Common use of Reports to the Property Trustee Clause in Contracts

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC; and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish to any owner of the Preferred Securities and to prospective purchasers of the Preferred Securities, upon their request, the information required to be furnished pursuant to Rule 144A(d)(4) under the Securities Act. The delivery requirement set forth in the preceding sentence may be satisfied by compliance with Section 8.16(c) hereof. (c) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five one hundred and twenty (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90120) days after the end of each fiscal year of the Trust Depositor ending after the date of this Trust Agreementhereof, an Officers’ Certificate (substantially in the form attached hereto as Exhibit H) covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and Depositor, the Administrative Trustees or the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor Depositor, the Administrative Trustees or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish to (i) to the Property Trustee; , (ii) Taberna Capital Managementthe Purchaser, LLC; and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Managementthe Purchaser) and (iv) any designee of (i), LLC(ii) or (iii) above, a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such ExhibitG, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. . (c) The Property Trustee shall obtain receive all reports, certificate certificates and information, which it is entitled to obtain under each of the Operative Documents, and deliver to the Purchaser or its designee as identified in writing to the Property Trustee, copies of all such reports, certificates or information promptly upon receipt thereof.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital ManagementBear, LLC▇▇▇▇▇▇▇ & Co. Inc., ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Bear, ▇▇▇▇▇▇▇ & Co. Inc.; and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital ManagementBear, LLC▇▇▇▇▇▇▇ & Co. Inc.) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements (except to the extent such financial statements are filed electronically with the SEC) shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall may obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. Such parties are hereby authorized and directed to access the ▇▇▇▇▇ system for purposes of retrieving the financial information so filed. Such filing shall satisfy the Depositor’s delivery obligations with respect to the subject of such filing under Sections 8.16(b)(i), (ii) and (iii). The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. The Depositor shall also furnish an Officer’s Certificate to the Property Trustee certifying that the Company is in compliance with the covenant specified in Section 10.6(d) of the Indenture, which such certificate shall be so furnished at the same time as the Officer’s Certificate described in the first sentence of this Section 8.16(a) is required to be furnished and within ten (10) days after the Property Trustee makes a request for such certification. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital ManagementCohen Bros. & Company, LLC450 Park, 23rd Floor, New York, NY 10022 or su▇▇ ▇▇her address as des▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇. & ▇▇▇▇▇▇▇); and ▇▇▇ (iii) any Owner of the Preferred Securities reasonably Securiti▇▇ ▇▇asonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLCCohen Bros. & Company) a duly completed and executed certificate substantively subs▇▇▇▇▇vely and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall cause NorthStar Realty Finance Corp., the general partner of the Depositor, to furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC, ▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five fifty (4550) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety five (9095) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five sixty (4560) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust Depositor ending after the date of this Trust Agreement, an Officers’ Certificate (substantially in the form attached hereto as Exhibit F) covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Kodiak Capital ManagementManagement Company LLC, LLC; ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Suite 400, Arlington, Virginia 22201, Attention: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ or such other address as designated by Kodiak Warehouse JPM LLC and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Kodiak Capital ManagementManagement Company LLC, LLC) a duly completed and executed officer’s financial certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five sixty (4560) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. , or, if applicable, such shorter respective periods as may then be required by the Commission for the filing by the Depositor of Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. The delivery requirements under this Section 8.16(b) may be satisfied by compliance with Section 7.3(b) of the Indenture. (c) The Property Trustee shall may obtain all reports, certificate certificates and information, which it is entitled to obtain under each of the Operative Documents, and shall deliver to the Purchaser, and a designee of the Purchaser, as identified in writing to the Property Trustee, copies of all such reports, certificates and information within five (5) Business Days of receipt thereof.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish to: (i) to the Property Trustee; (ii) Taberna Capital Management, LLC, 450 Park Avenue, 23rd Floor, New York, New York 10022 or such other ad▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇C); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) ▇▇▇▇▇▇▇ ▇▇▇▇▇ International, c/o Taberna Capital Management, LLC, ▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC; and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. Financial statements and financial information provided shall be provided for informational purposes only. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust Depositor ending after the date of this Trust Agreement, an Officersofficers’ Certificate certificate (substantially in the form attached hereto as Exhibit F) covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and Depositor, the Administrative Trustees or the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor Depositor, the Administrative Trustees or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish to (i) to the Property Trustee; , (ii) Taberna Capital Managementthe Existing TRUPS Holders, LLC; for so long as they are Owners, at their respective addresses listed on Schedule 8.16 or to such other respective addresses as any such Existing TRUPS Holder shall notify the Depositor in writing and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLCOwner): (i) a duly completed and executed officer’s financial certificate substantively and substantially in the form attached hereto as Exhibit F, including the calculation of the Interest Coverage Calculation and Interest Coverage Trigger and the financial statements and other supporting financial information referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. ; and (ii) copies of all correspondence, notices, forms, filings, reports and other documents required to be provided by the Depositor, whether acting through an Administrative Trustee or otherwise, to the Existing TRUPS Holders, Property Trustee or Delaware Trustee under this Trust Agreement. (c) The Property Trustee shall obtain all reports, certificate certificates and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Upon the reasonable request of any Holder of Trust Securities, the Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five within thirty (4530) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreementsuch request, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at 4▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: T▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. Such parties are hereby authorized and directed to access the E▇▇▇▇ system for purposes of retrieving the financial information so filed. Such filing shall satisfy the Depositor’s delivery obligations with respect to the subject of such filing under Section 8.16(b)(i), (ii) and (iii). The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC, 4▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish to (i) to the Property Trustee; (ii) Taberna Capital ManagementPreferred Funding I, LLCLtd., c/▇ ▇▇▇▇▇ Bros. & Co.1818 Market Street, 28th Floor, Philadelphia, Pennsylvania 19103 or such other address as designated by Taberna Preferred Funding I, Ltd.; and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC▇▇▇▇▇ Bros. & Company) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLCto each Initial Purchaser or such other address as designated thereby; and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust Trust; and (which identification may be made either by iv) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, or such Owner or other address as designated by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five sixty (4560) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety one hundred twenty (90120) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall cause NorthStar Realty Finance Corp., the general partner of the Depositor, to furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC, ▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five fifty (4550) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety ninety-five (9095) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) one hundred and twenty days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal calendar year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal calendar year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital ManagementCohen Bros. Financial Management LLC,1818 Market Street, 28th Floor, ▇▇▇▇▇delphia, Pennsylvania 19103 ▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ent LLC); and (iii) any Owner of the Preferred Pre▇▇▇▇▇d Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, Cohen Bros. Financial Management LLC) a duly completed and executed certificate c▇▇▇▇▇icate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate certificates and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Trustee and Taberna Capital Management, LLC; and LLC (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by at 4▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: T▇▇▇▇▇ ▇▇▇▇▇ or such Owner or other address as designated by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLCLLC (at 450 Park Avenue, 23rd Floor, New York, New York 10022 or such other ad▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇C); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor; provided that the financial statements of the Depositor shall be deemed to have been furnished in compliance with this Section 8.16(b) if such financial statements have been duly filed with the Commission as part of the Depositor's Annual Report on Form 10-K, Quarterly Report on Form 10-Q or Current Reports on Form 8-K, as applicable. The Property Trustee shall may obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLCLLC (at 450 Park Avenue, 23rd Floor, New York, New York 10022 or such other a▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇LC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the DepositorDepositor to the extent such statements are not available via EDGAR. The Property Trustee shall may obtain all reports, certificate certifi▇▇▇▇ and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC, ▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Merrill Lynch International, c/o Taberna Capital Management, LLC at 4▇▇ ▇▇▇▇ ▇▇▇▇▇e, New York, New York 10022, Attention: Thomas Bo▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ by Taberna C▇▇▇▇▇▇ ▇▇▇▇▇ement, LLC; and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLCMerrill Lynch International) a duly completed and executed certificate substantively cert▇▇▇▇▇▇▇ s▇▇▇▇▇ntively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish to each of (i) to the Property Trustee; , (ii) the Holders and to subsequent holders of Securities, (iii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC; ) and (iiiiv) any Owner beneficial owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner beneficial owner or by Taberna Capital Management, LLC), (1) a duly the unaudited consolidated balance sheet and income statement of the Depositor and its consolidated subsidiaries for each completed fiscal quarter in which the Securities remain outstanding, and executed certificate substantively (2) the audited consolidated financial statements of the Depositor and substantially in the form attached hereto as Exhibit Fits consolidated subsidiaries, including the financial statements referenced notes thereto and a report of the Depositor’s independent accountants thereon, for each completed fiscal year in such Exhibitwhich the Securities remain outstanding, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor Depositor, in the case of the quarterly financial information, and not later than ninety (90) days after the end of each fiscal year of the DepositorDepositor in the case of the annual financial statements. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLCLLC (at 450 Park Avenue, 23rd Floor, New York, New York 10022 or such other ad▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇C); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate a certificate (substantially in the form attached hereto as Exhibit H) covering the preceding fiscal quarter or year, as applicable, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital ManagementCohen Bros. Financial Management LLC, 2929 Arch Street, Suite 1703, P▇▇▇▇▇elphia, Pennsylvania 19104 or suc▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ent LLC); and (iii) any Owner of the Preferred Pre▇▇▇▇▇d Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, Cohen Bros. Financial Management LLC) a duly completed and executed certificate c▇▇▇▇▇icate substantively and substantially in the form attached hereto as Exhibit FEXHIBIT G, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain receive all reports, certificate certificates and information, which it is entitled to obtain receive under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital ManagementPreferred Funding I, LLCLtd., c/o ▇▇▇▇▇ Bros. & Co., 1▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Preferred Funding I, Ltd.); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLCC▇▇▇▇ Bros. & Company) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC, ▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management▇▇▇▇▇▇▇ Lynch, LLCPierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated, c/▇ ▇▇▇▇▇ Bros. & Co.1818 Market Street, 28th Floor, Philadelphia, Pennsylvania 19103 or such other address as designated by ▇▇▇▇▇▇▇ Lynch, Pierce, 52 ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC▇▇▇▇▇ Bros. & Company) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal quarter or fiscal year, as the case may be, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Managementto the Purchaser at 2▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇., LLC; Suite 400, Arlington, VA 22201, Attention: R▇▇▇▇▇ ▇▇▇▇▇▇, Chief Financial Officer, or at such other address as designated by Purchaser) and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLCPurchaser) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. (c) The Depositor shall furnish to the Owners of the Preferred Securities and to prospective purchasers thereof, upon their request, the information required to be furnished pursuant to Rule 144(A)(d)(4) under the Securities Act. The delivery requirement set forth in the preceding sentence may be satisfied by compliance with Section 8.16(b) hereof (d) The Property Trustee shall may obtain all reports, certificate certificates and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital ManagementPreferred Funding I, LLCLtd., c/o Cohen Bros. & Co. 1818 Market Street, 28th Floor, Philadelphia, Pe▇▇▇▇▇▇▇nia 19103 or ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇, Ltd.); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLCCohen Bros. & Company) a duly completed and executed certificate substantively su▇▇▇▇▇tively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor; provided that the financial statements of the Depositor shall be deemed to have been furnished in compliance with this Section 8.16(b) if such financial statements have been duly filed with the Commission as part of the Depositor’s Annual Report on Form 10-K, Quarterly Report on Form 10-Q or Current Reports on Form 8-K, as applicable. The Property Trustee shall may obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal quarter or fiscal year, as the case may be, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Managementto the Purchaser at ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇., LLC; Suite 450, Arlington, VA 22201, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇▇, Chief Financial Officer, (or at such other address as designated by Purchaser) and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLCPurchaser) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. (c) The Depositor shall furnish to the Owners of the Preferred Securities and to prospective purchasers thereof, upon their request, the information required to be furnished pursuant to Rule 144A(d)(4) under the Securities Act. The delivery requirement set forth in the preceding sentence may be satisfied by compliance with Section 8.16(b) hereof. The Property Trustee shall may obtain all reports, certificate certificates and information, information which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Upon the reasonable request of the Holder of the Trust Securities, the Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five within thirty (4530) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreementsuch request, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. Such parties are hereby authorized and directed to access the ▇▇▇▇▇ system for purposes of retrieving the financial information so filed. Such filing shall satisfy the Company’s delivery obligations with respect to the subject of such filing under Section 8.16(b)(i), (ii), and (iii). The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) one hundred and twenty days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal calendar year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate a certificate (substantially in the form attached hereto as Exhibit H) covering the preceding fiscal calendar year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management▇▇▇▇▇ Bros. Financial Management ▇▇▇,▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by ▇▇▇▇▇ Bros. Financial Management LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, ▇▇▇▇▇ Bros. Financial Management LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain receive all reports, certificate certificates and information, which it is entitled to obtain receive under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall cause NorthStar Realty Finance Corp., the general partner of the Depositor, to furnish (i) to the Property Trustee; (ii) Taberna Capital Management▇▇▇▇▇ Bros. & Company, LLC▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ or such other address as designated by ▇▇▇▇▇ Bros. & Company); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC▇▇▇▇▇ Bros. & Company) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five fifty (4550) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety ninety-five (9095) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, (i) not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of the Depositor and (ii) not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal quarter or fiscal year, as applicable, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge; provided, that for so long as the Depositor is subject to the reporting requirements of the Exchange Act, the Depositor and the Administrative Trustees shall not be required to deliver such Officer’s Certificate for the first three fiscal quarters of the Depositor, as set forth in clause (i) of this Section 8.16(a). (b) The If the Depositor is no longer subject to the reporting requirements of the Exchange Act, the Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at 4▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: T▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); (iii) Kodiak Capital Management Company LLC, 2▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Suite 400, Arlington, Virginia 22201, Attn: Chief Financial Officer (or such other address as designated by Kodiak Capital Management Company LLC) and (iiiiv) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Upon the reasonable request of the Holder of the Trust Securities, the Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five within thirty (4530) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreementsuch request, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. Such parties are hereby authorized and directed to access the ▇▇▇▇▇ system for purposes of retrieving the financial information so filed. Such filing shall satisfy the Company’s delivery obligations with respect to the subject of such filing under Section 8.16(b)(i), (ii), and (iii). The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust Depositor ending after the date of this Trust Agreement, an Officers’ Certificate (substantially in the form attached hereto as Exhibit F) covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital ManagementKodiak CDO Management LLC, LLC; ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Suite 400, Arlington, Virginia 22201, Attention: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ or such other address as designated by Kodiak CDO Management LLC and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) Kodiak CDO Management LLC a duly completed and executed officer’s financial certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor, or, if applicable, such shorter respective periods as may then be required by the Commission for the filing by the Depositor of Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. The delivery requirements under this Section 8.16(b) may be satisfied by compliance with Section 7.3(b) of the Indenture. The Property Trustee shall obtain all reports, certificate certificates and information, which it is entitled to obtain under each of the Operative Documents, and deliver to the Purchaser, and a designee of the Purchaser, as identified in writing to the Property Trustee, copies of all such reports, certificates and information promptly upon receipt thereof.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Officer’s Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust Depositor ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal yearperiod, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall cause the Guarantor to furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor Guarantor and not later than ninety (90) days after the end of each fiscal year of the DepositorGuarantor. The delivery requirements under this Section 8.16(b) may be satisfied by compliance with Section 7.3(b) of the Indenture or Section 6(h) of the Purchase Agreement. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal quarter or fiscal year, as the case may be, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Managementto the Purchaser at ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇., LLC; Suite 450, Arlington, VA 22201, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇▇, Chief Financial Officer, (or at such other address as designated by Purchaser) and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLCPurchaser) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall may obtain all reports, certificate certificates and information, information which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital ManagementCohen Bros. & Company, LLC450 Park, 23rd Floor, New York, NY 10022 or suc▇ ▇▇▇er address as desi▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇. & ▇▇▇▇▇▇▇); and ▇▇▇ (iii▇ii) any Owner of the Preferred Securities reasonably Securitie▇ ▇▇▇sonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLCCohen Bros. & Company) a duly completed and executed certificate substantively subst▇▇▇▇▇ely and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Managementto the Purchaser at ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇., LLC; Suite 450, Arlington, VA 22201, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇▇, Chief Financial Officer, or at such other address as designated by Purchaser) and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLCPurchaser) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the DepositorDepositor to the extent such statements are not available via ▇▇▇▇▇. The Property Trustee shall may obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Dekania Capital Management, LLC, c/▇ ▇▇▇▇▇ Bros. & Co.1818 Market Street, 28th Floor, Philadelphia, Pennsylvania 19103 or such other address as designated by Dekania Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Dekania Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The As set forth in Exhibit G, the Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Officer's Financial Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall cause NorthStar Realty Finance Corp., the general partner of the Depositor, to furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FH, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five fifty (4550) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety five (9095) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust Depositor ending after the date of this Trust Agreement, an Officersofficers’ Certificate certificate (substantially in the form attached hereto as Exhibit F) covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Kodiak Capital ManagementManagement Company LLC, LLC; ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Suite 400, Arlington, Virginia 22201, Attention: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ or such other address as designated by Kodiak Warehouse JPM LLC and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Kodiak Capital Management, LLC) Management Company LLC a duly completed and executed officer’s financial certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor, or, if applicable, such shorter respective periods as may then be required by the Commission for the filing by the Depositor of Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. The delivery requirements under this Section 8.16(b) may be satisfied by compliance with Section 7.3(b) of the Indenture. The Property Trustee shall obtain all reports, certificate certificates and information, which it is entitled to obtain under each of the Operative Documents, and deliver to the Purchaser, and a designee of the Purchaser, as identified in writing to the Property Trustee, copies of all such reports, certificates and information promptly upon receipt thereof.

Reports to the Property Trustee. (a) The Guarantor, the Depositor and and/or the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor Guarantor and not later than ninety (90) days after the end of each fiscal year of the Trust Guarantor ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Guarantor, the Depositor and and/or the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Guarantor, the Depositor or and/or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Guarantor and/or the Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management▇▇▇▇▇ Bros. & Company, LLC▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ (or such other address as designated by ▇▇▇▇▇ Bros. & Company); and (iii) any Owner of the Preferred Securities reasonably identified to the Guarantor, the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC▇▇▇▇▇ Bros. & Company) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit FG, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Guarantor or the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor Guarantor and not later than ninety (90) days after the end of each fiscal year of the DepositorGuarantor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust Depositor ending after the date of this Trust Agreement, an Officersofficers’ Certificate certificate (substantially in the form attached hereto as Exhibit F) covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and Depositor, the Administrative Trustees or the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor Depositor, the Administrative Trustees or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish to (i) to the Property Trustee; , (ii) Taberna Capital Managementthe Existing TRUPS Holders respectively, LLC; for so long as they are Owners, at their respective addresses listed on Schedule 8.16 or to such other respective addresses as any such Existing TRUPS Holder shall notify the Depositor in writing and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLCany Existing TRUPS Holder): (i) a duly completed and executed officer’s financial certificate substantively and substantially in the form attached hereto as Exhibit F, including the calculation of the Interest Coverage Calculation and Interest Coverage Trigger and the financial statements and other supporting financial information referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. ; and (ii) copies of all correspondence, notices, forms, filings, reports and other documents required to be provided by the Depositor, whether acting through an Administrative Trustee or otherwise, to the Existing TRUPS Holders, Property Trustee or Delaware Trustee under this Trust Agreement. (c) The Property Trustee shall obtain all reports, certificate certificates and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ ' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇, Incorporated, c/▇ ▇▇▇▇▇ Bros. Securities LLC, ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by ▇▇▇▇▇▇▇ ▇▇▇▇▇ International; and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management▇▇▇▇▇ Bros. Securities, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate certificates and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate a certificate (substantially in the form attached hereto as Exhibit H) covering the preceding fiscal quarter or year, as applicable, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital ManagementCohen Bros. Financial Management LLC, 2929 Arch Street, Suite 1703, Ph▇▇▇▇▇lphia, Pennsylvania 19104 or such ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇nt LLC); and (iii) any Owner of the Preferred Pref▇▇▇▇▇ Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, Cohen Bros. Financial Management LLC) a duly completed and executed certificate ce▇▇▇▇▇cate substantively and substantially in the form attached hereto as Exhibit FEXHIBIT G, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain receive all reports, certificate certificates and information, which it is entitled to obtain receive under each of the Operative Documents.

Reports to the Property Trustee. (a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. (b) The Depositor shall furnish (i) to the Property Trustee; (ii) Taberna Capital Management, LLC (at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇ ▇▇▇▇▇ or such other address as designated by Taberna Capital Management, LLC); and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner or by Taberna Capital Management, LLC) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F, including the financial statements referenced in such Exhibit, which certificate and financial statements shall be so furnished by the Depositor not later than forty forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. The Property Trustee shall obtain all reports, certificate and information, which it is entitled to obtain under each of the Operative Documents.