Document:

Pooling Agreement

 EXHIBIT 4.3 

 
  

 
 POOLING AGREEMENT

 BETWEEN 
 ALLY AUTO ASSETS LLC 
 AND 

ALLY BANK 

DATED AS OF OCTOBER 24, 2012 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 SECTION 1.01 Definitions
	  	 	1	  
	 SECTION 1.02 Owner of a Receivable
	  	 	1	  
		
	 ARTICLE II PURCHASE AND SALE OF RECEIVABLES
	  	 	2	  
		
	 SECTION 2.01 Purchase and Sale of Receivables
	  	 	2	  
	 SECTION 2.02 Receivables Purchase Price
	  	 	3	  
	 SECTION 2.03 The Closing
	  	 	3	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	3	  
		
	 SECTION 3.01 Representations and Warranties as to the Receivables
	  	 	3	  
	 SECTION 3.02 Additional Representations and Warranties of the Seller
	  	 	6	  
	 SECTION 3.03 Representations and Warranties of Ally Auto
	  	 	7	  
		
	 ARTICLE IV ADDITIONAL AGREEMENTS
	  	 	8	  
		
	 SECTION 4.01 Conflicts With Further Transfer Agreements
	  	 	8	  
	 SECTION 4.02 Protection of Title
	  	 	8	  
	 SECTION 4.03 Other Liens or Interests
	  	 	9	  
	 SECTION 4.04 Repurchase Events
	  	 	9	  
	 SECTION 4.05 Indemnification
	  	 	9	  
	 SECTION 4.06 Further Assignments
	  	 	9	  
	 SECTION 4.07 Pre-Closing Collections
	  	 	10	  
	 SECTION 4.08 Compliance with the FDIC Rule
	  	 	10	  
		
	 ARTICLE V CONDITIONS
	  	 	10	  
		
	 SECTION 5.01 Conditions to Obligation of Ally Auto
	  	 	10	  
	 SECTION 5.02 Conditions to Obligation of the Seller
	  	 	11	  
		
	 ARTICLE VI MISCELLANEOUS PROVISIONS
	  	 	11	  
		
	 SECTION 6.01 Amendment
	  	 	11	  
	 SECTION 6.02 Survival
	  	 	11	  
	 SECTION 6.03 Notices
	  	 	11	  
	 SECTION 6.04 Governing Law
	  	 	11	  
	 SECTION 6.05 Waivers
	  	 	12	  
	 SECTION 6.06 Costs and Expenses
	  	 	12	  
	 SECTION 6.07 Confidential Information
	  	 	12	  
	 SECTION 6.08 Headings
	  	 	12	  
	 SECTION 6.09 Counterparts
	  	 	12	  
	 SECTION 6.10 No Petition Covenant
	  	 	12	  
	 SECTION 6.11 Limitations on Rights of Others
	  	 	12	  
	 SECTION 6.12 Merger and Consolidation of the Seller or Ally Auto
	  	 	12	  
	 SECTION 6.13 Assignment
	  	 	13	  
	 SECTION 6.14 Official Record
	  	 	13	  
		
	 EXHIBIT A Form of First Step Receivables Assignment
	  			
		
	 SCHEDULE A Schedule of Receivables
	  			
		
	 APPENDIX A Definitions, Rules of Construction and Notices
	  			
		
	 APPENDIX B Additional Representations and Warranties
	  			

  
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 THIS POOLING AGREEMENT, dated as of October 24, 2012, is between ALLY AUTO ASSETS LLC,
a Delaware limited liability company (“Ally Auto”), and ALLY BANK, a Utah chartered bank (the “Seller”). 
 WHEREAS, Ally Auto desires to purchase on the date hereof a portfolio of automobile and light truck retail instalment sale contracts, direct purchase money loans and related rights owned by the Seller;

 WHEREAS, the Seller is willing to sell on the date hereof such contracts and related rights to Ally Auto; 

WHEREAS, Ally Auto may wish to sell or otherwise transfer on the date hereof such contracts and related rights, or interests therein, to a
trust, corporation, partnership or other entity (any such entity being the “Issuing Entity”); and 
 WHEREAS,
the Issuing Entity may issue debentures, notes, participations, certificates of beneficial interest, partnership interests or other interests or securities (collectively, any such issued interests or securities being “Securities”)
to fund its acquisition of such contracts and related rights. 
 NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.01 Definitions. Certain capitalized terms used in this Agreement are defined in and shall have the respective meanings assigned to them in Part I of Appendix A to this Agreement.
All references herein to “the Agreement” or “this Agreement” are to this Pooling Agreement as it may be amended, supplemented or modified from time to time, and all references herein to Articles and Sections are to
Articles or Sections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 

SECTION 1.02 Owner of a Receivable. For purposes of this Agreement, the “Owner” of a Receivable shall mean Ally
Auto until the sale, transfer, assignment or other conveyance of such Receivable by Ally Auto pursuant to the terms of the applicable Further Transfer Agreements, and thereafter shall mean the Issuing Entity; provided, that the Seller, the
Servicer or Ally Auto, as applicable, shall be the “Owner” of any Receivable from and after the time that such Person shall acquire such Receivable, whether pursuant to Section 4.04 of this Agreement, any provision of
the Further Transfer Agreements, Section 2.07 of the Servicing Agreement or otherwise. 

 ARTICLE II 
 PURCHASE AND SALE OF RECEIVABLES 
 SECTION 2.01 Purchase and Sale of Receivables

 (a) Purchase. On the Closing Date, subject to satisfaction of the conditions specified in Article V and the
First Step Receivables Assignment (and, in any event, immediately prior to consummation of the related transactions contemplated by the Further Transfer Agreements, if any), the Seller shall sell, transfer, assign and otherwise convey to Ally Auto,
without recourse: 
 (i) all right, title and interest of the Seller in, to and under the Receivables listed on the Schedule of
Receivables and all monies received thereon on and after the Cutoff Date, exclusive of any amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the Servicer covering any related Financed
Vehicle; 
 (ii) the interest of the Seller in the security interests in the Financed Vehicles granted by Obligors pursuant to
the Receivables and, to the extent permitted by law, any accessions thereto; 
 (iii) the interest of the Seller in any proceeds
from claims on any physical damage, credit life, credit disability or other insurance policies covering the related Financed Vehicles or Obligors; 
 (iv) the interest of the Seller in any proceeds from recourse against Dealers on the Receivables; 
 (v) all right, title and interest of the Seller in, to and under the First Step Receivables Assignment; and 
 (vi) all present and future claims, demands, causes and choses in action in respect of any or all the foregoing described in clauses (i) through (v) above and all payments on or
under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every
kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing. 

The property described in clauses (i) through (vi) above is referred to herein collectively as the
“Purchased Property.” 
 (b) It is the intention of the Seller and Ally Auto that the sale, transfer, assignment
and other conveyances of the Receivables contemplated by this Agreement and the First Step Receivables Assignment shall constitute a sale of the Receivables from the Seller to Ally Auto and the beneficial interest in and title to the Receivables
shall not be part of the Seller’s estate in the event of the filing of a petition for insolvency, receivership or conservatorship by or against the Seller or placement into receivership or conservatorship of the Seller under any relevant
bankruptcy, insolvency, receivership or conservatorship law. 

  
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 (c) The sale, transfer, assignment and other conveyances of Receivables contemplated by this
Agreement and the First Step Receivables Assignment do not constitute and are not intended to result in the creation of or an assumption by Ally Auto of any obligation of the Seller, the Servicer or any other Person to the Obligors, Dealers,
insurers or any other Person in connection with the Receivables, any Dealer Agreements, any insurance policies or any other agreement or instrument relating to any of them. 
 SECTION 2.02 Receivables Purchase Price. In consideration for the Purchased Property, Ally Auto shall, on the Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables
Principal Balance in respect of the Receivables and the Seller shall execute and deliver to Ally Auto an assignment in the form attached hereto as Exhibit A (the “First Step Receivables Assignment”). The Initial Aggregate
Receivables Principal Balance is equal to $1,343,562,170.50. A portion of the Initial Aggregate Receivables Principal Balance, equal to $1,254,302,632.23, shall be paid to the Seller in immediately available funds and the balance of such purchase
price shall be paid through an increase in Seller’s capital account in Ally Auto (as a result of a deemed capital contribution from Seller to Ally Auto), equal to $89,259,538.27. The amount of the deemed capital contribution shall be duly
recorded by the Seller and Ally Auto. 
 SECTION 2.03 The Closing. The sale and purchase of the Receivables shall take
place at the offices of Kirkland & Ellis LLP, 300 North LaSalle Street, Chicago, Illinois 60654, on the Closing Date at a time mutually agreeable to the Seller and Ally Auto, and will occur simultaneously with the closing of transactions
contemplated by the Further Transfer Agreements. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 SECTION 3.01 Representations and Warranties as to the Receivables. The Seller makes the following representations and warranties as to each Receivable, on which Ally Auto relies in accepting the
Receivables. Such representations and warranties speak as of the Closing Date, and shall survive the sale, transfer and assignment of the Receivables to Ally Auto and the subsequent assignment and transfer pursuant to the Further Transfer
Agreements: 
 (a) Characteristics of Receivables. 
 (i) General. Each Receivable: 
 (1) is secured by a Financed Vehicle, was
originated in the United States by the Seller or one of its subsidiaries or a Dealer for the retail sale of a Financed Vehicle in the ordinary course of business, was fully and properly executed by the parties thereto, if not originated by the
Seller, was purchased by the Seller from one of its subsidiaries or from such Dealer under an existing Dealer Agreement, and was validly assigned by such subsidiary or such Dealer to the Seller in accordance with its terms, 

  
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 (2) has created or shall create a valid, binding and enforceable first priority security
interest in favor of the Seller in the Financed Vehicle, which security interest is assignable by the Seller to Ally Auto, 

(3) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for
realization against the collateral of the benefits of the security, 
 (4) is a Simple Interest Receivable, 

(5) provides for level monthly payments which may vary from one another by no more than $5, which shall amortize the Amount Financed by
maturity and shall yield interest at the Annual Percentage Rate, 
 (6) has an original term of not less than twelve
(12) months and not greater than seventy-two (72) months and a remaining term of not less than nine (9) months, and 
 (7) with respect to which at least one monthly payment has been made. 
 (ii)
Receivables. In addition to the characteristics set forth in Section 3.01(a)(i) above, each Receivable (1) has a first scheduled payment due date on or after November 17, 2006, (2) was originated on or after
October 23, 2006, (3) as of the Cutoff Date, was not considered past due (that is, no payments due on that Receivable in excess of $25 were more than thirty (30) days delinquent), and was not a Liquidating Receivable, and (4) has
an Annual Percentage Rate not greater than 17.00%. 
 (b) Creation, Perfection and Priority of Security Interests. The
representations and warranties regarding creation, perfection and priority of security interests in the Purchased Property, which are attached to this Agreement as Appendix B, are true and correct to the extent that they are applicable.

 (c) Schedule of Receivables. The information set forth in the Schedule of Receivables relating to each Receivable is
true and correct in all material respects, and no selection procedures believed to be adverse to Ally Auto or to holders of the Securities issued under the Further Transfer Agreements were utilized in selecting the Receivables from those receivables
of the Seller that meet the selection criteria set forth in this Agreement. 
 (d) Compliance With Law. All requirements
of applicable federal, state and local laws, and regulations thereunder, including usury laws, Utah banking laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the
Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Consumer Financial Protection Bureau’s Regulations “B” and “Z,” the Servicemembers Civil Relief Act of 2003, the Texas
Consumer Credit Code, and state adaptations of the National Consumer Act and the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws, in respect of each such Receivable and other Purchased
Property, have been complied with in all material respects, and each such Receivable and the sale of the Financed Vehicle evidenced thereby complied at the time it was originated or made and now complies in all material respects with all legal
requirements of the jurisdiction in which it was originated or made. 

  
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 (e) Binding Obligation. Each such Receivable represents the genuine, legal, valid and
binding payment obligation in writing of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement
of creditors’ rights in general and by equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (f) Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto and the First Step Receivables Assignment, each Receivable was secured by a
validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had been commenced that would result in the valid perfection of a first priority security
interest in the Financed Vehicle in favor of the Seller as secured party. 
 (g) Receivables In Force. Each such
Receivable has not been satisfied, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. 

(h) No Waiver. Since the Cutoff Date no provision of any such Receivable has been waived, altered or modified in any respect.

 (i) No Defenses. No right of rescission, setoff, counterclaim or defense has been asserted or threatened with respect
to any such Receivable. 
 (j) No Liens. To the best of the Seller’s knowledge: (1) there are no liens or claims
that have been filed for work, labor or materials affecting any Financed Vehicle securing any Receivable that are or may be liens prior to, or equal or coordinate with, the security interest in the Financed Vehicle granted by such Receivable;
(2) no contribution failure has occurred with respect to any Benefit Plan which is sufficient to give rise to a lien under Section 303 (k) of ERISA with respect to any Receivable; and (3) no tax lien has been filed and no claim
related thereto is being asserted with respect to any such Receivable. 
 (k) Insurance. The Obligor under each such
Receivable is required to maintain a physical damage insurance policy of the type that the Seller requires in accordance with its customary underwriting standards for the purchase of motor vehicle related receivables. 

(l) Good Title. Each such Receivable has not been sold, transferred, assigned or pledged by the Seller to any Person other than
Ally Auto; immediately prior to the conveyance of each such Receivable pursuant to this Agreement and the First Step Receivables Assignment, the Seller had good and marketable title thereto, free of any Lien; and, upon execution and delivery of this
Agreement by the Seller, Ally Auto shall have all of the right, title and interest of the Seller in and to each such Receivable, the unpaid indebtedness evidenced thereby and the collateral security therefor, free of any Lien. 

  
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 (m) Lawful Assignment. Each such Receivable was not originated in, or is not
subject to the laws of, any jurisdiction the laws of which would make unlawful the sale, transfer and assignment of each such Receivable under this Agreement, the Trust Sale Agreement or the Indenture, as applicable. 

(n) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give Ally Auto a first priority
perfected ownership interest in each such Receivable shall have been made. 
 (o) One Original. There is only one original
executed copy of each such Receivable. 
 (p) No Documents or Instruments. No such Receivable, or constituent part
thereof, constitutes a “negotiable instrument” or “negotiable document of title” (as such terms are used in the UCC). 
 (q) No Amendment. Each such Receivable has not been amended or otherwise modified such that the number of originally scheduled due dates has been increased or such that the Amount Financed has been
increased. 
 SECTION 3.02 Additional Representations and Warranties of the Seller. The Seller hereby represents and
warrants to Ally Auto as of the Closing Date that: 
 (a) Organization and Good Standing; FDIC. The Seller has been duly
organized and is validly existing as a Utah chartered bank, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted; and as of the date hereof, the
Seller is insured by the Federal Deposit Insurance Corporation and is subject to the Federal Deposit Insurance Act; 
 (b) Due
Qualification. The Seller is duly qualified to do business as a foreign entity in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its
business requires or shall require such qualification; 
 (c) Power and Authority. The Seller has the power and authority
to execute and deliver this Agreement and the First Step Receivables Assignment and to carry out its terms; the Seller has full power and authority to sell and assign the property to be sold and assigned to Ally Auto, and has duly authorized such
sale and assignment to Ally Auto by all necessary corporate action; and the execution, delivery and performance of this Agreement and the First Step Receivables Assignment have been duly authorized by the Seller by all necessary corporate action;

 (d) Valid Sale; Binding Obligation. This Agreement and the First Step Receivables Assignment, when duly executed and
delivered, shall constitute a valid sale, transfer and assignment of the Receivables, in each case, enforceable against creditors of and purchasers from the Seller; and this Agreement together with the First Step Receivables Assignment, when duly
executed and delivered, shall constitute a legal, valid and binding obligation of the Seller enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law; 

  
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 (e) No Violation. The consummation of the transactions contemplated by this Agreement
and the First Step Receivables Assignment and the fulfillment of the terms of this Agreement and the First Step Receivables Assignment shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or
without notice or lapse of time) a default under, the articles of incorporation or bylaws (or similar organizational documents) of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or
by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement and the First Step
Receivables Assignment or violate any law or, to the best of the Seller’s knowledge, any order, rule or regulation applicable to the Seller of any court or of any federal or State regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Seller or any of its properties; and 
 (f) No Proceedings. To the
Seller’s knowledge, there are no proceedings or investigations pending, or threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its
properties (A) asserting the invalidity of this Agreement or the First Step Receivables Assignment, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or the First Step Receivables Assignment,
or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement and the First Step Receivables Assignment.

 SECTION 3.03 Representations and Warranties of Ally Auto. Ally Auto hereby represents and warrants to the Seller as of
the Closing Date: 
 (a) Organization and Good Standing. Ally Auto has been duly formed and is validly existing as an
entity in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted; 

(b) Due Qualification. Ally Auto is duly qualified to do business as a foreign entity in good standing, and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualification; 
 (c) Power and Authority. Ally Auto has the power and authority to execute and deliver this Agreement and the First Step Receivables Assignment and to carry out its terms; Ally Auto had at all
relevant times, and now has, power, authority and legal right to acquire and own the Receivables and the execution, delivery and performance of this Agreement and the First Step Receivables Assignment have been duly authorized by Ally Auto by all
necessary limited liability company action; 

  
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 (d) No Violation. The consummation of the transactions contemplated by this Agreement
and the First Step Receivables Assignment and the fulfillment of the terms of this Agreement and the First Step Receivables Assignment shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without
notice or lapse of time) a default under, the certificate of formation or limited liability company agreement of Ally Auto, or any indenture, agreement, mortgage, deed of trust or other instrument to which Ally Auto is a party or by which it is
bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument, other than any Further Transfer Agreement or violate any law or, to the best of Ally
Auto’s knowledge, any order, rule or regulation applicable to Ally Auto of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over Ally Auto or any of its
properties; and 
 (e) No Proceedings. To Ally Auto’s knowledge, there are no proceedings or investigations pending,
or threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over Ally Auto or its properties (i) asserting the invalidity of this Agreement and the First Step
Receivables Assignment, or (ii) seeking any determination or ruling that might materially and adversely affect the performance by Ally Auto of its obligations under, or the validity or enforceability of, this Agreement and the First Step
Receivables Assignment. 
 ARTICLE IV 
 ADDITIONAL AGREEMENTS 
 SECTION 4.01 Conflicts With Further Transfer
Agreements. To the extent that any provision of Sections 4.02 through 4.04 of this Agreement conflicts with any provision of the Further Transfer Agreements, the Further Transfer Agreements shall govern. 

SECTION 4.02 Protection of Title. 
 (a) Filings. The Seller shall authorize and execute, as applicable, and file such financing statements or amendments to financing statements and cause to be authorized and executed, as applicable,
and filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of Ally Auto under this Agreement and the First Step Receivables Assignment in the
Receivables and the other Purchased Property and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to Ally Auto file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available
following such filing, and the Seller hereby authorizes Ally Auto and its assigns to file all such financing statements without its signature. 
 (b) Name Change. The Seller shall not change its State of incorporation or its name, identity or entity structure in any manner that would, could or might make any financing statement or
continuation statement filed by the Seller, Ally Auto or Ally Auto’s assigns in accordance with Section 4.02(a) seriously misleading within the meaning of the UCC, unless it shall give Ally Auto written notice thereof within ten
(10) days of such change. 

  
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 (c) Executive Office; Maintenance of Offices. The Seller shall give Ally Auto written
notice within ten (10) days of any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation
statement or of any new financing statement. The Seller shall at all times maintain each office from which it originates Receivables and its principal executive office within the United States of America. 

(d) New Debtor. In the event that the Seller shall change the jurisdiction in which it is formed or otherwise enter into any
transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Seller hereunder, the Seller shall comply fully with the obligations of Section 4.02(a). 

SECTION 4.03 Other Liens or Interests. Except for the conveyances hereunder and under the First Step Receivables Assignment and as
contemplated by the Further Transfer Agreements, the Seller shall not sell, pledge, assign or transfer the Receivables or other Purchased Property to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any interest
therein, and the Seller shall defend the right, title and interest of Ally Auto in, to and under such Receivables or other Purchased Property against all claims of third parties claiming through or under the Seller. 

SECTION 4.04 Repurchase Events. By its execution of the Further Transfer Agreements to which it is a party, the Seller shall
acknowledge the assignment by Ally Auto of such of its right, title and interest in, to and under this Agreement and the First Step Receivables Assignment to the Issuing Entity as shall be provided in the Further Transfer Agreements. The Seller
hereby covenants and agrees with Ally Auto for the benefit of Ally Auto and the Interested Parties that in the event of a breach of any of the Seller’s representations and warranties contained in Section 3.01 hereof with respect to
any Receivable (a “Repurchase Event”), the Seller will repurchase such Receivable from the Issuing Entity (if the Issuing Entity is then the Owner of such Receivable) on the date and for the amount specified in the Further Transfer
Agreements, without further notice from Ally Auto hereunder. Upon the occurrence of a Repurchase Event with respect to a Receivable for which Ally Auto is the Owner, the Seller agrees to repurchase such Receivable from Ally Auto for an amount and
upon the same terms as the Seller would be obligated to repurchase such Receivable from the Issuing Entity if the Issuing Entity was then the Owner thereof, and upon payment of such amount, the Seller shall have such rights with respect to such
Receivable as if the Seller had purchased such Receivable from the Issuing Entity as the Owner thereof. It is understood and agreed that the obligation of the Seller to repurchase any Receivable as to which a breach has occurred and is continuing
shall, if such obligation is fulfilled, constitute the sole remedy against the Seller for such breach available to Ally Auto or any Interested Party. 
 SECTION 4.05 Indemnification. The Seller shall indemnify Ally Auto for any liability as a result of the failure of a Receivable to be originated in compliance with all requirements of law. This
indemnity obligation shall be in addition to any obligation that the Seller may otherwise have. 
 SECTION 4.06 Further
Assignments. The Seller acknowledges that Ally Auto may, pursuant to the Further Transfer Agreements, sell the Receivables to the Issuing Entity and 

  
 9 

 
assign its rights hereunder and under the First Step Receivables Assignment to the Issuing Entity, subject to the terms and conditions of the Further Transfer Agreements, and that the Issuing
Entity may in turn further pledge, assign or transfer its rights in the Receivables and this Agreement and the First Step Receivables Assignment. The Seller further acknowledges that Ally Auto may assign its rights under the Custodian Agreement to
the Issuing Entity. 
 SECTION 4.07 Pre-Closing Collections. Within two (2) Business Days after the Closing Date the
Seller shall transfer to the account or accounts designated by Ally Auto (or by the Issuing Entity under the Further Transfer Agreements) all collections on the Receivables held by the Seller on the Closing Date, and conveyed to Ally Auto pursuant
to Section 2.01. 
 SECTION 4.08 Compliance with the FDIC Rule. The Seller agrees to (i) perform the
covenants set forth in Article XII of the Indenture applicable to it and (ii) facilitate compliance with Article XII of the Indenture by the Ally Parties. 
 ARTICLE V 
 CONDITIONS 

SECTION 5.01 Conditions to Obligation of Ally Auto. The obligation of Ally Auto to purchase the Receivables hereunder and pursuant
to the First Step Receivables Assignment is subject to the satisfaction of the following conditions: 
 (a) Representations
and Warranties True. The representations and warranties of the Seller hereunder, shall be true and correct at the time of the Closing Date, and the Seller shall have performed all obligations to be performed by it hereunder on or prior to the
Closing Date. 
 (b) No Repurchase Event. No Repurchase Event shall have occurred on or prior to the Closing Date.

 (c) Computer Files Marked. The Seller shall have or shall have caused to have, at its own expense, on or prior to the
Closing Date, indicated in its computer files created in connection with the Receivables that the Receivables have been sold to Ally Auto pursuant to this Agreement and the First Step Receivables Assignment and deliver to Ally Auto the Schedule of
Receivables, certified by an officer of the Seller to be true, correct and complete. 
 (d) Documents to be Delivered By the
Seller. 
 (i) The Assignments. On the Closing Date, the Seller shall execute and deliver the First Step Receivables
Assignment. 
 (ii) Evidence of UCC Filing. On or prior to the Closing Date, the Seller shall record and file, at its own
expense, a UCC-1 financing statement in each jurisdiction in which required by applicable law, authorized by and naming the Seller as seller or debtor, naming Ally Auto as purchaser or secured party, naming the Receivables and the other Purchased
Property as collateral, meeting the requirements of the laws of each such jurisdiction and in such manner as is necessary to perfect the sale, transfer, assignment and conveyance of such Receivables to Ally Auto. The Seller shall deliver a
file-stamped copy, or other evidence satisfactory to Ally Auto of such filing, to Ally Auto on or prior to the Closing Date. 

  
 10 

 (iii) Other Documents. On the Closing Date the Seller shall provide such other
documents as Ally Auto may reasonably request. 
 (e) Other Transactions. The transactions contemplated by the Further
Transfer Agreements shall be consummated to the extent that such transactions are intended to be substantially contemporaneous with the transactions hereunder. 
 SECTION 5.02 Conditions to Obligation of the Seller. The obligation of the Seller to sell the Receivables to Ally Auto hereunder or pursuant to the First Step Receivables Assignment is subject to
the satisfaction of the following conditions: 
 (a) Representations and Warranties True. The representations and
warranties of Ally Auto hereunder shall be true and correct as of the Closing Date with respect to the Receivables, and Ally Auto shall have performed all obligations to be performed by it hereunder or pursuant to the First Step Receivables
Assignment on or prior to the closing hereunder. 
 (b) Receivables Purchase Price. On the Closing Date, Ally Auto shall
pay to the Seller that portion of the Initial Aggregate Receivables Principal Balance as provided in Section 2.02. 

ARTICLE VI 

MISCELLANEOUS PROVISIONS 
 SECTION 6.01 Amendment. This Agreement may be amended from time to time (subject to any expressly applicable amendment provision of the Further Transfer Agreements or the Servicing Agreement) by a
written amendment duly executed and delivered by the Seller and Ally Auto. 
 SECTION 6.02 Survival. The representations
and warranties of the Seller set forth in Articles III and IV of this Agreement shall remain in full force and effect and shall survive the Closing Date under Section 2.03 hereof and the closing under the Further Transfer
Agreements. 
 SECTION 6.03 Notices. All demands, notices and communications upon or to the Seller or Ally Auto under
this Agreement shall be delivered as specified in Part III of Appendix A to this Agreement. 
 SECTION 6.04
Governing Law. THIS AGREEMENT AND THE FIRST STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF
OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

  
 11 

 SECTION 6.05 Waivers. No failure or delay on the part of Ally Auto in exercising any
power, right or remedy under this Agreement or the First Step Receivables Assignment shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the
exercise of any other power, right or remedy. 
 SECTION 6.06 Costs and Expenses. The Seller agrees to pay all reasonable
out-of-pocket costs and expenses of Ally Auto, including fees and expenses of counsel, in connection with the perfection as against third parties of Ally Auto’s right, title and interest in, to and under the Receivables and the enforcement of
any obligation of the Seller hereunder. 
 SECTION 6.07 Confidential Information. Ally Auto agrees that it shall neither
use nor disclose to any person the names and addresses of the Obligors, except in connection with the enforcement of Ally Auto’s rights hereunder, under the Receivables, under the Further Transfer Agreements or as required by law. 

SECTION 6.08 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 
 SECTION 6.09 Counterparts. This Agreement may be executed
in two or more counterparts and by different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 

SECTION 6.10 No Petition Covenant. Notwithstanding any prior termination of this Agreement, the Seller shall not, prior to the
date which is one year and one day after the final distribution with respect to the Notes to the Note Distribution Account or, with respect to the Certificates, to the Certificateholder or the Certificate Distribution Account, acquiesce, petition or
otherwise invoke or cause Ally Auto or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against Ally Auto or the Issuing Entity under any federal or State bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of Ally Auto or the Issuing Entity or any substantial part of the property of either of them, or ordering the
winding up or liquidation of the affairs of Ally Auto or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 
 SECTION 6.11 Limitations on Rights of Others. The provisions of this Agreement and the First Step Receivables Assignment are solely for the benefit of the Seller and Ally Auto and, to the extent
expressly provided herein, the Interested Parties, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in, under, or in respect of this Agreement or
any covenants, conditions or provisions contained herein. 
 SECTION 6.12 Merger and Consolidation of the Seller or Ally
Auto. Any corporation, limited liability company or other entity (i) into which either the Seller, or Ally Auto may be merged or consolidated, (ii) resulting from any merger or consolidation to which either the Seller or Ally Auto
shall be a party, (iii) succeeding to the business of either the Seller or Ally Auto, or (iv) 25% or more of the voting stock (or, if not a corporation, other voting interests) of which is owned, directly or indirectly, by General Motors

  
 12 

 
or Ally Financial, which corporation, limited liability company or other entity in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller or Ally
Auto (as applicable) under this Agreement and the other Basic Documents, shall be the successor to the Seller or Ally Auto (as applicable) under this Agreement without the execution or filing of any document or any further act on the part of any of
the parties to this Agreement. 
 SECTION 6.13 Assignment. Notwithstanding anything to the contrary contained in this
Agreement, this Agreement may be assigned by the Seller or Ally Auto without the consent of any other Person to a corporation, limited liability company or other entity that is a successor (by merger, consolidation or purchase of assets) to the
Seller or Ally Auto (as applicable), or 25% or more of the voting interests of which is owned, directly or indirectly, by General Motors or by Ally Financial, provided that the assignee of Ally Auto executes an agreement of assumption, as provided
in Section 3.03(a) of the Trust Sale Agreement. 
 SECTION 6.14 Official Record. This Agreement is, and the Seller
agrees to maintain this Agreement from and after the date hereof as, an official record (within the meaning of Section 13(e) of the Federal Deposit Insurance Act) of the Seller. 

* * * * * 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective officers as of the day and year first above written. 
  

			
	ALLY BANK
		
	By:	 	/s/ J. T. Houghton
	Name:	 	J. T. Houghton
	Title:	 	Treasurer & Chief Investment Management Officer
	
	ALLY AUTO ASSETS LLC
		
	By:	 	/s/ M. T. St. Charles
	Name:	 	M. T. St. Charles
	Title:	 	Vice President

 Pooling Agreement (AART 2012-5) 

 EXHIBIT A 
 FORM OF 
 FIRST STEP RECEIVABLES ASSIGNMENT 

PURSUANT TO POOLING AGREEMENT 
 For value received, in accordance with the Pooling Agreement, dated as of October 24, 2012 (the “Pooling Agreement”), between Ally Bank, a Utah chartered bank (the
“Seller”), and Ally Auto Assets LLC, a Delaware limited liability company (“Ally Auto”), the Seller does hereby sell, assign, transfer and otherwise convey unto Ally Auto, without recourse, as of October 24,
2012, (i) all right, title and interest of the Seller in, to and under the Receivables listed on the Schedule of Receivables attached as Schedule A hereto and all monies received thereon on and after the Cutoff Date, exclusive of any
amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the Servicer covering any related Financed Vehicle; (ii) the interest of the Seller in the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; (iii) the interest of the Seller in any proceeds from claims on any physical damage, credit life, credit disability or other
insurance policies covering the related Financed Vehicles or Obligors; (iv) the interest of the Seller in any proceeds from recourse against Dealers on the Receivables; and (v) all right, title and interest of the Seller in, to and under
the First Step Receivables Assignment; and (vi) all present and future claims, demands, causes and choses in action in respect of any or all the foregoing described in clauses (i), (ii), (iii), (iv), and (v) above and all payments on or
under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every
kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing. 

It is the intention of the Seller and Ally Auto that the sale, transfer, assignment and other conveyances of the Receivables contemplated
by the Pooling Agreement and this First Step Receivables Assignment shall constitute a sale of the Receivables from the Seller to Ally Auto and the beneficial interest in and title to the Receivables shall not be part of the Seller’s estate in
the event of the filing of a petition for insolvency, receivership or conservatorship by or against the Seller or placement into receivership or conservatorship of the Seller under any relevant bankruptcy, insolvency, receivership or conservatorship
law. 
 The foregoing sale, transfer, assignment and other conveyances of the Receivables contemplated by the Pooling Agreement
and this First Step Receivables Assignment do not constitute and are not intended to result in any assumption by Ally Auto of any obligation of the undersigned to the Obligors, Dealers, insurers or any other Person in connection with the
Receivables, any Dealer Agreements, any insurance policies or any other agreement or instrument relating to any of them. 

  
 Ex. A-1

 This First Step Receivables Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Pooling Agreement and is to be governed by the Pooling Agreement. 
 Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to them in the Pooling Agreement. 
 * * * * * 

  
 Ex. A-2

 IN WITNESS WHEREOF, the undersigned has caused this First Step Receivables Assignment to be
duly executed as of the day and year first above written. 
  

			
	ALLY BANK
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 Ex. A-3

 SCHEDULE A 

SCHEDULE OF RECEIVABLES 
 The Schedule of Receivables is 
 on file at the offices of: 

 

	1.	The Indenture Trustee 

  

	2.	The Owner Trustee 

  

	3.	The Servicer 

  

	4.	The Seller 

  

	5.	Ally Auto Assets LLC 

  
 Sch. A

 APPENDIX A 
 Part I 
 For ease of reference, capitalized terms defined herein have
been consolidated with and are contained in Part I of Appendix A to the Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto Assets LLC and Ally Auto Receivables Trust 2012-5, as amended and supplemented from time to
time. 
 Part II 
 For ease of reference, the rules of construction have been consolidated with and are contained in Part II of Appendix A to the Servicing Agreement of even date herewith among Ally Financial Inc.,
Ally Auto Assets LLC and Ally Auto Receivables Trust 2012-5, as amended and supplemented from time to time. 
 Part III

 For ease of reference, the notice addresses and procedures have been consolidated with and are contained in
Appendix B to the Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto Assets LLC and Ally Auto Receivables Trust 2012-5, as amended and supplemented from time to time. 

  
 App. A

 APPENDIX B 
 Additional Representations and Warranties 
  

	1.	While it is the intention of the Seller and Ally Auto that the transfer and assignment contemplated by this Agreement and the First Step Receivables Assignment shall
constitute sales of the Purchased Property from the Seller to Ally Auto, this Agreement, the Trust Sale Agreement and the Indenture create a valid and continuing security interest (as defined in the applicable UCC) in the Purchased Property in favor
of Ally Auto, the Trust and the Indenture Trustee, as applicable, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller, Ally Auto and the Issuing Entity, respectively.

  

	2.	All steps necessary to perfect the Seller’s security interest against each Obligor in the property securing the Purchased Property have been taken.

  

	3.	Prior to the sale of the Purchased Property to Ally Auto under this Agreement, the Receivables constitute “tangible chattel paper” within the meaning of the
applicable UCC. 

  

	4.	The Seller owns and has good and marketable title to the Purchased Property free and clear of any Lien, claim or encumbrance of any Person. 

 

	5.	The Seller has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in the Purchased Property granted to Ally Auto hereunder, the Issuing Entity under the Trust Sale Agreement and the Indenture Trustee under the Indenture.

  

	6.	Other than the security interest granted to Ally Auto pursuant to the Basic Documents, the Issuing Entity under the Trust Sale Agreement and the Indenture Trustee under
the Indenture none of the Seller, Ally Auto or the Issuing Entity has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Purchased Property. None of the Seller, Ally Auto or the Issuing Entity has authorized
the filing of, nor is the Seller aware of, any financing statements against the Seller, Ally Auto or the Issuing Entity that include a description of collateral covering the Purchased Property other than the financing statements relating to the
security interests granted to Ally Auto, the Issuing Entity and the Indenture Trustee under the Basic Documents or any financing statement that has been terminated. The Seller is not aware of any judgment or tax lien filings against the Seller, Ally
Auto or the Issuing Entity. 

  

	7.	The Custodian has in its possession or with third party vendors all original copies of the Receivables Files and other documents that constitute or evidence the
Receivables and the Purchased Property. The Receivables Files and other documents that constitute or evidence the Purchased Property do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any
Person other than Ally Auto. 

  
 App. B-1

	 	
All financing statements filed or to be filed against the Seller in favor of Ally Auto in connection herewith describing the Receivables contain a statement to the following effect: “A
purchase of or security interest in any collateral described in this financing statement will violate the rights of Ally Auto.” 

  
 App. B-2EX-10.1

 Exhibit 10.1 
 FIRST AMENDMENT TO 
 MORTGAGE WAREHOUSE LOAN AND SECURITY AGREEMENT

 THIS FIRST AMENDMENT TO MORTGAGE WAREHOUSE LOAN AND SECURITY AGREEMENT, dated as of October 19,
2012 (this “Amendment”), is by and among Centerline Mortgage Capital Inc., a Delaware corporation having its principal place of business at 100 Church Street, 15th Floor, New York, New York 10007 (“CMC”), Centerline Mortgage Partners Inc., a Delaware corporation
having its principal place of business at 100 Church Street, 15th Floor, New York, New York 10007 (“CMP” and together with CMC collectively referred to as the “Borrowers”), and Manufacturers and Traders Trust Company, with offices at
25 South Charles Street, 17th Floor, Baltimore, Maryland
21201 (the “Lender”). 
 R E C I T A L S 

A. The Lender and the Borrowers are parties to that certain Mortgage Warehouse Loan and Security Agreement dated as of November 14,
2011 (the “Loan Agreement”), pursuant to which the Lender makes Advances to the Borrowers secured by the Collateral. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Loan Agreement.

 B. The Borrowers have requested a temporary increase in the Line of Credit Limit by One Hundred Million Dollars
($100,000,000) for a period of thirty (30) days, and the Lender has agreed to such temporary increase subject to the terms and conditions set forth in this Amendment. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Lender and the Borrowers, the Lender and the Borrowers agree as follows: 

1. Amendments. 

(a) Temporary Increase. The Line of Credit Limit is hereby increased by One Hundred Million Dollars ($100,000,000) (the
“Temporary Increase Amount”) for a period commencing on the earlier of: (i) November 14, 2012 or (ii) upon the date of the initial Advance by the Lender to the Borrowers for the purpose of originating a loan or loans
secured by one or more of the properties listed at Schedule A attached to this Amendment (each a “Princeton Loan”), and ending thirty (30) days following such date (such period is referred to herein as the “Temporary
Funding Period”). The Borrowers acknowledge that the Lender’s agreement herein to provide the Temporary Increase Amount shall not bind the Lender to grant any other or further increase in the Line of Credit Limit. 

(b) Change in Defined Terms. Solely during the Temporary Funding Period, the following definitions in the Loan Agreement are
hereby amended and restated in their entirety to read as follows: 
 “Credit Note: means
(i) that certain promissory note dated as of November 14, 2011 executed and delivered by the Borrowers payable to the order of the Lender in the principal face amount of $50,000,000, as amended, modified and/or restated from time to time
(the “Original Credit Note”) and (ii) that certain Temporary Increase Daily Adjusting LIBOR Note dated as of October 19, 2012 executed and delivered by the Borrowers payable to the order of the Lender, in the principal
face amount of $100,000,000, as amended, modified and/or restated from time to time (the “Temporary Increase Promissory Note”).” 

 “Line of Credit Limit: means $150,000,000.” 

(c) Interest on Advances. The outstanding principal balance of Advances in an amount up to and including $100,000,000 made by the
Lender to the Borrowers during the Temporary Funding Period for the origination of a Princeton Loan shall bear interest at the rate set forth in the Temporary Increase Promissory Note. The outstanding principal balance of Advances in an amount in
excess of $100,000,000 made by the Lender to the Borrowers during the Temporary Funding Period for the origination of a Princeton Loan or any other Mortgage Loan shall bear interest at the rate set forth in the Original Credit Note. 

(d) Advance Availability. Notwithstanding Section 2.1.1 of the Loan Agreement, the Borrowers shall not be permitted to
reborrow Advances that are borrowed and repaid under the Temporary Increase Promissory Note. Advances made pursuant to the Temporary Increase Promissory Note are not revolving. 

(e) Effect of End of Temporary Funding Period. From and after the calendar day following the end of the Temporary Funding Period,
all of the defined terms amended in this Amendment shall be defined in the Loan Agreement as they were defined immediately prior to the execution and delivery of this Amendment, and as long as all principal and accrued interest due with respect to
the Temporary Increase Amount has been paid in full, the Temporary Increase Daily Adjusting LIBOR Note shall be of no further force or effect. 

2. Advance Request Procedures. The Lender acknowledges that it has received the notice letter required by Section I of Exhibit B-3 of the
Loan Agreement. 
 3. Miscellaneous. 
 (a) Condition Precedent. This Amendment shall become effective upon completion or satisfaction of the following in the Lender’s determination: 

(i) The execution and delivery of this Amendment by the Borrowers and the Lender. 

(ii) The execution and delivery of the Temporary Increase Daily Adjusting LIBOR Note substantially in the form attached hereto as
Exhibit A. 
 (iii) The Borrowers shall have delivered to the Lender a copy of the Purchase Commitment from Freddie Mac
in form reasonably satisfactory to the Lender, in its sole discretion, wherein such Purchase Commitment shall obligate Freddie Mac to purchase the Princeton Loan(s) originated by the Borrowers with the Advance(s) made by the Lender. 

  
 2 

 (iv) The execution and delivery of that certain letter agreement dated as of
October 19, 2012 with respect to certain fees by the Borrowers and agreed to and accepted by the Lender (the “Fee Letter”). 
 (v) The Borrowers shall have paid to the Lender the fees in immediately available funds in the amount stated in the Fee Letter. The Borrowers acknowledge that such fees shall be paid in addition to the
Nonusage Fee due and payable in accordance with Section 3.1 of the Loan Agreement during the term of the Loan, including, without limitation, during the Temporary Funding Period. 

(vi) The Borrowers shall have delivered to the Lender the following, all in form and substance reasonably satisfactory to the Lender:
(A) a certificate of good standing of each Borrower, dated no earlier than thirty (30) days prior to the date of this Amendment; (B) a certificate of the Secretary of each Borrower dated as of the date of this Amendment and certifying
as to the Certificate of Incorporation and By-Laws of each Borrower, the incumbency and signatures of officers of each of the Borrowers executing this Amendment, the Temporary Increase Promissory Daily Adjusting LIBOR Note or otherwise acting on
behalf of each Borrower hereunder and the resolutions authorizing the transactions contemplated by this Amendment; and (C) a legal opinion of Nixon Peabody LLP, as counsel to the Borrowers dated as of the date hereof, addressed to and in form
and substance reasonably satisfactory to the Lender and its counsel. 
 (vii) The Borrowers shall have paid the Lender’s
reasonable attorneys’ fees and expenses related to the preparation, negotiation and closing of this Amendment. 
 (b)
Release of Claims. Each Borrower hereby releases, waives and forever relinquishes all claims, demands, obligations, liabilities and causes of action of whatever kind or nature, whether known or unknown, which they have, may have, or might
assert now or in the future against the Lender and/or the Lender’s affiliates, participants, affiliates, officers, directors, employees, agents, attorneys, accountants, consultants, successors and assigns, directly or indirectly, arising out
of, based upon, or in any manner connected with (i) any transaction, event, circumstance, action, failure to act or occurrence of any sort or type, whether known or unknown, which occurred, existed, was taken, permitted or begun prior to the
execution of this Amendment with respect to the Obligations, the Loan Documents and/or the administration thereof or the obligations created thereby; (ii) any discussions, commitments, negotiations, conversations or communications with respect
to the refinancing, restructuring or collection of any obligations; or (iii) any thing or matter related to any of the foregoing. The inclusion of this paragraph in this Amendment, and the execution of this Amendment by the Lender, does not
constitute an acknowledgment or admission by the Lender of liability for any matter, or a precedent upon which liability may be asserted. The foregoing paragraph does not constitute a release of the Lender from its ongoing and future obligations
under the Loan Agreement as amended hereby or under the other Loan Documents. 
 (c) Amendment as Loan Document. Each
party hereto agrees and acknowledges that this Amendment constitutes a “Loan Document” under and as defined in the Loan Agreement. 

  
 3 

 (d) Existing Loan Documents. Unless specifically modified hereby, all terms and
provisions of the Loan Agreement and the other Loan Documents shall remain in full force and effect in accordance with their terms and are hereby ratified and confirmed. 
 (e) Confirmation of Representations, Warranties and Covenants. Each Borrower hereby confirms that (i) all representations, warranties and covenants made in the Loan Agreement, and the other
Loan Documents to which it is a party, remain true and correct as of the date hereof, (ii) there has been no material adverse change in each Borrower’s financial condition from the date of the most recent financial statements submitted to
the Lender pursuant to the Loan Agreement, and (iii) there have occurred no Defaults or Events of Default under the Loan Agreement and the other Loan Documents which are continuing as of the date hereof. 

(f) Governing Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York.

 (g) Counterparts. This Amendment may be executed in any number of counterparts, all of which constitute one and the
same instrument. 
 [Remainder of page intentionally left blank] 

  
 4 

 IN WITNESS WHEREOF, the undersigned have executed and delivered this Amendment as an
instrument under seal as of the date first set forth above. 
  

			
	CENTERLINE MORTGAGE CAPITAL INC., as Borrower
		
	By:	 	 /s/ Michael P. Larsen

		 	Name: Michael P. Larsen
		 	Title: Chief Financial Officer

  

			
	CENTERLINE MORTGAGE PARTNERS INC., as Borrower
		
	By:	 	 /s/ Michael P. Larsen

		 	Name: Michael P. Larsen
		 	Title: Chief Financial Officer

  

			
	 MANUFACTURERS AND TRADERS TRUST COMPANY, as Lender

		
	By:	 	 /s/ John Mangan

		 	Name: John Mangan
		 	Title: Vice President

 Signature Page to First Amendment to 
 Mortgage Warehouse Loan and Security Agreement 

					
		  	EXHIBIT A	  	

 

 
 TEMPORARY INCREASE DAILY ADJUSTING LIBOR NOTE 

(this “Note”) 
 New York 
  

			
	October 19, 2012	  	$100,000,000

 BORROWER (Name): CENTERLINE MORTGAGE CAPITAL INC. and CENTERLINE MORTGAGE PARTNERS INC. 

(Organizational Structure): Corporations 
 (State
Law organized under): Delaware 
 (Address of residence/chief executive office): 100 Church Street, 15th Floor, New York, New York 10007 

 

	BANK:	MANUFACTURERS AND TRADERS TRUST COMPANY, a New York banking corporation with its principal banking office at One M&T Plaza, Buffalo, NY 14203. Attention:
Office of General Counsel 

 1. DEFINITIONS. Each capitalized term shall have the meaning specified herein and the
following terms shall have the indicated meanings: 
  

	 	a.	“Applicable Interest Rate Spread” shall mean 2.10%. 

  

	 	b.	“Authorized Person” shall mean, each individually, Robert L. Levy, President of Borrower; William T. Hyman, Chief Executive Officer of Borrower; Philip
A. Melton, Senior Managing Director of Borrower; Michael P. Larsen, Chief Financial Officer of Borrower; John K. Larson, Managing Director of Borrower; David A. Miller, Treasurer and Senior Vice President of Borrower; Vanessa L. Howes, Senior Vice
President of Borrower; Thomas A. Purtill, Vice President of Borrower; and Randal S. Hering, Vice President of Borrower (include name(s) and title(s), as appropriate), or any other officer, employee or representative of Borrower who is authorized or
designated as a signer of loan documents under the provisions of Borrower’s most recent resolutions or similar documents on file with the Bank. Notwithstanding that individual names of Authorized Persons may have been provided to the Bank, the
Bank shall be permitted at any time to rely solely on an individual’s title to ascertain whether that individual is an Authorized Person. Such authorization may be changed only upon written notice to the Bank accompanied by evidence, reasonably
satisfactory to the Bank, of the authority of the person giving such notice and such notice shall be effective not sooner than five (5) New York Business Days following receipt thereof by the Bank. The Bank shall have a right of approval, not
to be unreasonably withheld or delayed, over the identity of the Authorized Persons so as to assure the Bank that each Authorized Person is a responsible and senior officer of Borrower. 

 

	 	c.	“Base Rate” shall mean a rate per annum equal to the sum of the Applicable Interest Rate Spread plus the rate of interest announced by the Bank
from time to time as its prime rate of interest (“Prime Rate”). 

  

	 	d.	“Base Rate Loan” shall mean a Loan that accrues interest at the Base Rate. 

 

	 	e.	“Draw Date” shall mean, in relation to each Loan, the date that such Loan is made or deemed to be made to Borrower pursuant to this Note.

  

	 	f.	 “LIBOR” shall mean the rate per annum (rounded upward, if necessary, to the nearest 1/16th of 1%) obtained by dividing (i) the applicable London Interbank
Offered Rate (see LIBOR Rate definition below), as fixed by the British Bankers Association for United States dollar deposits in the London interbank market at approximately 11:00 a.m. London, England time (or as soon thereafter as practicable) on
the appropriate day in accordance with the terms of this Note, as determined by the Bank from any broker, quoting service or commonly available source utilized by the Bank, by (ii) a percentage equal to 100% minus the stated maximum rate of all
reserves required to be maintained against “Eurocurrency Liabilities” as specified in Regulation D (or against any other category of liabilities, which includes deposits by reference to which the interest rate on LIBOR Rate Loan(s) is
determined, or any category of extensions of credit or other assets which includes loans by a non-United States’ office of a bank to United States’ residents) on such date to any member bank of the Federal Reserve System. Notwithstanding
any provision above, the practice of rounding to determine LIBOR may be discontinued at any time in the Bank’s sole discretion. 

  

	 	g.	“LIBOR Rate” shall mean the rate per annum equal to the sum of the Applicable Interest Rate Spread plus one-month LIBOR, adjusting daily.

  

	 	h.	“LIBOR Rate Loan” shall mean any Loan that accrues interest at a LIBOR Rate, as determined by the Bank. 

  
 1 

	 	i.	“Loan” shall mean any advance of funds made to Borrower by the Bank pursuant to this Note. 

 

	 	j.	“Loan Agreement” shall mean that certain Mortgage Warehouse Loan and Security Agreement dated as of November 14, 2011 among Borrower and the Bank,
as amended by the First Amendment to Mortgage Warehouse Loan and Security Agreement dated as of the date hereof among Borrower and the Bank, as amended, restated, supplemented or otherwise modified from time to time. 

 

	 	k.	“Loan Documents” shall mean this Note, that certain promissory note dated as of November 14, 2011 from Borrower to the Bank (the “Original
Credit Note”), the Loan Agreement and any and all other agreements or documents executed in connection with this Note or the Loan Agreement, as the same from time to time may be extended, restated, amended, supplemented or waived or modified in
whole or in part. 

  

	 	l.	“London Business Day” shall mean any day on which dealings in United States dollar deposits are carried on by banking institutions in the London
interbank market. 

  

	 	m.	“Maximum Principal Amount” shall mean One Hundred Million Dollars ($100,000,000). 

 

	 	n.	“New York Business Day” shall mean any day other than Saturday, Sunday or other day on which commercial banking institutions in New York, New York are
authorized or required by law or other governmental action to remain closed for business. 

  

	 	o.	“Outstanding Principal Amount” shall mean, at any point in time, the aggregate outstanding principal amount of all Loans made pursuant to this Note.

 2. PAYMENT OF PRINCIPAL, INTEREST AND EXPENSES. 

 

	 	a.	Promise to Pay. For value received, and intending to be legally bound, Borrower promises to pay to the order of the Bank, at the times set forth in this Note and
the Loan Agreement, the Maximum Principal Amount or the Outstanding Principal Amount, if less, plus interest as set forth below and all fees and costs (including without limitation the Bank’s attorneys’ fees and disbursements, whether for
internal or outside counsel) the Bank incurs in order to collect any amount due under this Note and the other Loan Documents, to negotiate or document a workout or restructuring, or to preserve its rights or realize upon any guaranty or other
security for the payment of this Note (“Expenses”). The total principal sum, or the amount thereof outstanding, together with any accrued but unpaid interest, shall be due and payable in full at the end of the Temporary Funding Period (as
defined in the Loan Agreement), and is subject to acceleration in accordance with, the Loan Agreement pursuant to which this Note has been issued. The total principal sum due under this Note together with the total principal sum due under the
Original Credit Note is intended to be a single consolidated indebtedness and shall be treated for all purposes as a “Credit Note” as defined in the Loan Agreement, and to the extent the principal amount of consolidated indebtedness is in
excess of Fifty Million Dollars ($50,000,000), shall be due and payable at the end of the Temporary Funding Period, together with interest on such principal then so due. In any event, the total principal sum due under this Note, together with
interest thereon, shall be due and payable in full on the Facility Termination Date. 

  

	 	b.	Interest. Each Loan shall earn interest on the Outstanding Principal Amount thereof calculated on the basis of a 360-day year for the actual number of days of
each year (365 or 366), as follows: 

  

	 	i.	LIBOR Rate Loans. Interest shall accrue each day on any LIBOR Rate Loan, from and including the Draw Date to, but not including, the date such LIBOR Rate
Loan is paid in full (or converts to a Base Rate Loan), at the LIBOR Rate in effect for that day. The applicable LIBOR Rate shall be determined each day using LIBOR in effect for that day, which, if such day is not a London Business Day, shall have
been fixed on the nearest preceding London Business Day. 

  

	 	ii.	Base Rate Loans. Interest shall accrue each day on any Base Rate Loan, from and including the first day a Loan becomes a Base Rate Loan to, but not
including, the day such Base Rate Loan is paid in full, at a rate per annum equal to the Base Rate in effect each day. Any change in the Base Rate resulting from a change in the Prime Rate shall be effective on the date of such change.

  

	 	c.	Maximum Legal Rate. It is the intent of the Bank and Borrower that in no event shall interest be payable at a rate in excess of the maximum rate permitted by
applicable law (the “Maximum Legal Rate”). Solely to the extent necessary to prevent interest under this Note from exceeding the Maximum Legal Rate, any amount that would be treated as excessive under a final judicial interpretation of
applicable law shall be deemed to have been a mistake and automatically canceled, and, if received by the Bank, shall be refunded to Borrower. 

  

	 	d.	Payment of Loans and Interest. All Loans hereunder shall be due and payable as set forth in this Note and the Loan Agreement; provided, however, that the
Outstanding Principal Amount of this Note and all accrued and unpaid interest shall automatically become immediately due and payable upon any Event of Default (as defined in the Loan Agreement) or if Borrower or any guarantor or endorser of this
Note commences or has commenced against it any bankruptcy or insolvency proceeding. Borrower hereby waives protest, presentment and notice of any kind in connection with this Note. Absent demand by the Bank for payment of interest monthly, interest
shall be due and payable at the time any Loan is repaid to the Bank. 

  
 2 

	 	e.	Payments. Payments shall be made in immediately available United States funds at any banking office of the Bank. 

 

	 	f.	Preauthorized Transfers from Deposit Account. If a deposit account number is provided in the following blank, Borrower hereby authorizes the Bank to debit
Centerline Mortgage Capital Inc.’s deposit account #9854533859 with the Bank and/or Centerline Mortgage Partners Inc.’s deposit account #9854533842 with the Bank automatically for any amount which becomes due under this Note.

  

	 	g.	Late Charge. If Borrower fails to pay, within five (5) days of its due date, any amount due and owing pursuant to this Note or any other Loan Document,
Borrower shall immediately pay to the Bank a late charge equal to the greatest of (a) $50.00, (b) five percent (5%) of the delinquent amount, or (c) the Bank’s then current late charge as announced by the Bank from time to
time. 

  

	 	h.	Default Rate. If the Borrower fails to make any payment when due under this Note, the interest rate on the Outstanding Principal Amount shall immediately and
automatically increase to five (5) percentage points per year above the otherwise applicable rate per year, and any judgment entered hereon or otherwise in connection with any suit to collect amounts due hereunder shall bear interest at such
default rate (the “Default Rate”). 

  

	 	i.	Interest Accrual; Application of Payments. Interest will continue to accrue on the Outstanding Principal Amount until the earlier of the particular Loan is
repaid or the Outstanding Principal Amount is paid in full. All installment payments (excluding voluntary prepayments of principal) will be applied as of the date each payment is received and processed. Payments may be applied in any order in the
sole discretion of the Bank, but, prior to demand for payment in full, may be applied chronologically (i.e., oldest invoice first) to unpaid amounts due and owing, in the following order: first to accrued interest, then to principal, then to late
charges and other fees, and then to all other Expenses. 

 3. CREDIT AVAILABILITY. 

 

	 	a.	General. This Note is issued by Borrower to the Bank in connection with a certain line of credit or loan limit made available by the Bank to Borrower pursuant to
the Loan Agreement (the “Credit”). Except as otherwise provided herein, each Loan advanced hereunder shall be in the form of a LIBOR Rate Loan. 

  

	 	b.	Authorized Representatives. The Bank may make any Loan pursuant to the Credit in reliance upon any oral, telephonic, written, teletransmitted or other request
(the “Request(s)”) that the Bank in good faith believes to be valid and to have been made by Borrower or on behalf of Borrower by an Authorized Person. The Bank may act on the Request of any Authorized Person until the Bank shall have
received from Borrower, and had a reasonable time to act on, written notice revoking the authority of such Authorized Person. Borrower acknowledges that the transmission between Borrower and Bank of any Request or other instructions with respect to
the Credit involves the possibility of errors, omissions, misinterpretations, fraud and mistakes, and agrees to adopt such internal measures and operational procedures as may be necessary to prevent such occurrences. By reason thereof, Borrower
hereby assumes all risk of loss and responsibility for, and releases and discharges the Bank from any and all responsibility or liability for, and agrees to indemnify, reimburse on demand and hold Bank harmless from, any and all claims, actions,
damages, losses, liability and expenses by reason of, arising out of, or in any way connected with or related to: (i) Bank’s accepting, relying on and acting upon any Request or other instructions with respect to the Credit; or
(ii) any such error, omission, misinterpretation, fraud or mistake, provided such error, omission, misinterpretation, fraud or mistake is not directly caused by the Bank’s gross negligence or willful misconduct. The Bank shall incur no
liability to Borrower or to any other person as a direct or indirect result of making any Loan pursuant to this paragraph. 

  

	 	c.	Limit on Facility. Any Request for a Loan hereunder shall be limited in amount, such that the sum of (i) the principal amount of such Request; (ii) the
Outstanding Principal Amount under this Note; and (iii) the aggregate face amounts of (or, if greater, Borrower’s aggregate reimbursement obligations to the Bank (or any of its affiliates) in connection with) any letters of credit issued
by the Bank (or any of its affiliates) at the request (or for the benefit) of Borrower, pursuant to this Credit; does not exceed the Maximum Principal Amount under this Note. 

 

	 	d.	Non-Revolving Credit. Notwithstanding Section 2.1.1 of the Loan Agreement, Borrower shall not be permitted to reborrow Loans that are borrowed and repaid
under this Note. Loans made pursuant to this Note are not revolving. Notwithstanding that, from time to time, there may be no amounts outstanding respecting this Note, this Note shall continue in full force and effect until all obligations and
liabilities evidenced by this Note are paid in full and the Credit evidenced by this Note has been terminated by the Bank. Prior to making any Loan hereunder, all conditions precedent to an advance set forth in the Loan Agreement must be satisfied.

  
 3 

	 	e.	Request for LIBOR Rate Loans. In making any Request for a Loan, Borrower shall specify the aggregate amount of such Loan and the Draw Date; provided, however, if
a Request is received by the Bank after 2:00 p.m. (Eastern Standard Time) on any given day, the earliest possible Draw Date will be the next New York Business Day. 

 

	 	f.	Delivery of Requests. Delivery of a Request for a LIBOR Rate Loan shall be made to the Bank at the following address, or such other address designated by the
Bank from time to time: 

 M&T Bank 
 M&T Commercial Real Estate 
 25 South Charles Street, 17th Floor 

Mail Code: MD2-CS64 
 Baltimore, MD 21201 
 Attn: John Mangan 

Tel. (410) 545-2373 
 jmangan@mtb.com 
 4. CONVERSION UPON DEFAULT. Unless the Bank shall otherwise consent in
writing, if (i) Borrower fails to pay when due, in whole or in part, the indebtedness under the Note (whether by demand or otherwise), or (ii) there exists a condition or event which, with the passage of time, the giving of notice or both,
shall constitute an Event of Default under the Loan Agreement or any other Loan Document, the Bank, in its sole discretion, may convert any LIBOR Rate Loan to a Base Rate Loan. Nothing herein shall be construed to be a waiver by the Bank to have any
Loan accrue interest at the Default Rate of interest (which shall be calculated from the higher of the LIBOR Rate or the Base Rate, as described above). 
 5. RIGHT OF SETOFF. The Bank shall have the right to set off against the amounts owing under this Note any property held in a deposit or other account with the Bank or any of its affiliates or
otherwise owing by the Bank or any of its affiliates in any capacity to Borrower or any guarantor or endorser of this Note. Such setoff shall be deemed to have been exercised immediately at the time the Bank or such affiliate elects to do so.

 6. BANK RECORDS CONCLUSIVE. The Bank shall set forth on a schedule attached to this Note or maintained on computer, the date and
original principal amount of each Loan and the date and amount of each payment to be applied to the Outstanding Principal Amount of this Note. The Outstanding Principal Amount set forth on any such schedule shall be presumptive evidence of the
Outstanding Principal Amount of this Note and of all Loans. No failure by the Bank to make, and no error by the Bank in making, any annotation on any such schedule shall affect the Borrower’s obligation to pay the principal and interest of each
Loan or any other obligation of Borrower to the Bank pursuant to this Note. 
 7. PURPOSE. Borrower certifies (a) that no Loan will
be used to purchase margin stock except with the Bank’s express prior written consent for each such purchase and (b) that all Loans shall be used for a business purpose, and not for any personal, family or household purpose. 

8. AUTHORIZATION. Borrower, if a corporation, partnership, limited liability company, trust or other entity, represents that it is duly organized
and in good standing or duly constituted in the state of its organization and is duly authorized to do business in all jurisdictions material to the conduct of its business; that the execution, delivery and performance of this Note have been duly
authorized by all necessary regulatory and corporate or partnership action or by its governing instrument; that this Note has been duly executed by an authorized officer, partner or trustee and constitutes a binding obligation enforceable against
Borrower and not in violation of any law, court order or agreement by which Borrower is bound; and that Borrower’s performance is not threatened by any pending or threatened litigation. 
 9. INABILITY TO DETERMINE LIBOR RATES, INCREASED COSTS, ILLEGALITY. 
  

	 	a.	Increased Costs. If the Bank shall determine that, due to either (a) the introduction of any change in law (other than any change by way of imposition of or
increase in reserve requirements included in the calculation of the LIBOR) or in the interpretation of any requirement of law, or (b) the compliance requirements for any guideline or request from any central bank or other governmental authority
(whether or not having the force of law), there shall be any increase in the cost to the Bank of agreeing to make or making, funding or maintaining any LIBOR Rate Loans, then Borrower shall be liable for, and shall from time to time, upon demand
therefor by the Bank, pay to the Bank such additional amounts as are sufficient to compensate the Bank for such increased costs. 

  
 4 

	 	b.	Inability to Determine Rates. If the Bank shall determine that for any reason adequate and reasonable means do not exist for ascertaining LIBOR with respect to a
proposed LIBOR Rate Loan, the Bank will give notice of such determination to Borrower. Thereafter, the Bank may not make or maintain, as the case may be, LIBOR Rate Loans hereunder until the Bank revokes such notice in writing. Upon receipt of such
notice, the Bank may convert any LIBOR Rate Loans to Base Rate Loans, and Borrower may revoke any pending Request that Borrower previously made for a LIBOR Rate Loan. If Borrower does not revoke any such Request, the Bank may make the Loans, as
proposed by Borrower, in the amount specified in the applicable Request submitted by Borrower, but such Loans shall be made as Base Rate Loans instead of LIBOR Rate Loans. 

 

	 	c.	Illegality. If the Bank shall determine that the introduction of any law (statutory or common), treaty, rule, regulation, guideline or determination of an
arbitrator or of a governmental authority or in the interpretation or administration thereof, has made it unlawful, or that any central bank or other governmental authority has asserted that it is unlawful for the Bank to make LIBOR Rate Loans,
then, on notice thereof by the Bank to Borrower, the Bank may suspend the making of LIBOR Rate Loans until the Bank shall have notified Borrower that the circumstances giving rise to such determination shall no longer exist. If the Bank shall
determine that it is unlawful to maintain any LIBOR Rate Loans, Borrower shall immediately pay to the Bank the aggregate principal amount of all LIBOR Rate Loans then outstanding, together with accrued interest and related Expenses. If Borrower is
required to pay off any LIBOR Rate Loan as set forth in this subsection, then concurrently with such payment, Borrower may borrow from the Bank, in the amount of such payment, a Base Rate Loan. 

10. MISCELLANEOUS. This Note, together with any related loan and security agreements and guaranties, contains the entire agreement between the
Bank and Borrower with respect to the Note, and supersedes every course of dealing, other conduct, oral agreement and representation previously made by the Bank. All rights and remedies of the Bank under applicable law and this Note or amendment of
any provision of this Note are cumulative and not exclusive. No single, partial or delayed exercise by the Bank of any right or remedy shall preclude the subsequent exercise by the Bank at any time of any right or remedy of the Bank without notice.
No waiver or amendment of any provision of this Note shall be effective unless made specifically in writing by the Bank. No course of dealing or other conduct, no oral agreement or representation made by the Bank, and no usage of trade, shall
operate as a waiver of any right or remedy of the Bank. No waiver of any right or remedy of the Bank shall be effective unless made specifically in writing by the Bank. Borrower agrees that in any legal proceeding, a copy of this Note kept in the
Bank’s course of business may be admitted into evidence as an original. This Note is a binding obligation enforceable against Borrower and its successors and assigns and shall inure to the benefit of the Bank and its successors and assigns. If
a court deems any provision of this Note invalid, the remainder of the Note shall remain in effect. Section headings are for convenience only. Singular number includes plural and neuter gender includes masculine and feminine as appropriate.

 11. NOTICES. Any demand or notice hereunder or under any applicable law pertaining hereto shall be in writing and duly given if
delivered to Borrower (at its address on the Bank’s records) or to the Bank (at the address on page one and separately to the Bank officer responsible for Borrower’s relationship with the Bank). Such notice or demand shall be deemed
sufficiently given for all purposes when delivered (i) by personal delivery and shall be deemed effective when delivered, or (ii) by mail or courier and shall be deemed effective three (3) New York Business Days after deposit in an
official depository maintained by the United States Post Office for the collection of mail or one (1) New York Business Day after delivery to a nationally recognized overnight courier service (e.g., Federal Express). Notice by e-mail is
not valid notice under this or any other agreement between Borrower and the Bank. 
 12. JOINT AND SEVERAL. There is more than one
Borrower; therefore, each of them shall be jointly and severally liable for all amounts which become due under this Note and the term “Borrower” shall include each as well as all of them. 

13. GOVERNING LAW; JURISDICTION. This Note has been delivered to and accepted by the Bank and will be deemed to be made in the State of New York.
Except as provided under federal law, this Note will be interpreted in accordance with the laws of the State of New York excluding its conflict of laws rules. BORROWER HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR
FEDERAL COURT IN THE STATE OF NEW YORK IN A COUNTY OR JUDICIAL DISTRICT WHERE THE BANK MAINTAINS A BRANCH, AND CONSENTS THAT THE BANK MAY EFFECT ANY SERVICE OF PROCESS IN THE MANNER AND AT BORROWER’S ADDRESS SET FORTH ABOVE FOR PROVIDING
NOTICE OR DEMAND; PROVIDED THAT NOTHING CONTAINED IN THIS NOTE WILL PREVENT THE BANK FROM BRINGING ANY ACTION, ENFORCING ANY AWARD OR JUDGMENT OR EXERCISING ANY RIGHTS AGAINST BORROWER INDIVIDUALLY, AGAINST ANY SECURITY OR AGAINST ANY PROPERTY OF
BORROWER WITHIN ANY OTHER COUNTY, STATE OR OTHER FOREIGN OR DOMESTIC JURISDICTION. Borrower acknowledges and agrees that the venue provided above is the most convenient forum for both the Bank and Borrower. Borrower waives any objection to venue
and any objection based on a more convenient forum in any action instituted under this Note. 

  
 5 

 14. WAIVER OF JURY TRIAL. BORROWER AND THE BANK HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE
ANY RIGHT TO TRIAL BY JURY BORROWER AND THE BANK MAY HAVE IN ANY ACTION OR PROCEEDING, IN LAW OR IN EQUITY, IN CONNECTION WITH THIS NOTE OR THE TRANSACTIONS RELATED HERETO. BORROWER REPRESENTS AND WARRANTS THAT NO REPRESENTATIVE OR AGENT OF THE BANK
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE BANK WILL NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THIS JURY TRIAL WAIVER. BORROWER ACKNOWLEDGES THAT THE BANK HAS BEEN INDUCED TO ENTER INTO THIS NOTE BY, AMONG OTHER THINGS, THE PROVISIONS
OF THIS SECTION. 
 [Remainder of page intentionally left blank; signature page follows] 

  
 6 

 Acknowledgment. Borrower acknowledges that it has read and understands all the provisions of this
Note, including the Governing Law, Jurisdiction and Waiver of Jury Trial, and has been advised by counsel as necessary or appropriate. 
  

									
	 	 	 	 	CENTERLINE MORTGAGE CAPITAL INC.
					
	  
	 		 		 	By:	 	  

	Signature of Witness	 		 		 	Name:	 	
		 		 		 	Title:	 	
					
	  
	 		 		 		 	
	Typed Name of Witness	 		 		 		 	
			
	 	 	 	 	CENTERLINE MORTGAGE PARTNERS INC.
					
	  
	 		 		 	By:	 	  

	Signature of Witness	 		 		 	Name:	 	
		 		 		 	Title:	 	
					
	  
	 		 		 		 	
	Typed Name of Witness	 		 		 		 	

 ACKNOWLEDGMENT 
 STATE OF                     ) 
                                   
          :SS. 
 COUNTY OF
                    ) 
 On the 17th
day of October, in the year 2012, before me, the undersigned, a Notary Public in and for said State, personally appeared                     , the
                    of Centerline Mortgage Capital Inc., personally known to me or proved to me on the basis of satisfactory evidence to be the
individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the
person upon behalf of which the individual(s) acted, executed the instrument. 
  

	
	  

	Notary Public

 ACKNOWLEDGMENT 
 STATE OF                     ) 
                                   
          :SS. 
 COUNTY OF
                    ) 
 On the 17th
day of October, in the year 2012, before me, the undersigned, a Notary Public in and for said State, personally appeared                     , the
                    of Centerline Mortgage Partners Inc., personally known to me or proved to me on the basis of satisfactory evidence to be the
individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the
person upon behalf of which the individual(s) acted, executed the instrument. 
  

	
	  

	Notary Public

 FOR BANK USE ONLY 
 Authorization Confirmed:
                                         
            
 Product Code: 11900 

Disbursement of Funds: 

											
	 Credit A/C
	  	#                             
   	  	Off Ck	  	#                             
   	  	Payoff Obligation	  	#                             
   
						
		  	$                             
   	  		  	$                             
   	  		  	$

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