On August 20, 2019, RAIT Financial Trust (RAIT) received a notice of default (the notice) relating to its 7.125% Senior Notes due 2019 (the 7.125% Notes) and its 7.625% Senior Notes due 2024 (the 7.625% Notes, and together with the 7.125% Notes, the Notes). The Notice was delivered to RAIT by Wells Fargo Bank, National Association, as trustee (the Trustee), pursuant to that certain Indenture, dated as of December 10, 2013, by and between RAIT and the Trustee (the Indenture), as subsequently modified by that certain Second Supplemental Indenture, dated as of April 14, 2014 (the Second Supplemental Indenture), and that certain Third Supplemental Indenture, dated as of August 14, 2014 (the Third Supplemental Indenture, and together with the Second Supplemental Indenture, the Supplemental Indentures, and the Supplemental Indentures, together with the Indenture, the Indentures). The Notice states that RAIT has defaulted under Section 4.02 of each of the Supplemental Indentures because RAIT failed to timely file with the Trustee the quarterly report for the fiscal quarter ended March 31, 2019 that RAIT is required to file with the Securities and Exchange Commission (SEC) pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, as required under the Indentures (the Default). The Notice demands that RAIT remedy the Default.