribed by applicable law or reasonably requested by such Seller as will enable such Seller to determine whether or not Purchaser 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 this Article 32(a)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in Purchaser’s reasonable judgment such completion, execution or submission would subject such Purchaser to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Purchaser. 
 (ii) Without limiting the generality of the
foregoing, 
 (A) if Purchaser is a U.S. Person, it shall deliver to Sellers on or prior to the date on
which Purchaser becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of any Seller), executed copies or originals of IRS Form W-9 (or any successor form) certifying that Purchaser is exempt from U.S.
federal backup withholding tax; 
 (B) if Purchaser is not a U.S. Person, it shall, to the extent it is
legally entitled to do so, deliver to Sellers (in such number of copies as shall be requested by any Seller) on or prior to the date on which Purchaser becomes a party under this Agreement, whichever of the following is applicable: 

(1) in the case of a Purchaser that is claiming the benefits of an income tax treaty to which the United
States is a party, (x) with respect to payments characterized as interest for U.S. tax purposes under any Transaction Document, executed copies or originals of IRS Form W-8BEN or W-8BEN-E (or any successor forms thereof, as applicable)
establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN
or 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; 

(2) executed copies or originals of IRS Form W-8ECI (or any successor form thereof); 

(3) in the case of a Purchaser claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Internal Revenue Code, (x) a certificate to the effect that such Purchaser is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder”
of any Seller as described in Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” related to any Seller described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax
Compliance Certificate”) and (y) executed copies or originals of IRS Form W-8BEN or W-8BEN-E (or any successor forms thereof, as applicable); or 

  
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 (4) to the extent a Purchaser is not the beneficial owner,
executed copies or originals of IRS Form W-8IMY (or any successor form thereof), accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E (or any successor forms thereof, as applicable), a U.S. Tax Compliance Certificate, IRS Form W-9, and/or
other certification documents from each beneficial owner, as applicable; provided that if Purchaser is a partnership and one or more direct or indirect partners of such Purchaser are claiming the portfolio interest exemption, such Purchaser may
provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; 
 (C) if
Purchaser is not a U.S. Person, it shall, to the extent it is legally entitled to do so, deliver to Sellers (in such number of copies as shall be requested by any Seller) on or prior to the date on which Purchaser becomes a party to this Agreement
(and from time to time thereafter upon the reasonable request of any Seller), executed copies or 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 Sellers to determine the withholding or deduction required to be made; and 

(D) if a payment made to Purchaser under any Transaction Document would be subject to U.S. federal withholding
tax imposed by FATCA if Purchaser were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), Purchaser shall deliver to
Sellers at the time or times prescribed by law and at such time or times reasonably requested by any Seller such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and
such additional documentation reasonably requested by such Seller as may be necessary for such Seller to comply with its obligations under FATCA and to determine that Purchaser has complied with Purchaser’s obligations under FATCA or to
determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

Purchaser agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any
respect, it shall update such form or certification and provide such successor form to Sellers, or promptly notify Sellers in writing of its legal inability to do so. 

(b) 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 Agreement (including by the payment of additional amounts pursuant to this Agreement), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments
made under this Agreement with respect to the taxes giving rise to such refund), net of all out of 

  
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pocket costs and 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 Agreement (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in
the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Agreement, in no event will the indemnified party be required to pay any amount to an
indemnifying party pursuant to this Agreement the payment of which would place the indemnified party in a less favorable net after tax position than the indemnified party would have been in if the tax subject to indemnification and giving rise to
such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such tax had never been paid. This paragraph shall not be construed to require any indemnified party to make
available its tax returns (or any other information relating to its taxes that it deems confidential) to the indemnifying party or any other Person. 

(c) Taxes and Foreign Purchased Assets. 

(i) Purchaser, on the one hand, and each of the Sellers (as relevant), on the other hand, each confirm that it
will take all steps (including without limitation the completion of procedural formalities) reasonably required by the other such that payments by the obligors in respect of the Foreign Purchased Assets can be made without deduction or withholding
for or on account of tax so far as legally permissible. 
 (ii) Purchaser agrees that, so long as no Event
of Default has occurred and is continuing, it will promptly notify the applicable Seller if Purchaser assigns or otherwise transfers any interest in any Foreign Purchased Asset where an individual holding the title of Managing Director or higher
within the group at Purchaser that covers this Agreement has actual knowledge that to do so would or is likely to result in any increased deduction or withholding for or on account of tax from amounts payable by the obligors in respect of such
Foreign Purchased Asset. 
 (d) Survival. Each party’s obligations under this Article 32 shall survive any
assignment of rights by Purchaser, the termination of the Transactions and the repayment, satisfaction or discharge of all obligations under any Transaction Document. 

ARTICLE 33 
 JOINT AND
SEVERAL LIABILITY 
 (a) Each Seller hereby acknowledges and agrees that (i) each Seller shall be jointly and
severally liable to Purchaser to the maximum extent permitted by Requirements of Law for all Repurchase Obligations, (ii) the liability of each Seller with respect to the Repurchase Obligations (A) shall be absolute and unconditional to
the extent set forth in this Agreement and the other Transaction Documents and shall remain in full force and effect, and be reinstated, until all Repurchase Obligations shall have been paid, performed and/or satisfied, as applicable, in full, and
(B) until such payment, performance and/or satisfaction, as applicable, has occurred, 

  
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shall not be discharged, affected, modified or impaired on the occurrence from time to time of any event, including any of the following, whether or not with notice to or the consent of any
Seller, (1) the waiver, compromise, settlement, release, termination or amendment (including any extension or postponement of the time for payment, performance, satisfaction, renewal or refinancing) of any of the Repurchase Obligations (other
than a waiver, compromise, settlement, release or termination in full of the Repurchase Obligations), (2) the failure to give notice to any Seller of the occurrence of any nonpayment or other default, (3) the failure to make any demand for
payment of any amounts owing to Purchaser by any other Seller, (4) the release, substitution or exchange by Purchaser of any Purchased Asset (whether with or without consideration) or the acceptance by Purchaser of any additional collateral or
the availability or claimed availability of any other collateral or source of repayment or any non-perfection or other impairment of collateral, (5) the release of any Person primarily or secondarily liable for all or any part of the Repurchase
Obligations, whether by Purchaser or in connection with any Act of Insolvency affecting any Seller or any other Person who, or any of whose property, shall at the time in question be obligated in respect of the Repurchase Obligations or any part
thereof, or (6) to the extent permitted by Requirements of Law, any other event, occurrence, action or circumstance that would, in the absence of this Article 33, result in the release or discharge of any or all Sellers from the
performance or observance of any Repurchase Obligation, (iii) Purchaser shall not be required first to initiate any suit or to exhaust its remedies against any Seller or any other Person to become liable, or against any of the Purchased Assets,
in order to enforce the Transaction Documents and each Seller expressly agrees that, notwithstanding the occurrence of any of the foregoing, each Seller shall be and remain directly and primarily liable for all sums due under any of the Transaction
Documents, (iv) when making any demand hereunder against any Seller, Purchaser may, but shall be under no obligation to, make a similar demand on any other Seller, and any failure by Purchaser to make any such demand or to collect any payments
from any other Seller, or any release of any such other Seller shall not relieve any Seller in a respect of which a demand or collection is not made or Sellers not so released of their obligations or liabilities hereunder, and shall not impair or
affect the rights and remedies, express or implied, or as a matter of law, of Purchaser against Sellers, and (v) on disposition by Purchaser of any Purchased Asset, each Seller shall be and shall remain jointly and severally liable for any
deficiency to the extent set forth in this Agreement and the other Transaction Documents. 
 (b) In furtherance of the
foregoing, each Seller waives (i) any and all notices of the creation, renewal, extension or accrual of any amounts at any time owing to Purchaser by any other Seller under the Transaction Documents, (ii) any and all notices of or proof of
reliance by Purchaser upon any Seller or acceptance of the obligations of any Seller under this Article 33, and all such amounts, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed,
extended, amended or waived, in reliance upon the obligations of Sellers under this Article 33, (iii) diligence, presentment, protest, demand for payment and notice of nonpayment or other default to or upon any Seller with respect to any
amounts at any time owing to Purchaser by any Seller under the Transaction Documents, other than such notices as are expressly required to be given under this Agreement or any of the other Transaction Documents. 

  
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 (c) To the extent any Seller (a “Paying Seller”) shall have paid
more than its proportionate share of any payment made hereunder, such Paying Seller hereby waives (i) any right to subrogation or set-off that it may acquire on account of such payment against any other Seller or any collateral security or
guarantee and (ii) the right to seek contribution or reimbursement from any other Seller in respect such payment, in each case, until all Repurchase Obligations are paid in full. If any amount shall be paid to any Paying Seller on account of
such subrogation rights at any time when any Repurchase Obligations are outstanding, amount shall be held by Paying Seller in trust for Purchaser, segregated from other funds of Paying Seller, and shall, forthwith upon receipt by Paying Seller, be
turned over to Purchaser in the exact form received by Paying Seller (duly indorsed by the Paying Seller to Purchaser, if required), to be applied against amounts owing to Purchaser by Sellers under the Transaction Documents, whether matured or
unmatured, in such order as Purchaser may determine. 
 (d) With respect to any matter under the Transaction Documents for
which (i) any consent or approval of a Seller is required, (ii) any notice to, or from, a Seller is required or (iii) any other undertaking is made by a Seller, unless otherwise specified with respect to such consent, approval, notice or
undertaking, such action by (or notice to) any Seller shall be sufficient for all such purpose. 
 ARTICLE 34 

COLLATERAL AGENT 

(a) Appointment. On the date hereof, pursuant to the Collateral Agency Agreement, Purchaser has appointed Collateral
Agent, as its agent under the Transaction Documents, with full authority and power to exercise, on Purchaser’s behalf, all of the rights and powers of Purchaser under the Transaction Documents, together with such powers and discretion as are
reasonably incidental thereto. In its capacity as Purchaser’s contractual representative, Collateral Agent is a “representative” of Purchaser as used within the meaning of “Secured Party” under Section 9-102 of the UCC.

 (b) Qualified Collateral Agent. Pursuant to the Collateral Agency Agreement, Collateral Agent represents and
warrants to Purchaser that as of the date hereof and as of the Purchase Date and covenants that at all times while this Agreement or the Transaction is in effect, it is, and will be, a Qualified Collateral Agent. 

(c) Liability of Collateral Agent. Neither Collateral Agent nor any of its directors, officers, agents or employees
shall be liable for any action taken or omitted to be taken by it or them under or in connection with the Transaction Documents, except for its or their own gross negligence, bad faith or willful misconduct. Notwithstanding the foregoing, in the
event that the Collateral Agent takes or omits to take any action which it is expressly permitted or required to take in its capacity as Collateral Agent of Purchaser under the terms of the Collateral Agency Agreement and the Transaction Documents,
which results in any Purchaser breaching any of its obligations under the Transaction Documents in violation, in any material respect, of the express terms thereof, Seller may pursue the same remedies against the Collateral Agent as it would be
entitled to pursue against any Purchaser in respect of such Purchaser’s breach as it would have if Article 36 did not apply, provided that the Collateral Agent shall have no liability hereunder or under the Transaction Documents for the
failure of any Purchaser or any Noteholder to pay or fund any obligations of any Purchaser or any Noteholder under the Transaction Documents. 

  
 96 

 (d) Collateral Agent’s Reliance, Etc. Without limitation of the
generality of the foregoing, Collateral Agent: (i) need not recognize any assignee of Purchaser’s interest hereunder unless and until it receives and accepts an assignment and acceptance entered into by Purchaser, as assignor, and an
eligible assignee, as assignee; (ii) may consult with legal counsel (including counsel for any Seller Party or Guarantor), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted
to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (iii) makes no warranty or representation to Purchaser and shall not be responsible to Purchaser for any statements, warranties or
representations (whether written or oral) made in or in connection with the Transaction Documents; (iv) shall not have any duty to ascertain or to inquire as to the performance, observance or satisfaction of any of the terms, covenants or
conditions of any Transaction Document on the part of any Seller Party or Guarantor or the existence at any time of any Default or Event of Default or to inspect the property (including the books and records) of any Seller Party or Guarantor;
(v) shall not be responsible to Purchaser for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under
or in connection with, any Transaction Document or any other instrument or document furnished pursuant thereto; (vi) shall incur no liability under or in respect of any Transaction Document by acting upon any notice, consent, certificate or
other instrument or writing (which may be by electronic communication) believed by it to be genuine and signed or sent by the proper party or parties; and (vii) shall not be required to take any action that, in its reasonable opinion or the
opinion of its counsel, is contrary to any Transaction Document or applicable law. 
 (e) Indemnification of Collateral
Agent by Purchaser. 
 (i) Purchaser agrees to indemnify Collateral Agent (to the extent not promptly
reimbursed by the Sellers) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, litigation, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or
asserted against Collateral Agent in any way relating to or arising out of the Transaction Documents or any action taken or omitted by Collateral Agent under the Transaction Documents (collectively, the “Indemnified Costs”);
provided, however, that no Purchaser shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, litigation, costs, expenses or disbursements resulting from Collateral Agent’s
gross negligence, bad faith or willful misconduct as found in a final, non appealable judgment by a court of competent jurisdiction. Without limitation of the foregoing, Purchaser agrees to reimburse Collateral Agent promptly upon demand for any
costs and expenses (including, without limitation, fees and expenses of counsel) payable by the Sellers under Article 27, to the extent that Collateral Agent is not promptly reimbursed for such costs and expenses by the Sellers. In the case
of any investigation, litigation or proceeding giving rise to any Indemnified Costs, this Article 34(e) applies whether any such investigation, litigation or proceeding is brought by Purchaser or any other Person. To the extent that Purchaser
is more than one Person, the obligations of each Purchaser under this paragraph shall be several (and not joint) and each Purchaser shall be responsible only for its ratable share (based on outstanding Purchase Price) of such obligations. 

  
 97 

 (ii) The agreements and obligations of Purchaser contained in
this Article 34(e) shall survive the termination of this Agreement and the repurchase of the Purchased Asset. 
 (f)
Successor Collateral Agent. Any resignation, termination and appointment of a replacement Collateral Agent shall be performed in accordance with the Collateral Agency Agreement. 

(g) Relationship of Collateral Agent and Purchaser. The relationship between Collateral Agent and Purchaser is not
intended by the parties to create, and shall not create, any trust, joint venture or partnership relation between them. 

(h) Collateral Agent Decisions and Approvals. Notwithstanding anything to the contrary in any Transaction Document, any
consent or approval required or permitted by any Transaction Document shall be made by Collateral Agent, acting as agent of Purchaser, without consultation with, or consent or approval of, Purchaser, including with respect to (i) waivers,
consents or amendments under the Purchased Asset Documents; (ii) Defaults and Events of Defaults; (iii) enforcement of remedies and (iv) any other waivers, consents or amendments arising under any Transaction Document. 

(i) Data Protection. In compliance with the provisions of the General Data Protection Regulation (EU) 2016/679 of the
European Parliament and of the European Council and the Spanish Organic Law on the Protection of Personal Data and the guarantee of digital rights, Collateral Agent hereby informs each other party hereto that, such party’s personal data
included in this Agreement will be processed by Collateral Agent for the purpose of managing the contractual relationship, and of maintaining any relationship, with such party. This processing is necessary and based on Collateral Agent’s
legitimate interest and on compliance with legal obligations. Such personal data will not be disclosed to third parties unless there is a legal obligation to do so and will be kept for as long as the contractual relationship remains in effect and
thereafter until any liabilities arising therefrom have expired. The parties hereto may contact the Data Protection Officer of Banco Santander, S.A. at privacidad@gruposantander.es and exercise their rights of access, rectification, erasure,
blocking, data portability and restriction of processing (or any other recognized by law) by email to scibprivacy@gruposantander.com. The Parties may also submit any claims or requests relating to the protection of personal data to the Spanish Data
Protection Agency at www.aepd.es. 
 (j) Information Sharing. The parties hereto hereby acknowledge the disclosure to
Affiliates of Collateral Agent of the information provided in the context of the due diligence process or “Know Your Customer,” along with any relevant transactions-related information, that allows such companies to comply with
(i) Collateral Agent’s Financial Crime Compliance internal policies, (ii) their legal obligations relating to the anti-money laundering and counter terrorism financing regulations and (iii) their regulatory reporting to the
supervisory authorities. In this regard, the parties hereby guarantee that the data subjects of the personal data that may be included in the referred information have been duly informed of, and when required by applicable data protection
regulation, have expressly consented to, the disclosure of their personal data to that effect. 

  
 98 

 ARTICLE 35 

TRANSACTION REPORTING; CONSENT FOR DISCLOSURE OF INFORMATION 

(a) Notwithstanding anything to the contrary in the Agreement or any non-disclosure, confidentiality or other agreements
entered into between the parties from time to time, each party hereby consents to the Disclosure of information (the “Reporting Consent”): 

(i) to Purchaser’s professional advisors, auditors and to any potential transferee of Purchaser’s
rights under this Agreement or any Transaction; 
 (ii) to the extent required by, or necessary in order to
comply with, any applicable law, rule or regulation which mandates Disclosure of transaction and similar information or to the extent required by, or necessary in order to comply with, any order, request or directive regarding Disclosure of
transaction and similar information issued by any relevant authority or body or agency (“Reporting Requirements”); or 

(iii) to and between the other party’s head office, branches or affiliates; to any person, agent, third
party or entity who provides services to such other party or its head office, branches or affiliates; to a Market; or to any trade data repository or any systems or services operated by any trade repository or Market, in each case, in connection
with such Reporting Requirements. 
 (b) Disclosures made pursuant to the Reporting Consent may include, without limitation,
Disclosure of information relating to disputes over transactions between the parties, a party’s identity, and certain transaction and pricing data and may result in such information becoming available to the public or recipients in a
jurisdiction which may have a different level of protection for personal data from that of the relevant party’s home jurisdiction. 

(c) Notwithstanding anything to the contrary as set out herein, the Reporting Consent shall be deemed to constitute an
agreement between the parties with respect to Disclosure in general and shall survive the termination of this Agreement. No amendment to or termination of the Reporting Consent shall be effective unless such amendment or termination is made in
writing between the parties and specifically refers to the Reporting Consent. 
 ARTICLE 36 

NON-PETITION2 

Each Seller agrees and acknowledges that: 

(a) it is not entitled to commence any proceedings against Purchaser related to its enforcement of this
Agreement; 
  

	 2 
	 Article 36 will not be included in the Parallel Agreement. 

  
 99 

 (b) it shall not have the right to take or join any Person in taking any steps
against Purchaser for the purpose of obtaining payment of any amount due from Purchaser to it; and 
 (c) neither it nor any
Person acting on its behalf shall initiate or join any Person in initiating any proceeding under any bankruptcy, insolvency or similar law or seek the appointment of a receiver, trustee, custodian or similar official in relation to Purchaser. 

ARTICLE 37 
 EFFECTIVE
DATE 
 With respect to each Purchaser, this Agreement shall become effective upon delivery by it of a counterpart of
this Agreement executed by it and as of the effective date stated on the signature page of such Purchaser. 
 ARTICLE 38 

ACKNOWLEDGMENT OF COMMON ISSUER SECURITY 

Each Seller hereby acknowledges: 

(a) the creation of the Common Issuer Security by the Common Issuer Security 

Documents; 
 (b)
that the Common Issuer Security is held by the Common Issuer Security Trustee for the benefit of all the Common Issuer Secured Creditors and that any Receiver shall be appointed by the Common Issuer Security Trustee for the benefit of all the Common
Issuer Secured Creditors; and 
 (c) the existence of the rights conferred on the Noteholders by Condition 13.2
(Conditions to delivery of an Enforcement Notice) and 13.4 (Proceedings) of the Conditions of the Notes issued by each Purchaser 

Capitalized terms used in this Article 38 but not otherwise defined shall have the respective meanings given to them in
the Master Definitions and Construction Module. 
 [REMAINDER OF PAGE LEFT BLANK] 

  
 100 

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

			
	 SIGNED for and on behalf

	 of PARLEX 8 USD IE ISSUER

	 DESIGNATED ACTIVITY COMPANY by its lawfully

appointed attorney: Deaglan o Dubhda

		
	 in the presence of:
	  	
		
	 /s/ Collen Horn
	  	
	 (Witness’ Signature)
	  	
		
	 Collen Horn
	  	 /s/ Deaglan o Dubhda

	 (Witness’ Name)
	  	 (Attorney’s Signature)

		
	 Chapelizod Dublin 20
	  	
	 (Witness’ Address)
	  	
		
	 Lecturer
	  	
	 (Witness’ Occupation)
	  	

 Effective Date with respect to Parlex 8 USD IE Issuer Designated Activity Company: May 14, 2021 

[SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 Santander-BXMT –
Signature Page to Master Repurchase Agreement 

			
	 SIGNED for and on behalf

	 of PARLEX 8 USD IE ISSUER

	 DESIGNATED ACTIVITY COMPANY by its lawfully

appointed attorney: Deaglan o Dubhda

		
	 in the presence of:
	  	
		
	 /s/ Collen Horn
	  	
	 (Witness’ Signature)
	  	
		
	 Collen Horn
	  	 /s/ Deaglan o Dubhda

	 (Witness’ Name)
	  	 (Attorney’s Signature)

		
	 Chapelizod Dublin 20
	  	
	 (Witness’ Address)
	  	
		
	 Lecturer
	  	
	 (Witness’ Occupation)
	  	

 Effective Date with respect to Parlex 8 USD IE Issuer Designated Activity Company: May 19, 2021 

[SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 Santander-BXMT –
Signature Page to Master Repurchase Agreement 

			
	 BANCO SANTANDER, S.A., As Collateral Agent

		
	 By:
	 	 /s/ Marcus Gerlis

		 	 Name: Marcus Gerlis

		 	 Tittle: MD

		
	 By:
	 	 /s/ I. Letamendi

		 	 Name: I. Letamendi

		 	 Tittle: MD

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 Santander-BXMT –
Signature Page to Master Repurchase Agreement 

			
	 PARLEX 8 FINCO, LLC, as US Seller

		
	 By:
	 	 /s/ Douglas N. Armer

		 	 Name: Douglas N. Armer

		 	 Tittle: Executive Vice President, Capital Market, and
Treasures

  

			
	 PARLEX 8 GBP FINCO, LLC, as UK Seller

		
	 By:
	 	 /s/ Douglas N. Armer

		 	 Name: Douglas N. Armer

		 	 Tittle: Executive Vice President, Capital Market, and
Treasures

  

			
	 PARLEX 8 EUR FINCO, LLC, as EUR Seller

		
	 By:
	 	 /s/ Douglas N. Armer

		 	 Name: Douglas N. Armer

		 	 Tittle: Executive Vice President, Capital Market, and
Treasures

  
 Santander-BXMT –
Signature Page to Master Repurchase Agreement 

 ANNEX I 

SELLER WIRE INSTRUCTIONS 
  

					
	 US Seller:
	  	
		
	 Bank:
	  	 Bank of America

	 ABA#:
	  	 [redacted]

	 Account #:
	  	 [redacted]

	 Account Name:
	  	 [redacted]

		
	 UK Seller:
	  	
		
	 Bank:
	  	 Bank of America

	 Account #:
	  	 [redacted]

[redacted]

	 Bank Sort Code #:

	 IBAN #:
	  	 [redacted]

	 Bank SWIFT ID #:
	  	 [redacted]

	 Account Name:
	  	 [redacted]

		
	 EUR Seller:
	  	
		
	 Bank:
	  	 Bank of America

	 IBAN #:
	  	 [redacted]

	 Bank SWIFT ID #:
	  	 [redacted]

	 Account Name:
	  	 [redacted]

  
 Annex I-1 

 ANNEX II 

PURCHASER WIRE INSTRUCTIONS 

USD Transaction Account. In connection with any such payments to be made to a Purchaser in U.S. Dollars: 

 

			
	 Bank:
	  	 [_________]

	 ABA#:
	  	 [_________]

	 Account #:
	  	 [_________]

	 Account Name:
	  	 [_________]

	 Contact:
	  	 [_________]

 GBP Transaction Account. In connection with any such payments to be made to a Purchaser in Euros: 

 

			
	 Bank:
	  	 Elavon Financial Services DAC

	 Account Name:
	  	 Transaction Account

	 Correspondent Swift:
	  	 [redacted]

	 Beneficiary Swift:
	  	 [redacted]

	 IBAN:
	  	 [redacted]

 EUR Transaction Account. In connection with any such payments to be made to a Purchaser in Pound
Sterling: 
  

			
	 Bank:
	  	 Elavon Financial Services DAC

	 Account Name:
	  	 Transaction Account

	 Beneficiary Swift:
	  	 [redacted]

	 IBAN:
	  	 [redacted]

	 Account number:
	  	 [redacted]

 In connection with any payments made to a Purchaser in a currency other than U.S. Dollars, Euros or Pounds
Sterling, in accordance with such wiring instructions provided by Collateral Agent to the applicable Seller in writing. 

  
 Annex II-1 

 ANNEX III 

COLLATERAL AGENT WIRE INSTRUCTIONS 

USD Loan Realisation Account. In connection with any such payments to be made to Collateral Agent in U.S. Dollars: 

 

			
	 Bank:
	  	 THE BANK OF NEW YORK MELLON, NY US

	 ABA#:
	  	 [redacted]

	 Account #:
	  	 [redacted]

	 Account Name:
	  	 [redacted]

	 Contact:
	  	 [redacted] 

 GBP Loan Realisation Account. In connection with any such payments to be made to Collateral Agent in
Euros: 
  

			
	 Bank:
	  	 ROYAL BANK OF SCOTLAND PLC LONDON

	 ABA#:
	  	 [redacted]

	 Account #:
	  	 [redacted]

	 Account Name:
	  	 [redacted]

	 Contact:
	  	 [redacted]

 EUR Loan Realisation Account. In connection with any such payments to be made to Collateral Agent in
Pound Sterling: 
  

			
	 Bank:
	  	 BANCO SANTANDER MADRID ES

	 ABA#:
	  	 [redacted]

	 Account #:
	  	 [redacted]

	 Account Name:
	  	 [redacted] 

	 Contact:
	  	 [redacted]

 In connection with any payments made to Collateral Agent in a currency other than U.S. Dollars, Euros or
Pounds Sterling, in accordance with such wiring instructions provided by Collateral Agent to the applicable Seller in writing. 

  
 Annex III-1 

 EXHIBIT I 

NAMES AND ADDRESSES FOR COMMUNICATIONS BETWEEN PARTIES 
  

					
	 Purchaser:
	  	 Parlex 8 USD IE Issuer Designated Activity Company

		  	 Parlex 8 GBP IE Issuer Designated Activity Company

		  	 Parlex 8 EUR IE Issuer Designated Activity Company

		  	 3rd Floor, Kilmore House

		  	 Park Lane, Spencer Dock, Dublin 1

		  	 Dublin, Ireland, D01 YE64

		  	 Attention: The Directors

		  	 Telephone: [redacted]

		  	 Email: [redacted]

		
	 Collateral Agent:
	  	 Banco Santander, S.A.

		  	 Ciudad Grupo Santander, Edificio Marisma

		  	 Avda. Cantabria, s/n. 28660 Boadilla del Monte (Madrid, Spain)

		  	 Attention: Luis Casero Ynfiesta; Victor Casado Gonzalez; Miguel

		  	 Angel Martinez Conde; Agustin Haurigot; David Canovas Losada;

		  	 Jose Maria Pino de la Avila; Daryanani Anil Nanikram; Guillaume

		  	 Baron; Jorge Murga

		  	 Telephone: [redacted]

		  	 Email: [redacted]

		
	 with copies to:
	  	 Dechert LLP

		  	 Cira Centre
	  	
		  	 2929 Arch Street

		  	 Philadelphia, Pennsylvania 19104

		  	 Attention: Gennady A. Gorel

		  	 Telephone: [redacted]

		  	 Email: [redacted]

		
	 Seller:
	  	 Parlex 8 Finco, LLC

		  	 Parlex 8 GBP Finco, LLC

		  	 Parlex 8 EUR Finco, LLC

		  	 c/o Blackstone Mortgage Trust, Inc.

		  	 345 Park Avenue, 42nd Floor

		  	 New York, New York 10154

		  	 Attention: Douglas Armer

		  	 Telephone: [redacted]

		  	 Email: [redacted]

  
 Ex. 1-1 

					
		
	 with copies to:
	  	 Ropes & Gray LLP

		  	 1211 Avenue of the Americas

		  	 New York, NY 10036-8704

		  	 Attn: Daniel L. Stanco

		  	 Tel: [redacted]

		  	 Email: [redacted]

		
	 Guarantor:
	  	 Blackstone Mortgage Trust, Inc.

		  	 c/o Blackstone Mortgage Trust, Inc.

		  	 345 Park Avenue, 42nd Floor

		  	 New York, New York 10154

		  	 Attention: Douglas Armer

		  	 Telephone: [redacted]

		  	 Email: [redacted]

		
	 with copies to:
	  	 Ropes & Gray LLP

		  	 1211 Avenue of the Americas

		  	 New York, NY 10036-8704

		  	 Attn: Daniel L. Stanco

		  	 Tel: [redacted]

		  	 Email: [redacted]

		
	 Cash Manager:
	  	 U.S. Bank Global Corporate Trust Limited

		  	 Fifth Floor

		  	 125 Old Broad Street

		  	 London, EC2N 1AR

		  	 United Kingdom

		  	 Attn: MBS ERG

		  	 Email: [redacted]

  
 Ex. 1-2 

 EXHIBIT II 

FORM OF CONFIRMATION STATEMENT 

[Date] 
  

	 	 To:
	 [Parlex 8 USD IE Issuer Designated Activity Company][Parlex 8 GBP IE Issuer Designated Activity
Company][Parlex 8 EUR IE Issuer Designated Activity Company](“Relevant Purchaser”) 

Banco Santander, S.A., as Collateral Agent 

Ladies and Gentlemen: 

Reference is made hereby to the Master Repurchase Agreement, dated as of May 14, 2021 (as amended, restated, supplemented,
or otherwise modified and in effect from time to time, the “Agreement”), by and among (i) Parlex 8 USD IE Issuer Designated Activity Company, Parlex 8 GBP IE Issuer Designated Activity Company and Parlex 8 EUR IE Issuer
Designated Activity Company, each as a Purchaser, (ii) Banco Santander, S.A., as Collateral Agent, and (iii) Parlex 8 Finco, LLC, Parlex 8 GBP Finco, LLC and Parlex 8 EUR Finco, LLC, each as a Seller. This Confirmation is being delivered
by Relevant Seller set forth below to evidence its agreement to enter into a Transaction pursuant to which Relevant Purchaser will purchase from Relevant Seller, and Relevant Seller will repurchase, the Eligible Asset(s) identified on the attached
Schedule 1 in accordance with the Agreement, to enter into such Transaction with Relevant Seller. Capitalized terms used herein without definition have the meanings given in the Agreement. 

 

			
	 Relevant Seller:
	  	 [Parlex 8 Finco, LLC][Parlex 8 GBP Finco, LLC][Parlex 8 EUR Finco, LLC]

		
	 Applicable Purchaser:
	  	 [Parlex 8 USD IE Issuer Designated Activity Company][Parlex 8 GBP IE Issuer Designated Activity Company][Parlex 8 EUR IE
Issuer Designated Activity Company]

		
	 Purchase Date:
	  	 __________, 20__

		
	 Purchased Asset(s):
	  	 ___________________, as further identified on Schedule 1

		
	 Asset Type:
	  	 [Mortgage Loan][Mortgage Loan and Mezzanine Loan]3 [Senior
Note][Senior Participation Interest]

		
	 Record Holder:
	  	 [N/A][Yes][No]4

  

	 3 
	 Unless otherwise specified, with respect to any Asset Combination, any reference to Eligible Asset or
Purchased Asset shall include the applicable Mezzanine Related Asset and the Mezzanine Asset that is, or is proposed to be, subject to the same Transaction. 

	 4 
	 Must select “Yes” or “No” for any Senior Note and Senior Participation Interest and N/A
for other asset types. 

  
 Ex. II-1 

			
		
	 Controlling Holder:
	  	 [N/A][Yes][No]5

		
	 Outstanding Principal Amount of Purchased Asset as of Purchase Date:
	  	 As set forth on attached Schedule 1

		
	 Available Future Advances under Purchased Asset as of Purchase Date:
	  	 As set forth on attached Schedule 1

		
	 Future Advances:
	  	 [$][€][£]__________

		
	 Additional Future Advance Conditions:
	  	 [Specify any additional conditions required by Purchaser]

		
	 Repurchase Date:
	  	 [Insert the maturity date of such Purchased Asset] (as the same may be extended pursuant to the Purchase Asset
Documents)

		
	 Market Value:
	  	 [$][€][£]

		
	 Applicable Currency:
	  	 [$][€][£]

		
	 Purchase Date Index:
	  	 [LIBOR][SOFR][EURIBOR][SONIA]6

		
	 Spread7:
	  	 __________% ([Mortgage Loan][Senior Note][Senior Participation Interest]) [__________% (Mezzanine Loan)]

		
	 For reference only, Repo Class A Reference Spread on the Purchase Date will be8:
	  	 __________%

		
	 Day-Count Convention:
	  	 [actual/365][actual/360]

		
	 Purchase Date Spot Rate:
	  	 [N/A][__________%]

		
	 Purchase Price Percentage:
	  	 __________%

		
	 Maximum Purchase Price:
	  	 [$][€][£]__________

		
	 Purchase Price:
	  	 [$][€][£]__________ (see attached Schedule 2)

  

	 5 
	 Must select “Yes” or “No” for any Senior Note and Senior Participation Interest and N/A
for other asset types. 

  

	 6 
	 To refer to underlying loan benchmark/index. 

 

	 7 
	 To refer to underlying loan pricing margin (excluding default interest). 

 

	 8 
	 Repo Class A Reference Spread is subject to the terms of the UK Transaction Documents and determined
pursuant to the UK Transaction Documents. 

  
 Ex. II-2 

			
		
	 Initial Senior Exposure:
	  	 [$][€][£]__________

		
	 Repurchase Price:
	  	 As provided in the Agreement

		
	 [Recourse Percentage
	  	 __________%]9

		
	 Governing Agreements:
	  	 As identified on attached Schedule 1

		
	 Purchase Date Funding Fee:
	  	 [$][€][£]__________

		
	 Requested Wire Amount:
	  	 [$][€][£]__________

		
	 Type of Funding:
	  	 [Wet][Dry] Funding

		
	 Wiring Instructions
	  	 [To Relevant Seller][To [name of Designated Funding Party]] as identified on attached Schedule 3

  

	 9 
	 If different from Guaranty. 

  
 Ex. II-3 

 To evidence your agreement to enter into the Transaction in accordance with the terms set forth
in this Confirmation, please return a countersigned copy of this Confirmation to Seller. 
  

			
	 [PARLEX 8 FINCO, LLC][PARLEX 8 GBP

		 	 FINCO, LLC][PARLEX 8 EUR FINCO,

		 	 LLC]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 [BLACKSTONE MORTGAGE TRUST,

		 	 INC., as Guarantor

		
	 By:
	 	  

		 	 Name:

		 	 Title: ]10

 AGREED AND ACKNOWLEDGED ON BEHALF OF RELEVANT PURCHASER: 

BANCO SANTANDER, S.A., 
 as
Collateral Agent 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  

	 10
	 Guarantor to sign Confirmation if recourse percentage is modified therein. 

  
 Ex. II-4 

 Schedule 1 to Confirmation 

Purchased Asset Schedule 
  

 

					
	 Purchased Asset(s):
	  	[            ]
	 Outstanding Principal Amount of Purchased Asset as of Purchase
Date:
	  	[             ]
	 Available Future Advances under Purchased Asset as of Purchase
Date:
	  	[            ]

  
  

  
 Ex. II-5 

 Schedule 2 to Confirmation 

Transaction Activity Log 
  

 

  
 Ex. II-1 

 Schedule 3 to Confirmation 

Wiring Instructions 
 Bank
Name:
                                         
        
 ABA #:
                                         
                
 Account Number:
                                        

 Reference:
                                         
            

  
 Ex. II-1 

 EXHIBIT III 

AUTHORIZED REPRESENTATIVES OF SELLERS 
  

					
	 Name
	  	 Title Specimen 
	  	 Signature

			
	 Stephen D. Plavin
	  	Chief Executive Officer	  	 /s/ Stephen D. Plavin

			
	 Katharine A. Keenan
	  	President	  	 /s/ Katharine A. Keenan

			
	 Douglas N. Armer
	  	Executive Vice President, Capital Markets and Treasurer	  	 /s/ Douglas N. Armer

			
	 Anthony F. Marone, Jr.
	  	Chief Financial Officer, Principal Accounting Officer and Assistant Secretary	  	 /s/ Anthony F. Marone, Jr.

			
	 Robert Sitman
	  	Managing Director, Head of Asset Management	  	 /s/ Robert Sitman

			
	 Weston Tucker
	  	Senior Managing Director, Head of Investor Relations	  	 /s/ Weston Tucker

			
	 Leon Volchyok
	  	Chief Legal Officer and Secretary	  	 /s/ Leon Volchyok

  
 III-1 

 EXHIBIT IV-A 

FORM OF POWER OF ATTORNEY (FOR U.S. PURCHASED ASSETS) 

Know All Men by These Presents, that Parlex 8 Finco, LLC, a Delaware limited liability company (“Seller”),
does hereby appoint Parlex 8 USD IE Issuer Designated Activity Company (“Purchaser”) and Banco Santander, S.A. (“Collateral Agent”), its attorney-in-fact to act in Seller’s name, place and stead in any way that
Seller could do with respect to (i) the completion of the endorsements of the Purchased Assets, including without limitation the Promissory Notes, Assignments of Mortgages and Participation Certificates, and any transfer documents related
thereto, (ii) the recordation of the Assignments of Mortgages, (iii) the preparation and filing, in form and substance satisfactory to Purchaser (or Collateral Agent on its behalf), of such financing statements, continuation statements,
and other uniform commercial code forms, as Purchaser or Collateral Agent may from time to time, reasonably consider necessary to create, perfect, and preserve Purchaser’s security interest in the Purchased Assets and (iv) the enforcement
of Seller’s rights under the Purchased Assets purchased by Purchaser pursuant to the Master Repurchase Agreement, dated as of May 14, 2021 (as amended, restated, supplemented, or otherwise modified and in effect from time to time, the
“Repurchase Agreement”), among Purchaser, Parlex 8 GBP IE Issuer Designated Activity Company, Parlex 8 EUR IE Issuer Designated Activity Company, Collateral Agent, Seller, Parlex 8 GBP Finco, LLC and Parlex 8 EUR Finco, LLC, and to
take such other steps as may be necessary or desirable to enforce Purchaser’s rights against such Purchased Assets, the related Purchased Asset Files and the Servicing Records to the extent that Seller is permitted by law to act through an
agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto 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. 
 THIS POWER OF ATTORNEY 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 WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

  
 Ex. IV-A-1 

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

 

			
	 PARLEX 8 FINCO, LLC

		
	 By:
	 	
             

		 	 Name:

		 	 Title:

 STATE OF
                             ) 

COUNTY OF
                             ) 

On             , 20__, before me,
                            , a Notary Public, personally appeared
                        , who 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 authorized 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.

 I certify under PENALTY OF PERJURY under the laws of the
                            that the foregoing paragraph is true and correct. 

WITNESS my hand and official seal. 

Signature
                                         
                    
 (Seal) 

  
 Ex. IV-A-2 

 EXHIBIT IV-B 

FORM OF POWER OF ATTORNEY (FOREIGN PURCHASED ASSETS (GBP)) 

THIS POWER OF ATTORNEY is made and given on [            ]
[__], 20[__], by Parlex 8 GBP Finco, LLC, a Delaware limited liability company whose registered office is at c/o Blackstone Mortgage Trust, Inc., 345 Park Avenue, 42nd Floor, New York, New York 10154 (“Seller”) in favor of
(i) Parlex 8 GBP IE Issuer Designated Activity Company, whose registered office is at 3rd Floor, Kilmore House, Park Lane, Spencer Dock, Dublin 1, Dublin, Ireland, D01 YE64
(“Purchaser”), and (ii) Banco Santander, S.A. (“Collateral Agent”), a Sociedad Anónima incorporated under Spanish law whose registered office is at Paseo de Pereda, 9-12, 39004 Santander, Spain,
registered with the Commercial Register of Cantabria under number A-39000013 (“Collateral Agent” and, together with Purchaser, individually and collectively, as the context may require, “Attorney”), for the purposes
and on the terms hereinafter set forth. 
 (A) By a Master Repurchase Agreement, dated as of May 14, 2021 (as amended, restated,
supplemented, or otherwise modified and in effect from time to time, the “Repurchase Agreement”), Seller agreed to sell, and Purchaser agreed to purchase, the Purchased Assets on terms requiring Seller to repurchase the same on the
terms set out therein. 
 (B) In connection with the agreement of Purchaser to purchase the Purchased Assets, Seller has agreed to enter into
these presents for the purposes hereinafter appearing. 
 NOW THIS DEED WITNESSETH and SELLER HEREBY APPOINTS Attorney to be
its true and lawful attorney in the name of Seller or otherwise, for and on behalf of Seller to do any of the following acts, deeds and things or any of them: 
  

	 (a)
	 amend, substitute pages (where applicable), complete, date and deliver to the facility agent for execution
any Transfer Certificate executed by Seller, 

  

	 (b)
	 take any action (including exercising voting and/or consent rights) with respect to any participation
interest, 

  

	 (c)
	 complete the preparation and filing, in form and substance satisfactory to Purchaser, of such financing
statements, continuation statements, and other UCC or other forms, as Purchaser may from time to time, reasonably consider necessary to create, perfect, and preserve Purchaser’s security interest in the Purchased Assets, 

 

	 (d)
	 enforce Seller’s rights under the Purchased Assets purchased by Purchaser pursuant to the Repurchase
Agreement, 

  

	 (e)
	 to take such other steps as may be necessary or desirable to fully and effectively transfer Seller’s
rights, title and interests in the Purchased Assets to Purchaser or to enforce Purchaser’s rights against, under or with respect to such Purchased Assets and the related Purchased Asset Files and the Servicing Records or to enforce
Seller’s rights under the Purchased Assets purchased by Purchaser pursuant to the Repurchase Agreement. 

  
 Ex. IV-B-1 

 Attorney shall have the power in writing under seal by an officer of Attorney
from time to time to appoint a substitute (each, a “Substitute Attorney”) who shall have the power to act on behalf of Seller (whether concurrently with or independently of Attorney) as if that Substitute Attorney shall have been
originally appointed as Attorney by this Deed and/or to revoke any such appointment at any time without assigning any reason therefor provided Attorney shall continue to be liable for the negligence, willful misconduct or bad faith of any such
Substitute Attorney appointed by it. 
 SELLER DECLARES THAT: 

This Power of Attorney shall be irrevocable and is given as security for the interests of Attorney under the Repurchase
Agreement and will survive and not be affected by the subsequent bankruptcy or insolvency or dissolution of Seller. 

Seller hereby agrees at all times hereafter to ratify and confirm whatever Attorney or any Substitute Attorney lawfully does
or purports to do in the exercise of any power conferred by this Power of Attorney. 
 Words and expressions defined in the
Repurchase Agreement shall have the same meanings in this Power of Attorney except so far as the context otherwise requires. 

This Power of Attorney is governed by and shall be construed in accordance with English law. 

[SIGNATURE PAGE FOLLOWS] 

  
 Ex. IV-B-2 

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

 

			
	 PARLEX 8 GBP FINCO, LLC

		
	 By:
	 	
                 

		 	 Name:

		 	 Title:

		 	

  
 Ex. IV-B-3 

 EXHIBIT IV-C 

FORM OF POWER OF ATTORNEY (FOREIGN PURCHASED ASSETS (EUR)) 

THIS POWER OF ATTORNEY is made and given on [            ] [__],
20[__], , by Parlex 8 EUR Finco, LLC, a Delaware limited liability company whose registered office is at c/o Blackstone Mortgage Trust, Inc., 345 Park Avenue, 42nd Floor, New York, New York 10154 (“Seller”) in favor of
(i) Parlex 8 EUR IE Issuer Designated Activity Company, whose registered office is at 3rd Floor, Kilmore House, Park Lane, Spencer Dock, Dublin 1, Dublin, Ireland, D01 YE64
(“Purchaser”), and (ii) Banco Santander, S.A. (“Collateral Agent”), a Sociedad Anónima incorporated under Spanish law which has its registered office at Paseo de Pereda, 9-12, 39004 Santander, Spain,
registered with the Commercial Register of Cantabria under number A-39000013, (“Collateral Agent” and, together with Purchaser, individually and collectively, as the context may require, “Attorney”), for the
purposes and on the terms hereinafter set forth. 
 (A) By a Master Repurchase Agreement, dated as of May 14, 2021 (as amended,
restated, supplemented, or otherwise modified and in effect from time to time, the “Repurchase Agreement”), Seller agreed to sell, and Purchaser agreed to purchase, the Purchased Assets on terms requiring Seller to repurchase the
same on the terms set out therein. 
 (B) In connection with the agreement of Purchaser to purchase the Purchased Assets, Seller has agreed
to enter into these presents for the purposes hereinafter appearing. 
 NOW THIS DEED WITNESSETH and SELLER HEREBY APPOINTS
Attorney to be its true and lawful attorney in the name of Seller or otherwise, for and on behalf of Seller to do any of the following acts, deeds and things or any of them: 
  

	 (a)
	 amend, substitute pages (where applicable), complete, date and deliver to the facility agent for execution
any Transfer Certificate executed by Seller, 

  

	 (b)
	 take any action (including exercising voting and/or consent rights) with respect to any participation
interest, 

  

	 (c)
	 complete the preparation and filing, in form and substance satisfactory to Purchaser, of such financing
statements, continuation statements, and other UCC or other forms, as Purchaser may from time to time, reasonably consider necessary to create, perfect, and preserve Purchaser’s security interest in the Purchased Assets, 

 

	 (d)
	 enforce Seller’s rights under the Purchased Assets purchased by Purchaser pursuant to the Repurchase
Agreement, 

  

	 (e)
	 to take such other steps as may be necessary or desirable to fully and effectively transfer Seller’s
rights, title and interests in the Purchased Assets to Purchaser or to enforce Purchaser’s rights against, under or with respect to such Purchased Assets and the related Purchased Asset Files and the Servicing Records or to enforce
Seller’s rights under the Purchased Assets purchased by Purchaser pursuant to the Repurchase Agreement. 

  
 Ex. IV-C-1 

 
Attorney shall have the power in writing under seal by an officer of Attorney from time to time to appoint a substitute (each, a “Substitute Attorney”) who shall have the power
to act on behalf of Seller (whether concurrently with or independently of Attorney) as if that Substitute Attorney shall have been originally appointed as Attorney by this Deed and/or to revoke any such appointment at any time without assigning any
reason therefor provided Attorney shall continue to be liable for the negligence, willful misconduct or bad faith of any such Substitute Attorney appointed by it. 

SELLER DECLARES THAT: 

This Power of Attorney shall be irrevocable and is given as security for the interests of Attorney under the Repurchase
Agreement and will survive and not be affected by the subsequent bankruptcy or insolvency or dissolution of Seller. 

Seller hereby agrees at all times hereafter to ratify and confirm whatever Attorney or any Substitute Attorney lawfully does
or purports to do in the exercise of any power conferred by this Power of Attorney. 
 Words and expressions defined in the
Repurchase Agreement shall have the same meanings in this Power of Attorney except so far as the context otherwise requires. 

This Power of Attorney is governed by and shall be construed in accordance with English law. 

[SIGNATURE PAGE FOLLOWS] 

  
 Ex. IV-C-2 

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

 

			
	 PARLEX 8 EUR FINCO, LLC

		
	 By:
	 	              

		 	 Name:

		 	 Title:

  
 Ex. IV-C-3 

 EXHIBIT V-A 

REPRESENTATIONS AND WARRANTIES 

REGARDING INDIVIDUAL PURCHASED ASSETS 

(FOR U.S. PURCHASED ASSETS) 

Capitalized terms used but not defined in this Exhibit V-A shall have the respective meanings given them in the Master
Repurchase Agreement to which this Exhibit V-A is attached (the “Master Repurchase Agreement”). 

Seller acknowledges and agrees that the representations and warranties contained in this Exhibit V-A may be amended
from time to time by Purchaser in its reasonable discretion to conform such representations and warranties to Purchaser’s then current standard representations and warranties for commercial mortgage-backed securitization transactions;
provided, that such amended representations and warranties shall only apply to Purchased Assets that are originated after the date Seller receives written notice of the amended representations and warranties. 

CERTAIN DEFINED TERMS 

“Anticipated Repayment Date” shall mean, with respect to any Mortgage Loan or Mezzanine Loan that is
identified on the related Purchased Asset Schedule as an ARD Loan, the date upon which such Mortgage Loan or Mezzanine Loan, as applicable, commences accruing interest at an increased Interest Rate. 

“ARD Loan” shall mean a Mortgage Loan or a Mezzanine Loan the terms of which provide that if, after an
Anticipated Repayment Date, the related Borrower has not prepaid such Mortgage Loan or Mezzanine Loan, as applicable, in full, any principal outstanding on the Anticipated Repayment Date will accrue interest at an increased Interest Rate. 

“Assignment of Leases” shall mean any assignment of leases, rents and profits or similar document or
instrument executed by a Borrower in connection with the origination of a Mortgage Loan. 
 “Companion
Interest” shall mean, with respect to any Purchased Asset that is a Participation Interest or a Senior Note, any subordinate or pari passu Promissory Note or Participation Interest secured directly or indirectly by the same Mortgaged
Property. 
 “Companion Interest Holder” shall mean, with respect to any Purchased Asset that is a
Participation Interest or a Senior Note, any holder of a related Companion Interest. 
 “Equity Interests”
shall mean, with respect to any Mezzanine Loan, 100% of the direct or indirect equity interests, as applicable, in the entity or entities that own the Mortgaged Property or Mortgaged Properties that indirectly secure such Mezzanine Loan. 

“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.

  
 Ex. V-A-1 

 “Interest Rate” shall mean, with respect to each Mortgage Loan
or Mezzanine Loan, the related annualized rate at which interest is scheduled (in the absence of a default) to accrue on such Mortgage Loan or Mezzanine Loan, as applicable, from time to time in accordance with the related Promissory Note and
applicable law. 
 “REMIC Provisions” shall mean the provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through 860G of Subchapter M of Chapter 1 of the Code, and related provisions, and proposed, temporary and final Treasury Regulations and any published rulings, notices and
announcements promulgated thereunder, as the foregoing may be in effect from time to time. 
 “Treasury
Regulations” shall mean applicable final regulations of the U.S. Department of the Treasury. 
 REPRESENTATIONS AND WARRANTIES

 A. All Purchased Assets. With respect to each Purchased Asset: 

1. Complete Servicing File. All documents comprising the Servicing Records are in the possession of the Servicer. 

2. Ownership of Purchased Assets. Immediately prior to the sale, transfer and assignment to Purchaser, no Purchased
Asset was subject to any assignment (other than assignments to Seller), participation (excluding, for the avoidance of doubt, any Companion Interest) 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 (excluding, for the avoidance of doubt, any Companion Interest), any other ownership interests on, in or to such Purchased Asset other than any interim servicing agreement or
similar agreement and the rights of the holder of a Companion Interest under the related co-lender or participation agreement. Seller has full right and authority to sell, assign and transfer each Purchased Asset, and upon the insertion of
Purchaser’s name where applicable and countersignature by Purchaser where applicable, the assignment to Purchaser 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 other than (a) the rights of the holder of a Companion Interest under the related co-lender or participation agreement and/or (b) if the Purchased Asset is subject to a
Mezzanine Loan, the holder of such Mezzanine Loan pursuant to the related intercreditor agreement. 
 3. Purchased Asset
File. The Purchased Asset File contains a true, correct and complete copy (or, if required by the Custodial Agreement, original) of each document evidencing or securing the Purchased Asset, or affecting the rights of any holder thereof. With
respect to any document contained in the Purchased Asset File that is required to be recorded or filed in accordance with the requirements set forth in the Custodial Agreement, such document is in form

  
 Ex. V-2 

 
suitable for recording or filing, as applicable, in the appropriate jurisdiction and has been or will be recorded or filed as required by the Custodial Agreement. With respect to each assignment,
assumption, modification, consolidation or extension contained in the Purchased Asset File, if the document or agreement being assigned, assumed, modified, consolidated or extended is required to be recorded or filed, such assignment, assumption,
modification, consolidation or extension is in form suitable for recording or filing, as applicable, in the appropriate jurisdiction. 

4. Purchased Asset Schedule. The information pertaining to each Purchased Asset which is set forth in the related
Purchased Asset Schedule is true and correct in all material respects as of the Purchase Date and contains all information required by the Transaction Documents to be contained therein. 

B. Mortgage Loans. With respect to each Mortgage Loan that constitutes a Purchased Asset: 

1. Whole Loans. Such Mortgage Loan is a whole Mortgage Loan and not a Participation Interest or other partial interest
in a Mortgage Loan. 
 2. Loan Document Status. Each related Promissory Note, Mortgage, Assignment of Leases (if a separate
instrument) and other agreement executed by or on behalf of the related Borrower in connection with such Purchased Asset is the legal, valid and binding obligation of such Borrower (subject to any non-recourse provisions contained in any of the
foregoing agreements and any applicable state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, (i) except as such enforcement may be limited by
(a) anti-deficiency laws, bankruptcy, insolvency, receivership, redemption, liquidation, fraudulent transfer, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) general
principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (ii) except that certain provisions in such Purchased Asset Documents (including, without limitation, provisions requiring the
payment of default interest, late fees or prepayment/yield maintenance 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 clauses
(i) and (ii) 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 (i) and (ii) collectively, the “Insolvency 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 Promissory Notes, Mortgages or other operative 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 Mortgage Loan, that would deny the mortgagee the principal benefits
intended to be provided by the Promissory Note, Mortgage or other operative Purchased Asset Documents. 
 3. Mortgage
Provisions. The Purchased Asset Documents for such Mortgage Loan 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, nonjudicial foreclosure, in each case subject to the limitations set forth in the Insolvency Qualifications. 

  
 Ex. V-3 

 4. Hospitality Provisions. The Purchased Asset Documents for such
Mortgage Loan that is secured by a hospitality property operated pursuant to a franchise agreement or license agreement include an executed copy of such franchise or license agreement as well as a comfort letter or similar agreement signed by the
Borrower and franchisor or licensor of such property enforceable by Purchaser or any subsequent holder of such Mortgage Loan (including a securitization trustee) against such franchisor, either directly or as an assignee of the originator. The
Mortgage or related security agreement for each Mortgage Loan 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 (or,
with respect to Wet Purchased Assets, has been submitted for filing in such office). 
 5. Mortgage Status; Waivers and
Modifications. Since origination and except by written instruments set forth in the related Purchased Asset File or to the extent otherwise permitted in accordance with the Master Repurchase Agreement (a) the material terms of each
Mortgage, Promissory Note, Mortgage Loan guaranty and related operative Purchased Asset Documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect which materially interferes with the
security intended to be provided by such Mortgage; (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) the Borrower has not been released from its material obligations under the related Purchased Asset Documents. 

6. Lien; Valid Assignment. Subject to the Insolvency Qualifications, each assignment of Mortgage and assignment of
Assignment of Leases from Seller will constitute a legal, valid and binding assignment from Seller. Each related Mortgage and Assignment of Leases is freely assignable without the consent of the related Borrower. Each related Mortgage is (or, with
respect to Wet Purchased Assets, upon the recording thereof in the appropriate recording office will be) a legal, valid and enforceable first lien on the related Borrower’s fee (or if identified on the related Purchased Asset Schedule,
leasehold) interest in the Mortgaged Property in the principal amount of such Mortgage Loan or allocated loan amount (subject only to Permitted Encumbrances (as defined below) or any other title exceptions identified to Purchaser in a Requested
Exceptions Report (“Title Exceptions”)), except as the enforcement thereof may be limited by the Insolvency Qualifications. Such Mortgaged Property (subject to Permitted Encumbrances or any Title Exceptions) as of the origination
date of the related Mortgage Loan and, to Seller’s Knowledge, as of the related Purchase Date, is free and clear of any recorded mechanics’ liens, recorded materialmen’s liens and other recorded encumbrances which are 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, and, to Seller’s Knowledge and subject to the rights of tenants (subject to and
excepting Permitted Encumbrances and any other Title Exceptions), 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). 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. 

  
 Ex. V-4 

 7. Permitted Liens; Title Insurance. Each Mortgaged Property securing
such Mortgage Loan is covered by an American Land Title Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a pro
forma policy, a preliminary title policy with escrow or closing instructions or a “marked up” commitment, in each case binding on the title insurer) (the “Title Policy”) in the original principal amount of such Mortgage
Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in
escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage, which lien is subject only to (a) the lien of current real property taxes, water charges, sewer
rents and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record; (c) the exceptions (general and specific) and exclusions set forth in such Title
Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property and condominium declarations; and
(f) if the related Mortgage Loan is cross-collateralized with any other Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same cross-collateralized group, provided that none of which items (a) through (f),
individually or in the aggregate, materially and adversely interferes with the value or current use of the Mortgaged Property or the security intended to be provided by such Mortgage or the Borrower’s ability to pay its obligations when they
become due (collectively, the “Permitted Encumbrances”). Except as contemplated by clause (f) of the preceding sentence 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 thereunder and no claims have
been paid thereunder. Neither Seller, nor to Seller’s Knowledge, any other holder of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy. 

8. Junior Liens. It being understood that B notes secured (and any other Purchased Asset that are cross-collateralized
and cross-defaulted with a Purchased Asset) by the same Mortgage as a Mortgage Loan are not subordinate mortgages or junior liens, there are no subordinate mortgages or junior liens securing the payment of money encumbering the related Mortgaged
Property (other than as permitted under the related Purchased Asset Documents, Permitted Encumbrances and the Title Exceptions, taxes and assessments, mechanics’ and materialmen’s liens (which are the subject of the representation in
paragraph (7) above), and equipment and other personal property financing and related Mezzanine Loan(s) which are also Purchased Assets under the Master Repurchase Agreement). Except for related Mezzanine Loan(s) which are also Purchased
Assets under the Master Repurchase Agreement or as set forth on the related Purchased Asset Schedule, Seller has no Knowledge of any mezzanine debt secured directly by interests in the related Borrower. 

  
 Ex. V-5 

 9. Assignment of Leases and Rents. 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 Permitted Encumbrances and Title Exceptions, each related Assignment of Leases creates (or, with respect to Wet
Purchased Assets, upon the recording thereof in the appropriate recording office, will create) 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 Borrower 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 Insolvency Qualifications. The related Mortgage or related Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Mortgage Loan, a receiver is permitted to be
appointed for the collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee. 

10. UCC Filings. If the related Mortgaged Property is operated as a hospitality property, the related originator 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 financing statements in the appropriate public filing and/or recording offices
necessary at the time of the origination of the Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably necessary to operate such Mortgaged Property owned by the related Borrower and located on such
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 Insolvency Qualifications, each related
Mortgage (or equivalent document) upon recordation, 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 financing statements are required in order to effect such perfection. 

11. Condition of Property. Seller or the originator of the Mortgage Loan inspected or caused to be inspected each
related Mortgaged Property within six (6) months of origination of the Mortgage Loan and within six (6) months of the Purchase Date. 

An engineering report or property condition assessment was prepared in connection with the origination of such Mortgage Loan
no more than twelve (12) months prior to the Purchase Date. Seller has no Knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable loans, of any material damage to the Mortgaged Property
that Seller believes would have a material adverse effect on the value of the Mortgaged Property (a) other than those disclosed in the engineering report or property condition assessment delivered to Purchaser in accordance with Exhibit
VII and (b) except to the extent that such material damage (i) has been repaired in all material respects, (ii) is addressed by the escrow of funds established in an aggregate amount consistent with the standards utilized by
Seller with respect to similar loans it holds for its own account have been established, which escrowed amount will in all events be in an aggregate amount not less than the estimated cost of the necessary repairs, or (iii) is fully covered by
insurance (subject to any deductible). 

  
 Ex. V-6 

 12. Taxes and Assessments. All taxes, governmental assessments and other
outstanding governmental charges (including, without limitation, water and sewage charges), or installments thereof, which 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 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 representation and warranty, 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 of such Mortgage Loan 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 of such Mortgage Loan 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 Mortgage Loan. As of the date of origination of such Mortgage Loan 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 Borrower, guarantor, or Borrower’s interest in the Mortgaged Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such Borrower’s title to the Mortgaged Property,
(b) the validity or enforceability of the Mortgage, (c) such Borrower’s ability to perform under the related Mortgage Loan, (d) such guarantor’s ability to perform under the related guaranty, (e) the principal benefit
of the security intended to be provided by the Purchased Asset Documents or (f) the current principal use of the Mortgaged Property. 

15. Escrow Deposits. All escrow deposits and payments required to be escrowed with lender pursuant to such Mortgage
Loan are in the possession, or under the control, of Seller or 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 the lender under the related Purchased Asset Documents are being conveyed by Seller to Purchaser. 

16. No Holdbacks. The principal amount of the Mortgage Loan stated on the related Purchased Asset Schedule has been
fully disbursed as of the Purchase Date and there is no requirement for future advances thereunder (except for Future Advances identified on the related Purchased Asset Schedule or in those cases where the full amount of the Mortgage Loan has been
disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing, repairs or other matters with respect to the related Mortgaged Property, the Borrower or other
considerations determined by Seller to merit such holdback). 

  
 Ex. V-7 

 17. Insurance. Each related Mortgaged Property is, and is required
pursuant to the related Purchased Asset Documents 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 at least “A-:VIII” from A.M. Best Company, “A3” from
Moody’s Investors Service, Inc. or “A- “ from Standard & Poor’s Financial Services, LLC (collectively, the “Insurance Rating Requirements”), in an amount (subject to a customary deductible) not less than
the lesser of (x) the original principal balance of the Mortgage Loan and (y) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment owned by the related Borrower 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 (as of the Purchased Date), and required to
be covered pursuant to the related Purchased Asset Documents, by business interruption or rental loss insurance which (subject to a customary deductible) covers a period of not less than twelve (12) months (or with respect to each Mortgage Loan
on a single asset with a maximum principal balance of $50 million or more, eighteen (18) months). 
 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 Borrower is required to
maintain insurance in the maximum amount available under the National Flood Insurance Program. 
 If the Mortgaged Property
is located within twenty-five (25) miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina, the related Borrower is required to maintain coverage for windstorm and/or windstorm
related perils and/or “named storms” issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms. 

The Mortgaged Property is covered (as of the Purchased Date), 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 prudent institutional commercial mortgage lenders, 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 (“SEL”) or the probable maximum loss (“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 meeting the Insurance Rating Requirements in an amount not less than
100% of the SEL or PML, as applicable. 

  
 Ex. V-8 

 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 Mortgage Loan, 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 payment of the outstanding principal balance of such Mortgage Loan together with any accrued interest
thereon. 
 All premiums on all insurance policies referred to in this section required to be paid as of the related
Purchase Date have been paid, and such insurance policies name the lender under the Mortgage Loan 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 Purchaser. Each related Mortgage Loan obligates the related Borrower to maintain all such insurance and, at such Borrower’s failure to do so, authorizes the lender to
maintain such insurance at the Borrower’s cost and expense and to charge such Borrower for premiums. All such insurance policies (other than commercial liability policies) require at least ten (10) days’ prior notice to the lender of
termination or cancellation arising because of nonpayment of a premium and at least thirty (30) days prior notice to the lender of termination or cancellation (or such lesser period, not less than ten (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. To Seller’s Knowledge based solely on surveys obtained in connection
with origination 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 such Mortgage Loan, 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 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 Mortgage Loan requires the Borrower 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. 
 19. No Encroachments. To
Seller’s Knowledge based solely on surveys obtained in connection with origination 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 such Mortgage Loan, (a) 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 Mortgage Loan 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, (b) no improvements on adjoining parcels encroach onto the related Mortgaged Property except for encroachments that do not materially and 

  
 Ex. V-9 

 
adversely affect the value or current use of such Mortgaged Property or for which insurance or endorsements were obtained under, or after taking into account any applicable provisions of the
Title Policy, and (c) no 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
were obtained under the Title Policy. 
 20. No Contingent Interest or Equity Participation. No Mortgage Loan has a
shared appreciation feature, any other contingent interest feature or a negative amortization feature (in each case except that an ARD 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. With respect to any Mortgage Loan
identified in the relevant Purchased Asset Documents as being REMIC eligible, such Mortgage Loan 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 Mortgage Loan to the related Borrower at origination did not exceed the non-contingent
principal amount of the Mortgage Loan and (b) either: (i) such Mortgage Loan 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 Mortgage Loan was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan on such date or (B) at the Purchase Date at least equal to 80% of the adjusted issue price of the Mortgage Loan 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 Mortgage Loan and (2) a proportionate
amount of any lien that is in parity with the Mortgage Loan; or (ii) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan
(other than a recourse feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the Mortgage Loan is identified in the related Purchased Asset Documents as being REMIC eligible,
if such Mortgage Loan was “significantly modified” prior to the Purchase Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable
default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (b)(i)(A) above (substituting the date of the last such modification for the date the Mortgage Loan was originated) or sub-clause (b)(i)(B), including the
proviso thereto. If such Mortgage Loan is identified in the Purchased Asset Documents as being REMIC eligible, any prepayment premium and yield maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties”
within the meaning of Treasury Regulations Section 1.860G-(b)(2). All terms used in this paragraph 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 Mortgage Loan complied as of the date of origination of such Mortgage Loan with, or was exempt from, applicable state or federal laws, regulations and other requirements pertaining to usury. 

  
 Ex. V-10 

 23. Authorized to do Business. To the extent required under applicable
law, as of the Purchase Date or as of the date that such entity held the Promissory Note, each holder of the Promissory 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 Mortgage Loan by any holder thereof. 

24. Trustee under Deed of Trust. With respect to each Mortgage which is a deed of trust, as of the date of origination
of the related Mortgage Loan and, to Seller’s Knowledge, as of the Purchase Date, 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. 

25. Local Law Compliance. To Seller’s Knowledge, based solely 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 and multifamily mortgage loans intended for securitization, with respect to the improvements located on or forming part of each Mortgaged Property securing such Mortgage Loan as of the date of origination of such Mortgage Loan
and as of the Purchase Date, there are no material violations of applicable zoning ordinances, building codes and land laws (collectively, “Zoning Regulations”) other than those which (i) constitute a legal non-conforming use
or structure, as to which the related 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 value, use or operation of the related Mortgaged Property, (ii) are insured by the Title Policy or other insurance policy,
(iii) law and ordinance insurance coverage has been obtained in respect thereof in amounts customarily required by Seller 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 value, operation or net operating income of the Mortgaged Property. The terms of the Purchased Asset Documents require the Borrower to comply in all material
respects with all applicable governmental regulations, zoning and building laws. 
 26. Licenses and Permits. Each
Borrower covenants in the Purchased Asset Documents that it shall keep all material licenses, permits and applicable governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect, and to Seller’s
Knowledge based upon any of a letter from any governmental authorities or other affirmative investigation of local law compliance consistent with the investigation conducted by Seller for similar related commercial and multifamily mortgage loans
intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect. The Mortgage Loan requires the related Borrower to be qualified to do business in the jurisdiction in which the related
Mortgaged Property is located. 

  
 Ex. V-11 

 27. Recourse Obligations. The Purchased Asset Documents for such Mortgage
Loan provide that such Mortgage Loan (a) becomes full recourse to the Borrower and guarantor (which is a natural person or persons, or an entity distinct from the Borrower (but may be affiliated with the Borrower) that has assets other than
equity in the related Mortgaged Property that are not de minimis) in any of the following events: (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar federal or
state law, shall be filed by the Borrower; (ii) if Borrower or guarantor shall have colluded with (or, alternatively, solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Borrower or
(iii) upon any voluntary transfer of either the Mortgaged Property or equity interests in Borrower made in violation of the Purchased Asset Documents; and (b) contains provisions providing for recourse against the Borrower and guarantor (which
is a natural person or persons, or an entity distinct from the Borrower (but may be affiliated with the Borrower) that has assets other than equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained by
reason of Borrower’s (i) misappropriation of rents after the occurrence of an event of default under the Mortgage Loan; (ii) misappropriation of security deposits (or, alternatively, the failure of any security deposits to be
delivered to lender upon foreclosure or action in lieu thereof (except to the extent applied in accordance with leases prior to an event of default under such Mortgage Loan)), insurance proceeds, or condemnation awards; (iii) fraud or
intentional material misrepresentation; (iv) breaches of the environmental covenants in the related Purchased Asset Documents; or (v) commission of intentional material physical waste at the Mortgaged Property. 

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) 110% of
the related allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon payment in full of such Mortgage Loan, (c) [reserved], (d) releases of
out-parcels that are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at
the origination of the Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e) as required pursuant to an order of condemnation. With respect to any Mortgage Loan
identified in the related Purchased Asset Documents as REMIC eligible, with respect to any partial release under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would not constitute a “significant
modification” of the subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning of
Section 860G(a)(3)(A) of the Code; or (y) the mortgagee or servicer can, in accordance with the related Purchased Asset Documents, condition such release of collateral on the related Borrower’s delivery of an opinion of tax counsel to
the effect specified in the immediately preceding clause (x). For purposes of the preceding clause (x), for any Mortgage Loan originated after December 6, 2010, if the fair market value of the real property constituting such Mortgaged Property
after the release is not equal to at least 80% of the principal balance of the Mortgage Loan outstanding after the release, the Borrower is required to make a payment of principal in an amount not less than the amount required by the REMIC
Provisions. 

  
 Ex. V-12 

 With respect to any Mortgage Loan identified in the related Purchased Asset
Documents as REMIC eligible, 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 Borrower can be required to pay down the
principal balance of the related Mortgage Loan in an amount not less than the amount required by the REMIC Provisions and, to such extent, may not be required to be applied to the restoration of the Mortgaged Property or released to the Borrower 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 Mortgage Loan. 
 With respect to any Mortgage Loan
identified in the related Purchased Asset Documents as REMIC eligible, no such Mortgage Loan that is secured by more than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan 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 such Mortgage Loan require the Borrower 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) and annual 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 Mortgage Loan with more than one Borrower are in the form of an annual combined balance sheet of the Borrower entities (and no other entities), together with the related combined statements of operations, members’ capital and
cash flows, including a combined balance sheet and statement of income for the Mortgaged Properties on a combined basis. 

30. Acts of Terrorism Exclusion. With respect to each Mortgage Loan with a maximum principal balance 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, and the Terrorism Risk Insurance Program Reauthorization Act of 2015 (collectively referred to as “TRIA”), from coverage, or if such coverage is
excluded, it is covered by a separate terrorism insurance policy. With respect to each other Mortgage Loan, the related special all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating
Requirements) did not, as of the date of origination of the Mortgage Loan, and, to Seller’s Knowledge, do not, as of the Purchase Date, 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 such Mortgage Loan, the related Purchased Asset Documents do not expressly waive or prohibit the mortgagee from requiring coverage for Acts of Terrorism, as defined in 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 TRIA or a similar or subsequent statute is not
in effect, then, provided that terrorism insurance is commercially available, the Borrower under such Mortgage Loan is required to carry terrorism insurance, but in such event the Borrower shall not be required to spend on terrorism insurance
coverage more than two times the amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance required under the related Purchased Asset Documents (without giving effect to
the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance), and if the cost of terrorism insurance exceeds such amount, the Borrower is required to purchase the maximum amount of terrorism
insurance available with funds equal to such amount. 

  
 Ex. V-13 

 31. Due-on-Sale or Encumbrance. Subject to specific exceptions set forth
below, such Mortgage Loan contains a “due on sale” or other such provision for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan 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 lending 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 Borrower, 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 of less than, or other than, a controlling interest in the related Borrower, (iv) transfers to another holder of direct or indirect equity in the Borrower, a specific Person designated in the related
Purchased Asset Documents or a Person satisfying specific criteria identified in the related Purchased Asset Documents, (v) transfers of stock or similar equity units in publicly traded companies, (vi) a substitution or release of
collateral within the parameters of paragraph 28 herein or (vii) any mezzanine debt that existed at the origination of the related Mortgage Loan, or future permitted mezzanine debt or (b) the related Mortgaged Property is encumbered with a
subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion Interest in such Mortgage Loan or subordinate debt that existed at origination and is permitted under the related Purchased Asset
Documents, (ii) purchase money security interests, (iii) any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan or (iv) Permitted Encumbrances; provided however, that the Mortgage Loan may
provide a mechanism for the assumption of the Mortgage Loan by a third party upon the Borrower’s satisfaction of certain conditions precedent and the payment of a required transfer fee. 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 Borrower is responsible for such payment along with all other reasonable fees and expenses incurred by the
mortgagee relative to such transfer or encumbrance. 
 32. Single-Purpose Entity. Each Mortgage Loan requires the
Borrower to be a Single-Purpose Entity for at least as long as the Mortgage Loan is outstanding. Both the Purchased Asset Documents and the organizational documents of the Borrower with respect to each Mortgage Loan with a maximum principal balance
in excess of $5 million as of the Purchase Date provide that the Borrower is a Single-Purpose Entity, and each Mortgage Loan with a maximum principal balance of $20 million or more as of the Purchase Date has a counsel’s opinion regarding
non-consolidation of the Borrower. For this purpose, a “Single-Purpose Entity” shall mean an entity, other than an individual, whose organizational documents (or if the Mortgage Loan has a maximum principal balance equal to $5
million or less as of the Purchase Date, its organizational 

  
 Ex. V-14 

 
documents or the related Purchased Asset 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 Mortgage Loans and prohibit it from engaging in any business unrelated to such Mortgaged Property or Mortgaged 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 (other than a Borrower for a Mortgage Loan that is cross-collateralized and
cross-defaulted with the related Mortgage Loan), and that it holds itself out as a legal entity, separate and apart from any other person or entity. 

33. Defeasance. The Mortgage Loan does not permit defeasance. 

34. Interest Rates. Each Mortgage Loan 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), except in situations where default interest may be imposed. For this purpose, “LIBOR” shall mean (a) the offered rate for deposits in U.S.
dollars for a period equal to thirty (30) days, which appears on appears on Reuters Screen LIBOR01 Page (or its equivalent) as the London Interbank Offering Rate as of 11:00 a.m., London time, on the applicable determination date or (b) if such
rate does not appear on Reuters Screen LIBOR01 Page (or its equivalent) as the London Interbank Offering Rate as of 11:00 a.m., London time, on the applicable determination date, then the arithmetic mean (rounded as aforesaid) of certain offered
quotations of rates to prime banks in the London interbank market as of approximately 11:00 a.m., London time, in an amount that is representative for a single transaction in the relevant market at the relevant time. If LIBOR shall cease to be
available pursuant to clauses (a) and (b) above or to the extent it becomes unlawful for the lender to make or maintain LIBOR loans, (x) in the event there exists an alternative rate to replace LIBOR, the index rate of interest for
such Mortgage Loan shall be a published index that the lender determines is then-currently used in making determinations of the Interest Rate for variable rate commercial loans, or (y) in the event there does not exist an alternative rate to
replace LIBOR, the rate of interest published in The Wall Street Journal from time to time as the “Prime Rate.” 

35. Ground Leases. With respect to any Mortgage Loan where the Mortgage Loan is secured by a ground 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 the originator, its successors and assigns, Seller represents and warrants that: 

(a) The Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted for
recordation in a form that is acceptable for recording in the applicable jurisdiction. The Ground Lease or an estoppel or other agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage 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; 

  
 Ex. V-15 

 (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, modified, or canceled or terminated by agreement of lessor and lessee 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 Mortgage Loan, except as reflected in any written instruments 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 the Borrower or the mortgagee) that extends not less than twenty (20) years beyond the stated maturity of the related Mortgage Loan, or ten (10) years past the stated
maturity if such Mortgage Loan fully amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially amortizes); 

(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, in Seller’s
reasonable judgment, place commercially unreasonable restrictions on the identity of the Mortgagee and the Ground Lease is assignable to the holder of the Mortgage Loan and its assigns without the consent of the lessor thereunder (or if such consent
is necessary it has been obtained), and in the event it is so assigned, it is further assignable by the holder of the Mortgage Loan 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. 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 default under the terms of such Ground Lease and to
Seller’s Knowledge, such Ground Lease is in full force and effect as of the Purchase Date; 
 (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 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; 

  
 Ex. V-16 

 (i) The Ground Lease does not impose any restrictions on
subletting that would be viewed, in Seller’s reasonable judgment, as commercially unreasonable by Seller in connection with loans originated for securitization; 

(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 subpart (k)) 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
Mortgage Loan, 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 Mortgage Loan, together with any accrued
interest; and 
 (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 lender upon termination of the Ground Lease for any reason, including rejection of the Ground Lease in a bankruptcy proceeding. 

36. Servicing. The servicing and collection practices used by Seller (or, to Seller’s Knowledge, the related
originator or any interim servicer, if Seller or an Affiliate was not the originator) with respect to the Mortgage Loan have at all times been, in all respects, legal and have met Accepted Servicing Practices. 

37. Origination and Underwriting. The origination practices of Seller (or, to Seller’s Knowledge, the related
originator if Seller or an Affiliate was not the originator) with respect to such Mortgage Loan have been, in all material respects, legal and as of the date of its origination, such Mortgage Loan and the origination thereof (to Seller’s
Knowledge, if Seller or an Affiliate was not the originator) complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mortgage Loan; provided that such
representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in this Exhibit V-A. 

38. [Reserved]. 

  
 Ex. V-17 

 39. No Material Default; Payment Record. No Mortgage Loan has been more
than thirty (30) days delinquent, without giving effect to any grace or cure period, in making required payments since origination, and as of its Purchase Date, no Mortgage Loan is more than thirty (30) days delinquent (beyond any
applicable grace or cure period) in making required payments. To Seller’s Knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the related Mortgage Loan, 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 (a) or (b), materially and adversely affects the value of the Mortgage Loan or the value, use or operation of the related Mortgaged Property, provided, however, that this representation
and warranty 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 this Exhibit V-A. No person
other than the holder of such Mortgage Loan may declare any event of default under the Mortgage Loan or accelerate any indebtedness under the Purchased Asset Documents. 

40. Bankruptcy. As of the date of origination (to Seller’s Knowledge, if Seller or an Affiliate was not the
originator) of such Mortgage Loan and, to Seller’s Knowledge, as of the Purchase Date, neither the Mortgaged Property (other than tenants of such Mortgaged Property), nor any portion thereof, is the subject of, and no Borrower, guarantor or
tenant occupying a single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding. 

41. Organization of Borrower. With respect to such Mortgage Loan, in reliance on certified copies of the organizational
documents of the related Borrower delivered by such Borrower in connection with the origination of such Mortgage Loan, the Borrower is an entity organized under the laws of a state of the United States of America, the District of Columbia or the
Commonwealth of Puerto Rico. Except with respect to any Mortgage Loan that is cross-collateralized or cross defaulted with another Purchased Asset, to Seller’s Knowledge, no Mortgage Loan has a Borrower that is an affiliate of a Borrower under
another Purchased Asset. 
 42. Environmental Conditions. A Phase I environmental site assessment (or update of a
previous Phase I and or Phase II site assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”) meeting ASTM requirements was conducted by a reputable environmental
consultant in connection with such Mortgage Loan within twelve (12) months prior to its origination date (or an update of a previous ESA was prepared during such period), 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, hereinafter “Environmental Condition”) at the related Mortgaged Property as of the date of such ESA or the need for further investigation, or
(ii) if the existence of an Environmental Condition or need for further investigation was indicated in any such 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 Borrower 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 recommended action in the ESA is the institution of such a plan, an

  
 Ex. V-18 

 
operations or maintenance plan has been required to be instituted by the related Borrower 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 related Purchase Date, and, if and as appropriate, a no further action or closure letter was obtained from the applicable governmental
regulatory authority (or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable environmental consultant has concluded that no further action is
required); (D) an environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth below that covers liability for the identified circumstance or condition was obtained from an insurer rated
no less than A- (or the equivalent) by Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services and/or Fitch Ratings Inc.; (E) a party not related to the Borrower was identified as the responsible party for such
condition or circumstance and such responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Borrower 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. 

43. [Reserved]. 

44. Appraisal. The Purchased Asset File contains an appraisal of the related Mortgaged Property with an appraisal date
within six (6) months of the Mortgage Loan origination date, and within six (6) months of the Purchase Date. The appraisal is signed by an appraiser who is a Member of the Appraisal Institute (“MAI”) and, to Seller’s
Knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Borrower or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan. 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.

 45. Cross-Collateralization. No Mortgage Loan is cross-collateralized or cross-defaulted with any other Mortgage
Loan, except as set forth on the related Purchased Asset Schedule. 
 46. Advance of Funds by Seller. After
origination of such Mortgage Loan, no advance of funds has been made by Seller to the related Borrower other than in accordance with the related Purchased Asset Documents, and, to Seller’s Knowledge, no funds have been received from any person
other than the related Borrower or an affiliate for, or on account of, payments due on such Mortgage Loan (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 the related Purchased Asset Documents). Neither Seller nor any affiliate thereof has any obligation to make any capital contribution to any
Borrower under such Mortgage Loan, other than contributions made on or prior to the Purchase Date. 
 47. Compliance with
Anti-Money Laundering Laws. Seller has complied in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the Mortgage
Loan. 

  
 Ex. V-19 

 48. Affiliates. The related Borrower is not an Affiliate of Seller. 

C. Mezzanine Loans. With respect to each Mezzanine Loan that constitutes a Purchased Asset: 

1. Whole Loans. Such Mezzanine Loan is a whole Mezzanine Loan secured by Equity Collateral consisting of one hundred
percent (100%) of the direct or indirect equity interests in the entity or entities that own directly or indirectly the related Mortgaged Property or Mortgaged Properties. No Mezzanine Loan is a Participation Interest or other partial interest
in a Mezzanine Loan. The related Mortgage Loan complies with all of the representations and warranties set forth in Section (B) above and is also a Purchased Asset subject to a Transaction under the Master Repurchase Agreement. 

2. Mezzanine Loan Document Status. Each related Promissory Note and other agreement executed by or on behalf of the
related Borrower in connection with such Mezzanine Loan is the legal, valid and binding obligation of such Borrower (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or
market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except as such enforcement may be limited by the Insolvency 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 Promissory Notes 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 such Mezzanine Loan, that would deny the pledgee the principal benefits intended to be provided by the Promissory Note or other Purchased Asset Documents. 

3. Pledge Provisions. The Purchased Asset Documents for each Mezzanine Loan contain provisions that render the rights
and remedies of the holder thereof adequate for the practical realization against the related Equity Interests of the principal benefits of the security intended to be provided thereby, including realization by UCC foreclosure subject to the
limitations set forth in the Insolvency Qualifications. 
 4. Mezzanine Loan Status; Waivers and Modifications. Since
origination and except by written instruments set forth in the related Purchased Asset File or to the extent otherwise permitted in accordance with the Master Repurchase Agreement, (a) the material terms of the related pledge agreement,
Promissory Note, guaranty, and the other Purchased Asset Documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any respect which materially interferes with the security intended to be provided
by such Mezzanine Loan; (b) no related Equity Interests or any portion thereof has been released from the lien of the related pledge or other security agreement in any manner which materially interferes with the security intended to be provided
by such agreement; and (c) the related Borrower has not been released from its material obligations under the related Purchased Asset Documents. 

  
 Ex. V-20 

 5. Lien; Valid Assignment. Subject to the Insolvency Qualifications, each
assignment of Mezzanine Loan and agreements executed in connection therewith from Seller will constitute a legal, valid and binding assignment from Seller. Each Mezzanine Loan is freely assignable without the consent of the related Borrower. Each
pledge of collateral for the Mezzanine Loan creates (or, with respect to Wet Purchased Assets, upon the filing of a UCC financing statement in the applicable filing office, will create) a legal, valid and enforceable first priority security interest
in such collateral, except as the enforcement thereof may be limited by the Insolvency Qualifications. Notwithstanding anything herein to the contrary, no representation is made as to the perfection of any security interest in 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. 

6. UCC 9 Policies. Seller’s security interest in the Equity Interests is covered by a “UCC 9” insurance
policy relating to the Mezzanine Loan (or, if such policy is yet to be issued, by a pro forma title policy or “marked up” commitment preliminary title policy with escrow or closing instructions, in each case binding on the issuer), and
(i) such policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, (ii) all premiums thereunder have been paid, (iii) no claims have been made by or on behalf of Seller thereunder, and
(iv) no claims have been paid thereunder. The originator of such Mezzanine Loan obtained a mezzanine endorsement to the “owner’s” title policy and an assignment of title proceeds in connection therewith. 

7. Actions Concerning Mezzanine Loan. As of the date of origination of such Mezzanine Loan 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 related Borrower or guarantor, or the related Equity Interests, or Mortgaged Property,
an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such Borrower’s title to such Equity Interests, (b) the related mortgage Borrower’s title to the related Mortgaged Property,
(c) the validity or enforceability of the related Purchased Asset Documents, (d) such Borrower’s ability to perform under such Mezzanine Loan (or the related mortgage Borrower’s ability to perform under the related Mortgage Loan, as
applicable), (e) such guarantor’s ability to perform under the related guaranty or (f) the principal benefit of the security intended to be provided by the Purchased Asset Documents. 

8. Escrow Deposits. All escrow deposits and payments required to be escrowed with lender pursuant to such Mezzanine
Loan are in the possession, or under the control, of Seller or 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 the lender under the related Purchased Asset Documents are being conveyed by Seller to Purchaser. 

9. No Holdbacks. The principal amount of such Mezzanine Loan stated on the related Purchased Asset Schedule has been
fully disbursed as of the Purchase Date and there is no requirement for future advances thereunder (except for Future Advances identified on the related Purchased Asset Schedule or in those cases where the full amount of the Mezzanine Loan has been
disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to matters with respect to the related Mortgaged Property, the Borrower or other considerations determined by Seller
to merit such holdback). 

  
 Ex. V-21 

 10. No Contingent Interest or Equity Participation. No Mezzanine Loan has
a shared appreciation feature, any other contingent interest feature or a negative amortization feature (in each case except that an ARD 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. 
 11. Compliance with Usury Laws. The Interest
Rate (exclusive of any default interest, late charges, yield maintenance charges, exit fees, or prepayment premiums) of such Mezzanine Loan complied as of the date of origination of such Mezzanine Loan with, or was exempt from, applicable state or
federal laws, regulations and other requirements pertaining to usury. 
 12. Recourse Obligations. The Purchased
Asset Documents for such Mezzanine Loan provide that such Mezzanine Loan (a) becomes full recourse to the Borrower and guarantor (which is a natural person or persons, or an entity distinct from the related Borrower (but may be affiliated with
such Borrower) that has assets other than the equity in the related Mortgaged Property that are not de minimis) in any of the following events: (i) if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to
federal bankruptcy law, or any similar federal or state law, shall be filed by the related Borrower; (ii) if Borrower or guarantor shall have colluded with (or, alternatively, solicited or caused to be solicited) other creditors to cause an
involuntary bankruptcy filing with respect to the Borrower; or (iii) upon any voluntary transfer of the related Mortgaged Property, Equity Interests, or equity interests in the related Borrower made in violation of the related Purchased Asset
Documents; and (b) contains provisions providing for recourse against the Borrower and guarantor (which is a natural person or persons, or an entity distinct from the related Borrower (but may be affiliated with such Borrower) that has assets
other than the equity in the related Mortgaged Property that are not de minimis), for losses and damages sustained by reason of the Borrower’s (i) misappropriation of rents after the occurrence of an event of default under the Mezzanine
Loan; (ii) misappropriation of security deposits (or, alternatively, the failure of any security deposits to be delivered to lender upon foreclosure or action in lieu thereof (except to the extent applied in accordance with leases prior to an
event of default under such Mezzanine Loan)), insurance proceeds, or condemnation awards; (iii) fraud or intentional material misrepresentation; (iv) breaches of the environmental covenants in the related Purchased Asset Documents; or
(v) commission of intentional material physical waste at the related Mortgaged Property. 
 13. Single-Purpose
Entity. Each Mezzanine Loan requires the related Borrower to be a Single-Purpose Entity for at least as long as such Mezzanine Loan is outstanding. Both the Purchased Asset Documents and the organizational documents of the Borrower with respect
to each Mezzanine Loan with a maximum principal balance in excess of $5 million as of the Purchase Date provide that such Borrower is a Single-Purpose Entity, and each Mezzanine Loan with a maximum principal balance of $20 million or more as of the
Purchase Date has a counsel’s opinion regarding non-consolidation of such Borrower. 
 14. Defeasance. The
Mezzanine Loan does not permit defeasance. 

  
 Ex. V-22 

 15. Interest Rates. Each Mezzanine Loan 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), except in situations where default interest may be imposed. For this purpose, “LIBOR” shall mean
(a) the offered rate for deposits in U.S. dollars for a period equal to thirty (30) days, which appears on appears on Reuters Screen LIBOR01 Page (or its equivalent) as the London Interbank Offering Rate as of 11:00 a.m., London time, on the
applicable determination date or (b) if such rate does not appear on Reuters Screen LIBOR01 Page (or its equivalent) as the London Interbank Offering Rate as of 11:00 a.m., London time, on the applicable determination date, then the arithmetic
mean (rounded as aforesaid) of certain offered quotations of rates to prime banks in the London interbank market as of approximately 11:00 a.m., London time, in an amount that is representative for a single transaction in the relevant market at the
relevant time. If LIBOR shall cease to be available pursuant to clauses (a) and (b) above or to the extent it becomes unlawful for the lender to make or maintain LIBOR loans, (x) in the event there exists an alternative rate to
replace LIBOR, the index rate of interest for such Mezzanine Loan shall be a published index that the lender determines is then-currently used in making determinations of the Interest Rate for variable rate commercial loans, or (y) in the event
there does not exist an alternative rate to replace LIBOR, the rate of interest published in The Wall Street Journal from time to time as the “Prime Rate.” 

16. Servicing. The servicing and collection practices used by the Seller (or, to Seller’s Knowledge, the related
originator or any interim servicer, if Seller or an Affiliate was not the originator) with respect to the Mezzanine Loan have at all times been, in all respects, legal and have met Accepted Servicing Practices. 

17. Origination and Underwriting. The origination practices of Seller (or, to Seller’s Knowledge, the related
originator if Seller or an Affiliate was not the originator) with respect to such Mezzanine Loan have been, in all material respects, legal and as of the date of its origination, such Mezzanine Loan and the origination thereof (to Seller’s
Knowledge, if Seller or an Affiliate was not the originator) complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination of such Mezzanine Loan; provided that such
representation and warranty does not address or otherwise cover any matters with respect to federal, state or local law otherwise covered in this Exhibit V-A. 

18. No Material Default; Payment Record. No Mezzanine Loan has been more than thirty (30) days delinquent, without
giving effect to any grace or cure period, in making required payments since origination, and as of its Purchase Date, no Mezzanine Loan is more than thirty (30) days delinquent (beyond any applicable grace or cure period) in making required
payments. To Seller’s Knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the Mezzanine Loan, 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
(a) or (b), materially and adversely affects the value of the Mezzanine Loan, provided, however, that this representation and warranty 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 this Exhibit V-A. No person other than the holder of such Mezzanine Loan may declare any event of default under the Mezzanine Loan
or accelerate any indebtedness under the Purchased Asset Documents. 

  
 Ex. V-23 

 19. Bankruptcy. As of the date of origination (to Seller’s
Knowledge, if Seller or an Affiliate was not the originator) of each Mezzanine Loan and, to Seller’s Knowledge, as of the Purchase Date, no related Borrower or guarantor is a debtor in any state or federal bankruptcy, insolvency or similar
proceeding. 
 20. Organization of Borrower. With respect to such Mezzanine Loan, in reliance on certified copies of
the organizational documents of the related Borrower delivered by such Borrower in connection with the origination of such Mezzanine Loan, such Borrower is an entity organized under the laws of a state of the United States of America, the District
of Columbia or the Commonwealth of Puerto Rico. Except with respect to any Mezzanine Loan that is cross-collateralized or cross-defaulted with another Purchased Asset, to Seller’s Knowledge, no Mezzanine Loan has a Borrower that is an affiliate
of another Borrower under another Purchased Asset. 
 21. Cross-Collateralization. No Mezzanine Loan is
cross-collateralized or cross-defaulted with any other loan, except any another Purchased Asset and only to the extent set forth on the related Purchased Asset Schedule. 

22. Advance of Funds by Seller. After origination of such Mezzanine Loan, no advance of funds has been made by Seller
to the related Borrower other than in accordance with the related Purchased Asset Documents, and, to Seller’s Knowledge, no funds have been received from any person other than the related Borrower or an affiliate of the related Borrower for, or
on account of, payments due on such Mezzanine Loan (other than as contemplated by the related 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 the related Purchased Asset Documents). Neither Seller nor any affiliate thereof has any obligation to make any capital contribution to any Borrower under a Mezzanine Loan, other than
contributions made on or prior to the Purchase Date. 
 23. Compliance with Anti-Money Laundering Laws. Seller has
complied in all material respects with all applicable anti-money laundering laws and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of such Mezzanine Loan. 

24. Affiliates. The related Borrower is not an Affiliate of Seller. 

25. Not a Security. With respect to each Mezzanine Loan, such Mezzanine Loan has not been deemed, and is not, a
“security” within the meaning of the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. 

D. Senior Notes. With respect to each Purchased Asset that is a Promissory Note, such note is a Senior
Note (with no existing more-senior Promissory Note or Participation Interest) related to a Mortgage Loan or a Mezzanine Loan that complies with all of the representations set forth in Section (B) or (C) above, as applicable.
If such Promissory Note is pari passu with any other Promissory Note, the holder of such Promissory Note is the Record Holder and the Controlling Holder as between such pari passu Promissory Note pursuant to a co-lender agreement that
is legal, valid and enforceable as between its parties, subject to the limitations set forth in the Insolvency Qualifications. 

  
 Ex. V-24 

 E. Participation Interests. With respect to each Purchased
Asset that is a Participation Interest: 
 1. Mortgage Loan/Mezzanine Loan. The related Mortgage Loan complies with
all of the representations set forth in Section (B) above and, if applicable, the related Mezzanine Loan complies with all of the representations set forth in Section (C) above. 

2. Participation Certificate. Such Participation Interest is evidenced by a physical Participation Certificate. 

3. Record Holder; Status of Participation Agreement. Such Participation Interest is a senior or pari passu
participation interest (in each case, with no existing more-senior participation interest) in either (x) a whole Mortgage Loan, (y) a whole Mezzanine Loan or (z) both a whole Mortgage Loan and a whole Mezzanine Loan. Seller or an
agent on behalf of Seller and the holder of the related Companion Interest(s) is the Record Holder of the related Mortgage Loan and, if applicable, the Record Holder under the related Mezzanine Loan pursuant to (x) a participation agreement
that is legal, valid and enforceable as between its parties and (y) if applicable, a custodial agreement that is legal, valid and enforceable as between its parties, in each case subject to the limitations set forth in the Insolvency
Qualifications. If such Participation Interest is (i) a pari passu participation interest or (ii) a senior participation interest with respect to which no related junior participation interest accounts for more than ten
(10) percent of the maximum principal balance of the related Mortgage Loan and, if applicable, the related Mezzanine Loan, the related participation agreement provides that the holder of such Participation Interest is the Controlling Holder. If
such Participation Interest is a senior participation interest with respect to which the related junior participation interest accounts for more than ten (10) percent of the maximum principal balance of the related Mortgage Loan and, if
applicable, the related Mezzanine Loan, the control rights granted to the holder of such junior participation pursuant to the related participation agreement are customary for holders of junior participations in commercial mortgage loans. 

4. Costs and Expenses. If the Participation Interest is pari passu with any Companion Interest, the holder of
such Companion Interest is required to pay its pro rata share of any expenses, costs and fees associated with servicing and enforcing rights and remedies under the related Mortgage Loan and, if applicable, the related Mezzanine Loan upon request
therefor by the holder of such Participation Interest (or the Record Holder or a servicer). If the Participation Interest is senior to any Companion Interests, the holder of such Companion Interest is required to bear any expenses, costs and fees
associated with servicing and enforcing rights and remedies under the related Mortgage Loan and, if applicable, the related Mezzanine Loan prior to the holder of such Participation Interest. 

5. Companion Interest Holders. The related participation agreement is effective to convey the related Companion
Interests to the related Companion Interest Holders and is not intended to be or effective as a loan or other financing secured by the related Mortgaged Property or, if applicable, the related Equity Interests. Neither the holder of the
Participation Interest nor the Record Holder owes any fiduciary duty or obligation to any Companion Interest Holder pursuant to the applicable participation agreement. 

  
 Ex. V-25 

 6. Purchased Asset File. The Purchased Asset File with respect to such
Participation Interest includes all material documents evidencing such Participation Interest and since origination and except by written instruments set forth in the related Purchased Asset File or to the extent otherwise permitted in accordance
with the Master Repurchase Agreement, the terms of such documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated or rescinded in any material respect except as set forth in the documents contained in the
Purchased Asset File. Each assignment of the related Participation Certificate contained in the Purchased Asset File is in the form required by the related participation agreement or is otherwise sufficient to assign such Participation Certificate.

 7. No Defaults or Waivers under Participation Documents. All amounts due and owing to any Companion Interest
Holder pursuant to the related participation agreement or related documents have been duly and timely paid. (a) There is (i) no default, breach or violation existing under any participation agreement or related document, and (ii) 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 default, breach, or violation under any participation agreement or related
document, and (b) no default, breach or violation under any participation agreement or related document has been waived, that, in the case of either (a) or(b), materially and adversely affects the value of the Participation Interest;
provided, however, that this representation and warranty does not cover any default, breach or violation that specifically pertains to or arises out of an exception scheduled to any other representation and warranty made by Seller in
this Exhibit V-A. No person other than the holder of such Participation Interest or the related Companion Interests (or, in each case, a pledgee of any such Participation Interests) may declare any default, breach or violation under the
applicable participation agreement or related documents. 
 8. Bankruptcy. As of the Purchase Date (to Seller’s
Knowledge, if neither Seller nor an Affiliate thereof was the issuer of such Participation Interest), no issuer of such Participation Interest is a debtor in any outstanding in state or federal bankruptcy or insolvency proceeding. As of the Purchase
Date (to Seller’s Knowledge, if neither Seller nor an Affiliate thereof is the Companion Interest Holder), no related Companion Interest Holder is a debtor in any outstanding in state or federal bankruptcy or insolvency proceeding. 

9. No Known Liabilities. 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. 

10. Transfer. If Seller is the Record Holder, the Record Holder role, rights and responsibilities are assignable by
Seller without consent or approval other than those that have been obtained and Seller will timely deliver to Custodian all necessary assignments, notices, and documents in order to convey record title of the related Mortgage Loan and, if
applicable, the related Mezzanine Loan, and other rights and interests to Purchaser in its capacity as successor Record Holder; 

  
 Ex. V-26 

 11. No Repurchase. The terms of the related participation agreement do
not require or obligate the holder of the Participation Interest or the Record Holder or their respective successors or assigns to repurchase any Companion Interest under any circumstances. 

12. No Misrepresentations. Neither Seller nor any Affiliate thereof that is the issuer of such Participation Interest,
in selling any Companion Interest to a Companion Interest Holder, committed any fraud or made any misrepresentation or omission of information Known to Seller or any Affiliate thereof necessary for a prudent commercial real estate lender to make an
informed decision to purchase such Companion Interest. 
 13. UCC. Such Participation Interest (i) is not dealt
in or traded on a securities exchange or in a securities market, (ii) does not by its terms expressly provide that it is a Security governed by Article 8 of the UCC, (iii) is not Investment Property, (iv) is not held in a Securities
Account and (v) does not constitute a Security or a Financial Asset. The related Participation Certificate is an Instrument. For purposes of this paragraph (13), capitalized terms undefined in the Master Repurchase Agreement have the
meaning given to such term in the UCC. 

  
 Ex. V-27 

 EXHIBIT V-B 

REPRESENTATIONS AND WARRANTIES 

REGARDING INDIVIDUAL PURCHASED ASSETS IN THE UNITED KINGDOM 

(attached) 

  
 Ex. V-B-1 

 EXHIBIT V-B 

REPRESENTATIONS AND WARRANTIES 

REGARDING INDIVIDUAL PURCHASED ASSETS IN THE UNITED KINGDOM 

The following Representations and Warranties are made in respect of Purchased Assets where (and to the extent that) the
Mortgaged Properties/y are/is located in the United Kingdom. 
 Capitalized terms used but not defined in this Exhibit
V-B shall have the respective meanings given them in the Master Repurchase Agreement to which this Exhibit V-B is attached (the “Master Repurchase Agreement”). 

Seller acknowledges and agrees that the representations and warranties contained in this Exhibit V-B may be amended
from time to time by Purchaser in its reasonable discretion to conform such representations and warranties to Purchaser’s then current standard representations and warranties for commercial mortgage-backed securitization transactions;
provided, that such amended representations and warranties shall only apply to Purchased Assets that are originated or first acquired by Seller or any of its Affiliates after the date Seller receives written notice of the amended
representations and warranties. 
 REPRESENTATIONS AND WARRANTIES 

With respect to each applicable Purchased Asset: 

1. Such Purchased Asset complies with all of the representations and warranties set forth in Exhibit V-A of the Master
Repurchase Agreement, to the extent applicable under the relevant laws of the United Kingdom for a Purchased Asset secured by Mortgaged Property located in the United Kingdom. 

2. The relevant Seller’s share of the related Purchased Asset carries a right to repayment of principal under the related
loan agreement (the related loan agreement as amended from time to time, the “Relevant Loan”) in an amount not less than the principal balance of the Seller’s share of the Relevant Loan disclosed in the Confirmation. 

3. Subject to registration (an application for which shall be submitted within the applicable priority period or within the
advance notice period (as applicable)) at (a) the Land Registry in England and Wales, (b) the Scottish Land Register in Scotland, and/or (c) the Irish Land Register in Northern Ireland, in each case as applicable, and subject to any
Title Exception which references this Warranty and which is expressed to be a derogation from this Warranty (if any), each Mortgage constitutes a first ranking charge by way of legal mortgage over the relevant Mortgaged Property and secures in
priority to all other mortgages and charges (or other security interests of any nature whatsoever) all monies owing under the related Mortgage Loan or, to the extent that the Mortgage has not yet been registered, such Mortgage is in proper form for
registration as a first ranking charge by way of legal mortgage, all stamp, registration, notarial or similar taxes or fees in connection with such registration have been paid and relevant disclosures to any relevant taxing authority in relation to
stamp duty land tax have been made. 

  
 Ex. V-B-2 

 4. The Purchased Asset carries a right to repayment of principal under the
related Purchased Asset Documents in an amount not less than the principal balance of such Purchased Asset as disclosed in the Confirmation and the Purchased Asset is not subject to any right of set-off or counterclaim in favor of a Borrower. 

5. Interest is charged on the relevant Seller’s share of the related Purchased Asset at such a rate or rates as may be
determined in accordance with the provisions of the Relevant Loan. 
 6. On the basis of, and subject to the reservations
and qualifications set out in, the legal opinions referred to in the Relevant Loan, the related Purchased Asset constitutes a valid and binding obligation of, and is enforceable against, the Borrowers, subject to the general principles of law
limiting such valid and binding obligation and its enforceability. 
 7. Each relevant Seller or an Affiliate of the
relevant Seller has, since the date of origination of the related Purchased Asset, kept or procured the keeping of full and commercially proper accounts, books and records showing clearly all transactions, payments, receipts, proceedings and notices
relating to its relevant Seller share of the related Purchased Asset made or received by it or by an Affiliate of the relevant Seller and which are complete and accurate in all material respects and the said records are available to it on an
unrestricted basis, or, to the relevant Seller’s Knowledge, such records have been kept by or on behalf of a predecessor-in-title to the relevant Seller, and, to the Seller’s Knowledge such records of a predecessor-in-title to the relevant
Seller or an Affiliate of the relevant Seller are complete and accurate in all material respects. 
 8. So far as the
relevant Seller is aware, no event of default (howsoever described) under the related Purchased Asset (each, a “Loan Event of Default”) or any event or circumstance which would (with the expiry of a grace period, the giving of
notice, the making of any determination under the relevant documents or any combination of any of the foregoing) be a Loan Event of Default has occurred that has not been cured or waived. 

9. The relevant Seller has not received any notice, and is not aware, that any Hedging Transaction is invalid, void, or is
subject to a claim impairment the effect of which would materially reduce, impair or otherwise materially and adversely affect the Relevant Loan or the Relevant Security (as that term is defined below) for that Relevant Loan. 

10. To the relevant Seller’s Knowledge there are no circumstances giving rise to a material reduction in the market value
of the relevant Mortgaged Properties since the funding date of the relevant Purchased Asset (other than market forces generally). 

11. Each relevant Seller is (subject only to delivery of any necessary notice which have been delivered) the sole legal and
beneficial owner of the relevant Purchased Asset and is the sole beneficial owner of its interest in the security granted by a Borrower in respect of the related Mortgage Loan (the “Relevant Security”) in each case free and clear of
all encumbrances, claims and equities other than those contemplated by the Transaction Documents. The relevant Seller’s interest in the related Purchased Asset is transferred with full title guarantee. 

12. Each relevant Seller is entitled, under the terms of the Relevant Loan and subject to the provisions for transfer as set
out therein, to enter into the Relevant Loan, to execute and deliver a Transfer Certificate and to grant security to the Purchaser in accordance with the terms of the Relevant Loan, and to transfer the relevant Purchased Asset (and its interest in
the Relevant Security relating to the same) to the Purchaser absolutely. 

  
 Ex. V-B-3 

 13. Prior to the advancing and purchase of the relevant Purchased Asset: 

(a) the relevant Seller or a predecessor-in-title of the relevant Seller commissioned an adequate due diligence
procedure which initially or after further investigation disclosed nothing which would have caused a reasonably prudent mortgage lender to decline to proceed with the advance on its agreed terms; and 

(b) the relevant Seller or, to the Seller’s Knowledge, a predecessor-in-title of the relevant Seller have
not become aware of any matter or thing since the date of origination or acquisition materially affecting the title of the Borrowers to any part of the Relevant Security which would have caused a reasonably prudent mortgage lender to decline to
proceed with the advance on its agreed terms. 
 14. To the Sellers’ Knowledge no report on title given by a lawyer in
connection with its or a predecessor-in-title’s origination of the relevant Purchased Asset was negligently or fraudulently prepared. 

15. The Mortgaged Properties securing the relevant Purchased Asset were valued by an independent valuer prior to the advance
of the relevant Purchased Asset (the related valuation, the “Initial Valuation”). 
 16. To the
Sellers’ Knowledge, the Initial Valuation was not fraudulently undertaken by the relevant valuer and such Initial Valuation did not fail to disclose any fact or circumstance which, if disclosed, would have caused the relevant Sellers or a
predecessor-in-title of the Relevant Seller to decline to proceed with the origination of the relevant Purchased Asset. 

17. To the Sellers’ Knowledge, the origination and advance of the relevant Purchased Asset and any Relevant Security and
the circumstances of the Borrowers satisfied in all material respects the applicable parts of the relevant Seller’s underwriting and lending criteria, or of the underwriting and lending criteria of a predecessor-in-title to the relevant Seller.

 18. Each relevant Seller and each predecessor-in-title to the relevant Seller has performed in all material aspects all
of its obligations under or in connection with the relevant Purchased Asset and to the relevant Seller’s Knowledge the Borrowers have not taken or threatened to take any action against such relevant Seller or against any agent, security trustee
or other administrative party under the Relevant Loan (together with the relevant Seller, the “Finance Parties”) for any material failure on the part of the Finance Parties under or in respect of the relevant Purchased Asset to
perform any such obligations. 
 19. The relevant Seller has not received written notice of any default or forfeiture (or
irritancy or any analogous proceedings) of any head lease for, or occupational lease granted in respect of, any Mortgaged Property or of the insolvency of any tenant of any Mortgaged Property which would, in any case materially impair or otherwise
materially and adversely affect the Related Security. 

  
 Ex. V-B-4 

 20. Prior to making the initial advance under the relevant Purchased Asset, (i)
no written recommendation was received by the relevant Seller or a predecessor-in-title of the relevant Seller from any valuer in connection with its work on the Initial Valuation to carry out any further or additional environmental audit, survey or
report of any Mortgaged Property which was not pursued (except for de minimis recommendations which, if not pursued, would be inconsistent with the performance of adequate due diligence), and (ii) if any such environmental audit, survey
or report was performed prior to such origination or acquisition, the results of any such environmental audit, survey or report which was procured by the relevant Seller or a predecessor-in-title of the relevant Seller were made available to the
valuer in respect of the Initial Valuation. 
 21. The sale of the relevant Purchased Asset pursuant to a Transaction will
occur in the ordinary course of the business of the relevant Seller. 
 22. The relevant Borrowers had as at the date of
origination of the relevant Purchased Asset, and have, subject to matters disclosed in the due diligence reports and the Property Reports which were disclosed to the valuer in connection with the Initial Valuation, good and marketable title to the
Mortgaged Properties. 
 23. The relevant Sellers have not received and (to the relevant Seller’s Knowledge) no Finance
Party has received written notice that any insurance policy in respect of a Mortgaged Property is about to lapse. 
 24. The
relevant Seller has not received notice and the relevant Seller has no Knowledge of the bankruptcy, liquidation, receivership, administration or a winding up or administrative order or dissolution (or its equivalent in any relevant jurisdiction
applicable to the Borrower) made against any Borrower or owner of a Mortgaged Property. 
 25. As of the Purchase Date, to
the relevant Seller’s Knowledge, no amount of principal or interest due from the Borrowers has at any time been more than 5 Business Days overdue in respect of the related Purchased Asset. 

26. No Mortgage Loan nor the related Mortgage consist of or includes any “stock” or “marketable
securities” within the meaning of section 125 of the Finance Act 2003, “chargeable securities” for the purposes of section 99 of the Finance Act 1986, a “chargeable interest” for the purposes of section 48 of the Finance Act
2003 or a “chargeable interest” for the purposes of section 4 of the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017) (in each case, as such legislation may be amended, extended or re-enacted from time to time).

 27. No agreement for any Mortgage Loan is in whole or in part a regulated agreement or consumer credit agreement (as
defined in Section 8 of the Consumer Credit Act 1974 (as amended, extended or re-enacted from time to time)). 

  
 Ex. V-B-5 

 EXHIBIT V-C 

REPRESENTATIONS AND WARRANTIES 

REGARDING INDIVIDUAL PURCHASED ASSETS IN THE EUROPEAN UNION 

(attached) 

  
 Ex. V-C-1 

 EXHIBIT V-C 

REPRESENTATIONS AND WARRANTIES 

REGARDING INDIVIDUAL PURCHASED ASSETS IN THE EUROPEAN UNION 

The following Representations and Warranties are made in respect of Purchased Assets where (and to the extent that) the
Mortgaged Properties/y are/is located in a member state of the European Union (a “Member State”). 

Capitalized terms used but not defined in this Exhibit V-C shall have the respective meanings given them in the Master
Repurchase Agreement to which this Exhibit V-C is attached (the “Master Repurchase Agreement”). 

Seller acknowledges and agrees that the representations and warranties contained in this Exhibit V-C may be
(i) amended from time to time by Purchaser in its reasonable discretion to conform such representations and warranties to Purchaser’s then current standard representations and warranties for commercial mortgage-backed securitization
transactions; provided, that such amended representations and warranties shall only apply to Purchased Assets that are originated or first acquired by Seller or any of its Affiliates after the date Seller receives written notice of the
amended representations and warranties and (ii) amended and/or supplemented by Purchaser in its reasonable discretion in respect of a new Transaction (but not, for the avoidance of doubt, for any previously existing Transaction) to take into
account specific legal issues or market norms of the relevant Member State that are otherwise unaccounted for herein. 
 REPRESENTATIONS
AND WARRANTIES 
 With respect to each applicable Purchased Asset: 

1. Such Purchased Asset complies with all of the representations and warranties set forth in Exhibit V-A of the Master
Repurchase Agreement, to the extent applicable under the relevant laws of the relevant Member State for a Purchased Asset secured by Mortgaged Property located in that Member State. 

2. The relevant Seller’s share of the related Purchased Asset carries a right to repayment of principal under the related
loan agreement (the related loan agreement as amended from time to time, the “Relevant Loan”) in an amount not less than the principal balance of the Seller’s share of the Relevant Loan disclosed in the Confirmation. 

3. Subject to registration (an application for which shall be submitted within the applicable priority period or within the
advance notice period (as applicable)) at the equivalent of HM Land Registry in the relevant Member State and subject to any Title Exception (or its equivalent in the relevant Member State) which references this Warranty and which is expressed to be
a derogation from this Warranty (if any), each Mortgage constitutes a first ranking charge by way of legal mortgage over the relevant Mortgaged Property and secures in priority to all other mortgages and charges (or other security interests of any
nature whatsoever) all monies owing under the related Mortgage Loan or, to the extent that the Mortgage has not yet been registered, such Mortgage is in proper form for registration as a first ranking charge by way of legal mortgage, all stamp,
registration, notarial or similar taxes or fees in connection with such registration have been paid and relevant disclosures to any relevant taxing authority in relation to stamp duty land tax have been made. 

  

 4. The Purchased Asset carries a right to repayment of principal under the
related Purchased Asset Documents in an amount not less than the principal balance of such Purchased Asset as disclosed in the Confirmation and the Purchased Asset is not subject to any right of set-off or counterclaim in favor of a Borrower. 

5. Interest is charged on the relevant Seller’s share of the related Purchased Asset at such a rate or rates as may be
determined in accordance with the provisions of the Relevant Loan. 
 6. On the basis of, and subject to the reservations
and qualifications set out in, the legal opinions referred to in the Relevant Loan, the related Purchased Asset constitutes a valid and binding obligation of, and is enforceable against, the Borrowers, subject to the general principles of law
limiting such valid and binding obligation and its enforceability. 
 7. Each relevant Seller or an Affiliate of the
relevant Seller has, since the date of origination of the related Purchased Asset, kept or procured the keeping of full and commercially proper accounts, books and records showing clearly all transactions, payments, receipts, proceedings and notices
relating to its relevant Seller share of the related Purchased Asset made or received by it or by an Affiliate of the relevant Seller and which are complete and accurate in all material respects and the said records are available to it on an
unrestricted basis, or, to the relevant Seller’s Knowledge, such records have been kept by or on behalf of a predecessor-in-title to the relevant Seller, and, to the Seller’s Knowledge such records of a predecessor-in-title to the relevant
Seller or an Affiliate of the relevant Seller are complete and accurate in all material respects. 
 8. So far as the
relevant Seller is aware, no event of default (howsoever described) under the related Purchased Asset (each, a “Loan Event of Default”) or any event or circumstance which would (with the expiry of a grace period, the giving of
notice, the making of any determination under the relevant documents or any combination of any of the foregoing) be a Loan Event of Default has occurred that has not been cured or waived. 

9. The relevant Seller has not received any notice, and is not aware, that any Hedging Transaction is invalid, void, or is
subject to a claim impairment the effect of which would materially reduce, impair or otherwise materially and adversely affect the Relevant Loan or the Relevant Security (as that term is defined below) for that Relevant Loan. 

10. To the relevant Seller’s Knowledge there are no circumstances giving rise to a material reduction in the market value
of the relevant Mortgaged Properties since the funding date of the relevant Purchased Asset (other than market forces generally). 

11. Each relevant Seller is (subject only to delivery of any necessary notice which have been delivered) the sole legal and
beneficial owner of the relevant Purchased Asset and is the sole beneficial owner of its interest in the security granted by a Borrower in respect of the related Mortgage Loan (the “Relevant Security”) in each case free and clear of
all encumbrances, claims and equities other than those contemplated by the Transaction Documents. The relevant Seller’s interest in the related Purchased Asset is transferred with full title guarantee. 

12. Each relevant Seller is entitled, under the terms of the Relevant Loan and subject to the provisions for transfer as set
out therein, to enter into the Relevant Loan, to execute and deliver a Transfer Certificate and to grant security to the Purchaser in accordance with the terms of the Relevant Loan, and to transfer the relevant Purchased Asset (and its interest in
the Relevant Security relating to the same) to the Purchaser absolutely. 

  
 Ex. V-C-3 

 13. Prior to the advancing and purchase of the relevant Purchased Asset: 

(a) the relevant Seller or a predecessor-in-title of the relevant Seller commissioned an adequate due
diligence procedure which initially or after further investigation disclosed nothing which would have caused a reasonably prudent mortgage lender to decline to proceed with the advance on its agreed terms; and 

(b) the relevant Seller or, to the Seller’s Knowledge, a predecessor-in-title of the relevant Seller have
not become aware of any matter or thing since the date of origination or acquisition materially affecting the title of the Borrowers to any part of the Relevant Security which would have caused a reasonably prudent mortgage lender to decline to
proceed with the advance on its agreed terms. 
 14. To the Sellers’ Knowledge no report on title given by a lawyer in
connection with its or a predecessor-in-title’s origination of the relevant Purchased Asset was negligently or fraudulently prepared. 

15. The Mortgaged Properties securing the relevant Purchased Asset were valued by an independent valuer prior to the advance
of the relevant Purchased Asset (the related valuation, the “Initial Valuation”). 
 16. To the
Sellers’ Knowledge, the Initial Valuation was not fraudulently undertaken by the relevant valuer and such Initial Valuation did not fail to disclose any fact or circumstance which, if disclosed, would have caused the relevant Sellers or a
predecessor-in-title of the Relevant Seller to decline to proceed with the origination of the relevant Purchased Asset. 

17. To the Sellers’ Knowledge, the origination and advance of the relevant Purchased Asset and any Relevant Security and
the circumstances of the Borrowers satisfied in all material respects the applicable parts of the relevant Seller’s underwriting and lending criteria, or of the underwriting and lending criteria of a predecessor-in-title to the relevant Seller.

 18. Each relevant Seller and each predecessor-in-title to the relevant Seller has performed in all material aspects all
of its obligations under or in connection with the relevant Purchased Asset and to the relevant Seller’s Knowledge the Borrowers have not taken or threatened to take any action against such relevant Seller or against any agent, security trustee
or other administrative party under the Relevant Loan (together with the relevant Seller, the “Finance Parties”) for any material failure on the part of the Finance Parties under or in respect of the relevant Purchased Asset to
perform any such obligations. 
 19. The relevant Seller has not received written notice of any default or forfeiture (or
irritancy or any analogous proceedings) of any head lease for, or occupational lease granted in respect of, any Mortgaged Property or of the insolvency of any tenant of any Mortgaged Property which would, in any case materially impair or otherwise
materially and adversely affect the Related Security. 

  
 Ex. V-C-4 

 20. Prior to making the initial advance under the relevant Purchased Asset, (i)
no written recommendation was received by the relevant Seller or a predecessor-in-title of the relevant Seller from any valuer in connection with its work on the Initial Valuation to carry out any further or additional environmental audit, survey or
report of any Mortgaged Property which was not pursued (except for de minimis recommendations which, if not pursued, would be inconsistent with the performance of adequate due diligence), and (ii) if any such environmental audit, survey
or report was performed prior to such origination or acquisition, the results of any such environmental audit, survey or report which was procured by the relevant Seller or a predecessor-in-title of the relevant Seller were made available to the
valuer in respect of the Initial Valuation. 
 21. The sale of the relevant Purchased Asset pursuant to a Transaction will
occur in the ordinary course of the business of the relevant Seller. 
 22. The relevant Borrowers had as at the date of
origination of the relevant Purchased Asset, and have, subject to matters disclosed in the due diligence reports and the Property Reports which were disclosed to the valuer in connection with the Initial Valuation, good and marketable title to the
Mortgaged Properties. 
 23. The relevant Sellers have not received and (to the relevant Seller’s Knowledge) no Finance
Party has received written notice that any insurance policy in respect of a Mortgaged Property is about to lapse. 
 24. The
relevant Seller has not received notice and the relevant Seller has no Knowledge of the bankruptcy, liquidation, receivership, administration or a winding up or administrative order or dissolution (or its equivalent in any relevant jurisdiction
applicable to the Borrower) made against any Borrower or owner of a Mortgaged Property. 
 25. As of the Purchase Date, to
the relevant Seller’s Knowledge, no amount of principal or interest due from the Borrowers has at any time been more than 5 Business Days overdue in respect of the related Purchased Asset. 

26. No Mortgage Loan nor the related Mortgage consist of or includes any “stock” or “marketable
securities” within the meaning of section 125 of the Finance Act 2003, “chargeable securities” for the purposes of section 99 of the Finance Act 1986, a “chargeable interest” for the purposes of section 48 of the Finance Act
2003 or a “chargeable interest” for the purposes of section 4 of the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017) (in each case, as such legislation may be amended, extended or re-enacted from time to time),
or the equivalent of any such term under any analogous legislation in the relevant Member State. 
 27. No agreement for any
Mortgage Loan is in whole or in part a regulated agreement or consumer credit agreement (as defined in Section 8 of the Consumer Credit Act 1974 (as amended, extended or re-enacted from time to time)) or its equivalent of any such term under
any analogous legislation in the relevant Member State. 

  
 Ex. V-C-5 

 EXHIBIT VI 

ASSET INFORMATION 
  

			
	 Asset ID #:

Applicable Currency:
  

Asset Type: [Mortgage Loan][Mortgage
  

Loan and Mezzanine Loan][Senior
  

Note][Senior Participation]
  

Borrower Name:
  

Borrower Address:
  

Borrower City:
  

Borrower State:
  

Borrower Zip Code:
  

Recourse?
  

Guaranteed?
  

Related Borrower Name(s):
  

Original Principal Balance:
  

Maximum Principal Balance:
  

Note Date:
  

Loan Date:
  

Loan Type (e.g. fixed/arm):
  

Current Principal Balance:
  

Current Interest Rate (per annum):
  

Paid to date:
  

Annual P&I:
  

Next Payment due date:
  

Index (complete whether fixed or arm):
  

Gross Spread/Margin (complete whether
  

fixed or arm):
  

Life Cap:
  

Life Floor:
  

Periodic Cap:
  

Periodic Floor:
  

Rounding Factor:
  

Lookback (in days):
  

Interest Calculation Method (e.g.,
  

Actual/360):
  

Interest rate adjustment frequency:
  

P&I payment frequency:
 First
P&I payment due:
  
 First interest rate adjustment
date:
  
 First payment adjustment date:
	  	 Next interest rate adjustment date:

Next payment adjustment date:
  

Conversion Date:
  

Converted Interest Rate Index:
  

Converted Interest Rate Spread:
  

Maturity date:
  

ARD Loan?
  

Loan term:
  

Amortization term:
  

Hyper-Amortization Flag:
  

Hyper-Amortization Term:
  

Hyper-Amortization Rate Increase:
  

LTV at Origination:
  

Balloon Amount:
  

Balloon LTV:
  

Prepayment Penalty Flag:
  

Prepayment Penalty Text:
  

Lockout Period:
  

Lien Position:
  

Fee/Leasehold:
  

Ground Lease Expiration Date:
  

CTL (Yes/No):
  

CTL Rating (Moody’s):
  

CTL Rating (Duff):
  

CTL Rating (S&P):
  

CTL Rating (Fitch):
  

Lease Guarantor:
  

CTL Lease Type (NNN, NN, Bondable):
  

Property Name:
  

Property Address:
  

Property City:
  

Property Zip Code:
  

Property Type (General):
  

Property Type (Specific):
  

Cross-collateralized (Yes/No):*

Property Size:
  

Year built:
  

Year renovated:
  

Actual Average Occupancy:

 
  

	 *
	 If yes, give property information on each property covered and in aggregate as appropriate. Asset ID’s
should be denoted 

	 with
	 a suffix letter to signify 

	 loans/collateral.
	

 

  
 Ex. VI-1 

			
	 Occupancy Rent Roll Date:
  

Underwritten Average Occupancy:
  

Largest Tenant:
  

Largest Tenant SF:
  

Largest Tenant Lease Expiration:
  

2nd Largest Tenant:
  

2nd Largest Tenant SF:
  

2nd Largest Tenant Lease Expiration:
  

3rd Largest Tenant:
  

3rd Largest Tenant SF:
  

3rd Largest Tenant Lease Expiration:
  

Underwritten Average Rental Rate/ADR:
  

Underwritten Vacancy/Credit Loss:
  

Underwritten Other Income:
  

Underwritten Total Revenues:
  

Underwritten Replacement Reserves:
  

Underwritten Management Fees:
  

Underwritten Franchise Fees:
  

Underwritten Total Expenses:
  

Underwritten Leasing Commissions:
  

Underwritten Tenant Improvement Costs:
  

Underwritten NOI:
  

Underwritten NCF:
  

Underwritten Debt Service Constant:
  

Underwritten DSCR at NOI:
  

Underwritten DSCR at NCF:

Underwritten NOI Period End Date:
  

Hotel Franchise:
  

Hotel Franchise Expiration Date:
  

Appraiser Name:
  

Appraised Value:
  

Appraisal Date:
  

Appraisal Cap Rate:
  

Appraisal Discount Rate:
  

Underwritten LTV:
  

Environmental Report Preparer:
  

Environmental Report Date:
  

Environmental Report Issues:
  

Covered by Environmental Insurance
  

(Yes/No):
	  	 Architectural and Engineering Report Preparer:

 
 Architectural and Engineering Report Date:

 
 Deferred Maintenance Amount:

 
 Ongoing Replacement Reserve Requirement per A&E
Report:
  
 Immediate Repairs Escrow % (e.g.
[            ]%):
  

Replacement Reserve Annual Deposit:
  

Replacement Reserve Balance:
  

Tenant Improvement/Leasing Commission Annual Deposits:
  

Tenant Improvement/Leasing Commission Balance:
  

Taxes paid through date:
  

Monthly Tax Escrow:
  

Tax Escrow Balance:
  

Insurance paid through date:
  

Monthly Insurance Escrow:
  

Insurance Escrow Balance:
  

Reserve/Escrow Balance as of Date:
  

Probable Maximum Loss %:
  

Covered by Earthquake Insurance (Yes/No):

Covered by Terrorism Insurance (Yes/No):

Number of times 30 days late in last 12 months:
  

Number of times 60 days late in last 12 months:
  

Number of times 90 days late in last 12

months:
  

Servicing Fee:
  

Secondary Financing in Place (Yes/No)
  

Secondary Financing Amount
  

Secondary Financing Description
  

Future Supplemental Financing (Yes/No)
  

Future Supplemental Financing Description
  

CapEx Plan:
  

WALB/WALT:
  

Notes:

  
 Ex. VI-2 

 EXHIBIT VII 

ADVANCE PROCEDURES 

Timing set forth in this Exhibit reflects typical timing Purchaser needs to review the Due Diligence Package. Purchaser will
reasonably cooperate with Seller to accommodate shorter timing, as needed, on a case by case basis. 
 Submission of Due
Diligence Package. No less than fifteen (15) Business Days prior to the each Purchase Date, Seller shall deliver to Purchaser for Purchaser’s review and approval a due diligence package with respect to each Eligible Asset proposed to
be purchased on such proposed Purchase Date, which shall contain the following items to the extent such items are applicable to such Eligible Asset and are in Seller’s possession or available to it (the “Due Diligence
Package”): 
  

	 	 (1)
	 Purchased Asset Documents. With respect to each Eligible Asset: 

(a) if such Eligible Asset is not a Wet Purchased Asset, each of the Purchased Asset Documents, blacklined
against the approved form Purchased Asset Documents; provided, however, if such Eligible Asset has not been originated and closed at the time of such delivery, Seller shall deliver copies of all draft Purchased Asset Documents,
blacklined against the approved form Purchased Asset Documents (with executed copies of all Purchased Asset Documents to be delivered no less than three (3) Business Days prior to the proposed Purchase Date); 

(b) if such Eligible Asset is a Wet Purchased Asset, (i) copies of all draft Purchased Asset Documents,
along with blacklines against the approved form Purchased Asset Documents, (ii) no later than 11:00 a.m. (New York City time) two (2) Business Days before the requested Purchase Date, execution versions in final form of (A) the
Promissory Note endorsed by the Seller in blank, without recourse (either on the face thereof or pursuant to a separate allonge) and, with respect to Foreign Purchased Assets, copies of all Transfer Certificates (or equivalent documentation in any
relevant jurisdiction) duly completed and executed by the relevant parties, (B) the Mortgage and/or pledge agreement, (C) evidence satisfactory to Purchaser that all documents necessary to perfect Seller’s (and, by means of assignment
to Purchaser on the Purchase Date, Purchaser’s) security interest in the collateral (or, in the case of a Foreign Purchased Asset, evidence satisfactory to Purchaser of all filings, recordings, notifications and/or regulations required under
applicable Requirements of Law in the relevant non-U.S. jurisdiction to perfect a valid first priority legal mortgage or charge in the collateral) and (D) such other components of the Purchased Asset File as Purchaser may reasonably require on a
case by case basis with respect to the particular Purchased Asset, in each case, along with blacklines of such executed Purchased Asset Documents against the previously delivered drafts and (iii) not later than the third (3rd) Business Day
following the related Purchase Date, executed copies of all Purchased Asset Documents along with blacklines of such executed Purchased Asset Documents against the previously delivered drafts; 

  
 Ex. VII-1 

 (c) if such Eligible Asset is a Wet Purchased Asset, a fully
executed and delivered Bailee Letter and Bailee Trust Receipt; 
 (d) certificates or other evidence of
insurance demonstrating insurance coverage in respect of the underlying real estate directly or indirectly securing or supporting such Eligible Asset of types, in amounts, with insurers and otherwise in compliance with the terms, provisions and
conditions set forth in the Purchased Asset Documents; provided, however, with respect to any Wet Purchased Asset, if such certificates or other evidence of insurance are not available at least ten (10) Business Day prior to the
related Purchase Date, Seller shall deliver such certificates or other evidence of insurance to Purchaser as soon as they are available thereafter, and in any case, by no later than 11:00 a.m. (New York City time) two (2) Business Days before the
requested Purchase Date. Such certificates or other evidence shall indicate that Seller, 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; 
 (e) all surveys of the
underlying real estate directly or indirectly securing or supporting such Eligible Asset; 
 (f)
satisfactory reports of UCC, tax lien, judgment and litigation searches and title updates conducted by search firms and/or title companies reasonably acceptable to Purchaser with respect to the Eligible Asset, underlying real estate directly or
indirectly securing or supporting such Eligible Asset and Borrower, such searches to be conducted in such location reasonably satisfactory to Purchaser; 

(g) an unconditional commitment to issue a Title Policy in favor of Seller and Seller’s successors and/or
assigns with respect to Seller’s interest in the related real property and insuring the assignment of the Eligible Asset to Purchaser, with an amount of insurance that shall be not less than the maximum principal amount of the Eligible Asset,
or an endorsement or confirmatory letter from the title insurance company that issued the existing title insurance policy, in favor of Seller and Seller’s successors and/or assigns, that amends the existing title insurance policy by stating
that the amount of the insurance is not less than the maximum principal amount of the Eligible Asset (taking into account the proposed advance); and 

(h) certificates of occupancy and letters certifying that the property is in compliance with all applicable
zoning laws, each issued by the appropriate Governmental Authority. 

  
 Ex. VII-2 

 (2) Transaction-Specific Due Diligence Materials. Each of the following:

 (a) a summary memorandum outlining the proposed Transaction, including transaction benefits and all
material underwriting risks and all Underwriting Issues, 
 (b) the Asset Information and, if available,
maps and photos of the underlying real estate directly or indirectly securing or supporting such Eligible Asset; 

(c) a current rent roll and roll over schedule; 

(d) a copy of the sponsor’s business plan, including indicative debt yield (based on net operating income
after free rent periods, if any) 
 (e) a cash flow pro-forma, plus historical information; 

(f) a description of the underlying real estate directly or indirectly securing or supporting such Eligible
Asset and any other collateral securing such Eligible Asset, the related collateral securing such Eligible Asset, if any; 

(g) indicative debt service coverage ratios; 

(h) indicative loan-to-value ratios; 

(i) a term sheet outlining the transaction generally; 

(j) a description of the Borrower and sponsor, including experience with other projects (real estate owned),
their ownership structure (including, without limitation, the board of directors, if applicable) and financial statements, if available; 

(k) a description of Seller’s relationship, if any, to the Borrower and sponsor; and 

(l) copies of documents evidencing such Eligible Asset, or current drafts thereof, including, without
limitation, underlying debt and security documents, guaranties, the underlying borrower’s and guarantor’s organizational documents, warrant agreements, and loan and collateral pledge agreements, as applicable, provided that, if same
are not available to Seller at the time of Seller’s submission of the Due Diligence Package to Purchaser, Seller shall deliver such items to Purchaser promptly upon Seller’s receipt of such items. 

(3) Environmental and Engineering. A “Phase 1” (and, if recommended by such “Phase 1”, “Phase
2”) environmental report, an asbestos survey, if applicable, and an engineering report, each in form reasonably satisfactory to Purchaser, by an engineer or environmental consultant reasonably approved by Purchaser. 

  
 Ex. VII-3 

 (4) Credit Memorandum. A credit memorandum, asset summary or other
similar document that details cash flow underwriting, historical operating numbers, underwriting footnotes, rent roll and lease rollover schedule. 

(5) Appraisal. An appraisal by a member of the Appraisal Institute performed in accordance with The Federal
Institutions Reform, Recovery and Enforcement Act of 1989, as amended. The related appraisal shall (A) be dated less than twelve (12) months prior to the origination of the Eligible Asset and (B) not be ordered by the related borrower
or an Affiliate of the related borrower. 
 (6) Opinions of Counsel. Copies of all opinions of counsel addressed to
Seller and its successors and assigns from counsel to the underlying obligor on the underlying loan transaction (including, without limitation, as to enforceability of the loan documents, due formation, authority, choice of law, bankruptcy and
perfection of security interests) delivered in connection with the origination thereof; provided, that Seller may deliver drafts of such opinions if the relevant Eligible Asset is a Wet Purchased Asset, and shall deliver final, executed
copies of such opinions (with blacklines to the previously distributed drafts) on the Purchase Date of such Eligible Asset; provided, further, that with respect to Eligible Assets which provide that the Borrower must be a
Single-Purpose Entity (as defined in Exhibit V), a counsel’s opinion regarding non-consolidation of the Borrower shall not be required if such Eligible Asset has a maximum principal balance of less than $20 million as of the proposed
Purchase Date. 
 (7) Additional Real Estate Matters. To the extent obtained by Seller from the Borrower or the
underlying obligor at the origination of the Eligible Asset, such other real estate related certificates and documentation as may have been requested by Purchaser, such as abstracts of all leases in effect at the real property relating to such
Eligible Asset. 
 (8) Exceptions Report. A list of all exceptions to the representations and warranties set forth in
Exhibit VI to this Agreement relating to the Purchased Asset and any other Eligibility Criteria for such Purchased Asset (the “Requested Exceptions Report”). 

(9) Know Your Customer Information. All documentation and other information received, and the results of all searched
and investigations performed, as part of “Know Your Customer” and Sanctions diligence with respect to the related Borrower, guarantor and related parties. 

(10) Other Documents. Any other documents as Purchaser or its counsel shall reasonably deem necessary. 

(11) Approval of Eligible Asset. Conditioned upon the timely and satisfactory completion of Seller’s requirements
in clause (a) above, Purchaser shall endeavor to, no less than two (2) Business Days prior to the proposed Purchase Date (i) notify Seller in writing (which may take the form of electronic mail format) that Purchaser has not
approved the proposed Eligible Asset as a Purchased Asset or (ii) notify Seller in writing (which may take the form of electronic mail format) that Purchaser has approved the proposed Eligible Asset as a Purchased Asset. Purchaser’s
failure to respond to Seller on or prior to two (2) Business Days prior to the proposed Purchase Date, shall be deemed to be a denial of Seller’s request that Purchaser approve the proposed Eligible Asset, unless Purchaser and Seller has
agreed otherwise in writing. 

  
 Ex. VII-4 

 (12) Assignment Documents. No less than two (2) Business Days prior
to the proposed Purchase Date, Seller shall have delivered to Purchaser, in form and substance reasonably satisfactory to Purchaser and its counsel, execution versions of all applicable assignment documents in blank with respect to the proposed
Eligible Asset that shall be subject to no liens except as expressly permitted by Purchaser. Each of the assignment documents shall contain such representations and warranties in writing concerning the proposed Eligible Asset and such other terms as
shall be satisfactory to Purchaser in its sole and absolute discretion. 

  
 Ex. VII-5 

 EXHIBIT VIII 

FORM OF MARGIN CALL 

[DATE] 
 Via Electronic
Transmission 
 Parlex 8 Finco, LLC 

Parlex 8 GBP Finco, LLC 
 Parlex 8
EUR Finco, LLC 
 c/o Blackstone Mortgage Trust, Inc. 

345 Park Avenue, 42nd Floor 
 New
York, New York 10154 
 Attention: Douglas Armer 

Email: BXMTSantanderFacility@blackstone.com 

U.S. Bank Global Corporate Trust Limited 

Fifth Floor 
 125 Old Broad Street

 London, EC2N 1AR 
 United
Kingdom 
 Attn: MBS ERG 

Email: mbs.erg.london@usbank.com 
  

	 	 Re:
	 Master Repurchase Agreement, dated as of May 14, 2021 (as amended, restated, supplemented, or otherwise
modified and in effect from time to time, the “Master Repurchase Agreement”) by and among (i) Parlex 8 USD IE Issuer Designated Activity Company, Parlex 8 GBP IE Issuer Designated Activity Company and Parlex 8 EUR IE Issuer
Designated Activity Company, each as a Purchaser, (ii) Banco Santander, S.A., as Collateral Agent, and (iii) Parlex 8 Finco, LLC, Parlex 8 GBP Finco, LLC and Parlex 8 EUR Finco, LLC, each as a Seller 

Ladies and Gentlemen: 

Pursuant to Article 4(a) of the Master Repurchase Agreement, Purchaser hereby notifies Sellers that a Margin Deficit has
occurred as set forth below. Capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in the Master Repurchase Agreement. 

 

							
	 Purchased Asset:
	  	
                       
                             

			
	 (a)
	  	 Outstanding Purchase Price of Purchased Asset:
	  	[$][€][£]___________
	 (b)
	  	 Maximum Purchase Price of Purchased Asset:
	  	[$][€][£]___________

 A Margin Deficit exists with respect to the Purchased Asset identified above when the
amount in (b) above is less than the amount in (a) above. 

  
 Ex. VIII-1 

 
			
	 MARGIN DEFICIT:
	  	 [$][€][£]___________

	 Accrued interest from             to
            :
	  	 [$][€][£]___________

		
	 TOTAL AMOUNT DUE:
	  	
[$][€][£]                   
   

 WHEN A MARGIN DEFICIT EXISTS, SELLERS ARE REQUIRED TO CURE THE MARGIN DEFICIT
SPECIFIED ABOVE IN ACCORDANCE WITH THE MASTER REPURCHASE AGREEMENT AND WITHIN THE TIME PERIOD SPECIFIED IN ARTICLE 4(b) THEREOF. 
  

			
	 BANCO SANTANDER, S.A., as Collateral Agent

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Ex. VIII-2 

 EXHIBIT IX 

FORM OF RELEASE LETTER 

[DATE] 
 Parlex 8 USD IE Issuer
Designated Activity Company 
 Parlex 8 GBP IE Issuer Designated Activity Company 

Parlex 8 EUR IE Issuer Designated Activity Company 

3rd Floor, Kilmore House 

Park Lane, Spencer Dock, Dublin 1 

Dublin, Ireland, D01 YE64 

Attention: [            ] 

 

	 	 Re:
	 Master Repurchase Agreement, dated as of May 14, 2021 (as amended, restated, supplemented, or otherwise
modified and in effect from time to time, the “Master Repurchase Agreement”), by and among (i) Parlex 8 USD IE Issuer Designated Activity Company, Parlex 8 GBP IE Issuer Designated Activity Company and Parlex 8 EUR IE Issuer
Designated Activity Company, each as a Purchaser, (ii) Banco Santander, S.A., as Collateral Agent, and (iii) Parlex 8 Finco, LLC, Parlex 8 GBP Finco, LLC and Parlex 8 EUR Finco, LLC, each as a Seller 

Ladies and Gentlemen: 

With respect to the Purchased Assets described in the attached Schedule A (the “Purchased Assets”)
(a) we hereby certify to you that the Purchased Assets are not subject to a lien of any third party, and (b) we hereby release to you all rights, interests or claims of any kind other than any rights, interests or claims under the Master
Repurchase Agreement with respect to such Purchased Assets, such release to be effective automatically without further action by any party upon payment by Purchaser of the amount of the Purchase Price contemplated under the Master Repurchase
Agreement (calculated in accordance with the terms thereof) in accordance with the wiring instructions set forth in the Master Repurchase Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in
the Master Repurchase Agreement. 
  

			
	 Very truly yours,

	
	 [PARLEX 8 FINCO, LLC][PARLEX 8 GBP FINCO, LLC][PARLEX 8 EUR FINCO,
LLC]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Ex. IX-1 

 Schedule A 

[List of Purchased Asset Documents] 

  
 Ex. IX-2 

 EXHIBIT X 

FORM OF COVENANT COMPLIANCE CERTIFICATE 

[DATE] 
 Parlex 8 USD IE Issuer
Designated Activity Company 
 Parlex 8 GBP IE Issuer Designated Activity Company 

Parlex 8 EUR IE Issuer Designated Activity Company 

3rd Floor, Kilmore House 

Park Lane, Spencer Dock, Dublin 1 

Dublin, Ireland, D01 YE64 

Attention: [            ] 

Banco Santander, S.A., as Collateral Agent 

Paseo de Pereda, 9-12 
 Santander,
Spain 
  

	 	 Re:
	 Master Repurchase Agreement, dated as of May 14, 2021 (as amended, restated, supplemented, or otherwise
modified and in effect from time to time, the “Master Repurchase Agreement”), by and among (i) Parlex 8 USD IE Issuer Designated Activity Company, Parlex 8 GBP IE Issuer Designated Activity Company and Parlex 8 EUR IE Issuer
Designated Activity Company, each as a Purchaser, (ii) Banco Santander, S.A., as Collateral Agent, and (iii) Parlex 8 Finco, LLC, Parlex 8 GBP Finco, LLC and Parlex 8 EUR Finco, LLC, each as a Seller 

Ladies and Gentlemen: 

This Covenant Compliance Certificate is furnished pursuant to that Master Repurchase Agreement and the Guaranty dated as of
May 14, 2021 (the “Guaranty”) made by Blackstone Mortgage Trust, Inc. (“Guarantor”) in favor of Purchaser. Capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in the
Master Repurchase Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES THAT: 

 

	 	 (i)
	 I am a duly elected, qualified and authorized [Chief Financial Officer] of Guarantor. 

 

	 	 (ii)
	 Subject to Article 12(n) of the Master Repurchase Agreement, all of the financial statements,
calculations and other information set forth in this Covenant Compliance Certificate, including, without limitation, in any exhibit or other attachment hereto, are true, complete and correct in all material respects as of the date hereof.

  

	 	 (iii)
	 I have reviewed the terms of the Master Repurchase Agreement, the Guaranty and the other Transaction
Documents and I have made, or have caused to be made under my supervision, a detailed review of the transactions and financial condition of the Seller Parties during the accounting period covered by the financial statements attached (or most
recently delivered or deemed delivered financial statements if none are attached). 

  
 Ex. X-1 

	 	 (iv)
	 Subject to Article 12(n) of the Master Repurchase Agreement, I am not aware of any facts or
circumstances that, in the commercially reasonable judgement of Seller, have caused, or are reasonably likely to cause with respect to any Purchased Asset or the Market Value of any Purchased Asset to decline at any time within the reasonably
foreseeable future. 

  

	 	 (v)
	 Subject to Article 12(n) of the Master Repurchase Agreement, as of the date hereof, and since the delivery
of the immediately preceding Covenant Compliance Certificate, each Seller Party has observed or performed in all material respects all of its covenants and other agreements, and satisfied in all material respects every condition, contained in the
Master Repurchase Agreement, the Guaranty and the other Transaction Documents to be observed, performed or satisfied by it. 

  

	 	 (vi)
	 Subject to Article 12(n) of the Master Repurchase Agreement, the examinations described in paragraph
(iii) above did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a Default or an Event of Default during or at the end of the accounting period covered by the attached financial statements
(or most recently delivered or deemed delivered financial statements if none are attached), or as of the date of this Covenant Compliance Certificate (including immediately after giving effect to any pending Transactions requested to be entered
into), except as set forth below. 

  

	 	 (vii)
	 Subject to Article 12(n) of the Master Repurchase Agreement, as of the date hereof, each of the
representations and warranties made by each Seller Party in any Transaction Document is true, correct and complete in all material respects with the same force and effect as if made on and as of the date hereof, other than as set forth in any
Requested Exceptions Report approved by Purchaser in accordance with the Master Repurchase Agreement. 

  

	 	 (viii)
	 Each Seller Party hereby represents and warrants on behalf of itself that (i) subject to Article 12(n)
of the Master Repurchase Agreement, it is in compliance in all material respects with all of the terms and conditions of the Transaction Documents to which it is a party and (ii) it has no claim or offset against Purchaser under such
Transaction Documents. 

  

	 	 (ix)
	 Attached hereto are the calculations demonstrating compliance with the financial covenants set forth in
Article V(k) of the Guaranty. 

 Described below are the exceptions, if any, to any of the
foregoing, listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the applicable Seller Party has taken, is taking, or proposes to take with respect to each such condition or event: 

 
  
  

 

  
 Ex. X-2 

  
  

 
 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 Covenant Compliance Certificate, are made and
delivered as of the date first above written. 
  

			
	 BLACKSTONE MORTGAGE TRUST, INC.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Ex. X-3 

 EXHIBIT XI 

FORM OF REDIRECTION LETTER 

[PARLEX 8 FINCO, LLC] 

[PARLEX 8 GBP FINCO, LLC] 

[PARLEX 8 EUR FINCO, LLC] 

c/o Blackstone Mortgage Trust, Inc. 

345 Park Avenue, 42nd Floor 
 New
York, New York 10154 
 REDIRECTION LETTER 

AS OF [        ], 20[ ] 

[Servicer][Borrower] 
 Ladies
and Gentlemen: 
 Please refer to: (a) that certain [Loan Agreement], dated
[            ], 20[ ], by and between [            ] (the “Borrower”), as borrower, and [Parlex 8 Finco,
LLC][Parlex 8 GBP Finco, LLC][Parlex 8 EUR Finco, LLC], a Delaware limited liability company (the “Lender”), as lender; and (b) all documents securing or relating to that certain
$[            ] loan made by the Lender (or its predecessor in interest) to the Borrower on [            ], 20[ ] (the
“Loan”). 
 You are advised as follows, effective as of the date of this letter. 

Assignment of the Loan. The Lender has entered into a Master Repurchase Agreement, dated as of May 14, 2021
(as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”), with [Parlex 8 Finco [GBP][EUR], LLC] and [Parlex 8 [GBP][EUR] Finco, LLC], each, along with Lender, as a
seller, Parlex 8 USD IE Issuer Designated Activity Company, Parlex 8 GBP IE Issuer Designated Activity Company and Parlex 8 EUR IE Issuer Designated Activity Company, as purchasers (collectively, “Purchaser”), and Banco Santander,
S.A., as collateral agent (“Collateral Agent”), and has assigned its rights and interests in the Loan (and all of its rights and remedies in respect of the Loan) to Purchaser subject to the terms of the Repurchase Agreement. This
assignment shall remain in effect unless and until Purchaser has notified you otherwise in writing. Purchaser has appointed Collateral Agent as its agent under the Master Repurchase Agreement, and confirms, in such capacity, it may act on behalf of
Purchaser under this letter. 
 Direction of Funds. In connection with the Lender’s obligations under the
Repurchase Agreement, the Lender hereby directs you to disburse, by wire transfer, any and all payments to be made under or in respect of the Loan as and when due and payable to the Lender to the following account at PNC Bank, National Association
for the benefit of Purchaser: 
 PNC Bank, N.A. 

ABA #[            ] 

Deposit Acct No.: [            ] 

  
 Ex. XI-1 

 Collection Account Name: Midland Loan Services, a Division of PNC Bank, National
Association, on behalf of [Parlex 8 Finco, LLC][Parlex 8 GBP Finco, LLC][Parlex 8 EUR Finco, LLC], for the benefit of [Parlex 8 USD IE Issuer Designated Activity Company][Parlex 8 GBP IE Issuer Designated Activity Company][Parlex 8 EUR IE Issuer
Designated Activity Company] 
 This direction shall remain in effect unless and until Purchaser or Collateral Agent has
notified you otherwise in writing. 
 No provision of this letter may be amended, countermanded or otherwise modified
without the prior written consent of Purchaser or Collateral Agent on behalf of Purchaser[, Repo Servicer, Cash Manager and Securitisation Regulations Reporting Servicer]. Purchaser, Collateral Agent, Repo Servicer, Cash Manager and Securitisation
Regulations Reporting Servicer are intended third party beneficiaries of this letter. 
 Modifications, Waivers,
Etc. No modification, waiver, deferral, or release (in whole or in part) of any party’s obligations in respect of this letter shall be effective without the prior written consent of the parties to this letter. 

Please acknowledge your acceptance of the terms and directions contained in this correspondence by executing a counterpart of
this correspondence and returning it to the undersigned. 
 [SIGNATURE PAGE FOLLOWS] 

  
 Ex. XI-2 

 
			
	 Very truly yours,

	
	 [PARLEX 8 FINCO, LLC][ PARLEX 8 GBP FINCO, LLC][PARLEX 8 EUR FINCO,
LLC]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 

			
	 Agreed and accepted this
[            ]

	 day of
[                            ], 20[__]

	
	
[                       
               ]

		
	 By:
	 	
	 Name:
	 	
	 Title:
	 	

  
 Ex. XI-3 

 Schedule 
  

			
	 Collateral Agent:
	  	 Banco Santander, S.A.

		  	 Attention: Luis Casero Ynfiesta; Victor Casado Gonzalez; Miguel

		  	 Angel Martinez Conde; Agustin Haurigot; David Canovas Losada;

		  	 Jose Maria Pino de la Avila; Daryanani Anil Nanikram; Guillaume

		  	 Baron; Jorge Murga

		  	 Email: luis.casero@gruposantander.com;

		  	 victor.casado@gruposantander.com;

		  	 migamartinez@gruposantander.com;

		  	 agustin.haurigot@santandercib.co.uk;

		  	 dcanovas@gruposantander.com; josmpino@gruposantander.com;

		  	 andaryanai@gruposantander.com; gbaron@gruposantander.com;

		  	 jorge.murga@gruposantander.com

		
	 Lender:
	  	 [Parlex 8 Finco, LLC]

		  	 [Parlex 8 GBP Finco, LLC]

		  	 [Parlex 8 EUR Finco, LLC]

		  	 Attention: Douglas Armer

		  	 Email: BXMTSantanderUSFacility@blackstone.com

		
	 Cash Manager:
	  	 U.S. Bank Global Corporate Trust Limited

		  	 Attention: MBS ERG

		  	 Email: mbs.erg.london@usbank.com

		
	 Repo Servicer
	  	 Midland Loan Services

		  	 Attention: Executive Vice President-Division Head

		  	 Email: notice@midlandls.com

  
 Ex. XI-4 

 EXHIBIT XII 

FORM OF BAILEE LETTER 

[PARLEX 8 FINCO, LLC] 

[PARLEX 8 GBP FINCO, LLC] 

[PARLEX 8 EUR FINCO, LLC] 

c/o Blackstone Mortgage Trust, Inc. 

345 Park Avenue, 42nd Floor 
 New
York, New York 10154 

                       
          , 20__ 
 [Parlex 8 USD IE Issuer Designated Activity Company] 

[Parlex 8 GBP IE Issuer Designated Activity Company] 

[Parlex 8 EUR IE Issuer Designated Activity Company] 

3rd Floor, Kilmore House 

Park Lane, Spencer Dock 
 Dublin 1

 Dublin, Ireland 
 D01 YE64

 Attention: [            ] 

Email: [            ] 

Banco Santander, S.A. 
 Ciudad
Grupo Santander, Edificio Marisma 
 Avda. Cantabria, s/n. 28660 Boadilla del Monte (Madrid, Spain) 

Attention: Luis Casero Ynfiesta; Victor Casado Gonzalez; Miguel Angel Martinez Conde; 

Agustin Haurigot; David Canovas Losada; Jose Maria Pino de la Avila; Daryanani Anil 

Nanikram; Guillaume Baron; Jorge Murga 

Email: luis.casero@gruposantander.com; victor.casado@gruposantander.com; 

migamartinez@gruposantander.com; agustin.haurigot@santandercib.co.uk; 

dcanovas@gruposantander.com; josmpino@gruposantander.com; 

andaryanai@gruposantander.com; gbaron@gruposantander.com; 

jorge.murga@gruposantander.com 

Ropes & Gray LLP 
 1211
Avenue of the Americas 
 New York, NY 10036-8704 

Attn: Daniel L. Stanco, Esq. 

Email: Daniel.Stanco@ropesgray.com 

  
 Ex. XII-1 

	 	 Re:
	 Bailee Agreement (the “Bailee Agreement”) in connection with the sale of [Name of Purchased
Asset(s)] by [Parlex 8 Finco, LLC][Parlex 8 GBP Finco, LLC][Parlex 8 EUR Finco, LLC] (“Seller”) to [Parlex 8 USD IE Issuer Designated Activity Company][Parlex 8 GBP IE Issuer Designated Activity Company][Parlex 8 EUR IE Issuer
Designated Activity Company] (“Purchaser”) 

 Ladies and Gentlemen: 

Reference is made to that certain Master Repurchase Agreement dated as of May 14, 2021 by and among, inter alia,
Seller, Purchaser and Banco Santander, S.A. (“Collateral Agent”) (as the same may be amended, modified or supplemented from time to time, the “Repurchase Agreement”). In consideration of the mutual promises set
forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller, Purchaser and Ropes & Gray LLP (“Bailee”) hereby agree as follows: 

1. Seller shall deliver to Bailee and Bailee shall hold, in connection with the Purchased Asset Documents delivered to Bailee
hereunder (for Bailee’s delivery to the Custodian), the custodial delivery certificate (the “Custodial Delivery Certificate”) attached hereto as Attachment 1, in connection with the Purchased Asset[s] identified thereon. 

2. On or prior to the date indicated on the Custodial Delivery Certificate delivered by Seller (the “Funding
Date”), Seller shall have delivered to Bailee, as bailee for hire, the documents comprised in the Purchased Asset File set forth on Exhibit B to the Custodial Delivery Certificate marked as “Original” in the “Status”
column thereof (collectively, the “Purchased Asset Documents”) for the Eligible Asset[s] (the “Purchased Asset[s]”) listed in Exhibit A to the Custodial Delivery Certificate. The documents set forth on Exhibit B to
the Custodial Delivery Certificate are referred to herein as the “Purchased Asset File”. 
 3. Bailee shall
issue and deliver to Purchaser and the Custodian (as defined in Section 5 below) on or prior to the Funding Date by electronic mail in the name of Purchaser, an initial trust receipt and certification in the form of Attachment 2 attached hereto
(the “Trust Receipt”), which Trust Receipt shall state that Bailee has received the documents comprising the Purchased Asset Documents. 

4. On the applicable Funding Date, in the event that Purchaser fails to purchase any Eligible Asset from Seller that is
identified in the related Custodial Delivery Certificate (as confirmed by Purchaser in writing (which may include electronic mail)), Bailee shall release the Purchased Asset Documents to Seller in accordance with Seller’s instructions. 

5. Following the Funding Date and the funding of the Purchase Price for the applicable Purchased Asset[s], Bailee shall forward
the Purchased Asset Documents to U.S. Bank, National Association (the “Custodian”), at 1133 Rankin Street, Suite 100, St. Paul, Minnesota 55116, Attention: Commercial Review Team, by insured overnight courier for receipt by the
Custodian no later than 1:00 p.m. on the fifth (5th) Business Day following the applicable Funding Date, or, if that is not reasonably practicable, on the earliest date thereafter as is reasonably practicable (the “Delivery
Date”), provided that the Bailee shall forward the Purchased Asset Documents by the thirtieth (30th) day following receipt thereof from the Seller, or, if that is not reasonably practicable, by the earliest date thereafter as is
reasonably practicable. 

  
 Ex. XII-2 

 6. From and after the applicable Funding Date until the time of receipt of
Purchaser’s written confirmation as described in Section 4 hereof or the applicable Delivery Date, as applicable, Bailee (a) shall maintain continuous custody and control of the related Purchased Asset Documents as bailee for
Purchaser (excluding any period when the same are under the delivery process described in Section 5 hereof) and (b) shall hold the related Purchased Asset Documents as sole and exclusive bailee for Purchaser unless and until otherwise
instructed in writing by Purchaser. 
 7. In the event that Bailee fails to deliver to Purchaser in accordance with
Section 5 hereof a Promissory Note or other material portion of the Purchased Asset Documents that was in its possession to the Custodian following the applicable Funding Date and the funding of the Purchase Price for the applicable Purchased
Asset[s], the same shall constitute a “Bailee Delivery Failure” under this Bailee Agreement. 
 8. Seller
agrees to indemnify and hold Bailee and its partners, directors, officers and employees harmless against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever, including reasonable attorneys’ fees and costs, 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 Bailee) 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. 

9. Bailee agrees to indemnify and hold Purchaser and its owners, officers, directors, employees, affiliates and designees,
harmless against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (other than special, indirect, punitive or consequential damages, which
shall in no event be paid by the Bailee), including reasonable attorneys’ fees and costs of outside counsel, that may be imposed on, incurred by, or asserted against it or them in any way relating to or arising out of a Bailee Delivery Failure
that was caused by the gross negligence or willful misconduct on the part of Bailee or any of its partners, directors, officers or employees. The foregoing indemnification shall survive any termination or assignment of this Bailee Agreement. 

10. 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 may represent Seller in connection with any dispute related to this Bailee Agreement or
the Transaction Documents. 

  
 Ex. XII-3 

 11. This Bailee Agreement may not be modified, amended or altered, except by
written instrument, executed by all of the parties hereto. 
 12. This Bailee Agreement may not be assigned by Seller or
Bailee without the prior written consent of Purchaser. 
 13. 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. 
 14. 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. 

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

[SIGNATURES COMMENCE ON NEXT PAGE] 

  
 Ex. XII-4 

 
			
	 Very truly yours,

	
	 [PARLEX 8 FINCO, LLC][PARLEX 8 GBP FINCO, LLC][PARLEX 8 EUR FINCO,
LLC]

		
	 By:
	 	
                  
   

		 	 Name:

		 	 Title:

 

			
	 ACCEPTED AND AGREED:

	
	 ROPES & GRAY LLP, as Bailee

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 ACCEPTED AND AGREED:

	
	 BANCO SANTANDER, S.A., as Collateral Agent on behalf of Purchaser

		
	 By:
	 	
                  
   

		 	 Name:

		 	 Title:

		 	

  
 Ex. XII-5 

 Attachment 1 to Bailee Agreement 

CUSTODIAL DELIVERY CERTIFICATE 

[See attached] 

  
 Ex. XII-6 

 ATTACHMENT 2 TO BAILEE AGREEMENT 

FORM OF BAILEE TRUST RECEIPT 

                    , 20__

 [Parlex 8 USD IE Issuer Designated Activity Company] 

[Parlex 8 GBP IE Issuer Designated Activity Company] 

[Parlex 8 EUR IE Issuer Designated Activity Company] 

3rd Floor, Kilmore House 

Park Lane, Spencer Dock 
 Dublin 1

 Dublin, Ireland 
 D01 YE64

 Attention: [            ] 

Email: [            ] 

 

	 	 Re:
	 Bailee Agreement, dated             ,
20            (the “Bailee Agreement”) among [Parlex 8 Finco, LLC][Parlex 8 GBP Finco, LLC][Parlex 8 EUR Finco, LLC] (“Seller”), [Parlex 8 USD IE Issuer
Designated Activity Company][Parlex 8 GBP IE Issuer Designated Activity Company][Parlex 8 EUR IE Issuer Designated Activity Company] (“Purchaser”) and Ropes & Gray LLP (“Bailee”) 

Ladies and Gentlemen: 

In accordance with the provisions of Section 3 of the above-referenced Bailee Agreement, the undersigned, as Bailee,
hereby certifies that as to the Purchased Asset[s] described in Exhibit A to the Custodial Delivery Certificate, it has reviewed the Purchased Asset File[s] and has determined that all documents listed in Exhibit B to the Custodial Delivery
Certificate and marked as “Original” in the “Status” column are in its possession. 
 Bailee hereby
confirms that it is holding the documents comprised in the Purchased Asset File specified as “Original” in the “Status” column as agent and bailee for the exclusive use and benefit of Purchaser 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
above-referenced Bailee Agreement. 
  

			
	 ROPES & GRAY LLP,

	 as Bailee

	 By:
	 	
	         Name:

	         Title: 

  
 Ex. XII-7 

 EXHIBIT XIII 

PROHIBITED TRANSFEREES 

“Prohibited Transferee” shall mean, all affiliates, successors and assigns of the entities specified below and such other
persons indicated by Seller from time to time and approved by Purchaser, such approval not to be unreasonably withheld. 
  

			
		
	 ACORE Capital, LP
	  	 Ladder Capital Securities LLC

		
	 Angelo, Gordon & Co., L.P.
	  	 LoanCore Capital, LLC

		
	 Annaly Capital Management, Inc.
	  	 Lone Star U.S. Acquisitions, LLC

		
	 Apollo Commercial Real Estate Finance, Inc.
	  	 Macquarie Group Limited

		
	 Arbor Realty Trust Inc.
	  	 Mesa West Capital, LLC

		
	 Ares Commercial Real Estate Corporation
	  	 NCH Capital Inc.

		
	 Baupost Group, LLC
	  	 Newcastle Investment Corp.

		
	 Brookfield Investment Management Inc.
	  	 Oaktree Capital Management, L.P.

		
	 Cantor Fitzgerald & Co.
	  	 OZ Management LP

		
	 CapitalSource Inc.
	  	 Pacific Investment Management Company

		
	 Carlyle Realty Partners L.P.
	  	 LLC

		
	 Cerberus Capital Management, LLP
	  	 RAIT Financial Trust

		
	 Children’s Investment Fund LP
	  	 Redwood Trust Inc.

		
	 CIM Group, Inc.
	  	 Related Fund Management, LLC

		
	 Colony Financial, Inc.
	  	 Rialto Capital Management, LLC

		
	 Colony NorthStar, Inc.
	  	 Rockwood Capital LLC

		
	 CreXus Investment Corp.
	  	 SL Green Realty Corp.

		
	 Fortress Credit Corp.
	  	 Square Mile Capital Management, LLC

		
	 Guggenheim Partners, LLC
	  	 Starwood Capital Group

		
	 H/2 Credit Manager LP
	  	 Starwood Property Trust, Inc.

		
	 iStar Financial Inc.
	  	 TPG Capital Management, L.P.

		
	 Invesco Ltd.
	  	 Westbrook Partners LLC

		
	 KKR & Co. L.P.
	  	 Winthrop Capital Management, LLC

  
 Ex. XIII-1 

 EXHIBIT XIV 

FORM OF U.S. TAX COMPLIANCE CERTIFICATES 

(For Foreign Purchasers That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Master Repurchase Agreement dated as of May 14, 2021 (as amended, supplemented or
otherwise modified from time to time, the “Repurchase Agreement”), by and among (i) Parlex 8 USD IE Issuer Designated Activity Company, Parlex 8 GBP IE Issuer Designated Activity Company and Parlex 8 EUR IE Issuer Designated
Activity Company, each as a Purchaser, (ii) Banco Santander, S.A., as Collateral Agent, and (iii) Parlex 8 Finco, LLC, Parlex 8 GBP Finco, LLC and Parlex 8 EUR Finco, LLC, each as a Seller. 

Pursuant to the provisions of Section 32 of the Repurchase Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the obligations in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iii) it is
not a ten percent shareholder of any Seller that is a U.S. Person or Guarantor within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code and (iv) it is not a controlled foreign corporation related to the Sellers or Guarantor as
described in Section 881(c)(3)(C) of the Internal Revenue Code. 
 The undersigned has furnished Sellers with a
certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform Sellers,
and (2) the undersigned shall have at all times furnished Sellers with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar
years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Repurchase Agreement and used herein
shall have the meanings given to them in the Repurchase Agreement. 
 Date:
            , 20[__] 
  

			
	 [NAME OF PURCHASER]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Ex. XIV-1 

 (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 Reference is hereby made to the Master Repurchase Agreement dated as of May 14, 2021 (as amended, supplemented
or otherwise modified from time to time, the “Repurchase Agreement”), by and among (i) Parlex 8 USD IE Issuer Designated Activity Company, Parlex 8 GBP IE Issuer Designated Activity Company and Parlex 8 EUR IE Issuer Designated
Activity Company, each as a Purchaser, (ii) Banco Santander, S.A., as Collateral Agent, and (iii) Parlex 8 Finco, LLC, Parlex 8 GBP Finco, LLC and Parlex 8 EUR Finco, LLC, each as a Seller. 

Pursuant to the provisions of Section 32 of the Repurchase Agreement, the undersigned hereby certifies that
(i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iii) it is
not a ten percent shareholder of any Seller that is a U.S. Person or Guarantor within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code, and (iv) it is not a controlled foreign corporation related to the Sellers or Guarantor
as described in Section 881(c)(3)(C) of the Internal Revenue Code. 
 The undersigned has furnished its participating
Purchaser with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so
inform such Purchaser in writing, and (2) the undersigned shall have at all times furnished such Purchaser with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms
defined in the Repurchase Agreement and used herein shall have the meanings given to them in the Repurchase Agreement. 
 Date:
            , 20[__] 
  

			
	 [NAME OF PARTICIPANT]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Ex. XIV-2 

 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Master Repurchase Agreement dated as of May 14, 2021 (as amended, supplemented or
otherwise modified from time to time, the “Repurchase Agreement”), by and among (i) Parlex 8 USD IE Issuer Designated Activity Company, Parlex 8 GBP IE Issuer Designated Activity Company and Parlex 8 EUR IE Issuer Designated
Activity Company, each as a Purchaser, (ii) Banco Santander, S.A., as Collateral Agent, and (iii) Parlex 8 Finco, LLC, Parlex 8 GBP Finco, LLC and Parlex 8 EUR Finco, LLC, each as a Seller. 

Pursuant to the provisions of Section 32 of the Repurchase Agreement, the undersigned hereby certifies that
(i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to such
participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any Seller that is a U.S. Person or Guarantor within the meaning of Section 871(h)(3)(B) of the
Internal Revenue Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Sellers or Guarantor as described in Section 881(c)(3)(C) of the Internal Revenue Code. 

The undersigned has furnished its participating Purchaser with IRS Form W-8IMY accompanied by one of the following forms from
each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Purchaser
and (2) the undersigned shall have at all times furnished such Purchaser with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Repurchase Agreement and
used herein shall have the meanings given to them in the Repurchase Agreement. 
 Date:
                        , 20[ ] 

 

			
	 [NAME OF PARTICIPANT]

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 Ex. XIV-3 

 (For Foreign Purchasers That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Master Repurchase Agreement dated as of May 14, 2021 (as amended, supplemented or
otherwise modified from time to time, the “Repurchase Agreement”), by and among (i) Parlex 8 USD IE Issuer Designated Activity Company, Parlex 8 GBP IE Issuer Designated Activity Company and Parlex 8 EUR IE Issuer Designated
Activity Company, each as a Purchaser, (ii) Banco Santander, S.A. as Collateral Agent, and (iii) Parlex 8 Finco, LLC, Parlex 8 GBP Finco, LLC and Parlex 8 EUR Finco, LLC, each as a Seller. 

Pursuant to the provisions of Section 32 of the Repurchase Agreement, the undersigned hereby certifies that
(i) it is the sole record owner of the obligations in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such obligations, (iii) with respect to the
extension of credit pursuant to this Repurchase Agreement or any other Transaction Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any Seller that is a U.S. Person or
Guarantor within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Sellers or Guarantor as described in
Section 881(c)(3)(C) of the Internal Revenue Code. 
 The undersigned has furnished Sellers with IRS Form W-8IMY
accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from
each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the
undersigned shall promptly so inform Sellers, and (2) the undersigned shall have at all times furnished Sellers with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms
defined in the Repurchase Agreement and used herein shall have the meanings given to them in the Repurchase Agreement. 
 Date:
                    , 20[__] 
  

			
	 [NAME OF PURCHASER]

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 Ex. XIV-4 

 EXHIBIT XV 

FORM OF PARALLEL GUARANTY 

(attached) 

  
 Ex. XV-1 

 EXHIBIT XV 

GUARANTY 

GUARANTY, dated as of [            ] [__], 20[__] (this
“Guaranty”), made by BLACKSTONE MORTGAGE TRUST, INC., a Maryland corporation, together with its successors and its permitted assigns (“Guarantor”), for the benefit of BANCO SANTANDER, S.A., a Sociedad Anónima
incorporated under Spanish law (together with its successors and assigns, “Purchaser”). 
 WITNESETH: 

WHEREAS, Purchaser, [            ],
[            ] and [            ] are parties to that certain Master Repurchase Agreement dated as of the date
hereof (as amended, restated, supplemented or otherwise modified and in effect from time to time, the “Master Repurchase Agreement”); 

WHEREAS, Guarantor indirectly owns one hundred percent (100%) of the Capital Stock of each Seller; 

WHEREAS, Guarantor will benefit, directly and indirectly, from the execution, delivery and performance by Sellers of
the Transaction Documents, and the transactions contemplated by the Transaction Documents; 
 WHEREAS, it is a
condition precedent to the initial funding under the Master Repurchase Agreement that Guarantor execute and deliver this Guaranty for the benefit of Purchaser and Purchaser is unwilling to enter into the Master Repurchase Agreement or the other
Transaction Documents or the transactions contemplated thereby without the benefit of this Guaranty; and 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, and to induce Purchaser to enter into the Master Repurchase Agreement and the other Transaction Documents, Guarantor hereby
agrees as follows: 
 ARTICLE I. 

DEFINITIONS; INTERPRETATION 

(a) Each of the definitions set forth on Exhibit A hereto are, solely for the purposes of Article V(k) hereof,
hereby incorporated herein by reference. Unless otherwise defined herein, terms defined in the Master Repurchase Agreement and used herein shall have the meanings given to them in the Master Repurchase Agreement. 

(b) The following terms shall have the meanings set forth below: 

“Diversity Threshold” shall mean, if, during the initial three (3) year period after the Closing Date,
there are (i) at least eight (8) Transactions (secured by individual Eligible Assets) outstanding and (ii) at least two (2) of such Transactions (and their respective Eligible Assets) have been allocated to the United Kingdom and
the United States and at least three (3) of such Transactions (and their respective Eligible Assets) have been collectively allocated to Continental Europe and/or Ireland. For purposes of this definition, Transactions shall include 

Transactions (and their respective Eligible Assets) under the Master Repurchase Agreement and any “Transactions” (and their
respective “Eligible Assets”) under and as defined in the Pre-Existing Agreement (to the extent it is in effect). 

 “Facility Recourse Amount” shall mean, on any date of
determination, the sum of the Purchased Asset Recourse Amounts for all of the Purchased Assets on such day. 

“Guaranteed Obligations” shall mean (i) all obligations and liabilities of each Seller to Purchaser,
whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, or whether for payment or for performance (including, without limitation, Purchase Price Differential accruing after the Repurchase Date
for any Transaction and Purchase Price Differential accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to any Seller, whether or not a claim for post filing or
post-petition interest is allowed in such proceeding), which arise under, or out of or in connection with the Master Repurchase Agreement and any other Transaction Documents, whether on account of the Repurchase Price for the Purchased Assets,
Purchase Price Differential, reimbursement obligations, fees, indemnities, costs or expenses (including, without limitation, all fees and disbursements of outside counsel to Purchaser), in each case, that are required to be paid by the applicable
Seller pursuant to the terms of such documents, all “claims” (as defined in Section 101 of the Bankruptcy Code) of Purchaser against any Seller, or otherwise and (ii) all actual out-of-pocket court costs, enforcement costs and
legal and other expenses (including reasonable attorneys’ fees and disbursements of outside counsel) that are incurred by Purchaser in the enforcement of any provision of the Transaction Documents, including, but not limited to, this Guaranty.

 “Pre-Existing Agreement” shall mean, the Master Repurchase Agreement, dated as of May 14, 2021, by
and among (i) Parlex 8 US IE Issuer Designated Activity Company, Parlex 8 GBP IE Issuer Designated Activity Company, Parlex 8 EUR IE Issuer Designated Activity Company, each as a purchaser, (ii) Banco Santander, S.A., as collateral agent,
and (iii) Parlex 8 Finco, LLC, Parlex 8 GBP Finco, LLC, and Parlex 8 EUR Finco, LLC, each as a seller, as the same may be amended, supplemented or amended and restated from time to time. 

“Pre-Existing Guaranty” shall mean, to the extent applicable, the guaranty delivered by Guarantor in favor of
the purchaser under the Pre-Existing Agreement. 
 “Pre-Existing Guaranty Recourse Amount” shall mean, on
any date of determination, the “Facility Recourse Amount” under and as defined in the Pre-Existing Guaranty. 

“Purchased Asset Recourse Amount” shall mean, with respect to each Purchased Assets, (a) the related
Recourse Percentage multiplied by (b) the Repurchase Price for such Purchased Asset. 
 “Recourse
Percentage” shall mean, with respect to each Purchased Asset, (a) 33%, provided that, upon the Diversity Threshold first being met, that Recourse Percentage shall be 25%, or (b) such other Recourse Percentage as is set forth in
the related Confirmation. 

  
 2 

 “Remaining Liability Cap Amount” shall mean, on any date that
amounts are due and payable pursuant to Article II(a) of the Pre-Existing Guaranty, an amount equal to the positive difference, if any, between (i) the “Liability Cap” under and as defined in the Pre-Existing Guaranty, but without
regard to clauses (ii) and (iii) of such definition, and (ii) the amount due and payable pursuant to Article II(a) of the Pre-Existing Guaranty. 

(c) The terms defined in this Guaranty have the meanings assigned to them in this Guaranty and include the plural as well as
the singular, and the use of any gender herein shall be deemed to include the other gender. All references to articles, schedules and exhibits are to articles, schedules and exhibits in or to this Guaranty unless otherwise specified. The words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Guaranty shall refer to this Guaranty as a whole and not to any particular provision of this Guaranty. The term “include” or
“including” shall mean without limitation by reason of enumeration. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles. 

ARTICLE II. 
 NATURE AND
SCOPE OF GUARANTY 
 (a) Guaranty of Obligations. Subject to the terms hereof, Guarantor hereby irrevocably and
unconditionally guarantees and promises to Purchaser and its successors, endorsees, transferees and assigns as a primary obligor the prompt and complete payment and performance by each Seller of the Guaranteed Obligations as and when the same shall
be due and payable (whether at the stated maturity, by acceleration or otherwise); provided however that Guarantor’s total aggregate liability under this Article II(a) shall not exceed an amount equal to (i) the Facility Recourse
Amount on any day that any amounts under this Guaranty are due and payable plus (ii) to the extent that purchaser under the Pre-Existing Agreement has exercised remedies thereunder after the occurrence of an “Event of Default”
under and as defined in the Pre-Existing Agreement, the aggregate amounts remitted to or for the account of “Class B Noteholders” (as defined in the Master Definitions and Construction Module, as defined in the Pre-Existing Agreement)
after the occurrence of such “Event of Default” under the Pre-Existing Agreement plus (iii) the Remaining Liability Cap Amount (the “Liability Cap”); provided, further, that with respect to any
Purchased Asset, this Guaranty shall cease to apply to any Guaranteed Obligations relating to such Purchased Asset which first arise following the date on which Purchaser has exercised final remedies with respect to such Purchased Asset under
Article 14(b)(ii)(D) or 14(b)(iii) of the Master Repurchase Agreement (provided that Guarantor shall remain liable as provided herein for any and all of the Guaranteed Obligations that became due and payable with respect to such Purchased
Asset on or prior to such date and with respect to all other Purchased Assets for which Purchaser has not exercised final remedies under Article 14(b)(ii)(D) or 14(b)(iii) of the Master Repurchase Agreement). Notwithstanding anything to the contrary
in this Guaranty or in the Pre-Existing Guaranty, the aggregate amount payable by Guarantor under this Article II(a) and Article II(a) of the Pre-Existing Guaranty shall in no case exceed the sum, calculated as of any applicable date of
determination, of (a) the Facility Recourse Amount as of such date and (b) the Pre-Existing Guaranty Facility Recourse Amount as of such date. 

  
 3 

 (b) Liability Cap Carveout. The Liability Cap (excluding, for the
avoidance of doubt, the last proviso to Article II(a), which shall continue to apply notwithstanding the occurrence of any of the following events or circumstances) shall not apply in the event that any of the following events or
circumstances shall occur and payments made in connection with any of the following events or circumstances shall not accrue toward the Liability Cap: 

(i) (A) the filing by any Seller and/or Guarantor of any voluntary petition under any bankruptcy, insolvency,
reorganization, liquidation, dissolution or similar law relating to the protection of creditors, or (B) the commencing, or authorizing the commencement by any Seller and/or Guarantor of any case or proceeding under any bankruptcy, insolvency,
reorganization, liquidation, dissolution or similar law relating to the protection of creditors; 
 (ii) the
solicitation by any Seller and/or Guarantor or any Seller and/or Guarantor otherwise colluding with petitioning creditors for any involuntary petition, case or proceeding against any Seller and/or Guarantor under any bankruptcy, insolvency,
reorganization, liquidation, dissolution or similar law relating to the protection of creditors; 
 (iii) any
Seller and/or Guarantor seeking or consenting to the appointment of a receiver, trustee, custodian or similar official for any Seller and/or Guarantor or any substantial part of the property of any Seller and/or Guarantor (unless consented to by
Purchaser); 
 (iv) the making by any Seller and/or Guarantor of a general assignment for the benefit of
creditors of any Seller and/or Guarantor (other than in favor of Purchaser or if consented to by Purchaser) in connection with any case or proceeding described in the foregoing clauses (i) or (ii); or 

(v) with respect to and solely to the extent of any and all out-of-pocket losses, damages, costs and expenses
(including reasonable fees and disbursements of outside counsel) actually incurred by Purchaser in connection with 

(1) any fraud, willful misconduct, illegal act or intentional material misstatement on the part of any Seller,
Guarantor or any Affiliate of any Seller or Guarantor in connection with the execution and delivery of the Master Repurchase Agreement or other Transaction Documents, or any certificate, report, notice, financial statement, representation, warranty
or other instrument or document furnished to Purchaser by any Seller, Guarantor or any Affiliate thereof in connection with the Master Repurchase Agreement or any other Transaction Document on the Closing Date or during the term of the Master
Repurchase Agreement; 
 (2) any misappropriation, conversion or intentional misapplication by any Seller,
Guarantor or any Affiliate of the foregoing of any Net Cash Flow required to be deposited in the Collection Account pursuant to Article 5 of the Master Repurchase Agreement; 

  
 4 

 (3) any failure by any Seller to comply with Article 13 of
the Master Repurchase Agreement, which failure results in a substantive consolidation of any Seller with any other entity in an insolvency proceeding; 

(4) any failure by any Seller to fund a Future Advance, which failure is determined in a final non-appealable
judgment by a court of competent jurisdiction in the United States of America to have been committed by such Seller in bad faith; 

(5) if any Seller, Guarantor or any Affiliate of the foregoing interferes with, frustrates or prevents
Purchaser’s exercise of remedies provided under the Transaction Documents; provided that any assertion, claim or defense reasonably made in good faith by such Seller or Guarantor as to the existence and continuation of such Default or
Event of Default shall not, and shall not be deemed to, result in liability under this sub-clause (5); 

(6) any claim by any Affiliate of any Seller that Purchaser is not the record and beneficial owner of, and does
not have good and marketable title to, each Purchased Asset in accordance with the Transaction Documents; or 

(7) any loss, damage, cost and expense in connection with violation of any environmental law, the correction of
any environmental condition, or the removal of any hazardous, toxic or harmful substances, materials, wastes, pollutants or contaminants defined as such in or regulated under any environmental law, in each case in any way affecting any Seller’s
properties or any of the Purchased Assets; provided, that Guarantor shall have no liability under this Article II(b)(v)(7) with respect to conditions on any Mortgaged Property first arising after the date upon which Purchaser enforces
its remedies with respect to the related Purchased Asset pursuant to Article 14(b)(ii)(D) or 14(b)(iii) of the Master Repurchase Agreement following an Event of Default. 

(c) Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance and
not a guaranty of collection. This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created after any attempted revocation by Guarantor. This Guaranty may be enforced
by Purchaser and any successor, endorsee, transferee or assignee of Purchaser permitted under the Master Repurchase Agreement and shall not be discharged by such permitted assignment or negotiation of all or part thereof. 

(d) Satisfaction of Guaranteed Obligations. Guarantor shall satisfy its obligations hereunder without demand,
presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice whatsoever. Subject to Articles II(a) and II(b), the obligations
of Guarantor hereunder shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of any Seller, or any other party, against Purchaser or against the payment of the Guaranteed Obligations,
other than the payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection with such Guaranteed Obligations or otherwise. 

  
 5 

 (e) No Duty to Pursue Others. It shall not be necessary for Purchaser (and
Guarantor hereby waives any rights which Guarantor may have to require Purchaser), in order to enforce the obligations of Guarantor hereunder, first to (i) institute suit or exhaust its remedies against any Seller or others liable on the
Guaranteed Obligations or any other person, (ii) enforce or exhaust Purchaser’s rights against any collateral which shall ever have been given to secure the Guaranteed Obligations, (iii) join any Seller or any others liable on the
Guaranteed Obligations in any action seeking to enforce this Guaranty or (iv) resort to any other means of obtaining payment of the Guaranteed Obligations. Purchaser shall not be entitled to actually receive payment of the same amounts from
both a Seller and Guarantor. Purchaser shall not be required to mitigate damages or take any other action to collect or enforce the Guaranteed Obligations. 

(f) Waivers. Guarantor agrees to the provisions of the Transaction Documents, and hereby waives notice of (i) any
loans or advances made by Purchaser to any Seller or the purchase of any Purchased Asset by Purchaser from any Seller, (ii) acceptance of this Guaranty, (iii) any amendment or extension of the Master Repurchase Agreement or of any other
Transaction Documents, (iv) the execution and delivery by any Seller and Purchaser of any other agreement or of any Seller’s execution and delivery of any other documents arising under the Transaction Documents or in connection with the
Guaranteed Obligations, (v) the occurrence of any breach by any Seller or an Event of Default under the Transaction Documents, (vi) Purchaser’s transfer or disposition of the Transaction Documents, or any part thereof, (vii) sale or
foreclosure (or posting or advertising for sale or foreclosure) of any collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment or default by any Seller, (ix) any other action at any time taken or omitted by
Purchaser and (x) except as otherwise provided herein or required by the terms hereof, all other demands and notices of every kind in connection with this Guaranty, the Transaction Documents and any documents or agreements evidencing, securing
or relating to any of the Guaranteed Obligations; provided, however, that the foregoing shall not constitute a waiver by Guarantor of any notice that Purchaser is expressly required to provide to Sellers or Guarantor or any other party
pursuant to the Transaction Documents. 
 (g) Payment of Expenses. In the event that Guarantor should breach or fail
to timely perform any provisions of this Guaranty, Guarantor shall, within ten (10) Business Days after demand by Purchaser, pay Purchaser all actual out-of-pocket costs and expenses (including, without limitation, the reasonable fees and
expenses of outside counsel) actually incurred by Purchaser in the enforcement hereof or the preservation of Purchaser’s rights hereunder. The covenant contained in this Article II(g) shall survive the payment and performance of the
Guaranteed Obligations. 
 (h) Effect of Bankruptcy. In the event that, pursuant to any insolvency, bankruptcy,
reorganization, receivership or other debtor relief law, or any judgment, order or decision thereunder, Purchaser must rescind or restore any payment, or any part thereof, received by or on behalf of Purchaser in satisfaction of the Guaranteed
Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty given to Guarantor by Purchaser shall be without effect, and this Guaranty shall remain in full force and effect. It is the intention of each Seller and
Guarantor that Guarantor’s obligations hereunder shall not be discharged except by such Seller’s or Guarantor’s payment and performance of the Guaranteed Obligations which is not so rescinded or Guarantor’s performance of such
obligations and then only to the extent of such performance. 

  
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 (i) Deferral of Subrogation, Reimbursement and Contribution. Notwithstanding
anything to the contrary contained in this Guaranty, Guarantor hereby unconditionally and irrevocably defers any and all rights it may now or hereafter have under any agreement, at law or in equity (including, without limitation, any law subrogating
Guarantor to the rights of Purchaser), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from any Seller or any other party liable for payment of any or all of the Guaranteed Obligations for any
payment made by Guarantor under or in connection with this Guaranty until payment in full of the Guaranteed Obligations (other than those Repurchase Obligations (including contingent reimbursement obligations and indemnity obligations) which, by
their express terms, survive termination of the Transaction Documents) and termination of the Transaction Documents. Guarantor hereby subordinates all of its subrogation rights against each Seller arising from payments made under this Guaranty to
the full payment of the Guaranteed Obligations due Purchaser for a period of ninety-one (91) days following the final payment of the last of all of the Guaranteed Obligations and termination of the Master Repurchase Agreement. If any amount
shall be paid to Guarantor on account of such subrogation rights at any time when all of the Guaranteed Obligations (other than those Repurchase Obligations (including contingent reimbursement obligations and indemnity obligations) which, by their
express terms, survive termination of the Transaction Documents) shall not have been paid in full, such amount shall be held by Guarantor in trust for Purchaser, segregated from other funds of Guarantor, and shall, forthwith upon receipt by
Guarantor, be turned over to Purchaser in the exact form received by Guarantor (duly indorsed by Guarantor to Purchaser, if required), to be applied against the Guaranteed Obligations, whether matured or unmatured, in such order as Purchaser may
determine. 
 (j) Seller. The term “Seller” or “Sellers” as used herein shall include any new or
successor corporation, limited liability company, association, partnership (general or limited), joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of
any Seller or any interest in any Seller. 
 ARTICLE III. 

EVENTS AND CIRCUMSTANCES NOT REDUCING 

OR DISCHARGING GUARANTOR’S OBLIGATIONS 

Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s obligations under this
Guaranty shall not be released, diminished, impaired, reduced or adversely affected by any of the following, except to the extent required by the terms hereof, and waives any common law, equitable, statutory or other rights (including without
limitation, except to the extent required by the terms hereof, rights to notice) which Guarantor might otherwise have as a result of or in connection with any of the following: 

(a) Modifications. Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the
Master Repurchase Agreement, the other Transaction Documents (other than this Guaranty), or any other document, instrument, contract or understanding between Sellers, Purchaser or any other parties, pertaining to the Guaranteed Obligations. 

  
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 (b) Adjustment. Any adjustment, indulgence, forbearance or compromise that
might be granted or given by Purchaser to Sellers. 
 (c) Condition of Seller or Guarantor. The insolvency,
bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of any Seller, Guarantor or any other party at any time liable for the payment of all or part of the Guaranteed Obligations or any dissolution of
any Seller or Guarantor, or any sale, lease or transfer of any or all of the assets of any Seller or Guarantor, or any changes in the shareholders, partners or members of any Seller or Guarantor; or any reorganization of any Seller or Guarantor.

 (d) Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability against any Seller of all
or any part of the Master Repurchase Agreement or any document or agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including without limitation the fact that (i) the act of creating the Guaranteed
Obligations or any part thereof is ultra vires, (ii) the officers or representatives executing the Master Repurchase Agreement or the other Transaction Documents or otherwise creating the Guaranteed Obligations acted in excess of their
authority, (iii) the applicable Seller has valid defenses (other than payment of the Guaranteed Obligations), claims or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations wholly or partially
uncollectible from such Seller, (iv) the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing part of the Guaranteed Obligations or executed in
connection with the Guaranteed Obligations, or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable or (v) the Master Repurchase Agreement, or any of the other Transaction Documents have been
forged by any Person other than Purchaser, or any of its Affiliates or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon regardless of whether such Seller or any other person is found not
liable on the Guaranteed Obligations or any part thereof for any reason (other than by reason of a defense of payment or performance of the Guaranteed Obligations). 

(e) Release of Obligors. Any full or partial release of the liability of any Seller on the Guaranteed Obligations, or
any part thereof, or of any co-guarantors, or any other person or entity now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed
Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay the Guaranteed Obligations in full without assistance or support of any other party, and Guarantor has not been induced
to enter into this Guaranty on the basis of a contemplation, belief, understanding or agreement, as between Purchaser and Guarantor, that other parties will be liable to pay or perform the Guaranteed Obligations, or that Purchaser will look to other
parties to pay or perform the obligations of the applicable Seller under the Master Repurchase Agreement or the other Transaction Documents. 

(f) Other Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of
payment, for all or any part of the Guaranteed Obligations. 

  
 8 

 (g) Release of Collateral. Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) by any party other than Purchaser, or any of its Affiliates of any collateral, property or security at any time
existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations. 
 (h) Care
and Diligence. Except to the extent the same shall result from the gross negligence, willful misconduct, bad faith or illegal acts of Purchaser or any of its Affiliates, the failure of Purchaser or any other party to exercise diligence or reasonable
care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of such collateral, property or security, including but not limited to any neglect, delay, omission, failure or refusal of Purchaser
(i) to take or prosecute any action for the collection of any of the Guaranteed Obligations or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any security
therefor, or (iii) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations. 

(i) Unenforceability. The fact that any collateral, security, security interest or lien contemplated or intended to be
given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it
being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectability or value of any of the collateral for the Guaranteed
Obligations. 
 (j) Offset. The liabilities and obligations of Guarantor to Purchaser hereunder shall not be reduced,
discharged or released because of or by reason of any existing or future right of offset, claim or defense (other than payment of the Guaranteed Obligations) of any Seller against Purchaser, or any other party, or against payment of the Guaranteed
Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations). 

(k) Merger. The reorganization, merger or consolidation of any Seller into or with any other corporation or entity. 

(l) Preference. Any payment by any Seller to Purchaser is held to constitute a preference under bankruptcy laws, or for
any reason Purchaser is required to refund such payment or pay such amount to any Seller or someone else. 
 (m) Other
Actions Taken or Omitted. Except to the extent the same shall result from the gross negligence, willful misconduct, bad faith or illegal acts of Purchaser or any of its Affiliates, any other action taken or omitted to be taken with respect to
the Transaction Documents, the Guaranteed Obligations, or the security and collateral therefor, whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations
pursuant to the terms hereof, it is the unambiguous and unequivocal intention of Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action, or omission
whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations. 

  
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 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES 

To induce Purchaser to enter into the Transaction Documents, Guarantor represents and warrants to Purchaser as of the Closing
Date and as of each Funding Date as follows: 
 (a) Benefit. Guarantor has received, or will receive, direct or
indirect benefit from the execution, delivery and performance by Sellers of the Transaction Documents, and the transactions contemplated therein. 

(b) Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed books and records regarding,
the financial condition of each Seller and is familiar with the value of any and all collateral intended to be pledged as security for the payment of the Guaranteed Obligations; however, as between Purchaser and Guarantor, Guarantor is not relying
on such financial condition or the collateral as an inducement to enter into this Guaranty. 
 (c) No Representation by
Purchaser. Neither Purchaser, nor any other party on its behalf has made any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty. 

(d) Organization. Guarantor (i) is duly organized, validly existing and in good standing under the laws and
regulations of the jurisdiction of its formation, (ii) has the corporate 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 (iii) has the
corporate power to execute, deliver, and perform its obligations under this Guaranty. 
 (e) Authority. Guarantor is
duly authorized to execute and deliver this Guaranty and to perform its obligations under this Guaranty, and has taken all necessary action to authorize such execution, delivery and performance, and each person signing this Guaranty on its behalf is
duly authorized to do so on its behalf. 
 (f) Due Execution and Delivery; Consideration. This Guaranty has been duly
executed and delivered by Guarantor, for good and valuable consideration. 
 (g) Enforceability. This Guaranty is a
legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles. 

(h) Approvals and Consents. No consent, approval or other action of, or filing by, Guarantor with any Governmental
Authority or any other Person is required to authorize, or is otherwise required in connection with, the execution, delivery and performance of this Guaranty (other than consents, approvals and filings required by Guarantor as a result of being a
publicly traded company or that have been obtained or made, as applicable, and any such consents, approvals and filings that have been obtained are in full force and effect). 

  
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 (i) Licenses and Permits. Guarantor is duly licensed, qualified and in
good standing in every jurisdiction where such licensing, qualification or standing is material to Guarantor’s business, and has all material licenses, permits and other consents that are necessary, for (i) the transaction of
Guarantor’s business and ownership of Guarantor’s properties and (ii) the performance of its obligations under this Guaranty. 

(j) Non-Contravention. Neither the execution and delivery of this Guaranty, nor consummation by Guarantor of the
transactions contemplated by this Guaranty, nor compliance by Guarantor with the terms, conditions and provisions of this Guaranty will conflict with or result in a breach of any of the terms, conditions or provisions of (i) the organizational
documents of Guarantor, (ii) any agreement by which Guarantor is bound or to which any assets of Guarantor are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any Lien upon any of the assets of
Guarantor, other than pursuant to the Transaction Documents, (iii) any judgment or order, writ, injunction, decree or demand of any court applicable to Guarantor, or (iv) any applicable Requirement of Law. 

(k) Litigation/Proceedings. Except as otherwise disclosed in writing to Purchaser, there is no action, suit, proceeding,
investigation, or arbitration pending or, to the Knowledge of Guarantor, threatened in writing against Guarantor, or any of its assets that (i) questions or challenges the validity or enforceability of any of the Transaction Documents or any
action to be taken in connection with the transactions contemplated hereby or thereby, (ii) makes a claim in an aggregate amount greater than the Litigation Threshold or (iii) which, individually or in the aggregate, if adversely
determined is reasonably likely to have a Material Adverse Effect. 
 (l) No Outstanding Judgments. Except as
otherwise disclosed in writing to Purchaser, there are no judgments against Guarantor unsatisfied of record or docketed in any court located in the United States of America. 

(m) Compliance with Law. Guarantor is in compliance in all material respects with all Requirements of Law. Except as
otherwise disclosed in writing to Purchaser, Guarantor is not in default with respect to any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or Governmental Authority applicable to and imposed upon Guarantor which
default, in the aggregate (x) is with respect to any amount at least equal to the applicable Litigation Threshold or (y) could be reasonably likely to have a Material Adverse Effect. 

(n) Solvency. Guarantor, as of the Closing Date and each Purchase Date, has adequate capital for the normal obligations
reasonably foreseeable in a business of its size and character and in light of its contemplated business operations. Guarantor, as of the Closing Date and each Purchase Date, is generally able to pay, and intends to pay, its debts as they come due.
As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor is, and will be, solvent, and has, and will have, assets which, fairly valued, exceed its obligations, liabilities (including
contingent liabilities fairly estimated) and debts, and has, and will have, property and assets sufficient to satisfy and repay its obligations and liabilities, as and when the same become due. 

(o) [Reserved]. 

  
 11 

 (p) No More Senior Obligations. The payment obligations of Guarantor under
this Guaranty rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

All representations and warranties made by Guarantor herein shall survive until payment in full of the Guaranteed Obligations
(other than those Repurchase Obligations (including contingent reimbursement obligations and indemnity obligations) which, by their express terms, survive termination of the Transaction Documents). 

ARTICLE V. 
 COVENANTS OF
GUARANTOR 
 Guarantor covenants and agrees with Purchaser that, until payment in full of all Guaranteed Obligations
(other than those Repurchase Obligations (including contingent reimbursement obligations and indemnity obligations) which, by their express terms, survive termination of the Transaction Documents): 

(a) Corporate Change. Guarantor shall not change its jurisdiction of organization unless it shall have provided
Purchaser at least thirty (30) Business Days’ prior written notice of such change. 
 (b) Reporting.
Guarantor shall deliver (or cause to be delivered) to Purchaser all financial information and certificates with respect to Guarantor that are required to be delivered pursuant to Article 12(b) of the Master Repurchase Agreement. 

(c) Preservation of Existence; Licenses. Guarantor shall at all times maintain and preserve its legal existence and all
of its material rights, privileges, licenses, permits and franchises necessary for the operation of its business and for its performance under this Guaranty, except where failure to comply could not be reasonably likely to have a Material Adverse
Effect. 
 (d) Compliance with Obligations. Guarantor shall at all times comply (i) in all material respects,
with its organizational documents, (ii) with any agreements by which it is bound or to which its assets are subject, to the extent non-compliance would be reasonably likely to have a Material Adverse Effect, and (iii) in all material
respects with any Requirement of Law. 
 (e) Books of Record and Accounts. Guarantor shall at all times keep proper
books of records and accounts in which full, true and correct entries shall be made of its transactions fairly in accordance with GAAP, consistently applied, and set aside on its books from its earnings for each Fiscal Year all such proper reserves
in accordance with GAAP, consistently applied. 
 (f) Taxes and Other Charges. Guarantor shall pay and discharge all
material taxes, assessments, levies, liens and other charges imposed on it, on its income or profits or on any of its property prior to the date on which penalties attach thereto, except for any such taxes, assessments, levies, liens and other
charges which are being contested in good faith and by proper proceedings and against which adequate reserves are being maintained in accordance with GAAP. 

  
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 (g) Due Diligence. Guarantor shall permit Purchaser to conduct continuing
due diligence in accordance with Article 28 of the Master Repurchase Agreement. 
 (h) No Change of Control.
Guarantor shall not, without the prior consent of Purchaser, permit a Change of Control to occur. 
 (i) [Reserved].

 (j) [Reserved]. 

(k) Financial Covenants. Except as provided to the contrary in this Agreement, an accounting term used in this section
is to be construed in accordance with the principles applied in connection with the Original Financial Statements. Any amount in a currency other than U.S. Dollars to be taken into account at its U.S. Dollar equivalent calculated (i) at the
spot rate for the purchase of the relevant currency in the London foreign exchange market with U.S. Dollars as obtained from the applicable screen on Bloomberg at or about 11:00 a.m. on the day the relevant amount falls to be calculate; or
(ii) if the amount is to be calculated on the last day of a financial period of Guarantor, at the spot rates used by Guarantor in, or in connection with, its financial statements for that period. No item may be credited or deducted more than
once in any calculation under this section. Guarantor shall not at any time until the Guaranteed Obligations (other than those Repurchase Obligations (including contingent reimbursement obligations and indemnity obligations) which, by their express
terms, survive termination of the Transaction Documents) have been paid in full permit (as determined quarterly on a consolidated basis in accordance with GAAP, consistently applied): 

(i) Maximum Indebtedness. The ratio (expressed as a percentage) of (A) Indebtedness of Guarantor and its
Subsidiaries as of the last day of any Fiscal Quarter to (B) Total Assets of Guarantor and its Subsidiaries as of the last day of such Fiscal Quarter, to exceed eighty three and a third percent (83.3333%). 

(ii) Minimum Fixed Charge Coverage Ratio. The ratio of (A) Guarantor’s EBITDA during the applicable
Measurement Period to (B) Guarantor’s Fixed Charges during such Measurement Period shall not be less than 1.40:1.00, as determined as soon as practicable after the end of each Measurement Period, but in no event later than forty-five
(45) days after the last day of the applicable Fiscal Quarter. 
 (iii) Minimum Tangible Net
Worth. Guarantor’s Tangible Net Worth must not at the end of any Fiscal Quarter be less than $2,975,543,739 plus 75% of the net cash proceeds of any equity issuances by Guarantor subsequent to the Closing Date. 

(iv) Minimum Cash Liquidity. Guarantor’s Cash Liquidity must not, as of the last day of any Fiscal
Quarter, be less than the sum of (A) 5% of Guarantor’s Recourse Indebtedness (excluding, following the Liquidity Covenant Trigger Date, Non-MTM Recourse Indebtedness) as of such date, plus (B) following the Liquidity Covenant Trigger
Date, 2.5% of Guarantor’s Non-MTM Recourse Indebtedness as of such date. 

  
 13 

 (l) Change of Business. Guarantor shall ensure that no substantial change
is made to the general nature of its business or the business of the Group from that carried on as of the date hereof. 
 (m)
[Reserved]. 
 (n) Sanctions. Guarantor shall not directly or, to Guarantor’s Knowledge, indirectly
discharge any obligation due or owing to any party hereto from proceeds derived from or otherwise directly or, to Guarantor’s Knowledge, indirectly sourced from (i) any Sanctioned person or Sanctioned country; (ii) any activity
breaching any Sanction; or (iii) any action or status which is prohibited by, or would cause any party hereto or member of the Group to be in breach of, any Sanctions. 

ARTICLE VI. 

MISCELLANEOUS 

(a) Waiver. No failure to exercise, and no delay in exercising, on the part of Purchaser, any right hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right. The rights of Purchaser hereunder shall be in addition to all other rights provided by
law. No modification or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall be effective unless in writing signed by Purchaser and Guarantor and no such consent or waiver shall extend beyond the particular case and
purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand (except to the extent such a notice or demand is required by
the terms hereof). 
 (b) Set-Off. Purchaser and its Affiliates are hereby authorized at any time and from time to
time upon the occurrence and during the continuance of an Event of Default, without prior written notice to Guarantor, to set-off, appropriate and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by Purchaser or any such Affiliate to or for the credit or the account of Guarantor against any and all of the obligations of Guarantor now or hereafter
existing under this Guaranty or any other Transaction Document to Purchaser or any of its Affiliates, irrespective of whether or not Purchaser or any such Affiliate shall have made any demand under this Guaranty or any other Transaction Document and
although such obligations of Guarantor may be contingent or unmatured or are owed to a branch or office of Purchaser or such Affiliate different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness. The rights
of Purchaser and its Affiliates under this Article VI(b) are in addition to other rights and remedies (including other rights of setoff) that they may have. Purchaser shall give written notice to Guarantor of any set-off affected under this
Article VI(b) to the extent it is not prohibited from doing so by applicable law. 
 (c) Notices. Unless
otherwise provided in this Guaranty, all notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective for all purposes if sent by (i) hand delivery, with proof of delivery,
(ii) certified or registered United States mail, postage prepaid, (iii) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of delivery, or (iv) by electronic mail, to 

  
 14 

 
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 Article V(c); provided, however, at least one of the individuals identified in clause (i) of the definition of “Knowledge” in the Master Repurchase Agreement shall be an
“attention” party for notices to Guarantor. A notice shall be deemed to have been given: (x) in the case of hand delivery, at the time of delivery, if on a Business Day, and otherwise on the next occurring Business Day, (y) in
the case of registered or certified mail or expedited prepaid delivery, when delivered, if on a Business Day, and otherwise on the next occurring Business Day, or upon the first attempted delivery on a Business Day or (z) in the case of
electronic mail, upon receipt of a verbal or electronic confirmation acknowledging receipt thereof (for the avoidance of doubt, any automatically generated email or any similar automatic response shall not constitute confirmation). A party receiving
a notice that does not comply with the technical requirements for notice under this Article V(c) may elect to waive any deficiencies and treat the notice as having been properly given. 

 

			
	 Guarantor:
	  	 Blackstone Mortgage Trust, Inc.

		  	 c/o Blackstone Mortgage Trust, Inc.

		  	 345 Park Avenue, 42nd Floor

		  	 New York, New York 10154

		  	 Attention: Douglas Armer

		  	 Telephone: (212) 583-5000

		  	 Email: BXMTSantanderFacility@blackstone.com

		
	 with copies to:
	  	 Ropes & Gray LLP

		
		  	 1211 Avenue of the Americas

		  	 New York, New York 10036-8704

		  	 Attn: Daniel L. Stanco

		  	 Tel: (212) 841-5758

		  	 Email: Daniel.Stanco@ropesgray.com

 (d) GOVERNING LAW. THIS GUARANTY 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 WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN SECTIONS 5-1401 AND 5-1402
OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
 (e) SUBMISSION TO JURISDICTION; WAIVERS. 

(i) Guarantor and, by its acceptance of this Guaranty, Purchaser, each irrevocably and unconditionally
(A) submits to the 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 Guaranty or relating in any way to this Guaranty, the Master Repurchase Agreement or any Transaction under the Master Repurchase Agreement and (B) 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. 

  
 15 

 (ii) To the extent that Guarantor 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, Guarantor hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought to enforce its obligations under this
Guaranty or relating in any way to this Guaranty, the Master Repurchase Agreement or any Transaction under the Master Repurchase Agreement. 

(iii) Guarantor and, by its acceptance of this Guaranty, Purchaser, each hereby 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 address specified herein. Guarantor and, by its acceptance of this Guaranty, Purchaser, each 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 Article VI(e) shall affect the right of Purchaser to serve legal process
in any other manner permitted by law or affect the rights of Purchaser to bring any enforcement action or proceeding against any property of Guarantor located in other jurisdictions in the courts of such other to the extent required by the laws of
such other jurisdictions, and nothing in this Article VI(e) shall affect the right of Guarantor to serve legal process in any other manner permitted by law. 

(iv) GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER. 

(f) Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present
or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty,
and the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty. 

(g) Amendments. This Guaranty may be amended only by an instrument in writing executed by Guarantor and Purchaser. 

(h) Parties Bound; Assignment. This Guaranty shall be binding upon and inure to the benefit of the parties hereto and
their respective successors, assigns and legal representatives; provided, however, that Guarantor may not, without the prior written consent of Purchaser, assign any of its rights, powers, duties or obligations hereunder. Purchaser may
assign or transfer its rights under this Guaranty in accordance with the transfer of assignment provisions of the Master Repurchase Agreement. 

  
 16 

 (i) Headings. Section headings are for convenience of reference only and
shall in no way affect the interpretation or construction of this Guaranty. 
 (j) Recitals. The recital and
introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein. 

(k) Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by any Seller to Purchaser, by
endorsement or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of Purchaser hereunder shall be cumulative of any and all other rights that Purchaser may ever have
against Guarantor. The exercise by Purchaser of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy. 

(l) Entirety. This Guaranty embodies the final, entire agreement of Guarantor and Purchaser with respect to
Guarantor’s guaranty of the Guaranteed Obligations and supersedes any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof. This Guaranty is intended by
Guarantor and Purchaser as a final and complete expression of the terms of the guaranty, and no course of dealing between Guarantor and Purchaser, no course of performance, no trade practices, and no evidence of prior, contemporaneous or subsequent
oral agreements or discussions or other extrinsic evidence of any nature shall be used to contradict, vary, supplement or modify any term of this Guaranty. There are no oral agreements between Guarantor and Purchaser relating to the subject matter
hereof. 
 (m) Intent. Guarantor acknowledges and intends (i) that this Guaranty constitute a “securities
contract” as that term is defined in Section 741(7)(A)(xi) of the Bankruptcy Code to the extent of damages as measured in accordance with Section 562 of the Bankruptcy Code and (ii) that this Guaranty constitutes a “master
netting agreement” as that term is defined in Section 101(38A)(A) of the Bankruptcy Code to the extent of damages as measured in accordance with Section 562 of the Bankruptcy Code. 

[SIGNATURE ON NEXT PAGE] 

  
 17 

 IN WITNESS WHEREOF, the undersigned executed this Guaranty as of the day
first written above. 
  

			
	 BLACKSTONE MORTGAGE TRUST, INC., as Guarantor

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Santander-BXMT – Guaranty 

 EXHIBIT A 

FINANCIAL COVENANT DEFINITIONS 

“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 Subsidiaries, at such Person’s or its Subsidiaries’ sole discretion, under committed credit
facilities or repurchase agreements which provide financing to such Person or its Subsidiaries. 
 “Cash
Equivalents” shall mean, as of any date of determination, marketable securities (a) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (b) issued by any agency of the
United States the obligations of which are backed by the full faith and credit of the United States. 
 “Cash
Liquidity” shall mean, with respect to any Person, on any date of determination, the sum of (i) unrestricted cash, plus (ii) Available Borrowing Capacity, plus (iii) Cash Equivalents. 

“Consolidated Net Income” shall mean, with respect to any Person, for any period, the amount of consolidated
net income (or loss) of such Person and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP. 

“EBITDA” shall mean, with respect to any Person, for any period, such Person’s Consolidated Net Income,
excluding the effects of such Person’s and its Subsidiaries’ Interest Expense with respect to Indebtedness, taxes, depreciation, amortization, asset write-ups or impairment charges, provisions for loan losses, and changes in mark-to-market
value(s) (both gains and losses) of financial instruments and noncash compensation expenses, all determined on a consolidated basis in accordance with GAAP. 

“Fiscal Quarter” shall mean a fiscal quarter of any Fiscal Year. 

“Fiscal Year” shall mean the fiscal year of Guarantor ending on December 31 of each calendar year. 

“Fixed Charges” shall mean, with respect to any Person, for any period, the amount of interest paid in cash
with respect to Indebtedness as shown on such Person’s consolidated statement of cash flow in accordance with GAAP as offset by the amount of receipts pursuant to net receive interest rate swap agreements of such Person and its consolidated
Subsidiaries during the applicable period. 
 “Group” shall mean Pledgor and any Subsidiary of Pledgor. 

“Guarantor” shall mean Blackstone Mortgage Trust, Inc., a Maryland corporation, together with its successors
and permitted assigns. 
 “Interest Expense” shall mean, for any Person and any period, determined without
duplication on a consolidated basis in accordance with GAAP, the amount of total interest expense incurred by such Person, including capitalized or accruing interest (but excluding interest funded under a construction loan). 

  
 A-1 

 “Liquidity Covenant Trigger Date” means the date on which
Guarantor has certified to Purchaser in writing that the counterparties under each Similar Agreement have agreed to modify Guarantor’s minimum liquidity covenant under such Similar Agreement to be substantially consistent with the covenant set
forth in Article V(k)(iv) hereof after giving effect to the Liquidity Covenant Trigger Date. 
 “Measurement
Period” shall mean a period of 12 Months ending on the last day of a Financial Quarter. 
 “Non-MTM
Recourse Indebtedness” shall mean, with respect to any Person, on any date of determination, the amount of Indebtedness for which such Person has recourse liability (such as through a guarantee agreement), exclusive of any such Indebtedness
for which such recourse liability is limited to obligations relating to or under agreements containing customary nonrecourse carve-outs, and which Indebtedness does not provide the counterparty with the right to “margin call” the obligor
under such Indebtedness. 
 “Original Financial Statements” shall mean the audited consolidated financial
statements of Guarantor for the Fiscal Year ended December 31, 2020 and the unaudited consolidated financial statements of Guarantor for the Fiscal Quarter ended March 31, 2021, as applicable. 

“REMIC” shall mean, a real estate, mortgage investment conduit, within the meaning of Section 860D(a) of
the Internal Revenue Code of 1986, as amended. 
 “Similar Agreement” shall mean each guaranty
(a) under which Guarantor is a guarantor, (b) which provides for a limited payment guaranty and recourse for customary “bad boy” acts (which may include, without limitation, each of the acts specified in Article II(b)
hereof) and (c) which relates to a repurchase agreement, warehouse facility, credit facility or other similar arrangement with Guarantor or any Subsidiary thereof (other than the Master Repurchase Agreement and the Pre-Existing Agreement) which
finances commercial real estate debt interests which are substantially similar to the Eligible Assets and has a maximum potential availability of $500,000,000 or greater. 

“Tangible Net Worth” shall mean, with respect to any Person, on any date of determination, all amounts which
would be included under capital or shareholder’s equity (or any like caption) on a balance sheet of such Person pursuant to GAAP, minus (a) amounts owing to such Person from any Affiliate thereof, or from officers, employees, partners,
members, directors, shareholders or other Persons similarly affiliated with such Person or any Affiliate thereof, (b) intangible assets, and (c) prepaid taxes and/or expenses, all on or as of such date. 

  
 A-2 

 “Total Assets” shall mean, with respect to any Person, on any
date of determination, an amount equal to the aggregate book value of all assets owned by such Person and the proportionate share of such Person of all assets owned by Affiliates of such Person as consolidated in accordance with GAAP, less
(a) amounts owing to such Person from any Affiliate thereof, or from officers, employees, partners, members, directors, shareholders or other Persons similarly affiliated with such Person or any Affiliate thereof, (b) intangible assets,
and (c) prepaid taxes and expenses, all on or as of such date, and (d) the amount of nonrecourse Indebtedness owing pursuant to securitization transactions such as a REMIC securitization, a collateralized loan obligation transactions or other
similar securitizations. 

  
 A-3

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