Document:

Sale & Servicing Agreement, dated 12/30/2005

 Exhibit 10.13.1 
 EXECUTION COPY 
  

 SALE AND SERVICING AGREEMENT 
 among 
 NEWSTAR FINANCIAL, INC., 
 as Servicer
and as Seller 
 NEWSTAR WAREHOUSE FUNDING 2005 LLC, 
 as Purchaser 
 and 
 LYON FINANCIAL SERVICES, INC., 
 d/b/a U.S. Bank Portfolio Services 
 as Backup Servicer 
 Dated as of
December 30, 2005 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	
	ARTICLE I USAGE AND DEFINITIONS
	
	ARTICLE II PURCHASE AND SALE
			
	 Section 2.1
	 	Purchase and Sale of Assets	  	5
			
	 Section 2.2
	 	Procedures for Acquisition of Assets	  	7
			
	 Section 2.3
	 	Assignment and Assumption	  	10
			
	 Section 2.4
	 	Distributions	  	10
			
	 Section 2.5
	 	Irrevocable Sale; No Recourse	  	10
			
	 Section 2.6
	 	Asset Purchase Price	  	10
			
	 Section 2.7
	 	Revolving Period; Termination	  	10
			
	 Section 2.8
	 	Intent; Savings Clause	  	11
			
	 Section 2.9
	 	Voting	  	13
			
	 Section 2.10
	 	Authorization	  	13
			
	 Section 2.11
	 	Acknowledgment of Pledge	  	13
	
	ARTICLE III REPRESENTATIONS AND WARRANTIES
			
	 Section 3.1
	 	Seller’s and Servicer’s Representations and Warranties as to Themselves	  	13
			
	 Section 3.2
	 	Representations and Warranties of Seller as to the Purchased Assets	  	15
	
	ARTICLE IV SERVICING
			
	 Section 4.1
	 	Appointment of Servicer; Duties of Servicer	  	15
			
	 Section 4.2
	 	Servicing Fees	  	19
			
	 Section 4.3
	 	Servicer Not to Resign	  	20
			
	 Section 4.4
	 	Power of Attorney	  	20
			
	 Section 4.5
	 	Servicing Covenants	  	20
			
	 Section 4.6
	 	Termination of Servicer by Purchaser Following Servicer Event of Default	  	22
			
	 Section 4.7
	 	Backup Servicer; Duties of Backup Servicer	  	22
			
	 Section 4.8
	 	Appointment of Successor Servicer	  	24
			
	 Section 4.9
	 	Collection Account, Custodial Account and Holding Account	  	26

  

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	 Section 4. 10
	 	Removal of Backup Servicer	  	29
	
	ARTICLE V CONDITIONS PRECEDENT
			
	 Section 5.1
	 	Conditions Precedent	  	30
	
	ARTICLE VI COVENANTS
			
	 Section 6.1
	 	Substitution of Assets; Repurchase or Substitution of Warranty Assets; Repurchase of Charged-Off Assets	  	31
			
	 Section 6.2
	 	Optional Sales	  	35
			
	 Section 6.3
	 	Discretionary Sales	  	37
			
	 Section 6.4
	 	Application of Proceeds of Optional Sale or Discretionary Sale	  	39
			
	 Section 6.5
	 	Procedures for Repurchase of Purchased Assets	  	40
			
	 Section 6.6
	 	Annual Designation of Non-Securitizable Loans and Removal from Borrowing Base	  	40
			
	 Section 6.7
	 	Delivery of Financial Statements	  	40
			
	 Section 6.8
	 	Inspection	  	41
			
	 Section 6.9
	 	Reporting Requirements	  	41
			
	 Section 6.10
	 	Market Gains and Market Losses	  	42
	
	ARTICLE VII LIABILITY AND INDEMNIFICATION
			
	 Section 7.1
	 	Seller’s Indemnification Obligations	  	42
			
	 Section 7.2
	 	Servicer’s Indemnification Obligations	  	42
			
	 Section 7.3
	 	Third Party Claims	  	43
			
	 Section 7.4
	 	Continuing Obligation	  	43
	
	ARTICLE VIII MISCELLANEOUS
			
	 Section 8.1
	 	Costs and Expenses	  	43
			
	 Section 8.2
	 	Receipt of Distributions by Party Not Entitled Thereto	  	44
			
	 Section 8.3
	 	Notices	  	45
			
	 Section 8.4
	 	Exercise of Rights and Remedies	  	46
			
	 Section 8.5
	 	Termination	  	46
			
	 Section 8.6
	 	Survival; Successors and Assigns; Third-Party Beneficiary	  	46
			
	 Section 8.7
	 	Further Assurances	  	47
			
	 Section 8.8
	 	Parties’ Other Relationships	  	47
			
	 Section 8.9
	 	Entire Agreement; Conflict	  	47

  

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	 Section 8.10
	 	Counterparts; Telecopies	  	48
			
	 Section 8.11
	 	Relationship Among Seller, Purchaser and Certain Other Entities	  	48
			
	 Section 8.12
	 	Severability	  	48
			
	 Section 8.13
	 	GOVERNING LAW; SUBMISSION TO JURISDICTION	  	48
			
	 Section 8.14
	 	Waiver of Trial by Jury	  	49
			
	 Section 8.15
	 	Subrogation	  	49
			
	 Section 8.16
	 	Updating List of Authorized Officers	  	49
			
	 Section 8.17
	 	Confidentiality	  	49

  

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	Schedule	 	
	 SCHEDULE 1 –
	 	 Notices

	 SCHEDULE 2 –
	 	 Concentration Account

		
	Exhibits	 	
	 EXHIBIT A –
	 	 Form of Notice of Sale

	 EXHIBIT B –
	 	 NewStar Form of Assignment and Assumption

	 EXHIBIT C –
	 	 Form of Monthly Report

	 EXHIBIT D –
	 	 Authorized Officers of Servicer

	 EXHIBIT E –
	 	 Authorized Officers of Seller

	 EXHIBIT F –
	 	 Form of Payment Date Report

	 EXHIBIT G –
	 	 Moody’s Industry Groups

		
	Appendix	 	
	 APPENDIX A –
	 	 Usage and Definitions

  

 iv 

 SALE AND SERVICING AGREEMENT, dated as of December 30, 2005 (this
“Agreement”), among NEWSTAR FINANCIAL, INC, a Delaware corporation (“NewStar Financial”), as seller (in such capacity, “Seller”) and as servicer (in such capacity,
“Servicer”), NEWSTAR WAREHOUSE FUNDING 2005 LLC, a Delaware limited liability company (“NewStar LLC”), as purchaser (in such capacity, “Purchaser”) and LYON FINANCIAL SERVICES, INC.,
d/b/a U.S. Bank Portfolio Services, a national banking association (“USBPS”), as backup servicer (in such capacity, “Backup Servicer”). 
 WHEREAS, Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller, from time to time, certain loans, portions of loans, and participations and other interests in loans, originated or acquired
by Seller, subject to certain eligibility criteria and other terms and conditions; 
 WHEREAS, Seller may also underwrite certain loans to be
purchased directly from third parties (any such third party, a “Third Party Transferor”) by Purchaser in accordance with the eligibility criteria described in Section 3.2, which loans will conform in all respects to the
representations and warranties with respect to the assets purchased hereunder and will have the benefit of all covenants and agreements of Seller hereunder with respect to such assets as if such loans were purchased directly by Purchaser from Seller
hereunder; and 
 WHEREAS, Purchaser desires to appoint NewStar Financial as Servicer to service such assets in the manner provided herein,
and NewStar Financial is prepared to provide, and desires to provide, such services in the manner, and in exchange for the consideration, provided herein. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 USAGE AND DEFINITIONS 
 Capitalized terms used but not otherwise defined in this Agreement are defined in Appendix A to this Agreement. Appendix A also contains
rules as to usage applicable to this Agreement. 
 ARTICLE II 
 PURCHASE AND SALE 
 Section 2.1 Purchase and Sale of Assets. Subject
to the terms and conditions set forth in this Agreement, from time to time, (i) Seller may designate Loan Portions and Participations (collectively, “Assets”) for sale to Purchaser and (ii) Seller shall sell (or cause to
be sold) to Purchaser, and Purchaser shall purchase from Seller (or from a third party designated by Seller), the Assets so designated (together with all Transferred Rights, but excluding the Retained Interest with respect to any such Asset).

 Each such designation shall be made by delivery of notice by Seller to Purchaser, which notice shall be in the form set
forth as Exhibit A (each such notice, a “Notice of Sale”). Each Loan Portion that is so designated pursuant to a Notice of Sale (together with all Transferred Rights with respect thereto, but excluding the Retained Interest)
is referred to as a “Purchased Loan Portion,” and each Participation that is so designated pursuant to a Notice of Sale (together with all Transferred Rights with respect thereto, but excluding the Retained Interest) is referred to
as a “Purchased Participation.” The Purchased Loan Portions and Purchased Participations are referred to collectively as the “Purchased Assets.” Any Purchased Asset that is originated by a Person other than the
Seller as part of a syndicated loan transaction (whether such Purchased Asset is acquired from the Seller or from a Third Party Transferor) shall have been re-underwritten by the Seller in accordance with the Credit Policies and Procedures, prior to
such Purchased Asset becoming part of the Transferred Rights hereunder. Notwithstanding anything in this Agreement or any other Basic Document to the contrary, any Purchased Asset that is acquired by Purchaser from a Third Party Transferor, shall be
deemed to have been sold by Seller to Purchaser for all purposes of this Agreement, including, without limitation, for purposes of the representations and warranties set forth in Section 3.2, the covenants and obligations of the Servicer
set forth in ARTICLE IV and the covenants set forth in ARTICLE VI. 
 (b) Without limitation of subsection (a), above,
as between Purchaser and Seller, Seller shall be responsible for, and hereby assumes from the Purchaser, and hereby covenants and agrees to (now and at all times in the future) perform all obligations on the part of the Lender to fund the unfunded
Commitment relating to the Purchased Assets, and Purchaser does not assume any of the obligations under the Purchased Assets constituting a part of the Retained Interest. For avoidance of doubt, (A) this Section 2.1(b) shall apply
with respect to all Purchased Assets, including Purchased Assets that are acquired from Seller and Purchased Assets that are acquired from third parties and (B) Seller may satisfy its obligation to fund additional draws on the Commitment under
any Revolving Credit Facility or Delayed-Draw Term Loan by causing Purchaser to sell additional Incremental Note Balances under the Note Purchase Agreement and apply the proceeds of such draws to fund such Commitments (provided, that the
conditions to such sales of additional Incremental Note Balances under the Note Purchase Agreement and the other Basic Documents are satisfied). Without limitation of the foregoing, from and after the funding of any Advance in respect of the Related
Loan (constituting a Delayed-Draw Term Loan or Revolving Credit Facility) with respect to any Purchased Asset, all rights arising from or relating to such Advance (including, without limitation, the right to receive from the Borrower and any other
Obligors repayment of such Advance and any interest thereon) will constitute a part of Purchased Assets, the Collateral and the property sold to Purchaser under this Agreement. 
 (c) The assumption of obligations and retention of rights described in subsection (b), above, shall not be deemed to limit the rights of the
Purchaser to be reflected as the “lender” on the books and records of the Agent with respect to each Loan relating to a Purchased Loan Portion. 
  

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 Section 2.2 Procedures for Acquisition of Assets. 
 (a) Each Purchased Asset shall be Assigned to Purchaser. Each such Assignment shall become effective no later than the Purchase Date. Except as may be
otherwise required under the applicable Loan Documents, in no event shall Purchaser assume any obligations with respect to the Commitment or any other funding obligations in respect of any Revolving Credit Facility or Delayed-Draw Term Loan,
provided that, in any such event, the Seller’s obligation to fund the unfunded Commitment on any Related Loan with respect to a Purchased Asset pursuant to Section 2.l(b) shall not be limited. Seller shall pay, waive or cause
to be waived all Assignment Fees with respect to the Assignment of the Purchased Assets by Seller to Purchaser pursuant to this ARTICLE II. 
 (b) Seller shall deliver, or cause to be delivered to Custodian for inclusion in the related Purchased Asset File, the documents listed below with respect to each Purchased Asset and the Related Loan (including, without limitation, a
Purchased Asset to be acquired by Purchaser pursuant to a substitution under Section 6.1 of the Sale and Servicing Agreement and a Purchased Asset that is acquired from a Third Party Transferor), on or prior to the respective dates and
times specified opposite such documents in the table below. If so indicated in the column designated “Copy to Note Purchaser,” below, Seller shall deliver, or cause to be delivered, a copy of the applicable documents to the Note Purchaser.

  

					
	 Date and Time
	  	 Required Documents
	  	 Copy to Note
Purchaser?

	Not later than 12:00 p.m. on the Purchase Date (the “First Delivery Date”)	  	 An Asset Schedule, together with a copy (which may sent by facsimile or by electronic mail in Adobe Portable Document Format) of:
  
 (1) except in the case of an Uncertificated Loan, a fully executed and authenticated Loan Note either
(x) in the name of the Purchaser evidencing the full principal amount of such Purchased Loan Portion or (y) duly indorsed to the Purchaser or indorsed in blank (either by an allonge or by stamp);
  
 (2) in the case of an Uncertificated Loan, (x) the Assignment Document with respect to the assignment
of the relevant Purchased Loan Portion to the Issuer (if applicable) and (y) evidence reasonably satisfactory to the Custodian and the Note Purchaser (in their sole discretion) that the
	  	Yes

  

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	 Date and Time
	  	 Required Documents
	  	 Copy to Note
Purchaser?

		  	Purchaser has been evidenced as a Lender with respect to the full principal amount of such Purchased Loan Portion on the books and records of the Agent with respect to the Related
Loan;	  	
			
		  	(3) in the case of a Purchased Participation, (x) the Assignment Document with respect to the assignment of such Purchased Participation to the Issuer and (y) a fully executed and, if necessary,
authenticated Participation Certificate (if applicable) or other evidence reasonably satisfactory to the Custodian and the Note Purchaser (in their sole discretion) that the Purchaser has become the legal owner of such Purchased Participation and is
entitled to payments thereunder from the related Participation Counterparty (the documents referred to in the foregoing clauses (1), (2) or (3), as applicable, with respect to any Purchased Asset, the “First Deliverable Documents”);
and	  	
			
		  	(4) documentation reasonably satisfactory to the Note Purchaser evidencing that, to the extent not reflected in the related Loan Assignment Document, the Required Consents, if any, have been
obtained.	  	
			
	Not later than the close of business of the Custodian on the second Business Day following the Purchase Date (the “Second Delivery
Date”)	  	 Original executed copies of:
  
 (1) except in the case of an Uncertificated Loan, the documents referred to in clause (1) of the definition of First Deliverable Documents, above;
  
 (2) in the case of an Uncertificated Loan, the documents referred to in clause (2)(x) (if applicable)
of the definition of First Deliverable Documents, above; and
  
 (3) in the case of a
Purchased Participation, the documents referred to in clause (3) of the definition of First Deliverable Documents, above (the documents referred to in the foregoing clauses
	  	No

  

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	 Date and Time
	  	 Required Documents
	  	 Copy to Note
Purchaser?

		  	(1), (2) or (3), as applicable, with respect to any Purchased Asset, the “Second Deliverable Documents”).	  	
			
	Not later than the close of business of business of the Custodian on the seventh Business Day following the Purchase Date (the “Third Delivery Date”)	  	A complete set of the original executed Required Loan Documents with respect to such Purchased Asset and copies of all other Loan Documents that were provided to Seller, or otherwise are in the
possession of Seller, in connection with the origination of acquisition of the Purchased Asset or the Related Loan (the “Third Deliverable Documents”) and an updated Asset Schedule that lists such other Loan Documents (if such other
documents were not indicated on the original Asset Schedule).	  	No
			
	As soon as practicable following the effective date of any amendment, assumption, modification, consolidation or extension of any Purchased Asset or Related Loan	  	If in the possession of Seller or servicer original executed copies of any additional Loan Documents and an updated Asset Schedule which lists such additional Loan Documents	  	No
			
	As soon as practicable but not later than the second Business Day following request therefor	  	All other documentation with respect to such Asset and the Related Loan that is reasonably requested by the Custodian or the Note Purchaser and is in the possession of, or reasonably obtainable
by, the Seller or the Servicer	  	Yes

  

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 Section 2.3 Assignment and Assumption. Subject to Section 2.1(a) and the other
terms and conditions set forth in this Agreement, Seller hereby assigns to Purchaser, and Purchaser hereby accepts from Seller, the Transferred Rights with respect to each Purchased Asset, effective as of the earlier of (i) the date as of which
such Purchased Asset is designated for sale pursuant to Section 2.1(a) and (ii) the Purchase Date (such earlier date, the “Acquisition Date”). 
 Section 2.4 Distributions. Purchaser shall be entitled to all Distributions received on or after the Acquisition Date with respect to any
Purchased Asset. 
 Section 2.5 Irrevocable Sale; No Recourse. Seller and Purchaser each acknowledges that, subject to the terms and
conditions set forth in this Agreement: 
 (a) each sale of a Purchased Asset (and the Transferred Rights with respect to any such Purchased
Asset) under this Agreement is irrevocable; and 
 (b) except as expressly elsewhere set forth in this Agreement and the other Basic
Documents (including, without limitation, as to the covenants, representations, warranties and indemnities of Seller and the conditions to purchase set forth in this Agreement), Purchaser shall have no recourse to Seller for the failure of any
Borrower, other Obligor, Participation Counterparty or other Person to comply with its obligations under the Loan Documents or Participation Documents relating to any Purchased Asset or the Related Loan, including, without limitation, the failure of
any Borrower, other Obligor, Participation Counterparty or other Person to make any payment required under such documents. 
 Section 2.6 Asset Purchase Price. 
 (a) Purchaser shall acquire each Purchased Asset pursuant to
Section 2.1 at a purchase price (the “Asset Purchase Price”) equal to (i) in the case of a Purchased Asset sold to Purchaser by Seller, the book value at which the Purchased Asset is carried on the books of the
Seller or (ii) in the case of a Purchased Asset purchased by Purchaser directly from a third party, the purchase price paid to such third party (net of any accrued interest paid with respect to such purchase). 
 (b) Purchaser may pay part or all of each such Asset Purchase Price in cash, and any balance shall constitute a deemed capital contribution by Seller to
Purchaser. 
 Section 2.7 Revolving Period; Termination. 
 (a) The period (the “Revolving Period”) with respect to which Purchased Assets are purchased by Purchaser pursuant to this
Section 2.7 will (i) begin on and include the Closing Date and (ii) end on and exclude the date that is 364 days following the Closing Date, as such Revolving Period may be extended pursuant to Section 2.7(b) (such
date, as so extended from time to time, the “Scheduled Termination Date”); provided, however, that the Revolving Period may be terminated on an earlier date pursuant to Section 2.7(d). 
  

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 (b) Unless earlier terminated pursuant to Section 2.7(d), and subject to
Section 2.7(c), the Revolving Period will be automatically renewed (without further action of the parties) for additional successive terms of 364 days following the Scheduled Termination Date; provided, that each such renewal
shall be subject to satisfactory completion of the Annual Credit Review by the Note Purchaser in the manner set forth in Section 2.03 of the Note Purchase Agreement. 
 (c) Notwithstanding Section 2.7(a) and Section 2.7(b), the Revolving Period shall terminate (if not terminated earlier) on
December 30, 2008 (the “Final Termination Date”); provided, however, that the Revolving Period may be extended for one or more successive periods of 364 days following such date with the mutual written consent of
Purchaser, Seller and Note Purchaser. 
 (d) The Revolving Period will terminate, without further action of the parties to this Agreement,
upon the occurrence of an Event of Default (unless such Event of Default is waived by Note Purchaser in the manner described below). The occurrence of an Event of Default shall not affect the rights and obligations of Servicer pursuant to this
Agreement unless and until such rights and/or obligations have been terminated pursuant to Section 4.6. Note Purchaser may waive any Event of Default in writing. No waiver shall extend to any subsequent Event of Default or other default
or impair any right consequent thereon except to the extent expressly so waived. 
 Section 2.8 Intent; Savings Clause.

 (a) This Agreement is intended to effect an absolute transfer, sale and Assignment of the Purchased Assets to Purchaser and, immediately
after giving effect to each such sale, neither Seller nor any Third-Party Transferor will have any further interest (legal or equitable) in such Purchased Assets. Each of Seller and Purchaser agree to treat each sale of Purchased Assets pursuant to
this ARTICLE II for all purposes (other than for financial accounting and U.S. federal income tax purposes) as an absolute transfer on all relevant books, records, financial statements and other documents with respect to the Purchased Assets
so sold. If the transfer of the Purchased Assets pursuant to this Agreement on one or more Acquisition Dates (taken together with the payment of the Asset Purchase Price or the portion thereof that is payable in cash) is characterized as a
collateral transfer for security or as a financing transaction (a “Recharacterization Event”), the Seller intends that the Purchaser have a first priority, perfected security interest in, and lien on, the Purchased Assets to secure
an obligation of the Seller to pay to the Purchaser an amount (the “Seller Secured Amount”) equal to the sum of the Note Balance from time to time outstanding, plus all interest accrued thereon, plus all accrued and
unpaid Unused Fee Amounts, plus all other obligations of the Seller to the Purchaser, the Indenture Trustee, the Custodian, the Back-Up Servicer and/or the Note Purchaser under the Basic Documents. Accordingly, if a Recharacterization Event
occurs, the Seller shall be deemed to have granted, and the Seller does hereby grant, to the Purchaser a security interest in, to and under the Purchased Assets and all proceeds 
  

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 thereof, whether now existing or hereafter acquired, in each case to secure the obligation of the Seller set forth in
Section 2.8(b), and this Agreement shall constitute a security agreement under Applicable Law. 
 (b) Seller agrees to pay to
Purchaser, on demand, and Seller shall have the right to prepay, an amount equal to the applicable Seller Secured Amount on or after any date on which a Recharacterization Event has occurred with respect to any Purchased Asset. If, after demand by
Purchaser, Seller fails to pay to Purchaser an amount equal to the applicable Seller Secured Amount with respect to any Loan (i) Purchaser will have all of the rights and remedies of a secured party under the UCC (including the rights of a
secured party obtaining a lien under Section 9-608 of the UCC) and (ii) Seller will have all the rights of a debtor granting a lien under the UCC (including the rights of a debtor granting a lien under Section 9-623 of the UCC).

  

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 Section 2.9 Voting. On and after the Acquisition Date to but excluding the date, if any, on
which such Purchased Asset is sold, repurchased or substituted pursuant to Section 6.1, Section 6.2 or Section 6.3 with respect to any Purchased Asset, Purchaser or Purchaser’s designee (and Purchaser hereby
irrevocably designates the Note Purchaser or, if necessary to effect such rights, the Indenture Trustee, acting at the direction of the Note Purchaser, as its designee for such purposes) shall have the sole authority to exercise all voting and other
rights and remedies with respect to, or allocable to, such Purchased Asset, except to the extent that such rights and powers have been delegated to Servicer as set forth in Section 4.1 (and subject to the conditions set forth in
Section 4.1, including, without limitation, Section 4.1(e)). Each of Seller and Purchaser agrees to take any such actions as are necessary to effect the intentions expressed in the immediately preceding sentence. 

Section 2.10 Authorization. Seller hereby authorizes Purchaser and/or Skadden, Arps, Slate, Meagher & Flom LLP to file a Record
or Records (as such term is defined in the applicable UCC), including financing statements or continuation statements, and amendments thereto, in all jurisdictions and with all filing offices as are necessary or advisable to perfect, and continue
the perfection of, (i) the Assignments with respect to Purchased Assets and assignments of Transferred Rights with respect to Purchased Assets, in each case made from time to time pursuant to Section 2.1 and (ii) the security
interest granted to Purchaser pursuant to Section 2.8(b). Each such Record may describe the collateral subject thereto in any manner as Purchaser may determine is necessary, advisable or prudent to ensure the perfection of the assignments and
security interests described in the immediately preceding sentence; provided, however, that, such description shall only cover the Purchased Assets and not rights or interests with respect to assets that are not Purchased Assets.

 Section 2.11 Acknowledgment of Pledge. Seller acknowledges that Purchaser will, pursuant to the Indenture, assign and pledge
the Purchased Property and certain other property and rights to the Indenture Trustee for the benefit of the Secured Parties. Seller hereby consents to such assignment and pledge. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 Section 3.1 Seller’s and Servicer’s Representations and Warranties as to Themselves. Seller and Servicer each respectively
represents and warrants to and for the benefit of Purchaser and Note Purchaser as of the date of this Agreement and as of each Purchase Date that: 
 (a) it (i) is duly organized and validly existing as a corporation under the laws of the State of Delaware, (ii) is in good standing under such laws and (iii) has full power and authority to execute, deliver and perform its
obligations under this Agreement; 
  

 13 

 (b) it is duly qualified to do business (or is exempt from qualification requirements), and has obtained
all necessary licenses and approvals, in each jurisdiction in which the performance of its obligations under this Agreement requires such qualification; 
 (c) its execution, delivery, and performance of this Agreement has not resulted and will not result in a breach or violation of any provision of (i) its organizational documents, (ii) any statute, law, writ,
order, rule or regulation of any Governmental Authority applicable to it, (iii) any judgment, injunction, decree or determination applicable to it or (iv) any contract, indenture, mortgage, loan agreement, note, lease or other agreement,
document or instrument to which it may be a party, by which it may be bound or to which any of its assets is subject, in each instance, which would (A) have a material adverse effect on it or (B) impair its ability to perform its
obligations under this Agreement; 
 (d) this Agreement (x) has been duly and validly authorized, executed and delivered by it and
(y) constitutes the legal, valid and binding obligations of it, enforceable against it in accordance with the terms of this Agreement, except as such enforceability may be limited by bankruptcy, insolvency, or other similar laws of general
applicability affecting the enforcement of creditors’ rights generally and by the court’s discretion in relation to equitable remedies; 
 (e) no notice to, registration with, consent or approval of or any other action by any relevant Governmental Authority or other Person (other than those which have been obtained and other than the Required Consents) is or will be required
for it to execute, deliver, and perform its obligations under, this Agreement; 
 (f) no proceedings are pending against it or, to the best
of its knowledge, threatened against it before any relevant Governmental Authority that, in the aggregate, will materially and adversely affect any action taken or to be taken by it under this Agreement; 
 (g) no Event of Default, Potential Event of Default, Servicer Event of Default or Potential Servicer Event of Default has occurred and is continuing;
and 
 (h) in the case of the Seller, it is a Qualified Purchaser. 
  

 14 

 Section 3.2 Representations and Warranties of Seller as to the Purchased Assets. Seller
represents and warrants, to and for the benefit of Purchaser and Note Purchaser, with respect to each Purchased Asset, that such Purchased Asset satisfies the Loan Eligibility Criteria as of the Purchase Date with respect to such Purchased Asset.

 ARTICLE IV 
 SERVICING 
 Section 4.1 Appointment of Servicer; Duties of Servicer. 
 (a) Appointment. Purchaser hereby appoints NewStar Financial as Servicer of the Purchased Assets under this Agreement and NewStar Financial hereby
accepts such appointment. Subject to Section 4.1(c) and the other provisions of this Agreement, Purchaser authorizes Servicer to perform such services and take such actions on its behalf as are contemplated hereby and to exercise such
other powers as are delegated to Servicer under this Agreement, in each case, together with such authority and powers as are reasonably incidental thereto. 
 (b) General Obligations of Servicer. Servicer shall, in accordance with Section 4.1(i): (i) enforce the Purchased Assets and the Payment Obligations and other obligations arising under the Loan
Documents, to the extent relating to the Purchased Assets, on behalf of Purchaser; (ii) manage and collect the Payment Obligations and deposit or cause to be deposited all Distributions relating to the Purchased Assets into the Collection
Account in accordance with the terms of Section 4.5(a); and (iii) take any actions appropriate to collect each Payment Obligation with respect to a Purchased Asset in accordance with Applicable Law and the applicable Loan Documents.
To the extent necessary or appropriate to perform such duties, Servicer shall have the power to negotiate, execute and deliver all necessary and appropriate documents and instruments on behalf of Purchaser with respect thereto, in each case, subject
to Section 4.l(e) and otherwise in the manner and to the extent permitted by this Agreement. Servicer shall determine to the extent reasonably practicable whether a Purchased Asset has become a Defaulted Asset and provide prompt notice
to Purchaser and Note Purchaser upon any determination that any Purchased Asset has become a Defaulted Asset. 
 (c) Voting, etc.
Subject to Section 4.l(e) and so long as no Event of Default has occurred and is continuing, in the event that any vote or consent is solicited with respect to any Purchased Asset, Servicer, on behalf of Purchaser, shall vote or consent
or refrain from voting or consenting, on behalf of Purchaser, with respect to any such Purchased Asset in any manner that Servicer has determined (in accordance with Section 4.l(i)) will be in the best interests of Purchaser and the
Noteholders. In addition, with respect to any Defaulted Asset, Servicer, on behalf of Purchaser, shall, enforce Purchaser’s rights under and in accordance with the Loan Documents governing such Defaulted Asset or under any Applicable Law, rule
or regulation in any manner permitted under the applicable Loan Documents and this Agreement that Servicer has determined (in accordance with Section 4.l(i)) will be in the best interests of Purchaser. 
  

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 (d) Permitted Actions With Respect to the Purchased Assets. Without limiting the generality of
Section 4.1(a) and (c), but subject to Section 4.l(e), Servicer, on behalf of Purchaser, may consent to, vote in favor of or otherwise take action in respect of any of the following with respect to the Purchased
Assets, but solely to the extent that Servicer has determined (in accordance with Section 4.1(i)) that such action will be in the best interests of Purchaser: 
 (i) the extension or deferral of any date on which a Payment Obligation is due or waiver of any Payment Obligation; 
 (ii) any waiver of any other term or provision in a related Loan Agreement or other Loan Document; 
 (iii) any amendment or other modification to a related Loan Agreement or other Loan Document; 
 (iv) any change in the interest rate or interest rate basis or spread applicable to any Payment Obligation; 
 (v) any release of a Guarantee or Lender Collateral (or any lien thereon); 
 (vi) tender such Purchased Asset in exchange for cash, an equity security or another security; 
 (vii) waive or elect not to exercise remedies in respect of any default with respect to any Defaulted Asset; 
 (viii) accelerate the maturity of, and/or terminate the unfunded Commitment under, any Defaulted Asset; 
 (ix) on behalf of Purchaser, participate in a committee or group formed by creditors of a related Obligor; 
 (x) sign, on behalf of Purchaser, any document, instrument or power to the extent entering into such a document, instrument or power on
behalf of Purchaser would not violate any provision of this Agreement (including, without limitation, Section 4.1(e)); and 
 (xi) exercise any other rights or remedies with respect to such Purchased Asset and the related Loan Agreement, as provided in the other related Loan Documents, or take any other action consistent with the terms of
this Agreement. 
  

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 (e) Actions Requiring Consent of Note Purchaser. Notwithstanding Section 4.1(b),
Section 4.l(c), Section 4.l(d) or any other provision of this Agreement, Servicer may take any action described in Section 4.l(d)(i) through Section 4.l(d)(ix) with respect to any Purchased Asset that
would impair in any material respect the collectability of the Collateral or that would be contrary to the Credit Policies and Procedures only if Note Purchaser has delivered its prior written consent to such action, which consent shall not be
unreasonably withheld, conditioned or delayed. 
 (f) Servicer shall make any filings, reports, notices, applications, and registrations
with, and seek any consents or authorizations from, any Governmental Authority to comply with any federal, state or local law in connection with its servicing of the Purchased Assets pursuant to this Agreement. 
 (g) If any suit or proceeding is commenced or threatened by the Borrower or any other Obligor under any Purchased Asset that is reasonably expected to
have a Material Adverse Effect against (i) Servicer, Seller, Purchaser or any of their respective Affiliates or (ii) any other Lender or Agent under a Purchased Asset, then Servicer or Seller shall give written notice thereof to Purchaser
and Note Purchaser promptly after Servicer or Seller, as the case may be, acquires notice or actual knowledge thereof. 
 (h) Purchaser
shall execute any documents furnished by Servicer that Servicer certifies to it are reasonably necessary and appropriate to enable Servicer to carry out its servicing duties. Upon Servicer’s written request, Purchaser shall furnish Servicer
with any documents then in Purchaser’s possession that are reasonably necessary and appropriate to enable Servicer to carry out its servicing and administrative duties under this Agreement. 
 (i) Standard of Care. Servicer shall perform its obligations under this Agreement (A) with reasonable care, using a degree of skill and
attention no less than that which Servicer (i) exercises with respect to comparable assets that it manages for itself and (ii) exercises with respect to comparable assets that it manages for others, and in a manner consistent with
practices and procedures followed by institutional managers of national standing relating to assets of the nature and character of the Purchased Assets, except as expressly otherwise provided in this Agreement, (B) with a view to maximize the
value of the Purchased Assets; and (C) without regard to: (1) any relationship that the Servicer or any Affiliate of the Servicer may have with any Obligor or any Affiliate of any Obligor, (2) the Servicer’s obligations to incur
servicing and administrative fees and expenses with respect to a Purchased Asset, (3) the Servicer’s right to receive compensation for its services hereunder or with respect to any particular transaction, (4) the ownership by the
Servicer or any Affiliate of any Purchased Assets or any Related Loans or other loans or securities issued by the related Borrower, another Obligor, any Affiliate thereof or any other Person, (5) the ownership, servicing or management for
others by the Servicer of any other loans, securities, assets or other property by the Servicer or (6) any relationship that the Servicer or any Affiliate of the Servicer may have with any holder of any other loans of the Borrower or another
Obligor with respect to such Loans. To the extent not inconsistent with the foregoing, Servicer 
  

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 shall follow its customary standards, policies and procedures in performing its duties under this Agreement as set forth
in its Credit Policies and Procedures. The foregoing standard set forth in this subsection (i) is referred to as the “Servicing Standard.” No recourse shall be had against any officer, agent, stockholder, partner,
member, manager, director or employee of Servicer or any Affiliate of Servicer for any action taken or omitted to be taken by such officer, agent, stockholder, partner, member, manager, director or employee of Servicer or any Affiliate of Servicer
hereunder or in connection herewith. 
 (j) The Servicer may make advances (“Servicer Advances”) (subject in all cases to
Section 4.1(l) with respect to any Nonrecoverable Advances) with respect to all customary, reasonable and necessary “out-of-pocket” costs and expenses (including reasonable attorneys’ fees and disbursements) incurred in
connection with: 
 (i) any enforcement, administrative or judicial proceedings, or any necessary legal work or advice
specifically related to servicing the Purchased Assets, including but not limited to, bankruptcies, condemnations, foreclosures by subordinate lienholders, legal costs associated with preparing powers of attorney, and other legal actions incidental
to the servicing of the Collateral (provided that such expenses are reasonable and that the Servicer specifies the Collateral to which such expenses relate); and 
 (ii) all ground rents, taxes, assessments, water rates, sewer rates and other charges, as applicable, that are or may become a lien upon
any mortgaged property constituting a part of the Collateral, and all fire, flood, hazard and other insurance coverage (in each case to the extent required to be paid by the Obligors under the Loan Documents, including renewal payments). 

The Servicer shall make any such Servicer Advances from its own funds to effect such payments, but only to the extent it does not deem such an
advance, if made, a Nonrecoverable Advance, and shall be reimbursed therefor from Collections in accordance with Section 8.2 of the Indenture. The Servicer may make Servicer Advances from its own funds to effect scheduled payments on the
Loans or if Servicer shall determine that the payment of any such amount is (i) necessary or appropriate to preserve the Collateral pledged to secure any Loan or (ii) would be in the best interest of the Purchaser and the Secured Parties,
then Servicer may make a Servicer Advance in respect to such amount, but only to the extent that it does not deem such an advance, if made, a Nonrecoverable Advance, and Servicer shall be reimbursed therefor from Collections in accordance with
Section 8.2 of the Indenture. 
 (k) Notwithstanding anything to the contrary set forth herein, Servicer shall not make any
Servicer Advance that it determines in its reasonable, good faith judgment would constitute a Nonrecoverable Advance; provided, however, that Servicer may make a Servicer Advance notwithstanding that, at the time such Servicer Advance is made, the
Servicer may not have adequate information available in order to 
  

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 make a determination whether or not such advance would, if made, be a Nonrecoverable Advance. In addition, Nonrecoverable
Advances (including any Servicer Advances made pursuant to the proviso of the preceding sentence which are ultimately determined to be Nonrecoverable Advances) shall be reimbursable from Collections in accordance with Section 8.2 of the
Indenture. 
 (1) The relationship of Servicer to Purchaser under this Agreement is intended to be that of an independent contractor to
Purchaser and shall not be construed to be that of a joint venturer, partner, or agent such that the acts of Servicer are in any way vicariously attributable to Purchaser. Nothing in this Agreement shall prevent Servicer or any of its Affiliates
from engaging in any other business or from rendering services of any kind to any Person. 
 (m) Without limitation of any other provision
of this Agreement, including Section 8.6(b), Servicer acknowledges that its obligations under this ARTICLE IV and elsewhere in this Agreement shall be for the direct benefit of Note Purchaser, and Note Purchaser shall be entitled
to enforce such obligations directly against Servicer. 
 (n) The Servicer may, with the prior consent of the Note Purchaser, subcontract
with any other Person for servicing, administering or collecting the Collateral; provided, however, that (1) the Servicer shall remain liable for the performance of the duties and obligations of the Servicer pursuant to the
terms hereof and (2) any such subcontract shall provide by its terms that it may be terminated upon the occurrence of a Servicer Event of Default. 
 Section 4.2 Servicing Fees. 
 (a) Purchaser shall pay to Servicer on each Payment Date a Base
Servicing Fee and a Subordinated Servicing Fee in consideration for the performance by Servicer of its obligations under this Agreement. 
 (b) The amount of the “Base Servicing Fee” that is payable on each Payment Date shall be calculated with respect to the Collection Period immediately preceding such Payment Date and shall be equal to the sum of, for each
day during such Collection Period, the product of (i) 0.25%, times (ii) a fraction, of which (x) the numerator is one and (y) the denominator of which is 360, times (iii) the aggregate Outstanding Principal
Balance of the Purchased Assets. 
 (c) The amount of the “Subordinated Servicing Fee” (together with the Base Servicing
Fee, the “Servicing Fees”) that is payable on each Payment Date shall be calculated with respect to the Collection Period immediately preceding such Payment Date and shall be equal to the sum of, for each day during such Collection
Period, the product of (i) 0.75%, times (ii) a fraction, of which (x) the numerator is one and (y) the denominator of which is 360, times (iii) the aggregate Outstanding Principal Balance of the Purchased
Assets. 
 (d) The Servicing Fees with respect to any Payment Date shall be payable solely from, and shall be limited in recourse to,
Collections applied on or with respect to such Payment Date pursuant to and in accordance with Section 8.2(b) of the Indenture. 
  

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 Section 4.3 Servicer Not to Resign. NewStar Financial shall not resign as Servicer except
upon determination (as evidenced by an Opinion of Counsel) that (i) its performance of its duties under this Agreement is no longer permissible under Applicable Law and (ii) there is no reasonable action that Servicer could take to make
the performance of its duties under this Agreement permissible under Applicable Law. Prior to the effectiveness of such resignation, NewStar Financial shall deliver to Purchaser, Indenture Trustee and Note Purchaser (a) a notice of any such
determination permitting the resignation of NewStar Financial as Servicer and (b) an Opinion of Counsel as to clause (i) to such effect. Any such resignation shall become effective in accordance with Section 4.8. 
 Section 4.4 Power of Attorney. Except to the extent otherwise provided in this Agreement, Purchaser does hereby constitute and irrevocably
appoint Servicer, at all times from and after the date of this Agreement to and until the Servicer Termination Date, as the true and lawful attorney of Purchaser, with full power (in the name of Purchaser or otherwise) to exercise all rights of
Purchaser with respect to the Purchased Assets and to demand, receive, settle, compound and give acquittance for any and all amounts and claims for any amounts due and to become due under or arising out of any of the Purchased Assets, to endorse any
checks or other instruments or orders, to file any claims, to institute any proceedings or to take any other action that, in each case Servicer may deem to be necessary or advisable in connection with the foregoing and within the scope of the
exercise of its rights and performance of its obligations under this Agreement. The power of attorney granted pursuant to this Agreement and all authority hereby conferred are granted and conferred solely to facilitate the performance of
Servicer’s obligations under this Agreement. This power of attorney shall be irrevocable as one coupled with an interest prior to the Servicer Termination Date. 
 Section 4.5 Servicing Covenants. 
 (a) Distributions. Servicer shall instruct all
Obligors or paying agents, as applicable, to make payments to the Concentration Account. Servicer will establish a Collection Account on or before the Closing Date pursuant to Section 4.9. Servicer (both in its capacity as Servicer and
its capacity as Concentration Account servicer under the Intercreditor Agreement) shall identify all Collections and shall cause all Collections to be deposited, by wire transfer in the form of immediately available funds, to the Collection Account
by the close of business on the second Business Day after such Collections are received into the Concentration Account or otherwise received by or on behalf of Servicer or any of its Affiliates. 
 (b) Compliance with Requirements of Law. Servicer shall comply in all material respects with all Applicable Law in servicing the Purchased
Assets. 
  

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 (c) Credit Policies and Procedures. Servicer shall comply with and perform its management and
servicing obligations hereunder in accordance with the Credit Policies and Procedures. The Servicer shall not consent or agree to, or otherwise permit to occur, under circumstances in which the Servicer could have reasonably prevented the occurrence
thereof, any material amendment, modification, change, supplement or rescission (any of the foregoing an “amendment” for purposes of this clause (c)) of or to the Credit Policies and Procedures in whole or in part that could have a
Material Adverse Effect on the Collateral, the Indenture Trustee, the Note Purchaser or the other Secured Parties, without the prior written consent of the Note Purchaser (provided, that such prior written consent shall not be required in the
case of an amendment that was mandated by any Applicable Law or Governmental Authority). 
 (d) Keeping Documents and Records.
Servicer shall maintain procedures and records, and preserve all documents and other information delivered to or obtained by the Servicer, in each case to the extent reasonably necessary in managing and servicing the Purchased Assets. The documents,
records and other information maintained by Servicer shall reflect all customary facts about the Purchased Assets and all payments and credits on them. 
 (e) Reports. Servicer shall provide to Purchaser, Backup Servicer, Indenture Trustee and Note Purchaser: 
 (i) not later than the 5th Business Day after each Determination Date (other than
the Determination Date occurring in the calendar month immediately preceding each Payment Date), a report (each, a “Monthly Report”) in the form of Exhibit C, with respect to the calendar month ending on such Determination
Date; and 
 (ii) not later than the 5th Business Day after each Determination Date occurring in a calendar month preceding a Payment Date, a report (each, a “Payment Date Report”) in the form of Exhibit F.

 Servicer shall also deliver to Note Purchaser such other reports as Note Purchaser may reasonably request from time to time. 
 (f) Adjustments. If Servicer makes a mistake in the amount of any portion of Collections and deposits or pays an amount that is different from
the actual amount of such Collections, Servicer shall appropriately adjust the amount subsequently paid to Purchaser pursuant to Section 4.5(a) and promptly shall deliver written notice to each of Purchaser, Indenture Trustee, Backup
Servicer and Note Purchaser of such adjustment. 
 (g) Not later than 5th Business Day after each Determination Date occurring in a calendar month preceding a Payment Date, the Servicer shall provide to the Backup Servicer via
e-mail certain asset level information in form and substance to be agreed upon in good faith by Servicer, Backup Servicer and Note Purchaser, which shall include but not be limited to the following information: (x) for each Asset, the

  

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 name and number of the related Obligor, the collection status, the loan status, the date of each scheduled payment, as
applicable, and the Outstanding Principal Balance and, in the case of any Delayed-Draw Term Loan or Revolving Credit Facility, the unfunded amount of the Commitment thereunder, (y) the Borrowing Base and (z) the Eligible Asset Amount and
such other items as may reasonably be expected in connection with the transactions contemplated by this Agreement. 
 Section 4.6
Termination of Servicer by Purchaser Following Servicer Event of Default. 
 (a) If a Servicer Event of Default occurs, Purchaser and
Servicer will promptly notify Indenture Trustee, the Backup Servicer, and Note Purchaser and, so long as such Servicer Event of Default has not been remedied, Note Purchaser (or, if the Notes are no longer Outstanding, the Purchaser), by notice to
Servicer (such notice, a “Servicer Termination Notice”), a copy of which will be provided to the Backup Servicer, may terminate all of the rights and obligations of Servicer under this Agreement; provided, however,
that any such termination shall not release, discharge or relieve Servicer from any liabilities it may have hereunder or with respect to, or resulting from, such Servicer Event of Default, or any other breach by Servicer, or any failure by Servicer
to perform or observe any covenant, term or condition to be performed or observed on its part, under this Agreement prior to such termination. Upon delivery to Servicer of a Servicer Termination Notice or upon the resignation of the Servicer,
Purchaser is authorized and empowered to execute and deliver, on behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the termination of the Servicer and replacement of Servicer pursuant to Section 4.8. 
 (b) Upon termination of
Servicer under Section 4.6(a), the predecessor Servicer shall cooperate with the successor Servicer and Purchaser in effecting the termination of the responsibilities and rights of the predecessor Servicer under this Agreement,
including, as soon as practicable, (i) the transfer to such successor Servicer for administration by it of all cash amounts relating to the Purchased Assets that are held by the predecessor Servicer for deposit, or thereafter will be received
with respect to the Purchased Assets and (ii) the delivery of the books, records and accounts maintained by Servicer with respect to the Purchased Assets and/or any Servicing Files in the Servicer’s possession. In no event, however, will
Servicer be obligated to license its proprietary servicing software or other applications to any successor Servicer or any third party. All reasonable costs and expenses (including attorneys’ fees) incurred by Seller, Purchaser, Indenture
Trustee, Note Purchaser, Backup Servicer, and the successor Servicer in connection with amending this Agreement to reflect such succession will be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and
expenses. 
 Section 4.7 Backup Servicer; Duties of Backup Servicer. 
 (a) Designation of the Backup Servicer. The backup servicing role with respect to the Collateral shall be conducted by the Person designated as
Backup 
  

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 Servicer, hereunder from time to time in accordance with this Section 4.7. Until the Note Purchaser shall
deliver to USBPS a Backup Servicer Termination Notice, USBPS is hereby designated as, and hereby agrees to perform the duties and obligations of, the backup servicer pursuant to the terms hereof. 
 (b) Successor Backup Servicer. Upon the Backup Servicer’s receipt of a Backup Servicer Termination Notice from the Indenture Trustee of the
designation of a replacement Backup Servicer pursuant to the provisions of Section 4.10, the Backup Servicer agrees that it will terminate its activities as Backup Servicer hereunder. 
 (c) Duties of the Backup Servicer. 
 (i) Appointment. The Seller and the Indenture Trustee, as agent for the Secured Parties, each hereby appoints USBPS to act as Backup Servicer, for the benefit of the Indenture Trustee and the Secured Parties,
as from time to time designated pursuant to Section 4.7. The Backup Servicer hereby accepts such appointment and agrees to perform the duties and obligations with respect thereto set forth herein in such capacity. 
 (ii) Duties. On or before the initial Funding Date, and until its removal pursuant to Section 4.10, Backup Servicer
shall perform, on behalf of the Indenture Trustee and the Secured Parties, the following duties and obligations: 
 (1)
Provided that it receives a Payment Date Report and the loan data pursuant to and within the time period specified in Section 4.5(e), Backup Servicer shall review such report to confirm, based solely on the asset level information
provided to the Backup Servicer by the Servicer pursuant to Section 4.5(g) that such Payment Date Report is complete on its face and that the following items in such Payment Date Report have been accurately calculated: (A) the
Borrowing Base, (B) the Backup Servicing Fee, (C) the Assets that are current and not past due, (D) the Assets that are 1 - 30 days past due, (E) the Assets that are 31 - 60 days past due, (F) the Assets that are 61 - 90
days past due, (G) the Assets that are 90+ days past due, (H) the Average Pool Delinquency Ratio, (I) the Average Pool Charged-Off Ratio and (J) the Available Excess Spread. The Backup Servicer by a separate written report shall
notify the Indenture Trustee and the Servicer of any disagreements with a Payment Date Report based on such review not later than the Business Day preceding such Payment Date to such Persons. 
 (2) If the Servicer disagrees with the Payment Date Report provided under paragraph (1) above by the 
  

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 Backup Servicer or if the Servicer or any subservicer has not reconciled such discrepancy, the Backup
Servicer agrees to confer with the Servicer to resolve such disagreement on or prior to the next succeeding Determination Date and shall settle such discrepancy with the Servicer if possible, and notify the Indenture Trustee of the resolution
thereof. The Servicer hereby agrees to cooperate at its own expense with the Backup Servicer in reconciling any discrepancies herein. If within 20 days after the delivery of the report provided under paragraph (1) above by the Backup Servicer,
such discrepancy is not resolved, the Backup Servicer shall promptly notify the Indenture Trustee of the continued existence of such discrepancy. Following receipt of such notice by the Indenture Trustee, the Servicer shall deliver to the Indenture
Trustee, the Secured Parties and Backup Servicer no later than the related Payment Date a certificate describing the nature and amount of such discrepancies and the actions the Servicer proposes to take with respect thereto. 
 Section 4.8 Appointment of Successor Servicer. 
 (a) If Servicer is terminated pursuant to Section 4.6(a), it will continue to remain the Servicer under this Agreement until the date specified in the Servicer Termination Notice. If Servicer is terminated
pursuant to Section 4.6(a) or resigns pursuant to Section 4.3, Servicer shall be entitled to receive, to the extent of funds available therefor pursuant to Section 5.6(b) or Section 8.2(b), as
applicable, of the Indenture, the Servicing Fee accrued until the date that the Servicer is actually terminated in such capacity, together with the sum of (i) an amount equal to all unreimbursed Nonrecoverable Advances made by such Servicer
which remain outstanding as of such date plus (ii) an amount equal to any other unreimbursed Servicer Advances (but solely to the extent of Collections received from time to time in respect of the Asset for which the Servicer Advances described
in this clause (ii) were made) which remain outstanding as of such date. If Servicer resigns pursuant to Section 4.3, it will continue to remain the Servicer under this Agreement until the later of (i) the date 45 days from the
delivery to Purchaser, Backup Servicer, Indenture Trustee and Note Purchaser of notice of such resignation in accordance with this Agreement and (ii) the date upon which Servicer is legally unable to act as Servicer, as specified in the notice
of resignation and accompanying Opinion of Counsel. If Servicer resigns or is terminated under this Agreement, Note Purchaser (or, if the Notes are no longer Outstanding, the Purchaser) may appoint a successor Servicer. Such successor will accept
its appointment by (i) entering into a servicing agreement with Purchaser having substantially the same provisions as the provisions of this Agreement applicable to Servicer, in a form acceptable to Purchaser and Note Purchaser and
(ii) delivering a copy of such servicing agreement to the parties to such agreement and to Indenture Trustee, Servicer, Backup Servicer and Note Purchaser. 
 (b) If no Person has accepted its appointment as successor Servicer when the predecessor Servicer ceases to act as Servicer in accordance with 
  

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 Section 4.8(a), Backup Servicer, without further action, shall be automatically appointed the successor
Servicer, and Backup Servicer hereby agrees upon receipt of notice from the Purchaser or the Note Purchaser to accept such appointment and promptly begin the transition to its role as Servicer. However, if Backup Servicer is legally unable to act as
successor Servicer (as evidenced by an Opinion of Counsel), Backup Servicer will provide notice of the same to the Purchaser and the Note Purchaser and appoint, or petition a court of competent jurisdiction to appoint, an established institution
having a net worth of not less than $50,000,000 whose regular business includes the servicing of commercial loans, as successor to Servicer under this Agreement. 
 (c) Upon its acceptance of its appointment as successor Servicer, the successor Servicer will be the successor in all respects to the predecessor Servicer, entitled to all servicing compensation, and will be subject
to all of the responsibilities, duties, and liabilities of the Servicer with respect to servicing functions under this Agreement; provided, however, that the Backup Servicer and successor Servicer, as applicable, shall have
(i) no liability with respect to any action performed by the terminated Servicer prior to the date that the Backup Servicer or successor Servicer, as applicable, becomes the successor to the Servicer or any claim of a third party based on any
alleged action or inaction of the terminated Servicer, (ii) no obligation to perform any advancing obligations, if any, of the Servicer unless it elects to in its sole discretion, (iii) no obligation to pay any taxes required to be paid by
the Servicer (provided, that the Backup Servicer or successor Servicer, as applicable, shall pay any income taxes for which it is liable), (iv) no obligation to pay any of the fees and expenses of any other party to the
transactions contemplated hereby, and (v) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including the original Servicer. The indemnification obligations of the Backup Servicer or the
successor Servicer, as applicable, upon becoming a successor Servicer, are expressly limited to those arising on account of its failure to act in good faith and with reasonable care under the circumstances. In addition, the Backup Servicer or
successor Servicer, as applicable, shall have no liability relating to the representations and warranties of the Servicer contained in this Agreement. In addition to the servicing compensation to which a Servicer is entitled hereunder, the Backup
Servicer and successor Servicer shall be entitled to be reimbursed for expenses incurred in connection with the transition of servicing obligations hereunder and, the Backup Servicer, upon becoming the successor Servicer hereunder, shall be entitled
to a successor engagement fee in accordance with the Backup Servicer Fee Letter. 
 (d) In connection with any appointment of a successor
Servicer, Note Purchaser (or, if the Notes are no longer Outstanding, Purchaser), may make such arrangements for the compensation of such successor Servicer out of distributions on the Collateral as it and such successor Servicer may agree, provided
that no such compensation will be in excess of the amount paid to the predecessor Servicer under this Agreement. Purchaser and the predecessor Servicer will take such action, consistent with this Agreement, as will be necessary to effectuate any
such succession. 
  

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 Section 4.9 Collection Account, Custodial Account and Holding Account. 
 (a) Establishment of Collection Account. On or before the Closing Date, Servicer will establish a segregated trust account, in the name of the
Indenture Trustee, at a Qualified Institution or Qualified Trust Institution (which initially will be USBPS National Association) to be designated as “U.S. Bank National Association, as Indenture Trustee, as secured party for Newstar Warehouse
Funding 2005 LLC” that will be designated as the “Collection Account.” The Collection Account will consist of two separate sub-accounts, respectively designated as the “Interest Collection Subaccount” and the
“Principal Collection Subaccount.” 
 (b) Establishment of Custodial Account. On or before the Closing Date,
Servicer will establish a segregated trust account, in the name of the Indenture Trustee, at a Qualified Institution or Qualified Trust Institution (which initially will be USBPS National Association) to be designated as “USBPS National
Association, as Indenture Trustee, as secured party for Newstar Warehouse Funding 2005 LLC” that will be designated as the “Custodial Account.” 
 (c) Establishment of Holding Account. On or before the Closing Date, Servicer will establish a segregated trust account, in the name of the Indenture Trustee, at a Qualified Institution or Qualified Trust
Institution (which initially will be USBPS National Association) to be designated as “U.S. Bank National Association, as Indenture Trustee, as secured party for Newstar Warehouse Funding 2005 LLC” that will be designated as the
“Holding Account.” 
 (d) Control of the Accounts. Each of the parties hereto hereby agrees that (i) each
Account shall be deemed to be a “securities account” and (ii) except as otherwise expressly provided herein, the Indenture Trustee shall be exclusively entitled to exercise the rights that comprise each Financial Asset held in each
Account. Each of the parties hereto hereby agrees to cause the Indenture Trustee, the Custodian, or any other Securities Intermediary that holds any money or other property for the Seller in each Account to agree with the parties hereto that
(A) the Cash and other property is to be treated as a Financial Asset under Article 8 of the UCC and (B) the “securities intermediary’s jurisdiction” (within the meaning of Section 8-110 of the UCC) for that purpose
shall be the State of New York. In no event may any Financial Asset held in each Account be registered in the name of, payable to the order of, or specially indorsed to, the Seller, unless such Financial Asset has also been indorsed in blank or to
the Custodian or other Securities Intermediary that holds such Financial Asset in each Account. Without limitation of the foregoing, all monies deposited in, and other assets credited to, each Account pursuant to the Indenture and this Agreement
will be held (i) by the Indenture Trustee (and under the sole dominion and control of the Indenture Trustee) as part of the Collateral until the Note Balance has been reduced to zero and the Collateral has been released pursuant to and in
accordance with the terms of the Indenture and (ii) after the Note Balance has been reduced to zero and the Collateral has been released pursuant to and in accordance with the terms of the Indenture, by or on behalf of Purchaser, and in each
case will be applied only upon the terms and conditions of the 
  

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 Basic Documents. However, Servicer may make deposits to or request that the Indenture Trustee (or, after the Note Balance
has been reduced to zero, Purchaser) make deposits to or withdrawals from each Account in accordance with the Indenture, this Agreement and the other Basic Documents. In addition, the Servicer may make withdrawals from the Holding Account solely to
the extent specifically so provided in the Note Purchase Agreement. 
 (e) Agreement with Depository Institution. The Accounts will
only be established at a Qualified Institution or Qualified Trust Institution that agrees in writing that: 
 (i) all
securities, instruments, cash or other property delivered to it pursuant to the Indenture or this Agreement and all investments of funds held in the Collection Account will be promptly credited to the Collection Account and all investments of funds
held in the Custodial Account will be promptly credited to the Custodial Account; 
 (ii) all securities, instruments, cash
or other property credited to the Accounts will be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC of the State of New York (the “New York UCC”); 
 (iii) at all times prior to being notified in writing by the Indenture Trustee that the Note Balance has been reduced to zero and the
Accounts have been released from the Lien of the Indenture, it will comply with “entitlement orders” (as defined in Section 8-102(a)(8) of the New York UCC) originated by the Indenture Trustee without further consent of the Issuer or
any other Person; and 
 (iv) the law of the State of New York will constitute the securities intermediary’s
jurisdiction. 
 (f) Compliance. If at any time an institution maintaining the Accounts ceases to be a Qualified Institution,
Servicer will, with the Indenture Trustee’s or Purchaser’s assistance as necessary, within 10 Business Days, move the Accounts to another Qualified Institution. 
 (g) Withdrawal of Funds Not Constituting Collections. Servicer may direct Indenture Trustee to withdraw from the Collection Account and pay to
Servicer amounts that do not constitute Collections for any Collection Period, or that were deposited into the Collection Account in error. Indenture Trustee may, but is not required to, request from Servicer reasonable documentation (which may be
provided by reference to Servicer’s books and records) in connection with any such withdrawal instruction. 
 (h) Investment of
Amounts in the Collection Account. So long as no Event of Default has occurred and is continuing, amounts on deposit in the Accounts will, to the extent permitted by Applicable Law, be invested as directed in 
  

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 writing by Servicer (or Person appointed by Servicer) to the Qualified Institution maintaining such account, and subject
to Section 8.3 of the Indenture, in Permitted Investments that will not be sold prior to maturity and that mature no later than the Business Day preceding the Payment Date for the Collection Period to which such amounts relate. However,
Servicer will not direct the Qualified Institution maintaining such account to make any investment of any funds or to sell any investment held in such account unless the security interest granted and perfected in such account in favor of Indenture
Trustee will continue to be perfected in such investment or the proceeds of such sale, in each case, without any further action by any Person. If requested by Indenture Trustee (acting at the direction of Noteholders evidencing not less than a
majority of the Note Balance of the Outstanding Notes), Servicer will deliver an Opinion of Counsel to Indenture Trustee with respect to the perfection of such security interest. 
 (i) Application of Investment Earnings and Losses. All investment earnings (net of losses) on amounts on deposit in the Accounts and any proceeds
thereof will be for the account of Purchaser and deposited into the Collection Account. 
 (j) Tax Reporting of Investment Income.
The parties intend that Purchaser will be disregarded as separate from Seller for U.S. federal income tax purposes. Accordingly, all investment income on amounts deposited to the Accounts will be reported for U.S. federal income tax purposes as
earned by Purchaser and will be reported by Purchaser (or by such entity from which Purchaser may be disregarded as separate for U.S. federal income tax purposes). 
 (k) Reinvestment of Principal Collections and Distributions to Seller. On the terms and conditions hereinafter set forth, from time to time during the Revolving Period, the Servicer may, to the extent of any
Principal Collections on deposit in the Principal Collection Subaccount, direct the Indenture Trustee to withdraw such funds for the purpose of (i) reinvesting in additional Eligible Assets, (ii) making Optional Prepayments of the Note
Balance pursuant to Section 2.7(c) of the Indenture or (iii) making a distribution to the Seller, provided, that the following conditions (the satisfaction of which (other than item (v)) shall be certified to the Indenture
Trustee and the Note Purchaser by the Servicer pursuant to an Officer’s Certificate) are satisfied: 
 (i) all
conditions precedent set forth in Section 2.02 and Section 3.01 of the Note Purchase Agreement have been satisfied, if applicable; 
 (ii) the Servicer provides same day written notice to the Indenture Trustee and the Note Purchaser by facsimile or by electronic mail (to be received no later than 1:00 p.m. (New York Time) on such day) of the request
to withdraw Principal Collections and the amount thereof; 
 (iii) without limiting the generality of clause (i), above, the
notice delivered pursuant to clause (ii) above shall be 
  

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 accompanied by a Notice of Incremental Note Balance in the form of Exhibit B to the Note Purchase
Agreement, and a Borrowing Base Certificate and the same are executed by the Seller and at least one Authorized Officer of the Servicer (which Borrowing Base Certificate shall show that no Borrowing Base Deficiency shall exist either before or after
giving effect to all of the proposed actions to be taken on such date); 
 (iv) without limiting the generality of clause
(i), above, no Potential Event of Default, Event of Default or Servicer Event of Default shall have occurred either before or after giving effect to the proposed actions to be taken on such date; 
 (v) the Indenture Trustee provides to the Note Purchaser by facsimile or by electronic mail (to be received no later than 1:00 p.m. (New
York Time) on that same date) a statement reflecting the total amount on deposit on such day in the Principal Collection Subaccount; and 
 (vi) upon the satisfaction of the conditions set forth in clauses (i) through (iv) above, the Indenture Trustee will release funds from the Principal Collection Subaccount to the Servicer in an amount not to
exceed the lesser of (A) the amount requested by the Servicer and (B) the amount on deposit in the Principal Collection Subaccount on such day. 
 Section 4.10 Removal of Backup Servicer. 
 (a) The Backup Servicer may be removed, with or
without cause, by the Note Purchaser (with the prior consent of the Servicer, such consent not be unreasonably withheld, conditioned or delayed). In addition, the Backup Servicer may be removed by the Note Purchaser (without the consent of Servicer
or any other Person) upon the occurrence and during the continuation of a material breach by the Backup Servicer of any representation, warranty or covenant of the Backup Servicer as set forth herein or upon an Insolvency Event with respect to the
Backup Servicer. Any such termination shall be effected by notice (a “Backup Servicer Termination Notice”) given in writing to the Backup Servicer, the Servicer, the Purchaser and the Indenture Trustee. In the event of any such
removal, a replacement Backup Servicer may be appointed by Note Purchaser with the consent of Servicer (such consent not to be unreasonably withheld, conditioned or delayed). It is understood that the Servicer shall conduct the preliminary
negotiations as to fees with any proposed successor Backup Servicer, in consultation with the Note Purchaser. However, except as otherwise agreed to by the Note Purchaser with the consent of the Servicer (such consent not to be unreasonably
withheld, conditioned or delayed), any successor Backup Servicer shall not be entitled to receive compensation for its services in excess of the compensation required to be paid to the Backup Servicer hereunder. 
  

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 (b) Upon the Backup Servicer’s receipt of a Backup Servicer Termination Notice from the Indenture
Trustee of the designation of a replacement Backup Servicer, the Backup Servicer agrees that it will terminate its activities as Backup Servicer hereunder. 
 ARTICLE V 
 CONDITIONS PRECEDENT 
 Section 5.1 Conditions Precedent. In addition to the conditions set forth in ARTICLE II and elsewhere in this Agreement,
Purchaser’s obligation to make its initial purchase pursuant to ARTICLE II shall be subject to the following conditions precedent: 
 (a) Seller’s and Servicer’s representations and warranties set forth in Section 3.1 shall be true and correct as of the date hereof and as of the date of such initial purchase; 
 (b) Seller and Servicer shall have complied in all material respects with all covenants required by this Agreement to be complied with by them on or
before the date hereof and on or before the date of such initial purchase; 
 (c) This Agreement, the Indenture and the Note Purchase
Agreement have become effective in accordance with their respective terms (including the satisfaction or waiver of any and all conditions precedent set forth therein); 
 (d) Purchaser shall have received: 
 (i) this Agreement duly executed on behalf of Seller
and Servicer; 
 (ii) certificates of the Secretary (or other appropriate officer) of Seller and Servicer, in form and
substance reasonably satisfactory to Purchaser, evidencing the due authorization, execution and delivery by Seller and Servicer of this Agreement and the due authorization by Seller and Servicer of the performance of their respective obligations
under this Agreement (including the names of the officers of Seller and Servicer who have executed this Agreement, and evidence of the incumbency of such officers); 
 (iii) an Opinion of Counsel to Seller and Servicer regarding corporate matters in form and substance reasonably satisfactory to (and
delivered by counsel reasonably satisfactory to) Purchaser; and 
 (iv) copies of the most recent quarterly unaudited and
annual audited financial statements of each of Seller and Servicer. 
  

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 (e) Purchaser and Seller each (i) acknowledges that the Note Purchaser, in acquiring the Initial
Note and Additional Note Balances from time to time thereunder, is relying on the satisfaction of each of the conditions set forth in this Section 5.1 with respect to the acquisition by Purchaser of each Purchased Asset and
(ii) agrees, for the benefit of the Note Purchaser, that the conditions set forth in this Section 5.1 may not be amended, modified or waived without the prior written consent of the Note Purchaser. 
 ARTICLE VI 
 COVENANTS

 Section 6.1 Substitution of Assets; Repurchase or Substitution of Warranty Assets; Repurchase of Charged-Off Assets.

 (a) Substitution of Assets. On any day prior to the occurrence of an Event of Default, a Potential Event of Default or a Servicer
Event of Default (and after the occurrence of such an event at the sole discretion of the Note Purchaser), the Seller may, subject to the conditions set forth in this Section 6.1 and subject to the other restrictions contained herein,
replace any Purchased Asset with one or more Eligible Assets (each, a “Substitute Asset”); provided, that no such replacement shall occur unless each of the following conditions is satisfied as of the date of such replacement
and substitution: 
 (i) the Seller has recommended to the Note Purchaser (with a copy to the Custodian) in writing that the
Purchased Asset to be replaced should be replaced (each, a “Replaced Asset”); 
 (ii) each Substitute Asset
is an Eligible Asset on the date of substitution; 
 (iii) after giving effect to any such substitution, the Note Balance
does not exceed the lesser of (i) the Borrowing Base and (ii) the Note Purchase Obligation Limit; 
 (iv) for
purposes only of substitutions pursuant to Section 6.1(b) undertaken because a Purchased Asset has become a Warranty Asset, the sum of the Outstanding Principal Balances of such Substitute Assets shall be equal to or greater than the sum
of the Outstanding Principal Balances of the Replaced Assets; 
 (v) for purposes only of substitutions pursuant to
Section 6.1(b) undertaken because a Purchased Asset has become a Warranty Asset, such Substitute Assets, at the time of substitution by the Seller, shall have no greater Weighted Average Life, and no lower Weighted Average Loan Margin or
Weighted Average Loan Rate, than the Replaced Assets; 
  

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 (vi) all representations and warranties of the Seller contained in
Section 3.1 and Section 3.2 shall be true and correct as of the date of substitution of any such Substitute Asset; 
 (vii) the substitution of any Substitute Asset does not cause an Event of Default or a Potential Event of Default to occur; 
 (viii) the sum of (1) the Outstanding Principal Balances of all Purchased Assets that are Substitute Assets plus (2) the
Outstanding Principal Balances of all Purchased Assets that have been sold to Affiliates pursuant to Discretionary Sales does not exceed 15% of the highest Eligible Asset Amount of any month during the 12 month period immediately preceding such date
of determination; 
 (ix) the sum of the Outstanding Principal Balances of all Substitute Assets substituted for Delinquent
Assets, Charged-Off Assets and Warranty Assets shall not exceed 10% of the highest Eligible Asset Amount of any month during the 12 month period immediately preceding such date of determination; 
 (x) the Seller shall deliver to the Indenture Trustee and the Note Purchaser on the date of such substitution a certificate of an
Authorized Officer certifying that each of the foregoing is true and correct as of such date; and 
 (xi) each Purchased
Asset that is replaced pursuant to the terms of this Section 6.1 shall be substituted only with another Purchased Asset that meets the foregoing conditions. 
 In addition, Seller shall in connection with such substitution deliver the documents described in Section 2.2 to Custodian and the related Servicing File to the Servicer. In connection with any such
substitution, the Purchaser shall, automatically and without further action, be deemed to transfer to Seller, free and clear of any Lien created pursuant to this Agreement and the other Basic Documents, all of the right, title and interest of the
Purchaser, in, to and under such Replaced Asset, but without any other representation and warranty of any kind, express or implied. Purchaser shall, at the sole expense of Servicer, execute such documents and instruments of transfer as may be
prepared by Servicer on behalf of Seller and take other such actions as shall reasonably be requested by Seller to effect the transfer of such Asset pursuant to this Section 6.1. 
 (b) Repurchase or Substitution of Warranty Assets. Not later than the second (2nd) Business Day after (A) Seller acquires notice or knowledge of a breach of any representation or warranty set forth in Section 3.2 with
respect to any Purchased Asset on the date that such representation or warranty was made or (B) Seller fails to cure a non-compliance with one or more Review Criteria within the time period specified in Section 3.2(d) of the
Indenture (any such Purchased Asset, a “Warranty Asset”), Seller shall (i) provide written notice to Purchaser, Indenture Trustee and Note 
  

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 Purchaser identifying the related Warranty Asset and specifying the nature of such breach and (ii) either
(x) repurchase such Warranty Asset in accordance with the next following sentence or (y) provide evidence reasonably satisfactory to the Note Purchaser that a capital call has been made on one or more of Seller’s equity investors for
the purpose of funding, and in an amount sufficient to fund, the repurchase of such Warranty Asset. In any and all events, not later than the 20th day (or, if such 20th day is not a Business Day, the next Business
Day) after Seller acquires notice or knowledge that any Purchased Asset is a Warranty Asset, Seller shall either: (i) repurchase such Purchased Asset by making a deposit to the Collection Account (to be treated as Collections and applied on the
Payment Date immediately following the Collection Period during which such deposit was made pursuant to Section 8.2 of the Indenture) in immediately available funds in an amount equal to the sum of (a) the Outstanding Principal
Balance of such Loan, (b) any outstanding Servicer Advance thereon, (c) any Accruals, (d) all termination payments and other similar amounts arising as a result thereof and owed to the related Hedge Counterparty for any termination of
one or more Interest Rate Hedges, in whole or in part, as required by the terms of any related Interest Rate Agreement and (e) any out-of-pocket costs and actual damages incurred by the Note Purchaser, the Indenture Trustee or any Noteholder in
connection with any violation, or alleged violation, by such Purchased Asset of any predatory or abusive lending law which is an Applicable Law (the sum of the amounts described in the foregoing clauses (a) through (e), the
“Repurchase Price”); or (ii) subject to the satisfaction of the conditions in Section 6.1(a), substitute for such Warranty Asset a Substitute Asset. Upon confirmation of the deposit of such Repurchase Price into the
Collection Account or the delivery by the Seller of a Substitute Asset for each Warranty Asset (the “Repurchase Date”), such Warranty Asset shall not be included in the Borrowing Base and, as applicable, the Substitute Asset shall
be included in the Collateral. Upon the Repurchase Date of each Warranty Asset, Purchaser shall automatically and without further action be deemed to transfer, assign and set-over to the Seller, without recourse, representation or warranty (other
than that the Purchaser owns such Asset and such transfer by Purchaser is free and clear of any Lien), all the right, title and interest of the Purchaser in, to and under such Warranty Asset and all future monies due or to become due with respect
thereto, the Related Property, all Proceeds of such Warranty Asset, and Recoveries and Transferred Rights relating thereto, all rights to security for any such Warranty Asset, and all Proceeds and products of the foregoing. Purchaser shall, at the
sole expense of Servicer, execute such documents and instruments of transfer as may be prepared by Servicer on behalf of Seller and take other such actions as shall reasonably be requested by Seller to effect the transfer of such Warranty Asset
pursuant to this Section 6.1. 
 (c) Repurchase of Charged-Off Assets. 
 (i) In the event a Purchased Asset becomes a Charged-Off Asset, on the immediately following Payment Date, Servicer is hereby granted an
assignable option (a “Purchase Option”‘) to purchase such Charged-Off Asset at a price (the “Option Price”) equal to the Fair Market Value thereof. Servicer may sell, transfer, assign or otherwise convey its
Purchase Option with respect to any Charged-Off Asset to any party at any time after the related Loan becomes a Charged-Off Asset. 
  

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 Servicer shall notify Indenture Trustee, Custodian, and Note Purchaser of such purchase and such notice
shall include the purchaser’s name, address, telephone number, facsimile number and appropriate contact person(s) and shall be acknowledged in writing by the purchaser. Any transfer by the Servicer of its Purchase Option and any exercise of
such Purchase Option by the Servicer or any other holder thereof shall be subject, in each case, to the conditions that (i) no Event of Default, Potential Event of Default or Servicer Event of Default has occurred and is continuing and
(ii) both before and after giving effect to such purchase the Note Balance does not exceed the lesser of (A) the Borrowing Base and (B) the Note Purchase Obligation Limit. If not exercised earlier, the Purchase Option with respect to
any Charged-Off Asset shall automatically terminate (i) once the Related Loan is no longer a Charged-Off Asset; provided, however, that if such Purchased Asset subsequently becomes a Charged-Off Asset, the related Purchase Option
shall again be exercisable, (ii) upon the acquisition, by or on behalf of the Seller, of title to the Related Property through foreclosure or deed in lieu of foreclosure, (iii) upon the modification or pay-off, in full or at a discount, of
such Charged-Off Asset in connection with a workout, (iv) upon a repurchase or substitution of a Charged-Off Asset pursuant to Section 6.l(b) or (v) on the Business Day immediately preceding the last day of the next calendar
quarter after the Payment Date upon which the related Purchase Option first became exercisable. The sum of the Outstanding Principal Balances of Purchased Assets with respect to which the Servicer may exercise its Purchase Option on any date of
determination before the Facility Maturity Date shall not exceed 10% of the highest Eligible Asset Amount of any month during the 12 month period immediately preceding such date of determination. 
 (ii) Upon a Purchased Asset becoming a Charged-Off Asset, the Servicer or its assignee, as applicable, may exercise the Purchase Option
by providing Indenture Trustee, Custodian and Note Purchaser at least five days prior written notice thereof (the “Purchase Option Notice”), which notice shall specify a cash exercise price at least equal to the Option Price. The
Purchase Option Notice shall be delivered in the manner specified in Section 6.l(c)(i). The exercise of any Purchase Option pursuant to this clause (ii) shall be irrevocable. 
 (iii) Unless and until the Purchase Option with respect to a Charged-Off Asset is exercised, the Servicer shall pursue such other
resolution strategies available hereunder with respect to such Charged-Off Asset, including, without limitation, workout and foreclosure, as the Servicer may deem appropriate and consistent with the terms of this Agreement (including
Section 4. l(i)), in each case with a view towards the maximization of the recovery on such Purchased Asset for the benefit of the Secured Parties (as a collective whole) on a present value basis. 
  

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 (iv) The Servicer shall act on behalf of the Purchaser and for the benefit of the
Secured Parties in negotiating and taking any other action necessary or appropriate in connection with the exercise of a Purchase Option, including the collection of all amounts payable in connection therewith. Any sale of a Charged-Off Asset
(pursuant to a Purchase Option) shall be without recourse to, or representation or warranty by, Purchaser, Custodian, Indenture Trustee, Note Purchaser, Servicer or Seller (other than a representation, on the part of the Purchaser, that the
Purchaser owns such Asset and such transfer by Purchaser is free and clear of any Lien created by the Purchaser). 
 (v) Upon
exercise of a Purchase Option, the Servicer or its assignee, as applicable, shall be required to pay the Option Price on the Payment Date immediately following the date the Servicer or its assignee, as applicable, exercises its Purchase Option, and
the Option Price shall be deposited into the Collection Account to be included as a part of Collections applied on such Payment Date pursuant to Section 8.2(b) of the Indenture. Upon receipt of an Officer’s Certificate from the
Servicer to the effect that such deposit has been made, Purchaser and Indenture Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be provided to it and are reasonably necessary to
vest in the Servicer or its assignee, as applicable, ownership of the Charged-Off Asset. Upon receipt of a request for release and receipt of documents, the party then holding the related Purchased Asset File shall release or cause to be released to
the Servicer or its assignee, as applicable, the related Purchased Asset File. 
 (vi) The Servicer may sell or purchase, or
permit the sale or purchase of, a Charged-Off Asset only on the terms and subject to the conditions set forth in this Section 6.1. 
 (vii) The Servicer shall provide to the Note Purchaser, the Indenture Trustee and/or the Purchaser, upon the request of such party, all such documentation reasonably requested by such Person in connection with any
determination of Fair Market Value for purposes of this Section 6.1(c). 
 Section 6.2 Optional Sales. 
 (a) Prior to the occurrence of an Event of Default or a Potential Event of Default, on any Optional Sale Date, Purchaser shall have the right to sell and
assign to one or more Persons (each such Person, an “Optional Sale Acquiror”) all or a portion of the Collateral one or more Purchased Assets designated by the Purchaser (each, an “Optional Sale”) in connection with
a prepayment of all or a portion of the Notes, as an Optional Prepayment pursuant to Section 2.7(c) of the Indenture, subject to the following terms and conditions: 
 (i) The Purchaser shall have given the Indenture Trustee and the Note Purchaser at least 10 Business Days’ (or such lesser time
period as may be approved by the Indenture Trustee and the Note Purchaser) prior written notice of its intent to effect an Optional Sale (it being understood that Purchaser shall have the right to withdraw any such notice); 
  

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 (ii) Any Optional Sale shall be in connection with a Term Securitization; 
 (iii) Unless an Optional Sale is to be effected on a Payment Date (in which case the relevant calculations with respect to such Optional
Sale shall be reflected on the applicable Payment Date Report), the Servicer shall have delivered to Indenture Trustee and Note Purchaser a certificate and evidence to the reasonable satisfaction of Indenture Trustee and Note Purchaser (which
evidence may consist solely of a certificate from Servicer) that Purchaser shall have sufficient funds on the related Optional Sale Date to effect the contemplated Optional Sale in accordance with this Agreement; 
 (iv) After giving effect to the proposed Optional Sale and the release and assignment by the Indenture Trustee to the Optional Sale
Acquirer of all or a portion of the Purchased Assets on any Optional Sale Date, (a) the remaining Note Balance shall not exceed the lesser of the Borrowing Base and the Note Purchase Obligation Limit, (b) the representations and warranties
contained in Section 3.1 and Section 3.2 shall continue to be correct in all material respects, except to the extent relating to an earlier date and (c) neither an Event of Default nor a Potential Event of Default shall have
resulted; 
 (v) On the related Optional Sale Date, Servicer, Indenture Trustee, Custodian, Backup Servicer and Secured
Parties, as applicable, shall have received, as applicable, in immediately available funds, an amount equal to the sum of (a) the portion of the Note Balance to be prepaid in connection with such Optional Sale plus (b) an amount equal to
all accrued and unpaid interest on the Notes to the extent reasonably determined by the Note Purchaser to be attributable to that portion of the Note Balance to be paid in connection with the Optional Sale plus (c) an aggregate amount equal to
the sum of all other amounts due and owing to Servicer, Indenture Trustee, Custodian, Backup Servicer and the Secured Parties under this Agreement and the other Basic Documents, to the extent accrued to such date and to accrue thereafter to the next
Payment Date (including, without limitation, termination payments and any other payments owing to the Hedge Counterparties in respect of the termination of any Interest Rate Hedges) in each case to the extent attributable to the Purchased Assets
released to the Purchaser in connection with such Optional Sale; provided, that the Indenture Trustee 
  

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 and the Note Purchaser shall have the right to determine whether the amount paid (or proposed to be paid)
by Purchaser on the Optional Sale Date is sufficient to satisfy the requirements of clauses (iii), (iv) and (v) and is sufficient to reduce the Note Balance to the extent requested by Purchaser in connection with the Optional Sale; and

 (vi) On or prior to the 2nd Business Day preceding each Optional Sale Date, Purchaser (or the Servicer, on behalf of the Purchaser) shall have delivered to Indenture Trustee, Note Purchaser and Custodian a list specifying all
Assets to be sold and assigned pursuant to such Optional Sale. 
 (b) In connection with any Optional Sale, following payment and receipt of
the amounts referred to in clause (v) of Section 6.2(a) above by the Secured Parties and the other Persons referred to therein, and upon satisfaction of the other conditions set forth in Section 6.2(a), there
shall be sold and assigned to the Optional Sale Acquiror, without recourse, representation or warranty (other than that the Purchaser owns such Asset and such transfer by Purchaser is free and clear of any Lien) all of the right, title and interest
of the Purchaser, in, to and under the Purchased Assets so released to the Optional Sale Acquiror and such Purchased Assets shall be released from the Lien of the Indenture (subject to the requirements of Clause (iv) above) pursuant to
and in accordance with Section 2.9 of the Indenture. 
 (c) The Purchaser hereby agrees to pay (and, if the Purchaser does not
pay, the Seller agrees to pay) any Assignment Fees, together with the reasonable legal fees and expenses of the Secured Parties, Backup Servicer, Indenture Trustee and Custodian in connection with any Optional Sale (including, but not limited to,
expenses incurred in connection with the release of the Lien of the Indenture Trustee and any other party having an interest in the Collateral in connection with such Optional Sale). 
 (d) In connection with any Optional Sale, on the related Optional Sale Date, Indenture Trustee, on behalf of the Secured Parties, shall, at the expense
of the Seller (i) execute such instruments of release with respect to the portion of the Collateral to be sold, in recordable form if necessary, in favor of Purchaser or its designee as Purchaser may reasonably request, (ii) deliver any
portion of the Collateral to be retransferred to the Purchaser in its possession to Purchaser or its designee and (iii) otherwise take such actions, and cause or permit Custodian to take such actions, as are necessary and appropriate to release
the Lien of the Indenture on the portion of the Collateral to be released and release and deliver to the Purchaser or its designee such portion of the Collateral to be released to Purchaser. 
 Section 6.3 Discretionary Sales. 
 (a) Prior to the occurrence of an Event of Default or a Potential Event of Default, on any Discretionary Sale Date, Purchaser shall have the right to prepay all or a portion of the Note Balance in connection with the sale and assignment to
an 
  

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 unaffiliated third party purchaser or an Affiliated purchaser, of one or more Purchased Assets (each, a
“Discretionary Sale”), subject to the following terms and conditions: 
 (i) At least one Business Day prior
to each Discretionary Sale Date, Purchaser shall have given to Seller, Note Purchaser, Indenture Trustee and Custodian written notice of its intent to effect a Discretionary Sale (each such notice, a “Discretionary Sale Notice”),
specifying the Discretionary Sale Date and including a list of all Purchased Assets to be sold and assigned pursuant to such Discretionary Sale; 
 (ii) Any Discretionary Sale shall be made by the Purchaser to an unaffiliated third party purchaser in a transaction (i) reflecting arms-length market terms and (ii) in which the Purchaser makes no
representations, warranties (other than that the Purchaser owns such Asset and such transfer by Purchaser is free and clear of any Lien created by the Purchaser) or covenants and provides no indemnification for the benefit of any other party to the
Discretionary Sale; 
 (iii) No Discretionary Sale shall be made unless the Eligible Asset Amount is greater than $100
million at such date of determination; 
 (iv) Servicer shall deliver to Indenture Trustee and Note Purchaser a certificate
and evidence to the reasonable satisfaction of Indenture Trustee and Note Purchaser (which evidence may be included in the Monthly Report to be delivered with respect to the Discretionary Sale Date) that (x) Purchaser shall have sufficient
funds on the related Discretionary Sale Date to effect the contemplated Discretionary Sale in accordance with this Agreement, and (y) the aggregate Outstanding Principal Balance of the Purchased Assets that are the subject of the proposed
Discretionary Sale to any Affiliate, together with the aggregate Outstanding Principal Balance of the Purchased Assets sold in all other Discretionary Sales made in the preceding 12 month period to Affiliates, shall not exceed 7.5% of the highest
Eligible Asset Amount of any month during the 12 month period immediately preceding such date of determination. In effecting a Discretionary Sale, the Seller may use the Sale Proceeds of sales of the Collateral to satisfy its remittance obligations
hereunder; 
 (v) After giving effect to the Discretionary Sale and the assignment to Seller of the Collateral on any
Discretionary Sale Date, (a) the remaining Note Balance shall not exceed the lesser of the Note Purchase Obligation Limit and the Borrowing Base, (b) the representations and warranties contained in Section 3.1 and
Section 3.2 hereof shall continue to be correct in all material respects, except to the extent relating to an earlier date and (c) neither an Event of Default nor a Potential Event of Default shall have resulted; and 
  

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 (vi) On the related Discretionary Sale Date, Servicer, Indenture Trustee, Custodian,
Backup Servicer and the Secured Parties, as applicable, shall have received, in immediately available funds, an amount equal to the sum of (a) the portion of the Note Balance to be prepaid in connection with such Discretionary Sale plus
(b) an amount equal to all accrued and unpaid interest on the Notes to the extent reasonably determined by the Note Purchaser to be attributable to that portion of the Note Balance to be paid in connection with the Discretionary Sale plus
(c) an aggregate amount equal to the sum of all other amounts due and owing to Servicer, Indenture Trustee, Custodian, Backup Servicer and the Secured Parties under this Agreement and the other Basic Documents, to the extent accrued to such
date and to accrue thereafter to the next Payment Date (including termination payments and any other payments owing to the Hedge Counterparties in respect of the termination of any Interest Rate Hedges) in each case to the extent attributable to the
Collateral to be sold by the Seller in connection with such Discretionary Sale; provided, that the Indenture Trustee and the Note Purchaser shall have the right to determine whether the amount paid (or proposed to be paid) by the Seller on
the Discretionary Sale Date is sufficient to satisfy the requirements of clauses (iii), (iv) and (v) and is sufficient to reduce the Note Balance to the extent requested by the Seller in connection with the
Discretionary Sale. 
 (b) In connection with any Discretionary Sale, following payment and receipt of the amounts referred to in clause
(vii) above to the Secured Parties and the other Persons referred to therein, there shall be sold and assigned to such Person as is directed by the Purchaser without recourse, representation or warranty (other than that the Purchaser owns
such Purchased Asset and such transfer by Purchaser is free and clear of any Lien created by the Purchaser) all of the right, title and interest of Purchaser in, to and under the portion of the Collateral so purchased and such portion of the
Collateral so purchased shall be released from the Lien of the Indenture (subject to the requirements of clauses (iii), (iv), (v) and (vi) above) pursuant to and in accordance with Section 2.9 of the
Indenture (subject to the requirements of clause (v) above). 
 (c) The Purchaser hereby agrees to pay (and, if the Purchaser
does not pay, the Seller agrees to pay) any Assignment Fees together with the reasonable legal fees and expenses of the Note Purchaser, the Indenture Trustee and the Secured Parties in connection with any Discretionary Sale (including, but not
limited to, expenses incurred in connection with the release of the Lien of the Indenture Trustee). 
 Section 6.4 Application of
Proceeds of Optional Sale or Discretionary Sale. Any Sale Proceeds received in connection with an Optional Sale or a Discretionary Sale shall be deposited into the Interest Collection Subaccount (to the extent constituting Interest Collections)
and into the Principal Collection Subaccount (to the extent constituting Principal Collections), to be applied in accordance with this Agreement, the Indenture and the other Basic Documents. 
  

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 Section 6.5 Procedures for Repurchase of Purchased Assets. On the date of any sale,
substitution or repurchase by Seller of any Purchased Asset pursuant to Section 6.1, Section 6.2 or Section 6.3, Purchaser shall deliver to Seller the following: 
 (a) the Loan Note, if any, representing such Purchased Asset, indorsed to Seller; 
 (b) a Loan Assignment Document, in form and substance reasonably satisfactory to Seller or Servicer, as the case may be, effecting the Assignment (as of
such date) by Purchaser to Seller or Servicer, as the case may be, of the applicable Purchased Asset; and 
 (c) any other documents,
certificates or records relating to the applicable Purchased Asset in the possession of Purchaser, Servicer or Indenture Trustee. 
 Section 6.6 Annual Designation of Non-Securitizable Loans and Removal from Borrowing Base. On each anniversary of the Closing Date (or, if such day is not a Business Day, the next Business Day), Note Purchaser may designate, by
notice to Seller and Purchaser, one or more Eligible Assets that Note Purchaser has determined in its reasonable discretion, would be ineligible for inclusion as funded collateral in a term securitization that is rated by S&P, Moody’s
and/or Fitch (such Loans, “Non-Securitizable Loans”). Thereafter, each Non-Securitizable Loan shall be excluded from (and not thereafter included in) the Borrowing Base within 30 days after such notice. 
 Section 6.7 Delivery of Financial Statements. Each of Seller and Servicer shall deliver, or cause to be delivered, to Purchaser (with a copy
to the Backup Servicer): 
 (a) within 60 days following the last day of each fiscal quarter of Seller and Servicer, as the case may be, a
copy of Seller’s and Servicer’s unaudited financial statements for such fiscal quarter; and 
 (b) within 90 days following the
last day of each fiscal year of Seller and Servicer, as the case may be, a copy of Seller’s and Servicer’s audited financial statements for such fiscal year. 
 Seller and Servicer will each continue to prepare audited financial statements sufficient to meet the requirements of this Section 6.7 at all times through and including the Final Termination Date. So long
as NewStar Financial, Inc. remains the Servicer, each financial statement delivered pursuant to Section 6.7(a) or Section 6.7(b) shall be accompanied by a certificate of an Authorized Officer of the Servicer which sets forth
the Consolidated Tangible Net Worth of NewStar Financial, Inc. as of the date of the related financial statements, and contains a certification to the effect that, as of such date, either (1) a Servicer Event of Default pursuant to clause
(g) of the definition thereof had occurred and was continuing or (2) no such Servicer Event of Default had occurred and was continuing. 
  

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 Section 6.8 Inspection. 
 (a) Each of Seller and Servicer shall provide Purchaser, Indenture Trustee, Backup Servicer, and Note Purchaser with ongoing access to (i) any and
all Loan Documents and other documents in its possession with respect to any Purchased Asset, (ii) the accounts, records, procedures, documents and computer systems maintained by Seller, Servicer and their respective Affiliates with respect to
origination and servicing of the Purchased Assets and (iii) a knowledgeable officer of Seller and Servicer to respond to questions and provide information with respect to the origination and servicing of the Purchased Assets. 
 (b) Seller and Servicer each shall provide the access described in Section 6.8(a) during the period beginning on the Closing Date and
continuing through and including the date on which the Note Balance has been reduced to zero and all other amounts due on the Notes have been paid in full, at such times as Purchaser, Backup Servicer, Indenture Trustee or Note Purchaser, as the case
may be, may direct, but only upon reasonable notice and during the normal business hours of the respective offices of Seller or Servicer, as the case may be. Nothing in this Section 6.8 will affect the obligation of Seller or Servicer,
as the case may be, to observe any Applicable Law or confidentiality obligation prohibiting disclosure of information or to observe any licensing or similar agreement to which it is subject. 
 Section 6.9 Reporting Requirements. Seller and Servicer shall: 
 (a) promptly notify Purchaser (with a copy to the Backup Servicer) in writing of any Event of Default or Potential Event of Default of which Seller or Servicer, as the case may be, has actual knowledge or notice,
which notice shall specify the nature and circumstances of such Event of Default or Potential Event of Default; 
 (b) furnish to Purchaser
(with a copy to the Backup Servicer) written notice of any event that is reasonably likely to affect materially and adversely the ability of Seller or Servicer to perform its obligations under this Agreement as soon as practicable and in any event
within one (1) Business Day after Seller or Servicer, as the case may be, has knowledge or notice of such event; 
 (c) promptly
furnish to Purchaser such other information regarding (i) the Purchased Assets, (ii) the Loan Documents, (iii) the Payment Obligations or (iv) the condition or operations, financial or otherwise, of Seller and Servicer, in each
case as Purchaser may reasonably request; and 
 (d) furnish promptly to Purchaser and Note Purchaser all notices received by it which
relate to any restructuring or amendment of any Purchased Asset that constitutes a DIP Loan. 
  

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 Nothing contained in this Section 6.9 will affect the obligation of Seller or Servicer, as
the case may be, to observe any Applicable Law or confidentiality obligation prohibiting disclosure of information or to observe any licensing or similar agreement to which it is subject. 
 Section 6.10 Market Gains and Market Losses. Purchaser shall not acquire or dispose of the Loans for the primary purpose of recognizing
market gains or decreasing market losses. 
 ARTICLE VII 
 LIABILITY AND INDEMNIFICATION 
 Section 7.1 Seller’s Indemnification Obligations.
Seller shall indemnify, defend, and hold harmless Purchaser, Backup Servicer, Indenture Trustee and their respective officers, directors, agents, partners, members, employees and Affiliates (each, an “Indemnified Party”) from and
against any liability, claim, cost, loss, judgment, damage or expense (including reasonable attorneys’ fees and expenses) (collectively, “Losses”) that any such Indemnified Party incurs or suffers as a result of, or arising out
of (a) any of the representations or warranties of Seller in this Agreement, any other Basic Document or any other document delivered pursuant to or in connection with this Agreement or any other Basic Document having been false or incorrect in
any material respect when made or deemed to be made, or a breach by Seller of any of its covenants or agreements in this Agreement or any other Basic Document, (b) any setoff rights exercised against the Seller under any Purchased Asset by the
related Borrower or any other Obligor or (c) Seller’s obligations and liabilities with respect to, or in connection with, any Purchased Asset, resulting from facts, events, or circumstances arising or occurring with respect to such
Purchased Asset prior to the close of business on the related Purchase Date. In no event shall Seller or any of its Affiliates or any of their respective directors, members, officers, employees, or agents be liable to any Indemnified Party pursuant
to this Section 7.1 for special, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits in connection with or under this Agreement). 
 Section 7.2 Servicer’s Indemnification Obligations. Servicer shall indemnify, defend, and hold the Indemnified Parties harmless from and
against any Losses that Indemnified Parties incur or suffer as a result of, or arising out of any of the representations or warranties of Servicer in this Agreement, any other Basic Document or any other document delivered pursuant to or in
connection with this Agreement or any other Basic Document having been false or incorrect in any material respect when made or deemed to be made, or a breach by Servicer of any of its covenants or agreements in this Agreement or any other Basic
Document. In no event shall Servicer or any of its Affiliates or any of their respective directors, members, officers, employees, or agents be liable to any Indemnified Party pursuant to this Section 7.2 for special, indirect or
consequential losses or damages of any kind whatsoever (including but not limited to lost profits in connection with or under this Agreement). 
  

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 Section 7.3 Third Party Claims. If a third party commences any action or makes any demand
against any Indemnified Party for which such Indemnified Party is entitled to indemnification by any Person (such Person, the “Indemnifying Party”) under Section 7.1 or Section 7.2 (a “Third-Party
Claim”), such Indemnified Party will promptly notify the applicable Indemnifying Party in writing of such action or demand; provided, however, that if the Indemnified Party assumes the defense of the action and fails to provide prompt
notice to the applicable Indemnifying Party, such failure shall not limit, in any way, the obligation of the applicable Indemnifying Party to indemnify the Indemnified Party, except to the extent that such failure materially prejudices the ability
of the applicable Indemnifying Party to defend the action. The Indemnifying Party, with respect to any Third-Party Claim, may, at its own expense and without limiting its obligation to indemnify the Indemnified Party (i) participate in the
defense of such action with counsel reasonably satisfactory to the Indemnified Party or (ii) assume the defense of such action with counsel reasonably acceptable to the Indemnified Party. In any event, the applicable Indemnifying Party has
assumed the defense of any Third-Party Claim, such Indemnifying Party shall provide the applicable Indemnifying Parties with copies of all notices, pleadings, and other papers filed or served in such action. If the Indemnifying Party assumes the
defense of any such Third-Party Claim, the Indemnified Party must consent in writing to the entry of any settlement or compromise in respect thereof (which consent shall not be unreasonably withheld or delayed) that attributes liability to the
Indemnified Party and if an Indemnified Party does not consent to the settlement or compromise within a reasonable time under the circumstances (which “reasonable time” shall in no event be less than five (5) Business Days following
the date on which the Indemnified Party receives a written request for such consent, together with a written instrument setting forth all of the material terms of such settlement or compromise), the Indemnifying Party shall not thereafter be
obligated to indemnify the Indemnified Party in respect of such Third-Party Claim for any amount in excess of such proposed settlement or compromise. 
 Section 7.4 Continuing Obligation. Each indemnity in this Agreement is a continuing obligation, separate and independent from the other obligations of the parties to this Agreement and survives termination
of this Agreement and the Termination Date, and it is not necessary for any Indemnified Party to incur expense or make payment before enforcing a right of indemnity conferred by this Agreement. 
 ARTICLE VIII 
 MISCELLANEOUS

 Section 8.1 Costs and Expenses. 
 (a) Subject to Section 8.l(b), and except as otherwise set forth herein and in the other Basic Documents, the parties to this Agreement agree to bear their 
  

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 own respective legal and other costs and expenses incurred in connection with the implementation and consummation of the
Transactions and their respective obligations under this Agreement and the other documents delivered pursuant to and in connection with this Agreement from and after the date of this Agreement (including, without limitation, all fees and
disbursements of independent accountants, income and franchise taxes imposed on each party to this Agreement and expenses incurred by Servicer in connection with remittance of Distributions and reports and enforcement of the Purchased Assets).

 (b) Notwithstanding Section 8.1(a) but subject to Section 8.1(c), the parties to this Agreement agree that Seller
shall be responsible for, and shall pay when due and payable, all transfer, filing and recording fees, taxes, costs and expenses, and all state or county documentary taxes, if any, with respect to the filing or recording of any document or
instrument contemplated by this Agreement, including any such fees, taxes, costs or expenses incurred in connection with the execution, delivery and recording of the Assignment, of any Purchased Asset pursuant to a sale of such Purchased Asset
pursuant to Section 2.1 or a repurchase or substitution of such Purchased Asset pursuant to this Agreement or any other Basic Document by the Seller except as otherwise expressly provided herein. Seller shall also be responsible for, and
shall pay when due and payable, all legal fees and other costs and expenses incurred in connection with the preparation, execution, delivery and recording of the Loan Assignment Document, or otherwise in connection with the Assignment, of any Loan
pursuant to a sale of such Purchased Asset pursuant to Section 2.1 or a repurchase or substitution of such Purchased Asset pursuant to this Agreement or any other Basic Document by the Seller except as otherwise expressly provided
herein. 
 (c) Seller shall pay, waive, or cause to be waived, the Assignment Fee payable with respect to any Assignment or other transfer
of such Purchased Asset, including, without limitation, in connection with the sale of such Purchased Asset pursuant to Section 2.1 or a repurchase or substitution of such Purchased Asset by the Seller except as otherwise expressly
provided herein. 
 Section 8.2 Receipt of Distributions by Party Not Entitled Thereto. 
 (a) If, at any time on or after (A) the Acquisition Date with respect to any Loan, Seller receives a Distribution or (B) the Repurchase Date,
if any, with respect to any Purchased Asset, Purchaser receives a Distribution, then, in either case, the party receiving such Distribution (such party, the “Distribution Payor”) shall (i) accept and hold the Distribution for
the account and sole benefit of the other party (such other party, the “Distribution Payee”), (ii) have no equitable or beneficial interest in the Distribution, and (iii) deliver the Distribution (free of any withholding,
setoff, recoupment, or deduction of any kind except as required by law) promptly (but in the case of a cash Distribution, in no event later than the 2nd Business Day after the date on which the Distribution Payor receives it) to the Distribution Payee in the same form received and, when necessary or appropriate, with the Distribution Payer’s
endorsement (without recourse, representation, or warranty), if applicable, except to the extent prohibited under any Applicable Law. 
  

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 (b) If a Distribution received by a Distribution Payor under the circumstances described in clause
(A) or (B) of Section 8.2(a) includes securities, the Distribution Payor shall, to the extent permissible by law, endorse (without recourse) or use reasonable efforts to assist the Distribution Payee to cause to be
registered in the Distribution Payee’s name, or such name as the Distribution Payee may direct (at the Distribution Payee’s sole expense, if Seller is the Distribution Payee, and otherwise at the Distribution Payer’s sole expense) in
writing and deliver such securities to the Distribution Payee or to such Person as the Distribution Payee may direct as soon as practicable. Pending such transfer, the Distribution Payor shall hold the same on behalf and for the sole benefit of the
Distribution Payee, and the Distribution Payor shall have no legal, equitable or beneficial interest in any such Distribution. Subject to Applicable Law, and the applicable Loan Documents, the Distribution Payee is entitled to receive any
Distribution to be remitted by the Distribution Payor under this Agreement without the withholding of any tax. If the Distribution Payor receives a Distribution that it is required to remit to the Distribution Payee, the Distribution Payor will
furnish to the Distribution Payee such forms, certifications, statements and other documents as the Distribution Payor may reasonably request in writing to evidence the Distribution Payee’s exemption from the withholding of any tax imposed by
the United States of America or any other jurisdiction, whether domestic or foreign, or to enable the Distribution Payor to comply with any Applicable Laws, and the Distribution Payor may refrain from remitting such Distribution until such forms,
certifications, statements, and other documents have been so furnished. 
 (c) If a Distribution received by the Distribution Payor and
transferred to the Distribution Payee pursuant to this Section 8.2 has been made to the Distribution Payor wrongfully or in error, and is required to be returned or disgorged by Seller, upon receipt of notice thereof from the
Distribution Payor or actual knowledge thereof by the Distribution Payee, the Distribution Payee shall promptly return such Distribution to Seller together with all related interest and charges payable by the Distribution Payor. 
 Section 8.3 Notices. 
 (a) All
communications, notices or other information sent under this Agreement shall be in writing, hand-delivered or sent by overnight courier or telecopier or electronic mail, addressed to the relevant Person at its address, facsimile number or electronic
mail address specified on Schedule 1 or at such other address or facsimile number as such Person may request in writing. All such communications and notices shall be effective upon receipt. 
 (b) If Seller receives any notices, correspondence or other documents in respect of any Purchased Asset, or the Related Loan or Loan Documents relating
to any Purchased Asset: 
 (i) prior to the date, if any, on which NewStar Financial is terminated as Servicer under this
Agreement that, to the best of Seller’s knowledge, were not sent to the Lenders generally (including to Servicer, on behalf of Purchaser), Seller shall promptly forward them to Servicer; or 
  

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 (ii) following the date, if any, on which NewStar Financial is terminated as Servicer
under this Agreement, that, to the Seller’s actual knowledge were not sent to the Lenders generally (including Purchaser), Seller shall promptly forward them to Purchaser or to its designee (which may include any successor Servicer); and

 (c) Nothing in this Section 8.3 will affect the obligation of Seller or Servicer, as the case may be, to observe any
Applicable Law or confidentiality obligation prohibiting disclosure of information or to observe any licensing or similar agreement to which it is subject. 
 Section 8.4 Exercise of Rights and Remedies. 
 (a) No amendment of any provision of this
Agreement shall be effective unless it is in writing and signed by the parties to this Agreement and no waiver of any provision of this Agreement, nor consent to any departure by any party from it, shall be effective unless it is in writing and
signed by the affected party, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 (b) No failure on the part of any party to this Agreement to exercise, and no delay in exercising, any right or remedy under this Agreement shall operate as a waiver hereof by such party, nor shall any single or
partial exercise of any right under this Agreement preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies of each party to this Agreement provided herein (i) are cumulative and are
in addition to, and are not exclusive of, any rights or remedies provided by law (except as otherwise expressly set forth in this Agreement) and (ii) are not conditional or contingent on any attempt by such party to exercise any of its rights
under any other related document against the other party or any other Person. 
 Section 8.5 Termination. This Agreement creates
and constitutes the continuing obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect until the Final Termination Date; provided, however, that the rights and remedies with respect to
any breach of any representation and warranty made or deemed made by the Seller pursuant to Article III (as such remedies are set forth in Article VI and elsewhere in this Agreement) and the indemnification and payment provisions of
Article VII, shall be continuing and shall survive any termination of this Agreement. 
 Section 8.6 Survival; Successors and
Assigns; Third-Party Beneficiary. 
 (a) All representations, warranties, covenants, indemnities and other provisions made by the parties
to this Agreement shall be considered to have been 
  

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 relied upon by each of the other parties to this Agreement, shall be true and correct as of the date hereof or such other
date provided in ARTICLE III or such other date specified therein, and shall survive (i) the execution, delivery, and performance of this Agreement and the other documents delivered pursuant to and in connection with this Agreement and
(ii) the expiration of the Revolving Period or an earlier termination of Purchaser’s obligation to acquire Loans pursuant to the provisions of this Agreement (with the exception of, in the case of this clause (ii), Purchaser’s
obligation to acquire Loans from Seller pursuant to ARTICLE II and otherwise as specifically provided in this Agreement). 
 (b) This
Agreement, including the representations, warranties and covenants contained in this Agreement, shall inure to the benefit of, be binding upon and be enforceable by and against the parties to this Agreement and their respective successors and
permitted assigns. This Agreement shall inure to the benefit of, and be enforceable by, the Note Purchaser in the same manner as if it were a party hereto. 
 (c) Except as otherwise expressly permitted in the Basic Documents, no party to this Agreement may novate or assign its rights, remedies, interests, powers and privileges, or novate or delegate any of its obligations,
under this Agreement, without the prior written consent of (x) the other parties to this Agreement (other than the Backup Servicer), which consent shall not be unreasonably withheld, conditioned or delayed and (y) the Note Purchaser (which
may be given or withheld in its sole discretion). 
 Section 8.7 Further Assurances. Each party to this Agreement agrees to
(i) execute and deliver, or to cause to be executed and delivered, all such other and further agreements, documents and instruments and (ii) take or cause to be taken all such actions as any other party may reasonably request to effectuate
the intent and purposes, and to carry out the terms of this Agreement, including, subject to the limitations contained herein, (A) the procurement of the Required Consents and (B) in the case of Seller, the authorization of such additional
financing statements and continuation statements and other documents that may reasonably be requested by Purchaser, Note Purchaser or Indenture Trustee or that may be required by law to preserve more fully the interest of Purchaser or Indenture
Trustee in the Purchased Assets, its rights under the related Loan Documents and Payment Obligations, or the security interest granted pursuant to Section 2.8. 
 Section 8.8 Parties’ Other Relationships. Each party to this Agreement and any of its Affiliates may engage in any kind of lawful business or relationship with any Borrower, any other Obligor or any
of their Affiliates without liability to the other party, or any obligation to disclose such business or relationship to the other party. 
 Section 8.9 Entire Agreement; Conflict. 
 (a) This Agreement and the other Basic Documents constitutes the entire
agreement of the parties hereto with respect to the respective subject matter 
  

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 hereof, and supersedes all previous and contemporaneous negotiations, promises, covenants, agreements, understandings,
and representations on such subjects, all of which have become merged and finally integrated into this Agreement and the other Basic Documents. 
 (b) If there is any inconsistency or conflict between this Agreement and any of the other documents delivered pursuant to or in connection with this Agreement, the provisions of this Agreement shall govern and control. 
 Section 8.10 Counterparts; Telecopies. This Agreement may be executed by telecopy, or in portable document format (PDF) sent by electronic
mail and in each case in multiple counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Transmission by telecopier of an executed counterpart of this Agreement shall be deemed to
constitute due and sufficient delivery of such counterpart. Each fully executed counterpart of this Agreement shall be deemed to be a duplicate original. 
 Section 8.11 Relationship Among Seller, Purchaser and Certain Other Entities. The relationship between Seller and Purchaser shall be that of seller and buyer. Neither is a trustee or agent for the other,
nor does either have fiduciary obligations to the other. This Agreement shall not be construed to create a partnership or joint venture between or among the parties to this Agreement or any of their respective Affiliates. Seller acknowledges that
none of the Purchaser or any of its Affiliates is acting in an advisory or fiduciary capacity to Seller, Servicer or their respective Affiliates in connection with this Agreement or otherwise in connection with the transaction. 
 Section 8.12 Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement is held invalid, illegal or
unenforceable, then such covenants, agreements, provisions or terms will be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and will in no way affect the validity, legality or enforceability of the
other provisions of this Agreement or the rights of the Note Purchaser. 
 Section 8.13 GOVERNING LAW; SUBMISSION TO
JURISDICTION. 
 (a) THIS AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (b) Each party to this Agreement submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and
of any New York State Court sitting in New York, New York for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated by this Agreement or by the other Basic Documents. Each party to this
Agreement irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a
court has been brought in an inconvenient forum. 
  

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 Section 8.14 Waiver of Trial by Jury. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY SUCH OTHER
BASIC DOCUMENT. 
 Section 8.15 Subrogation. To the extent that any Indemnified Party enforces any claim for indemnification or
other right, claim or remedy under this Agreement and receives or has the right to receive payment or another remedy from any other Person in respect of such right, claim or remedy, the parties to this Agreement agree that to the extent permitted by
law and the Loan Documents, without the need for further action on the part of any party, the indemnifying party shall be subrogated to the rights of such Indemnified Party against such other Person, with respect to such right, claim or remedy.

 Section 8.16 Updating List of Authorized Officers. The Persons initially constituting the Authorized Officers of Servicer and
Seller are as set forth in Exhibit D and Exhibit E, respectively. Servicer and Seller may from time to time designate the individuals who are authorized to act as “Authorized Officers” with respect to such Person pursuant to
an Officer’s Certificate distributed to Indenture Trustee, Issuer and Note Purchaser. 
 Section 8.17 Confidentiality.

 (a) Each of the Secured Parties, the Servicer, the Custodian, the Indenture Trustee, the Backup Servicer and the Seller shall maintain and
shall cause each of its employees and officers to maintain the confidentiality of this Agreement and all information with respect to the other parties, including all information regarding the business of the Seller and the Servicer hereto and their
respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except that each such party and its officers and employees may (i) disclose such information to
its external accountants, investigators, auditors, attorneys, investors, potential investors or other agents engaged by such party in connection with any due diligence or comparable activities with respect to the transactions and Assets contemplated
herein and the agents of such Persons (“Excepted Persons”); provided, however, that each Excepted Person shall, as a condition to any such disclosure, agree for the benefit of the Secured Parties, the Servicer,
the Custodian, the Indenture Trustee, the Backup Servicer and the Seller that such information shall be used solely in connection with such Excepted Person’s evaluation of, or relationship with, the Seller and its affiliates, (ii) disclose
the existence of this Agreement, but not the financial terms thereof, (iii) disclose such information as is required by Applicable Law and (iv) disclose this Agreement and such information in any suit, action, proceeding or 
  

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 investigation (whether in law or in equity or pursuant to arbitration) involving any of the Basic Documents or any
Interest Rate Hedge for the purpose of defending itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any of the Basic Documents or any Interest Rate Hedge. It is
understood that the financial terms that may not be disclosed except in compliance with this Section 8.17(a) include, without limitation, all fees and other pricing terms, and all Events of Default, Servicer Event of Defaults, and
priority of payment provisions. 
 (b) Anything herein to the contrary notwithstanding, the Seller and the Servicer each hereby consents to
the disclosure of any nonpublic information with respect to it (i) to the Custodian, the Indenture Trustee, the Backup Servicer or the Secured Parties by each other, (ii) by the Custodian, the Indenture Trustee, the Backup Servicer or the
Secured Parties to any prospective or actual assignee or participant of any of them provided such Person agrees to hold such information confidential, or (iii) by the Indenture Trustee and the Secured Parties to any commercial paper dealer or
provider of a surety, guaranty or credit or liquidity enhancement to any Purchaser, as applicable, and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided, each such Person is informed of the
confidential nature of such information. In addition, the Secured Parties and the Indenture Trustee, may disclose any such nonpublic information as required pursuant to any law, rule, regulation, direction, request or order of any judicial,
administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
 (c) Notwithstanding anything
herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known; (ii) disclosure of any and all information (a) if required to do so by any
applicable statute, law, rule or regulation, (b) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Secured Parties’, the Indenture Trustee’s or the Backup
Servicer’s business or that of their affiliates, (c) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Secured Parties, the
Custodian or the Indenture Trustee, the Backup Servicer or an officer, director, employer, shareholder or affiliate of any of the foregoing is a party, (d) in any preliminary or final offering circular, registration statement or contract or
other document approved in advance by the Seller or Servicer or (e) to any affiliate, independent or internal auditor, agent, employee or attorney of the Custodian or Indenture Trustee, the Backup Servicer having a need to know the same,
provided, that the Collateral Custodian or Indenture Trustee, the Backup Servicer advises such recipient of the confidential nature of the information being disclosed; or (iii) any other disclosure authorized by the Seller or Servicer.

 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement by their duly authorized
officers as of the date first set forth above. 
  

			
	 NEWSTAR FINANCIAL, INC.,
 as Seller
and Servicer

		
	By:	 	 /s/ John Kirby Bray

	Name:	 	John Kirby Bray
	Title:	 	Treasurer
	
	 NEWSTAR WAREHOUSE FUNDING
 2005
LLC, 
 as Purchaser

		
	By:	 	 NEWSTAR FINANCIAL, INC.,
 its designated
manager

		
	By:	 	 /s/ John Kirby Bray

	Name:	 	John Kirby Bray
	Title:	 	Treasurer
	
	 LYON FINANCIAL SERVICES, INC.,
 as
Backup Servicer

		
	By:	 	 /s/ Joseph Andries

	Name:	 	Joseph Andries
	Title:	 	Senior Vice President

 [Signature Page to Sale and Servicing Agreement]Note Purchase Agreement, dated 12/30/2005

 Exhibit 10.13.2 
 EXECUTION COPY 
  

 NOTE PURCHASE AGREEMENT 
 by and among 
 NEWSTAR WAREHOUSE FUNDING 2005 LLC, 
 as Issuer

 NEWSTAR FINANCIAL, INC., 
 as
Seller and Servicer 
 and 
 CITIGROUP GLOBAL MARKETS REALTY CORP., 
 as Note Purchaser 
 Dated as of December 30, 2005 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page
		  	 ARTICLE I
 DEFINITIONS
	  	
	 Section 1.01
	  	Certain Defined Terms	  	1
		
	 ARTICLE II
 CLOSING; PURCHASES OF INCREMENTAL NOTE BALANCES;
 INTEREST RATE HEDGES
	  	
			
	 Section 2.01
	  	Closing; Initial Funding Date	  	1
	 Section 2.02
	  	Requests for Purchases of Incremental Note Balances	  	1
	 Section 2.03
	  	Annual Credit Review	  	4
	 Section 2.04
	  	Interest Rate Hedges	  	4
	 Section 2.05
	  	Unused Fee	  	4
		
	 ARTICLE III
 FUNDING DATES
	  	
			
	 Section 3.01
	  	Funding Dates	  	5
		
	 ARTICLE IV
 CONDITIONS PRECEDENT
	  	
			
	 Section 4.01
	  	Closing Subject to Conditions Precedent	  	6
		
	 ARTICLE V
 REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER,
 SELLER and SERVICER
	  	
			
	 Section 5.01
	  	Representations and Warranties of Issuer	  	8
	 Section 5.02
	  	Representations and Warranties of Seller	  	10
	 Section 5.03
	  	Representations and Warranties of Servicer	  	12
	 Section 5.04
	  	Securities Act	  	14
	 Section 5.05
	  	No Fee	  	15
	 Section 5.06
	  	Information	  	15
	 Section 5.07
	  	The Initial Note	  	15
	 Section 5.08
	  	Use of Proceeds	  	15
	 Section 5.09
	  	Representations and Warranties	  	15
	 Section 5.10
	  	Taxes, etc	  	15
	 Section 5.11
	  	Financial Condition	  	15
		
	 ARTICLE VI
 REPRESENTATIONS AND WARRANTIES
 WITH RESPECT TO NOTE PURCHASER
	  	
			
	 Section 6.01
	  	Representations and Warranties	  	16

  

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	 ARTICLE VII
 COVENANTS OF ISSUER AND SERVICER
	  	
			
	 Section 7.01
	  	Information from Issuer	  	17
	 Section 7.02
	  	Access to Information	  	18
	 Section 7.03
	  	Ownership and Security Interests; Further Assurances	  	18
	 Section 7.04
	  	Covenants	  	18
	 Section 7.05
	  	Amendments	  	18
	 Section 7.06
	  	With Respect to the Exempt Status of the Initial Note	  	18
	 Section 7.07
	  	Enforcement Costs	  	19
	 Section 7.08
	  	Demand Note	  	19
	 Section 7.09
	  	Fixed Rate Adjustment Amount	  	19
	 Section 7.10
	  	Moody’s Structured Note Model Procedures; Determination of Borrowing Base	  	20
		
	 ARTICLE VIII
 ADDITIONAL COVENANTS
	  	
			
	 Section 8.01
	  	Legal Conditions to Closing	  	21
	 Section 8.02
	  	Mutual Obligations	  	21
	 Section 8.03
	  	Restrictions on Transfer	  	21
		
	 ARTICLE IX
 INDEMNIFICATION
	  	
			
	 Section 9.01
	  	Seller’s Indemnification Obligations	  	21
	 Section 9.02
	  	Servicer’s Indemnification Obligations	  	22
	 Section 9.03
	  	Indemnification Procedures	  	22
	 Section 9.04
	  	Indemnification Not General Credit Recourse	  	24
		
	 ARTICLE X
 MISCELLANEOUS
	  	
			
	 Section 10.01
	  	Amendments	  	24
	 Section 10.02
	  	Notices	  	24
	 Section 10.03
	  	No Waiver; Remedies	  	24
	 Section 10.04
	  	Binding Effect; Assignability	  	24
	 Section 10.05
	  	Provision of Documents and Information	  	25
	 Section 10.06
	  	GOVERNING LAW; JURISDICTION	  	25
	 Section 10.07
	  	No Proceedings	  	26
	 Section 10.08
	  	Execution in Counterparts	  	26
	 Section 10.09
	  	No Recourse - Note Purchaser, Seller, Servicer and Issuer	  	26
	 Section 10.10
	  	Survival	  	28
	 Section 10.11
	  	Tax Characterization	  	28
	 Section 10.12
	  	Conflicts	  	28
	 Section 10.13
	  	Expenses	  	28
	 Section 10.14
	  	Updating List of Authorized Officers	  	29

  

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	Schedule I	  	Information for Notices
	Exhibit A	  	Form of Initial Note
	Exhibit B	  	Notice of Incremental Note Balance
	Exhibit C	  	Form of Borrowing Base Certificate
	Exhibit D	  	Form of Demand Note
	Exhibit E	  	Moody’s Structured Note Model Asset Inputs
	Exhibit F	  	Moody’s Recovery Rate
	Exhibit G	  	Authorized Officers of the Issuer
		
	Appendix A	  	Definitions and Usage

  

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 NOTE PURCHASE AGREEMENT 
 NOTE PURCHASE AGREEMENT, dated as of December 30, 2005 (as amended, supplemented and otherwise modified from time to time, this “Agreement”), by and among NEWSTAR WAREHOUSE FUNDING 2005 LLC, a
Delaware limited liability company, as issuer (“Issuer”), NEWSTAR FINANCIAL, INC., a Delaware corporation, as seller (in such capacity, “Seller”) and as servicer (in such capacity, “Servicer”), and
CITIGROUP GLOBAL MARKETS REALTY CORP., a Delaware corporation, as Note Purchaser (“Citigroup,” and in its capacity as Note Purchaser hereunder, “Note Purchaser”). 
 The parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01 Certain Defined Terms. Capitalized terms used herein without definition shall have the meanings set forth in Appendix A to this Agreement. Such Appendix A also contains rules as to
usage applicable to this Agreement. 
 ARTICLE II 
 CLOSING; PURCHASES OF INCREMENTAL NOTE BALANCES; 
 INTEREST RATE HEDGES 
 SECTION 2.01 Closing; Initial Funding Date. The closing (the “Closing”) of the execution of the Basic Documents shall take place
at 10:00 a.m. at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, 4 Times Square, New York, New York 10036 on December 30, 2005, or if the conditions to closing set forth in Section 4.01 of this Agreement shall not
have been satisfied or waived by such date, as soon as practicable after such conditions shall have been satisfied or waived, or at such other time, date and place as the parties shall agree upon (the date of the Closing being referred to herein as
the “Closing Date”). On the Closing Date, Issuer shall deliver to Note Purchaser, and Note Purchaser shall acquire from Issuer, the Initial Note, substantially in the form set forth as Exhibit A, having (i) an aggregate
initial Note Balance equal to the Incremental Note Balance to be acquired on the Closing Date (or, if no Incremental Note Balance is to be acquired on the Closing Date, zero) and (ii) a maximum Note Balance of $300,000,000, for a purchase price
equal to the Note Purchase Price to be paid therefor on such Funding Date pursuant to Section 2.02(b). 
 SECTION 2.02 Requests for
Purchases of Incremental Note Balances. 
 (a) At any time during the Revolving Period, no later than 12:00 p.m. New York time at least
one (1) Business Day prior to a proposed Funding Date, to the extent that the aggregate outstanding Note Balance of the Notes (after giving effect to the proposed purchase) is less than the Note Purchase Obligation Limit, and subject to the
terms and conditions hereof and in accordance with the other Basic Documents applicable thereto, Issuer may request that Note Purchaser purchase Incremental Note Balances in a minimum daily amount of $1,000,000 (each such request, a “Notice
of Incremental Note Balance”) by delivery of (i) a request to Note 
  

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 Purchaser in the form attached as Exhibit B, (ii) a Borrowing Base Certificate in the form attached as
Exhibit C (which may be delivered as a part of the Notice of Incremental Note Balance) and (iii) such additional information as may be reasonably requested by Note Purchaser. Subject to Section 2.02(c) in the case of a
Pre-Funded Purchased Asset, no later than 12:00 p.m., New York Time, on each Funding Date or other Purchase Date, the Issuer shall deliver, or cause to be delivered, to the Note Purchaser and the Custodian, with respect to any Purchased Assets to be
included in the Borrowing Base for purposes of such Funding Date or other Purchase Date, (A) the First Deliverable Documents and (B) documentation reasonably satisfactory to the Note Purchaser evidencing that, to the extent not reflected
in the related Loan Assignment Document, the Required Consents, if any, have been obtained. 
 (b) No later than 4:00 p.m., New York Time, on
the proposed Funding Date identified in the Notice of Incremental Note Balance, subject to compliance with this Section 2.02 and, subject to and in reliance upon the other terms, conditions, covenants, representations and warranties set
forth in this Agreement and in the other Basic Documents, Note Purchaser shall purchase the Incremental Note Balance requested in the Notice of Incremental Note Balance (or, in the case of the first Funding Date, the Initial Note) by payment to or
at the direction of the Issuer (or, in the case of a Pre-Funded Purchased Asset, to the Holding Account in accordance with Section 2.02(c)) of a purchase price (each, a “Note Purchase Price”) equal to the amount of such
Incremental Note Balance (the date on which any such purchase occurs, a “Funding Date”) as provided in Section 3.0l(c). 
 (c) Notwithstanding the last sentence of Section 2.02(a), in the case of a Purchased Asset to be included in the Borrowing Base for purposes of any Funding Date that is originated on or around such Funding Date, such that it is
commercially impracticable to deliver the First Deliverable Documents on such Funding Date (any such Asset, a “Pre-Funded Purchased Asset”), the First Deliverable Documents instead may be delivered in accordance with the procedures
set forth in this Section 2.02(c). In the case of a Pre-Funded Purchased Asset, subject to all of the conditions to purchase of Incremental Note Balance set forth in this Agreement and the other Basic Documents, save for the delivery of the
First Deliverable Documents on the Funding Date, Note Purchaser shall deposit the amount of the related Note Purchase Price into the Holding Account. Upon receipt by the Indenture Trustee of notice from the Custodian that the Custodian has received
from the Seller the First Deliverable Documents with respect to the applicable Purchased Asset, and so long as the Indenture Trustee has not received notice that an Event of Default or Potential Event of Default has occurred and is continuing or the
conditions to funding hereunder otherwise have not been satisfied, the Indenture Trustee shall make available to the Issuer in same day funds, at such bank or other location reasonably designated by the Issuer in the Notice of Incremental Note
Balance delivered pursuant to Section 2.02(a), the funds held in the Holding Account in respect of such Purchased Asset; provided, however, that in the event that such First Deliverable Documents are delivered to the
Custodian after 4:30 p.m., or such later time as the Indenture Trustee may agree, on any day, the Indenture Trustee shall make such funds available to the Issuer on the next succeeding Business Day; provided, further, that in the event
that the applicable First Deliverable Documents with respect to any such Purchased Asset are not delivered to the Custodian (with a copy to the Note Purchaser) within two Business Days of the Funding Date, the Indenture Trustee shall cause the funds
on deposit in the Holding Account in respect of such Purchased Asset accrued thereon to be paid to the Noteholders, pro rata, as a prepayment of principal of the 
  

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 Notes, in reduction of the Note Balance, unless both the Note Purchaser and the Issuer direct the Indenture Trustee to
retain such funds in the Holding Account for a longer period of time and specify the end date of such period. Any investment earnings on amounts on deposit in the Holding Account shall be deposited into the Interest Collection Subaccount to be
applied as a part of Collections on the related Payment Date in accordance with the Indenture. The Seller shall provide copies of the First Deliverable Documents with respect to any Pre-Funded Purchased Asset to the Note Purchaser, simultaneously
with the delivery of such documents to the Indenture Trustee. 
  

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 SECTION 2.03 Annual Credit Review. No later than 30 days prior to each Scheduled Termination Date,
Note Purchaser shall present the transactions contemplated by the Basic Documents (including risks to the Note Purchaser relating to (i) the Notes held by Note Purchaser and (ii) Note Purchaser’s obligations to purchase Incremental
Note Balances under this Agreement) to its credit committee (such process, the “Annual Credit Review”). If Note Purchaser’s credit committee approves the continuation of the Revolving Period (which approval may be withheld or
granted in the sole discretion of such committee) prior to the end of the then current Revolving Period, then the Annual Credit Review will have been completed in a satisfactory manner and the Revolving Period will be renewed for an additional term
of 364 days pursuant to Section 2.7(b) of the Sale and Servicing Agreement; otherwise, the Revolving Period shall terminate pursuant to the proviso to Section 2.7(b) of the Sale and Servicing Agreement. No later than 20 days
prior to each Scheduled Termination Date, the Note Purchaser will inform the Seller, Servicer and Issuer of the status of the Annual Credit Review. Not later than the earlier to occur of (i) two Business Days following the completion of each
Annual Credit Review and (ii) the last Business Day of the Revolving Period, Note Purchaser will notify Seller, Servicer and Issuer as to whether or not the Revolving Period has been terminated. If the Note Purchaser does not provide such
notice within the time period described in the preceding sentence, then the Revolving Period shall terminate on the last day of the current Revolving Period. 
 SECTION 2.04 Interest Rate Hedges. Issuer may enter into Interest Rate Hedges from time to time with respect to any Eligible Asset that bears interest at a fixed rate; provided, however, that
Issuer shall enter into, and Servicer shall cause Issuer to enter into, an Interest Rate Hedge only if (i) Issuer has delivered, or caused to be delivered, a complete set of the final documents with respect to such Interest Rate Hedge
(including the identity of the related Hedge Counterparty) and (ii) Note Purchaser has delivered to Issuer its prior written consent to the Issuer’s entering into such Interest Rate Hedge (which consent may be delivered or withheld in the
reasonable discretion of Note Purchaser). Issuer shall not amend, waive, terminate, increase or decrease the notional balance of, or otherwise modify the terms of, any Interest Rate Hedge, unless the Note Purchaser has delivered its prior written
consent thereto (which consent may be delivered or withheld in the reasonable discretion of Note Purchaser). Note Purchaser shall not be responsible for, and shall have no liability to Issuer, Indenture Trustee, Seller or Servicer for, any approval
of the terms of, or failure to approve any Interest Rate Hedge, the Issuer’s entry into, or failure to enter into any Interest Rate Hedge, or the structure or terms of any Interest Rate Hedge. 
 SECTION 2.05 Unused Fee. Note Purchaser shall be entitled to receive from Issuer, and Issuer shall pay to Note Purchaser, the Unused Fee Amount on
each Payment Date. 
 SECTION 2.06 Up-Front Fee. On the earlier of (i) January 31, 2006 and (ii) the first Funding
Date, Issuer shall pay (and, if the Issuer does not pay, the Seller shall pay) to the Note Purchaser, by wire transfer to an account designated by the Note Purchaser in immediately available funds, the sum of $1,500,000 as an up-front fee (such fee,
the “Up-Front Fee”). 
  

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 ARTICLE III 
 FUNDING DATES 
 SECTION 3.01 Funding Dates. (a) Note Purchaser’s purchase of
Incremental Note Balances shall be subject to the satisfaction, as of the applicable Funding Date or proposed Funding Date, of each of the following additional conditions: 
 (i) Each document required to be provided pursuant to Section 2.02 shall have been provided to Note Purchaser; 
 (ii) Each condition set forth in Article II and Article V of the Sale and Servicing Agreement shall have been satisfied;

 (iii) Each of the representations and warranties of Issuer, Servicer and Seller made in the Basic Documents shall be true
and correct as of such date (except to the extent they expressly relate to an earlier or later time); 
 (iv) Issuer, Servicer
and Seller shall be in compliance with all of their respective covenants contained in the Basic Documents; 
 (v) No Event of
Default or Potential Event of Default shall have occurred and be continuing or would occur as a result of the purchase of Incremental Note Balances proposed to occur on the Funding Date; 
 (vi) After giving effect to the purchase of Incremental Note Balances that is proposed to occur on the Funding Date, the Note Balance
would not exceed the Borrowing Base or the Note Purchase Obligation Limit; 
 (vii) Note Purchaser shall have received
evidence reasonably satisfactory to it of the completion of all recordings, registrations, and filings as may be necessary or, in the reasonable opinion of Note Purchaser, desirable to perfect or evidence ownership interest of Issuer and the
security interest of Indenture Trustee in the Purchased Assets; and 
 (viii) in the case of the first Funding Date,
(i) Seller shall have made a capital contribution in the amount of the Up-Front Fee to Issuer and (ii) Issuer shall have paid the Up-Front Fee to the Note Purchaser, in each case on or prior to such first Funding Date (or, if earlier, the
date on which such amount was due pursuant to Section 2.06. 
 (b) Note Purchaser shall determine in its reasonable discretion whether
each of the above conditions have been met and its determination shall be binding on the parties hereto. 
 (c) Except as otherwise specified
in Section 2.02(c), the price paid by Note Purchaser on each Funding Date for the Incremental Note Balance purchased on such Funding Date shall be equal to the amount of such Incremental Note Balance, and shall be remitted not later than
4:00 p.m. New York City time on the Funding Date by wire transfer of immediately available funds to or at the direction of Issuer or the Servicer on behalf of Issuer (in accordance with the wiring instructions to be provided by Issuer or the
Servicer on behalf of the Issuer). 
  

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 (d) Note Purchaser shall record on the schedule attached to the Initial Note, the date and amount of any
Incremental Note Balance purchased by it; provided, that failure to make such recordation on such schedule or any error in such schedule shall not adversely affect Note Purchaser’s rights with respect to its Note Balance and its right to
receive interest payments in respect of the Note Balance actually held. Absent manifest error, the Note Balance of the Initial Note as set forth in Note Purchaser’s records shall be binding upon the parties hereto, notwithstanding any notation
or record made or kept by any other party hereto. 
 ARTICLE IV 
 CONDITIONS PRECEDENT 
 SECTION 4.01 Closing Subject to Conditions
Precedent. The Closing of the Basic Documents is subject to the satisfaction at the time of the Closing of the following conditions (any or all of which may be waived by Note Purchaser in its sole discretion): 
 (a) Performance by Issuer, Servicer and Seller. All the terms, covenants, agreements and conditions of the Basic Documents to be complied with and
performed by Issuer, Servicer and Seller on or before the Closing Date shall have been complied with and performed in all material respects. 
 (b) Representations and Warranties. Each of the representations and warranties of Issuer, the Servicer and Seller made in the Basic Documents shall be true and correct in all material respects as of the Closing Date (except to the
extent they expressly relate to an earlier or later time). 
 (c) Officer’s Certificate. Note Purchaser shall have received in
form and substance reasonably satisfactory to Note Purchaser an Officer’s Certificate from Seller and Servicer and a certificate of an Authorized Officer of Issuer, dated the Closing Date, certifying to the satisfaction of the conditions set
forth in the preceding paragraphs (a) and (b). 
 (d) Capital Contribution (Demand Note). Issuer shall have delivered to
Note Purchaser a Demand Note, executed by the Seller, in the form attached as Exhibit D. 
 (e) Capital Contribution
(Expenses). Seller shall have made a capital contribution to the Issuer in the amount of the expenses payable by the Issuer pursuant to SECTION 10.13(a)(i). 
 (f) Opinions of Counsel to Issuer, Seller and Servicer. Counsel to Issuer, Seller and Servicer shall have delivered to Note Purchaser opinions, dated as of the Closing Date and reasonably satisfactory in form
and substance to Note Purchaser and its counsel. 
 (g) Opinion of Counsel to Indenture Trustee. Counsel to Indenture Trustee shall
have delivered to Note Purchaser a favorable opinion, dated as of the Closing Date and reasonably satisfactory in form and substance to Note Purchaser and its counsel. 
  

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 (h) Filings and Recordations. Within ten (10) days of the Closing Date and on or prior to
each Funding Date, Note Purchaser shall have received evidence reasonably satisfactory to it of (i) the completion of all recordings, registrations and filings as may be necessary or, in the reasonable opinion of Note Purchaser, desirable to
perfect or evidence the assignment by Seller to Issuer of Seller’s ownership interest in the Collateral including, without limitation, the Purchased Assets (including the Lender Collateral relating to any Purchased Assets) and the proceeds
thereof and (ii) the completion of all recordings, registrations, and filings as may be necessary or, in the reasonable opinion of Note Purchaser, desirable to perfect or evidence the grant of a first priority perfected security interest in
Issuer’s ownership interest in the Collateral including, without limitation, any Purchased Assets to be acquired from time to time pursuant to the Sale and Servicing Agreement, in favor of Indenture Trustee, subject to no Liens prior to the
Lien of the Indenture. 
 (i) Documents. Note Purchaser shall have received a duly executed counterpart of each of the Basic
Documents, in form mutually acceptable to Note Purchaser, Seller, Issuer and Servicer, the Initial Note and each and every document or certification delivered by any party in connection with any of the Basic Documents or the Initial Note, and each
such document shall be in full force and effect. 
 (j) Actions or Proceedings. No action, suit, proceeding or investigation by or
before any Governmental Authority shall have been instituted to restrain or prohibit the consummation of, or to invalidate, any of the transactions contemplated by the Basic Documents, the Initial Note and the documents related thereto in any
material respect. 
 (k) Approvals and Consents. All Governmental Actions of all Governmental Authorities required with respect to the
transactions contemplated by the Basic Documents, the Initial Note and the documents related thereto shall have been obtained or made. 
 (1)
Accounts. Note Purchaser shall have received evidence reasonably satisfactory to it that the Collection Account has been established in accordance with the terms of the Sale and Servicing Agreement. 
 (m) Other Documents. Issuer, Seller and Servicer shall have furnished to Note Purchaser such other opinions, information, certificates and
documents as Note Purchaser may reasonably request. 
 (n) Proceedings in Contemplation of Sale of Initial Note. All actions and
proceedings undertaken by Issuer, Seller and Servicer in connection with the issuance and sale of the Initial Note as herein contemplated shall be reasonably satisfactory in all respects to Note Purchaser and its counsel. 
 If any condition specified in this Section 4.01 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be
terminated by Note Purchaser by notice to Seller at any time at or prior to the Closing Date, and Note Purchaser shall incur no liability as a result of such termination. 
  

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 ARTICLE V 
 REPRESENTATIONS, WARRANTIES AND COVENANTS OF 
 ISSUER, SELLER AND SERVICER 
 SECTION 5.01 Representations and Warranties of Issuer. Issuer hereby makes the following representations and warranties to Note Purchaser, as of
the Closing Date, and as of each Funding Date, and Note Purchaser shall be deemed to have relied on such representations and warranties in acquiring the Initial Note on the Closing Date and in making purchases of Incremental Note Balances on each
Funding Date: 
 (a) Issuer has been duly organized and is validly existing and in good standing as a limited liability company under the laws
of the State of Delaware, with requisite power and authority to own its properties and to transact the business in which it is now engaged, and is duly qualified to do business and is in good standing (or is exempt from such requirements) in each
State of the United States where the nature of its business requires it to be so qualified and the failure to be so qualified and in good standing would reasonably be expected to have a material adverse effect on Issuer or any adverse effect on the
interests of Note Purchaser. 
 (b) The issuance, sale, assignment and conveyance of the Initial Note and the Incremental Note Balances, the
performance of Issuer’s obligations under each Basic Document to which it is a party and the consummation of the transactions therein contemplated will not conflict with or result in a breach of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any Lien (other than any Lien created by the Basic Documents), charge or encumbrance upon any of the property or assets of Issuer pursuant to the terms of, any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which it is bound or to which any of its property or assets is subject, nor will such action result in any violation of the provisions of its organizational documents or any Governmental Rule
applicable to Issuer, in each case which could reasonably be expected to have a material adverse effect on the transactions contemplated therein. 
 (c) No Governmental Action which has not been obtained is required by or with respect to Issuer in connection with the execution and delivery to Note Purchaser of the Initial Note. No Governmental Action which has not been obtained is
required by or with respect to Issuer in connection with the execution and delivery of any of the Basic Documents to which Issuer is a party or the consummation by Issuer of the transactions contemplated thereby except for any requirements under
state securities or “blue sky” laws in connection with any transfer of the Initial Note. 
 (d) Issuer possesses all material
licenses, certificates, authorities or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct the business now operated by it, and has not received any notice of proceedings relating to the
revocation or modification of any such license, certificate, authority or permit which, singly or in the aggregate, would reasonably be expected to materially and adversely affect its condition, financial or otherwise, or its earnings, business
affairs or business prospects. 
 (e) Each of the Basic Documents to which Issuer is a party has been duly authorized, executed and delivered
by Issuer and is a valid and legally binding obligation of Issuer, enforceable against Issuer in accordance with its terms, subject to enforcement of bankruptcy, insolvency, reorganization, moratorium and other similar laws of general applicability
relating to or affecting creditors’ rights and to general principles of equity. 
  

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 (f) The execution, delivery and performance by Issuer of each of its obligations under each of the Basic
Documents to which it is a party will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, any agreement or instrument to which Issuer is a party or by which Issuer is bound or to which any of its
properties are subject or of any statute, order or regulation applicable to Issuer of any court, regulatory body, administrative agency or governmental body having jurisdiction over Issuer or any of its properties, in each case which could
reasonably be expected to have a material adverse effect on any of the transactions contemplated therein. 
 (g) Issuer is not in violation
of its organizational documents or in default under any agreement, indenture or instrument the effect of which violation or default would be material to Issuer or the transactions contemplated by the Basic Documents. Issuer is not a party to, bound
by or in breach or violation of any indenture or other agreement or instrument, or subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over
Issuer that would reasonably be expected to materially and adversely affect (i) the ability of Issuer to perform its obligations under any of the Basic Documents to which it is a party or (ii) the business, operations, financial condition,
properties, assets or prospects of Issuer. 
 (h) There are no actions or proceedings against, or investigations of, Issuer pending, or, to
the knowledge of Issuer threatened, before any Governmental Authority, court, arbitrator, administrative agency or other tribunal (i) asserting the invalidity of any of the Basic Documents, or (ii) seeking to prevent the issuance of the
Initial Note or the consummation of any of the transactions contemplated by the Basic Documents or the Initial Note, or (iii) that could reasonably be expected to materially and adversely affect the business, operations, financial condition,
properties, assets or prospects of Issuer or the validity or enforceability of, or the performance by Issuer of its respective obligations under, any of the Basic Documents to which it is a party or (iv) seeking to affect adversely the income
tax attributes of the Initial Note. 
 (i) Issuer is not, and neither the issuance and sale of the Initial Note or the sale of Incremental
Note Balances to Note Purchaser nor the activities of Issuer pursuant to the Basic Documents, shall render Issuer an, “investment company” or under the “control” of an “investment company” as such terms are defined in
the Investment Company Act or the Issuer is exempt from the provisions of the Investment Company Act. Furthermore, but without limiting the above, Issuer has not and will not acquire or dispose of the Loans for the primary purpose of recognizing
market gains or decreasing market losses. 
 (j) It is not necessary to qualify the Indenture under the Trust Indenture Act of 1939, as
amended. 
 (k) Issuer is solvent and has adequate capital for its business and undertakings. 
 (l) The chief executive offices of Issuer are located at 500 Boylston Street, Suite 1600, Boston, MA, 02116, or such other address as shall be designated
by Issuer in a written notice to the other parties hereto. 
  

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 (m) There are no contracts, agreements or understandings between Issuer and any Person granting such
Person the right to require the filing at any time of a registration statement under the Securities Act with respect to the Initial Note or any Incremental Note Balances. 
 (n) No Potential Event of Default or Event of Default has occurred and is continuing. 
 (o) As of the
initial Funding Date, the Initial Note has been duly and validly authorized, and, when executed and authenticated in accordance with the terms of the Indenture and delivered to and paid for by the Note Purchaser in accordance with this Agreement,
will be duly and validly issued and outstanding, and will be entitled to the benefits of the Indenture. 
 (p) Subject to the last sentence
in Section 7.01, all information furnished by the Issuer to the Note Purchaser is true and correct in all material respects as of the date specified in such information (or, if no date is specified therein, the date on which such
information was provided to the Note Purchaser). Subject to the last sentence in Section 7.01, all information hereafter furnished by the Issuer to the Note Purchaser will be true and correct in all material respects. 
 SECTION 5.02 Representations and Warranties of Seller. Seller hereby makes the following representations and warranties to Note Purchaser, as of
the Closing Date, and as of each Funding Date, and Note Purchaser shall be deemed to have relied on such representations and warranties in acquiring the Initial Note on the Closing Date and in making purchases of Incremental Note Balances on each
Funding Date: 
 (a) Seller has been duly organized and is validly existing and in good standing as a corporation under the laws of the State
of Delaware, with full power and authority to own their respective properties and to transact the business in which it is now engaged, and each is duly qualified to do business and is in good standing (or is exempt from such requirements) in each
State of the United States where the nature of its business requires it to be so qualified and the failure to be so qualified and in good standing would reasonably be expected to have a material adverse effect on Issuer or any adverse effect on the
interests of Note Purchaser. 
 (b) The issuance, sale, assignment and conveyance of the Initial Note and the Incremental Note Balances, the
performance of the Seller’s obligations under each Basic Document to which it is a party and the consummation of the transactions therein contemplated will not conflict with or result in a breach of any of the terms or provisions of, or
constitute a default under, or result in the creation or imposition of any Lien, charge or encumbrance upon any of the property or assets of Seller pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which Seller is bound or to which any of the property or assets of Seller is subject, nor will such action result in any violation of the provisions of the organizational documents or any Governmental Rule applicable to Seller, in
each case which could reasonably be expected to have a material adverse effect on the transactions contemplated therein. 
 (c) No
Governmental Action which has not been obtained is required by or with respect to Seller in connection with the execution and delivery of any of the Basic Documents to which Seller is a party or the consummation by Seller of the transactions
contemplated thereby. 
  

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 (d) Seller possesses all material licenses, certificates, authorities or permits issued by the
appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct the business now operated by it, and has not received any notice of proceedings relating to the revocation or modification of any such license, certificate,
authority or permit which, singly or in the aggregate, would reasonably be expected to materially and adversely affect its condition, financial or otherwise, or its earnings, business affairs or business prospects. 
 (e) Each of the Basic Documents to which Seller is a party has been duly authorized, executed and delivered by Seller and is a valid and legally binding
obligation of Seller enforceable against Seller in accordance with its terms, subject to enforcement of bankruptcy, insolvency, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditors’
rights and to general principles of equity. 
 (f) The execution, delivery and performance by Seller of each of its obligations under each of
the Basic Documents to which it is a party will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, any agreement or instrument to which Seller is a party or by which Seller is bound or to which
any of its properties are subject or of any statute, order or regulation applicable to Seller of any court, regulatory body, administrative agency or governmental body having jurisdiction over Seller or any of its properties, in each case which
could reasonably be expected to have a material adverse effect on any of the transactions contemplated therein. 
 (g) Seller is not in
violation of its organizational documents or in default under any agreement, indenture or instrument the effect of which violation or default would be material to Seller or the transactions contemplated by the Basic Documents. Seller is not a party
to, bound by or in breach or violation of any indenture or other agreement or instrument, or subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction
over Seller that would reasonably be expected to materially and adversely affect (i) the ability of Seller to perform its obligations under any of the Basic Documents to which it is a party or (ii) the business, operations, financial
condition, properties, assets or prospects of Seller. 
 (h) There are no actions or proceedings against, or investigations of, Seller
pending, or, to the knowledge of Seller, threatened, before any Governmental Authority, court, arbitrator, administrative agency or other tribunal (i) asserting the invalidity of any of the Basic Documents, or (ii) seeking to prevent the
issuance of the Initial Note or the consummation of any of the transactions contemplated by the Basic Documents or the Initial Note, or (iii) that could reasonably be expected to materially and adversely affect the business, operations,
financial condition, properties, assets or prospects of Seller or the validity or enforceability of, or the performance by Seller of its obligations under, any of the Basic Documents to which it is a party or (iv) seeking to affect adversely
the income tax attributes of the Initial Note. 
 (i) Seller is not, and the activities of Seller pursuant to the Basic Documents shall not
render Seller an, “investment company” or under the “control” of an “investment company” as such terms are defined in the Investment Company Act or Seller is exempt from the provisions of the Investment Company Act.

 (j) Seller is solvent and has adequate capital for its business and undertakings. 
  

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 (k) The chief executive offices of Seller are located at 500 Boylston Street, Suite 1600, Boston, MA,
02116, or such other address as shall be designated by Seller in a written notice to the other parties hereto. 
 (1) No Potential Event of
Default, Event of Default, Servicer Event of Default or event that with the passage of time or the giving of notice or both would constitute a Servicer Event of Default has occurred and is continuing. 
 (m) Subject to the last sentence in Section 7.01, all information furnished by the Seller to the Note Purchaser is true and correct in all
material respects as of the date specified in such information (or, if no date is specified therein, the date on which such information was provided to the Note Purchaser). Subject to the last sentence in Section 7.01, all information
hereafter furnished by the Seller to the Note Purchaser will be true and correct in all material respects. 
 SECTION 5.03 Representations
and Warranties of Servicer. Servicer hereby makes the following representations and warranties to Note Purchaser, as of the Closing Date, and as of each Funding Date, and Note Purchaser shall be deemed to have relied on such representations and
warranties in acquiring the Initial Note on the Closing Date and in making purchases of Incremental Note Balances on each Funding Date: 
 (a)
Servicer has been duly organized and is validly existing and in good standing as a corporation under the laws of the State of Delaware, with full power and authority to own its properties and to transact the business in which it is now engaged, and
is duly qualified to do business and is in good standing (or is exempt from such requirements) in each State of the United States where the nature of its business requires it to be so qualified and the failure to be so qualified and in good standing
would reasonably be expected to have a material adverse effect on Issuer or any adverse effect on the interests of Note Purchaser. 
 (b) The
issuance, sale, assignment and conveyance of the Initial Note and the Incremental Note Balances, the performance of the obligations of Servicer under each Basic Document to which it is a party and the consummation of the transactions therein
contemplated will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any Lien, charge or encumbrance upon any of the property or assets of Servicer
pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Servicer is bound or to which any of the property or assets of Servicer is subject, nor will such action result in any
violation of the provisions of the organizational documents or any Governmental Rule applicable to Servicer, in each case which could reasonably be expected to have a material adverse effect on the transactions contemplated therein. 
 (c) No Governmental Action which has not been obtained is required by or with respect to Servicer in connection with the execution and delivery of any of
the Basic Documents to which Servicer is a party or the consummation by Servicer of the transactions contemplated thereby. 
 (d) Servicer
possesses all material licenses, certificates, authorities or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to 
  

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 conduct the business now operated by it, and has not received any notice of proceedings relating to the revocation or
modification of any such license, certificate, authority or permit which, singly or in the aggregate, would reasonably be expected to materially and adversely affect its condition, financial or otherwise, or its earnings, business affairs or
business prospects. 
 (e) Each of the Basic Documents to which Servicer is a party has been duly authorized, executed and delivered by
Servicer, and is a valid and legally binding obligation of Servicer, enforceable against Servicer in accordance with its terms, subject to enforcement of bankruptcy, insolvency, reorganization, moratorium and other similar laws of general
applicability relating to or affecting creditors’ rights and to general principles of equity. 
 (f) The execution, delivery and
performance by Servicer of each of its obligations under each of the Basic Documents to which it is a party will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, any agreement or instrument to
which Servicer is a party or by which Servicer is bound or to which any of its properties are subject or of any statute, order or regulation applicable to Servicer of any court, regulatory body, administrative agency or governmental body having
jurisdiction over Servicer or any of its properties, in each case which could reasonably be expected to have a material adverse effect on any of the transactions contemplated therein. 
 (g) Servicer is not in violation of its organizational documents or in default under any agreement, indenture or instrument the effect of which violation
or default would be material to Servicer or the transactions contemplated by the Basic Documents. Servicer is not a party to, bound by or in breach or violation of any indenture or other agreement or instrument, or subject to or in violation of any
statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over Servicer that would reasonably be expected to materially and adversely affect (i) the ability of Servicer to perform
its obligations under any of the Basic Documents to which it is a party or (ii) the business, operations, financial condition, properties, assets or prospects of Servicer. 
 (h) There are no actions or proceedings against, or investigations of, Servicer pending, or, to the knowledge of Servicer, threatened, before any
Governmental Authority, court, arbitrator, administrative agency or other tribunal (i) asserting the invalidity of any of the Basic Documents, or (ii) seeking to prevent the issuance of the Initial Note or the consummation of any of the
transactions contemplated by the Basic Documents or the Initial Note, or (iii) that could reasonably be expected to materially and adversely affect the business, operations, financial condition, properties, assets or prospects of Servicer or
the validity or enforceability of, or the performance by Servicer of its obligations under, any of the Basic Documents to which it is a party or (iv) seeking to affect adversely the income tax attributes of the Initial Note. 
 (i) Servicer is not, and the activities of Servicer pursuant to the Basic Documents shall not render Servicer an, “investment company” or under
the “control” of an “investment company” as such terms are defined in the Investment Company Act or Servicer is exempt from the provisions of the Investment Company Act. 
 (j) Servicer is solvent and has adequate capital for its business and undertakings. 
  

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 (k) The chief executive offices of Servicer are located at 500 Boylston Street, Suite 1600, Boston, MA,
02116, such other address as shall be designated by Servicer in a written notice to the other parties hereto. 
 (1) No Potential Event of
Default, Event of Default, Servicer Event of Default or Potential Servicer Event of Default has occurred and is continuing. 
 (m) Subject to
the last sentence in Section 7.01, all information furnished by Servicer to Note Purchaser is true and correct in all material respects as of the date specified in such information (or, if no date is specified therein, the date on which
such information was provided to Note Purchaser). Subject to the last sentence in Section 7.01, all information hereafter furnished by Servicer to Note Purchaser will be true and correct in all material respects. 
 SECTION 5.04 Securities Act. Issuer hereby makes the following representations and warranties to Note Purchaser, as of the Closing Date, and as of
each Funding Date, and Note Purchaser shall be deemed to have relied on such representations and warranties in acquiring the Initial Note on the Closing Date and in making purchases of Incremental Note Balances on each Funding Date: 
 (a) Assuming the accuracy of the representations and warranties of and compliance with the covenants of Note Purchaser contained herein, the sale of the
Initial Note and the sale of Incremental Note Balances pursuant to this Agreement are each exempt from the registration and prospectus delivery requirements of the Securities Act. 
 (b) In the case of the offer or sale of the Initial Note, no form of general solicitation or general advertising was used by Issuer, any Affiliates of
Issuer or any person acting on its or their behalf, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar
or meeting whose attendees have been invited by any general solicitation or general advertising. 
 (c) Neither Issuer, any Affiliates of
Issuer nor any Person acting on its or their behalf has offered or sold, nor will Issuer or any Person acting on its behalf offer or sell directly or indirectly, the Initial Note or any other security in any manner that, assuming the accuracy of the
representations and warranties and the performance of the covenants given by Note Purchaser and compliance with the applicable provisions of the Indenture with respect to each transfer of the Initial Note, would render the issuance and sale of the
Initial Note as contemplated hereby a violation of Section 5 of the Securities Act or the registration or qualification requirements of any state securities laws, nor has any such Person authorized, nor will it authorize, any Person to act in
such manner. 
  

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 SECTION 5.05 No Fee. Neither Issuer, nor Seller, nor any of their Affiliates has paid or agreed to
pay to any Person any compensation for soliciting another to purchase the Initial Note. 
 SECTION 5.06 Information. Subject to the
last sentence in Section 7.01, the information provided pursuant to Section 7.01(a) hereof will, at the date thereof (or at the date referred to therein), be true and correct in all material respects. 
 SECTION 5.07 The Initial Note. The Initial Note has been duly and validly authorized, and, when executed and authenticated in accordance with the
terms of the Indenture, and delivered to and paid for in accordance with this Agreement, will be duly and validly issued and outstanding and will be entitled to the benefits of the Indenture. 
 SECTION 5.08 Use of Proceeds. The Issuer will apply the proceeds of the Note Purchase Price paid to the Issuer on each Funding Date solely to pay,
pursuant to Section 2.6(a) of the Sale and Servicing Agreement, the Asset Purchase Price for the Purchased Assets or to make distributions to its members in accordance with the Basic Documents. None of the transactions contemplated
herein (including, without limitation, the use of the proceeds from the sale of the Collateral) will violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation,
Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. The Seller does not own or intend to carry or purchase, and no proceeds from any Asset Purchase Price will be used to carry or purchase, any
“margin stock” within the meaning of Regulation U or to extend “purpose credit” within the meaning of Regulation U. 
 SECTION 5.09 Representations and Warranties. Each of Seller and Servicer, solely, with respect to itself, hereby makes directly to Note Purchaser each of the representations, warranties and covenants set forth for the benefit of
Issuer or Note Purchaser in the Sale and Servicing Agreement as of the Closing Date and as of each Funding Date (except to the extent that any such representation, warranty or covenant is expressly made as of another date). Seller represents and
warrants (and, as of each Purchase Date, shall be deemed to represent and warrant) to and for the benefit of Note Purchaser with respect to each Purchased Asset, that such Purchased Asset satisfies the Loan Eligibility Criteria as of the Purchase
Date with respect to such Purchased Asset. 
 SECTION 5.10 Taxes, etc. Any taxes, fees and other charges of Governmental Authorities
applicable to Issuer or to Seller, as applicable (except for franchise or income taxes), in connection with the execution, delivery and performance by each of Issuer and Seller of each Basic Document to which it is a party, the issuance of the
Initial Note by Issuer or otherwise applicable to Issuer or Seller in connection with the Collateral have been paid or will be paid by Issuer or Seller, as applicable, at or prior to the Closing Date or Funding Date, to the extent then due.

 SECTION 5.11 Financial Condition. On the date hereof and on each Funding Date, neither Issuer nor Seller is subject to an
Insolvency Event or has reason to believe that its insolvency is imminent. 
  

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 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES 
 WITH RESPECT TO NOTE PURCHASER 
 SECTION 6.01 Representations and Warranties. Note Purchaser hereby makes the following representations and warranties, as to itself, to Issuer,
Seller and Servicer on which the same are relying in entering into this Agreement and the other Basic Documents. 
 (a) Organization.
Note Purchaser has been duly organized and is validly existing and in good standing under the laws of the jurisdiction of its organization with power and authority to own its properties and to transact the business in which it is now engaged.

 (b) Authority, etc. Note Purchaser has all requisite power and authority to enter into and perform its obligations under this
Agreement and to consummate the transactions herein contemplated. The execution and delivery by Note Purchaser of this Agreement and the consummation by Note Purchaser of the transactions contemplated hereby have been duly and validly authorized by
all necessary organizational action on the part of Note Purchaser. This Agreement has been duly and validly executed and delivered by Note Purchaser and constitutes a legal, valid and binding obligation of Note Purchaser, enforceable against Note
Purchaser in accordance with its terms, subject as to enforcement to bankruptcy, reorganization, insolvency, moratorium and other similar laws of general applicability relating to or affecting creditors’ rights and to general principles of
equity. Neither the execution and delivery by Note Purchaser of this Agreement nor the consummation by Note Purchaser of any of the transactions contemplated hereby, nor the fulfillment by Note Purchaser of the terms hereof, will conflict with, or
violate, result in a breach of or constitute a default under any term or provision of Note Purchaser’s organizational documents or any Governmental Rule applicable to Note Purchaser. 
 (c) Institutional Accredited Investor. Note Purchaser satisfies the requirements set forth in Section 2.4(h) of the Indenture with
respect to the acquisition of the Initial Note. 
 (d) Securities Act. Note Purchaser will acquire the Initial Note pursuant to this
Agreement without a view to any public distribution thereof, and will not offer to sell or otherwise dispose of the Initial Note (or any interest therein) in violation of any of the registration requirements of the Securities Act or any applicable
state or other securities laws, or by means of any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) and will comply with the requirements of the Indenture. Note Purchaser acknowledges
that it has no right to require Issuer or any other Person to register the Initial Note under the Securities Act or any other securities law. 
 (e) Conflicts With Law. The execution, delivery and performance by Note Purchaser of its obligations under this Agreement will not result in a breach or violation of any of the terms or provisions of, or constitute a default under,
any agreement or instrument to which Note Purchaser is a party or by which Note Purchaser is bound or of any statute, order or regulation applicable to Note Purchaser of any court, regulatory body, administrative agency or governmental body having
jurisdiction over Note Purchaser, in each case which could be expected to have a material adverse effect on the transactions contemplated therein. 
  

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 (f) Conflicts With Agreements, etc. Note Purchaser is not in violation of its organizational
documents or in default under any agreement, indenture or instrument the effect of which violation or default would be materially adverse to Note Purchaser in the performance of its obligations or duties under any of the Basic Documents to which it
is a party. Note Purchaser is not a party to, bound by or in breach or violation of any indenture or other agreement or instrument, or subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative
agency or governmental body having jurisdiction over Note Purchaser that materially and adversely affects, or which could be expected in the future to materially and adversely affect the ability of Note Purchaser to perform its obligations under
this Agreement. 
 ARTICLE VII 
 COVENANTS OF ISSUER AND SERVICER 
 SECTION 7.01 Information from Issuer. So long as the Initial Note remains
outstanding, Issuer, Seller and Servicer shall furnish, or cause to be furnished, to Note Purchaser and to the Indenture Trustee (for distribution to each Noteholder): 
 (a) such information (including financial information), documents, records or reports with respect to the Collateral, including, without limitation, the Loans and the Lender Collateral, as Note Purchaser may from time
to time reasonably request; provided, that Issuer or Servicer is not prohibited (i) under the terms of the Loan Documents from obtaining such information (unless such information is otherwise available) or (ii) under any
Governmental Rules or by confidentiality restrictions under the Loan Documents from providing such information to Note Purchaser; 
 (b) as
soon as possible and in any event within five (5) Business Days after the Issuer or Servicer, as applicable, has actual knowledge of the occurrence thereof, notice of each Event of Default, each Potential Event of Default, each Servicer Event
of Default and each Potential Servicer Event of Default; and 
 (c) promptly and in any event within thirty (30) days after the
occurrence thereof, written notice of a change in address of the chief executive office or jurisdiction of organization of Issuer or Seller, as applicable. 
 None of Seller, the Servicer nor the Issuer shall have any liability pursuant to Section 4.01(m) or SECTION 7.01 of this Agreement, or pursuant to Section 6.9(c) of the Sale and
Servicing Agreement for any inaccuracy or error in any information provided by any of them to any other Person as required pursuant to this Agreement or the Sale and Servicing Agreement, as the case may be, which information is inaccurate, untimely
or incomplete as a result of inaccurate, untimely or incomplete information or data being received from any Person that is not the Purchaser, the Seller, the Issuer, the Servicer or an Affiliate, subservicer or agent of any of the foregoing;
provided, that this paragraph shall not apply to the extent that Seller, Servicer or Issuer had notice or knowledge (or should have been aware, after reasonable investigation) of any such inaccuracy or incompleteness (unless such inaccuracy
or incompleteness is disclosed to the Person to whom the Seller, Servicer or the Issuer provides such information pursuant to this Agreement or the other applicable Basic Document. 
  

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 SECTION 7.02 Access to Information. So long as the Initial Note remains outstanding, each of
Issuer and Servicer shall, on reasonable request from time to time during regular business hours, permit Note Purchaser, or its agents or representatives to: 
 (a) examine all books, records and documents (including computer tapes and disks) in the possession or under the control of Issuer or Servicer relating to the Purchased Assets or the Basic Documents as may be
requested, and 
 (b) visit the offices and property of Issuer and Servicer for the purpose of examining such materials described in
clause (a) above. 
 SECTION 7.03 Ownership and Security Interests; Further Assurances. Seller will take all action
reasonably necessary to maintain Issuer’s ownership interest in the Purchased Assets and the other items sold pursuant to Article II of the Sale and Servicing Agreement. Issuer and Servicer, on behalf of Issuer, will take all action
necessary to maintain Indenture Trustee’s security interest in the Eligible Assets and the other items pledged to Indenture Trustee pursuant to the Indenture. 
 Issuer and Servicer, on behalf of Issuer, agree to take any and all acts and to execute any and all further instruments reasonably necessary or requested by Note Purchaser to more fully effect the purposes of this
Agreement. 
 SECTION 7.04 Covenants. Issuer, Seller and Servicer shall each duly observe and perform each of their respective
covenants set forth in each of the Basic Documents to which they are parties which shall in each case be deemed to be for the benefit of Note Purchaser. 
 SECTION 7.05 Amendments. None of Issuer, Servicer or Seller shall make, or permit any Person to make, any amendment, modification or change to, or provide any waiver under any Basic Document to which Issuer,
Servicer or Seller, as applicable, is a party without the prior written consent of Note Purchaser, on behalf of the Noteholders. 
 SECTION
7.06 With Respect to the Exempt Status of the Initial Note. 
 (a) Neither Issuer nor Seller, nor any of their respective Affiliates,
nor any Person acting on their behalf will, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the Initial Note under the Securities Act.

 (b) Neither Issuer nor Seller, nor any of their Affiliates, nor any Person acting on their behalf will engage in any form of general
solicitation or general advertising (within the meaning of Regulation D promulgated under the Securities Act) in connection with any offer or sale of the Initial Note. 
  

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 SECTION 7.07 Enforcement Costs. 
 (a) To the extent not previously paid by the Issuer on demand, Seller shall pay all amounts required to be paid by the Issuer pursuant to SECTION
10.13. 
 (b) The Servicer shall pay, on the first Payment Date that is at least 10 Business Days after demand therefor, all reasonable
costs and expenses incurred by Note Purchaser in connection with the enforcement of any obligation of the Servicer under the Indenture, this Agreement or any other Basic Document or any breach of representation, warranty or covenant of Servicer
under any Basic Document (including Attorney Costs for one law firm and any necessary local counsel). 
 (c) The Seller shall pay, on the
first Payment Date that is at least 10 Business Days after demand therefor, all reasonable costs and expenses incurred by Note Purchaser in connection with the enforcement of any obligation of the Seller under the Indenture, this Agreement or any
other Basic Document or any breach of representation, warranty or covenant of Seller under any Basic Document (including Attorney Costs for one law firm and any necessary local counsel). 
 SECTION 7.08 Demand Note. Issuer shall not make any demand for payment under the Demand Note (whether in respect of principal or interest), except
at the prior written direction of Note Purchaser. Note Purchaser shall be entitled to direct the Issuer to demand, and Issuer shall demand, payment of the amount designated by Note Purchaser under the Demand Note to cure or cover the related
deficiency at any time in the event that (i) a Borrowing Base Deficiency is continuing, (ii) there are insufficient funds on any Payment Date to be applied to make the net payments due by Issuer under any Interest Rate Hedge or
(iii) following an Event of Default, acceleration of the Notes and sale of the Collateral pursuant to Article V of the Indenture, the amounts realized upon the sale of the Collateral are insufficient to pay in full the amounts due under
the Notes and the other amounts due under the Indenture. To the extent that the Indenture Trustee has foreclosed upon, or otherwise obtained possession of, the Demand Note, the Note Purchaser shall direct the Indenture Trustee to demand payment
under the Demand Note pursuant to Section 5.18 of the Indenture only if and to the extent that the Note Purchaser would be permitted to direct the Issuer to demand payment under the Demand Note pursuant to and in accordance with the
immediately preceding sentence. Issuer shall make any demand for payment pursuant to this SECTION 7.08 not later than the 2nd Business Day following written notice by Note Purchaser to Issuer requesting such demand. Any amounts received from Seller pursuant to any such demand shall be deposited into the Collection Account and applied as a part of
Collections on the Payment Date on or after the date on which such amounts were received pursuant to Section 8.2(b) of the Indenture. 
 SECTION 7.09 Fixed Rate Adjustment Amount. Note Purchaser may from time to time designate a Fixed Rate Adjustment Amount with respect to any Eligible Asset that bears interest at a fixed rate and as to which there is no corresponding
Interest Rate Hedge, by notice in writing to Seller and Servicer. The Fixed Rate Adjustment Amount for each such Eligible Asset shall be determined by Note Purchaser pursuant to the following methodology: As of any date of determination:
(i) the Outstanding Principal Balance of the Purchased Asset minus (ii) the net present value of the future cash flows of the Purchased Asset, using a discount 
  

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 rate equal to the sum of (i) the interpolated treasury rate with a maturity equal to the remaining duration of the
Purchased Asset plus (b) the credit spread of the Purchased Asset at the time of origination. 
 SECTION 7.10 Moody’s Structured
Note Model Procedures; Determination of Borrowing Base. 
 (a) The Servicer will provide to the Note Purchaser, no later than 12:00 noon
(New York City time) on (i) the 10th Business Day prior to the first Funding Date and (ii) thereafter, on
the second Business Day following each Determination Date (each, a “Ratings Determination Date”). (A) the asset inputs identified on Exhibit E (the “Asset Inputs”) and (B) an updated Borrowing Base
Certificate. 
 (b) In applying the Moody’s Structured Note Model to the Purchased Assets, each Related Loan that is a Delinquent Asset
or Foreclosed Loan shall be assigned a value equal to the product of (i) the Outstanding Principal Balance of such Delinquent Asset or Foreclosed Loan times (ii) the applicable Moody’s Recovery Rate for such Delinquent Asset or
Foreclosed Loan, and each Charged-Off Asset shall be assigned a value of zero. The Moody’s Structured Note Model shall be applied to each Purchased Asset using the Moody’s Rating Factors corresponding to the Moody’s Ratings for such
Purchased Assets. 
 (c) In reliance on the Asset Inputs provided pursuant to SECTION 7.10(a) on the second Business Day following
each Determination Date, Note Purchaser will calculate the Borrowing Base on or prior to the 4th Business Day after
the immediately preceding Determination Date and provide such calculation to Servicer for inclusion in the Monthly Report to be delivered pursuant to Section 4.5(e)(i) of the Sale and Servicing Agreement and, if applicable, the Payment
Date Report to be delivered pursuant to Section 4.5(e)(ii) of the Sale and Servicing Agreement. In the event of a discrepancy between the Borrowing Base calculated by Note Purchaser pursuant to this SECTION 7.10(c) and the
Borrowing Base reflected in the Borrowing Base Certificate delivered pursuant to SECTION 7.10(a), the lower Borrowing Base shall be used for inclusion in the relevant reports. 
 (d) Upon the request of Note Purchaser, Servicer shall provide to Note Purchaser (on the same day of Note Purchaser’s request), all of the
information required in order for Note Purchaser to run the RiskCalc model with respect to one or more Purchased Assets designated by the Note Purchaser and determine the Moody’s Ratings with respect to the Purchased Assets (to the extent that
a Moody’s Rating cannot be determined pursuant to clauses (i) or (ii) or the definition thereof). In the event of a discrepancy between the Moody’s Rating calculated by the Note Purchaser pursuant to this
Section 7.10(d) with respect to any Purchased Asset, and the Moody’s Rating calculated by Servicer for such Asset, the Moody’s Rating calculated by the Note Purchaser shall control for all purposes of the Basic Documents at all
times through and including the next Ratings Determination Date. 
 (e) In the event that a Borrowing Base Certificate is required to be
provided in connection with a Notice of Incremental Note Balance or for any other reason under this Agreement or the other Basic Documents, the Servicer will recalculate the Borrowing Base using (to the extent applicable) the Moody’s Rating
Factor for the Purchased Assets that were most recently determined pursuant to SECTION 7.10(b) or, if no such rating has been determined 
  

 20 

 pursuant to SECTION 7.10(b) subsequent to the most recent Ratings Determination Date, the lower of the ratings
used in calculating the Borrowing Base pursuant to SECTION 7.10(a) or SECTION 7.10(c). The Note Purchaser may, in its discretion, re-calculate the Borrowing Base as set forth in any Borrowing Base Certificate and, in the event of a
discrepancy between the Borrowing Base calculated by the Note Purchaser and the Borrowing Base calculated by the Servicer, the Borrowing Base determined by the Note Purchaser shall control. 
 ARTICLE VIII 
 ADDITIONAL COVENANTS 
 SECTION 8.01 Legal Conditions to Closing. The parties hereto will take all reasonable action necessary to obtain (and will cooperate with one
another in obtaining) any consent, authorization, permit, license, franchise, order or approval of, or any exemption by, any Governmental Authority or any other Person, required to be obtained or made by it in connection with any of the transactions
contemplated by this Agreement. 
 SECTION 8.02 Mutual Obligations. On and after the Closing, Issuer and Servicer each will execute
and perform all such other acts, deeds and documents as the other party may from time to time reasonably require in order to carry out the intent of this Agreement. 
 SECTION 8.03 Restrictions on Transfer. Note Purchaser agrees that it will comply with the restrictions on Transfer of the Initial Note set forth in the Indenture and resell the Initial Note only in compliance
with such restrictions. 
 ARTICLE IX 
 INDEMNIFICATION 
 SECTION 9.01 Issuer’s Indemnification Obligations. Issuer (for purposes
of this Section 9.01, the “Indemnifying Party”) shall indemnify, defend, and hold harmless Note Purchaser and its officers, directors, agents, partners, members, employees and Affiliates (such Persons, collectively, for
all purposes of this Agreement, the “Indemnified Parties”) from and against any liability, claim, cost, loss, judgment, damage or expense (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”) that Indemnified Parties incur or suffer as a result of, or arising out of (a) the Issuer’s breach of any of its representations, warranties, covenants or agreements in this Agreement or in any other document
delivered pursuant to or in connection with this Agreement or (b) any setoff rights exercised against the Issuer under any Purchased Asset by the related Borrower or any other Oblige. In no event shall Indemnifying Party or any of its
Affiliates or any of their respective directors, members, officers, employees, or agents be liable to any Indemnified Party pursuant to this Section 9.01 for special, indirect or consequential losses or damages of any kind whatsoever
(including but not limited to lost profits in connection with or under this Agreement). Seller’s Indemnification Obligations. Seller (for purposes of this Section 9.02, the “Indemnifying Party”) shall
indemnify, defend, and hold harmless the Indemnified Parties from and against any liability, claim, cost, loss, judgment, damage or expense (including reasonable attorneys’ fees and expenses) (collectively, “Losses”) that
Indemnified Parties incur or suffer as a result of, or arising out of (a) the Seller’s breach of any of its representations, warranties, covenants or agreements in this Agreement or in any other 
  

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 document delivered pursuant to or in connection with this Agreement, (b) any setoff rights exercised against the
Indemnifying Party under any Purchased Asset by the related Borrower or any other Obligor or (c) Indemnifying Party’s obligations and liabilities (whether past, current or assumed pursuant to the Sale and Servicing Agreement) with respect
to, or in connection with, any Purchased Asset, resulting from facts, events, or circumstances arising or occurring with respect to such Purchased Asset prior to the close of business on the related Purchase Date. In no event shall Indemnifying
Party or any of its Affiliates or any of their respective directors, members, officers, employees, or agents be liable to any Indemnified Party pursuant to this Section 9.02 for special, indirect or consequential losses or damages of any
kind whatsoever (including but not limited to lost profits in connection with or under this Agreement). 
 SECTION 9.03 Servicer’s
Indemnification Obligations. Servicer (for purposes of this Section 9.03, the “Indemnifying Party”) shall indemnify, defend, and hold the Indemnified Parties harmless from and against any Losses that Indemnified
Parties incur or suffer as a result of, or arising out of Indemnifying Party’s breach of any of Indemnifying Party’s representations, warranties, covenants or agreements in this Agreement or in any other document delivered pursuant to or
in connection with this Agreement. In no event shall Indemnifying Party or any of its Affiliates or any of their respective directors, members, officers, employees, or agents be liable to any Indemnified Party pursuant to this
Section 9.03 for special, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits in connection with or under this Agreement). 
 SECTION 9.04 Indemnification Procedures. 
 (a) Applicability. This Section 9.04 shall govern the procedures for indemnification of Indemnified Parties pursuant to this Article IX. 
 (b) Notice of Claims. An Indemnified Party shall promptly notify the Indemnifying Party (pursuant to Section 9.01,
Section 9.02 or Section 9.03, as the case may be) if the Indemnified Party receives a complaint, claim, compulsory process or other notice of any Losses or potential Losses and giving rise to a claim for indemnification under
this Article IX (each, a “Claim”), but failure so to notify the Indemnifying Party shall not relieve the Indemnified Party from its indemnification obligations under this Article IX unless and to the extent that it did
not otherwise learn of such action or proceeding and to the extent such failure results in the forfeiture by the Indemnifying Party of substantial rights and defenses. 
 (c) Cooperation and Assistance; Assumption of Defense. A Indemnified Party receiving notice or knowledge of any Losses or potential Losses shall, at Issuer’s expense: 
 (i) provide the Indemnifying Party such information and cooperation with respect to such Claim as Issuer may reasonably require,
including, but not limited to, making appropriate personnel available to Issuer at such reasonable times as the Indemnifying Party may request; 
 (ii) cooperate and take all such steps as the Indemnifying Party may reasonably request to preserve and protect any defense to such Claim; 
  

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 (iii) in the event suit is brought with respect to such Claim, upon reasonable prior
notice, afford to the Indemnifying Party the right, which the Indemnifying Party may exercise in its sole discretion and at its expense, to participate in the investigation, defense and settlement of such Claim except that the Indemnifying Party
shall not enter into any settlement without the consent of the Indemnified Party (which consent shall not be unreasonably withheld or delayed) if such settlement attributes liability to the Indemnified Party; 
 (iv) afford to the Indemnifying Party the right, in its sole discretion and at its sole expense, to assume the defense of such claim
(subject to the terms of this Section 9.04), including, but not limited to, the right to designate counsel and to control all negotiations, litigation, arbitration, settlements, compromises and appeals of such Claim; provided that
if Issuer assumes the defense of such Claim, the Indemnified Party must consent in writing, which consent shall not be unreasonably withheld, to the entry of any settlement or compromise in respect thereof that attributes liability to the
Indemnified Party and Issuer shall not be liable for any fees and expenses of separate counsel employed by any Indemnified Party incurred thereafter in connection with such Claim except that if such Indemnified Party reasonably determines that
counsel designated by the Indemnifying Party has a conflict of interest or if the Indemnified Party shall have defenses not available to the Indemnifying Party, the Indemnifying Party shall pay the reasonable fees and disbursements of one counsel
(in addition to any local counsel) separate from its own counsel for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances; and 
 (v) if the Indemnifying Party assumes the defense of any claim as provided in clause (iv) above,
the Indemnifying Party shall (x) periodically (and, upon the reasonable request of the Indemnified Party) update the Indemnified Party regarding the status of the defense of such claims, (y) provide copies of all material correspondence
and legal pleadings prepared by counsel employed by the Indemnifying Party with respect thereto to the extent reasonably requested by the Indemnified Party, such claim (as reasonably determined by such Indemnified Party), and (z) without the
prior written consent of the Indemnified Party, not permit a default or make any admissions on behalf of the Indemnified Party (other than routine or incontestable admissions) which would prejudice or otherwise forfeit any material right or defense
of the Indemnified Party in respect of such claim. 
 (d) No Indemnified Party shall, without the prior written consent of the Indemnifying
Party, which consent shall not be unreasonably withheld or delayed, settle or compromise any Claim giving rise to a claim for indemnity hereunder, or permit a default or consent to the entry of any judgment in respect thereof, unless such
settlement, compromise or consent includes, as an unconditional term thereof, the giving by the claimant to the Indemnifying Party of a release from liability in respect of such Claim. 
  

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 (e) In the event that any Indemnified Party waives its right to indemnification hereunder, the
Indemnifying Party shall not be entitled to appoint counsel to represent such Indemnified Party or to exercise the other rights described in this subsection (c) nor shall Issuer reimburse such Indemnified Party for any Losses or costs of
counsel to such Indemnified Party. 
 SECTION 9.05 Indemnification Not General Credit Recourse. SECTION 9.01, Section 9.02
and Section 9.03 shall not be interpreted generally to provide recourse (except as specifically provided in such sections) to the Seller or the Servicer against loss by reason of the bankruptcy, insolvency or lack of creditworthiness of
a Borrower or other Obligor with respect to any Purchased Asset. 
 ARTICLE X 
 MISCELLANEOUS 
 SECTION 10.01 Amendments. No amendment or waiver of any
provision of this Agreement shall in any event be effective unless the same shall be in writing and signed by all of the parties hereto, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. 
 SECTION 10.02 Notices. All notices and other communications provided for hereunder shall, unless otherwise
stated herein, be in writing (including telecopies) and mailed, e-mailed, telecopied (with a copy delivered by overnight courier) or delivered, as to each party hereto, at its address as set forth in Schedule I hereto or at such other address
as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be deemed effective upon receipt thereof, and in the case of telecopies, when receipt is confirmed by telephone.

 SECTION 10.03 No Waiver; Remedies. No failure on the part of any party hereto to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 SECTION 10.04 Binding Effect; Assignability. 
 (a) This Agreement shall be binding upon and inure to the benefit of Issuer, Seller and Note Purchaser and their respective permitted successors and
assigns (including any subsequent holders of the Initial Note in accordance with Section 10.04(d)); provided, however, except as provided in clause (d) below, neither Issuer nor Seller shall have any right to
assign their respective rights hereunder or interest herein (by operation of law or otherwise) without the prior written consent of Note Purchaser. 
 (b) Note Purchaser may, in the ordinary course of its business and in accordance with the Basic Documents and applicable law, including applicable securities laws, at any time sell to one or more Persons (each, a
“Participant”), participating interests in all or a portion of its rights and obligations under this Agreement. Notwithstanding any such sale by Note Purchaser 
  

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 of participating interests to a Participant, Note Purchaser’s rights and obligations under this Agreement shall
remain unchanged, Note Purchaser shall remain solely responsible for the performance thereof, and Issuer and Seller shall continue to deal solely and directly with Note Purchaser and shall have no obligations to deal with any Participant in
connection with Note Purchaser’s rights and obligations under this Agreement. 
 (c) This Agreement shall create and constitute the
continuing obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as all amounts payable with respect to the Initial Note shall have been paid in full. At any time, if the Collateral
is liquidated, and the Notes are paid or extinguished and the obligations of the Note Purchaser to acquire Incremental Note Balances hereunder is terminated, the Basic Documents (including this Agreement) shall terminate except as otherwise provided
in Section 10.10. 
 (d) Note Purchaser may sell or assign the Initial Note only with the prior consent of Seller unless (i) such
sale or assignment is to an Affiliate of Note Purchaser or (ii) such sale or assignment occurs following the occurrence of an Event of Default; provided, however, that this Section 10.04(d) shall not limit Note
Purchaser’s right to (i) transfer its interest in the Initial Note in the form of a participation of an interest in the Initial Note to a Participant pursuant to Section 10.04(b), (ii) pledge the Initial Note to secure an
indebtedness or financing of the Note Purchaser or (iii) transfer the Initial Note pursuant to a repurchase agreement or similar arrangement. 
 (e) In the event that Note Purchaser sells any participation or assigns or transfers any interest in the Note, each Participant, successor or assign shall agree to make the representations and warranties in Section 6.01(c) of
this Agreement. 
 SECTION 10.05 Provision of Documents and Information. Each of Issuer and Seller acknowledges and agrees that Note
Purchaser is permitted to provide to any subsequent Note Purchaser, permitted assignees and Participants, opinions, certificates, documents and other information relating to Issuer, Seller and the Loans delivered to Note Purchaser pursuant to this
Agreement provided that with respect to confidential information, such subsequent Note Purchaser, permitted assignees and Participants agree to be bound by Section 8.17 of the Sale and Servicing Agreement. 
 SECTION 10.06 GOVERNING LAW; JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT HAVING
JURISDICTION TO REVIEW THE JUDGMENTS THEREOF. EACH OF THE PARTIES HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION
INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 
  

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 SECTION 10.07 No Proceedings. Until the date that is one year and one day after the last day on
which any amount is outstanding under this Agreement, Seller and Note Purchaser hereby covenant and agree that they will not institute against Issuer or Seller, as the case may be, or join in any institution against Issuer or Seller of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law. 
 SECTION 10.08 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to
be an original and all of which when taken together shall constitute one and the same agreement. 
 SECTION 10.09 No Recourse - Note
Purchaser, Seller, Servicer and Issuer. (a) The obligations of Note Purchaser under this Agreement, or any other agreement, instrument, document or certificate executed and delivered by or issued by Note Purchaser or any officer thereof are
solely the corporate obligations of Note Purchaser. No recourse shall be had for payment of any fee or other obligation or claim arising out of or relating to this Agreement or any other agreement, instrument, document or certificate executed and
delivered or issued by Note Purchaser or any officer thereof in connection therewith, against any stockholder, limited partner, employee, officer, affiliate, director or incorporator of Note Purchaser. No claim maybe made by the Seller or the
Servicer or any other Person against the Note Purchaser and the Secured Parties or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect to any claim
for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and the Seller and the Servicer each hereby
waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected. No obligation or liability to any Obligor under any of the Loans, or to any Participation Counterparty under
any Participation Agreement, or otherwise in respect of the Assets, is intended to be assumed by the Note Purchaser and the Secured Parties under or as a result of this Agreement and the transactions contemplated hereby. 
 (b) The obligations of Seller under this Agreement, or any other agreement, instrument, document or certificate executed and delivered by or issued by
Seller or any officer, stockholder, member, manager, employee, director or incorporator thereof are solely the corporate obligations of Seller. No recourse shall be had for payment of any fee or other obligation or claim arising out of or relating
to this Agreement or any other agreement, instrument, document or certificate executed and delivered or issued by Seller or any officer thereof in connection therewith, against any Affiliate, stockholder, member, manager, director, employee or
officer of Seller. 
 (c) The obligations of Servicer under this Agreement, or any other agreement, instrument, document or certificate
executed and delivered by or issued by Servicer or any officer, stockholder, member, manager, employee, director or incorporator thereof are solely the corporate obligations of Servicer. No recourse shall be had for payment of any fee or other
obligation or claim arising out of or relating to this Agreement or any other agreement, instrument, document or certificate executed and delivered or issued by Servicer or any officer thereof in connection therewith, against any Affiliate,
stockholder, member, manager, director, employee or officer of Servicer. 
  

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 (d) The obligations of Issuer under this Agreement, or any other agreement, instrument, document or
certificate executed and delivered by or issued by Issuer or any officer, stockholder, member, manager, employee, director or incorporator thereof are solely the limited liability company obligations of Issuer. No recourse shall be had for payment
of any fee or other obligation or claim arising out of or relating to this Agreement or any other agreement, instrument, document or certificate executed and delivered or issued by Issuer or any officer thereof in connection therewith, against any
Affiliate, stockholder, member, manager, director, employee or officer of Issuer. 
 (e) Note Purchaser, by accepting the Initial Note,
acknowledges that such Initial Note represents an obligation of Issuer and does not represent an interest in or an obligation of Seller, Servicer, Indenture Trustee or any Affiliate, member, manager, director, officer, employee or attorney thereof
and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Initial Note or the other Basic Documents. 
  

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 SECTION 10.10 Survival. All representations, warranties, covenants, guaranties and
indemnifications contained in this Agreement and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the sale or transfer of the Initial Note. Notwithstanding the immediately preceding
sentence, the rights and remedies of Note Purchaser with respect to (i) any representation and warranty made or deemed to be made or remade by Issuer, Seller or Servicer pursuant to this Agreement, (ii) the indemnification provisions set
forth in ARTICLE IX and (iii) the agreements set forth in Section 10.06, Section 10.07, Section 10.09 and Section 10.13 will be continuing and will survive any termination of this Agreement or
any other Basic Document or the repayment of the Notes. All of the representations, warranties and covenants of NewStar Financial, in its capacity as Servicer pursuant to this Agreement, will survive termination of NewStar Financial in such
capacity, to the extent of representations and warranties made or deemed made, and obligations arising, prior to such termination. 
 SECTION
10.11 Tax Characterization. Each party to this Agreement (a) acknowledges and agrees that it is the intent of the parties to this Agreement that for all purposes, including federal, state and local income, single business and franchise
tax purposes, the Initial Note will be treated as evidence of indebtedness secured by the Loans and proceeds thereof and the trust created under the Indenture will not be characterized as an association (or publicly traded partnership) taxable as a
corporation, (b) agrees to treat the Initial Note for federal, state and local income and franchise tax purposes as indebtedness and (c) agrees that the provisions of all Basic Documents shall be construed to further these intentions of
the parties. 
 SECTION 10.12 Conflicts. Notwithstanding anything contained herein to the contrary, in the event of the conflict
between the terms of the Sale and Servicing Agreement and this Agreement, the terms of the Sale and Servicing Agreement shall control. 
 SECTION 10.13 Expenses. In addition to the rights of indemnification granted under Section 9.01, the Issuer agrees to pay on demand to or at the direction of Note Purchaser (from the capital contribution made to the
Issuer pursuant to SECTION 4.01(e), Collections applied pursuant to Section 8.2(b)(ix) of the Indenture and any other cash available to the Issuer, but excluding any other Collections): 
 (a) all reasonable costs and expenses of the Note Purchaser in connection with: 
 (i) the preparation, execution and delivery of this Agreement and the other Basic Documents (including without limitation all legal,
accounting, third party due diligence and other miscellaneous expenses incurred in connection therewith, but excluding, however. Note Purchaser’s Attorney Costs) (provided, that the aggregate amount of the expenses that are
required to be paid by Issuer pursuant to this clause (i) shall be limited to $100,000); and 
 (ii) any
amendment, waiver or modification of this Agreement or the Basic Documents requested by the Issuer or any of its Affiliates and all Attorney Costs of one law firm of Note Purchaser with respect to advising Note Purchaser as to its rights and
remedies under this Agreement and the other Basic Documents; 
  

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 (b) all reasonable costs and expenses, if any (including Attorney Costs for one law firm and any
necessary local counsel), of Note Purchaser, in connection with the enforcement (or direction provided to Indenture Trustee with respect to the enforcement) of the Notes, this Agreement and the other Basic Documents; and 
 (c) any reasonable due diligence expenses incurred by the Note Purchaser (other than to the extent of amounts included in clause (i), above).

 SECTION 10.14 Updating List of Authorized Officers. The Persons initially constituting the Authorized Officers of the designated
manager of the Issuer are as set forth in Exhibit G. The designated manager of the Issuer may from time to time designate the individuals who are authorized to act as “Authorized Officers” with respect to Issuer pursuant to an
Officer’s Certificate distributed to Indenture Trustee, Note Purchaser, Seller and Servicer. 
 [SIGNATURE PAGE FOLLOWS]

  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers
hereunto duly authorized, as of the date first above written. 
  

			
	NEWSTAR WAREHOUSE FUNDING 2005 LLC, as Issuer
		
	By:	 	NEWSTAR FINANCIAL, INC., its designated manager
		
	By:	 	 /s/ John Kirby Bray

	Name:	 	John Kirby Bray
	Title:	 	Treasurer
	
	NEWSTAR FINANCIAL, INC., as Seller and as Servicer
		
	By:	 	 /s/ John Kirby Bray

	Name:	 	John Kirby Bray
	Title:	 	Treasurer
	
	CITIGROUP GLOBAL MARKETS REALTY CORP., as Note Purchaser
		
	By:	 	 /s/ James Xanthus

	Name:	 	James Xanthus
	Title:	 	Authorized Signer

 [Signature Page to Note Purchase Agreement]

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