Exhibit 10.1


 


EXECUTION
VERSION







 


 


GPMT 2021-FL3, LTD.,

as Issuer,


 


GPMT 2021-FL3 LLC,

as Co-Issuer,


 


GPMT SELLER LLC,

as Advancing Agent,


 


WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee,


 


and


 


WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Note Administrator


 


INDENTURE


 


Dated as of May 14, 2021


 







 






     


     


    

 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	ARTICLE 1
	 	 	 
	DEFINITIONS
	 	 	 
	Section 1.1	Definitions	3
	Section 1.2	Interest Calculation Convention	42
	Section 1.3	Rounding Convention	42
	 	 	 
	ARTICLE 2
	 	 	 
	THE NOTES
	 	 	 
	Section 2.1	Forms Generally	42
	Section 2.2	Forms of Notes and Certificate of Authentication	42
	Section 2.3	Authorized Amount; Stated Maturity Date; and Denominations	43
	Section 2.4	Execution, Authentication, Delivery and Dating	44
	Section 2.5	Registration, Registration of Transfer and Exchange	45
	Section 2.6	Mutilated, Defaced, Destroyed, Lost or Stolen Note	51
	Section 2.7	Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	52
	Section 2.8	Persons Deemed Owners	55
	Section 2.9	Cancellation	55
	Section 2.10	Global Notes; Definitive Notes; Temporary Notes	56
	Section 2.11	U.S. Tax Treatment of Notes and the Issuer	57
	Section 2.12	Authenticating Agents	58
	Section 2.13	Forced Sale on Failure to Comply with Restrictions	58
	Section 2.14	No Gross Up	60
	Section 2.15	Credit Risk Retention	60
	Section 2.16	Benchmark Transition Event	60
	 	 	 
	ARTICLE 3
	 	 	 
	CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS
	 	 	 
	Section 3.1	General Provisions	62
	Section 3.2	Security for Offered Notes	64
	Section 3.3	Transfer of Collateral	66
	Section 3.4	Credit Risk Retention	73
	 	 	 
	ARTICLE 4
	 	 	 
	SATISFACTION AND DISCHARGE
	 	 	 
	Section 4.1	Satisfaction and Discharge of Indenture	73



 






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	Section 4.2	Application of Amounts Held in Trust	74
	Section 4.3	Repayment of Amounts Held by Paying Agent	74
	Section 4.4	Limitation on Obligation to Incur Company Administrative Expenses	75
	 	 	 
	ARTICLE 5
	 	 	 
	REMEDIES
	 	 	 
	Section 5.1	Events of Default	75
	Section 5.2	Acceleration of Maturity; Rescission and Annulment	77
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Trustee	78
	Section 5.4	Remedies	80
	Section 5.5	Preservation of Collateral	82
	Section 5.6	Trustee May Enforce Claims Without Possession of Notes	83
	Section 5.7	Application of Amounts Collected	83
	Section 5.8	Limitation on Suits	83
	Section 5.9	Unconditional Rights of Noteholders to Receive Principal and Interest	84
	Section 5.10	Restoration of Rights and Remedies	84
	Section 5.11	Rights and Remedies Cumulative	84
	Section 5.12	Delay or Omission Not Waiver	84
	Section 5.13	Control by the Controlling Class	85
	Section 5.14	Waiver of Past Defaults	85
	Section 5.15	Undertaking for Costs	86
	Section 5.16	Waiver of Stay or Extension Laws	86
	Section 5.17	Sale of Collateral	86
	Section 5.18	Action on the Notes	87
	 	 	 
	ARTICLE 6
	 	 	 
	THE TRUSTEE AND THE NOTE ADMINISTRATOR
	 	 	 
	Section 6.1	Certain Duties and Responsibilities	87
	Section 6.2	Notice of Default	89
	Section 6.3	Certain Rights of the Trustee and the Note Administrator	90
	Section 6.4	Not Responsible for Recitals or Issuance of Notes	92
	Section 6.5	May Hold Notes	92
	Section 6.6	Amounts Held in Trust	92
	Section 6.7	Compensation and Reimbursement	92
	Section 6.8	Corporate Trustee Required; Eligibility	94
	Section 6.9	Resignation and Removal; Appointment of Successor	94
	Section 6.10	Acceptance of Appointment by Successor	96
	Section 6.11	Merger, Conversion, Consolidation or Succession to Business of the Trustee and the Note Administrator	96
	Section 6.12	Co-Trustees and Separate Trustee	97
	Section 6.13	Direction to Enter into the Servicing Agreement	98
	Section 6.14	Representations and Warranties of the Trustee	98
	Section 6.15	Representations and Warranties of the Note Administrator	99
	Section 6.16	Requests for Consents	99
	Section 6.17	Withholding	99



 






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	ARTICLE 7
	 	 	 
	COVENANTS
	 	 	 
	Section 7.1	Payment of Principal and Interest	100
	Section 7.2	Maintenance of Office or Agency	100
	Section 7.3	Amounts for Note Payments to be Held in Trust	101
	Section 7.4	Existence of the Issuer and the Co-Issuer	103
	Section 7.5	Protection of Collateral	105
	Section 7.6	Notice of Any Amendments	106
	Section 7.7	Performance of Obligations	106
	Section 7.8	Negative Covenants	107
	Section 7.9	Statement as to Compliance.	109
	Section 7.10	Issuer and Co-Issuer May Consolidate or Merge Only on Certain Terms	109
	Section 7.11	Successor Substituted	112
	Section 7.12	No Other Business	112
	Section 7.13	Reporting	112
	Section 7.14	Calculation Agent	113
	Section 7.15	REIT Status	113
	Section 7.16	Permitted Subsidiaries	114
	Section 7.17	Repurchase Requests	115
	Section 7.18	Servicing of Commercial Real Estate Loans and Control of Servicing Decisions	116
	Section 7.19	Designated Transaction Representative	116
	 	 	 
	ARTICLE 8
	 	 	 
	SUPPLEMENTAL INDENTURES
	 	 	 
	Section 8.1	Supplemental Indentures Without Consent of Securityholders	119
	Section 8.2	Supplemental Indentures with Consent of Securityholders	122
	Section 8.3	Execution of Supplemental Indentures	124
	Section 8.4	Effect of Supplemental Indentures	125
	Section 8.5	Reference in Notes to Supplemental Indentures	125
	 	 	 
	ARTICLE 9
	 	 	 
	REDEMPTION OF SECURITIES; REDEMPTION PROCEDURES
	 	 	 
	Section 9.1	Clean-up Call; Tax Redemption; Optional Redemption; and Auction Call Redemption	125
	Section 9.2	Notice of Redemption	127
	Section 9.3	Notice of Redemption or Maturity by the Issuer	127
	Section 9.4	Notes Payable on Redemption Date	128
	Section 9.5	Mandatory Redemption	128



 






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	ARTICLE 10
	 	 	 
	ACCOUNTS, ACCOUNTINGS AND RELEASES
	 	 	 
	Section 10.1	Collection of Amounts; Custodial Account	129
	Section 10.2	[Reserved]	129
	Section 10.3	Payment Account	129
	Section 10.4	Permitted Companion Participation Acquisition Account	129
	Section 10.5	[Reserved]	130
	Section 10.6	[Reserved]	130
	Section 10.7	Interest Advances	130
	Section 10.8	Reports by Parties	133
	Section 10.9	Reports; Accountings	133
	Section 10.10	Release of Collateral Interests; Release of Collateral	136
	Section 10.11	[Reserved]	137
	Section 10.12	Information Available Electronically	137
	Section 10.13	Investor Q&A Forum; Investor Registry	140
	Section 10.14	Certain Procedures	142
	 	 	 
	ARTICLE 11
	 	 	 
	APPLICATION OF FUNDS
	 	 	 
	Section 11.1	Disbursements of Amounts from Payment Account	143
	Section 11.2	Securities Accounts	148
	 	 	 
	ARTICLE 12
	 	 	 
	SALE OR DISPOSITION OF COLLATERAL INTERESTS; ACQUISITION OF RELATED FUNDED COMPANION PARTICIPATIONS; FUTURE FUNDING ESTIMATES
	 	 	 
	Section 12.1	Sales of Collateral Interests	148
	Section 12.2	Acquisition of Related Funded Companion Participations	150
	Section 12.3	Ongoing Future Advance Estimates	151
	 	 	 
	ARTICLE 13
	 	 	 
	NOTEHOLDERS’ RELATIONS
	 	 	 
	Section 13.1	Subordination	152
	Section 13.2	Standard of Conduct	154
	 	 	 
	ARTICLE 14
	 	 	 
	MISCELLANEOUS
	 	 	 
	Section 14.1	Form of Documents Delivered to the Trustee and the Note Administrator	155
	Section 14.2	Acts of Securityholders	155
	Section 14.3	Notices, etc	156



 






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	Section 14.4	Notices to Noteholders; Waiver	159
	Section 14.5	Effect of Headings and Table of Contents	160
	Section 14.6	Successors and Assigns	160
	Section 14.7	Severability	160
	Section 14.8	Benefits of Indenture	160
	Section 14.9	Governing Law; Waiver of Jury Trial	160
	Section 14.10	Submission to Jurisdiction	160
	Section 14.11	Counterparts	161
	Section 14.12	Liability of Co-Issuers	161
	Section 14.13	17g-5 Information	161
	Section 14.14	Rating Agency Condition	163
	Section 14.15	Patriot Act Compliance	164
	 	 	 
	ARTICLE 15
	 	 	 
	ASSIGNMENT OF THE COLLATERAL INTEREST PURCHASE AGREEMENT
	 	 	 
	Section 15.1	Assignment of Collateral Interest Purchase Agreement	164
	 	 	 
	ARTICLE 16
	 	 	 
	ADVANCING AGENT
	 	 	 
	Section 16.1	Liability of the Advancing Agent	165
	Section 16.2	Merger or Consolidation of the Advancing Agent	165
	Section 16.3	Limitation on Liability of the Advancing Agent and Others	166
	Section 16.4	Representations and Warranties of the Advancing Agent	166
	Section 16.5	Resignation and Removal; Appointment of Successor	167
	Section 16.6	Acceptance of Appointment by Successor Advancing Agent	168
	Section 16.7	Removal and Replacement of Advancing Agent	168


 


	 	SCHEDULES	 
	 	 	 
	 	Schedule A	Schedule of Collateral Interests
	 	Schedule B	Benchmark
	 	 	 
	 	EXHIBITS	 
	 	 	 
	 	Exhibit A	Form of Offered Notes
	 	Exhibit B	Form of Class F Notes and Class G Notes
	 	Exhibit C-1	Form of Transfer Certificate – Regulation S Global Note
	 	Exhibit C-2	Form of Transfer Certificate – Rule 144A Global Note
	 	Exhibit C-3	Form of Transfer Certificate – Definitive Note
	 	Exhibit D	Form of Custodian Post-Closing Certification
	 	Exhibit E	Form of Request for Release
	 	Exhibit F	Form of NRSRO Certification
	 	Exhibit G	Form of Note Administrator’s Monthly Report
	 	Exhibit H-1	Form of Investor Certification (for Non-Borrower Affiliates)
	 	Exhibit H-2	Form of Investor Certification (for Borrower Affiliates)



 






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	 	Exhibit I	Form of Online Market Data Provider Certification
	 	Exhibit J	[Reserved]
	 	Exhibit K	Form of Acquisition of Related Funded Companion Participation Officer’s Certificate


 






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INDENTURE, dated as of May 14,
2021, by and among GPMT 2021-FL3, LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands
(the “Issuer”), GPMT 2021-FL3 LLC, a limited liability company formed under the laws of Delaware (the “Co-Issuer”),
GPMT SELLER LLC, a limited liability company formed under the laws of Delaware, as advancing agent (herein, together with its permitted
successors and assigns in the trusts hereunder, the “Advancing Agent”), WILMINGTON TRUST, NATIONAL ASSOCIATION, a national
banking association, as trustee (together with its permitted successors and assigns in the trusts hereunder, the “Trustee”),
and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as note administrator, paying agent, calculation agent, transfer
agent, authenticating agent, custodian, backup advancing agent and note registrar (in all of the foregoing capacities, together with its
permitted successors and assigns, the “Note Administrator”) and designated transaction representative (in such capacity,
together with its permitted successors and assigns, the “Designated Transaction Representative”).


 


PRELIMINARY STATEMENT


 


Each of the Issuer and the Co-Issuer
is duly authorized to execute and deliver this Indenture to provide for the Notes issuable as provided in this Indenture. All covenants
and agreements made by the Issuer and the Co-Issuer herein are for the benefit and security of the Secured Parties. The Issuer, the Co-Issuer,
the Note Administrator, in all of its capacities hereunder, the Trustee and the Advancing Agent are entering into this Indenture, and
the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged.


 


All things necessary to make
this Indenture a valid agreement of the Issuer and the Co-Issuer in accordance with this Indenture’s terms have been done.


 


GRANTING CLAUSES


 


The Issuer hereby Grants to
the Trustee, for the benefit and security of the Secured Parties, all of its right, title and interest in, to and under, in each case,
whether now owned or existing, or hereafter acquired or arising out of (in each case, to the extent of the Issuer’s interest therein
and specifically excluding any interest of the related Companion Participation Holder therein and excluding any interest in the Excepted
Property):


 


(a)       (i) the
Collateral Interests listed on Schedule A hereto which the Issuer purchases on the Closing Date and causes to be delivered to the
Trustee (or to the Custodian hereunder) herewith, including all payments thereon or with respect thereto and (ii) any Related Funded
Companion Participation acquired by the Issuer after the Closing Date pursuant to the terms hereof and all payments thereon or with respect
thereto, in each case, other than Retained Interest, if any, under, and as defined in, the Collateral Interest Purchase Agreement,


 


(b)       the
Servicing Accounts, the Indenture Accounts and the related Security Entitlements and all income from the investment of funds in any of
the foregoing at any time credited to any of the foregoing accounts,


 


(c)       the
Eligible Investments,


 


(d)       the
rights of the Issuer under the Collateral Interest Purchase Agreement, the Servicing Agreement, the Registered Office Agreement, the
AML Services Agreement and the Company Administration Agreement,


 






    


     


    

 



 


(e)            all
amounts delivered to the Note Administrator (or its bailee) (directly or through a securities intermediary),


 


(f)            all
other investment property, instruments and general intangibles in which the Issuer has an interest, other than the Excepted Property,


 


(g)            the
Issuer’s ownership interest in, and rights to, all Permitted Subsidiaries, and


 


(h)            all
proceeds with respect to the foregoing clauses (a) through (g).


 


The collateral described in
the foregoing clauses (a) through (h), with the exception of the Excepted Property, is referred to herein as the “Collateral.”
Such Grants are made to secure the Offered Notes equally and ratably without prejudice, priority or distinction between any Offered Note
and any other Offered Note for any reason, except as expressly provided in this Indenture (including, but not limited to, the Priority
of Payments) and to secure (i) the payment of all amounts due on and in respect of the Offered Notes in accordance with their terms,
(ii) the payment of all other sums payable under this Indenture and (iii) compliance with the provisions of this Indenture,
all as provided in this Indenture. The foregoing Grant shall, for the purpose of determining the property subject to the lien of this
Indenture, be deemed to include any securities and any investments granted by or on behalf of the Issuer to the Trustee for the benefit
of the Secured Parties, whether or not such securities or such investments satisfy the criteria set forth in the definitions of “Collateral
Interest” or “Eligible Investment,” as the case may be.


 


Except to the extent otherwise
provided in this Indenture, this Indenture shall constitute a security agreement under the laws of the State of New York applicable to
agreements made and to be performed therein, for the benefit of the Noteholders. Upon the occurrence and during the continuation of any
Event of Default hereunder, and in addition to any other rights available under this Indenture or any other Collateral held for the benefit
and security of the Noteholders or otherwise available at law or in equity but subject to the terms hereof, the Trustee shall have all
rights and remedies of a secured party under the laws of the State of New York and other applicable law to enforce the assignments and
security interests contained herein and, in addition, shall have the right, subject to compliance with any mandatory requirements of applicable
law and the terms of this Indenture, to exercise, sell or apply any rights and other interests assigned or pledged hereby in accordance
with the terms hereof at public and private sale.


 


The Trustee acknowledges such
Grants, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties herein in accordance with,
and subject to, the terms hereof, in order that the interests of the Secured Parties may be adequately and effectively protected in accordance
with this Indenture.


 


Notwithstanding anything in
this Indenture to the contrary, for all purposes hereunder, no Holder of the Class F Notes and/or the Class G Notes shall be
a secured party for purposes of the Grant by virtue of holding such Notes.


 


CREDIT RISK RETENTION


 


On
the Closing Date, pursuant to the U.S. Risk Retention Agreement and the EU/UK Risk Retention Agreement, the Retention Holder will
retain 100% of the Preferred Shares. The Preferred Shares are referred to in this Indenture as the EHRI. The fair value of the EHRI is
$60,296,876.


 


As of the Closing Date, the
aggregate outstanding Principal Balance of the Collateral Interests equals approximately $823,743,894.


 






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ARTICLE 1


 


DEFINITIONS


 


Section 1.1     Definitions


 


Except as otherwise specified
herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this
Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and to the masculine,
feminine and neuter genders of such terms. The word “including” and its variations shall mean “including without limitation.”
Whenever any reference is made to an amount the determination of which is governed by Section 1.2 hereof, the provisions of
Section 1.2 shall be applicable to such determination or calculation, whether or not reference is specifically made to Section 1.2,
unless some other method of calculation or determination is expressly specified in the particular provision. All references in this Indenture
to designated “Articles,” “Sections,” “Subsections” and other subdivisions are to the designated Articles,
Sections, Subsections and other subdivisions of this Indenture as originally executed. The words “herein,” “hereof,”
 “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section,
Subsection or other subdivision.


 


“17g-5 Information”:
The meaning specified in Section 14.3(a) hereof.


 


“17g-5 Information
Provider”: The meaning specified in Section 14.13(a) hereof.


 


“17g-5 Website”:
A password-protected internet website maintained by the 17g-5 Information Provider, which shall initially be located at www.ctslink.com,
under the “NRSRO” tab for this transaction. Any change of the 17g-5 Website shall only occur after notice has been delivered
by the 17g-5 Information Provider to the Issuer, the Note Administrator, the Trustee, the Servicer, the Special Servicer, the Operating
Advisor, the Placement Agents and the Rating Agencies, which notice shall set forth the date of change and new location of the 17g-5 Website.


 


“1940 Act”:
The Investment Company Act of 1940, as amended.


 


“Access Termination
Notice”: The meaning specified in the Future Funding Agreement.


 


“Account”:
Any of the Servicing Accounts, the Indenture Accounts and the Preferred Share Distribution Account.


 


“Accountants’
Report”: A report of a firm of Independent certified public accountants of recognized national reputation.


 


“Acquisition and Disposition
Requirements”: With respect to any acquisition (whether by purchase, exchange or substitution) or disposition of a Collateral
Interest, satisfaction of each of the following conditions: (i) such Collateral Interest is being acquired or disposed of in accordance
with the terms and conditions set forth in this Indenture; (ii) the acquisition or disposition of such Collateral Interest does not
result in a reduction or withdrawal of the then-current rating issued by Moody’s or DBRS Morningstar on any Class of Notes
then Outstanding; and (iii) such Collateral Interest is not being acquired or disposed of for the primary purpose of recognizing
gains or decreasing losses resulting from market value changes.


 


“Acquisition Criteria”:
With respect to any acquisition of a Related Funded Companion Participation:


 






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(i)            the
Mortgage Loan or Combined Loan is not a Defaulted Loan or a Specially Serviced Loan;


 


(ii)           upon
acquisition, the Related Funded Companion Participation will not be an Impaired Collateral Interest;


 


(iii)          no
Event of Default has occurred and is continuing;


 


(iv)          after
the acquisition of such Related Funded Companion Participation, the Issuer will not be responsible for funding any Future Funding Amount;


 


(v)           the
requirements set forth in Section 12.2(b) regarding the representations and warranties with respect to such Related Funded
Companion Participation and the related Mortgaged Property have been met (subject to such exceptions as are reasonably acceptable to the
Special Servicer);


 


(vi)          no
Control Termination Event has occurred and is continuing;


 


(vii)         the
Note Protection Tests are satisfied as of the most recent Measurement Date;


 


(viii)        the
acquisition of such Related Funded Companion Participation will be at a price no greater than the outstanding principal balance of such
Related Funded Companion Participation;


 


(ix)           if
the Companion Participation had an outstanding principal balance as of the Cut-off Date as set forth on Schedule A, no such portion
of such outstanding balance of such Companion Participation may be acquired by the Issuer, and only the portion of the Related Funded
Companion Participation representing Future Funding Amounts that are funded after the Cut-off Date may be acquired by the Issuer; and


 


(x)           satisfaction
of the Acquisition and Disposition Requirements with respect to the acquisition.


 


“Act” or
 “Act of Securityholders”: The meaning specified in Section 14.2 hereof.


 


“Advance Rate”:
The meaning specified in the Servicing Agreement.


 


“Advancing Agent”:
GPMT Seller LLC, a Delaware limited liability company, solely in its capacity as advancing agent hereunder, unless a successor Person
shall have become the Advancing Agent pursuant to the applicable provisions of this Indenture, and thereafter “Advancing Agent”
shall mean such successor Person.


 


“Advancing Agent Fee”:
The fee payable monthly in arrears on each Payment Date to the Advancing Agent in accordance with the Priority of Payments, equal to 0.02%
per annum on the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes and the Class B Notes on
such Payment Date prior to giving effect to distributions with respect to such Payment Date; which fee is hereby waived by the Advancing
Agent for so long as (i) Seller (or any of its Affiliates) is the Advancing Agent and (ii) the Retention Holder (or any of its
Affiliates) owns the Preferred Shares. Such fee shall accrue on the basis of the actual number of days during the related Interest Accrual
Period divided by 360.


 


“Affiliate”
or “Affiliated”: With respect to a Person, (i) any other Person who, directly or indirectly, is in control of,
or controlled by, or is under common control with, such Person or (ii) any other Person who is a director, Officer or employee (a) of
such Person, (b) of any subsidiary or parent company


 






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of such Person or (c) of any Person described in clause (i) above.
For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote more than 50% of the
securities having ordinary voting power for the election of directors of such Person, or (ii) to direct or cause the direction of
the management and policies of such Person whether by contract or otherwise; provided that neither the Company Administrator nor
any other company, corporation or Person to which the Company Administrator provides directors and/or administrative services and/or acts
as share trustee shall be an Affiliate of the Issuer or Co-Issuer; provided, further, that none of GPMT, Sub-REIT, the Seller,
the Retention Holder or any of their subsidiaries shall be deemed to be Affiliates of the Issuer. The Note Administrator, the Servicer,
the Special Servicer and the Trustee may rely on certifications of any Holder or party hereto regarding such Person’s affiliations.


 


“Affiliated Future
Funding Companion Participation Holder”: Any Companion Participation Holder that is the Seller or any Affiliate of the Seller.


 


“Agent Members”:
Members of, or participants in, the Depository, Clearstream, Luxembourg or Euroclear.


 


“Aggregate Outstanding
Amount”: With respect to any Class or Classes of the Notes as of any date of determination, the aggregate principal balance
of such Class or Classes of Notes Outstanding as of such date of determination. The Aggregate Outstanding Amount of the Class C
Notes, the Class D Notes, the Class E Notes, the Class F Notes and the Class G Notes will be increased by the amount
of any Deferred Interest on such Classes.


 


“Aggregate Outstanding
Portfolio Balance”: On any Measurement Date, the sum (without duplication) of: (a) the aggregate Principal Balance of the
Collateral Interests; and (b) the aggregate Principal Balance of all Principal Proceeds held as cash and Eligible Investments and
all cash and Eligible Investments held in the Permitted Companion Participation Acquisition Account.


 


“Aggregate Principal
Balance”: When used with respect to any Commercial Real Estate Loan, Collateral Interest, Eligible Investment or Principal Proceeds
as of any date of determination, the sum of the Principal Balances on such date of determination of all such Commercial Real Estate Loans,
Collateral Interests, Eligible Investments or Principal Proceeds.


 


“AML Compliance”:
Compliance with the Cayman AML Regulations.


 


“AML
Services Agreement”: The agreement between the Issuer and the AML Services Provider (as amended from time to time) for
the provision of services to the Issuer to enable the Issuer to achieve AML Compliance.


 


“AML Services Provider”:
Maples Compliance Services (Cayman) Limited, unless a successor Person shall have become the AML services provider pursuant to the applicable
provisions of the AML Services Agreement, and thereafter “AML Services Provider” shall mean such successor Person.


 


“Appraisal Reduction
Amount”: The meaning specified in the Servicing Agreement.


 


“Appraisal
Reduction Event”: The meaning specified in the Servicing Agreement.


 


“Article 15 Agreement”:
The meaning specified in Section 15.1(a) hereof.


 


“Asset Replacement
Percentage”: On any date of calculation, a fraction (expressed as a percentage) where (i) the numerator is the Aggregate
Principal Balance of the Collateral Interests as to


 






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which payments are calculated with reference to a benchmark other than the then-current
benchmark and (ii) the denominator is Aggregate Principal Balance of all the Collateral Interests.


 


“Auction Call Redemption”:
The meaning specified in Section 9.1(d) hereof.


 


“Authenticating Agent”:
With respect to the Notes or a Class of Notes, the Person designated by the Note Administrator to authenticate such Notes on behalf
of the Note Administrator pursuant to Section 2.12 hereof.


 


“Authorized Officer”:
With respect to the Issuer or Co-Issuer, any Officer (or attorney-in-fact appointed by the Issuer or the Co-Issuer) who is authorized
to act for the Issuer or Co-Issuer in matters relating to, and binding upon, the Issuer or Co-Issuer. With respect to the Servicer or
the Special Servicer, a “Responsible Officer” of the Servicer or the Special Servicer, as applicable, as set forth in the
Servicing Agreement. With respect to the Note Administrator or the Trustee or any other bank or trust company acting as trustee of an
express trust, a Trust Officer. Each party may receive and accept a certification of the authority of any other party as conclusive evidence
of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other
party of written notice to the contrary.


 


“Backup Advancing Agent”:
The Note Administrator, solely in its capacity as Backup Advancing Agent hereunder, or any successor
Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having a long-term senior
unsecured debt rating at least equal to (i) “A2” by Moody’s and (ii) “A” by DBRS Morningstar or,
if not rated by DBRS Morningstar, an equivalent by two other NRSROs, one of which may be Moody’s, and a short-term senior unsecured
debt rating from Moody’s at least equal to “P-1.”


 


“Bankruptcy Code”:
The federal Bankruptcy Code, Title 11 of the United States Code, Part V of the Companies Act (As Revised) of the Cayman Islands,
the Bankruptcy Act (As Revised) of the Cayman Islands, the Companies Winding Up Rules (As Revised) of the Cayman Islands and the
Foreign Bankruptcy Proceedings (International Cooperation) Rules (As Revised) of the Cayman Islands, each as amended from time to
time.


 


“Benchmark”:
Initially, LIBOR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect
to LIBOR or the then-current Benchmark, then “Benchmark” shall mean the applicable Benchmark Replacement selected by the Designated
Transaction Representative.


 


“Benchmark Determination
Date”: With respect to any Interest Accrual Period, (i) if the Benchmark is LIBOR, the second London Banking Day preceding
the first day of such Interest Accrual Period and (ii) if the Benchmark is not LIBOR, the time determined by the Designated Transaction
Representative in the Benchmark Replacement Conforming Changes.


 


“Benchmark
Replacement”: The first alternative set forth in the order below that can be determined by the Designated Transaction
Representative as of the Benchmark Replacement Date (i) the sum of (a) Term SOFR and (b) the Benchmark Replacement Adjustment,
(ii) the sum of (a) Compounded SOFR and (b) the applicable Benchmark Replacement Adjustment, (iii) the sum of (a) the
alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment, (iv) the sum of (a) the
ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment, and (v) the sum of (a) the alternate rate of interest
that has been selected by the Designated Transaction Representative as the replacement for the then-current Benchmark for the applicable
Corresponding Tenor


 






    -6-


     


    

 


 giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark
for U.S. dollar denominated securitizations at such time and (b) the Benchmark Replacement Adjustment. Notwithstanding the foregoing,
in no event may the Benchmark Replacement be less than zero.


 


“Benchmark Replacement
Adjustment”: With respect to any Benchmark Replacement, the first alternative set forth in the order below that the Designated
Transaction Representative determines is able to be implemented with respect to such Benchmark Replacement as of the related Benchmark
Replacement Date (i) the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive
or negative value or zero), that has been endorsed, selected or recommended by the Relevant Governmental Body for the applicable Unadjusted
Benchmark Replacement, (ii) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the
ISDA Fallback Adjustment and (iii) the spread adjustment (which may be a positive or negative value or zero) that has been selected
by the Designated Transaction Representative giving due consideration to any industry-accepted spread adjustment, or method for calculating
or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement
for U.S. dollar denominated securitization transactions at such time.


 


“Benchmark
Replacement Conforming Changes”: With respect to any Benchmark or Benchmark Replacement, any technical, administrative
or operational changes (including, but not limited to, changes to the definition of “Interest Accrual Period,” setting an
applicable Benchmark Determination Date and Reference Time, the timing and frequency of determining rates and making payments of interest,
the method for determining the Benchmark Replacement and other administrative matters and which may, for the avoidance of doubt, have
a material economic impact on the Notes) that the Designated Transaction Representative decides may be appropriate to reflect the adoption
of such Benchmark or Benchmark Replacement, as applicable, in a manner substantially consistent with market practice (or, if the Designated
Transaction Representative decides that adoption of any portion of such market practice is not administratively feasible or if the Designated
Transaction Representative determines that no market practice for use of the Benchmark or Benchmark Replacement, as applicable, exists,
in such other manner as the Designated Transaction Representative determines is reasonably necessary).


 


“Benchmark Replacement
Date”:


 


(i)            for
purposes of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the earlier of (1) the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of the relevant Benchmark permanently or indefinitely ceases to provide such Benchmark and (2) the date selected by the Designated
Transaction Representative, in its sole discretion, to be an appropriate Benchmark Replacement Date based on market practice;


 


(ii)           for
purposes of clause (iii) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information; or


 


(iii)          for
purposes of clause (iv) of the definition of “Benchmark Transition Event,” the 30th Business Day following the date of
such servicer report;


 


provided,
however, that, other than in the case of clause (i)(2) above, on or after the 60th day preceding the date on which such Benchmark
Replacement Date would otherwise occur (if applicable), the Designated Transaction Representative may give written notice to the Issuer,
the Co-Issuer, the Advancing Agent, the Servicer, the Sub-Servicer, the Special Servicer, the Note Administrator, the Trustee and the
Calculation Agent (if different from the Note Administrator) in which the Designated Transaction Representative designates an earlier
date (but not earlier than the 30th day following such notice) and


 






    -7-


     


    

 


represents that such earlier date will facilitate an orderly transition
of the transaction to the Benchmark Replacement, in which case such earlier date will be the Benchmark Replacement Date.


 


On March 8, 2021, the ARRC
announced that based on the FCA Announcement of March 5, 2021, the Benchmark Replacement Date for one-month LIBOR is expected to
be on or immediately after June 30, 2023 (although if other Benchmark Transition Events occur the Benchmark Replacement Date could
be earlier).


 


“Benchmark Transition
Event”: The occurrence of one or more of the following events with respect to the then-current Benchmark:


 


(i)            a
public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that the administrator
has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark;


 


(ii)           a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for
the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority
with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over
the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide the Benchmark;


 


(iii)          a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the
Benchmark is no longer representative; or


 


(iv)          the
Asset Replacement Percentage is greater than 50%, as calculated by the Designated Transaction Representative based on the Aggregate Principal
Balance of each applicable Commercial Real Estate Loan, as reported in the most recent monthly report of the Servicer.


 


On March 8, 2021, the ARRC
announced that the FCA Announcement of March 5, 2021, amounted to a Benchmark Transition Event.


 


“Board of Directors”:
With respect to the Issuer, the directors of the Issuer duly appointed in accordance with the Governing Documents of the Issuer and, with
respect to the Co-Issuer, the LLC Managers duly appointed by the sole member of the Co-Issuer or otherwise.


 


“Board Resolution”:
With respect to the Issuer, a resolution of the Board of Directors of the Issuer and, with respect to the Co-Issuer, a resolution or unanimous
written consent of the LLC Managers or the sole member of the Co-Issuer.


 


“Business Day”:
Any day other than (i) a Saturday or Sunday or (ii) a day on which commercial banks are authorized or required by applicable
law, regulation or executive order to close in New York, New York, in the States of North Carolina or Georgia, or the location of the
Corporate Trust Office of the Note Administrator or the Trustee, or (iii) days when the New York Stock Exchange or the Federal Reserve
Bank of New York are closed.


 


“Calculation Agent”:
The meaning specified in Section 7.14(a) hereof.


 






    -8-


     


    

 


“Calculation Amount”:
With respect to (i) any Modified Collateral Interest, the Principal Balance of such Collateral Interest, minus any Appraisal
Reduction Amount allocated to such Collateral Interest; provided, that, if an Appraisal Reduction Amount based on an Updated Appraisal
(or, when permitted by the terms of the Servicing Agreement, an existing appraisal that is less than 12 months old) is not determined
with respect to such Modified Collateral Interest within 60 days after it becomes a Modified Collateral Interest, the Calculation Amount
with respect to such Modified Collateral Interest will be determined in accordance with clause (ii) below until an Appraisal Reduction
Amount based on an Updated Appraisal (or, when permitted by the terms of the Servicing Agreement, an existing appraisal that is less than
12 months old) is determined; and (ii) any Collateral Interest that is a Defaulted Collateral Interest, the lowest of (a) the
Moody’s Recovery Rate of such Collateral Interest multiplied by the Principal Balance of such Collateral Interest, (b) the
market value of such Defaulted Collateral Interest, as determined by the Special Servicer based upon, among other things, a recent appraisal
and information from one or more third party commercial real estate brokers and such other information as the Special Servicer deems appropriate,
and (c) the Principal Balance of such Collateral Interest, minus any Appraisal Reduction Amount allocated to such Collateral
Interest.


 


With respect to any Participated
Loan, any Calculation Amount shall be deemed allocated on a pro rata and pari passu basis among the related Participations
(based on the outstanding Principal Balance thereof).


 


“Cash”: Such
coin or currency of the United States of America as at the time shall be legal tender for payment of all public and private debts.


 


“Cayman
AML Regulations”: The Anti-Money Laundering Regulations (As Revised) and The Guidance Notes on the Prevention and Detection
of Money Laundering, Terrorist Financing and Proliferation Financing in the Cayman Islands, each as amended and revised from time to time.


 


“Cayman
FATCA Legislation”: The Cayman Islands Tax Information Authority Act (As Revised), together with related legislation, regulations,
rules and guidance notes made pursuant to such act (including the CRS).


 


“Certificate of Authentication”:
The meaning specified in Section 2.1 hereof.


 


“Certificated Security”:
A “certificated security” as defined in Section 8-102(a)(4) of the UCC.


 


“Class”:
The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E
Notes, the Class F Notes or the Class G Notes, as applicable.


 


“Class A Defaulted
Interest Amount”: With respect to the Class A Notes as of each Payment Date, the accrued and unpaid amount due to Holders
of the Class A Notes on account of any shortfalls in the payment of the Class A Interest Distribution Amount with respect to
any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful), at the applicable Note Interest
Rate.


 


“Class A Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class A Notes on account of interest equal
to the product of (i) the Aggregate Outstanding Amount of the Class A Notes on the first day of the related Interest Accrual
Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the Class A Rate.


 






    -9-


     


    

 


“Class A Notes”:
The Class A Senior Secured Floating Rate Notes, Due 2035, issued by the Issuer and the Co-Issuer pursuant to this Indenture.


 


“Class A Rate”:
With respect to any Class A Note, the per annum rate at which interest accrues on such Note for any Interest Accrual Period,
which shall be (a) the Benchmark (determined as described herein) plus (b)(i) with respect to each Payment Date (and
related Interest Accrual Period) prior to the Payment Date in February 2025, 1.25% and (ii) with respect to each Payment Date
(and related Interest Accrual Period) on and after the Payment Date in February 2025, 1.50%.


 


“Class A-S Defaulted
Interest Amount”: With respect to the Class A-S Notes as of each Payment Date, the accrued and unpaid amount due to Holders
of the Class A-S Notes on account of any shortfalls in the payment of the Class A-S Interest Distribution Amount with respect
to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful), at the applicable Note
Interest Rate.


 


“Class A-S Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class A-S Notes on account of interest equal
to the product of (i) the Aggregate Outstanding Amount of the Class A-S Notes on the first day of the related Interest Accrual
Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the Class A-S Rate.


 


“Class A-S Notes”:
The Class A-S Second Priority Secured Floating Rate Notes, Due 2035, issued by the Issuer and the Co-Issuer pursuant to this Indenture.


 


“Class A-S
Rate”: With respect to any Class A-S Note, the per annum rate at which interest accrues on such Note for any Interest
Accrual Period, which shall be a) the Benchmark (determined as described herein) plus (b)(i) with respect to each Payment
Date (and related Interest Accrual Period) prior to the Payment Date in February 2025, 1.60% and (ii) with respect to each Payment
Date (and related Interest Accrual Period) on and after the Payment Date in February 2025, 1.85%.


 


“Class B Defaulted
Interest Amount”: With respect to the Class B Notes as of each Payment Date, the accrued and unpaid amount due to Holders
of the Class B Notes on account of any shortfalls in the payment of the Class B Interest Distribution Amount with respect to
any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful), at the applicable Note Interest
Rate.


 


“Class B Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class B Notes on account of interest equal
to the product of (i) the Aggregate Outstanding Amount of the Class B Notes on the first day of the related Interest Accrual
Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the Class B Rate.


 


“Class B Notes”:
The Class B Third Priority Secured Floating Rate Notes Due 2035, issued by the Issuer and the Co-Issuer pursuant to this Indenture.


 


“Class B
Rate”: With respect to any Class B Note, the per annum rate at which interest accrues on such Note for any Interest
Accrual Period, which shall be (a) the Benchmark (determined as described herein) plus (b)(i) with respect to each Payment
Date (and related Interest Accrual Period) prior to the Payment Date in February 2025, 1.95% and (ii) with respect to each Payment
Date (and related Interest Accrual Period) on and after the Payment Date in February 2025 2.45%.


 


“Class C Defaulted
Interest Amount”: If no Class A Notes, Class A-S Notes or Class B Notes are outstanding, with respect to the
Class C Notes as of each Payment Date, the accrued and unpaid


 






    -10-


     


    

 


amount due to Holders of the Class C Notes on account of any shortfalls
in the payment of the Class C Interest Distribution Amount with respect to any preceding Payment Date or Payment Dates, together
with interest accrued thereon (to the extent lawful), at the applicable Note Interest Rate.


 


“Class C Deferred
Interest Amount”: So long as any Class A Notes, Class A-S Notes or Class B Notes are Outstanding, any interest
due on the Class C Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date.


 


“Class C Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class C Notes on account of interest (including
Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class C Notes on the first day of the
related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the
Class C Rate.


 


“Class C Notes”:
The Class C Fourth Priority Secured Floating Rate Notes Due 2035, issued by the Issuer and the Co-Issuer pursuant to this Indenture.


 


“Class C
Rate”: With respect to any Class C Note, the per annum rate at which interest accrues on such Note for any Interest
Accrual Period, which shall be (a) the Benchmark (determined as described herein) plus (b)(i) with respect to each Payment
Date (and related Interest Accrual Period) prior to the Payment Date in February 2025, 2.40% and (ii) with respect to each Payment
Date (and related Interest Accrual Period) on and after the Payment Date in February 2025, 2.90%.


 


“Class D Defaulted
Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes or Class C Notes are outstanding,
with respect to the Class D Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class D Notes
on account of any shortfalls in the payment of the Class D Interest Distribution Amount with respect to any preceding Payment Date
or Payment Dates, together with interest accrued thereon (to the extent lawful), at the applicable Note Interest Rate.


 


“Class D Deferred
Interest Amount”: So long as any Class A Notes, Class A-S Notes, Class B Notes or Class C Notes are Outstanding,
any interest due on the Class D Notes that is not paid as a result of the operation of the Priority of Payments on any Payment Date.


 


“Class D Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class D Notes on account of interest (including
Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class D Notes on the first day of the
related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the
Class D Rate.


 


“Class D Notes”:
The Class D Fifth Priority Secured Floating Rate Notes Due 2035, issued by the Issuer and the Co-Issuer pursuant to this Indenture.


 


“Class D
Rate”: With respect to any Class D Note, the per annum rate at which interest accrues on such Note for any Interest
Accrual Period, which shall be (a) the Benchmark (determined as described herein) plus (b)(i) with respect to each Payment
Date (and related Interest Accrual Period) prior to the Payment Date in February 2025, 3.15% and (ii) with respect to each Payment
Date (and related Interest Accrual Period) on and after the Payment Date in February 2025 3.65%.


 


“Class E Defaulted
Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes or Class D Notes
are outstanding, with respect to the Class E Notes as of each Payment Date, the accrued and unpaid amount due to Holders of the Class E
Notes on account of any shortfalls in the payment of the Class E Interest Distribution Amount with respect to any preceding Payment
Date or


 






    -11-


     


    

 


Payment Dates, together with interest accrued thereon (to the extent lawful), at the applicable Note Interest Rate.


 


“Class E Deferred
Interest Amount”: So long as any Class A Notes, Class A-S Notes, Class B Notes, Class C Notes or Class D
Notes are Outstanding, any interest due on the Class E Notes that is not paid as a result of the operation of the Priority of Payments
on any Payment Date.


 


“Class E Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class E Notes on account of interest (including
Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class E Notes on the first day of the
related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the
Class E Rate.


 


“Class E Notes”:
The Class E Sixth Priority Secured Floating Rate Notes Due 2035, issued by the Issuer pursuant to this Indenture.


 


“Class E
Rate”: With respect to any Class E Note, the per annum rate at which interest accrues on such Note for any Interest
Accrual Period, which shall be (a) the Benchmark (determined as described herein) plus (b)(i) with respect to each Payment
Date (and related Interest Accrual Period) prior to the Payment Date in February 2025, 3.90% and (ii) with respect to each Payment
Date (and related Interest Accrual Period) on and after the Payment Date in February 2025, 4.40%.


 


“Class F Defaulted
Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes
or Class E Notes are outstanding, with respect to the Class F Notes as of each Payment Date, the accrued and unpaid amount due
to Holders of the Class F Notes on account of any shortfalls in the payment of the Class F Interest Distribution Amount with
respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful), at the applicable
Note Interest Rate.


 


“Class F Deferred
Interest Amount”: So long as any Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D
Notes or Class E Notes are Outstanding, any interest due on the Class F Notes that is not paid as a result of the operation
of the Priority of Payments on any Payment Date.


 


“Class F Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class F Notes on account of interest (including
Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class F Notes on the first day of the
related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by 360 and (iii) the
Class F Rate.


 


“Class F Notes”:
The Class F Seventh Priority Floating Rate Notes Due 2035, issued by the Issuer pursuant to this Indenture.


 


“Class F
Rate”: With respect to any Class F Note, the per annum rate at which interest accrues on such Note for any Interest
Accrual Period, which shall be (i) the Benchmark (determined as described herein) plus (ii) 5.25%.


 


“Class G Defaulted
Interest Amount”: If no Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D Notes,
Class E Notes or Class F Notes are outstanding, with respect to the Class G Notes as of each Payment Date, the accrued
and unpaid amount due to Holders of the Class G Notes on account of any shortfalls in the payment of the Class G Interest Distribution
Amount with respect to any preceding Payment Date or Payment Dates, together with interest accrued thereon (to the extent lawful), at
the Class G Rate.





 






    -12-


     


    

 


“Class G Deferred
Interest Amount”: So long as any Class A Notes, Class A-S Notes, Class B Notes, Class C Notes, Class D
Notes, Class E Notes or Class F Notes are Outstanding, any interest due on the Class G Notes that is not paid as a result
of the operation of the Priority of Payments on any Payment Date.


 


“Class G Interest
Distribution Amount”: On each Payment Date, the amount due to Holders of the Class G Notes on account of interest (including
Deferred Interest) equal to the product of (i) the Aggregate Outstanding Amount of the Class G Notes on the first day of the
related Interest Accrual Period, (ii) the actual number of days in such Interest Accrual Period divided by three hundred sixty (360)
and (iii) the Class G Rate.


 


“Class G Notes”:
The Class G Eighth Priority Floating Rate Notes Due 2035, issued by the Issuer pursuant to this Indenture.


 


“Class G
Rate”: With respect to any Class G Note, the per annum rate at which interest accrues on such Note for any Interest
Accrual Period, which shall be (i) the Benchmark (determined as described herein) plus (ii) 7.00%.


 


“Clean-up Call”:
The meaning specified in Section 9.1 hereof.


 


“Clearing Agency”:
An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.


 


“Clearstream, Luxembourg”:
Clearstream Banking, société anonyme, a limited liability company organized under the laws of the Grand Duchy of Luxembourg.


 


“CLO Controlled Collateral
Interests”: Each Collateral Interest that is not a Non-CLO Controlled Collateral Interest. As of the Closing Date, each of the
Collateral Interests, other than the Collateral Interests identified on Schedule A as “1115 46th Avenue” and “The
Rowan” will be a CLO Controlled Collateral Interest.


 


“CLO Custody Collateral
Interests”: Each Collateral Interest that is not a Non-CLO Custody Collateral Interest.


 


“Closing Date”:
May 14, 2021.


 


“Code”: The
United States Internal Revenue Code of 1986, as amended.


 


“Co-Issuer”:
GPMT 2021-FL3 LLC, a limited liability company formed under the laws of the State of Delaware, until a successor Person shall have become
the Co-Issuer pursuant to the applicable provisions of this Indenture, and thereafter “Co-Issuer” shall mean such successor
Person.


 


“Co-Issuers”:
The Issuer and the Co-Issuer.


 


“Collateral”:
The meaning specified in the first paragraph of the Granting Clause of this Indenture.


 


“Collateral Interests”:
The Mortgage Loans, Combined Loans and Transaction Participations listed on Schedule A attached hereto.


 






    -13-


     


    

 


“Collateral Interest
Controlled Reserve Account”: The meaning specified in the Servicing Agreement.


 


“Collateral Interest
File”: The meaning set forth in Section 3.3(e) hereof.


 


“Collateral Interest
Purchase Agreement”: The Collateral Interest Purchase Agreement entered into among the Issuer, the Seller, GPMT and, solely
as to Section 4(k) thereof, Sub-REIT on or about the Closing Date, as amended from time to time, which agreement is assigned
to the Trustee on behalf of the Issuer pursuant to this Indenture.


 


“Collateral Interests”:
Each of the Mortgage Loans, Combined Loans and Transaction Participations owned by the Issuer from time to time, including any Related
Funded Companion Participations acquired by the Issuer after the Closing Date in accordance with this Indenture.


 


“Collection Account”:
The meaning specified in the Servicing Agreement.


 


“Combined Loan”:
Collectively, any Mortgage Loan and a related Mezzanine Loan secured by a pledge of all of the equity interests in the borrower under
such Mortgage Loan, as if they are a single loan. Each Combined Loan shall be treated as a single loan for all purposes hereunder.


 


“Combined Loan Repurchase
Event”: With respect to each Collateral Interest, the meaning specified in the Collateral Interest Purchase Agreement.


 


“Commercial Real Estate
Loans”: All of the Mortgage Loans, Combined Loans and Participated Loans.


 


“Companion
Participation”: With respect to each Transaction Participation, the related companion participation interest in the related
Participated Loan that will not be held by the Issuer unless such Companion Participation is later acquired, in whole or in part, by the
Issuer pursuant to the applicable provisions of this Indenture. Upon any acquisition of a Companion Participation by the Issuer,
such Companion Participation shall become a Collateral Interest.


 


“Companion Participation
Acquisition Period”: The period beginning on the Closing Date and ending on the Payment Date in May 2023.


 


“Companion Participation
Holder”: The holder of any Companion Participation.


 


“Company Administration
Agreement”: The administration agreement, dated on or about the Closing Date, by and between the Issuer and the Company Administrator,
as modified and supplemented and in effect from time to time.


 


“Company
Administrative Expenses”: All fees, expenses and other amounts due or accrued with respect to any Payment Date and payable by
the Issuer, the Co-Issuer or any Permitted Subsidiary (including legal fees and expenses) to (i) the Note Administrator, the Trustee,
the Custodian or the Designated Transaction Representative pursuant to this Indenture or any co-trustee appointed pursuant to Section 6.12
hereof (including amounts payable by the Issuer as indemnification pursuant to this Indenture), (ii) the Company Administrator under
the Company Administration Agreement and the Registered Office Agreement (including amounts payable by the Issuer as indemnification pursuant
to the Administration Agreement and the Registered Office Agreement) and to provide for the costs of liquidating the Issuer following
redemption of the Notes and the AML Services Provider under the AML Services Agreement, (iii) the LLC Managers (including indemnification),
(iv) the independent accountants, agents and counsel


 






    -14-


     


    

 


of the Issuer for reasonable fees and expenses (including amounts payable in
connection with the preparation of tax forms on behalf of the Issuer and the Co-Issuer), and any registered office and government filing
fees, in each case, payable in the order in which invoices are received by the Issuer, (v) a Rating Agency for fees and expenses
in connection with any rating (including the annual fee payable with respect to the monitoring of any rating) of the Notes, including
fees and expenses due or accrued in connection with any credit assessment or rating of the Collateral Interests, (vi) the Advancing
Agent or other Persons as indemnification pursuant to Section 16.3, (vii) the Servicer, the Special Servicer or the Operating
Advisor, as indemnification or reimbursement of expenses pursuant to the Servicing Agreement, (viii) the CREFC®
Intellectual Property Royalty License Fee, (ix) the Preferred Share Paying Agent and the Share Registrar pursuant to the Preferred
Share Paying Agency Agreement (including amounts payable as indemnification), (x) any other Person in respect of any governmental
fee, charge or tax (including any FATCA and Cayman FATCA Legislation compliance costs) in relation to the Issuer or the Co-Issuer (in
each case as certified by an Authorized Officer of the Issuer or the Co-Issuer to the Note Administrator), in each case, payable
in the order in which invoices are received by the Issuer and (xi) any other Person in respect of any other fees or expenses (including
indemnifications) permitted under this Indenture (including, without limitation, any costs or expenses incurred in connection with certain
modeling systems and services) and the documents delivered pursuant to or in connection with this Indenture and the Notes and any amendment
or other modification of any such documentation, in each case unless expressly prohibited under this Indenture (including, without limitation,
the payment of all transaction fees and all legal and other fees and expenses required in connection with the purchase of any Collateral
Interests or any other transaction authorized by this Indenture), in each case, payable in the order in which invoices are received by
the Issuer; provided that Company Administrative Expenses shall not include amounts payable in respect of the Notes.


 


“Company Administrator”:
MaplesFS Limited, a licensed trust company incorporated in the Cayman Islands, as administrator pursuant to the Company Administration
Agreement, unless a successor Person shall have become administrator pursuant to the Company Administration Agreement, and thereafter,
Company Administrator shall mean such successor Person.


 


“Compounded SOFR”:
The compounded average of SOFRs calculated for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions
for this rate (which, for example, may be compounded in arrears with a lookback and/or suspension period as a mechanism to determine the
interest amount payable prior to the end of each Interest Accrual Period or compounded in advance) being established by the Designated
Transaction Representative in accordance with (i) the rate, or methodology for this rate, and conventions for this rate selected
or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that (ii) if, and to the extent that,
the Designated Transaction Representative determines that Compounded SOFR cannot be determined in accordance with clause (i) above,
then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Designated Transaction Representative
giving due consideration to any industry-accepted market practice for similar U.S. dollar denominated securitization transactions at such
time.


 


“Consultation Termination
Event”: The meaning specified in the Servicing Agreement.


 


“Control Shift Event”:
The meaning specified in the Servicing Agreement.


 


“Control Termination
Event”: The meaning specified in the Servicing Agreement.


 


“Controlling Class”:
The Class A Notes, so long as any Class A Notes are Outstanding, then the Class A-S Notes, so long as any Class A-S
Notes are Outstanding, then the Class B Notes, so long as any Class B Notes are Outstanding, then the Class C Notes, so
long as any Class C Notes are


 






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Outstanding, then the Class D Notes, so long as any Class D Notes are Outstanding, then the
Class E Notes, so long as any Class E Notes are Outstanding, then the Class F Notes, so long as any Class F Notes
are Outstanding and then the Class G Notes, so long as any Class G Notes are Outstanding.


 


“Controlling Companion
Participation”: With respect to each Non-CLO Controlled Collateral Interest, the Companion Participation that is designated
as the controlling participation interest in the related Participation Agreement.


 


“Corporate Trust Office”:
The designated corporate trust office of (i) the Trustee, currently located at 1100 North Market Street, Wilmington, Delaware 19890,
Attention: CMBS Trustee–GPMT 2021-FL3, (ii) the Note Administrator, currently located at (a) with respect to the delivery
of Loan Documents, at 1055 10th Avenue SE, Minneapolis, Minnesota, 55414, Attention: Document Custody Group, (b) with respect to
the delivery of Note transfers and surrenders, at 600 South 4th St., 7th Floor, MAC N9300-070 Minneapolis, Minnesota 55415; and (c) for
all other purposes, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services (CMBS), GPMT 2021-FL3,
telecopy number (410) 715-2380, or (iii) such other address as the Trustee or the Note Administrator, as applicable, may designate
from time to time by notice to the Noteholders, the Holder of the Preferred Shares, the 17g-5 Information Provider and the parties hereto.


 


“Corresponding Tenor”:
With respect to a Benchmark Replacement, a tenor or observation period, as applicable, having approximately the same length (disregarding
business day adjustment) as the tenor or observation period applicable to the then-current Benchmark.


 


“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Collateral Interest and for any Payment Date, an amount accrued
during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Principal
Balance of such Collateral Interest as of the close of business on the Determination Date in such Interest Accrual Period. Such amounts
shall be computed for the same period and on the same interest accrual basis respecting which any related interest payment due or deemed
due on the related Collateral Interest is computed and shall be prorated for partial periods.


 


“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to each Collateral Interest, a rate equal to 0.0005% per annum.


 


“CREFC®
Loan Periodic Update File”: The meaning specified in the Servicing Agreement.


 


“Custodial Account”:
An account at the Securities Intermediary established pursuant to Section 10.1(b) hereof.


 


“Custodian”:
The meaning specified in Section 3.3(a) hereof.


 


“Custody Collateral
Interest”: Each Collateral Interest that is not a Non-Custody Collateral Interest.


 


“Cut-off Date”:
The meaning specified in the Offering Memorandum.


 


“DBRS Morningstar”:
DBRS, Inc., and its successors-in-interest.


 


“Default”:
Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.


 






    -16-


     


    

 


“Defaulted Collateral
Interest”: Any Collateral Interest for which the related Commercial Real Estate Loan is a Defaulted Loan.


 


“Defaulted Loan”:
Any Commercial Real Estate Loan as to which there has occurred and is continuing for more than sixty (60) days (after giving effect to
any applicable grace period but without giving effect to any waiver) either: (i) a payment default; or (ii) a material non-monetary
event of default of which the Special Servicer has actual knowledge; provided, however, that any Collateral Interest as
to which an Appraisal Reduction Event has not occurred due to the circumstances specified in clause (v) of the definition thereof
and which is not otherwise a Defaulted Loan shall be deemed not to be a Defaulted Loan for purposes of determining the Calculation Amount
for the Par Value Test. If a Defaulted Loan is the subject of a work-out, modification or otherwise has cured the default such that the
subject Defaulted Loan is no longer in default pursuant to its terms (as such terms may have been modified), such Collateral Interest
shall no longer be treated as a Defaulted Loan.


 


“Deferred Interest”:
The meaning specified in Section 2.7(a) hereof.


 


“Deferred Interest
Notes”: The Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes and the Class G
Notes, to the extent such Class is not the most senior Class Outstanding.


 


“Definitive Notes”:
The meaning specified in Section 2.2(b) hereof.


 


“Depository”
or “DTC”: The Depository Trust Company, its nominees, and their respective successors.


 


“Designated Transaction
Representative”: Wells Fargo Bank, National Association, a national banking association, solely in its capacity as designated
transaction representative hereunder, unless a successor Person shall have become the designated transaction representative.


 


“Determination Date”:
The 11th day of each month or, if such date is not a Business Day, the next succeeding Business Day, commencing on the Determination Date
in June 2021.


 


“Directing Holder”:
(i) With respect to each CLO Controlled Collateral Interest, the Subordinate Class Representative and (ii) with respect
to each Non-CLO Controlled Collateral Interest, the holder of the related Controlling Companion Participation, unless such Companion Participation
is acquired in its entirety by the Issuer, in which case the Directing Holder for the related Collateral Interest will be the Subordinate
Class Representative. The initial Directing Holder with respect to each Collateral Interest is set forth on Schedule A attached
hereto.


 


“Disqualified Transferee”:
The meaning specified in Section 2.5(l) hereof.


 


“Dissolution Expenses”:
The amount of expenses reasonably likely to be incurred in connection with the discharge of this Indenture, the liquidation of the Collateral
and the dissolution of the Co-Issuers, as reasonably certified by the Issuer, based in part on expenses incurred by the Trustee, the Note
Administrator and the Custodian and reported to the Servicer.


 


“Dollar,”
 “U.S.$” or “$”: A U.S. dollar or other equivalent unit in Cash.


 


“Due Period”:
With respect to any Payment Date, the period commencing on the day immediately succeeding the second preceding Determination Date (or
commencing on the Closing Date, in the case of the Due Period relating to the first Payment Date) and ending on and including the Determination
Date immediately preceding such Payment Date.


 






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“EHRI”: The
Preferred Shares, which are retained by the Retention Holder on the Closing Date.


 


“Eligible
Account”: Means (i) an account maintained with a federal or state chartered depository institution or trust company
or an account or accounts maintained with the Note Administrator that has, in each case, (a) a long-term unsecured debt rating of
at least “A2” by Moody’s if deposits in such account will be held therein for more than thirty (30), (b) a long-term
unsecured debt rating of at least “A” by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar,
an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)) and (c) a short-term unsecured debt rating
of at least “P-1” by Moody’s if deposits on such account will be held therein for thirty (30) days or less; (ii) an
account maintained with Wells Fargo Bank, National Association so long as (x) Wells Fargo Bank, National Association’s long-term
unsecured debt obligations, deposits, or commercial paper rating is at least (1) “A2” by Moody’s and (2) “A”
by DBRS Morningstar if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, at least an equivalent rating by two other NRSROs
(one of which may be Moody’s) in the case of accounts in which funds are held for more than thirty (30) days and (y) Wells
Fargo Bank, National Association’s short-term unsecured debt obligations, deposits, or commercial paper rating is at least “P-1”
by Moody’s in the case of accounts in which funds are hold for thirty (30) days or less; (iii) a segregated trust account maintained
with the trust department of a federal or state chartered depository institution or trust company acting in its fiduciary capacity; provided
that any such institution or trust company (a) has a long-term unsecured rating of at least “Baa1” by Moody’s and
a capital surplus of at least U.S.$200,000,000, (b) has a long term unsecured debt rating of at least “BBB(high)” by
DBRS Morningstar, or if not rated by DBRS Morningstar, at least an equivalent rating by two other NRSROs (which may include Moody’s)
and (c) any such account is subject to fiduciary funds on deposit regulations substantially similar to 12 C.F.R. § 9.10(b);
or (iv) any other account approved by the Rating Agencies.


 


“Eligible Investments”:
Any Dollar-denominated investment, the maturity for which corresponds to the Issuer’s expected or potential need for funds, that,
at the time it is Granted to the Trustee (directly or through a Securities Intermediary or bailee) is Registered and is one or more of
the following obligations or securities:


 


(i)            direct
obligations of, and obligations the timely payment of principal of and interest on which is fully and expressly guaranteed by, the United
States, or any agency or instrumentality of the United States, the obligations of which are expressly backed by the full faith and credit
of the United States;


 


(ii)            demand
and time deposits in, certificates of deposit of, bankers’ acceptances issued by, or federal funds sold by, any depository institution
or trust company incorporated under the laws of the United States or any state thereof or the District of Columbia (including the Note
Administrator or the commercial department of any successor Note Administrator, as the case may be; provided that such successor
otherwise meets the criteria specified herein) and subject to supervision and examination by federal and/or state banking authorities
so long as the commercial paper and/or the debt obligations of such depositary institution or trust company (or, in the case of the principal
depositary institution in a holding company system, the commercial paper or debt obligations of such holding company) at the time of such
investment or contractual commitment providing for such investment have an unsecured debt rating of not less than (x) “Aa3,”
in the case of long-term obligations, and “P-1,” in the case of short-term obligations, by Moody’s and (y) “AAA,”
in the case of long-term obligations, “R-1(middle),” in the case of short-term obligations with a maturity not greater than
ninety (90) days, and “R-1(high),” in the case of short-term obligations with a maturity of or greater than ninety (90) days,
by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other
NRSROs (which may include Moody’s));


 






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(iii)            unleveraged
repurchase or forward purchase obligations with respect to (a) any security described in clause (i) above or (b) any
other security issued or guaranteed by an agency or instrumentality of the United States of America, in either case entered into with
a depository institution or trust company (acting as principal) described in clause (ii) above (including the Note Administrator
or the commercial department of any successor Note Administrator, as the case may be; provided that such Person otherwise meets
the criteria specified herein) or entered into with a corporation (acting as principal) whose unsecured debt rating is not less than (x) “Aa3,”
in the case of long-term obligations, and “P-1,” in the case of short-term obligations, by Moody’s and (y) “AAA,”
in the case of long-term obligations, “R-1(middle),” in the case of short-term obligations with a maturity not greater than
ninety (90) days, and “R-1(high),” in the case of short-term obligations with a maturity of or greater than ninety (90) days,
by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other
NRSROs (which may include Moody’s));


 


(iv)            commercial
paper or other similar short-term obligations (including that of the Note Administrator or the commercial department of any successor
Note Administrator, as the case may be, or any affiliate thereof; provided that such Person otherwise meets the criteria specified
herein) having at the time of such investment a short-term senior unsecured debt rating of not less than “P-1” by Moody’s;
provided, further, that the issuer thereof must also have at the time of such investment a long-term senior unsecured debt rating
of not less than “Aa3” by Moody’s and “A” by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated
by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s));


 


(v)            any
money market fund (including those managed or advised by the Note Administrator or its Affiliates) that maintain a constant asset value
and that are rated “Aaa-mf” by Moody’s and in the highest long-term or short-term rating category by DBRS Morningstar
or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs (which may include Moody’s); and


 


(vi)            any
other investment similar to those described in clauses (i) through (v) above that (1) Moody’s has confirmed
may be included in the Collateral as an Eligible Investment without adversely affecting its then-current ratings on the Notes and (2) has
a long-term credit rating of not less than “Aa3” by Moody’s and “A” by DBRS Morningstar (if rated by DBRS
Morningstar, or if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s));


 


provided
that mortgage-backed securities and interest only securities shall not constitute Eligible Investments; and provided, further,
that (a) Eligible Investments shall not have a maturity in excess of 365 days and shall have a fixed principal amount due at maturity
that cannot vary or change, (b) Eligible Investments acquired with funds in the Payment Account shall include only such obligations
or securities that mature no later than the Business Day prior to the next Payment Date succeeding the acquisition of such obligations
or securities, (c) Eligible Investments shall not include obligations bearing interest at inverse floating rates, (d) Eligible
Investments shall be treated as indebtedness for U.S. federal income tax purposes and such investment shall not cause the Issuer to fail
to be treated as a Qualified REIT Subsidiary or other disregarded entity of a REIT (unless the Issuer has previously received a No Trade
or Business Opinion, in which case the investment shall not cause the Issuer to be treated as a foreign corporation engaged in a trade
or business in the United States for U.S. federal income tax purposes), (e) Eligible Investments shall not be subject to deduction
or withholding for or on account of any withholding or similar tax (other than any taxes imposed pursuant to FATCA), unless the payor
is required to make “gross up” payments that ensure that the net amount actually received by the Issuer (free and clear of
taxes, whether assessed against such obligor or the Issuer) shall equal the full amount that the Issuer would have received had no such
deduction or withholding been required, (f) Eligible Investments shall not be purchased for a price in excess of par; (g) notwithstanding
the minimum unsecured debt rating requirements set forth in


 






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clauses (ii), (iii), (iv) or (v) above, Eligible Investments with
maturities of thirty (30) days or less shall only require short-term unsecured debt ratings and shall not require long-term senior unsecured
debt ratings; and (h) Eligible Investments shall not include margin stock.


 


“Entitlement Order”:
The meaning specified in Section 8-102(a)(8) of the UCC.


 


“ERISA”:
The United States Employee Retirement Income Security Act of 1974, as amended, and the applicable rules and regulations promulgated
thereunder.


 


“EU/UK Retention Holder”:
GPMT.


 


“EU/UK Risk Retention
Agreement”: That certain EU/UK Risk Retention Agreement delivered by the Retention Holder and the EU/UK Retention Holder to
the Issuer, the Co-Issuer, the Trustee, the Note Administrator and the Placement Agents, dated as of the Closing Date.


 


“EU Securitization
Laws”: Regulation (EU) 2017/2402 (the “Securitization Regulation”), together with any supplementary regulatory
technical standards, implementing technical standards and any official guidance published in relation thereto by the European Banking
Authority, European Insurance and Occupational Pensions Authority or the European Securities and Markets Authority, and implementing laws
or regulations, each as in force on the Closing Date.


 


“Euroclear”:
Euroclear Bank S.A./N.V., as operator of the Euroclear system.


 


“Event of Default”:
The meaning specified in Section 5.1 hereof.


 


“Excepted Property”:
(i) The U.S.$250 proceeds of share capital contributed by the Retention Holder as the holder of the ordinary shares of the Issuer,
the U.S.$250 representing a profit fee to the Issuer, and, in each case, any interest earned thereon and the bank account in which such
amounts are held and (ii) the Preferred Share Distribution Account and all of the funds and other property from time to time deposited
in or credited to the Preferred Share Distribution Account.


 


“Exchange Act”:
The Securities Exchange Act of 1934, as amended, and the applicable rules and regulations promulgated thereunder.


 


“Expense Year”:
(i) For the first year, the period commencing on the Closing Date and ending on the Payment Date in January 2022 and (ii) thereafter,
each 12-month period commencing on the Business Day following the Payment Date occurring in January and ending on the Payment Date
occurring in the following January.


 


“FATCA”:
Sections 1471 through 1474 of the Code, the treasury regulations promulgated thereunder, and any related provisions of law,
court decisions, administrative guidance or agreements with any taxing authority (or laws thereof) in respect thereof. For the avoidance
of doubt, “FATCA” shall also refer to the Cayman FATCA Legislation.


 


“Federal Reserve Bank
of New York’s Website”: The website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any
successor screen or other information service that publishes such SOFR that has been selected, endorsed or recommended by the Relevant
Governmental Body.


 


“Financial Asset”:
The meaning specified in Section 8-102(a)(9) of the UCC.


 






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“Financing Statements”:
Financing statements relating to the Collateral naming the Issuer, as debtor, and the Trustee, on behalf of the Secured Parties, as secured
party.


 


“Future Funding Account
Control Agreement”: Any account control agreement entered into in accordance with the terms of the Future Funding Agreement
by and among the Seller, the Trustee, as secured party, the Note Administrator and an account bank, as the same may be amended, supplemented
or replaced from time to time.


 


“Future Funding Agreement”:
The meaning specified in the Servicing Agreement.


 


“Future Funding Amount”:
With respect to a Participated Loan, any unfunded future funding obligations of the lender thereunder.


 


“Future Funding Companion
Participation”: With respect to a Participated Loan that has any remaining Future Funding Amounts, the Companion Participation
in such Participated Loan the holder of which is obligated to fund such Future Funding Amounts.


 


“Future Funding Indemnitor”:
GPMT, and its successors-in-interest.


 


“GAAP”: The
meaning specified in Section 6.3(k) hereof.


 


“General Intangible”:
The meaning specified in Section 9-102(a)(42) of the UCC.


 


“Global Notes”:
The Rule 144A Global Notes and the Regulation S Global Notes.


 


“Governing Documents”:
With respect to (i) the Issuer, the memorandum and articles of association of the Issuer, as amended and restated and/or supplemented
and in effect from time to time and certain resolutions of its Board of Directors and (ii) all other Persons, the articles of incorporation,
certificate of incorporation, by-laws, certificate of limited partnership, limited partnership agreement, limited liability company agreement,
certificate of formation, articles of association and similar charter documents, as applicable to any such Person.


 


“Government Items”:
A security (other than a security issued by the Government National Mortgage Association) issued or guaranteed by the United States of
America or an agency or instrumentality thereof representing a full faith and credit obligation of the United States of America and, with
respect to each of the foregoing, that is maintained in book-entry form on the records of a Federal Reserve Bank.


 


“GPMT”: Granite
Point Mortgage Trust Inc., a Maryland corporation, and its successors-in-interest.


 


“Grant”:
To grant, bargain, sell, warrant, alienate, remise, demise, release, convey, assign, transfer, mortgage, pledge, create and grant a security
interest in and right of set-off against, deposit, set over and confirm. A Grant of the Collateral or of any other security or instrument
shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including without limitation
the immediate continuing right to claim, collect, receive and take receipt for principal and interest payments in respect of the Collateral
(or any other security or instrument), and all other amounts payable thereunder, to give and receive notices and other communications,
to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise,
and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto.


 






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“Holder”
or “Securityholder”: With respect to any Note, the Person in whose name such Note is registered in the Note Register.
With respect to any Preferred Share, the Person in whose name such Preferred Share is registered in the register maintained by the Share
Registrar.


 


“Holder
AML Obligations”: The obligations of each Holder of the Securities to (i) provide the Issuer or its agents with such information
and documentation that may be required for the Issuer to achieve AML Compliance and (ii) any updates, replacement or corrections
of such information or documentation, requested by the Issuer (or its agent, as applicable) that may be required for the Issuer to achieve
AML Compliance.


 


“IAI”: An
institution that is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under Regulation
D under the Securities Act or an entity in which all of the equity owners are such “accredited investors.”


 


“Impaired Collateral
Interest”: The meaning specified in the Servicing Agreement.


 


“Indenture”:
This instrument as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, as so supplemented or amended.


 


“Indenture Accounts”:
The Payment Account, the Permitted Companion Participation Acquisition Account and the Custodial Account.


 


“Independent”:
As to any Person, any other Person (including, in the case of an accountant, or lawyer, a firm of accountants or lawyers and any member
thereof or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or
any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is not connected with such Person
as an Officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions. “Independent”
when used with respect to any accountant may include an accountant who audits the books of such Person if in addition to satisfying the
criteria set forth above the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code of
Ethics of the American Institute of Certified Public Accountants.


 


Whenever any Independent Person’s
opinion or certificate is to be furnished to the Trustee or Note Administrator such opinion or certificate shall state, or shall be deemed
to state, that the signer has read this definition and that the signer is Independent within the meaning hereof.


 


“Inquiry”:
The meaning specified in Section 10.13(a) hereof.


 


“Instrument”:
The meaning specified in Section 9-102(a)(47) of the UCC.


 


“Interest Accrual Period”:
With respect to the Notes and (i) the first Payment Date, the period from and including the Closing Date to but excluding such first
Payment Date and (ii) each successive Payment Date, the period from and including the immediately preceding Payment Date to, but
excluding, such Payment Date.


 


“Interest Advance”:
The meaning specified in Section 10.7(a) hereof.


 


“Interest Coverage
Ratio”: As of any Measurement Date, the number (expressed as a percentage) calculated by dividing:


 






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(i)   the
sum of (a) the expected scheduled interest payments due (in each case regardless of whether the due date for any such interest payment
has yet occurred) in the Due Period in which such Measurement Date occurs on (x) the Collateral Interests (excluding, subject to
clause (3) of the last paragraph of this definition, accrued and unpaid interest on Defaulted Collateral Interests); provided
that no interest (or dividends or other distributions) shall be included with respect to any Collateral Interest to the extent that such
Collateral Interest does not provide for the scheduled payment of interest (or dividends or other distributions) in cash; and (y) the
Eligible Investments held in the applicable collateral accounts (whether purchased with Interest Proceeds or Principal Proceeds), plus
(b) Interest Advances, if any, advanced by the Advancing Agent or the Backup Advancing Agent, with respect to the related Payment
Date, minus (b) any amounts scheduled to be paid pursuant to Section 11.1(a)(i)(1) through 3; by


 


(ii)  the
sum of (a) the scheduled interest on the Class A Notes payable on the Payment Date immediately following such Measurement Date,
plus (b) any Class A Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date,
plus (c) the scheduled interest on the Class A-S Notes payable immediately following such Measurement Date, plus (d) any
Class A-S Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (e) the
scheduled interest on the Class B Notes payable immediately following such Measurement Date, plus (f) any Class B
Defaulted Interest Amount payable on the Payment Date immediately following such Measurement Date, plus (g) the scheduled
interest on the Class C Notes payable immediately following such Measurement Date, plus (h) any Class C Defaulted
Interest Amount and Class C Deferred Interest Amount payable on the Payment Date immediately following such Measurement Date, plus
(i) the scheduled interest on the Class D Notes payable immediately following such Measurement Date, plus (j) any
Class D Defaulted Interest Amount and Class D Deferred Interest Amount payable on the Payment Date immediately following such
Measurement Date, plus (k) the scheduled interest on the Class E Notes payable immediately following such Measurement
Date, plus (l) any Class E Defaulted Interest Amount and Class E Deferred Interest Amount payable on the Payment
Date immediately following such Measurement Date.


 


For purposes of calculating
any Interest Coverage Ratio, (1) the expected interest income on the Collateral Interests and Eligible Investments and the expected
interest payable on the Offered Notes shall be calculated using the interest rates applicable thereto on the applicable Measurement Date,
(2) accrued original issue discount on Eligible Investments shall be deemed to be a scheduled interest payment thereon due on the
date such original issue discount is scheduled to be paid, (3) there shall be excluded all scheduled or deferred payments of interest
on or principal of Collateral Interests and any payment that the Servicer (or the Sub-Servicer on its behalf) has determined in its reasonable
judgment shall not be made in Cash or received when due and (4) with respect to any Collateral Interest as to which any interest
or other payment thereon is subject to withholding tax of any relevant jurisdiction, each payment thereon shall be deemed to be payable
net of such withholding tax unless the related borrower is required to make additional payments to fully compensate the Issuer for such
withholding taxes (including in respect of any such additional payments).


 


“Interest Coverage
Test”: The test that will be met as of any Measurement Date on which any Offered Notes remain Outstanding if the Interest Coverage
Ratio as of such Measurement Date is equal to or greater than 120.00%.


 


“Interest Distribution
Amount”: Each of the Class A Interest Distribution Amount, the Class A-S Interest Distribution Amount, the Class B
Interest Distribution Amount, the Class C Interest Distribution Amount, the Class D Interest Distribution Amount, the Class E
Interest Distribution Amount, the Class F Interest Distribution Amount and the Class G Interest Distribution Amount.


 






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“Interest Proceeds”:
With respect to any Payment Date, (i) the sum (without duplication) of:


 


(a) all Cash payments of
interest (including any deferred interest and any amount representing the accreted portion of a discount from the face amount of a Collateral
Interest or an Eligible Investment) or other distributions (excluding Principal Proceeds) received during the related Due Period on all
Collateral Interests other than Defaulted Collateral Interests (net of any fees and other compensation and reimbursement of expenses and
Servicing Advances and interest thereon (but not net of amounts payable pursuant to any indemnification provisions) to which the Servicer,
the Special Servicer or the Operating Advisor are entitled to pursuant to the terms of the Servicing Agreement) and Eligible Investments,
including, the accrued interest received in connection with a sale of such Collateral Interests or Eligible Investments but excluding
(i) any origination fees, which will be retained by the Seller and will not be assigned to the Issuer and (ii) any payment of
interest included in Principal Proceeds pursuant to clause (i)(c) of the definition of “Principal Proceeds”,


 


(b) all make whole premiums,
yield maintenance or prepayment premiums or any interest amount paid in excess of the stated interest amount of a Collateral Interest
received during the related Due Period,


 


(c) all amendment, modification
and waiver fees, late payment fees, extension fees, exit fees and other fees and commissions received by the Issuer during such Due Period
in connection with such Collateral Interests and Eligible Investments,


 


(d) Interest Advances,
if any, advanced by the Advancing Agent or the Backup Advancing Agent, with respect to such Payment Date,


 


(e) all Cash payments corresponding
to accrued original issue discount on Eligible Investments,


 


(f) any interest payments
received in Cash by the Issuer during the related Due Period on any asset held by a Permitted Subsidiary that is not a Defaulted Collateral
Interest,


 


(g) all payments of principal
on Eligible Investments purchased with any other Interest Proceeds,


 


(h) Cash and Eligible Investments
contributed by the Retention Holder pursuant to Section 12.2(c), as Holder of 100% of the Preferred Shares and designated
as “Interest Proceeds” by the Retention Holder, and


 


(i) all other Cash payments
received by the Issuer with respect to the Collateral Interests during the related Due Period that are not specifically defined as “Principal
Proceeds” in the definition thereof,


 


minus
(ii) the aggregate amount of any Nonrecoverable Interest Advances that were previously reimbursed to the Advancing Agent or the Backup
Advancing Agent.


 


“Interest Shortfall”:
The meaning set forth in Section 10.7(a) hereof.


 


“Investor Certification”:
A certificate, substantially in the form of Exhibit H-1 or Exhibit H-2 hereto, representing that such Person executing
the certificate is a Noteholder, a beneficial owner of a Note, a holder of a Preferred Share, the Directing Holder or the Subordinate
Class Representative, or a


 






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prospective purchaser of a Note or a Preferred Share and that either (i) such Person is not an agent
of, or an investment advisor to, any borrower or affiliate of any borrower under a Commercial Real Estate Loan, or (ii) such Person
is an agent or Affiliate of, or an investment advisor to, any borrower under a Commercial Real Estate Loan. The Investor Certification
may be submitted electronically by means of the Note Administrator’s Website.


 


“Investor Q&A Forum”:
The meaning specified in Section 10.13(a) hereof.


 


“ISDA Definitions”:
The 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.


 


“ISDA Fallback Adjustment”:
The spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the
ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.


 


“ISDA Fallback Rate”:
The rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index
cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.


 


“Issuer”:
GPMT 2021-FL3, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands, until a successor
Person shall have become the Issuer pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall
mean such successor Person.


 


“Issuer Order”
and “Issuer Request”: A written order or request (which may be in the form of a standing order or request) dated and
signed in the name of the Issuer (and the Co-Issuer, if applicable) by an Authorized Officer of the Issuer (and by an Authorized Officer
of the Co-Issuer, if applicable), or by an Authorized Officer of the Special Servicer on behalf of the Issuer.


 


“Largest One Quarter
Future Advance Estimate”: The meaning specified in the Servicing Agreement.


 


“LIBOR”:
The London Interbank Offer Rate for a one month tenor.


 


“Liquidation Fee”:
The meaning specified in the Servicing Agreement.


 


“LLC Managers”:
The managers of the Co-Issuer duly appointed by the sole member of the Co-Issuer (or, if there is only one manager of the Co-Issuer so
duly appointed, such sole manager).


 


“Loan Documents”:
The loan agreement, note, mortgage, intercreditor agreement, participation agreement, co-lender agreement or other agreement pursuant
to which a Collateral Interest and the related Commercial Real Estate Loan have been issued or created and each other agreement that governs
the terms of or secures the obligations represented by such Collateral Interest or Commercial Real Estate Loan or of which holders of
such Collateral Interest or Commercial Real Estate Loan are the beneficiaries.


 


“Loss Value Payment”:
With respect to each Collateral Interest, the meaning specified in the Collateral Interest Purchase Agreement.


 






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“Majority”:
With respect to (i) any Class of Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the Notes of such
Class; and (ii) the Preferred Shares, the Preferred Shareholders representing more than 50% of the aggregate Notional Amount of the
Preferred Shares.


 


“Material Breach”:
With respect to each Collateral Interest, the meaning specified in the Collateral Interest Purchase Agreement.


 


“Material Document
Defect”: With respect to each Collateral Interest, the meaning specified in the Collateral Interest Purchase Agreement.


 


“Maturity”:
With respect to any Note, the date on which the unpaid principal of such Note becomes due and payable as therein or herein provided, whether
at the Stated Maturity Date or by declaration of acceleration or otherwise.


 


“Measurement Date”:
Any of: (i) the Closing Date, (ii) the date of acquisition or disposition of any Collateral Interest, (iii) any date on
which any Collateral Interest becomes a Defaulted Collateral Interest, (iv) each Determination Date and (v) with reasonable
notice to the Issuer and the Note Administrator, any other Business Day that the Rating Agencies or the Holders of at least 66-2/3% of
the Aggregate Outstanding Amount of any Class of Notes requests be a “Measurement Date”; provided that, if any
such date would otherwise fall on a day that is not a Business Day, the relevant Measurement Date will be the immediately preceding Business
Day.


 


“Mezzanine Loan”:
A mezzanine loan secured by a pledge of all of the equity interest in a obligor under a Mortgage Loan that is either acquired by the Issuer
or in which a Transaction Participation represents an interest.


 


“Minnesota Collateral”:
The meaning specified in Section 3.3(b)(ii) hereof.


 


“Mixed-Use Property”:
A real property comprised of real property with five (5) or more residential units (including mixed-use, multifamily/office and multifamily/retail),
office space, industrial space, retail space, hospitality space and/or self-storage space as to which no such property type represents
a majority of the underwritten revenue.


 


“Modified Collateral
Interest”: Any Collateral Interest that is a Modified Loan or a participation interest in a Modified Loan.


 


“Modified Loan”:
The meaning specified in the Servicing Agreement.


 


“Monthly Report”:
The meaning specified in Section 10.9(a) hereof.


 


“Moody’s”:
Moody’s Investors Service, Inc., and its successors-in-interest.


 


“Moody’s Recovery
Rate”: With respect to each Collateral Interest, the rate specified in the table set forth below with respect to the property
type of the related Mortgaged Property or Mortgaged Properties:


 


	Property Type	 	Moody’s Recovery Rate(1)
	Multifamily Properties (including Student Housing), industrial and anchored retail properties	 	60%



 






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	Office Properties, Self-Storage Properties and unanchored Retail Properties	 	55%
	Mixed-Use Properties	 	55%
	Hospitality and healthcare properties	 	45%
	All other property types	 	40%







(1) Additionally, the following
Collateral Interests have specific designated recovery rates from Moody’s that supersede the table above: Mid Main (58.5%), 400
West 14th Street (58.0%), 555 West 25th Street (56.4%), 612 South Broadway (56.2%) and Baltimore Block (56.0%).


 


“Mortgage Loan”:
A commercial or multifamily real estate mortgage loan that is either acquired by the Issuer or in which a Transaction Participation represents
an interest, which mortgage loan is secured by a first-lien mortgage or deed-of-trust on commercial or multifamily properties.


 


“Mortgaged Property”:
With respect to any Mortgage Loan or Mezzanine Loan, the commercial or multifamily mortgage property or properties directly or indirectly
securing such Mortgage Loan or Mezzanine Loan, as applicable.


 


“Multifamily Property”:
A real property with five (5) or more residential rental units (including mixed-use property) as to which the majority of the underwritten
revenue is from residential rental units.


 


“Net Outstanding Portfolio
Balance”: On any Measurement Date, the sum (without duplication) of (i) the Aggregate Principal Balance of the Collateral
Interests (other than any Modified Collateral Interests and Defaulted Collateral Interests), (ii) the Aggregate Principal Balance
of all Principal Proceeds held as cash and Eligible Investments, all cash and Eligible Investments held in the Permitted Companion Participation
Account and (iii) with respect to each Modified Collateral Interest or a Defaulted Collateral Interest, the Calculation Amount of
such Collateral Interest; provided, however, that (a) with respect to each Collateral Interest acquired at a
purchase price that is less than 95% of the Principal Balance of such Collateral Interest, the “Principal Balance” of such
Collateral Interest shall be the lesser of the purchase price and the amount determined pursuant to clause (iii) above, if applicable,
for purposes of computing the Net Outstanding Portfolio Balance and (b) with respect to each Defaulted Collateral Interest that has
been owned by the Issuer for more than three years after becoming a Defaulted Collateral Interest, the Principal Balance of such Defaulted
Collateral Interest shall be zero for purposes of computing the Net Outstanding Portfolio Balance.


 


“No Downgrade Confirmation”:
A confirmation from a Rating Agency that any proposed action, or failure to act or other specified event will not, in and of itself, result
in the downgrade or withdrawal of the then-current rating assigned to any Class of Notes then rated by such Rating Agency, provided
that if the Requesting Party receives a written waiver or other acknowledgment from a Rating Agency indicating such Rating Agency’s
decision not to review the matter for which the No Downgrade Confirmation is sought, then the requirement to receive a No Downgrade Confirmation
from that Rating Agency with respect to such matter shall not apply. For the purposes of this definition, any confirmation, waiver, request,
acknowledgment or approval which is required to be in writing may be in the form of electronic mail. Notwithstanding anything to the contrary
set forth in this Indenture, at any time during which the Notes are no longer rated by a Rating Agency, a No Downgrade Confirmation shall
not be required from such Rating Agency under this Indenture.


 


“No Entity-Level Tax
Opinion”: An opinion of Dechert LLP, Skadden, Arps, Slate, Meagher & Flom LLP or another nationally recognized tax
counsel experienced in such matters that a contemplated transfer (whether by means of actual transfer or a transfer of beneficial ownership
for U.S. federal income tax purposes), pledge or hypothecation of any of the Retained Securities, any repurchased


 






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Notes or the Issuer
Ordinary Shares will not cause the Issuer to be treated as a foreign corporation engaged in a trade or business in the United States for
U.S. federal income tax purposes or otherwise to become subject to U.S. federal income tax on a net basis, which opinion may be conditioned
on compliance with certain restrictions on the investment or other activities of the Issuer.


 


“No Trade or Business
Opinion”: An opinion of Dechert LLP, Skadden, Arps, Slate, Meagher & Flom LLP or another nationally recognized tax
counsel experienced in such matters that the Issuer will be treated as a foreign corporation that is not engaged in a trade or business
in the United States for U.S. federal income tax purposes, which opinion may be conditioned on compliance with certain restrictions on
the investment or other activities of the Issuer.


 


“Non-call Period”:
The period from the Closing Date to and including the Business Day immediately preceding the Payment Date in May 2023 during which
no Optional Redemption is permitted to occur.


 


“Non-CLO Controlled
Collateral Interests”: Each Collateral Interest that is a Transaction Participation that is owned by the Issuer, but is controlled
by the holder of a Controlling Companion Participation under the related Participation Agreement. If the Issuer acquires a Non-CLO Controlled
Collateral Interest and then subsequently acquires the related Controlling Companion Participation, the related Collateral Interest (together
with such Controlling Companion Participation) shall become a CLO Controlled Collateral Interest. For the avoidance of doubt, a Collateral
Interest shall not be considered a Non-CLO Controlled Interest solely as a result of the Issuer, in its capacity as the holder of the
related Transaction Participation, being required to obtain consent of the holder of the related Companion Participation with respect
to (i) pre-default decisions in accordance with the related Participation Agreement or (ii) in the event the related Participated
Loan is a Defaulted Collateral Interest or an Impaired Collateral Interest, Major Decisions. As of the Closing Date, the Collateral Interests
identified on Schedule A as “1115 46th Avenue” and “The Rowan” will be Non-CLO Controlled Collateral Interests.


 


“Non-Custody Collateral
Interest”: Each Non-Serviced Collateral Interest (as defined in the Servicing Agreement) that is owned by the Issuer, but with
respect to which the Note Administrator is not appointed as Custodian of such Collateral Interest hereunder. If the related Commercial
Real Estate Loan is acquired in its entirety by the Issuer, the Collateral Interest (together with the related Companion Participation)
will become a Custody Collateral Interest. As of the Closing Date, the Collateral Interests identified on Schedule A as “1115
46th Avenue,” “The Rowan” and 5250 Lankershim Plaza” will be Non-Custody Collateral Interests.


 


“Non-Permitted AML
Holder”: The meaning specified in Section 2.13(c) hereof.


 


“Non-Permitted Holder”:
The meaning specified in Section 2.13(b) hereof.


 


“Nonrecoverable Interest
Advance”: Any Interest Advance previously made or proposed to be made pursuant to Section 10.7 hereof that the Advancing
Agent or the Backup Advancing Agent, as applicable, has determined in its sole discretion, exercised in good faith, that the amount so
advanced or proposed to be advanced plus interest expected to accrue thereon, will not be ultimately recoverable from subsequent payments
or collections with respect to the Collateral Interests.


 


“Note Administrator”:
Wells Fargo Bank, National Association, a national banking association, solely in its capacity as note administrator hereunder, unless
a successor Person shall have become the Note Administrator pursuant to the applicable provisions of this Indenture, and thereafter “Note
Administrator” shall mean such successor Person. Wells Fargo Bank, National Association will perform the Note Administrator role
through its Corporate Trust Services division.


 






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“Note
Administrator’s Website”: Initially, www.ctslink.com, provided that such address may
change upon notice by the Note Administrator to the parties hereto, the 17g-5 Information Provider and Noteholders.


 


“Note Interest Rate”:
With respect to the Class A Notes, the Class A Rate, with respect to the Class A-S Notes, the Class A-S Rate, with
respect to the Class B Notes, the Class B Rate, with respect to the Class C Notes, the Class C Rate, with respect
to the Class D Notes, the Class D Rate, with respect to the Class E Notes, the Class E Rate, with respect to the Class F
Notes, the Class F Rate and with respect to the Class G Notes, the Class G Rate.


 


“Note Protection Tests”:
The Par Value Test and the Interest Coverage Test.


 


“Noteholder”:
With respect to any Note, the Person in whose name such Note is registered in the Note Register.


 


“Notes”:
The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E
Notes, the Class F Notes and the Class G Notes, collectively, authorized by, and authenticated and delivered under, this Indenture.


 


“Note Register”
and “Note Registrar”: The respective meanings specified in Section 2.5(a) hereof.


 


“Notional Amount”:
In respect of the Preferred Shares, the per share notional amount of U.S.$1,000. The aggregate Notional Amount of the Preferred Shares
on the Closing Date will be U.S.$ $61,780,893.


 


“NRSRO”:
Any nationally recognized statistical rating organization, including the Rating Agencies.


 


“NRSRO Certification”:
A certification (i) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as Exhibit F
or (ii) provided electronically and executed by an NRSRO by means of a click-through confirmation on the 17g-5 Website.


 


“Offered Notes”:
The Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E
Notes.


 


“Offering Memorandum”:
The Offering Memorandum, dated May 5, 2021, relating to the offering of the Offered Notes.


 


“Office Property”:
A real property comprised of office space (including mixed-use property) as to which the majority of the underwritten revenue is from
office space.


 


“Officer”:
With respect to any company, corporation or limited liability company, including the Issuer, the Co-Issuer, any Director, Manager, the
Chairman of the Board of Directors, the President, any Senior Vice President, any Vice President, the Secretary, any Assistant Secretary,
the Treasurer, any Assistant Treasurer or General Partner of such entity; and with respect to the Trustee or Note Administrator, any Trust
Officer; and with respect to the Servicer or the Special Servicer, a Responsible Officer (as defined in the Servicing Agreement).


 


“Officer’s Certificate”:
With respect to the Issuer, the Co-Issuer and the Servicer, any certificate executed by an Authorized Officer thereof.


 






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“Operating Advisor”:
The Operating Advisor appointed pursuant to the Servicing Agreement.


 


“Opinion of Counsel”:
A written opinion addressed to the Trustee and the Note Administrator and, if required by the terms hereof, the Servicer, the Special
Servicer and/or the Rating Agencies (each, a “Recipient”), in form and substance reasonably satisfactory to each Recipient,
of an outside third party counsel of national recognition (or the Cayman Islands, in the case of an opinion relating to the laws of the
Cayman Islands), which attorney may, except as otherwise expressly provided in this Indenture, be counsel for the Issuer, and which attorney
shall be reasonably satisfactory to the Trustee and the Note Administrator. Whenever an Opinion of Counsel is required hereunder, such
Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory which opinions of other counsel shall
accompany such Opinion of Counsel and shall either be addressed to each Recipient or shall state that each Recipient shall each be entitled
to rely thereon.


 


“Optional Redemption”:
The meaning specified in Section 9.1(c) hereof.


 


“Outstanding”:
With respect to the Notes, as of any date of determination, all of the Notes or any Class of Notes, as the case may be, theretofore
authenticated and delivered under this Indenture except:


 


(i)           Notes
theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation;


 


(ii)        Notes
or portions thereof for whose payment or redemption funds in the necessary amount have been theretofore irrevocably deposited with the
Note Administrator or the Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii); provided
that, if such Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture;


 


(iii)       Notes
in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, unless proof satisfactory
to the Note Administrator is presented that any such Notes are held by a Holder in due course; and


 


(iv)         Notes
alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided in Section 2.6;


 


provided that
in determining whether the Noteholders of the requisite Aggregate Outstanding Amount have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, (x) Notes owned by the Issuer, the Co-Issuer or any Affiliate thereof shall be
disregarded and deemed not to be Outstanding, (y) Notes so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such
Notes and that the pledgee is not the Issuer, the Co-Issuer or any other obligor upon the Notes or any Affiliate of the Issuer, the
Co-Issuer or such other obligor and (z) in relation to the exercise by the Noteholders of their right, in connection with
certain Events of Default, to accelerate amounts due under the Notes will be disregarded and deemed not to be Outstanding. The
Trustee and the Note Administrator shall be entitled to rely on certificates from Noteholders to determine any such pledges or
affiliations and shall be protected in so relying, except to the extent that a Trust Officer of the Trustee or Note Administrator,
as applicable, has actual knowledge of any such affiliation.


 


“Par Purchase Price”:
With respect to any Defaulted Collateral Interest or Impaired Collateral Interest, the sum of (a) the outstanding Principal Balance
of such Collateral Interest as of the date


 






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of purchase; plus (b) all accrued and unpaid interest on such Collateral Interest at the
applicable interest rate to but not including the date of purchase; plus (c) all related unreimbursed Servicing Advances and accrued
and unpaid interest on such Servicing Advances at the Advance Rate, plus (d) all Special Servicing Fees and either Workout Fees or
Liquidation Fees (but not both) allocable to such Collateral Interest; plus (e) all unreimbursed expenses incurred by the Issuer
(and if applicable, the Seller), the Servicer and the Special Servicer in connection with such Collateral Interest.


 


“Par Value Ratio”:
As of any Measurement Date, the number (expressed as a percentage) calculated by dividing (a) the Net Outstanding Portfolio Balance
on such Measurement Date by (b) the sum of the Aggregate Outstanding Amount of the Class A Notes, the Class A-S Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes and the amount of any unreimbursed Interest
Advances.


 


“Par Value Test”:
A test that will be met as of any Measurement Date on which any Offered Notes remain outstanding if the Par Value Ratio on such Measurement
Date is equal to or greater than 115.62%.


 


“Participated Loan”:
Any Mortgage Loan or Combined Loan in which a Transaction Participation represents an interest.


 


“Participated Loan
Collection Account”: The meaning specified in the Servicing Agreement.


 


“Participation”:
Any Transaction Participation and/or the related Companion Participation, as applicable and as the context may require.


 


“Participation
Agreement”: With respect to each Participated Loan, the participation agreement or participation and future funding indemnification
agreement that governs the rights and obligations of the holders of the related Transaction Participation and the related Companion Participation(s).


 


“Participation Custodial
Agreement”: With respect to each Non-CLO Custody Collateral Interest, the custodial agreement entered into in accordance with
the related Participation Agreement and pursuant to which such Participation Custodian holds the loan file with respect to a Participated
Loan related to such Non-CLO Custody Collateral Interest.


 


“Participation Custodian”:
With respect to each Non-CLO Custody Collateral Interest, the document custodian or similar party under the related Participation Custodial
Agreement.


 


“Paying Agent”:
The Note Administrator, in its capacity as Paying Agent hereunder, authorized by the Issuer and the Co-Issuer to pay the principal of
or interest on any Notes on behalf of the Issuer and the Co-Issuer as specified in Section 7.2 hereof.


 


“Payment Account”:
The payment account established by the Note Administrator pursuant to Section 10.3 hereof.


 


“Payment Date”:
The 5th Business Day following each Determination Date, commencing on the Payment Date in June 2021, and ending on the Stated Maturity
Date unless the Notes are redeemed or repaid prior thereto.


 






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“Permitted Companion
Participation Acquisition Account”: The account established by the Note Administrator pursuant to Section 10.4 hereof.


 


“Permitted Principal
Proceeds”: Principal Proceeds on a Collateral Interest that are received (i) during the Companion Participation Acquisition
Period, (ii) if the next maturity date of the Collateral Interest is less than two years from the Closing Date, on or before such
maturity date and (iii) if the next maturity date of the Collateral Interest is at least two years from the Closing Date, at least
90 days prior to the initial maturity date of the related Collateral Interest. Principal Proceeds from Defaulted Collateral Interests
and Specially Serviced Loans shall not be considered Permitted Principal Proceeds.


 


“Permitted Subsidiary”:
Any one or more single purpose entities that are wholly-owned by the Issuer and are established exclusively for the purpose of taking
title to mortgage, real estate or any Sensitive Asset in connection, in each case, with the exercise of remedies or otherwise.


 


“Person”:
An individual, corporation (including a business trust), partnership, limited liability company, joint venture, association, joint stock
company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision thereof.


 


“Placement Agency Agreement”:
The placement agreement relating to the Notes dated May 5, 2021 by and among the Issuer, the Co-Issuer, GPMT and the Placement Agents.


 


“Placement Agents”:
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Wells
Fargo Securities, LLC.


 


“Pledged Collateral
Interest”: On any date of determination, any Collateral Interest that has been Granted to the Trustee and not been released
from the lien of this Indenture pursuant to Section 10.10 hereof.


 


“Preferred Share Distribution
Account”: A segregated account established and designated as such by the Preferred Share Paying Agent pursuant to the Preferred
Share Paying Agency Agreement.


 


“Preferred Share Paying
Agency Agreement”: The Preferred Share Paying Agency Agreement, dated as of the Closing Date, among the Issuer, the Preferred
Share Paying Agent relating to the Preferred Shares and the Share Registrar, as amended from time to time in accordance with the terms
thereof.


 


“Preferred Share Paying
Agent”: The Note Administrator, solely in its capacity as Preferred Share Paying Agent under the Preferred Share Paying Agency
Agreement and not individually, unless a successor Person shall have become the Preferred Share Paying Agent pursuant to the applicable
provisions of the Preferred Share Paying Agency Agreement, and thereafter Preferred Share Paying Agent shall mean such successor Person.


 


“Preferred Shareholder”:
A registered owner of Preferred Shares as set forth in the share register maintained by the Share Registrar.


 


“Preferred Shares”:
The preferred shares issued by the Issuer concurrently with the issuance of the Notes.


 


“Principal Balance”
or “par”: With respect to any Commercial Real Estate Loan, Collateral Interest, Participated Loan, Companion Participation
or Eligible Investment, as of any date of determination, the outstanding principal amount of such Commercial Real Estate Loan, Collateral
Interest,


 






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Participated Loan, Companion Participation or Eligible Investment; provided that the Principal Balance of any Eligible
Investment that does not pay Cash interest on a current basis will be the accreted value thereof.


 


“Principal Proceeds”:
With respect to any Payment Date, (i) the sum (without duplication) of:


 


(a) all principal payments
(including Unscheduled Principal Payments and any casualty or condemnation proceeds and any proceeds from the exercise of remedies (including
liquidation proceeds)) received during the related Due Period in respect of (1) Eligible Investments (other than Eligible Investments
purchased with Interest Proceeds, Eligible Investments in the Permitted Companion Participation Acquisition Account and any amount representing
the accreted portion of a discount from the face amount of a Collateral Interest or an Eligible Investment) and (2) Collateral Interests
as a result of (i) a maturity, scheduled amortization or mandatory prepayment on a Collateral Interest, (ii) optional prepayments
made at the option of the related borrower, (iii) recoveries on Defaulted Collateral Interests and Impaired Collateral Interests,
or (iv) any other principal payments received with respect to Collateral Interests;


 


(b) Sale Proceeds received
during such Due Period in respect of sales in accordance with the Transaction Documents and excluding (1) accrued interest included
in Sale Proceeds, (2) any reimbursement of expenses included in such Sale Proceeds and (3) any portion of such Sale Proceeds
that are in excess of the outstanding Principal Balance of the related Collateral Interest or Eligible Investment;


 


(c) funds transferred to
the Payment Account from the Permitted Companion Participation Acquisition Account pursuant to Section 10.4;


 


(iv) all Cash payments
of interest received during such Due Period on Defaulted Collateral Interests;


 


(d) any principal payments
received in Cash by the Issuer during the related Due Period on any asset held by a Permitted Subsidiary;


 


(e) any Loss Value Payment
received by the Issuer from the Seller; and


 


(f) Cash and Eligible Investments
contributed by the Retention Holder pursuant to the terms hereof, as holder of 100% of the Preferred Shares and designated as “Principal
Proceeds” by the Retention Holder; provided that in no event will Principal Proceeds include any proceeds from the Excepted
Property;


 


minus
(ii) the aggregate amount of (a) any Nonrecoverable Interest Advances that were not previously reimbursed to the Advancing Agent
or the Backup Advancing Agent from Interest Proceeds, (b) any amounts paid or reimbursed to the Servicer, the Special Servicer or
the Operating Advisor pursuant to the terms of the Servicing Agreement out of amounts that would otherwise be Principal Proceeds and (c) the
portion of the amounts set forth in clause (1) above that represent Permitted Principal Proceeds as determined by the Note Administrator
based on reports and information provided by the Servicer and the Special Servicer and were deposited by the Note Administrator into the
Permitted Companion Participation Acquisition Account for the acquisition of all or a portion of one or more Companion Participations.


 


“Priority of Payments”:
The meaning specified in Section 11.1(a) hereof.


 


“Privileged
Person”: Any of the following: (i) the Placement Agents and their designees, (ii) the Issuer, the Co-Issuer and
its Affiliates and designees, (iii) the Servicer, (iv) the Special Servicer, (v)


 






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the Trustee and Paying Agent,
(vi) the Note Administrator, (vii) the Seller, (viii) the Operating Advisor, (ix) the Advancing Agent hereunder
and under the Servicing Agreement, (x) any Person who provides the Note Administrator with an Investor Certification
(provided that access to information provided by the Note Administrator to any Person who provides the Note Administrator an
Investor Certification in the form of Exhibit H-2 shall be limited to the Monthly Report) and (xi) each Rating
Agency or other NRSRO that provides the Note Administrator with an NRSRO Certification, which NRSRO Certification may be submitted
electronically by means of the Note Administrator’s Website.


 


“Proceeding”:
Any suit in equity, action at law or other judicial or administrative proceeding.


 


“QIB”: A
 “qualified institutional buyer” as defined in Rule 144A.


 


“Qualified Purchaser”:
A “qualified purchaser” within the meaning of Section 2(a)(51) of the 1940 Act or an entity owned exclusively by one
or more such “qualified purchasers.”


 


“Qualified REIT Subsidiary”:
A corporation that, for U.S. federal income tax purposes, is wholly owned by REIT under Section 856(i)(2) of the Code.


 


“Rating
Agencies”: Moody’s and DBRS Morningstar, and any successor thereto, or, with respect to the Collateral generally, if at
any time Moody’s or DBRS Morningstar or any such successor ceases to provide rating services with respect to the Notes or certificates
similar to the Notes, any other NRSRO selected by the Issuer and reasonably satisfactory to a Majority of the Notes voting as a single
Class.


 


“Rating Agency Condition”:
A condition that is satisfied if:


 


(a)          the
party required to satisfy the Rating Agency Condition (the “Requesting Party”) has made a written request to a Rating
Agency for a No Downgrade Confirmation; and


 


(b)         any
one of the following has occurred:


 


      (i)         a
No Downgrade Confirmation has been received; or


 


      (ii)      (A) within
ten (10) Business Days of such request being sent to such Rating Agency, such Rating Agency has not replied to such request or has
responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for confirmation;


 


   (B)        the
Requesting Party has confirmed that such Rating Agency has received the confirmation request,


 


   (C)        the
Requesting Party promptly requests the No Downgrade Confirmation a second time; and


 


   (D)       there
is no response to either confirmation request within five (5) Business Days of such second request.


 


“Record Date”:
With respect to any Holder and any Payment Date, the close of business on the Business Day immediately preceding such Payment Date.


 






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“Redemption Date”:
Any Payment Date specified for a redemption of the Securities pursuant to Section 9.1 hereof.


 


“Redemption Price”:
The Redemption Price of each Class of Notes or the Preferred Shares, as applicable, on a Redemption Date will be calculated as follows:


 


Class A
Notes. The redemption price for the Class A Notes will be calculated on the related Determination Date and will equal
the Aggregate Outstanding Amount of the Class A Notes to be redeemed, together with the Class A Interest Distribution Amount
(plus any Class A Defaulted Interest Amount) due on the applicable Redemption Date.


 


Class A-S
Notes. The redemption price for the Class A-S Notes will be calculated on the related Determination Date and will equal
the Aggregate Outstanding Amount of the Class A-S Notes to be redeemed, together with the Class A-S Interest Distribution Amount
(plus any Class A-S Defaulted Interest Amount) due on the applicable Redemption Date.


 


Class B
Notes. The redemption price for the Class B Notes will be calculated on the related Determination Date and will equal
the Aggregate Outstanding Amount of the Class B Notes to be redeemed, together with the Class B Interest Distribution Amount
(plus any Class B Defaulted Interest Amount) due on the applicable Redemption Date.


 


Class C
Notes. The redemption price for the Class C Notes will be calculated on the related Determination Date and will equal
the Aggregate Outstanding Amount of the Class C Notes (including any Class C Deferred Interest Amount) to be redeemed, together
with the Class C Interest Distribution Amount (plus any Class C Defaulted Interest Amount) due on the applicable Redemption
Date.


 


Class D
Notes. The redemption price for the Class D Notes will be calculated on the related Determination Date and will equal
the Aggregate Outstanding Amount of the Class D Notes (including any Class D Deferred Interest Amount) to be redeemed, together
with the Class D Interest Distribution Amount (plus any Class D Defaulted Interest Amount) due on the applicable Redemption
Date.


 


Class E
Notes. The redemption price for the Class E Notes will be calculated on the related Determination Date and will equal
the Aggregate Outstanding Amount of the Class E Notes (including any Class E Deferred Interest Amount) to be redeemed, together
with the Class E Interest Distribution Amount (plus any Class E Defaulted Interest Amount) due on the applicable Redemption
Date.


 


Class F
Notes. The redemption price for the Class F Notes will be calculated on the related Determination Date and will equal
the Aggregate Outstanding Amount of the Class F Notes (including any Class F Deferred Interest Amount) to be redeemed, together
with the Class F Interest Distribution Amount (plus any Class F Defaulted Interest Amount) due on the applicable Redemption
Date.


 


Class G
Notes. The redemption price for the Class G Notes will be calculated on the related Determination Date and will equal
the Aggregate Outstanding Amount of the Class G Notes (including any Class G Deferred Interest Amount) to be redeemed, together
with the Class G Interest Distribution Amount (plus any Class G Defaulted Interest Amount) due on the applicable Redemption
Date.


 


Preferred
Shares. The redemption price for the Preferred Shares will be calculated on the related Determination Date and will be
equal to the sum of all net proceeds from the sale of the Collateral in accordance with Article 12 hereof and Cash
(other than the Issuer’s rights, title and interest in the property described in clause (i) of the definition of
 “Excepted Property”), if any, remaining after payment of all amounts and expenses, including payments made in respect of
the Notes, described under clauses (1)


 






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through (19) of Section 11.1(a)(i) and clauses (1) through (17) of Section 11.1(a)(ii); provided
that if there are no such net proceeds or Cash remaining, the redemption price for the Preferred Shares shall be equal to
U.S.$0.


 


“Reference Time”:
With respect to any determination of the Benchmark, (i) if the Benchmark is LIBOR, 11:00 a.m. (London time) on the Benchmark
Determination Date and (ii) if the Benchmark is not LIBOR, the time determined by the Designated Transaction Representative in accordance
with the Benchmark Replacement Conforming Changes on the Benchmark Determination Date.


 


“Registered”:
With respect to any debt obligation, a debt obligation that is issued after July 18, 1984, and that is in registered form for purposes
of the Code.


 


“Registered Office
Agreement”: The standard Terms and Conditions for the Provision of Registered Office Services by MaplesFS Limited (Structured
Finance – Cayman Company) as published at http://www.maples.com/terms providing for the provision of registered office facilities
to the Issuer, as approved and agreed by Board Resolution of the Issuer, as modified, amended and supplemented from time to time.


 


“Regulation RR”:
The final rule (appearing at 17 CFR § 246.1, et seq.) that was promulgated to implement the credit risk retention requirements
under Section 15G of the Securities Exchange Act of 1934, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (79 F.R. 77601; pages 77740-77766), as such rule may be amended from time to time, and subject to such clarification
and interpretation as have been provided by the U.S. regulatory agencies in the adopting release (79 FR 77601 et seq.) or by the staff
of any such agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective from time to time.


 


“Regulation S”:
Regulation S under the Securities Act.


 


“Regulation S Global
Note”: The meaning specified in Section 2.2(b)(ii) hereof.


 


“Reimbursement Interest”:
Interest accrued on the amount of any Interest Advance made by the Advancing Agent or the Backup Advancing Agent, for so long as it is
outstanding, at the Reimbursement Rate, which Reimbursement Interest is hereby waived by the Advancing Agent for so long as (i) Seller
(or any of its Affiliates) is the Advancing Agent and (ii) the Retention Holder (or any of its Affiliates) owns the Preferred Shares.


 


“Reimbursement Rate”:
A rate per annum equal to the “prime rate” as published in the “Money Rates” section of The Wall Street
Journal, as such “prime rate” may change from time to time. If more than one “prime rate” is published in The
Wall Street Journal for a day, the average of such “prime rates” will be used, and such average will be rounded up to the
nearest one eighth of one percent (0.125%). If the “prime rate” contained in The Wall Street Journal is not readily ascertainable,
the Servicer will select an equivalent publication that publishes such “prime rate,” and if such “prime rates”
are no longer generally published or are limited, regulated or administered by a governmental authority or quasigovernmental body, then
the Servicer will select, in its reasonable discretion, a comparable interest rate index.


 


“REIT”: A
 “real estate investment trust” under the Code.


 


“Related Funded Companion
Participation”: Any fully funded related Future Funding Companion Participation or funded portion thereof.


 






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“Relevant Governmental
Body”: The Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened
by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.


 


“Remittance Date”:
The meaning specified in the Servicing Agreement.


 


“Repurchase Request”:
The meaning specified in Section 7.17 hereof.


 


“REO Property”:
The meaning specified in the Servicing Agreement.


 


“Retail Property”:
A real property comprised of retail space (including mixed-use property) as to which the majority of the underwritten revenue is from
retail space.


 


“Retained Securities”:
100% of the Class F Notes, the Class G Notes and the Preferred Shares.


 


“Retention Holder”:
GPMT CLO Holdings LLC, a direct wholly-owned subsidiary of the Seller and an indirect wholly-owned subsidiary of GPMT.


 


“Rule 17g-5”:
The meaning specified in Section 14.13 hereof.


 


“Rule 144A”:
Rule 144A under the Securities Act.


 


“Rule 144A Global
Note”: The meaning specified in Section 2.2(b)(i) hereof.


 


“Rule 144A Information”:
The meaning specified in Section 7.13 hereof.


 


“Sale”: The
meaning specified in Section 5.17(a) hereof.


 


“Sale Proceeds”:
All proceeds (including accrued interest) received with respect to Collateral Interests and Eligible Investments as a result of sales
of such Collateral Interests and Eligible Investments, and sales in connection with a repurchase for a Material Breach, a Material Document
Defect or a Combined Loan Repurchase Event, in each case net of any reasonable out-of-pocket expenses of the Trustee, the Custodian, the
Note Administrator, the Operating Advisor or the Servicer under the Servicing Agreement in connection with any such sale.


 


“Secured Parties”:
Collectively, the Trustee, the Custodian, the Note Administrator, the Advancing Agent, the Backup Advancing Agent, the Holders of the
Offered Notes, the Servicer, the Special Servicer, the AML Services Provider and the Company Administrator, each as their interests appear
in applicable Transaction Documents.


 


“Securities”:
Collectively, the Notes and the Preferred Shares.


 


“Securities Account”:
The meaning specified in Section 8-501(a) of the UCC.


 


“Securities Account
Control Agreement”: The meaning specified in Section 3.3(b) hereof.


 


“Securities Act”:
The Securities Act of 1933, as amended, and the applicable rules and regulations promulgated thereunder.


 


“Securities Intermediary”:
The meaning specified in Section 10.1(b) hereof.


 






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“Securitization Regulation”:
Regulation (EU) 2017/2402, together with any official guidance adopted in relation thereto and in force on the Closing Date.


 


“Security”:
Any Note or Preferred Share or, collectively, the Notes and Preferred Shares, as the context may require.


 


“Security Entitlement”:
The meaning specified in Section 8-102(a)(17) of the UCC.


 


“Segregated Liquidity”:
The meaning specified in the Servicing Agreement.


 


“Self-Storage Property”:
A real property comprised of self-storage space (including mixed-use property) as to which the majority of the underwritten revenue is
from self-storage space.


 


“Seller”:
GPMT Seller LLC, and its successors-in-interest, solely in its capacity as Seller.


 


“Sensitive Asset”:
Means (i) a Collateral Interest, or a portion thereof, or (ii) a real property or other interest (including, without limitation,
an interest in real property) resulting from the conversion, exchange, other modification or exercise of remedies with respect to a Collateral
Interest or portion thereof, in either case, as to which the Servicer or the Special Servicer has determined, based on the advice of nationally
recognized counsel (independent of the Servicer or Special Servicer, as applicable) that could give rise to a material liability of the
Issuer (including liability for taxes) if held directly by the Issuer.


 


“Servicer”:
Wells Fargo Bank, National Association, a national banking association, solely in its capacity as servicer under the Servicing Agreement,
together with its permitted successors and assigns or any successor Person that shall have become the servicer pursuant to the appropriate
provisions of the Servicing Agreement.


 


“Servicing Accounts”:
The Escrow Accounts, the Collection Account, the Participated Loan Collection Account, the REO Accounts and the Cash Collateral Accounts,
each as established under and defined in the Servicing Agreement.


 


“Servicing Advances”:
The meaning specified in the Servicing Agreement.


 


“Servicing Agreement”:
The Servicing Agreement, dated as of the Closing Date, by and among the Issuer, t the Trustee, the Note Administrator, the Servicer, the
Special Servicer, the Operating Advisor and the Advancing Agent, as amended, supplemented or otherwise modified from time to time in accordance
with its terms.


 


“Servicing Standard”:
The meaning specified in the Servicing Agreement.


 


“Signature Law”:
The meaning specified in Section 14.11 hereof.


 


“Significant Modification”:
The meaning specified in the Servicing Agreement.


 


“Significant Modification
Criteria”: The meaning specified in the Servicing Agreement.


 


“Share Registrar”:
MaplesFS Limited, unless a successor Person shall have become the Share Registrar pursuant to the applicable provisions of the Preferred
Share Paying Agency Agreement, and thereafter “Share Registrar” shall mean such successor Person.


 






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“SOFR”: With
respect to any calendar day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the
administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website.


 


“Special Servicer”:
Trimont Real Estate Advisors, LLC, a Georgia limited liability company, solely in its capacity as special servicer under the Servicing
Agreement, together with its permitted successors and assigns or any successor Person that shall have become the special servicer pursuant
to the appropriate provisions of the Servicing Agreement.


 


“Special Servicing
Fee”: The meaning specified in the Servicing Agreement.


 


“Specially Serviced
Loan”: The meaning specified in the Servicing Agreement.


 


“Specified Person”:
The meaning specified in Section 2.6(a) hereof.


 


“Sponsor”:
GPMT, solely in its role as the “sponsor” as that term is defined in Section 246.2 of Regulation RR.


 


“Stated Maturity Date”:
The Payment Date in July 2035.


 


“Student Housing Property”:
A real property comprised of a student housing space (including mixed-use property) as to which the majority of the underwritten revenue
is from student housing.


 


“Sub-REIT”:
GPMT CLO REIT LLC, a Delaware limited liability company.


 


“Subordinate Class Representative”:
(i) If and for so long as a Control Shift Event has not occurred with respect to the Preferred Shares (or, if such a Control Shift
Event has occurred, it is no longer continuing), the Holder of a Majority of the Preferred Shares; (ii) if and for so long as a Control
Shift Event has occurred and is continuing with respect to the Preferred Shares, but a Control Shift Event has not occurred with respect
to the Class G Notes (or, if such a Control Shift Event has occurred, it is no longer continuing), the Holder of a Majority of the
Class G Notes; and (iii) if and for so long as a Control Shift Event has occurred and is continuing with respect to the Class G
Notes, but a Control Shift Event has not occurred with respect to the Class F Notes (or, if such a Control Shift Event has occurred,
it is no longer continuing), the Holder of a Majority of the Class F Notes. The initial Subordinate Class Representative is
Retention Holder. Each of the parties to this Agreement may assume that the identity of the Subordinate Class Representative has
not changed until such parties receive written notice by the successor Subordinate Class Representative.


 


“Subsequent Retaining
Holder”: Any Person that purchases all or a portion of the EHRI in accordance with this Indenture and applicable laws and regulations;
provided that if there are multiple Holders of the EHRI, then “Subsequent Retaining Holder” shall mean, individually
and collectively, those multiple Holders.


 


“Subsequent Transfer
Instrument”: The meaning specified in Section 12.2(a) hereof.


 


“Sub-Servicer”:
Trimont Real Estate Advisors, LLC, a Georgia limited liability company, solely in its capacity as sub-servicer under the Sub-Servicing
Agreement with respect to certain of the Commercial Real Estate Loans, together with its permitted successors and assigns or any successor
Person that shall have become the sub-servicer pursuant to the appropriate provisions of the Sub-Servicing Agreement.


 






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“Sub-Servicing Agreement”:
The Sub-Servicing Agreement, dated as of the Closing Date, by and among the Servicer and the Sub-Servicer, as amended, supplemented or
otherwise modified from time to time in accordance with its terms.


 


“Successful Auction”:
As defined in the Servicing Agreement.


 


“Supermajority”:
With respect to (i) any Class of Notes, the Holders of at least 662⁄3% of the Aggregate Outstanding Amount of the Notes
of such Class and (ii) with respect to the Preferred Shares, the Holders of at least 662⁄3% of the aggregate Notional Amount
of the Preferred Shares.


 


“Tax Event”:
An event that occurs at any time that (i) any borrower is, or on the next scheduled payment date under any Collateral Interest, will
be, required to deduct or withhold from any payment under any Collateral Interest to the Issuer for or on account of any tax for whatever
reason and such borrower is not required to pay to the Issuer such additional amount as is necessary to ensure that the net amount actually
received by the Issuer (free and clear of taxes, whether assessed against such borrower or the Issuer) will equal the full amount that
the Issuer would have received had no such deduction or withholding been required, (ii) any jurisdiction imposes net income, profits,
or similar tax on the Issuer or (iii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary or other disregarded
entity of a REIT and is not a foreign corporation that is not engaged in a trade or business in the United States for U.S. federal income
tax purposes.


 


“Tax Materiality Condition”:
The condition that will be satisfied if either (i) as a result of the occurrence of a Tax Event, a tax or taxes are imposed on the
Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full amount that the Issuer
would have received had no such deduction occurred and such amount exceeds, in the aggregate, $1,000,000 during any 12-month period or
(ii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary or other disregarded entity of a REIT and is not a foreign
corporation that is not engaged in a trade or business in the United States for U.S. federal income tax purposes.


 


“Tax Redemption”:
The meaning specified in Section 9.1(b) hereof.


 


“Term
SOFR”: The forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been endorsed, selected
or recommended by the Relevant Governmental Body.


 


“Total Redemption Price”:
The amount equal to funds sufficient to pay all amounts and expenses described under clauses (1) through (4) of Section 11.1(a)(i) and
to redeem all Notes at their applicable Redemption Prices.


 


“Transaction Documents”:
This Indenture, the Preferred Share Paying Agency Agreement, the Placement Agency Agreement, the Collateral Interest Purchase Agreement,
the U.S. Risk Retention Agreement, the EU/UK Risk Retention Agreement, the Company Administration Agreement, the AML Services Agreement,
the Registered Office Agreement, the Participation Agreements, the Future Funding Agreement, the Servicing Agreement, the Sub-Servicing
Agreement and the Securities Account Control Agreement.


 


“Transaction Participation”:
A fully funded senior or pari passu participation interest in a Participated Loan, which participation is acquired by the Issuer.


 


“Transfer Agent”:
The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer of Notes in its capacity
as Transfer Agent.


 






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“Treasury Regulations”:
Temporary or final regulations promulgated under the Code by the United States Treasury Department.


 


“Trust Officer”:
When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee with direct responsibility for
the administration of this Indenture and also, with respect to a particular matter, any other officer to whom such matter is referred
because such officer’s knowledge of and familiarity with the particular subject and (ii) the Note Administrator, any officer
of the Corporate Trust Services group of the Note Administrator with direct responsibility for the administration of this Indenture and
also, with respect to a particular matter, any other officer to whom a particular matter is referred because of such officer’s knowledge
of and familiarity with the particular subject.


 


“Trustee”:
Wilmington Trust, National Association, a national banking association, solely in its capacity as trustee hereunder, unless a successor
Person shall have become the Trustee pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall
mean such successor Person.


 


“Two Quarter Future
Advance Estimate”: The meaning specified in the Servicing Agreement.


 


“UCC”: The
applicable Uniform Commercial Code.


 


“UK Securitization
Laws”: The Securitization Regulation (which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018,
as amended by the Securitization (Amendment) (EU Exit) Regulations 2019 of the United Kingdom), together with any supplementary regulatory
technical standards, implementing standards and any official guidance published in relation thereto by the UK Financial Conduct Authority
and/or the UK Prudential Regulation Authority, and any implementing laws or regulations, each as in force on the Closing Date.


 


“Unadjusted
Benchmark Replacement”: The Benchmark Replacement excluding the applicable Benchmark Replacement Adjustment.


 


“United States”
and “U.S.”: The United States of America, including any state and any territory or possession administered thereby.


 


“Unscheduled Principal
Payments”: Any proceeds received by the Issuer from an unscheduled prepayment or redemption (in whole but not in part) by the
obligor of a Commercial Real Estate Loan prior to the maturity date the related Collateral Interest.


 


“Updated Appraisal”:
An appraisal (or a letter update for an existing appraisal which is less than two years old) of the Mortgaged Property from an independent
Member of the Appraisal Institute appraiser.


 


“U.S. Person”:
The meaning specified in Regulation S.


 


“U.S. Risk Retention
Agreement”: The U.S. Credit Risk Retention Agreement, dated as of the Closing Date, by and between the Sponsor and the Issuer,
as amended, supplemented or otherwise modified from time to time in accordance with its terms.


 


“Volcker Rule”:
Section 13 of the Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations promulgated thereunder.


 


“Workout Fee”:
The meaning specified in the Servicing Agreement.


 






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Section 1.2     Interest
Calculation Convention.


 


All calculations of interest
hereunder that are made with respect to the Notes shall be made on the basis of the actual number of days during the related Interest
Accrual Period divided by 360.


 


Section 1.3     Rounding
Convention.


 


Unless otherwise specified herein,
test calculations that are evaluated as a percentage shall be rounded to the nearest ten thousandth of a percentage point and test calculations
that are evaluated as a number or decimal shall be rounded to the nearest one hundredth of a percentage point.


 


ARTICLE 2


 


THE NOTES


 


Section 2.1     Forms
Generally.


 


The Notes and the Authenticating
Agent’s certificate of authentication thereon (the “Certificate of Authentication”) shall be in substantially
the forms required by this Article 2, with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon, as may be consistent herewith, determined by the Authorized Officers of the Issuer and the Co-Issuer, executing such Notes
as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Note.


 


Section 2.2     Forms
of Notes and Certificate of Authentication.


 


(a)           Form.
The form of each Class of Offered Notes, including the Certificate of Authentication, shall be substantially as set forth in Exhibit A
hereto and the form of the Class F Notes and the Class G Notes, including the Certificate of Authentication, shall be substantially
as set forth in Exhibit B hereto.


 


(b)          Global
Notes and Definitive Notes.


 


(i)            The
Notes initially offered and sold in the United States to (or to U.S. Persons who are) QIBs shall be represented by one or more permanent
global notes in definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A
and B hereto added to the form of such Notes (each, a “Rule 144A Global Note”), which shall be registered
in the name of Cede & Co., as the nominee of the Depository and deposited with the Note Administrator, as custodian for the Depository,
duly executed by the Issuer and in the case of the Offered Notes, the Co-Issuer and authenticated by the Authenticating Agent as hereinafter
provided. The aggregate principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments
made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided.


 


(ii)          The
Notes initially offered and sold in the United States to (or to U.S. Persons who are) IAIs shall be issued in definitive form, registered
in the name of the legal or beneficial owner thereof attached without interest coupons with the applicable legend set forth in Exhibits
A and B hereto added to the form of such Notes (each a “Definitive Note”), which shall be duly executed
by the Issuer and, in the case of the Offered Notes, the Co-Issuer and authenticated by the


 








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Authenticating Agent as hereinafter provided.
The aggregate principal amount of the Definitive Notes may from time to time be increased or decreased by adjustments made on the records
of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided.


 


(iii)          The
Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by one or more permanent global notes in
definitive, fully registered form without interest coupons with the applicable legend set forth in Exhibits A and B,
hereto added to the form of such Notes (each, a “Regulation S Global Note”), which shall be deposited on behalf of
the subscribers for such Notes represented thereby with the Note Administrator as custodian for the Depository and registered in the name
of a nominee of the Depository for the respective accounts of Euroclear and Clearstream, Luxembourg or their respective depositories,
duly executed by the Issuer and, in the case of the Offered Notes, the Co-Issuer and authenticated by the Authenticating Agent as hereinafter
provided. The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments
made on the records of the Note Administrator or the Depository or its nominee, as the case may be, as hereinafter provided.


 


(c)           Book-Entry
Provisions. This Section 2.2(c) shall apply only to Global Notes deposited with or on behalf of the Depository.


 


Each of the Issuer and the Co-Issuer
shall execute and the Authenticating Agent shall, in accordance with this Section 2.2(c), authenticate and deliver initially
one or more Global Notes that shall be (i) registered in the name of the nominee of the Depository for such Global Note or Global
Notes and (ii) delivered by the Note Administrator to such Depository or pursuant to such Depository’s instructions or held
by the Note Administrator’s agent as custodian for the Depository.


 


Agent Members shall have no
rights under this Indenture with respect to any Global Note held on their behalf by the Note Administrator, as custodian for the Depository
or under the Global Note, and the Depository may be treated by the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Servicer,
the Special Servicer and the Operating Advisor and any of their respective agents as the absolute owner of such Global Note for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Co-Issuer, the Trustee, the Note Administrator,
the Servicer, the Special Servicer and the Operating Advisor or any of their respective agents, from giving effect to any written certification,
proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of
customary practices governing the exercise of the rights of a Holder of any Global Note.


 


(d)           Delivery
of Definitive Notes in Lieu of Global Notes. Except as provided in Section 2.10 hereof, owners of beneficial interests
in a Class of Global Notes shall not be entitled to receive physical delivery of a Definitive Note.


 


Section 2.3     Authorized
Amount; Stated Maturity Date; and Denominations.


 


(a)      The
aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is limited to U.S.$761,963,000, except
for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.5,
2.6 or 8.5 hereof.


 






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Such Notes shall be divided
into eight (8) Classes having designations and original principal amounts as follows:


 


	
    Designation
	 	
    Original Principal
    Amount

	Class A Senior Secured Floating Rate Notes Due 2035	 	U.S. $428,346,000 
	Class A-S Second Priority Secured Floating Rate Notes Due 2035	 	U.S. $101,939,000
	Class B Third Priority Secured Floating Rate Notes Due 2035	 	U.S. $40,157,000
	Class C Fourth Priority Secured Floating Rate Notes Due 2035	 	U.S. $48,395,000
	Class D Fifth Priority Secured Floating Rate Notes Due 2035	 	U.S. $53,543,000
	Class E Sixth Priority Secured Floating Rate Notes Due 2035	 	U.S. $13,386,000
	Class F Seventh Priority Floating Rate Notes Due 2035	 	U.S. $44,277,000
	Class G Eighth Priority Floating Rate Notes Due 2035	 	U.S. $31,920,000


 


(b)           The
Notes shall be issued in minimum denominations of $100,000 and integral multiples of $500 in excess thereof (plus any residual
amount).


 


Section 2.4     Execution,
Authentication, Delivery and Dating.


 


The Notes shall be executed
on behalf of the Issuer and, in the case of the Offered Notes, the Co-Issuer by an Authorized Officer of the Issuer and, in the case of
the Offered Notes, the Co-Issuer, respectively. The signature of such Authorized Officers on the Notes may be manual or facsimile.


 


Notes bearing the manual or
facsimile signatures of individuals who were at any time the Authorized Officers of the Issuer and, in the case of the Offered Notes,
the Co-Issuer shall bind the Issuer or the Co-Issuer, as the case may be, notwithstanding the fact that such individuals or any of them
have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of issuance
of such Notes.


 


At any time and from time to
time after the execution and delivery of this Indenture, the Issuer and, in the case of the Offered Notes, the Co-Issuer may deliver Notes
executed by the Issuer and, in the case of the Offered Notes, the Co-Issuer to the Authenticating Agent for authentication and the Authenticating
Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided in this Indenture and not otherwise.


 


Each Note authenticated and
delivered by the Authenticating Agent upon Issuer Order on the Closing Date shall be dated as of the Closing Date. All other Notes that
are authenticated after the Closing Date for any other purpose under this Indenture shall be dated the date of their authentication.


 


Notes issued upon transfer,
exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original aggregate principal amount
of the Notes so transferred,


 






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exchanged or replaced, but shall represent only the current outstanding principal amount of the Notes so
transferred, exchanged or replaced. In the event that any Note is divided into more than one Note in accordance with this Article 2,
the original principal amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor and shall be
deemed to be the original aggregate principal amount of such subsequently issued Notes.


 


No Note shall be entitled to
any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a Certificate of Authentication,
substantially in the form provided for herein, executed by the Note Administrator or by the Authenticating Agent by the manual signature
of one of their Authorized Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such
Note has been duly authenticated and delivered hereunder.


 


Section 2.5     Registration,
Registration of Transfer and Exchange.


 


(a)           The
Issuer and the Co-Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable
regulations as it may prescribe, the Issuer and the Co-Issuer shall provide for the registration of Notes and the registration of transfers
and exchanges of Notes. The Note Administrator is hereby initially appointed “Note Registrar” for the purpose of maintaining
the Note Registrar and registering Notes and transfers and exchanges of such Notes with respect to the Note Register kept in the United
States as herein provided. Upon any resignation or removal of the Note Registrar, the Issuer and the Co-Issuer shall promptly appoint
a successor or, in the absence of such appointment, assume the duties of Note Registrar.


 


The
name and address of each Noteholder and the principal amounts and stated interest of each such Noteholder in its Notes shall be recorded
by the Note Registrar in the Note Register. For the avoidance of doubt, the Note Register is intended to be and shall be maintained so
as to cause the Notes to be considered issued in registered form under Treasury Regulations section 5f.103-1(c).


 


If a Person other than the Note
Administrator is appointed by the Issuer and the Co-Issuer as Note Registrar, the Issuer and the Co-Issuer shall give the Note Administrator
prompt written notice of the appointment of a successor Note Registrar and of the location, and any change in the location, of the Note
Register, and the Note Administrator shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof
and the Note Administrator shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Authorized Officer
thereof as to the names and addresses of the Holders of the Notes and the principal amounts and numbers of such Notes. In addition, the
Note Registrar shall be required, within one Business Day of each Record Date, to provide the Note Administrator with a copy of the Note
Registrar in the format required by, and with all accompanying information regarding the Noteholders as may reasonably be required by
the Note Administrator.


 


Subject to this Section 2.5,
upon surrender for registration of transfer of any Notes at the office or agency of the Issuer to be maintained as provided in Section 7.2,
the Issuer and the Co-Issuer shall execute, and the Authenticating Agent shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate principal amount.


 


At the option of the Holder,
Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate principal amount, upon surrender
of the Notes to be exchanged at the office or agency of the Issuer to be maintained as provided in Section 7.2. Whenever any
Note is surrendered for exchange, the Issuer and, in the case of the Offered Notes, the Co-Issuer shall execute, and the Authenticating
Agent shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive.


 






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All Notes issued and authenticated
upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer and, in the case of the Offered Notes,
the Co-Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration
of transfer or exchange.


 


Every Note presented or surrendered
for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory
to the Issuer and, in the case of the Offered Notes, the Co-Issuer and, in each case, the Note Registrar duly executed by the Holder thereof
or his attorney duly authorized in writing.


 


No service charge shall be made
to a Holder for any registration of transfer or exchange of Notes, but the Note Administrator may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.


 


None of the Note Registrar,
the Issuer or the Co-Issuer shall be required (i) to issue, register the transfer of or exchange any Note during a period beginning
at the opening of business fifteen (15) days before any selection of Notes to be redeemed and ending at the close of business on the day
of the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Note so selected for redemption.


 


(b)           No
Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer is exempt from
the registration requirements of the Securities Act and is exempt from the registration requirements under applicable securities laws
of any state or other jurisdiction.


 


(c)           No
Note may be offered, sold, resold or delivered, in the United States or to, or for the benefit of, U.S. Persons except in accordance with
Section 2.5(e) below and in accordance with Rule 144A to QIBs or, solely with respect to Definitive Notes, IAIs
who are also Qualified Purchasers purchasing for their own account or for the accounts of one or more QIBs or IAIs who are also Qualified
Purchasers, for which the purchaser is acting as fiduciary or agent. The Notes may be offered, sold, resold or delivered, as the case
may be, in offshore transactions to non-U.S. Persons in reliance on Regulation S. None of the Issuer, the Co-Issuer, the Note Administrator,
the Trustee or any other Person may register the Notes under the Securities Act or the securities laws of any state or other jurisdiction.


 


(d)           Upon
final payment due on the Stated Maturity Date of a Note, the Holder thereof shall present and surrender such Note at the Corporate Trust
Office of the Note Administrator or at the office of the Paying Agent.


 


(e)           Transfers
of Global Notes. Notwithstanding any provision to the contrary herein, so long as a Global Note remains outstanding and is held by
or on behalf of the Depository, transfers of a Global Note, in whole or in part, shall be made only in accordance with Section 2.2(c) and
this Section 2.5(e).


 


(i)            Except
as otherwise set forth below, transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part,
to nominees of the Depository or to a successor of the Depository or such successor’s nominee. Transfers of a Global Note to a Definitive
Note may only be made in accordance with Section 2.10.


 


(ii)           Regulation
S Global Note to Rule 144A Global Note or Definitive Note. If a holder of a beneficial interest in a Regulation S Global Note
wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding Rule 144A
Global Note or for


 






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a Definitive Note or to transfer its interest in such Regulation S Global Note to a Person who wishes to take
delivery thereof in the form of an interest in the corresponding Rule 144A Global Note or for a Definitive Note, such holder may,
subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream, Luxembourg and/or DTC, as
the case may be, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the
corresponding Rule 144A Global Note or for a Definitive Note. Upon receipt by the Note Administrator or the Note Registrar of:


 


(1)           if
the transferee is taking a beneficial interest in a Rule 144A Global Note, instructions from Euroclear, Clearstream, Luxembourg and/or
DTC, as the case may be, directing the Note Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A
Global Note in an amount equal to the beneficial interest in such Regulation S Global Note, but not less than the minimum denomination
applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain information regarding the participant
account with DTC to be credited with such increase and a duly completed certificate in the form of Exhibit C-2 attached
hereto; or


 


(2)            if
the transferee is taking a Definitive Note, a duly completed transfer certificate in substantially the form of Exhibit C-3
hereto, certifying that such transferee is an IAI,


 


then the Note Registrar
shall either (x) if the transferee is taking a beneficial interest in a Rule 144A Global Note, approve the instructions at DTC
to reduce, or cause to be reduced, the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the
Regulation S Global Note to be transferred or exchanged and the Note Registrar shall instruct DTC, concurrently with such reduction,
to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in the
corresponding Rule 144A Global Note equal to the reduction in the principal amount of the Regulation S Global Note or (y) if
the transferee is taking an interest in a Definitive Note, the Note Registrar shall record the transfer in the Note Register in accordance
with Section 2.5(a) and, upon execution by the Issuers, the Authenticating Agent shall authenticate and deliver one or
more Definitive Notes, as applicable, registered in the names specified in the instructions described above, in principal amounts designated
by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in the Regulation
S Global Note transferred by the transferor).


 


(iii)          Definitive
Note or Rule 144A Global Note to Regulation S Global Note. If a holder of a beneficial interest in a Rule 144A Global Note
or a Holder of a Definitive Note wishes at any time to exchange its interest in such Rule 144A Global Note or Definitive Note for
an interest in the corresponding Regulation S Global Note, or to transfer its interest in such Rule 144A Global Note or Definitive
Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such holder,
provided such holder or, in the case of a transfer, the transferee is not a U.S. person and is acquiring such interest in an offshore
transaction, may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause
the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Regulation S Global Note. Upon receipt
by the Note Administrator or the Note Registrar of:


 


(1)           instructions
given in accordance with DTC’s procedures from an Agent Member directing the Note Administrator or the Note Registrar to credit
or cause to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the minimum denomination
applicable to such holder’s Notes, in an amount equal to


 






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the beneficial interest in the Rule 144A Global Note or Definitive
Note to be exchanged or transferred, and in the case of a transfer of Definitive Notes, such Holder’s Definitive Notes properly
endorsed for assignment to the transferee,


 


(2)          a
written order given in accordance with DTC’s procedures containing information regarding the participant account of DTC and the
Euroclear or Clearstream, Luxembourg account to be credited with such increase,


 


(3)           in
the case of a transfer of Definitive Notes, a Holder’s Definitive Note properly endorsed for assignment to the transferee, and


 


(4)           a
duly completed certificate in the form of Exhibit C-1 attached hereto,


 


then the Note Administrator
or the Note Registrar shall approve the instructions at DTC to reduce the principal amount of the Rule 144A Global Note (or, in the
case of a transfer of Definitive Notes, the Note Administrator or the Note Registrar shall cancel such Definitive Notes) and to increase
the principal amount of the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Rule 144A
Global Note or Definitive Note to be exchanged or transferred, and to credit or cause to be credited to the securities account of the
Person specified in such instructions a beneficial interest in the corresponding Regulation S Global Note equal to the reduction in the
principal amount of the Rule 144A Global Note (or, in the case of a cancellation of Definitive Notes, equal to the principal amount
of Definitive Notes so cancelled).


 


(iv)          Transfer
of Rule 144A Global Notes to Definitive Notes. If, in accordance with Section 2.10, a holder of a beneficial interest
in a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for a Definitive Note or
to transfer its interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a Definitive
Note in accordance with Section 2.10, such holder may, subject to the immediately succeeding sentence and the rules and
procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such interest for a Definitive Note. Upon receipt by the
Note Administrator or the Note Registrar of (A) a duly complete certificate substantially in the form of Exhibit C-3
and (B) appropriate instructions from DTC, if required, the Note Administrator or the Note Registrar shall approve the instructions
at DTC to reduce, or cause to be reduced, the Rule 144A Global Note by the aggregate principal amount of the beneficial interest
in the Rule 144A Global Note to be transferred or exchanged, record the transfer in the Note Register in accordance with Section 2.5(a) and
upon execution by the Issuers, the Authenticating Agent shall authenticate and deliver one or more Definitive Notes, registered in the
names specified in the instructions described in clause (B) above, in principal amounts designated by the transferee (the aggregate
of such principal amounts being equal to the aggregate principal amount of the interest in the Rule 144A Global Note transferred
by the transferor).


 


(v)           Transfer
of Definitive Notes to Rule 144A Global Notes. If a holder of a Definitive Note wishes at any time to exchange its interest in
such Definitive Note for a beneficial interest in a Rule 144A Global Note or to transfer such Definitive Note to a Person who wishes
to take delivery thereof in the form of a beneficial interest in a Rule 144A Global Note, such holder may, subject to the immediately
succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such Definitive
Note for beneficial interest in a Rule 144A Global Note (provided that no IAI may hold an interest in a Rule 144A Global
Note). Upon receipt by the Note Administrator or the Note Registrar of (A) a Holder’s Definitive Note properly endorsed for
assignment to the transferee; (B) a duly completed certificate substantially in the form of Exhibit C-2 attached hereto;
(C) instructions given in accordance with DTC’s procedures from


 






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an Agent Member to instruct DTC to cause to be credited a beneficial
interest in the Rule 144A Global Notes in an amount equal to the Definitive Notes to be transferred or exchanged; and (D) a
written order given in accordance with DTC’s procedures containing information regarding the participant’s account of DTC
to be credited with such increase, the Note Administrator or the Note Registrar shall cancel such Definitive Note in accordance herewith,
record the transfer in the Note Register in accordance with Section 2.5(a) and approve the instructions at DTC, concurrently
with such cancellation, to credit or cause to be credited to the securities account of the Person specified in such instructions a beneficial
interest in the corresponding Rule 144A Global Note equal to the principal amount of the Definitive Note transferred or exchanged.


 


(vi)         Transfers
of EHRI. Transfers of the Preferred Shares and restrictions on the transfer of the EHRI shall be governed by the Preferred Share Paying
Agency Agreement, and be subject to Section 2.5(n).


 


(vii)        Other
Exchanges. In the event that, pursuant to Section 2.10 hereof, a Global Note is exchanged for Definitive Notes, such Notes
may be exchanged for one another only in accordance with such procedures as are substantially consistent with the provisions above (including
certification requirements intended to ensure that such transfers are to a QIB who is also a Qualified Purchaser or are to a non-U.S.
Person, or otherwise comply with Rule 144A or Regulation S, as the case may be) and as may be from time to time adopted by the Issuer,
the Co-Issuer and the Note Administrator.


 


(f)           Removal
of Legend. If Notes are issued upon the transfer, exchange or replacement of Notes bearing the applicable legends set forth in Exhibits
A and B hereto, and if a request is made to remove such applicable legend on such Notes, the Notes so issued shall bear such
applicable legend, or such applicable legend shall not be removed, as the case may be, unless there is delivered to the Issuer and the
Co-Issuer such satisfactory evidence, which may include an Opinion of Counsel of an attorney at law licensed to practice law in the State
of New York (and addressed to the Issuer and the Note Administrator), as may be reasonably required by the Issuer and the Co-Issuer, if
applicable, to the effect that neither such applicable legend nor the restrictions on transfer set forth therein are required to ensure
that transfers thereof comply with the provisions of Rule 144A or Regulation S, as applicable, the 1940 Act, ERISA or Section 4975
of the Code. So long as the Issuer or the Co-Issuer is relying on an exemption or exclusion under or promulgated pursuant to the 1940
Act, the Issuer or the Co-Issuer shall not remove that portion of the legend required to maintain an exemption or exclusion under or promulgated
pursuant to the 1940 Act. Upon provision of such satisfactory evidence, as confirmed in writing by the Issuer and the Co-Issuer, if applicable,
to the Note Administrator, the Note Administrator, at the direction of the Issuer and the Co-Issuer, if applicable, shall authenticate
and deliver Notes that do not bear such applicable legend.


 


(g)          Each
beneficial owner of Regulation S Global Notes shall be deemed to make the representations and agreements set forth in Exhibit C-1
hereto.


 


(h)          Each
beneficial owner of Rule 144A Global Notes shall be deemed to make the representations and agreements set forth in Exhibit C-2
hereto.


 


(i)            Each
Holder of Definitive Notes shall make the representations and agreements set forth in the certificate attached as Exhibit C-3
hereto.


 


(j)           Any
purported transfer of a Note not in accordance with Section 2.5(a) shall be null and void and shall not be given effect
for any purpose hereunder.


 






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(k)           Notwithstanding
anything contained in this Indenture to the contrary, neither the Note Administrator nor the Note Registrar (nor any other Transfer Agent)
shall be responsible or liable for compliance with applicable federal or state securities laws (including, without limitation, the Securities
Act or Rule 144A or Regulation S promulgated thereunder), the 1940 Act, ERISA or Section 4975 of the Code (or any applicable
regulations thereunder); provided, however, that if a specified transfer certificate or Opinion of Counsel is required
by the express terms of this Section 2.5 to be delivered to the Trustee, the Note Administrator or Note Registrar prior to
registration of transfer of a Note, the Note Administrator and/or Note Registrar, as applicable, is required to request, as a condition
for registering the transfer of the Note, such certificate or Opinion of Counsel and to examine the same to determine whether it conforms
on its face to the requirements hereof (and the Note Administrator or Note Registrar, as the case may be, shall promptly notify the party
delivering the same if it determines that such certificate or Opinion of Counsel does not so conform).


 


(l)            If
the Note Administrator has actual knowledge or is notified by the Issuer, the Co-Issuer o that (i) a transfer or attempted or purported
transfer of any interest in any Note was consummated in compliance with the provisions of this Section 2.5 on the basis of
a materially incorrect certification from the transferee or purported transferee, (ii) a transferee failed to deliver to the Note
Administrator any certification required to be delivered hereunder or (iii) the holder of any interest in a Note is in breach of
any representation or agreement set forth in any certification or any deemed representation or agreement of such holder, the Note Administrator
shall not register such attempted or purported transfer and if a transfer has been registered, such transfer shall be absolutely null
and void ab initio and shall vest no rights in the purported transferee (such purported transferee, a “Disqualified Transferee”)
and the last preceding holder of such interest in such Note that was not a Disqualified Transferee shall be restored to all rights as
a Holder thereof retroactively to the date of transfer of such Note by such Holder.


 


In addition, the Note Administrator
may require that the interest in the Note referred to in (i), (ii) or (iii) in the preceding paragraph be transferred to any
Person designated by the Issuer at a price determined by the Issuer, based upon its estimation of the prevailing price of such interest
and each Holder, by acceptance of an interest in a Note, authorizes the Note Administrator to take such action. In any case, none of the
Issuer or the Note Administrator shall not be held responsible for any losses that may be incurred as a result of any required transfer
under this Section 2.5(l).


 


(m)           Each
Holder of Notes approves and consents to (i) the purchase of the Collateral Interests by the Issuer from the Seller on the Closing
Date and (ii) any other transaction between the Issuer or the Seller or their Affiliates that are permitted under the terms of this
Indenture or the Collateral Interest Purchase Agreement.


 


(n)           As
long as any Note is Outstanding, Retained Securities (whether issued on the Closing Date or reissued in a single or multiple classes on
a later date) and ordinary shares of the Issuer held by Sub-REIT, the Retention Holder (or another disregarded entity wholly owned by
Sub-REIT) may not be transferred, pledged or hypothecated (whether by means of actual transfer or a transfer of beneficial ownership for
U.S. federal income tax purposes) to any Person (except to an affiliate that is directly or indirectly wholly-owned by Sub-REIT and is
disregarded for U.S. federal income tax purposes as an entity separate from Sub-REIT) unless the Issuer receives a No Entity-Level Tax
Opinion with respect to such transfer, pledge or hypothecation (or has previously received a No Trade or Business Opinion); provided
that no opinion will be required if such transfer is to an affiliate that is directly or indirectly wholly-owned by Sub-REIT and is disregarded
for U.S. federal income tax purposes as an entity separate from Sub-REIT.


 


(o)            Each
Holder of Notes agrees to comply with the Holder AML Obligations.


 






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For the avoidance of doubt,
the Indenture Accounts (including income, if any, earned on the investments of funds in such account) will be owned by Sub-REIT, if the
Issuer is wholly-owned by Sub-REIT, or a subsequent REIT that wholly owns the Issuer, for U.S. federal income tax purposes. The Issuer
shall provide to the Note Administrator (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date,
and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time
or times required by applicable law or upon the reasonable request of the Note Administrator as may be necessary (i) to reduce or
eliminate the imposition of U.S. withholding taxes and (ii) to permit the Note Administrator to fulfill its tax reporting obligations
under applicable law with respect to the Indenture Accounts or any amounts paid to the Issuer. If any IRS form or other documentation
previously delivered becomes obsolete or inaccurate in any respect, Issuer shall timely provide to the Note Administrator accurately
updated and complete versions of such IRS forms or other documentation. The Note Administrator shall have no liability to Issuer or any
other person in connection with any tax withholding amounts paid or withheld from the Indenture Accounts pursuant to applicable law arising
from the Issuer’s failure to timely provide an accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8
or such other documentation contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with respect to
such Indenture Accounts absent the Note Administrator having first received (i) the requisite written investment direction from the
Issuer with respect to the investment of such funds, and (ii) the IRS forms and other documentation required by this paragraph.


 


Section 2.6     Mutilated,
Defaced, Destroyed, Lost or Stolen Note.


 


If (a) any mutilated or
defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Co-Issuer, the Trustee, the Note Administrator
and the relevant Transfer Agent (each a “Specified Person”) evidence to their reasonable satisfaction of the destruction,
loss or theft of any Note, and (b) there is delivered to each Specified Person such security or indemnity as may be required by each
Specified Person to save each of them and any agent of any of them harmless, then, in the absence of notice to the Specified Persons that
such Note has been acquired by a bona fide purchaser, the Issuer and the Co-Issuer shall execute and, upon Issuer Request, the Note Administrator
shall cause the Authenticating Agent to authenticate and deliver, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note,
a new Note, of like tenor (including the same date of issuance) and equal principal amount, registered in the same manner, dated the date
of its authentication, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen
Note and bearing a number not contemporaneously outstanding.


 


If, after delivery of such new
Note, a bona fide purchaser of the predecessor Note presents for payment, transfer or exchange such predecessor Note, any Specified Person
shall be entitled to recover such new Note from the Person to whom it was delivered or any Person taking therefrom, and each Specified
Person shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by such Specified Person in connection therewith.


 


In case any such mutilated,
defaced, destroyed, lost or stolen Note has become due and payable, the Issuer and the Co-Issuer, if applicable, in their discretion may,
instead of issuing a new Note, pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall be surrendered.


 


Upon the issuance of any new
Note under this Section 2.6, the Issuer and the Co-Issuer, if applicable, may require the payment by the registered Holder
thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith.


 






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Every new Note issued pursuant
to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Issuer and the Co-Issuer, if applicable, and such new Note shall be entitled, subject to the second paragraph
of this Section 2.6, to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued
hereunder.


 


The provisions of this Section 2.6
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
defaced, destroyed, lost or stolen Notes.


 


Section 2.7     Payment
of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved.


 


(a)           Each
Class of Notes shall accrue interest during each Interest Accrual Period at the Note Interest Rate applicable to such Class and
such interest will be payable in arrears on each Payment Date on the Aggregate Outstanding Amount thereof on the first day of the related
Interest Accrual Period (after giving effect to payments of principal thereof on such date), except as otherwise set forth below. Payment
of interest on each Class of Notes will be subordinated to the payment of interest on each related Class of Notes senior thereto.
Any payment of interest due on a Class of Deferred Interest Notes on any Payment Date (other than the Redemption Date with respect
to, or Stated Maturity Date of, such Class of Notes) to the extent sufficient funds are not available to make such payment in accordance
with the Priority of Payments on such Payment Date, but only if such Class is not the most senior Class Outstanding, shall constitute
 “Deferred Interest” with respect to such Class and shall not be considered “due and payable” for the
purposes of Section 5.1(a) (and the failure to pay such interest shall not be an Event of Default) until the earliest
of (i) the Payment Date on which funds are available to pay such Deferred Interest in accordance with the Priority of Payments, (ii) the
Redemption Date with respect to such Class of Deferred Interest Notes and (iii) the Stated Maturity Date (or the earlier date
of Maturity) of such Class of Deferred Interest Notes. Deferred Interest on any Class of Deferred Interest Notes shall be added
to the principal balance of such Class of Deferred Interest Notes. Regardless of whether any more senior Class of Notes is Outstanding
with respect to any Class of Deferred Interest Notes, to the extent that funds are not available on any Payment Date (other than
the Redemption Date with respect to, or the Stated Maturity Date of, such Class of Deferred Interest Notes) to pay previously accrued
Deferred Interest, such previously accrued Deferred Interest will not be due and payable on such Payment Date and any failure to pay such
previously accrued Deferred Interest on such Payment Date will not be an Event of Default. Interest will cease to accrue on each Note,
or in the case of a partial repayment, on such repaid part, from the date of repayment or the Stated Maturity Date unless payment of principal
is improperly withheld or unless an Event of Default occurs with respect to such payments of principal. To the extent lawful and enforceable,
interest on any interest that is not paid when due on the Class A Notes; or, if no Class A Notes are Outstanding, the Notes
of the Controlling Class, shall accrue at the Note Interest Rate applicable to such Class until paid as provided herein.


 


(b)           The
principal of each Class of Notes matures at par and is due and payable on the date of the Stated Maturity Date for such Class, unless
such principal has been previously repaid or unless the unpaid principal of such Note becomes due and payable at an earlier date by declaration
of acceleration, call for redemption or otherwise. Notwithstanding the foregoing, the payment of principal of each Class of Notes
may only occur (other than amounts constituting Deferred Interest thereon which will be payable from Interest Proceeds) pursuant to the
Priority of Payments. The payment of principal on any Note (x) may only occur after each Class more senior thereto is no longer
Outstanding and (y) is subordinated to the payment on each Payment Date of the principal due and payable on each Class more
senior thereto and certain other amounts in accordance with the Priority of Payments. Payments of principal on any Class of Notes
that are not paid, in accordance with the Priority of Payments, on any Payment Date (other than the


 






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Payment Date which is the Stated Maturity
Date (or the earlier date of Maturity) of such Class of Notes or any Redemption Date), because of insufficient funds therefor shall
not be considered “due and payable” for purposes of Section 5.1(a) until the Payment Date on which such principal
may be paid in accordance with the Priority of Payments or all Classes of Notes most senior thereto with respect to such Class have
been paid in full. Payments of principal on the Notes in connection with a Clean-up Call, Tax Redemption, Auction Call Redemption or Optional
Redemption will be made in accordance with Section 9.1 and the Priority of Payments.


 


(c)           As
a condition to the payment of principal of and interest on any Note without the imposition of U.S. withholding tax, the Issuer shall require
certification acceptable to it to enable the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Preferred Share Paying Agent
and the Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to
deduct or withhold from payments in respect of such Security under any present or future law or regulation of the United States or the
Cayman Islands or any present or future law or regulation of any political subdivision thereof or taxing authority therein or to comply
with any reporting or other requirements under any such law or regulation. Such certification may include U.S. federal income tax forms,
such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS
Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)), IRS
Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity or Certain U.S. Branches for United States Tax Withholding
and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI (Certificate
of Foreign Person’s Claim that Income Is Effectively Connected with the Conduct of a Trade or Business in the United States) or
any successors to such IRS forms. In addition, each of the Issuer, Co-Issuer, the Trustee, Preferred Share Paying Agent or any Paying
Agent may require certification acceptable to it to enable the Issuer to qualify for a reduced rate of withholding in any jurisdiction
from or through which the Issuer receives payments on its Collateral and otherwise as may be necessary or desirable to ensure compliance
with all applicable laws. Each Holder and each beneficial owner of Notes agree to provide any certification requested pursuant to this
Section 2.7(f) (including a properly completed and executed “Entity Self-Certification Form” or “Individual
Self-Certification Form” (in the forms published by the Cayman Islands Department for International Tax Cooperation, which forms
can be obtained at https://www.ditc.ky/crs/crs-legislation-resources/)) and to update or replace such form or certification in
accordance with its terms or its subsequent amendments. Furthermore, as a condition to payment without the imposition of U.S. withholding
tax under FATCA, the Issuer shall require information to comply with FATCA requirements pursuant to clause (xii) of the representations
and warranties set forth under the third paragraph of Exhibit C-1 hereto, as deemed made pursuant to Section 2.5(g) hereto,
or pursuant to clause (xiii) of the representations and warranties set forth under the third paragraph of Exhibit C-2
hereto, as deemed made pursuant to Section 2.5(h) hereto, or pursuant to clause (viii) of the representations
and warranties set forth under the third paragraph of Exhibit C-3 hereto, made pursuant to Section 2.5(i) hereto,
as applicable.


 


(d)           Payments
in respect of interest on and principal on the Notes shall be payable by wire transfer in immediately available funds to a Dollar account
maintained by the Holder or its nominee; provided that the Holder has provided wiring instructions to the Paying Agent on or before
the related Record Date or, if wire transfer cannot be effected, by a Dollar check drawn on a bank in the United States, or by a Dollar
check mailed to the Holder at its address in the Note Register. The Issuer expects that the Depository or its nominee, upon receipt of
any payment of principal or interest in respect of a Global Note held by the Depository or its nominee, shall immediately credit the applicable
Agent Members’ accounts with payments in amounts proportionate to the respective beneficial interests in such Global Note as shown
on the records of the Depository or its nominee. The Issuer also expects that payments by Agent Members to owners of beneficial interests
in such Global Note held through Agent Members will be governed by standing instructions and customary practices, as is now the case with
securities held for the accounts of


 






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customers registered in the names of nominees for such customers. Such payments will be the responsibility
of the Agent Members. Upon final payment due on the Maturity of a Note, the Holder thereof shall present and surrender such Note at the
Corporate Trust Office of the Note Administrator or at the office of the Paying Agent (or, to a foreign paying agent appointed by the
Note Administrator outside of the United States if then required by applicable law, in the case of a Definitive Note issued in exchange
for a beneficial interest in the Regulation S Global Note) on or prior to such Maturity. None of the Issuer, the Co-Issuer, the Trustee,
the Note Administrator or the Paying Agent will have any responsibility or liability with respect to any records maintained by the Holder
of any Note with respect to the beneficial holders thereof or payments made thereby on account of beneficial interests held therein. In
the case where any final payment of principal and interest is to be made on any Note (other than on the Stated Maturity Date thereof)
the Issuer or, upon Issuer Request, the Note Administrator, in the name and at the expense of the Issuer, shall not more than thirty (30)
nor fewer than five (5) Business Days prior to the date on which such payment is to be made, mail to the Persons entitled thereto
at their addresses appearing on the Note Register, a notice which shall state the date on which such payment will be made and the amount
of such payment and shall specify the place where such Notes may be presented and surrendered for such payment.


 


(e)          Subject
to the provisions of Sections 2.7(a) and Section 2.7(d) hereof, Holders of Notes as of the Record Date in
respect of a Payment Date shall be entitled to the interest accrued and payable in accordance with the Priority of Payments and principal
payable in accordance with the Priority of Payments on such Payment Date. All such payments that are mailed or wired and returned to the
Paying Agent shall be held for payment as herein provided at the office or agency of the Issuer and the Co-Issuer to be maintained as
provided in Section 7.2 (or returned to the Trustee).


 


(f)            Interest
on any Note which is payable, and is punctually paid or duly provided for, on any Payment Date shall be paid to the Person in whose name
that Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest.


 


(g)          Payments
of principal to Holders of the Notes of each Class shall be made in the proportion that the Aggregate Outstanding Amount of the Notes
of such Class registered in the name of each such Holder on such Record Date bears to the Aggregate Outstanding Amount of all Notes
of such Class on such Record Date.


 


(h)           Interest
accrued with respect to the Notes shall be calculated as described in the applicable form of Note attached hereto.


 


(i)            All
reductions in the principal amount of a Note (or one or more predecessor Notes) effected by payments of installments of principal made
on any Payment Date, Redemption Date or upon Maturity shall be binding upon all future Holders of such Note and of any Note issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not such payment is noted on such Note.


 


(j)            Notwithstanding
anything contained in this Indenture to the contrary, the obligations of the Issuer under the Notes and the Co-Issuer under the Offered
Notes, this Indenture and the other Transaction Documents are limited-recourse obligations of the Issuer and non-recourse obligations
of the Co-Issuer and, with respect to the Offered Notes only, are payable solely from the Collateral and following realization of the
Collateral, all obligations of the Co-Issuers and any claims of the Noteholders, the Trustee or any other parties to any Transaction Documents
shall be extinguished and shall not thereafter revive. No recourse shall be had for the payment of any amount owing in respect of the
Notes against any Officer, director, employee, shareholder, limited partner or incorporator of the Issuer, the Co-Issuer or any of their
respective successors or assigns for any amounts payable under the Notes or this Indenture. It is understood that the foregoing provisions
of this paragraph shall not (i) prevent recourse to the Collateral


 






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for the sums due or to become due under any security, instrument
or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation
evidenced by the Notes or secured by this Indenture (to the extent it relates to the obligation to make payments on the Notes) until such
Collateral have been realized, whereupon any outstanding indebtedness or obligation in respect of the Notes, this Indenture and the other
Transaction Documents shall be extinguished and shall not thereafter revive. It is further understood that the foregoing provisions of
this paragraph shall not limit the right of any Person to name the Issuer or the Co-Issuer as a party defendant in any Proceeding or in
the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking
personal liability shall be asked for or (if obtained) enforced against any such Person or entity.


 


(k)            Subject
to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture and upon registration of transfer
of or in exchange for or in lieu of any other Note shall carry the rights of unpaid interest and principal that were carried by such other
Note.


 


(l)            Notwithstanding
any of the foregoing provisions with respect to payments of principal of and interest on the Notes (but subject to Sections 2.7(e) and
(h)), if the Notes have become or been declared due and payable following an Event of Default and such acceleration of Maturity
and its consequences have not been rescinded and annulled and the provisions of Section 5.5 are not applicable, then payments
of principal of and interest on such Notes shall be made in accordance with Section 5.7 hereof.


 


(m)           Payments in respect of the Preferred Shares as contemplated by Sections 11.1(a)(i)(9), 11.1(a)(ii)(17)
and 11.1(a)(iii)(16) shall be made by the Paying Agent to the Preferred Share Paying Agent.


 


Section 2.8         Persons
Deemed Owners.


 


The Issuer, the Co-Issuer, the
Trustee, the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor and any of their respective agents may treat
as the owner of a Note the Person in whose name such Note is registered on the Note Register on the applicable Record Date for the purpose
of receiving payments of principal of and interest and other amounts on such Note and on any other date for all other purposes whatsoever
(whether or not such Note is overdue), and none of the Note Administrator, the Servicer, the Special Servicer, the Operating Advisor or
any of their respective agents shall be affected by notice to the contrary; provided, however, that the Depository,
or its nominee, shall be deemed the owner of the Global Notes, and owners of beneficial interests in Global Notes will not be considered
the owners of any Notes for the purpose of receiving notices. With respect to the Preferred Shares, on any Payment Date, the Trustee shall
deliver to the Preferred Share Paying Agent the distributions thereon for distribution to the Preferred Shareholders.


 


Section 2.9         Cancellation.


 


All Notes surrendered for payment,
registration of transfer, exchange or redemption, or deemed lost or stolen, shall, upon delivery to the Note Registrar, be promptly canceled
by the Note Registrar and may not be reissued or resold. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled
as provided in this Section 2.9, except as expressly permitted by this Indenture. All canceled Notes held by the Note Registrar
shall be destroyed or held by the Note Registrar in accordance with its standard retention policy. Notes of the most senior Class Outstanding
that are held by the Issuer, the Co-Issuer or any of their respective Affiliates (and not Notes of any other Class) may be submitted to
the Note Registrar for cancellation at any time.


 






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Section 2.10       Global
Notes; Definitive Notes; Temporary Notes. 


 


(a)           Definitive
Notes. Definitive Notes shall only be issued in the following limited circumstances:


 


(i)            upon
Transfer of Global Notes to an IAI in accordance with the procedures set forth in Section 2.5(e)(ii) or Section 2.5(e)(iii);


 


(ii)           if
a holder of a Definitive Note wishes at any time to exchange such Definitive Note for one or more Definitive Notes or transfer such Definitive
Note to a transferee who wishes to take delivery thereof in the form of a Definitive Note in accordance with this Section 2.10,
such holder may effect such exchange or transfer upon receipt by the Note Registrar of (A) a Holder’s Definitive Note properly
endorsed for assignment to the transferee, and (B) duly completed certificates in the form of Exhibit C-3, upon receipt
of which the Note Registrar shall then cancel such Definitive Note in accordance herewith, record the transfer in the Note Register in
accordance with Section 2.5(a) and upon execution by the Co-Issuers, the Authenticating Agent shall authenticate and
deliver one or more Definitive Notes bearing the same designation as the Definitive Note endorsed for transfer, registered in the names
specified in the assignment described in clause (A) above, in principal amounts designated by the transferee (the aggregate of such
principal amounts being equal to the aggregate principal amount of the Definitive Note surrendered by the transferor);


 


(iii)           in
the event that the Depository notifies the Issuer and the Co-Issuer that it is unwilling or unable to continue as Depository for a Global
Note or if at any time such Depository ceases to be a “Clearing Agency” registered under the Exchange Act and a successor
depository is not appointed by the Issuer within ninety (90) days of such notice, the Global Notes deposited with the Depository pursuant
to Section 2.2 hereof shall be transferred to the beneficial owners thereof subject to the procedures and conditions set forth
in this Section 2.10.


 


(b)          Any
Global Note that is exchanged for a Definitive Note shall be surrendered by the Depository to the Note Administrator’s Corporate
Trust Office together with necessary instruction for the registration and delivery of a Definitive Note to the beneficial owners (or such
owner’s nominee) holding the ownership interests in such Global Note. Any such transfer shall be made, without charge, and the Authenticating
Agent shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive
Notes of the same Class and authorized denominations. Any Definitive Notes delivered in exchange for an interest in a Global Note
shall, except as otherwise provided by Section 2.5(f), bear the applicable legend set forth in Exhibits C-1 or C-2,
as applicable, and shall be subject to the transfer restrictions referred to in such applicable legend. The Holder of each such registered
individual Global Note may transfer such Global Note by surrendering it at the Corporate Trust Office of the Note Administrator, or at
the office of the Paying Agent.


 


(c)          Subject
to the provisions of Section 2.10(b) above, the registered Holder of a Global Note may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled
to take under this Indenture or the Notes.


 


(d)            [Reserved]


 


(e)           In
the event of the occurrence of any of the events specified in Section 2.10(a) above, the Issuer and the Co-Issuer shall
promptly make available to the Note Registrar a reasonable supply of Definitive Notes.


 






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Pending the preparation of Definitive
Notes pursuant to this Section 2.10, the Issuer and the Co-Issuer may execute and, upon Issuer Order, the Authenticating Agent
shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise reproduced, in
any authorized denomination, substantially of the tenor of the Definitive Notes in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the Officers executing such Definitive Notes may determine, as conclusively
evidenced by their execution of such Definitive Notes.


 


If temporary Definitive Notes
are issued, the Issuer and the Co-Issuer shall cause permanent Definitive Notes to be prepared without unreasonable delay. The Definitive
Notes shall be printed, lithographed, typewritten or otherwise reproduced, or provided by any combination thereof, or in any other manner
permitted by the rules and regulations of any applicable notes exchange, all as determined by the Officers executing such Definitive
Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the
applicable temporary Definitive Notes at the office or agency maintained by the Issuer and the Co-Issuer for such purpose, without charge
to the Holder. Upon surrender for cancellation of any one or more temporary Definitive Note, the Issuer and the Co-Issuer shall execute,
and the Authenticating Agent shall authenticate and deliver, in exchange therefor the same aggregate principal amount of Definitive Notes
of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this
Indenture as Definitive Notes.


 


Section 2.11     U.S.
Tax Treatment of Notes and the Issuer.


 


(a)           Each
of the Issuer and the Co-Issuer intends that, for U.S. federal income tax purposes, (i) the Offered Notes (unless held by Sub-REIT
or any entity disregarded into Sub-REIT) be treated as debt, (ii) 100% of the Retained Securities and 100% of the ordinary shares
of the Issuer be beneficially owned by the Retention Holder, and (iii) the Issuer be treated as a Qualified REIT Subsidiary or other
disregarded entity of a REIT for U.S. federal income tax purpose (unless, in the case of clause (iii), the Issuer has received a No Trade
or Business Opinion). Each prospective purchaser and any subsequent transferee of a Note or any interest therein shall, by virtue of its
purchase or other acquisition of such Note or interest therein, be deemed to have agreed to treat such Note in a manner consistent with
the preceding sentence for U.S. federal income tax purposes.


 


(b)           The
Issuer and the Co-Issuer shall account for the Notes and prepare any reports to Noteholders and tax authorities consistent with the intentions
expressed in Section 2.11(a) above.


 


(c)           Each
Holder of Notes shall timely furnish to the Issuer and the Co-Issuer or their respective agents any U.S. federal income tax form or certification,
such as IRS Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)), IRS
Form W-8BEN-E (Certificate of Foreign Status of Beneficial Owner for the United States Tax Withholding and Reporting (Entities))
IRS Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax
Withholding and Reporting), IRS Form W-9 (Request for Taxpayer Identification Number and Certification), or IRS Form W-8ECI
(Certificate of Foreign Person’s Claim that Income is Effectively Connected with the Conduct of a Trade or Business in the United
States) or any successors to such IRS forms that the Issuer, the Co-Issuer or their respective agents may reasonably request and shall
update or replace such forms or certification in accordance with its terms or its subsequent amendments. Furthermore, Noteholders shall
timely furnish any information required pursuant to Section 2.7(c).


 


(d)           The
Issuer shall be responsible for all calculations of original issue discount on the Notes, if any.


 






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(e)           Each
prospective purchaser, any subsequent transferee, and each Holder of a Note or any interest therein shall, by virtue of its purchase or
other acquisition of such Note or interest therein, be deemed to agree (i) to provide accurate information and documentation that
may be required for the Issuer or the Co-Issuer to comply with FATCA and the Cayman FATCA Legislation and (ii) that the Issuer or
the Co-Issuer may (A) provide such information and documentation and any other information concerning its investment in such Notes
to the Cayman Islands Tax Information Authority, the IRS and any other relevant tax authority and (B) take any other actions necessary
for the Issuer or the Co-Issuer to comply with FATCA.


 


(f)           The
Retention Holder, by acceptance of the Retained Securities and the ordinary shares of the Issuer, agrees to take no action inconsistent
with such treatment and, for so long as any Note is Outstanding, agrees not to sell, transfer, convey, setover, pledge or encumber any
Retained Securities and/or the ordinary shares of the Issuer, except to the extent permitted pursuant to Section 2.5(n).


 


Section 2.12     Authenticating
Agents.


 


Upon the request of the Issuer
and, in the case of the Offered Notes, the Co-Issuer, the Note Administrator shall, and if the Note Administrator so chooses the Note
Administrator may, pursuant to this Indenture, appoint one or more Authenticating Agents with power to act on its behalf and subject to
its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4, 2.5, 2.6
and 8.5 hereof, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by
such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant
to this Section 2.12 shall be deemed to be the authentication of Notes by the Note Administrator.


 


Any corporation or banking association
into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation or banking association
resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding
to the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the
execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Note Administrator, the Trustee, the Issuer
and the Co-Issuer. The Note Administrator may at any time terminate the agency of any Authenticating Agent by giving written notice of
termination to such Authenticating Agent, the Trustee, the Issuer and the Co-Issuer. Upon receiving such notice of resignation or upon
such a termination, the Note Administrator shall promptly appoint a successor Authenticating Agent and shall give written notice of such
appointment to the Issuer.


 


The Note Administrator agrees
to pay to each Authenticating Agent appointed by it from time to time reasonable compensation for its services, and reimbursement for
its reasonable expenses relating thereto and the Note Administrator shall be entitled to be reimbursed for such payments, subject to Section 6.7
hereof. The provisions of Sections 2.9, 6.4 and 6.5 hereof shall be applicable to any Authenticating Agent.


 


Section 2.13     Forced
Sale on Failure to Comply with Restrictions.


 


(a)           Notwithstanding
anything to the contrary elsewhere in this Indenture, any transfer of a Note or interest therein to a U.S. Person who is determined not
to have been both (1) either a QIB or an IAI and (2) a Qualified Purchaser at the time of acquisition of the Note or interest
therein shall be null and void and any such proposed transfer of which the Issuer, the Co-Issuer, the Note Administrator or the


 






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Trustee
shall have written notice (which includes via electronic mail) may be disregarded by the Issuer, the Co-Issuer, the Note Administrator
and the Trustee for all purposes.


 


(b)           If
the Issuer determines that any Holder of a Note has not satisfied the applicable requirement described in Section 2.13(a) above
(any such Person a “Non-Permitted Holder”), then the Issuer shall promptly after discovery that such Person is a Non-Permitted
Holder by the Issuer, the Co-Issuer or a Responsible Officer of the Paying Agent (and notice by the Paying Agent or the Co-Issuer to the
Issuer, if either of them makes the discovery), send notice (or cause notice to be sent) to such Non-Permitted Holder demanding that such
Non-Permitted Holder transfer its interest to a Person that is not a Non-Permitted Holder within thirty (30) days of the date of such
notice. If such Non-Permitted Holder fails to so transfer its Note or interest therein, the Issuer shall have the right, without further
notice to the Non-Permitted Holder, to sell such Note or interest therein to a purchaser selected by the Issuer that is not a Non-Permitted
Holder on such terms as the Issuer may choose. The Issuer, or a third party acting on behalf of the Issuer, may select the purchaser by
soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Note,
and selling such Note to the highest such bidder. However, the Issuer may select a purchaser by any other means determined by it in its
sole discretion. The Holder of such Note, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the
Non-Permitted Holder, by its acceptance of an interest in the Note, agrees to cooperate with the Issuer and the Note Administrator to
effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be
remitted to the Non-Permitted Holder. The terms and conditions of any sale under this Section 2.13(b) shall be determined
in the sole discretion of the Issuer, and the Issuer shall not be liable to any Person having an interest in the Note sold as a result
of any such sale of exercise of such discretion.


 


(c)            If
the Issuer (or its agent on its behalf) determines that a Holder has failed for any reason to (i) comply with the Holder AML Obligations
(ii) such information or documentation is not accurate or complete, or (iii) the Issuer otherwise reasonably determines that
such holder’s acquisition, holding or transfer of an interest in any Note would cause the Issuer to be unable to achieve AML Compliance
(any such person a “Non-Permitted AML Holder”), then the Issuer (or its agent acting on its behalf) shall promptly
after discovery that such Person is a Non-Permitted AML Holder by the Issuer (or its agent on its behalf), send notice (or cause notice
to be sent) to such Non-Permitted AML Holder demanding that such Non-Permitted AML Holder transfer its interest to a Person that is not
a Non-Permitted AML Holder within thirty (30) days of the date of such notice. If such Non-Permitted AML Holder fails to so transfer its
Note or interest therein, the Issuer shall have the right, without further notice to the Non-Permitted AML Holder, to sell such Note or
interest therein to a purchaser selected by the Issuer that is not a Non-Permitted AML Holder on such terms as the Issuer may choose.
The Issuer, or a third party acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more
brokers or other market professionals that regularly deal in securities similar to the Note, and selling such Note to the highest such
bidder. However, the Issuer may select a purchaser by any other means determined by it in its sole discretion. The Holder of such Note,
the Non-Permitted AML Holder and each other Person in the chain of title from the Holder to the Non-Permitted AML Holder, by its acceptance
of an interest in the Note, agrees to cooperate with the Issuer and the Note Administrator to effect such transfers. The proceeds of such
sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted AML Holder. The
terms and conditions of any sale under this Section 2.13(c) shall be determined in the sole discretion of the Issuer,
and the Issuer shall not be liable to any Person having an interest in the Note sold as a result of any such sale or exercise of such
discretion.


 






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Section 2.14     No
Gross Up.


 


The Issuer shall not be obligated
to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of any withholding or deduction for, or on
account of, any present or future taxes, duties, assessments or governmental charges.


 


Section 2.15     Credit
Risk Retention.


 


The EU/UK Retention Holder shall
timely deliver (or cause to be timely delivered) to the Trustee and the Note Administrator any notices contemplated by Section 10.12(a)(v) of
this Indenture, in accordance with the notice provisions of the EU/UK Risk Retention Agreement.


 


Section 2.16     Benchmark
Transition Event.


 


(a)           The
Designated Transaction Representative shall provide written notice to the Issuer, the Co-Issuer, the Trustee, the Note Administrator,
the Calculation Agent (if different from the Note Administrator), the Servicer, the Special Servicer and the Operating Advisor promptly
after the Designated Transaction Representative has determined that a Benchmark Transition Event has occurred (other than with respect
to the 3/5/21 Benchmark Transition Event). After the occurrence of a Benchmark Transition Event and the related Benchmark Replacement
Date with respect to the then-current Benchmark, such Benchmark and the related Benchmark Determination Date for such Benchmark shall
be replaced with the applicable Benchmark Replacement on the Benchmark Determination Date for such Benchmark Replacement as determined
by the Designated Transaction Representative. The Designated Transaction Representative shall provide written notice of such determination
of the Benchmark Replacement to the Issuer, the Co-Issuer, the Trustee, the Note Administrator, the Calculation Agent (if different from
the Note Administrator), the Servicer, the Special Servicer, the Operating Advisor and 17g-5 Information Provider (who shall promptly
post such notice to the 17g-5 Website) in advance of the related Benchmark Replacement Date. Notwithstanding the occurrence of a Benchmark
Transition Event, amounts payable on the Notes shall be determined with respect to the then-current Benchmark (which may be LIBOR as determined
in accordance with methods specified in this Indenture) until the occurrence of the related Benchmark Replacement Date.


 


(b)           If
the Designated Transaction Representative determines (i) that the Unadjusted Benchmark Replacement for the then-current Benchmark
is not Term SOFR and (ii) that a selection of the Benchmark Replacement on the first day of the most recent calendar quarter following
any Benchmark Replacement Date would result in Term SOFR being selected as the Unadjusted Benchmark Replacement, then Designated Transaction
Representative shall provide notice of such determination and any Benchmark Replacement Conforming Changes for Term SOFR to the Issuer,
the Co-Issuer, the Advancing Agent, the Trustee, the Note Administrator, the Calculation Agent (if different from the Note Administrator),
the Custodian and the Servicer; the Sub-Servicer, the Special Servicer and the Operating Advisor, and upon receipt of such written notice,
Term SOFR shall become the new Unadjusted Benchmark Replacement and shall, together with a new Benchmark Replacement Adjustment for Term
SOFR, replace the then-current Benchmark on the next Benchmark Determination Date for Term SOFR, provided, however, that if the Designated
Transaction Representative does not determine that both the conditions described in clauses (i) and (ii) are satisfied then
the Benchmark shall continue to be the Benchmark Replacement as previously determined pursuant to Section 2.16(a). On the
Benchmark Replacement Date related to such notice, the then-current Benchmark shall be replaced with a Benchmark Replacement determined
utilizing Term SOFR and the applicable Benchmark Replacement Adjustment, each as determined by the Designated Transaction Representative,
and the Designated Transaction Representative shall provide written notice of such determination to the Issuer, the Co-Issuer, the Servicer,
the Special Servicer, the Sub-Servicer, the


 






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Advancing Agent, the Trustee, the Note Administrator and the Calculation Agent (if different
from the Note Administrator) in advance of such Benchmark Replacement Date.


 


(c)          In
connection with the occurrence of any Benchmark Transition Event (or notice of the redetermination of the Benchmark Replacement to Term
SOFR in accordance with Section 2.16(b)) and its related Benchmark Replacement Date, the Designated Transaction Representative
shall direct the parties hereto to enter into a supplemental indenture in accordance with Section 8.1(b)(iv) to make
such Benchmark Replacement Conforming Changes, if any, as Designated Transaction Representative determines may be necessary or desirable
to administer, implement or adopt the applicable Benchmark or the Benchmark Replacement and the related Benchmark Replacement Adjustment.
Any failure to supplement the Indenture pursuant to Section 8.1(b)(iv) on or prior to the Benchmark Replacement Date
shall not affect the implementation of a Benchmark Replacement on such Benchmark Replacement Date, it being understood such matters shall
be binding upon the parties as described in clause (f) below pending the execution and delivery of any such amendment.


 


(d)                  From time to time, the Designated Transaction Representative may direct the parties hereto to enter
into a supplemental indenture in accordance with Section 8.1(b)(iv) to make such Benchmark Replacement Conforming
Changes, if any, as Designated Transaction Representative determines may be necessary or desirable to administer, implement or adopt
the applicable Benchmark or the Benchmark Replacement and related Benchmark Replacement Adjustment.


 


(e)         For
purposes of determining the Asset Replacement Percentage in respect of a Benchmark Transition Event, the Designated Transaction Representative
shall be entitled to receive and conclusively rely upon notice from the Issuer of the Aggregate Principal Balance of the Collateral Interests
for which interest payments would be calculated with reference to a benchmark other than the Benchmark on any date of determination.


 


(f)          Any
determination, implementation, adoption, decision, proposal or election that may be made by the Designated Transaction Representative
pursuant to this Section 2.16, with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement,
Benchmark Replacement Adjustment or Benchmark Replacement Conforming Changes including any determination with respect to a tenor, observation
period, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action or any selection, shall be conclusive and binding on the parties hereto and the Noteholders absent manifest error,
may be made in the sole discretion of the Designated Transaction Representative and may be relied upon by the Note Administrator, the
Trustee and the Calculation Agent without investigation.


 


(g)           Notwithstanding
anything to the contrary in this Indenture, the Designated Transaction Representative may send any notices with respect to any Benchmark
Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming
Changes or any other determination or selection made under this Section 2.16, by email (or other electronic communication).


 


(h)           Each
holder of an interest in any Note or Preferred Share, by the acceptance of its interest, shall be deemed to have irrevocably (i) agreed
that the Designated Transaction Representative shall have no liability for any action taken or omitted by it or its agents in the performance
of its role as Designated Transaction Representative and (ii) released the Designated Transaction Representative from any claim or
action whatsoever relating to its performance as Designated Transaction Representative.


 






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ARTICLE 3


 


CONDITIONS PRECEDENT; PLEDGED COLLATERAL INTERESTS


 


Section 3.1         General
Provisions.


 


The Notes to be issued on the
Closing Date shall be executed by the Issuer and, in the case of the Offered Notes, the Co-Issuer upon compliance with Section 3.2
and shall be delivered to the Authenticating Agent for authentication and thereupon the same shall be authenticated and delivered
by the Authenticating Agent upon Issuer Request. The Issuer shall cause the following items to be delivered to the Trustee on or prior
to the Closing Date:


 


(a)           an
Officer’s Certificate of the Issuer (i) evidencing the authorization by Board Resolution of the execution and delivery of
this Indenture and the Placement Agency Agreement and related documents, the execution, authentication and delivery of the Notes and
specifying the Stated Maturity Date of each Class of Notes, the principal amount of each Class of Notes and the applicable
Note Interest Rate of each Class of Notes to be authenticated and delivered, and (ii) certifying that (A) the attached
copy of the Board Resolution is a true and complete copy thereof, (B) such resolutions have not been rescinded and are in full force
and effect on and as of the Closing Date, (C) the Directors authorized to execute and deliver such documents hold the offices and
have the signatures indicated thereon and (D) the total aggregate Notional Amount of the Preferred Shares shall have been received
in Cash by the Issuer on the Closing Date;


 


(b)           an
Officer’s Certificate of the Co-Issuer (i) unless such authorization is contemplated in the Governing Documents of the Co-Issuer,
evidencing the authorization by Board Resolution of the execution and delivery of this Indenture and related documents, the execution,
authentication and delivery of the Offered Notes and specifying the Stated Maturity Date of each Class of Offered Notes, the principal
amount of each Class of Offered Notes and the applicable Note Interest Rate of each Class of Offered Notes to be authenticated
and delivered, and (ii) certifying that (A) if Board Resolutions are attached, the attached copy of the Board Resolutions is
a true and complete copy thereof and such resolutions have not been rescinded and are in full force and effect on and as of the Closing
Date and (B) each Officer authorized to execute and deliver the documents referenced in clause (b)(i) above holds the office
and has the signature indicated thereon;


 


(c)           an
opinion of Dechert LLP, special U.S. counsel to the Co-Issuers, the Seller, the Retention Holder and certain of their Affiliates (which
opinions may be limited to the laws of the State of New York and the federal law of the United States and may assume, among other things,
the correctness of the representations and warranties made or deemed made by the owners of Notes pursuant to Sections 2.5(g),
(h) and (i)) dated the Closing Date, as to certain matters of New York law and certain United States federal income tax and
securities law matters, in a form satisfactory to the Placement Agents;


 


(d)           opinions
of Dechert LLP, special counsel to the Issuer and the Co-Issuer, dated the Closing Date, relating to (i) the validity of the Grant
hereunder and the perfection of the Trustee’s security interest in the Collateral and (ii) certain bankruptcy matters, including
opinions regarding certain true sale and non-consolidation matters;


 


(e)           an
opinion of Skadden, Arps, Slate, Meagher & Flom LLP, special counsel to Sub-REIT, dated the Closing Date, regarding its qualification
and taxation as a REIT and the Issuer’s qualification as a Qualified REIT Subsidiary or other disregarded entity of Sub-REIT for
U.S. federal income tax purposes;


 






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(f)            an
opinion of Stinson Leonard Street LLP, counsel to GPMT, dated the Closing Date, regarding certain issues of Maryland law;


 


(g)           an
opinion of Holland Knight, counsel to GPMT, dated the Closing Date, regarding certain issues related to the 1940 Act;


 


(h)           an
opinion of Maples and Calder (Cayman) LLP, Cayman Islands counsel to the Issuer, dated the Closing Date, regarding certain issues of
Cayman Islands law;


 


(i)            an
opinion of Richards, Layton & Finger, P.A., special Delaware counsel to the Co-Issuer, Sub-REIT, the Seller and the Retention
Holder, dated the Closing Date, regarding certain issues of Delaware law;


 


(j)            an
opinion of Dechert LLP, counsel to GPMT dated the Closing Date, relating to certain U.S. credit risk retention rules;


 


(k)           an
opinion of (i) K&L Gate LLP, counsel to the Servicer and (ii) in-house counsel to the Servicer, each dated as of the Closing
Date, regarding certain matters of United States law, entity matters and enforceability of agreements to which the Servicer is a party;


 


(l)            an
opinion of (i) Carlton Fields, P.A., counsel to the Special Servicer and (ii) in-house counsel to the Special Servicer, each
dated as of the Closing Date, regarding certain matters of United States law, entity matters and enforceability of agreements to which
the Special Servicer is a party;


 


(m)          of
(i) in-house counsel of the Note Administrator, dated as of the Closing Date, regarding certain matters of United States law and
(ii) Aini & Associates PLLC, counsel to the Note Administrator;


 


(n)           an
opinion of Aini & Associates PLLC, counsel to Trustee;


 


(o)           an
opinion of counsel to the Issuer regarding certain matters of Minnesota law with respect to the Minnesota Collateral;


 


(p)           an
of opinion of (i) in-house counsel to the Operating Advisor, dated as of the Closing Date, regarding certain matters of United States
law and (ii) Polsinelli PC, counsel to the Operating Advisor, regarding entity matters and enforceability of agreements to which
the Operating Advisor is a party;


 


(q)           an
Officer’s Certificate given on behalf of the Issuer and without personal liability, stating that the Issuer is not in Default under
this Indenture and that the issuance of the Securities by the Issuer will not result in a breach of any of the terms, conditions or provisions
of, or constitute a Default under, the Governing Documents of the Issuer, any indenture or other agreement or instrument to which the
Issuer is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the
Issuer is a party or by which it may be bound or to which it may be subject; that all conditions precedent provided in this Indenture
relating to the authentication and delivery of the Notes applied for and all conditions precedent provided in the Preferred Share Paying
Agency Agreement relating to the issuance by the Issuer of the Preferred Shares have been complied with and that all expenses due or
accrued with respect to the offering or relating to actions taken on or in connection with the Closing Date have been paid;


 






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(r)            an
Officer’s Certificate given on behalf of the Co-Issuer stating that the Co-Issuer is not in Default under this Indenture and that
the issuance of the Offered Notes by the Co-Issuer will not result in a breach of any of the terms, conditions or provisions of, or constitute
a Default under, the Governing Documents of the Co-Issuer, any indenture or other agreement or instrument to which the Co-Issuer is a
party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which the Co-Issuer is
a party or by which it may be bound or to which it may be subject; that all conditions precedent provided in this Indenture relating
to the authentication and delivery of the Notes applied for have been complied with and that all expenses due or accrued with respect
to the offering or relating to actions taken on or in connection with the Closing Date have been paid;


 


(s)           executed
counterparts of the Servicing Agreement, the Indenture, the Collateral Interest Purchase Agreement, the Participation Agreements, the
Future Funding Agreement, the Placement Agency Agreement, the Preferred Share Paying Agency Agreement, the U.S. Risk Retention Agreement,
the EU/UK Risk Retention Agreement and the Securities Account Control Agreement;


 


(t)            an
Accountants’ Report on applying Agreed-Upon Procedures with respect to certain information concerning the Collateral Interests
in the data tape, dated April 9, 2021, an Accountants’ Report on applying Agreed-Upon Procedures with respect to certain information
concerning the Collateral Interests in the Preliminary Offering Memorandum of the Co-Issuers, dated May 4, 2021, and the Structural
and Collateral Term Sheet dated May 3, 2021 and an Accountant’s Report on applying Agreed-Upon Procedures with respect to
certain information concerning the Collateral Interests in the Offering Memorandum;


 


(u)           evidence
of preparation for filing at the appropriate filing office in the District of Columbia of a financing statement, on behalf of the Issuer,
relating to the perfection of the lien of this Indenture in that Collateral in which a security interest may be perfected by filing under
the UCC; and


 


(v)           an
Issuer Order executed by the Issuer and the Co-Issuer directing the Authenticating Agent to (i) authenticate the Notes specified
therein, in the amounts set forth therein and registered in the name(s) set forth therein and (ii) deliver the authenticated
Notes as directed by the Issuer and the Co-Issuer.


 


Section 3.2         Security
for Offered Notes.


 


Prior to the issuance of the
Notes on the Closing Date, the Issuer shall cause the following conditions to be satisfied:


 


(a)            Grant
of Security Interest; Delivery of Collateral Interests. The Grant pursuant to the Granting Clauses of this Indenture of all of the
Issuer’s right, title and interest in and to the Collateral shall be effective and all Collateral Interests acquired in connection
therewith purchased by the Issuer on the Closing Date (as set forth in Schedule A hereto) together with the Loan Documents with
respect thereto shall have been delivered to, and received by, the Custodian on behalf of the Trustee, without recourse (except as expressly
provided in the Collateral Interest Purchase Agreement), in the manner provided in Section 3.3(a);


 


(b)           Certificate
of the Issuer. A certificate of an Authorized Officer of the Issuer given on behalf of the Issuer and without personal liability,
dated as of the Closing Date, delivered to the Trustee and the Note Administrator, to the effect that, in the case of each Collateral
Interest pledged to the Trustee


 






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for inclusion in the Collateral on the Closing Date and immediately prior to the delivery thereof on
the Closing Date:


 


(i)            the
Issuer is the owner of such Collateral Interest free and clear of any liens, claims or encumbrances of any nature whatsoever except for
those which are being released on the Closing Date;


 


(ii)           the
Issuer has acquired its ownership in such Collateral Interest in good faith without notice of any adverse claim, except as described
in paragraph (i) above;


 


(iii)          the
Issuer has not assigned, pledged or otherwise encumbered any interest in such Collateral Interest (or, if any such interest has been
assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture;


 


(iv)          the
Loan Documents with respect to such Collateral Interest do not prohibit the Issuer from Granting a security interest in and assigning
and pledging such Collateral Interest to the Trustee;


 


(v)           the
list of the Collateral Interests in Schedule A identifies every Collateral Interest sold to the Issuer on the Closing Date pursuant
to the Collateral Interest Purchase Agreement and pledged to the Issuer on the Closing Date hereunder;


 


(vi)          the
requirements of Section 3.2(a) with respect to such Collateral Interests have been satisfied; and


 


(vii)         (A) the
Grant pursuant to the Granting Clauses of this Indenture shall, upon execution and delivery of this Indenture by the parties hereto,
result in a valid and continuing security interest in favor of the Trustee for the benefit of the Secured Parties in all of the Issuer’s
right, title and interest in and to the Collateral Interests pledged to the Trustee for inclusion in the Collateral on the Closing Date;
and


 


(B) upon
the delivery of (i) with respect to each CLO Custody Collateral Interest, each mortgage note evidencing the obligation of the related
borrower under the related Mortgage Loan and mezzanine note (if any) and participation certificate (if any) evidencing such Collateral
Interest, as applicable, and (ii) with respect to the Non-CLO Custody Collateral Interest, the participation certificate evidencing
such Closing Dated Collateral Interest, in each case to the Custodian on behalf of the Trustee, at the Custodian’s office in Minneapolis,
Minnesota, the Trustee’s security interest in all Collateral Interests shall be a validly perfected, first priority security interest
under the UCC as in effect in the State of Minnesota.


 


(c)            Rating
Letters. The Issuer and/or Co-Issuer’s receipt of a signed letter from (i) Moody’s confirming that the Class A
Notes have been issued with a rating of at least “Aaa(sf)” by Moody’s and (ii) DBRS Morningstar confirming that
(a) the Class A Notes be issued with a rating of “AAA(sf)” by DBRS Morningstar, (b) the Class A-S Notes
be issued with a rating of at least “AAA(sf)” by DBRS Morningstar, (c) the Class B Notes be issued with a rating
of at least “AA(low)(sf)” by DBRS Morningstar, (d) the Class C Notes be issued with a rating of at least “A(low)(sf)”
by DBRS Morningstar, (e) the Class D Notes be issued with a rating of at least “BBB(sf)” by DBRS Morningstar, (f) the
Class E Notes be issued with a rating of at least “BBB(low)(sf)” by DBRS Morningstar, (g) the Class F Notes
be issued with a rating of at least “BB(low)(sf)” by DBRS Morningstar and (h) the Class G Notes be issued with
a rating of at least “B(low)(sf)” by DBRS Morningstar.


 






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(d)           Accounts.
Evidence of the establishment of the Payment Account, the Preferred Share Distribution Account, the Permitted Companion Participation
Acquisition Account, the Custodial Account, the Collection Account and the Participated Loan Collection Account.


 


(e)            Issuance
of Preferred Shares. The Issuer shall have confirmed that the Preferred Shares have been, or contemporaneously with the issuance
of the Notes will be, (i) issued by the Issuer and (ii) acquired in their entirety by the Retention Holder.


 


Section 3.3         Transfer
of Collateral.


 


(a)           The
Note Administrator, as document custodian (in such capacity, the “Custodian”), is hereby appointed as Custodian to
hold all of the participation certificates and, other than with respect to each Non-CLO Custody Collateral Interest, other than with
respect to the Non-Custody Collateral Interest, the mortgage notes (if any) and mezzanine notes (if any), as applicable, which shall
be delivered to it by the Issuer on the Closing Date or thereafter in accordance with the terms of this Indenture, at its office in Minneapolis,
Minnesota. Any successor to the Custodian shall be a U.S. state or national bank or trust company that is not an Affiliate of the Issuer
or the Co-Issuer and has capital and surplus of at least U.S.$200,000,000 and whose long-term senior unsecured debt is rated at least
 “Baa1” by Moody’s and “BBB” by DBRS Morningstar (if rated by DBRS Morningstar, or if not rated by DBRS
Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s)). Subject to the limited right
to relocate Collateral set forth in Section 7.5(b), the Custodian shall hold all Loan Documents at its Corporate Trust Office.


 


(b)           All
Eligible Investments and other investments purchased in accordance with this Indenture in the respective Accounts in which the funds
used to purchase such investments shall be held in accordance with Article 10 and, in respect of each Indenture Account,
the Trustee on behalf of the Secured Parties shall have entered into a securities account control agreement with the Issuer, as debtor
and the Securities Intermediary, as “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC
as in effect in the State of New York) and the Trustee, as secured party (the “Securities Account Control Agreement”)
providing, inter alia, that the establishment and maintenance of such Indenture Account will be governed by the law of the State
of New York. The security interest of the Trustee in Collateral shall be perfected and otherwise evidenced as follows:


 


(i)             in
the case of Collateral consisting of Security Entitlements, by the Issuer (A) causing the Securities Intermediary, in accordance
with the Securities Account Control Agreement, to indicate by book entry that a Financial Asset has been credited to the Custodial Account
and (B) causing the Securities Intermediary to agree pursuant to the Securities Account Control Agreement that it will comply with
Entitlement Orders originated by or on behalf of the Trustee with respect to each such Security Entitlement without further consent by
the Issuer;


 


(ii)            in
the case of Collateral consisting of Instruments or Certificated Securities (the “Minnesota Collateral”), to the extent
that any such Minnesota Collateral does not constitute a Financial Asset forming the basis of a Security Entitlement acquired by the
Trustee pursuant to clause (i), by the Issuer causing (A) the Custodian, on behalf of the Trustee, to acquire possession of such
Minnesota Collateral in the State of Minnesota or (B) another Person (other than the Issuer or a Person controlling, controlled
by, or under common control with, the Issuer) (1) to (x) take possession of such Minnesota Collateral in the State of Minnesota
and (y) authenticate a record acknowledging that it holds such possession for the benefit of the Trustee or (2) to (x) authenticate
a record acknowledging that it will hold possession of such Minnesota Collateral for the benefit of the Trustee and (y) take possession
of such Minnesota Collateral in the State of Minnesota;


 






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(iii)           in
the case of Collateral consisting of General Intangibles and all other Collateral of the Issuer in which a security interest may be perfected
by filing a financing statement under Article 9 of the UCC as in effect in the District of Columbia, filing or causing the filing
of a UCC financing statement naming the Issuer as debtor and the Trustee as secured party, which financing statement reasonably identifies
all such Collateral, with the Recorder of Deeds of the District of Columbia;


 


(iv)          in
the case of Collateral, causing the registration of the security interests granted under this Indenture in the register of mortgages
and charges of the Issuer maintained at the Issuer’s registered office in the Cayman Islands; and


 


(v)           in
the case of Collateral consisting of Cash on deposit in any Servicing Account managed by the Servicer or the Special Servicer pursuant
to the terms of the Servicing Agreement, to deposit such Cash in a Servicing Account, which Servicing Account is in the name of the Servicer
or the Special Servicer on behalf of the Trustee.


 


(c)           The
Issuer hereby authorizes the filing of UCC financing statements describing as the collateral covered thereby “all of the debtor’s
personal property and Collateral,” or words to that effect, notwithstanding that such wording may be broader in scope than the
Collateral described in this Indenture.


 


(d)           Without
limiting the foregoing, the Trustee shall cause the Note Administrator to take such different or additional action as the Trustee may
be advised by advice of counsel to the Trustee, Note Administrator or the Issuer (delivered to the Trustee and the Note Administrator)
is reasonably required in order to maintain the perfection and priority of the security interest of the Trustee in the event of any change
in applicable law or regulation, including Articles 8 and 9 of the UCC and Treasury Regulations governing transfers of interests in Government
Items (it being understood that the Note Administrator shall be entitled to rely upon an Opinion of Counsel, including an Opinion of
Counsel delivered in accordance with Section 3.1(d), as to the need to file any financing statements or continuation statements,
the dates by which such filings are required to be made and the jurisdictions in which such filings are required to be made).


 


(e)           Without
limiting any of the foregoing, in connection with each Grant of a Collateral Interest hereunder, the Issuer shall deliver (or cause to
be delivered by the Seller) to the Custodian (with a copy to the Servicer) by the Issuer (or the Seller) the following documents for
each Collateral Interest (collectively, the “Collateral Interest File”):


 


(i)             if
such Collateral Interest is a Mortgage Loan or Mezzanine Loan:


 


(1)            the
original mortgage and, if applicable, mezzanine promissory notes bearing, or accompanied by, all intervening endorsements, endorsed in
blank or “Pay to the order of GPMT 2021-FL3, LTD., an exempted company incorporated with limited liability under the laws
of the Cayman Islands, without recourse,” and signed in the name of the last endorsee by an authorized Person and if endorsed to
the Issuer, an assignment in blank from the Issuer;


 


(2)            with
respect to a Mortgage Loan, the original mortgage (or a copy thereof certified from the applicable recording office) and, if applicable,
the originals of all intervening assignments of mortgage (or copies thereof certified from the applicable recording office), in each
case, with evidence of recording thereon, showing an unbroken chain of title from the originator thereof to the last endorsee;








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(3)            with
respect to a Mortgage Loan, the original assignment of leases and rents (or a copy thereof certified from the applicable recording office),
if any, and, if applicable, the originals of all intervening assignments of assignment of leases and rents (or copies thereof certified
from the applicable recording office), in each case, with evidence of recording thereon, showing an unbroken chain of recordation from
the originator thereof to the last endorsee;


 


(4)            with
respect to a Mezzanine Loan, the original pledge and security agreement (including, without limitation, all original membership certificates,
equity interest powers in blank, acknowledgements and confirmations related thereto);


 


(5)            an
original blanket assignment of all unrecorded documents (including a complete chain of intervening assignments, if applicable) in favor
of the Issuer;


 


(6)            a
filed copy of the UCC-1 financing statements with evidence of filing thereon, and UCC-3 assignments showing a complete chain of assignment
from the secured party named in such UCC-1 financing statement to the Issuer, with evidence of filing thereon;


 


(7)            originals
or copies of all assumption, modification, consolidation or extension agreements, with evidence of recording thereon, together with any
other recorded document relating to such Collateral Interest;


 


(8)            with
respect to a Mortgage Loan, an original or a copy (which may be in electronic form) mortgagee policy of title insurance or a conformed
version of the mortgagee’s title insurance commitment either marked as binding for insurance or attached to an escrow closing letter,
countersigned by the title company or its authorized agent if the original mortgagee’s title insurance policy has not yet been
issued;


 


(9)            with
respect to a Mezzanine Loan, an original or a copy (which may be in electronic form) lender’s UCC title insurance policy and a
copy of the owner’s title insurance policy (with a mezzanine endorsement and assignment of title proceeds) or a conformed version
of the lender’s UCC title insurance policy commitment or owner’s title insurance policy commitment, as applicable, either
marked as binding for insurance or attached to an escrow closing letter, countersigned by the title company or its authorized agent if
such original title insurance policy has not yet been issued;


 


(10)          with
respect to a Mortgage Loan, the original of any security agreement, chattel mortgage or equivalent document, if any;


 


(11)          the
original or copy of any related loan agreement as well as any related letter of credit, lockbox agreement, cash management agreement
and construction contract;


 


(12)          the
original or copy of any related guarantee;


 


(13)          the
original or copy of any related environmental indemnity agreement;


 


(14)          copies
of any property management agreements;


 


(15)          a
copy of a survey of the related Mortgaged Property, together with the surveyor’s certificate thereon;


 






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(16)          a
copy of any power of attorney relating to such Mortgage Loan or Mezzanine Loan;


 


(17)          with
respect to any Collateral Interest secured in whole or in part by a ground lease, copies of any ground leases;


 


(18)          a
copy of any related environmental insurance policy and environmental report with respect to the related Mortgaged Properties;


 


(19)          with
respect to any Mortgage Loan with related mezzanine or other subordinate debt (other than a Mezzanine Loan that is also a Collateral
Interest or a Companion Participation), a copy of any related co-lender agreement, intercreditor agreement, subordination agreement or
other similar agreement;


 


(20)          with
respect to any Mortgage Loan secured by a hospitality property, a copy of any related franchise agreement, an original or copy of any
comfort letter related thereto, and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is
not sufficient to transfer or assign the benefits of such comfort letter to the Issuer, if any, a copy of the notice by the Seller to
the franchisor of the transfer of such Mortgage Loan and/or a copy of the request for the issuance of a new comfort letter in favor of
the Issuer (in each case, as and to the extent required pursuant to the terms of such comfort letter as determined by the Issuer or Seller);


 


(21)          the
following additional original documents, (a) allonge, endorsed in blank; (b) assignment of mortgage, in blank, in form and
substance acceptable for recording; (c) if applicable, assignment of leases and rents, in blank, in form and substance acceptable
for recording; and (d) assignment of unrecorded documents, in blank, in form and substance acceptable for recording.


 


(ii)            if
such Collateral Interest is a Transaction Participation:


 


(1)            (a) with
respect to any Custody Collateral Interest, each of the documents specified in clause (i) above with respect to such Participated
Loan (provided however, in the case of clause (i)(1) above, the original mortgage and, if applicable, mezzanine promissory
note shall be bearing, or accompanied by, all intervening endorsements, endorsed in blank or “Pay to the order of GPMT 2021-FL3, LTD.,
an exempted company incorporated with limited liability under the laws of the Cayman Islands, for the benefit of itself, and for the
benefit of any companion participation holder(s), without recourse”), and (b) with respect to any Non-Custody Collateral Interest,
unless the Custodian is also the Participation Custodian, a copy of each of the documents specified in clause (i) above (other than
the documents specified in (i)(21)) with respect to such Participated Loan (provided that, if the Custodian ceases to also be the Participation
Custodian, the Custodian shall retain copies of such document as Custodian hereunder);


 


(2)            an
original participation certificate evidencing such Participation in the name of the Issuer;


 


(3)            an
original assignment of the participation certificate evidencing such Participation endorsed in blank by the Issuer;


 






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(4)            a
copy of the participation certificate evidencing each related Companion Participation;


 


(5)            an
original or a copy of the related Participation Agreement; and


 


(6)            if
applicable, a copy of the related Participation Custodial Agreement and a copy of the certification delivered by the Participation Custodian
thereunder.


 


Other than with respect to (i) the original
promissory notes required to be delivered pursuant to clause (e)(i)(1) above and (ii) the original participation certificates
required to be delivered pursuant to clause (e)(ii)(2) above, delivery of the Collateral Interest File on the Closing Date
may be made by the Issuer to the Custodian in accordance with one or more bailee letters, with electronic copies of such documents to
be delivered to the Custodian on or before the Closing Date, and originals of such documents to be delivered to the Custodian no later
than five (5) business days thereafter. With respect to any documents which have been delivered or are being delivered to recording
offices for recording and have not been returned to the Issuer (or the Seller) in time to permit their delivery hereunder at the time
required, the Issuer (or the Seller) shall deliver such original or certified recorded documents to the Custodian promptly when received
by the Issuer (or the Seller) from the applicable recording office.


 


(f)            The
execution and delivery of this Indenture by the Note Administrator shall constitute certification that (i) each original note, allonge
and/or original participation certificate and the participation agreement (which agreement may be a copy), if applicable, required to
be delivered to the Custodian on behalf of the Trustee by the Issuer (or the Seller), have been received by the Custodian; and (ii) such
original note or participation certificate has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions,
changes or corrections shall not constitute irregularities if initialed by the borrower), (B) appears to have been executed and
(C) purports to relate to the related Collateral Interest. The Custodian agrees to review or cause to be reviewed the Collateral
Interest Files within sixty (60) days after the Closing Date, and to deliver to the Issuer, the Note Administrator, the Servicer, and
the Trustee a certification in the form of Exhibit D attached hereto, indicating, subject to any exceptions found by it in
such review (and any related exception report and any subsequent reports thereto shall be delivered to the other parties hereto, the
Servicer and the Operating Advisor in electronic format, which shall be Excel compatible), (A) those documents referred to in Section 3.3(e) that
have been received, and (B) that such documents have been executed, appear on their face to be what they purport to be, purport
to be recorded or filed (as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate to
the Collateral Interest. The Custodian shall have no responsibility for reviewing the Collateral Interest File except as expressly set
forth in this Section 3.3(f). None of the Trustee, the Note Administrator, and the Custodian shall be under any duty or obligation
to inspect, review, or examine any such documents, instruments or certificates to independently determine that they are valid, genuine,
enforceable, legally sufficient, duly authorized, or appropriate for the represented purpose, whether the text of any assignment or endorsement
is in proper or recordable form (except to determine if the endorsement conforms to the requirements of Section 3.3(e)),
whether any document has been recorded in accordance with the requirements of any applicable jurisdiction, to independently determine
that any document has actually been filed or recorded in the appropriate office, that any document is other than what it purports to
be on its face, or whether the title insurance policies relate to the Mortgaged Property.


 


(g)            No
later than the 120th day after the Closing Date, and every quarter thereafter until all exception have been cleared, the Custodian
shall deliver to the Issuer, with a copy to the Note Administrator, the Trustee, the Operating Advisor and the Servicer a final exception
report (which report and any updates or modifications thereto shall be delivered in electronic format, including Excel-compatible format)
as to any remaining documents that are required to be, but are not in the Collateral Interest File and,


 






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by delivering such exception
report, shall be deemed to have requested that the Issuer cause any such document deficiency to be cured.


 


(h)           Without
limiting the generality of the foregoing:


 


(i)             from
time to time upon the request of the Trustee, the Servicer or the Special Servicer, the Issuer shall deliver (or cause to be delivered)
to the Custodian any Loan Document in the possession of the Issuer and not previously delivered hereunder (including originals of Loan
Documents not previously required to be delivered as originals) and as to which the Trustee, the Servicer or the Special Servicer, as
applicable, shall have reasonably determined, or shall have been advised, to be necessary or appropriate for the administration of such
Commercial Real Estate Loan hereunder or under the Servicing Agreement or for the protection of the security interest of the Trustee
under this Indenture;


 


(ii)            upon
request of the Issuer or the Servicer, the Custodian shall deliver to the Issuer or the Servicer, as applicable, an updated report in
the form of Schedule B to Exhibit D as to all documents in its possession; and


 


(iii)           from
time to time upon request of the Servicer or the Special Servicer, the Custodian shall, upon delivery by the Servicer or the Special
Servicer, as applicable, of a Request for Release in the form of Exhibit E hereto (a “Request for Release”),
release to the Servicer or the Special Servicer, as applicable, such of the Loan Documents then in its custody as the Servicer or the
Special Servicer, as applicable, reasonably so requests. By submission of any such Request for Release, the Servicer or the Special Servicer,
as applicable, shall be deemed to have represented and warranted that it has determined in accordance with the Servicing Standard, respectively,
set forth in the Servicing Agreement, as the case may be, that the requested release is necessary for the administration of such Commercial
Real Estate Loan hereunder or under the Servicing Agreement or for the protection of the security interest of the Trustee under this
Indenture. The Servicer or the Special Servicer shall return to the Custodian each Loan Document released from custody pursuant to this
clause (iii) within twenty (20) Business Days of receipt thereof (except such Loan Documents as are released in connection
with a sale, exchange or other disposition, in each case only as permitted under this Indenture, of the related Collateral Interest that
is consummated within such 20-day period). Notwithstanding the foregoing provisions of this clause (iii), any note, participation
certificate or other instrument evidencing a Pledged Collateral Interest shall be released only for the purpose of (1) a sale, exchange
or other disposition of such Pledged Collateral Interest that is permitted in accordance with the terms of this Indenture, (2) presentation,
collection, renewal or registration of transfer of such Collateral Interest or (3) in the case of any note, in connection with a
payment in full of all amounts owing under such note. In connection with any Request for Release, unless otherwise specified in such
Request for Release, the participation certificate evidencing the related Transaction Participation shall be released along with the
related loan file requested to be released.


 


(i)            As
of the Closing Date (with respect to the Collateral owned or existing as of the Closing Date) and each date on which any Collateral is
acquired (only with respect to each Collateral so acquired or arising after the Closing Date), the Issuer represents and warrants as
follows:


 


(i)            this
Indenture creates a valid and continuing security interest (as defined in the UCC) in the Collateral in favor of the Trustee for the
benefit of the Secured Parties, which security interest is prior to all other liens, and is enforceable as such against creditors of
and purchasers from the Issuer;


 






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(ii)            the
Issuer owns and has good and marketable title to such Collateral free and clear of any lien, claim or encumbrance of any Person;


 


(iii)           in
the case of each Collateral, the Issuer has acquired its ownership in such Collateral in good faith without notice of any adverse claim
as defined in Section 8-102(a)(1) of the UCC as in effect on the date hereof;


 


(iv)          other
than the security interest granted to the Trustee for the benefit of the Secured Parties pursuant to this Indenture, the Issuer has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral;


 


(v)           the
Issuer has not authorized the filing of, and is not aware of, any financing statements against the Issuer that include a description
of collateral covering the Collateral other than any financing statement (x) relating to the security interest granted to the Trustee
for the benefit of the Secured Parties hereunder or (y) that has been terminated; the Issuer is not aware of any judgment lien,
Pension Benefit Guarantee Corporation lien or tax lien filings against the Issuer;


 


(vi)          the
Issuer has received all consents and approvals required by the terms of each Collateral and the Transaction Documents to grant to the
Trustee its interest and rights in such Collateral hereunder;


 


(vii)         the
Issuer has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing
office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the
Trustee for the benefit of the Secured Parties hereunder;


 


(viii)        all
of the Collateral constitutes one or more of the following categories: an Instrument, a General Intangible, a Certificated Security or
an uncertificated security, or a Financial Asset in which a Security Entitlement has been created and that has been or will have been
credited to a Securities Account and proceeds of all the foregoing;


 


(ix)           the
Securities Intermediary has agreed to treat all Collateral credited to the Custodial Account as a Financial Asset;


 


(x)            the
Issuer has delivered a fully executed Securities Account Control Agreement pursuant to which the Securities Intermediary has agreed to
comply with all instructions originated by the Trustee relating to the Indenture Accounts without further consent of the Issuer; none
of the Indenture Accounts is in the name of any Person other than the Issuer, the Note Administrator or the Trustee; the Issuer has not
consented to the Securities Intermediary to comply with any Entitlement Orders in respect of the Indenture Accounts and any Security
Entitlement credited to any of the Indenture Accounts originated by any Person other than the Trustee or the Note Administrator on behalf
of the Trustee;


 


(xi)           (A) all
original executed copies of each promissory note, participation certificate or other writings that constitute or evidence any pledged
obligation that constitutes an Instrument have been delivered to the Custodian for the benefit of the Trustee and (B) none of the
promissory notes, participation certificates or other writings that constitute or evidence such collateral has any marks or notations
indicating that they have been pledged, assigned or otherwise conveyed by the Issuer to any Person other than the Trustee;


 






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(xii)          each
of the Indenture Accounts constitutes a Securities Account in respect of which the Securities Intermediary has accepted to be Securities
Intermediary pursuant to the Securities Account Control Agreement on behalf of the Trustee as secured party under this Indenture.


 


(j)            The
Note Administrator shall cause all Eligible Investments delivered to the Note Administrator on behalf of the Issuer (upon receipt by
the Note Administrator thereof) to be promptly credited to the applicable Account.


 


Section 3.4         Credit
Risk Retention.


 


None
of the Trustee, the Note Administrator or the Custodian shall be obligated to monitor, supervise or enforce compliance with the
requirements set forth in Regulation RR.


 


ARTICLE 4


 


SATISFACTION AND DISCHARGE


 


Section 4.1         Satisfaction
and Discharge of Indenture.


 


This Indenture shall be discharged
and shall cease to be of further effect except as to (i) rights of registration of transfer and exchange, (ii) substitution
of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and
interest thereon, (iv) the rights, protections, indemnities and immunities of the Note Administrator (in each of its capacities)
and the Trustee and the specific obligations set forth below hereunder, (v) the rights, obligations and immunities of the Servicer
and the Special Servicer hereunder, hereunder and under the Servicing Agreement, and (vi) the rights of Noteholders as beneficiaries
hereof with respect to the property deposited with the Custodian or Securities Intermediary (on behalf of the Trustee) and payable to
all or any of them (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture) when:


 


(a)           (i) either:


 


(1)            all
Notes theretofore authenticated and delivered to Noteholders (other than (A) Notes which have been mutilated, defaced, destroyed,
lost or stolen and which have been replaced or paid as provided in Section 2.6 and (B) Notes for which payment has theretofore
irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 7.3)
have been delivered to the Note Registrar for cancellation; or


 


(2)            all
Notes not theretofore delivered to the Note Registrar for cancellation (A) have become due and payable, or (B) shall become
due and payable at their Stated Maturity Date within one year, or (C) are to be called for redemption pursuant to Article 9
under an arrangement satisfactory to the Note Administrator for the giving of notice of redemption by the Issuer and the Co-Issuer
pursuant to Section 9.3 and either (x) the Issuer has irrevocably deposited or caused to be deposited with the Note
Administrator, Cash or non-callable direct obligations of the United States of America; which obligations are entitled to the full faith
and credit of the United States of America or are debt obligations which are rated “Aaa” by Moody’s in an amount sufficient,
as recalculated by a firm of Independent nationally-recognized certified public accountants, to pay and discharge the entire indebtedness
(including, in the case of a redemption pursuant to Section 9.1, the Redemption Price) on such Notes not theretofore delivered
to the Note Administrator for


 






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cancellation, for principal and interest to the date of such deposit (in the case of Notes which have become
due and payable), or to the respective Stated Maturity Date or the respective Redemption Date, as the case may be or (y) in the
event all of the Collateral is liquidated following the satisfaction of the conditions specified in Article 5, the Issuer
shall have deposited or caused to be deposited with the Note Administrator, all proceeds of such liquidation of the Collateral, for payment
in accordance with the Priority of Payments;


 


(ii)           the
Issuer and the Co-Issuer have paid or caused to be paid all other sums then due and payable hereunder (including any amounts then due
and payable pursuant to the Servicing Agreement) by the Issuer and the Co-Issuer and no other amounts are scheduled to be due and payable
by the Issuer other than Dissolution Expenses; and


 


(iii)           the
Co-Issuers have delivered to the Trustee and the Note Administrator Officer’s Certificates and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with;


 


provided,
however, that in the case of clause (a)(i)(2)(x) above, the Issuer has delivered to the Trustee and the Note Administrator
an opinion of Dechert LLP, Skadden, Arps, Slate, Meagher & Flom LLP or an opinion of another tax counsel of nationally recognized
standing in the United States experienced in such matters to the effect that the Noteholders would recognize no income gain or loss for
U.S. federal income tax purposes as a result of satisfaction and discharge of this Indenture; or


 


(b)           (i) each
of the Co-Issuers has delivered to the Trustee and the Note Administrator a certificate stating that (1) there is no Collateral
(other than (x) the Servicing Agreement and the Servicing Accounts related thereto and the Securities Account Control Agreement
and the Indenture Accounts related thereto and (y) Cash in an amount not greater than the Dissolution Expenses) that remain subject
to the lien of this Indenture, and (2) all funds on deposit in or to the credit of the Accounts have been distributed in accordance
with the terms of this Indenture or have otherwise been irrevocably deposited with the Servicer under the Servicing Agreement for such
purpose; and


 


(ii)            the
Co-Issuers have delivered to the Note Administrator and the Trustee Officer’s Certificates and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.


 


Notwithstanding the satisfaction
and discharge of this Indenture, the rights and obligations of the Issuer, the Co-Issuer, the Trustee, the Note Administrator, and, if
applicable, the Noteholders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.7,
7.3 and 14.12 hereof shall survive.


 


Section 4.2         Application
of Amounts Held in Trust.


 


All amounts deposited with
the Note Administrator pursuant to Section 4.1 shall be held in trust and applied by it in accordance with the provisions
of the Notes and this Indenture (including, without limitation, the Priority of Payments) to the payment of the principal and interest,
either directly or through any Paying Agent, as the Note Administrator may determine, and such amounts shall be held in a segregated
account identified as being held in trust for the benefit of the Secured Parties.


 


Section 4.3         Repayment
of Amounts Held by Paying Agent.


 


In connection with the satisfaction
and discharge of this Indenture with respect to the Notes, all amounts then held by any Paying Agent, upon demand of the Issuer and the
Co-Issuer, shall be remitted to the Note Administrator to be held and applied pursuant to Section 7.3 hereof and, in the
case of amounts


 






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payable on the Notes, in accordance with the Priority of Payments and thereupon such Paying Agent shall be released from
all further liability with respect to such amounts.


 


Section 4.4         Limitation
on Obligation to Incur Company Administrative Expenses.


 


If at any time after an Event
of Default has occurred and the Notes have been declared immediately due and payable, the sum of (i) Eligible Investments, (ii) Cash
and (iii) amounts reasonably expected to be received by the Issuer with respect to the Collateral Interests in Cash during the current
Due Period (as anticipated by the Special Servicer in accordance with the Servicing Standard) is less than the sum of Dissolution Expenses
and any accrued and unpaid Company Administrative Expenses, then notwithstanding any other provision of this Indenture, the Issuer shall
no longer be required to incur Company Administrative Expenses as otherwise required by this Indenture to any Person, other than with
respect to fees and indemnities of, and other payments, charges and expenses incurred in connection with opinions, reports or services
to be provided to or for the benefit of, the Trustee, the Note Administrator, or any of their respective Affiliates. Any failure to pay
such amounts or provide or obtain such opinions, reports or services no longer required hereunder shall not constitute a Default hereunder.


 


ARTICLE 5


 


REMEDIES


 


Section 5.1         Events
of Default.


 


“Event of Default,”
wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):


 


(a)           a
default in the payment of any interest on any of the Class A Notes, the Class A-S Notes or the Class B Notes (or, if none
of the Class A Notes, the Class A-S Notes and the Class B Notes are Outstanding, any Note of the most senior Class Outstanding)
when the same becomes due and payable and the continuation of any such default for three (3) Business Days after a Trust Officer
of the Note Administrator has actual knowledge or receives notice from any holder of Notes of such payment default; provided that
in the case of a failure to disburse funds due to an administrative error or omission by the Note Administrator, the Trustee or any paying
agent, such failure continues for five (5) Business Days after a trust officer of the Note Administrator receives written notice
or has actual knowledge of such administrative error or omission; or


 


(b)           a
default in the payment of principal (or the related Redemption Price, if applicable) of any Class of Notes when the same becomes
due and payable at its Stated Maturity Date or any Redemption Date; provided, in each case, that in the case of a failure to disburse
funds due to an administrative error or omission by the Note Administrator, the Trustee or any paying agent, such failure continues for
five (5) Business Days after a trust officer of the Note Administrator receives written notice or has actual knowledge of such administrative
error or omission;


 


(c)           the
failure on any Payment Date to disburse amounts available in the Payment Account in accordance with the Priority of Payments set forth
under Section 11.1(a) (other than (i) a default in payment described in clause (a) or (b) above and (ii) unless
the Holders of the Preferred Shares object, a failure to disburse any amounts to the Preferred Share Paying Agent for distribution to
the Holders of the Preferred Shares), which failure continues for a period of three (3) Business Days or, in the case of a failure


 






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to disburse such amounts due to an administrative error or omission by the Note Administrator, the Trustee or the Paying Agent, which
failure continues for five (5) Business Days;


 


(d)           any
of the Issuer, the Co-Issuer or the pool of Collateral becomes an investment company required to be registered under the 1940 Act;


 


(e)            a
default in the performance, or breach, of any other covenant or other agreement of the Issuer or Co-Issuer (other than the covenant to
make the payments described in clauses (a), (b) or (c) above or to satisfy the Note Protection Tests) or any representation
or warranty of the Issuer or Co-Issuer hereunder or in any certificate or other writing delivered pursuant hereto or in connection herewith
proves to be incorrect in any material respect when made, and the continuation of such default or breach for a period of thirty (30)
days (or, if such default, breach or failure has an adverse effect on the validity, perfection or priority of the security interest granted
hereunder, fifteen (15) days) after the Issuer or the Co-Issuer has actual knowledge thereof or after notice thereof to the Issuer and
the Co-Issuer by the Trustee or to the Issuer, the Co-Issuer and the Trustee by Holders of at least 25% of the Aggregate Outstanding
Amount of the Controlling Class;


 


(f)            the
entry of a decree or order by a court having competent jurisdiction adjudging the Issuer or the Co-Issuer as bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer
or the Co-Issuer under the Bankruptcy Code, or any bankruptcy, insolvency, reorganization or similar law enacted under the laws of the
Cayman Islands or any other applicable law, or appointing a receiver, liquidator, assignee, or sequestrator (or other similar official)
of the Issuer or the Co-Issuer or of any substantial part of its property, respectively, or ordering the winding up or liquidation of
its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days;


 


(g)           the
institution by the Issuer or the Co-Issuer of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution
of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or
relief under the Bankruptcy Code, or any bankruptcy, insolvency, reorganization or similar law enacted under the laws of the Cayman Islands
or any other similar applicable law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator,
assignee, trustee or sequestrator (or other similar official) of the Issuer or the Co-Issuer or of any substantial part of its property,
respectively, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to
pay its debts generally as they become due, or the taking of any action by the Issuer in furtherance of any such action;


 


(h)           one
or more final judgments being rendered against the Issuer or the Co-Issuer which exceed, in the aggregate, U.S.$1,000,000 and which remain
unstayed, undischarged and unsatisfied for thirty (30) days after such judgment(s) becomes nonappealable, unless adequate funds
have been reserved or set aside for the payment thereof, and unless (except as otherwise specified in writing by the Rating Agencies)
a No Downgrade Confirmation has been received from the Rating Agencies; or


 


(i)            the
Issuer loses its status as a Qualified REIT Subsidiary or other disregarded entity of Sub-REIT or any other entity treated as a REIT
for U.S. federal income tax purposes, unless (A) within ninety (90) days, the Issuer either (1) delivers an opinion of tax
counsel of nationally recognized standing in the United States experienced in such matters to the effect that, notwithstanding the Issuer’s
loss of Qualified REIT Subsidiary or disregarded entity status for U.S. federal income tax purposes, the Issuer is not, and has not been,
an association (or publicly traded partnership or taxable mortgage pool) taxable as a corporation, or is not, and has not been, otherwise
subject to U.S. federal income tax on a net income basis and the Noteholders are not otherwise materially adversely affected by the loss
of Qualified REIT Subsidiary or disregarded entity status for U.S. federal income tax purposes or (2) receives an amount from


 






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the
Preferred Shareholders sufficient to discharge in full the amounts then due and unpaid on the Notes and amounts and expenses described
in clauses (1) through (18) under Section 11.1(a)(i) in accordance with the Priority of Payments or (B) all
Classes of the Notes are subject to a Tax Redemption announced by the Issuer in compliance with this Indenture, and such redemption has
not been rescinded.


 


Upon becoming aware of the
occurrence of an Event of Default, the Issuer, shall promptly notify (or shall procure the prompt notification of) the Trustee, the Note
Administrator, the Servicer, the Special Servicer, the Operating Advisor, the Preferred Share Paying Agent and the Preferred Shareholders
in writing.


 


Section 5.2         Acceleration
of Maturity; Rescission and Annulment.


 


(a)            If
an Event of Default shall occur and be continuing (other than the Events of Default specified in Section 5.1(f) or 5.1(g)),
the Trustee may (and shall at the direction of a Majority, by outstanding principal amount, of each Class of Notes voting as a separate
Class (excluding any Notes owned by the Issuer, the Seller or any of their respective Affiliates)), declare the principal of and
accrued and unpaid interest on all the Notes to be immediately due and payable. Upon any such declaration such principal, together with
all accrued and unpaid interest thereon, and other amounts payable thereunder in accordance with the Priority of Payments shall become
immediately due and payable. If an Event of Default described in Section 5.1(f) or 5.1(g) above occurs,
such an acceleration shall occur automatically and without any further action. If the Notes are accelerated, payments shall be made in
the order and priority set forth in Section 11.1(a) hereof.


 


(b)           At
any time after such a declaration of acceleration of Maturity of the Notes has been made, and before a judgment or decree for payment
of the amounts due has been obtained by the Trustee as hereinafter provided in this Article 5, a Majority of each Class of
Notes (voting as a separate Class), other than with respect to an Event of Default specified in Section 5.1(d), 5.1(f),
5.1(g), or 5.1(i), by written notice to the Issuer, the Co-Issuer and the Trustee, may rescind and annul such declaration
and its consequences if:


 


(i)            the
Issuer or the Co-Issuer has paid or deposited with the Note Administrator a sum sufficient to pay:


 


(A)            all
unpaid installments of interest on and principal of the Notes that would be due and payable hereunder if the Event of Default giving
rise to such acceleration had not occurred;


 


(B)            all
unpaid taxes of the Issuer and the Co-Issuer, Company Administrative Expenses and other sums paid or advanced by or otherwise due and
payable to the Note Administrator or to the Trustee hereunder;


 


(C)            with
respect to the Advancing Agent and the Backup Advancing Agent, any amount due and payable for unreimbursed Interest Advances and Reimbursement
Interest; and


 


(D)            any
Company Administrative Expense due and payable;


 


(ii)            the
Trustee has received notice that all Events of Default, other than the non-payment of the interest on and principal of the Notes that
have become due solely by such acceleration, have been cured and a Majority of the Controlling Class, by written notice to the


 






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Trustee,
has agreed with such notice (which agreement shall not be unreasonably withheld or delayed) or waived as provided in Section 5.14.


 


At any such time that the Trustee,
subject to Section 5.2(b), shall rescind and annul such declaration and its consequences as permitted hereinabove, the Collateral
shall be preserved in accordance with the provisions of Section 5.5 with respect to the Event of Default that gave rise to
such declaration; provided, however, that if such preservation of the Collateral is rescinded pursuant to Section 5.5,
the Notes may be accelerated pursuant to the first paragraph of this Section 5.2, notwithstanding any previous rescission
and annulment of a declaration of acceleration pursuant to this paragraph.


 


No such rescission shall affect
any subsequent Default or impair any right consequent thereon.


 


(c)           Subject
to Sections 5.4 and 5.5, a Majority of the Controlling Class shall have the right to direct the Trustee in the conduct
of any Proceedings for any remedy available to the Trustee or in the sale of any or all of the Collateral; provided that (i) such
direction will not conflict with any rule of law or this Indenture; (ii) the Trustee may take any other action not inconsistent
with such direction; (iii) the Trustee has received security or indemnity satisfactory to it; and (iv) any direction to undertake
a sale of the Collateral may be made only as described in Section 5.17. The Trustee shall be entitled to refuse to take any
action absent such direction.


 


(d)           As
security for the payment by the Issuer of the compensation and expenses of the Trustee, the Note Administrator, and any sums the Trustee
or Note Administrator shall be entitled to receive as indemnification by the Issuer, the Issuer hereby grants the Trustee a lien on the
Collateral, which lien is senior to the lien of the Noteholders. The Trustee’s lien shall be subject to the Priority of Payments
and exercisable by the Trustee only if the Notes have been declared due and payable following an Event of Default and such acceleration
has not been rescinded or annulled.


 


(e)            A
Majority of the Aggregate Outstanding Amount of each Class of Notes may, prior to the time a judgment or decree for the payment
of amounts due has been obtained by the Trustee, waive any past Default on behalf of the holders of all the Notes and its consequences
in accordance with Section 5.14.


 


Section 5.3         Collection
of Indebtedness and Suits for Enforcement by Trustee.


 


(a)            The
Issuer covenants that if a Default shall occur in respect of the payment of any interest and principal on any Class of Notes (but
only after any amounts payable pursuant to Section 11.1(a) having a higher priority have been paid in full), the Issuer
and the Co-Issuer shall, upon demand of the Trustee or any affected Noteholder, pay to the Note Administrator on behalf of the Trustee,
for the benefit of the Holder of such Note, the whole amount, if any, then due and payable on such Note for principal and interest or
other payment with interest on the overdue principal and, to the extent that payments of such interest shall be legally enforceable,
upon overdue installments of interest, at the applicable interest rate and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Note
Administrator, the Trustee and such Noteholder and their respective agents and counsel.


 


If the Issuer or the Co-Issuer
fails to pay such amounts forthwith upon such demand, the Trustee, as Trustee of an express trust, and at the expense of the Issuer,
may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree,
and may enforce the same against the Issuer and the Co-Issuer or any other obligor upon the Notes and collect the amounts adjudged or
decreed to be payable in the manner provided by law out of the Collateral.


 






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If an Event of Default occurs
and is continuing, the Trustee shall proceed to protect and enforce its rights and the rights of the Noteholders by such Proceedings
(x) as directed by a Majority of the Controlling Class or (y) in the absence of direction by a Majority of the Controlling
Class, as determined by the Trustee acting in good faith; provided that (a) such direction must not conflict with any rule of
law or with any express provision of this Indenture, (b) the Trustee may take any other action deemed proper by the Trustee that
is not inconsistent with such direction, (c) the Trustee has been provided with security or indemnity satisfactory to it, and (d) notwithstanding
the foregoing, any direction to the Trustee to undertake a sale of Collateral may be given only in accordance with the preceding paragraph,
in connection with any sale and liquidation of all or a portion of the Collateral, the preceding sentence, and, in all cases, the applicable
provisions of this Indenture. Such Proceedings shall be used for the specific enforcement of any covenant or agreement in this Indenture
or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the
Trustee by this Indenture or by law. Any direction to the Trustee to undertake a sale of Collateral shall be forwarded to the Special
Servicer, and the Special Servicer shall conduct any such sale in accordance with the terms of the Servicing Agreement.


 


In the case where (x) there
shall be pending Proceedings relative to the Issuer or the Co-Issuer under the Bankruptcy Code, any bankruptcy, insolvency, reorganization
or similar law enacted under the laws of the Cayman Islands, or any other applicable bankruptcy, insolvency or other similar law, (y) a
receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed
for or taken possession of the Issuer or the Co-Issuer, or their respective property, or (z) there shall be any other comparable
Proceedings relative to the Issuer or the Co-Issuer, or the creditors or property of the Issuer or the Co-Issuer, regardless of whether
the principal of any Notes shall then be due and payable as therein expressed or by declaration, or otherwise and regardless of whether
the Trustee shall have made any demand pursuant to the provisions of this Section 5.3, the Trustee shall be entitled and
empowered, by intervention in such Proceedings or otherwise:


 


(i)             to
file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable
compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of
all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence
or bad faith) and of the Noteholders allowed in any Proceedings relative to the Issuer, the Co-Issuer or other obligor upon the Notes
or to the creditors or property of the Issuer, the Co-Issuer or such other obligor;


 


(ii)            unless
prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee or a standby trustee
in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or of a Person performing similar functions
in comparable Proceedings; and


 


(iii)           to
collect and receive (or cause the Note Administrator to collect and receive) any amounts or other property payable to or deliverable
on any such claims, and to distribute (or cause the Note Administrator to distribute) all amounts received with respect to the claims
of the Noteholders and of the Trustee on their behalf; the Secured Parties, and any trustee, receiver or liquidator, custodian or other
similar official is hereby authorized by each of the Noteholders to make payments to the Trustee (or the Note Administrator on its behalf),
and, in the event that the Trustee shall consent to the making of payments directly to the Noteholders, to pay to the Trustee and the
Note Administrator such amounts as shall be sufficient to cover reasonable compensation to the Trustee and the Note Administrator, each
predecessor trustee and note administrator, and their respective agents, attorneys and counsel, and all other reasonable expenses and
liabilities


 






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incurred, and all advances made, by the Backup Advancing Agent and each predecessor backup advancing agent.


 


Nothing herein contained shall
be deemed to authorize the Trustee to authorize, consent to, vote for, accept or adopt, on behalf of any Noteholder, any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy
or similar Person.


 


All rights of action and of
asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the
Notes or the production thereof in any trial or other Proceedings relative thereto, and any action or Proceedings instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment, shall be applied as set forth in Section 5.7.


 


Notwithstanding anything in
this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Collateral or institute Proceedings in furtherance
thereof pursuant to this Section 5.3 unless the conditions specified in Section 5.5(a) are met and any sale
of Collateral contemplated to be conducted by the Trustee under this Indenture shall be effected by the Special Servicer pursuant to
the terms of the Servicing Agreement, and the Trustee shall have no liability or responsibility for or in connection with any such sale
by the Special Servicer.


 


Section 5.4         Remedies.


 


(a)            If
an Event of Default has occurred and is continuing, and the Notes have been declared due and payable and such declaration and its consequences
have not been rescinded and annulled, the Issuer and the Co-Issuer agree that the Trustee, or, with respect to any sale of any Collateral
Interests, the Special Servicer, may, after notice to the Note Administrator and the Noteholders, and shall, upon direction by a Majority
of the Controlling Class, to the extent permitted by applicable law, exercise one or more of the following rights, privileges and remedies:


 


(i)             institute
Proceedings for the collection of all amounts then payable on the Notes or otherwise payable under this Indenture (whether by declaration
or otherwise), enforce any judgment obtained and collect from the Collateral any amounts adjudged due;


 


(ii)            sell
all or a portion of the Collateral or rights of interest therein, at one or more public or private sales called and conducted in any
manner permitted by law and in accordance with Section 5.17 hereof (provided that any such sale shall be conducted
by the Special Servicer pursuant to the Servicing Agreement);


 


(iii)           institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Collateral;


 


(iv)          exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of
the Secured Parties hereunder; and


 


(v)           exercise
any other rights and remedies that may be available at law or in equity;


 






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provided,
however, that no sale or liquidation of the Collateral or institution of Proceedings in furtherance thereof pursuant to this
Section 5.4 may be effected unless either of the conditions specified in Section 5.5(a) are met.


 


The Issuer shall, at the Issuer’s
expense, upon request of the Trustee or the Special Servicer, obtain and rely upon an opinion of an Independent investment banking firm
as to the feasibility of any action proposed to be taken in accordance with this Section 5.4 and as to the sufficiency of
the proceeds and other amounts expected to be received with respect to the Collateral to make the required payments of principal of and
interest on the Notes and other amounts payable hereunder, which opinion shall be conclusive evidence as to such feasibility or sufficiency.


 


(b)           If
an Event of Default as described in Section 5.1(e) hereof shall have occurred and be continuing, the Trustee may, and
at the request of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall, institute
a Proceeding solely to compel performance of the covenant or agreement or to cure the representation or warranty, the breach of which
gave rise to the Event of Default under such Section, and enforce any equitable decree or order arising from such Proceeding.


 


(c)            Upon
any Sale, whether made under the power of sale hereby given or by virtue of judicial proceedings, any Noteholder, Preferred Shareholder
or the Servicer or any of its Affiliates may bid for and purchase the Collateral or any part thereof and, upon compliance with the terms
of Sale, may hold, retain, possess or dispose of such property in its or their own absolute right without accountability; and any purchaser
at any such Sale may, in paying the purchase money, turn in any of the Notes in lieu of Cash equal to the amount which shall, upon distribution
of the net proceeds of such sale, be payable on the Notes so turned in by such Holder (taking into account the Class of such Notes).
Such Notes, in case the amounts so payable thereon shall be less than the amount due thereon, shall either be returned to the Holders
thereof after proper notation has been made thereon to show partial payment or a new note shall be delivered to the Holders reflecting
the reduced interest thereon.


 


Upon any Sale, whether made
under the power of sale hereby given or by virtue of judicial proceedings, the receipt of the Note Administrator or of the Officer making
a sale under judicial proceedings shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase
money and such purchaser or purchasers shall not be obliged to see to the application thereof.


 


Any such Sale, whether under
any power of sale hereby given or by virtue of judicial proceedings, shall (x) bind the Issuer, the Co-Issuer, the Trustee, the
Note Administrator, the Noteholders and the Preferred Shareholders, shall operate to divest all right, title and interest whatsoever,
either at law or in equity, of each of them in and to the property sold and (y) be a perpetual bar, both at law and in equity, against
each of them and their successors and assigns, and against any and all Persons claiming through or under them.


 


(d)           Notwithstanding
any other provision of this Indenture or any other Transaction Document, none of the Advancing Agent, the Trustee, the Note Administrator
or any other Secured Party, any other party to any Transaction Document, the Holder of the Notes and the holders of the equity in the
Issuer and the Co-Issuer or third party beneficiary of this Indenture may, prior to the date which is one year and one day, or, if longer,
the applicable preference period then in effect (including any period established pursuant to the laws of the Cayman Islands) after the
payment in full of all Notes, institute against, or join any other Person in instituting against, the Issuer, the Co-Issuer or any Issuer
Permitted Subsidiary any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or other proceedings
under federal or State bankruptcy or similar laws of any jurisdiction. Nothing in this Section 5.4 shall preclude, or be
deemed to stop, the Advancing Agent, the Trustee, the Note Administrator, or any


 






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other Secured Party or any other party to any Transaction Document
(i) from taking any action prior to the expiration of the aforementioned one year and one day period, or, if longer, the applicable
preference period then in effect (including any period established pursuant to the laws of the Cayman Islands) period in (A) any
case or proceeding voluntarily filed or commenced by the Issuer or the Co-Issuer or (B) any involuntary insolvency proceeding filed
or commenced by a Person other than the Trustee, the Note Administrator or any other Secured Party or any other party to any Transaction
Document, or (ii) from commencing against the Issuer or the Co-Issuer or any of their respective properties any legal action which
is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding.


 


Section 5.5            Preservation
of Collateral.


 


(a)            Notwithstanding
anything to the contrary herein, if an Event of Default shall have occurred and be continuing when any of the Notes are Outstanding, the
Trustee and the Note Administrator, as applicable, shall (except as otherwise expressly permitted or required under this Indenture) retain
the Collateral securing the Offered Notes, collect and cause the collection of the proceeds thereof and make and apply all payments and
deposits and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and the provisions
of Articles 10, 12 and 13 and shall not sell or liquidate the Collateral, unless either:


 


(i)            the
Note Administrator, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation of the Collateral
(after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full the amounts then due and
unpaid on the Notes, Company Administrative Expenses due and payable pursuant to the Priority of Payments and amounts due and payable
to the Advancing Agent and Backup Advancing Agent in respect of unreimbursed Interest Advances and Reimbursement Interest, for principal
and interest (including accrued and unpaid Deferred Interest), and, upon receipt of information from Persons to whom fees are expenses
are payable, all other amounts payable prior to payment of principal of the Notes due and payable pursuant to Section 11.1(a)(iii) and
the holders of a Majority of the Controlling Class agrees with such determination; or


 


(ii)            a
Supermajority of each Class of Notes (voting as a separate Class) directs the sale and liquidation of all or a portion of the Collateral.


 


In
the event of a sale of a portion of the Collateral pursuant to clause (ii) above, the Special Servicer shall sell those items
of Collateral identified by the requisite Noteholders and all proceeds of such sale shall be remitted to the Note Administrator for distribution
in the order set forth in Section 11.1(a). The Note Administrator shall give written notice of the retention of the Collateral
by the Custodian to the Issuer, the Co-Issuer, the Trustee, the Servicer, the Special Servicer, the Operating Advisor and the Rating Agencies.
So long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at
any time when the conditions specified in clause (i) or (ii) above exist.


 


(b)            Nothing
contained in Section 5.5(a) shall be construed to require a sale of the Collateral securing the Offered Notes if the
conditions set forth in this Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall
be construed to require the Trustee to preserve the Collateral securing the Offered Notes if prohibited by applicable law.


 


(c)            In
determining whether the condition specified in Section 5.5(a)(i) exists, the Special Servicer shall obtain bid prices
with respect to each Collateral Interest from two dealers that, at that time, engage in the trading, origination or securitization of
whole loans or pari passu participations similar to the Collateral Interests (or, if only one such dealer can be engaged, then the Special
Servicer shall obtain


 






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a bid price from such dealer or, if no such dealer can be engaged, from a pricing service). The Special Servicer
shall compute the anticipated proceeds of sale or liquidation on the basis of the lowest of such bid prices for each such Collateral Interest
and provide the Trustee and the Note Administrator with the results thereof. For the purposes of determining issues relating to the market
value of any Collateral Interest and the execution of a sale or other liquidation thereof, the Special Servicer may, but need not, retain
at the expense of the Issuer and rely on an opinion of an Independent investment banking firm of national reputation or other appropriate
advisors (the cost of which shall be payable as a Company Administrative Expense) in connection with a determination as to whether the
condition specified in Section 5.5(a)(i) exists.


 


The Note Administrator shall
promptly deliver to the Noteholders and the Servicer, and the Note Administrator shall post to the Note Administrator’s Website,
a report stating the results of any determination required to be made pursuant to Section 5.5(a)(i).


 


Section 5.6            Trustee
May Enforce Claims Without Possession of Notes.


 


All rights of action and claims
under this Indenture or under any of the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes
or the production thereof in any trial or other Proceeding relating thereto, and any such action or Proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust. Any recovery of judgment in respect of the Notes shall be applied as
set forth in Section 5.7 hereof.


 


In any Proceedings brought by
the Trustee (and in any Proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party)
in respect of the Notes, the Trustee shall be deemed to represent all the Holders of the Notes.


 


Section 5.7            Application
of Amounts Collected.


 


Any amounts collected by the
Note Administrator with respect to the Notes pursuant to this Article 5 and any amounts that may then be held or thereafter
received by the Note Administrator with respect to the Notes hereunder shall be applied subject to Section 13.1 hereof and
in accordance with the Priority of Payments set forth in Section 11.1(a)(iii) hereof, at the date or dates fixed by the
Note Administrator.


 


Section 5.8            Limitation
on Suits.


 


No
Holder of any Notes shall have any right to institute any Proceedings (the right of a Noteholder to institute any proceeding with respect
to this Indenture or the Notes is subject to any non-petition covenants set forth in this Indenture or the Notes), judicial or
otherwise, with respect to this Indenture or the Notes, or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless:


 


(a)            such
Holder has previously given to the Trustee written notice of an Event of Default;


 


(b)            except
as otherwise provided in Section 5.9 hereof, the Holders of at least 25% of the then Aggregate Outstanding Amount of the Controlling
Class shall have made written request to the Trustee to institute Proceedings in respect of such Event of Default in its own name
as Trustee hereunder and such Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses
and liabilities to be incurred in compliance with such request;


 






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(c)            the
Trustee for thirty (30) days after its receipt of such notice, request and offer of indemnity has failed to institute any such Proceeding;
and


 


(d)            no
direction inconsistent with such written request has been given to the Trustee during such 30-day period by a Majority of the Controlling
Class; it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatsoever by virtue of,
or by availing of, any provision of this Indenture or the Notes to affect, disturb or prejudice the rights of any other Holders of Notes
of the same Class or to obtain or to seek to obtain priority or preference over any other Holders of the Notes of the same Class or
to enforce any right under this Indenture or the Notes, except in the manner herein or therein provided and for the equal and ratable
benefit of all the Holders of Notes of the same Class subject to and in accordance with Section 13.1 hereof and the Priority
of Payments.


 


In the event the Trustee shall
receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of the Controlling Class, each representing
less than a Majority of the Controlling Class, the Trustee shall not be required to take any action until it shall have received the direction
of a Majority of the Controlling Class.


 


Section 5.9            Unconditional
Rights of Noteholders to Receive Principal and Interest.


 


Notwithstanding any other provision
in this Indenture (except for Section 2.7(d) and 2.7(m)), the Holder of any Note shall have the right, which is
absolute and unconditional, to receive payment of the principal of and interest on such Note as such principal, interest and other amounts
become due and payable in accordance with the Priority of Payments and Section 13.1, and, subject to the provisions of Sections
5.4 and 5.8 to institute Proceedings for the enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder; provided, however, that the right of such Holder to institute proceedings for the enforcement
of any such payment shall not be subject to the 25% threshold requirement set forth in Section 5.8(b).


 


Section 5.10           Restoration
of Rights and Remedies.


 


If the Trustee or any Noteholder
has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Trustee or to such Noteholder, then (and in every such case) the Issuer, the Co-Issuer,
the Trustee, and the Noteholder shall, subject to any determination in such Proceeding, be restored severally and respectively to their
former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though no such
Proceeding had been instituted.


 


Section 5.11           Rights
and Remedies Cumulative.


 


No right or remedy herein conferred
upon or reserved to the Trustee, the Note Administrator or to the Noteholders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.


 


Section 5.12           Delay
or Omission Not Waiver.


 


No delay or omission of the
Trustee or of any Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy
or constitute a waiver of any


 






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such Event of Default or an acquiescence therein or a waiver of a subsequent Event of Default. Every right
and remedy given by this Article 5 or by law to the Trustee, or to the Noteholders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee, or by the Noteholders, as the case may be.


 


Section 5.13           Control
by the Controlling Class.


 


Subject to Sections 5.2(a) and
(b), but notwithstanding any other provision of this Indenture, if an Event of Default shall have occurred and be continuing when
any of the Notes are Outstanding, a Majority of the Controlling Class shall have the right to cause the institution of, and direct
the time, method and place of conducting, any Proceeding for any remedy available to the Trustee and for exercising any trust, right,
remedy or power conferred on the Trustee in respect of the Notes; provided that:


 


(a)            such
direction shall not conflict with any rule of law or with this Indenture;


 


(b)            the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; provided, however,
that, subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability (unless
the Trustee has received indemnity satisfactory to it against such liability as set forth below);


 


(c)            the
Trustee shall have been provided with indemnity satisfactory to it; and


 


(d)            notwithstanding
the foregoing, any direction to the Trustee to undertake a Sale of the Collateral shall be performed by the Special Servicer on behalf
of the Trustee, and must satisfy the requirements of Section 5.5.


 


Section 5.14           Waiver
of Past Defaults.


 


Prior to the time a judgment
or decree for payment of the amounts due has been obtained by the Trustee, as provided in this Article 5, a Majority of each
and every Class of Notes (voting as a separate Class) may, on behalf of the Holders of all the Notes, waive any past Default in respect
of the Notes and its consequences, except a Default:


 


(a)            in
the payment of principal of any Note;


 


(b)            in
the payment of interest in respect of the Controlling Class;


 


(c)            in
respect of a covenant or provision hereof that, under Section 8.2, cannot be modified or amended without the waiver or consent
of the Holder of each Outstanding Note adversely affected thereby; or


 


(d)            in
respect of any right, covenant or provision hereof for the individual protection or benefit of the Trustee or the Note Administrator,
without the Trustee’s or the Note Administrator’s express written consent thereto, as applicable.


 


In the case of any such waiver,
the Issuer, the Co-Issuer, the Trustee, and the Holders of the Notes shall be restored to their respective former positions and rights
hereunder, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.


 


Upon any such waiver, such Default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture,
but no such waiver shall


 






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extend to any subsequent or other Default or impair any right consequent thereto. Any such waiver shall be effectuated
upon receipt by the Trustee and the Note Administrator of a written waiver by such Majority of each Class of Notes.


 


Section 5.15           Undertaking
for Costs.


 


All parties to this Indenture
agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15
shall not apply to any suit instituted by (x) the Trustee, (y) any Noteholder, or group of Noteholders, holding in the aggregate
more than 10% of the Aggregate Outstanding Amount of the Controlling Class or (z) any Noteholder for the enforcement of the
payment of the principal of or interest on any Note or any other amount payable hereunder on or after the Stated Maturity Date (or, in
the case of redemption, on or after the applicable Redemption Date).


 


Section 5.16           Waiver
of Stay or Extension Laws.


 


Each of the Issuer and the Co-Issuer
covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force (including but
not limited to filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of a proceeding or
the filing of a petition seeking winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, reorganization,
moratorium, receivership, conservatorship or other similar laws now or hereafter in effect), which may affect the covenants, the performance
of or any remedies under this Indenture; and each of the Issuer and the Co-Issuer (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.


 


Section 5.17           Sale
of Collateral.


 


(a)            The
power to effect any sale (a “Sale”) of any portion of the Collateral pursuant to Sections 5.4 and 5.5
hereof shall not be exhausted by any one or more Sales as to any portion of such Collateral remaining unsold, but shall continue unimpaired
until all amounts secured by the Collateral shall have been paid or if there are insufficient proceeds to pay such amount until the entire
Collateral shall have been sold. The Special Servicer may, upon notice to the Securityholders, and shall, upon direction of a Majority
of the Controlling Class, from time to time postpone any Sale by public announcement made at the time and place of such Sale; provided,
however, that if the Sale is rescheduled for a date more than three (3) Business Days after the date of the determination
by the Special Servicer pursuant to Section 5.5(a)(i) hereof, such Sale shall not occur unless and until the Special
Servicer has again made the determination required by Section 5.5(a)(i) hereof. The Trustee hereby expressly waives its
rights to any amount fixed by law as compensation for any Sale; provided that the Special Servicer shall be authorized to deduct
the reasonable costs, charges and expenses incurred by it, or by the Trustee or the Note Administrator in connection with such Sale from
the proceeds thereof notwithstanding the provisions of Section 6.7 hereof.


 


(b)            The
Notes need not be produced in order to complete any such Sale, or in order for the net proceeds of such Sale to be credited against amounts
owing on the Notes.


 






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(c)            The
Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Collateral in
connection with a Sale thereof, which, in the case of any Collateral Interests, shall be upon request and delivery of any such instruments
by the Special Servicer. In addition, the Special Servicer, with respect to Collateral Interests, and the Trustee, with respect to any
other Collateral, is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in
any portion of the Collateral in connection with a Sale thereof, and to take all action necessary to effect such Sale. No purchaser or
transferee at such a Sale shall be bound to ascertain the Trustee’s or the Special Servicer’s authority, to inquire into the
satisfaction of any conditions precedent or to see to the application of any amounts.


 


(d)            In
the event of any Sale of the Collateral pursuant to Section 5.4 or Section 5.5, payments shall be made in the
order and priority set forth in Section 11.1(a) in the same manner as if the Notes had been accelerated.


 


(e)            Notwithstanding
anything herein to the contrary, any sale by the Trustee of any portion of the Collateral shall be executed by the Special Servicer on
behalf of the Issuer, and the Trustee shall have no responsibility or liability therefor.


 


Section 5.18            Action
on the Notes.


 


The Trustee’s right to
seek and recover judgment on the Notes or under this Indenture shall not be affected by the application for or obtaining of any other
relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Noteholders
shall be impaired by the recovery of any judgment by the Trustee against the Issuer or the Co-Issuer or by the levy of any execution under
such judgment upon any portion of the Collateral or upon any of the Collateral of the Issuer or the Co-Issuer.


 


ARTICLE 6


 


THE TRUSTEE AND THE NOTE ADMINISTRATOR


 


Section 6.1            Certain
Duties and Responsibilities.


 


(a)            Except
during the continuance of an Event of Default:


 


(i)            each
of the Trustee and the Note Administrator undertakes to perform such duties and only such duties as are set forth in this Indenture, and
no implied covenants or obligations shall be read into this Indenture against the Trustee or the Note Administrator; and any permissive
right of the Trustee or the Note Administrator contained herein shall not be construed as a duty; and


 


(ii)            in
the absence of manifest error, or bad faith on its part, each of the Note Administrator and the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee
and the Note Administrator, as the case may be, and conforming to the requirements of this Indenture; provided, however,
that in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee
or the Note Administrator, the Trustee and the Note Administrator shall be under a duty to examine the same to determine whether or not
they substantially conform to the requirements of this Indenture and shall promptly notify the party delivering the same if such certificate
or opinion does not conform. If a corrected form shall not have been delivered to the Trustee or the Note Administrator within fifteen
(15) days


 






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after such notice from the Trustee or the Note Administrator, the Trustee or the Note Administrator, as applicable, shall notify
the party providing such instrument and requesting the correction thereof.


 


(b)            In
case an Event of Default actually known to a Trust Officer of the Trustee has occurred and is continuing, the Trustee shall, prior to
the receipt of directions, if any, from a Majority of the Controlling Class (or other Noteholders to the extent provided in Article 5
hereof), exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise
as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs.


 


(c)            If,
in performing its duties under this Indenture, the Trustee or the Note Administrator is required to decide between alternative courses
of action, the Trustee and the Note Administrator may request written instructions from, prior to an Event of Default, the applicable
Directing Holder, and after an Event of Default has occurred and is continuing, the Controlling Class, as to courses of action desired
by it. If the Trustee and the Note Administrator does not receive such instructions within two (2) Business Days after it has requested
them, it may, but shall be under no duty to, take or refrain from taking such action. The Trustee and the Note Administrator shall act
in accordance with instructions received after such two (2) Business Day period except to the extent it has already taken, or committed
itself to take, action inconsistent with such instructions. The Trustee and the Note Administrator shall be entitled to request and rely
on the advice of legal counsel and Independent accountants in performing its duties hereunder and be deemed to have acted in good faith
and shall not be subject to any liability if it acts in accordance with such advice.


 


(d)            No
provision of this Indenture shall be construed to relieve the Trustee or the Note Administrator from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct, except that neither the Trustee nor the Note Administrator shall be liable:


 


(i)            for
any error of judgment made in good faith by a Trust Officer, unless it shall be proven that it was negligent in ascertaining the pertinent
facts; or


 


(ii)            with
respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Issuer, the applicable
Directing Holder and/or a Majority of the Controlling Class relating to the time, method and place of conducting any Proceeding for
any remedy available to the Trustee or the Note Administrator in respect of any Note or exercising any trust or power conferred upon the
Trustee or the Note Administrator under this Indenture.


 


(e)            No
provision of this Indenture shall require the Trustee or the Note Administrator to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated
hereunder, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it unless such risk or liability relates to its ordinary services under this Indenture, except where this
Indenture provides otherwise.


 


(f)            Neither
the Trustee nor the Note Administrator shall be liable to the Noteholders for any action taken or omitted by it at the direction of the
Issuer, the Co-Issuer, the applicable Directing Holder, the Servicer, the Special Servicer, the Operating Advisor, the Controlling Class,
the Trustee (in the case of the Note Administrator), the Note Administrator (in the case of the Trustee) and/or a Noteholder under circumstances
in which such direction is required or permitted by the terms of this Indenture.


 


(g)            Neither
the Trustee nor the Note Administrator shall have any obligation to confirm the compliance by the Issuer, the EU/UK Retention Holder or
the Retention Holder with Regulation RR or the EU/UK Risk Retention Agreement.


 






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(h)            Neither
the Trustee nor the Note Administrator (including in its capacity as Calculation Agent but not in its capacity as Designated Transaction
Representative) shall have any (i) responsibility or liability for the selection of an alternative rate as a successor or replacement
benchmark to LIBOR and shall be entitled to rely upon any designation of such a rate by the Designated Transaction Representative and
(ii) liability for any failure or delay in performing its duties under the Indenture as a result of the unavailability of a “LIBOR”
rate as described in the definition thereof. The Note Administrator and the Trustee shall be entitled to rely upon the notices provided
by the Designated Transaction Representative facilitating or specifying the Benchmark Replacement, Benchmark Replacement Date, Benchmark
Replacement Conforming Changes and such other administrative procedures with respect to the calculation of any Benchmark Replacement.


 


(i)            For
all purposes under this Indenture, neither the Trustee nor the Note Administrator shall be deemed to have notice or knowledge of any Event
of Default, unless a Trust Officer of either the Trustee or the Note Administrator, as applicable, has actual knowledge thereof or unless
written notice of any event which is in fact such an Event of Default or Default is received by the Trustee or the Note Administrator,
as applicable at the respective Corporate Trust Office, and such notice references the Notes and this Indenture. For purposes of determining
the Trustee’s and the Note Administrator’s responsibility and liability hereunder, whenever reference is made in this Indenture
to such an Event of Default or a Default, such reference shall be construed to refer only to such an Event of Default or Default of which
the Trustee or Note Administrator, as applicable, is deemed to have notice as described in this Section 6.1.


 


(j)            The
Trustee and the Note Administrator shall, upon reasonable prior written notice, permit the Issuer and its designees, during its normal
business hours, to review all books of account, records, reports and other papers of the Trustee relating to the Notes and to make copies
and extracts therefrom (the reasonable out-of-pocket expenses incurred in making any such copies or extracts to be reimbursed to the Trustee
or the Note Administrator, as applicable, by such Person).


 


(k)            Upon
written request, the Trustee and the Note Administrator shall provide to the Issuer, the Placement Agents or any agent thereof any information
specified by such parties regarding the Holders of the Notes and payments on the Notes that is reasonably available to the Trustee or
the Note Administrator, as the case may be, and may be necessary for FATCA compliance, subject in all cases to confidentiality provisions.


 


(l)            For
the avoidance of doubt, the Note Administrator will have no responsibility for the preparation of any tax returns or related reports on
behalf of or for the benefit of the Issuer or any Noteholder, or the calculation of any original issue discount on the Notes.


 


Section 6.2            Notice
of Default.


 


Promptly (and in no event later
than three (3) Business Days) after the occurrence of any Default actually known to a Trust Officer of the Trustee or after any declaration
of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall transmit by mail to the
17g-5 Information Provider and to the Note Administrator (who shall post such notice the Note Administrator’s Website) and the Note
Administrator shall deliver to all Holders of Notes as their names and addresses appear on the Note Register, and to Preferred Share Paying
Agent, notice of such Default, unless such Default shall have been cured or waived.


 






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Section 6.3            Certain
Rights of the Trustee and the Note Administrator.


 


Except as otherwise provided
in Section 6.1:


 


(a)            the
Trustee and the Note Administrator may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by it to
be genuine and to have been signed or presented by the proper party or parties;


 


(b)            any
request or direction of the Issuer or the Co-Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order,
as the case may be;


 


(c)            whenever
in the administration of this Indenture the Trustee or the Note Administrator shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee and the Note Administrator (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate;


 


(d)            as
a condition to the taking or omitting of any action by it hereunder, the Trustee and the Note Administrator may consult with counsel and
the advice of such counsel or any Opinion of Counsel (including with respect to any matters, other than factual matters, in connection
with the execution by the Trustee or the Note Administrator of a supplemental indenture pursuant to Section 8.3) shall be
full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance
thereon;


 


(e)            neither
the Trustee nor the Note Administrator shall be under any obligation to exercise or to honor any of the rights or powers vested in it
by this Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, or to make any investigation of matters
arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction
of any of the Noteholders unless such Noteholders shall have offered to the Trustee and the Note Administrator, as applicable indemnity
acceptable to it against the costs, expenses and liabilities which might reasonably be incurred by it in compliance with such request
or direction;


 


(f)            neither
the Trustee nor the Note Administrator shall be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper documents and shall be entitled
to rely conclusively thereon;


 


(g)            each
of the Trustee and the Note Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents, affiliates or attorneys, and upon any such appointment of an agent, affiliate or attorney, such agent, affiliate
or attorney shall be conferred with all the same rights, indemnities, and immunities as the Trustee or Note Administrator, as applicable;
provided, however, any such appointment of an agent or attorney shall not relieve each of the Trustee and the Note Administrator
of responsibility for its duties and obligations under this Indenture;


 


(h)            neither
the Trustee nor the Note Administrator shall be liable for any action it takes or omits to take in good faith that it reasonably and prudently
believes to be authorized or within its rights or powers hereunder;


 


(i)            neither
the Trustee nor the Note Administrator shall be responsible for the accuracy of the books or records of, or for any acts or omissions
of, the Depository, any Transfer Agent (other than


 






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the Note Administrator itself acting in that capacity), Clearstream, Luxembourg, Euroclear,
any Calculation Agent (other than the Note Administrator itself acting in that capacity), any Paying Agent (other than the Note Administrator
itself acting in that capacity) or any Designated Transaction Representative (other than the Note Administrator itself acting in that
capacity);


 


(j)            neither
the Trustee nor the Note Administrator shall be liable for the actions or omissions of the Issuer, the Co-Issuer, the applicable Directing
Holder, the Subordinate Class Representative, the Servicer, the Special Servicer, the Operating Advisor, the Trustee (in the case
of the Note Administrator) and the Note Administrator (in the case of the Trustee); and without limiting the foregoing, neither the Trustee
nor the Note Administrator shall be under any obligation to verify compliance by any party hereto with the terms of this Indenture (other
than itself) to verify or independently determine the accuracy of information received by it from the Servicer or the Special Servicer
(or from any selling institution, agent bank, trustee or similar source) with respect to the Commercial Real Estate Loans;


 


(k)            to
the extent any defined term hereunder, or any calculation required to be made or determined by the Trustee or Note Administrator hereunder,
is dependent upon or defined by reference to generally accepted accounting principles in the United States in effect from time to time
(“GAAP”), the Trustee and the Note Administrator shall be entitled to request and receive (and rely upon) instruction
from the Issuer or the accountants appointed pursuant to Section 10.12 as to the application of GAAP in such connection, in
any instance;


 


(l)            neither
the Trustee nor the Note Administrator shall have any responsibility to the Issuer or the Secured Parties hereunder to make any inquiry
or investigation as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants by the Issuer;


 


(m)            the
Trustee and the Note Administrator shall be entitled to all of the same rights, protections, immunities and indemnities afforded to it
as Trustee or as Note Administrator, as applicable, in each capacity for which it serves hereunder (including in its capacity as Designated
Transaction Representative), and under the Servicing Agreement, the Future Funding Agreement, the Future Funding Account Control Agreement
and the Securities Account Control Agreement (including, without limitation, as Secured Party, Paying Agent, Authenticating Agent, Calculation
Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent, Designated Transaction Representative and Note Registrar);


 


(n)            in
determining any affiliations of Noteholders with any party hereto or otherwise, each of the Trustee and the Note Administrator shall be
entitled to request and conclusively rely on a certification provided by a Noteholder;


 


(o)            except
in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee or Note Administrator
be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Trustee or Note Administrator has been advised of the likelihood of such loss or damage and regardless of the form of action;


 


(p)            neither
the Trustee nor the Note Administrator shall be required to give any bond or surety in respect of the execution of the trusts created
hereby or the powers granted hereunder;


 


(q)            neither
the Trustee nor the Note Administrator shall be responsible for any delay or failure in performance resulting from acts beyond its control
(such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war); provided that such delay or failure
is not also a result of its own negligence, bad faith or willful misconduct;


 






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(r)            except
as otherwise expressly set forth in this Indenture, Wells Fargo Bank, National Association, acting in any particular capacity hereunder
or under the Servicing Agreement will not be deemed to be imputed with knowledge of (i) Wells Fargo Bank, National Association acting
in a capacity that is unrelated to the transactions contemplated by this Indenture, or (ii) Wells Fargo Bank, National Association
acting in any other capacity hereunder, except, in the case of either clause (i) or clause (ii), where some or all of the obligations
performed in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank, National Association
or where the groups or divisions responsible for performing the obligations in such capacities have one or more of the same Authorized
Officers; and


 


(s)            nothing
herein shall require the Note Administrator or the Trustee to act in any manner that is contrary to applicable law.


 


Section 6.4            Not
Responsible for Recitals or Issuance of Notes.


 


The recitals contained herein
and in the Notes, other than the Certificate of Authentication thereon, shall be taken as the statements of the Issuer and the Co-Issuer,
and neither the Trustee nor the Note Administrator assumes any responsibility for their correctness. Neither the Trustee nor the Note
Administrator makes any representation as to the validity or sufficiency of this Indenture, the Collateral or the Notes. Neither the Trustee
nor the Note Administrator shall be accountable for the use or application by the Issuer or the Co-Issuer of the Notes or the proceeds
thereof or any amounts paid to the Issuer or the Co-Issuer pursuant to the provisions hereof.


 


Section 6.5            May Hold
Notes.


 


The Trustee, the Note Administrator,
the Paying Agent, the Note Registrar or any other agent of the Issuer or the Co-Issuer, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with the Issuer and the Co-Issuer with the same rights it would have if it were not
Trustee, Note Administrator, Paying Agent, Note Registrar or such other agent.


 


Section 6.6            Amounts
Held in Trust.


 


Amounts held by the Note Administrator
hereunder shall be held in trust to the extent required herein. The Note Administrator shall be under no liability for interest on any
amounts received by it hereunder except to the extent of income or other gain on investments received by the Note Administrator on Eligible
Investments.


 


Section 6.7            Compensation
and Reimbursement.


 


(a)            The
Issuer agrees:


 


(i)            to
pay the Trustee and the Note Administrator on each Payment Date in accordance with the Priority of Payments reasonable compensation for
all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of
a trustee or note administrator of an express trust);


 


(ii)            except
as otherwise expressly provided herein, to reimburse the Trustee, the Custodian and the Note Administrator in a timely manner upon its
request for all reasonable expenses, disbursements and advances incurred or made by the Trustee or Note Administrator in connection with
its performance of its obligations under, or otherwise in accordance with any


 






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provision of this Indenture, the Servicing Agreement, the
Future Funding Agreement, the Future Funding Account Control Agreement and Securities Account Control Agreement;


 


(iii)            to
indemnify the Trustee, the Custodian or Note Administrator (in each of its capacities except in its capacity as the Designated Transaction
Representative) and its Officers, directors, employees and agents for, and to hold them harmless against, any loss, liability or expense
incurred (including reasonable and documented attorney’s fees), including without limitation with its enforcement of the indemnity
in this Section 6.7(a)(iii), without negligence, willful misconduct or bad faith on their part, arising out of or in connection
with the acceptance or administration of this trust, including the costs and expenses of defending themselves against any claim or liability
in connection with the exercise or performance of any of their powers or duties hereunder or under the Servicing Agreement or the Preferred
Share Paying Agency Agreement, including any costs and expenses incurred in connection with the enforcement of this indemnity; and


 


(iv)            to
pay the Trustee and the Note Administrator reasonable additional compensation together with its expenses (including reasonable counsel
fees) for any collection action taken pursuant to Section 6.13 hereof.


 


(b)            The
Issuer may remit payment for such fees and expenses to the Trustee and the Note Administrator or, in the absence thereof, the Note Administrator
may from time to time deduct payment of its and the Trustee’s fees and expenses hereunder from amounts on deposit in the Payment
Account in accordance with the Priority of Payments.


 


(c)            The
Note Administrator, in its capacity as Note Administrator, Paying Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary,
Backup Advancing Agent, Designated Transaction Representative and Note Registrar, hereby agrees not to cause the filing of a petition
in bankruptcy against the Issuer, the Co-Issuer or any Permitted Subsidiary until at least one year and one day (or, if longer, the applicable
preference period then in effect) after the payment in full of all Notes issued under this Indenture. This provision shall survive termination
of this Indenture.


 


(d)            The
Trustee and the Note Administrator agree that the payment of all amounts to which it is entitled pursuant to Sections 6.7(a)(i),
(a)(ii), (a)(iii) and (a)(iv) shall be subject to the Priority of Payments, shall be payable only to the
extent funds are available in accordance with such Priority of Payments, shall be payable solely from the Collateral and following realization
of the Collateral, any such claims of the Trustee or Note Administrator against the Issuer, and all obligations of the Issuer, shall be
extinguished. The Trustee and the Note Administrator will have a lien upon the Collateral to secure the payment of such payments to it
in accordance with the Priority of Payments; provided that the Trustee and the Note Administrator shall not institute any proceeding
for enforcement of such lien except in connection with an action taken pursuant to Section 5.3 hereof for enforcement of the
lien of this Indenture for the benefit of the Noteholders.


 


The Trustee and the Note Administrator
shall receive amounts pursuant to this Section 6.7 and Section 11.1(a) only to the extent that such payment
is made in accordance with the Priority of Payments and the failure to pay such amounts to the Trustee and the Note Administrator will
not, by itself, constitute an Event of Default. Subject to Section 6.9, the Trustee and the Note Administrator shall continue
to serve under this Indenture notwithstanding the fact that the Trustee and the Note Administrator shall not have received amounts due
to it hereunder; provided that the Trustee and the Note Administrator shall not be required to expend any funds or incur any expenses
unless reimbursement therefor is reasonably assured to it. No direction by a Majority of the Controlling Class shall affect the right
of the Trustee and the Note Administrator to collect amounts owed to it under this Indenture.


 






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If on any Payment Date, an amount
payable to the Trustee and the Note Administrator pursuant to this Indenture is not paid because there are insufficient funds available
for the payment thereof, all or any portion of such amount not so paid shall be deferred and payable on any later Payment Date on which
sufficient funds are available therefor in accordance with the Priority of Payments.


 


Section 6.8            Corporate
Trustee Required; Eligibility.


 


There shall at all times be
a Trustee and a Note Administrator hereunder which shall be (i) a corporation, national bank, national banking association or trust
company, organized and doing business under the laws of the United States of America or of any State thereof, authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of at least U.S.$200,000,000 and subject to supervision or examination
by federal or State authority or (ii) an institution insured by the Federal Deposit Insurance Corporation, that in the case of (i) or
(ii), has long-term senior unsecured debt rating of at least “A2” by Moody’s and “A” by DBRS Morningstar
(or, if not rated by DBRS Morningstar, an equivalent rating by any two other NRSROs (which may include Moody’s)) or such lower rating
as confirmed by a No Downgrade Confirmation; provided, that with respect to the Trustee, it may maintain a long-term senior unsecured
debt rating of at least “Baa1” by Moody’s and “A(low)” by DBRS Morningstar and a short-term senior unsecured
debt rating of at least “P-2” by Moody’s, and having an office in the United States. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 6.8, the combined capital and surplus of such corporation shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. If at any time the Trustee or the Note Administrator shall
cease to be eligible in accordance with the provisions of this Section 6.8, the Trustee or the Note Administrator, as applicable,
shall resign immediately in the manner and with the effect hereinafter specified in this Article 6.


 


Section 6.9            Resignation
and Removal; Appointment of Successor.


 


(a)            No
resignation or removal of the Note Administrator or the Trustee and no appointment of a successor Note Administrator or Trustee, as applicable,
pursuant to this Article 6 shall become effective until the acceptance of appointment by such successor Note Administrator
or Trustee under Section 6.10.


 


(b)            Each
of the Trustee and the Note Administrator may resign at any time by giving written notice thereof to the Issuer, the Co-Issuer, the Servicer,
the Special Servicer, the Operating Advisor, the Noteholders, the Note Administrator (in the case of the Trustee), the Trustee (in the
case of the Note Administrator), and the Rating Agencies. Upon receiving such notice of resignation, the Issuer and the Co-Issuer shall
promptly appoint a successor trustee or trustees, or a successor Note Administrator, as the case may be, by written instrument, in duplicate,
executed by an Authorized Officer of the Issuer and an Authorized Officer of the Co-Issuer, one copy of which shall be delivered to the
Note Administrator or the Trustee so resigning and one copy to the successor Note Administrator, the Trustee or Trustees, together with
a copy to each Noteholder, the Servicer, the parties hereto and the Rating Agencies; provided that such successor Note Administrator
and Trustee shall be appointed only upon the written consent of a Majority of the Notes (or if there are no Notes Outstanding, a Majority
of Preferred Shareholders) or, at any time when an Event of Default shall have occurred and be continuing or when a successor Note Administrator
and Trustee has been appointed pursuant to Section 6.10, by Act of a Majority of the Controlling Class. If no successor Note
Administrator and Trustee shall have been appointed and an instrument of acceptance by a successor Trustee or Note Administrator shall
not have been delivered to the Trustee or the Note Administrator within thirty (30) days after the giving of such notice of resignation,
the resigning Trustee or Note Administrator, as the case may be, the Controlling Class of Notes or any Holder of a Note, on behalf
of himself and all others similarly situated, may petition any court of competent jurisdiction for the


 






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appointment of a successor Trustee
or a successor Note Administrator, as the case may be, at the expense of the Issuer. No resignation or removal of the Note Administrator
or the Trustee and no appointment of a successor Note Administrator or Trustee will become effective until the acceptance of appointment
by the successor Note Administrator or Trustee, as applicable. To the extent the Trustee or Note Administrator is removed without cause,
all expenses incurred in connection with transferring such party’s responsibilities hereunder shall be reimbursed by the Issuer.


 


(c)            The
Note Administrator and Trustee may be removed at any time upon at least thirty (30) days’ written notice by Act of a Supermajority
of the Notes (or if there are no Notes Outstanding, a Majority of Preferred Shareholders) or when a successor Trustee has been appointed
pursuant to Section 6.10, by Act of a Majority of the Controlling Class, in each case, upon written notice delivered to the
parties hereto.


 


(d)            If
at any time:


 


(i)            the
Trustee or the Note Administrator shall cease to be eligible under Section 6.8 and shall fail to resign after written request
therefor by the Issuer, the Co-Issuer, or by any Holder; or


 


(ii)            the
Trustee or the Note Administrator shall become incapable of acting or there shall be instituted any proceeding pursuant to which it could
be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee or the Note Administrator or of its respective property
shall be appointed or any public officer shall take charge or control of the Trustee or the Note Administrator or of its respective property
or affairs for the purpose of rehabilitation, conservation or liquidation;


 


then, in any such case (subject to Section 6.9(a)),
(a) the Issuer or the Co-Issuer, by Issuer Order, may remove the Trustee or the Note Administrator, as applicable, or (b) subject
to Section 5.15, a Majority of the Controlling Class or any Holder may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee or the Note Administrator, as the case may be, and
the appointment of a successor thereto.


 


(e)            If
the Trustee or the Note Administrator shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office
of the Trustee or the Note Administrator for any reason, the Issuer and the Co-Issuer, by Issuer Order, shall promptly appoint a successor
Trustee or Note Administrator, as applicable, and the successor Trustee or Note Administrator so appointed shall, forthwith upon its acceptance
of such appointment, become the successor Trustee or the successor Note Administrator, as the case may be. If the Issuer and the Co-Issuer
shall fail to appoint a successor Trustee or Note Administrator within thirty (30) days after such resignation, removal or incapability
or the occurrence of such vacancy, a successor Trustee or Note Administrator may be appointed by Act of a Majority of the Controlling
Class delivered to the Servicer and the parties hereto, including the retiring Trustee or the retiring Note Administrator, as the
case may be, and the successor Trustee or Note Administrator so appointed shall, forthwith upon its acceptance of such appointment, become
the successor Trustee or Note Administrator, as applicable, and supersede any successor Trustee or Note Administrator proposed by the
Issuer and the Co-Issuer. If no successor Trustee or Note Administrator shall have been so appointed by the Issuer and the Co-Issuer or
a Majority of the Controlling Class and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15,
the Controlling Class or any Holder may, on behalf of itself or himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee or Note Administrator.


 






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(f)            The
Issuer and the Co-Issuer shall give prompt notice of each resignation and each removal of the Trustee or Note Administrator and each appointment
of a successor Trustee or Note Administrator by mailing written notice of such event by first class mail, postage prepaid, to the Rating
Agencies, the Preferred Share Paying Agent, the Servicer, the parties hereto, and to the Holders of the Notes as their names and addresses
appear in the Note Register. Each notice shall include the name of the successor Trustee or Note Administrator, as the case may be, and
the address of its respective Corporate Trust Office. If the Issuer or the Co-Issuer fail to mail such notice within ten (10) days
after acceptance of appointment by the successor Trustee or Note Administrator, the successor Trustee or Note Administrator shall cause
such notice to be given at the expense of the Issuer or the Co-Issuer, as the case may be.


 


(g)            The
resignation or removal of the Note Administrator in any capacity in which it is serving hereunder, including Note Administrator, Paying
Agent, Authenticating Agent, Calculation Agent, Transfer Agent, Custodian, Securities Intermediary, Backup Advancing Agent, Designated
Transaction Representative and Note Registrar, shall be deemed a resignation or removal, as applicable, in each of the other capacities
in which it serves.


 


Section 6.10           Acceptance
of Appointment by Successor.


 


Every successor Trustee or Note
Administrator appointed hereunder shall execute, acknowledge and deliver to the Servicer, and the parties hereto including the retiring
Trustee or the retiring Note Administrator, as the case may be, an instrument accepting such appointment. Upon delivery of the required
instruments, the resignation or removal of the retiring Trustee or the retiring Note Administrator shall become effective and such successor
Trustee or Note Administrator, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties
and obligations of the retiring Trustee or Note Administrator, as the case may be; but, on request of the Issuer and the Co-Issuer or
a Majority of the Controlling Class or the successor Trustee or Note Administrator, such retiring Trustee or Note Administrator shall,
upon payment of its fees, indemnities and other amounts then unpaid, execute and deliver an instrument transferring to such successor
Trustee or Note Administrator all the rights, powers and trusts of the retiring Trustee or Note Administrator, as the case may be, and
shall duly assign, transfer and deliver to such successor Trustee or Note Administrator all property and amounts held by such retiring
Trustee or Note Administrator hereunder, subject nevertheless to its lien, if any, provided for in Section 6.7(d). Upon request
of any such successor Trustee or Note Administrator, the Issuer and the Co-Issuer shall execute any and all instruments for more fully
and certainly vesting in and confirming to such successor Trustee or Note Administrator all such rights, powers and trusts.


 


No successor Trustee or successor
Note Administrator shall accept its appointment unless (a) at the time of such acceptance such successor shall be qualified and eligible
under this Article 6, (b) such successor shall have a long-term unsecured debt rating satisfying the requirements set
forth in Section 6.8, and (c) the Rating Agency Condition is satisfied.


 


Section 6.11           Merger,
Conversion, Consolidation or Succession to Business of the Trustee and the Note Administrator.


 


Any corporation or banking association
into which the Trustee or the Note Administrator may be merged or converted or with which it may be consolidated, or any corporation or
banking association resulting from any merger, conversion or consolidation to which the Trustee or the Note Administrator, shall be a
party, or any corporation or banking association succeeding to all or substantially all of the corporate trust business of the Trustee
or the Note Administrator, shall be the successor of the Trustee or the Note Administrator, as applicable, hereunder; provided
that with respect to the Trustee, such corporation or banking association shall be otherwise qualified and eligible under this Article 6,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any of


 






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the Notes have
been authenticated, but not delivered, by the Note Administrator then in office, any successor by merger, conversion or consolidation
to such authenticating Note Administrator may adopt such authentication and deliver the Notes so authenticated with the same effect as
if such successor Note Administrator had itself authenticated such Notes.


 


Section 6.12           Co-Trustees
and Separate Trustee.


 


At any time or times, including,
but not limited to, for the purpose of meeting the legal requirements of any jurisdiction in which any part of the Collateral may at the
time be located, for enforcement actions, or where a conflict of interest exists, the Trustee shall have power to appoint, one or more
Persons to act as co-trustee jointly with the Trustee or as a separate trustee with respect to of all or any part of the Collateral, with
the power to file such proofs of claim and take such other actions pursuant to Section 5.6 herein and to make such claims
and enforce such rights of action on behalf of the Holders of the Notes as such Holders themselves may have the right to do, subject to
the other provisions of this Section 6.12.


 


Each of the Issuer and the Co-Issuer
shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint
a co-trustee. If the Issuer and the Co-Issuer do not both join in such appointment within fifteen (15) days after the receipt by them
of a request to do so, the Trustee shall have power to make such appointment on its own.


 


Should any written instrument
from the Issuer or the Co-Issuer be required by any co-trustee, so appointed, more fully confirming to such co-trustee such property,
title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer or the Co-Issuer,
as the case may be. The Issuer agrees to pay (but only from and to the extent of the Collateral) to the extent funds are available therefor
under the Priority of Payments, for any reasonable fees and expenses in connection with such appointment.


 


Every co-trustee, shall, to
the extent permitted by law, but to such extent only, be appointed subject to the following terms:


 


(a)            all
rights, powers, duties and obligations hereunder in respect of the custody of securities, Cash and other personal property held by, or
required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely by the Trustee;


 


(b)            the
rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by the appointment
of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee jointly
in the case of the appointment of a co-trustee as shall be provided in the instrument appointing such co-trustee, except to the extent
that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified
to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by a co-trustee;


 


(c)            the
Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer and the Co-Issuer evidenced by an
Issuer Order, may accept the resignation of, or remove, any co-trustee appointed under this Section 6.12, and in case an Event
of Default has occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any such co-trustee
without the concurrence of the Issuer or the Co-Issuer. A successor to any co-trustee so resigned or removed may be appointed in the manner
provided in this Section 6.12;


 






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(d)            no
co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee hereunder, and any co-trustee hereunder
shall be entitled to all the privileges, rights and immunities under Article 6 hereof, as if it were named the Trustee hereunder;


 


(e)            except
as required by applicable law, the appointment of a co-trustee or separate trustee under this Section 6.12 shall not relieve
the Trustee of its duties and responsibilities hereunder; and


 


(f)            any
Act of Securityholders delivered to the Trustee shall be deemed to have been delivered to each co-trustee.


 


Section 6.13           Direction
to Enter into the Servicing Agreement.


 


The Issuer hereby directs the
Trustee and the Note Administrator to enter into the Servicing Agreement. Each of the Trustee and the Note Administrator shall be entitled
to the same rights, protections, immunities and indemnities afforded to each herein in connection with any matter contained in the Servicing
Agreement.


 


Section 6.14           Representations
and Warranties of the Trustee.


 


The Trustee represents and warrants
for the benefit of the other parties to this Indenture and the parties to the Servicing Agreement that:


 


(a)            the
Trustee is a national banking association with trust powers, duly and validly existing under the laws of the United States of America,
with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing Agreement, and
is duly eligible and qualified to act as Trustee under this Indenture and the Servicing Agreement;


 


(b)            this
Indenture and the Servicing Agreement have each been duly authorized, executed and delivered by the Trustee and each constitutes the valid
and binding obligation of the Trustee, enforceable against it in accordance with its terms except (i) as limited by bankruptcy, fraudulent
conveyance, fraudulent transfer, insolvency, reorganization, liquidation, receivership, moratorium or other similar laws now or hereafter
in effect relating to creditors’ rights generally and by general equitable principles, regardless of whether considered in a proceeding
in equity or at law, and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject
to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought;


 


(c)            neither
the execution, delivery and performance of this Indenture or the Servicing Agreement, nor the consummation of the transactions contemplated
by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Trustee to obtain any consent, authorization,
approval or registration under, any law, statute, rule, regulation, or any judgment, order, writ, injunction or decree that is binding
upon the Trustee or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents of the Trustee;
and


 


(d)            there
are no proceedings pending or, to the best knowledge of the Trustee, threatened against the Trustee before any Federal, state or other
governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic, which could
have a material adverse effect on the Collateral or the performance by the Trustee of its obligations under this Indenture or the Servicing
Agreement.


 






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Section 6.15           Representations
and Warranties of the Note Administrator.


 


The Note Administrator represents
and warrants for the benefit of the other parties to this Indenture and the parties to the Servicing Agreement that:


 


(a)            the
Note Administrator is a national banking association with trust powers, duly and validly existing under the laws of the United States
of America, with corporate power and authority to execute, deliver and perform its obligations under this Indenture and the Servicing
Agreement, and is duly eligible and qualified to act as Note Administrator under this Indenture and the Servicing Agreement;


 


(b)            this
Indenture and the Servicing Agreement have each been duly authorized, executed and delivered by the Note Administrator and each constitutes
the valid and binding obligation of the Note Administrator, enforceable against it in accordance with its terms except (i) as limited
by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation, receivership, moratorium or other
similar laws now or hereafter in effect relating to creditors’ rights generally and by general equitable principles, regardless
of whether considered in a proceeding in equity or at law, and (ii) that the remedy of specific performance and injunctive and other
forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor
may be brought;


 


(c)            neither
the execution, delivery and performance of this Indenture of the Servicing Agreement, nor the consummation of the transactions contemplated
by this Indenture or the Servicing Agreement, (i) is prohibited by, or requires the Note Administrator to obtain any consent, authorization,
approval or registration under, any law, statute, rule, regulation, or any judgment, order, writ, injunction or decree that is binding
upon the Note Administrator or any of its properties or Collateral or (ii) will violate the provisions of the Governing Documents
of the Note Administrator; and


 


(d)            there
are no proceedings pending or, to the best knowledge of the Note Administrator, threatened against the Note Administrator before any Federal,
state or other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign or domestic,
which could have a material adverse effect on the Collateral or the performance by the Note Administrator of its obligations under this
Indenture or the Servicing Agreement.


 


Section 6.16           Requests
for Consents.


 


In
the event that the Trustee and the Note Administrator receives written notice of any offer or any request for a waiver, consent,
amendment or other modification with respect to any Collateral Interest (before or after any default) or in the event any action is required
to be taken in respect to a Loan Document, the Note Administrator shall promptly forward such notice to the Issuer, the Servicer and the
Special Servicer. The Special Servicer shall take such action as required under the Servicing Agreement as described in Section 10.10(f) hereof.


 


Section 6.17           Withholding.


 


(a)            If
any amount is required to be deducted or withheld from any payment to any Noteholder, such amount shall reduce the amount otherwise distributable
to such Noteholder. The Note Administrator is hereby authorized to withhold or deduct from amounts otherwise distributable to any Noteholder
sufficient funds for the payment of any tax that is legally required to be withheld or deducted (but such authorization shall not prevent
the Note Administrator from contesting any such tax in appropriate proceedings and legally withholding payment of such tax, pending the
outcome of such proceedings). The amount of any withholding tax imposed with respect to any Noteholder shall be treated as Cash distributed


 






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to such Noteholder at the time it is deducted or withheld by the Issuer or the Note Administrator, as applicable, and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Note Administrator
may in its sole discretion withhold such amounts in accordance with this Section 6.17. The Issuer and the Co-Issuer agree
to timely provide to the Note Administrator accurate and complete copies of all documentation received from Noteholders pursuant to Sections
2.7(f) and 2.11(c). Solely with respect to FATCA compliance and reporting, nothing herein shall impose an obligation on
the part of the Note Administrator to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect
of the Notes. In addition, initial purchasers and transferees of Definitive Notes after the Closing Date will be required to provide to
the Issuer, the Trustee, the Note Administrator, or their agents, all information, documentation or certifications reasonably required
to permit the Issuer to comply with its tax reporting obligations under applicable law, including any applicable cost basis reporting
obligation.


 


(b)            For
the avoidance of doubt, the Note Administrator shall reasonably cooperate with Issuer, at Issuer’s direction and expense, to permit
Issuer to fulfill its obligations under FATCA; provided that the Note Administrator shall have no independent obligation to cause
or maintain Issuer’s compliance with FATCA and shall have no liability for any withholding on payments to Issuer as a result of
Issuer’s failure to achieve or maintain FATCA compliance.


 


ARTICLE 7


 


COVENANTS


 


Section 7.1            Payment
of Principal and Interest.


 


The Issuer and the Co-Issuer
shall duly and punctually pay the principal of and interest on each Class of Notes in accordance with the terms of this Indenture.
Amounts properly withheld under the Code or other applicable law by any Person from a payment to any Noteholder of interest and/or principal
shall be considered as having been paid by the Issuer and the Co-Issuer, and, with respect to the Preferred Shares, by the Issuer, to
such Preferred Shareholder for all purposes of this Indenture.


 


The Note Administrator shall,
unless prevented from doing so for reasons beyond its reasonable control, give notice to each Securityholder of any such withholding requirement
no later than ten (10) days prior to the related Payment Date from which amounts are required (as directed by the Issuer) to be withheld,
provided that, despite the failure of the Note Administrator to give such notice, amounts withheld pursuant to applicable tax laws
shall be considered as having been paid by the Issuer and the Co-Issuer, as provided above.


 


Section 7.2            Maintenance
of Office or Agency.


 


The Co-Issuers hereby appoint
the Note Administrator as a Paying Agent for the payment of principal of and interest on the Notes and where Notes may be surrendered
for registration of transfer or exchange and the Issuer hereby appoints Corporation Service Company in New York, New York, as its agent
where notices and demands to or upon the Issuer in respect of the Notes or this Indenture may be served.


 


The Issuer may at any time and
from time to time vary or terminate the appointment of any such agent or appoint any additional agents for any or all of such purposes;
provided, however, that the Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency
where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served, and, subject to any laws or
regulations applicable thereto, an office or agency outside of the United States where Notes


 






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may be presented and surrendered for payment;
provided, further, that no paying agent shall be appointed in a jurisdiction which subjects payments on the Notes to withholding
tax. The Issuer shall give prompt written notice to the Trustee, the Note Administrator, the Rating Agencies and the Noteholders of the
appointment or termination of any such agent and of the location and any change in the location of any such office or agency.


 


If at any time the Issuer shall
fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York, or outside the United States, or
shall fail to furnish the Trustee and the Note Administrator with the address thereof, presentations and surrenders may be made (subject
to the limitations described in the preceding paragraph) at and notices and demands may be served on the Issuer and the Co-Issuer and
Notes may be presented and surrendered for payment to the appropriate Paying Agent at its main office and the Issuer and the Co-Issuer
hereby appoint the same as their agent to receive such respective presentations, surrenders, notices and demands.


 


Section 7.3            Amounts
for Note Payments to be Held in Trust.


 


(a)            All
payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Payment Account shall
be made on behalf of the Issuer and the Co-Issuer by the Note Administrator or a Paying Agent (in each case, from and to the extent of
available funds in the Payment Account and subject to the Priority of Payments) with respect to payments on the Notes.


 


When the Paying Agent is not
also the Note Registrar, the Issuer and the Co-Issuer shall furnish, or cause the Note Registrar to furnish, no later than the fifth calendar
day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request, of the names and addresses
of the Holders of Notes and of the certificate numbers of individual Notes held by each such Holder together with wiring instructions,
contact information, and such other information reasonably required by the paying agent.


 


Whenever the Paying Agent is
not also the Note Administrator, the Issuer, the Co-Issuer, and such Paying Agent shall, on or before the Business Day next preceding
each Payment Date or Redemption Date, as the case may be, direct the Note Administrator to deposit on such Payment Date with such Paying
Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due pursuant to the terms of this Indenture (to the
extent funds are then available for such purpose in the Payment Account, and subject to the Priority of Payments), such sum to be held
for the benefit of the Persons entitled thereto and (unless such Paying Agent is the Note Administrator) the Issuer and the Co-Issuer
shall promptly notify the Note Administrator of its action or failure so to act. Any amounts deposited with a Paying Agent (other than
the Note Administrator) in excess of an amount sufficient to pay the amounts then becoming due on the Notes with respect to which such
deposit was made shall be paid over by such Paying Agent to the Note Administrator for application in accordance with Article 11.
Any such Paying Agent shall be deemed to agree by assuming such role not to cause the filing of a petition in bankruptcy against the Issuer,
the Co-Issuer or any Permitted Subsidiary for the non-payment to the Paying Agent of any amounts payable thereto until at least one year
and one day (or, if longer, the applicable preference period then in effect) after the payment in full of all Notes issued under this
Indenture.


 


The initial Paying Agent shall
be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer Order of the Issuer
and Issuer Order of the Co-Issuer and at the sole cost and expense (including such Paying Agent’s fee) of the Issuer and the Co-Issuer,
with written notice thereof to the Note Administrator; provided, however, that so long as any Class of Notes are rated
by any Rating Agency and with respect to any additional or successor Paying Agent for the Notes, either (i) such Paying Agent has
a long-term senior unsecured debt rating of “Aa3” or higher by Moody’s and a


 






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short-term debt rating of “P-1”
by Moody’s or (ii) each of the Rating Agencies confirms that employing such Paying Agent shall not adversely affect the then-current
ratings of the Notes. In the event that such successor Paying Agent ceases to have a long-term debt rating of “Aa3” or higher
by Moody’s and a short-term debt rating of at least “P-1” by Moody’s, the Issuer and the Co-Issuer shall promptly
remove such Paying Agent and appoint a successor Paying Agent. The Issuer and the Co-Issuer shall not appoint any Paying Agent that is
not, at the time of such appointment, a depository institution or trust company subject to supervision and examination by federal and/or
state and/or national banking authorities. The Issuer and the Co-Issuer shall cause the Paying Agent other than the Note Administrator
to execute and deliver to the Note Administrator an instrument in which such Paying Agent shall agree with the Note Administrator (and
if the Note Administrator acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 7.3, that
such Paying Agent will:


 


(i)            allocate
all sums received for payment to the Holders of Notes in accordance with the terms of this Indenture;


 


(ii)           hold
all sums held by it for the payment of amounts due with respect to the Notes for the benefit of the Persons entitled thereto until such
sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;


 


(iii)          if
such Paying Agent is not the Note Administrator, immediately resign as a Paying Agent and forthwith pay to the Note Administrator all
sums held by it for the payment of Notes if at any time it ceases to satisfy the standards set forth above required to be met by a Paying
Agent at the time of its appointment;


 


(iv)          if
such Paying Agent is not the Note Administrator, immediately give the Note Administrator notice of any Default by the Issuer or the Co-Issuer
(or any other obligor upon the Notes) in the making of any payment required to be made; and


 


(v)           if
such Paying Agent is not the Note Administrator at any time during the continuance of any such Default, upon the written request of the
Note Administrator, forthwith pay to the Note Administrator all sums so held by such Paying Agent.


 


The Issuer or the Co-Issuer
may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer
Order direct the Paying Agent to pay, to the Note Administrator all sums held by the Issuer or the Co-Issuer or held by the Paying Agent
for payment of the Notes, such sums to be held by the Note Administrator in trust for the same Noteholders as those upon which such sums
were held by the Issuer, the Co-Issuer or the Paying Agent; and, upon such payment by the Paying Agent to the Note Administrator, the
Paying Agent shall be released from all further liability with respect to such amounts.


 


Except as otherwise required
by applicable law, any amounts deposited with the Note Administrator in trust or deposited with the Paying Agent for the payment of the
principal of or interest on any Note and remaining unclaimed for two years after such principal or interest has become due and payable
shall be paid to the Issuer on request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment of such amounts and all liability of the Note Administrator or the Paying Agent with respect to such amounts (but only
to the extent of the amounts so paid to the Issuer or the Co-Issuer, as applicable) shall thereupon cease. The Note Administrator or the
Paying Agent, before being required to make any such release of payment, may, but shall not be required to, adopt and employ, at the expense
of the Issuer or the Co-Issuer, as the case may be, any reasonable means of notification of such release of payment, including, but not
limited to, mailing notice of such release to Holders whose Notes have been called but have not been surrendered for redemption or whose
right to or interest in


 






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amounts due and payable but not claimed is determinable from the records of the Paying Agent, at the last address
of record of each such Holder.


 


Section 7.4    Existence
of the Issuer and the Co-Issuer.


 


(a)          So
long as any Note is Outstanding, the Issuer shall, to the maximum extent permitted by applicable law, maintain in full force and effect
its existence and rights as an exempted company incorporated with limited liability under the laws of the Cayman Islands and shall obtain
and preserve its qualification to do business as a foreign limited liability company in each jurisdiction in which such qualifications
are or shall be necessary to protect the validity and enforceability of this Indenture, the Notes or any of the Collateral; provided
that the Issuer shall be entitled to change its jurisdiction of registration from the Cayman Islands to any other jurisdiction reasonably
selected by the Issuer so long as (i) such change is not disadvantageous in any material respect to the Holders of the Notes or the
Preferred Shares, (ii) it delivers written notice of such change to the Note Administrator for delivery to the Holders of the Notes
or Preferred Shares, the Preferred Share Paying Agent and the Rating Agencies and (iii) on or prior to the fifteenth (15th) Business
Day following delivery of such notice by the Note Administrator to the Noteholders, the Note Administrator shall not have received written
notice from a Majority of the Controlling Class or a Majority of Preferred Shareholders objecting to such change. So long as any
Rated Notes are Outstanding, the Issuer will maintain at all times at least one director who is Independent of the Issuer and its Affiliates.


 


(b)          So
long as any Note is Outstanding, the Co-Issuer shall maintain in full force and effect its existence and rights as a limited liability
company organized under the laws of Delaware and shall obtain and preserve its qualification to do business as a foreign limited liability
company in each jurisdiction in which such qualifications are or shall be necessary to protect the validity and enforceability of this
Indenture or the Notes; provided, however, that the Co-Issuer shall be entitled to change its jurisdiction of formation
from Delaware to any other jurisdiction reasonably selected by the Co-Issuer so long as (i) such change is not disadvantageous in
any material respect to the Holders of the Notes, (ii) it delivers written notice of such change to the Note Administrator for delivery
to the Holders of the Notes and the Rating Agencies and (iii) on or prior to the fifteenth (15th) Business Day following such delivery
of such notice by the Note Administrator to the Noteholders, the Note Administrator shall not have received written notice from a Majority
of the Controlling Class objecting to such change. So long as any Rated Notes are Outstanding, the Co-Issuer will maintain at all
times at least one director who is Independent of the Co-Issuer and its Affiliates.


 


(c)          So
long as any Note is Outstanding, the Issuer shall ensure that all corporate or other formalities regarding its existence are followed
(including correcting any known misunderstanding regarding its separate existence). So long as any Note is Outstanding, the Issuer shall
not take any action or conduct its affairs in a manner that is likely to result in its separate existence being ignored or its Collateral
and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding.
So long as any Note is Outstanding, the Issuer shall maintain and implement administrative and operating procedures reasonably necessary
in the performance of the Issuer’s obligations hereunder, and the Issuer shall at all times keep and maintain, or cause to be kept
and maintained, separate books, records, accounts and other information customarily maintained for the performance of the Issuer’s
obligations hereunder. Without limiting the foregoing, so long as any Note is Outstanding, (i) the Issuer shall (A) pay its
own liabilities only out of its own funds and (B) use separate stationery, invoices and checks, (C) hold itself out and identify
itself as a separate and distinct entity under its own name; (D) not commingle its assets with assets of any other Person; (E) hold
title to its assets in its own name; (F) maintain separate financial statements, showing its assets and liabilities separate and
apart from those of any other Person and not have its assets listed on any financial statement of any other Person; provided, however,
that the Issuer’s assets may be included in a consolidated financial statement of its Affiliate; provided that (1) 


 






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appropriate
notation shall be made on such consolidated financial statements to indicate the separateness of the Issuer from such Affiliate and to
indicate that the Issuer’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any
other Person and (2) such assets shall also be listed on the Issuer’s own balance sheet; (G) not guarantee any obligation
of any Person, including any Affiliate or become obligated for the debts of any other Person or hold out its credit or assets as being
available to satisfy the obligations of others; (H) allocate fairly and reasonably any overhead expenses, including for shared office
space; (I) not have its obligations guaranteed by any Affiliate; (J) not pledge its assets to secure the obligations of any
other Person; (K) correct any known misunderstanding regarding its separate identity; (L) maintain adequate capital in light
of its contemplated business purpose, transactions and liabilities; (M) not acquire any securities of any Affiliate of the Issuer;
and (N) not own any asset or property other than property arising out of the actions permitted to be performed under the Transaction
Documents; and (ii) the Issuer shall not (A) have any subsidiaries (other than a Permitted Subsidiary and, in the case of the
Issuer, the Co-Issuer); (B) engage, directly or indirectly, in any business other than the actions required or permitted to be performed
under the Transaction Documents; (C) engage in any transaction with any shareholder that is not permitted under the terms of the
Servicing Agreement; (D) pay dividends other than in accordance with the terms of this Indenture, its Governing Documents and the
Preferred Share Paying Agency Agreement; (E) conduct business under an assumed name (i.e., no “DBAs”); (F) incur,
create or assume any indebtedness other than as expressly permitted under the Transaction Documents; (G) enter into any contract
or agreement with any of its Affiliates, except upon terms and conditions that are commercially reasonable and substantially similar to
those available in arm’s-length transactions; provided that the foregoing shall not prohibit the Issuer from entering into
the transactions contemplated by the Company Administration Agreement with the Company Administrator, the Registered Office Agreement,
the Preferred Share Paying Agency Agreement with the Share Registrar and any other agreement contemplated or permitted by the Servicing
Agreement or this Indenture; (H) make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities
of, any Person, except that the Issuer may invest in those investments permitted under the Transaction Documents and may make any advance
required or expressly permitted to be made pursuant to any provisions of the Transaction Documents and permit the same to remain outstanding
in accordance with such provisions; and (I) to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation,
merger, asset sale or transfer of ownership interests other than such activities as are expressly permitted pursuant to any provision
of the Transaction Documents.


 


(d)           So
long as any Note is Outstanding, the Co-Issuer shall ensure that all limited liability company or other formalities regarding its existence
are followed, as well as correcting any known misunderstanding regarding its separate existence. The Co-Issuer shall not take any action
or conduct its affairs in a manner, that is likely to result in its separate existence being ignored or its Collateral and liabilities
being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. The Co-Issuer shall
maintain and implement administrative and operating procedures reasonably necessary in the performance of the Co-Issuer’s obligations
hereunder, and the Co-Issuer shall at all times keep and maintain, or cause to be kept and maintained, books, records, accounts and other
information customarily maintained for the performance of the Co-Issuer’s obligations hereunder. Without limiting the foregoing,
the Co-Issuer shall not (A) have any subsidiaries, (B) have any employees (other than its managers), (C) join in any transaction
with any member that is not permitted under the terms of the Servicing Agreement or this Indenture, (D) pay dividends other than
in accordance with the terms of this Indenture, (E) commingle its funds or Collateral with those of any other Person, or (F) enter
into any contract or agreement with any of its Affiliates, except upon terms and conditions that are commercially reasonable and substantially
similar to those available in arm’s-length transactions with an unrelated party.


 






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Section 7.5    Protection
of Collateral.


 


(a)           The
Note Administrator, at the expense of the Issuer, upon receipt of any Opinion of Counsel received pursuant to Section 7.5(d) shall
execute and deliver all such Financing Statements, continuation statements, instruments of further assurance and other instruments, and
may take such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Secured Parties hereunder
and to:


 


(i)            Grant
more effectively all or any portion of the Collateral;


 


(ii)           maintain
or preserve the lien (and the priority thereof) of this Indenture or to carry out more effectively the purposes hereof;


 


(iii)          perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture (including, without limitation, any and all
actions necessary or desirable as a result of changes in law or regulations);


 


(iv)          cooperate
with the Servicer and the Special Servicer with respect to enforcement on any of the Collateral Interests or enforce on any other instruments
or property included in the Collateral;


 


(v)           instruct
the Special Servicer, in accordance with the Servicing Agreement, to preserve and defend title to the Collateral Interests and preserve
and defend title to the other Collateral and the rights of the Trustee, the Holders of the Notes in the Collateral against the claims
of all persons and parties; and


 


(vi)          pursuant
to Sections 11.1(a)(i)(1) and 11.1(a)(ii)(1), pay or cause to be paid any and all taxes levied or assessed upon all
or any part of the Collateral.


 


The Issuer hereby designates
the Note Administrator as its agent and attorney-in-fact to execute any Financing Statement, continuation statement or other instrument
required pursuant to this Section 7.5. The Note Administrator agrees that it will from time to time execute and cause such
Financing Statements and continuation statements to be filed (it being understood that the Note Administrator shall be entitled to rely
upon an Opinion of Counsel described in Section 7.5(d), at the expense of the Issuer, as to the need to file such Financing
Statements and continuation statements, the dates by which such filings are required to be made and the jurisdictions in which such filings
are required to be made).


 


(b)           Neither
the Trustee nor the Note Administrator shall (except in accordance with Section 10.12(a), (b) or (c) and
except for payments, deliveries and distributions otherwise expressly permitted under this Indenture) cause or permit the Custodial Account
or the Custodian to be located in a different jurisdiction from the jurisdiction in which the Custodian was located on the Closing Date,
unless the Trustee or the Note Administrator, as applicable, shall have first received an Opinion of Counsel to the effect that the lien
and security interest created by this Indenture with respect to such property will continue to be maintained after giving effect to such
action or actions.


 


(c)           The
Issuer shall (i) pay or cause to be paid taxes, if any, levied on account of the beneficial ownership by the Issuer of any Collateral
that secure the Notes and timely file all tax returns and information statements as required, (ii) take all actions necessary or
advisable to prevent the Issuer from becoming subject to any withholding or other taxes or assessments and to allow the Issuer to comply
with FATCA, and (iii) if required to prevent the withholding or imposition of United States income tax, deliver or cause to be delivered
a United States IRS Form W-9 (or the applicable IRS Form W-8, if appropriate) or


 






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successor applicable form, to each borrower,
counterparty or paying agent with respect to (as applicable) an item included in the Collateral at the time such item is purchased or
entered into and thereafter prior to the expiration or obsolescence of such form.


 


(d)           For
so long as the Notes are Outstanding, on or about December 2025 and every 60 months thereafter, the Issuer shall deliver to the Trustee
and the Note Administrator, for the benefit of the Trustee, the Note Administrator and the Rating Agencies, at the expense of the Issuer,
an Opinion of Counsel stating what is required, in the opinion of such counsel, as of the date of such opinion, to maintain the lien and
security interest created by this Indenture with respect to the Collateral, and confirming the matters set forth in the Opinion of Counsel,
furnished pursuant to Section 3.1(d), with regard to the perfection and priority of such security interest (and such Opinion
of Counsel may likewise be subject to qualifications and assumptions similar to those set forth in the Opinion of Counsel delivered pursuant
to Section 3.1(d)).


 


Section 7.6    Notice
of Any Amendments.


 


Each of the Issuer and the Co-Issuer
shall give notice to the 17g-5 Information Provider of, and satisfy the Rating Agency Condition with respect to, any amendments to its
Governing Documents.


 


Section 7.7    Performance
of Obligations.


 


(a)           Each
of the Issuer and the Co-Issuer shall not take any action, and will use commercially reasonable efforts not to permit any action to be
taken by others, that would release any Person from any of such Person’s covenants or obligations under any Instrument included
in the Collateral, except in the case of enforcement action taken with respect to any Defaulted Collateral Interest in accordance with
the provisions hereof and as otherwise required hereby.


 


(b)           The
Issuer or the Co-Issuer may, with the prior written consent of the Majority of the Notes (or if there are no Notes Outstanding, a Majority
of Preferred Shareholders), contract with other Persons, including the Servicer, the Special Servicer, the Note Administrator or the Trustee,
for the performance of actions and obligations to be performed by the Issuer or the Co-Issuer, as the case may be, hereunder by such Persons
and the performance of the actions and other obligations with respect to the Collateral of the nature set forth in this Indenture. Notwithstanding
any such arrangement, the Issuer or the Co-Issuer, as the case may be, shall remain primarily liable with respect thereto. In the event
of such contract, the performance of such actions and obligations by such Persons shall be deemed to be performance of such actions and
obligations by the Issuer or the Co-Issuer; and the Issuer or the Co-Issuer shall punctually perform, and use commercially reasonable
efforts to cause the Servicer, the Special Servicer or such other Person to perform, all of their obligations and agreements contained
in this Indenture or such other agreement.


 


(c)           Unless
the Rating Agency Condition is satisfied with respect thereto, the Issuer shall maintain the Servicing Agreement in full force and effect
so long as any Notes remain Outstanding and shall not terminate the Servicing Agreement with respect to any Collateral Interest except
upon the sale or other liquidation of such Collateral Interest in accordance with the terms and conditions of this Indenture.


 


(d)           If
the Co-Issuers receive a notice from the Rating Agencies stating that they are not in compliance with Rule 17g-5, the Co-Issuers
shall take such action as mutually agreed between the Co-Issuers and the Rating Agencies in order to comply with Rule 17g-5.


 






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Section 7.8    Negative
Covenants.


 


(a)          The
Issuer and the Co-Issuer shall not:


 


(i)           sell,
assign, participate, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise encumber (or permit such
to occur or suffer such to exist), any part of the Collateral, except as otherwise expressly permitted by this Indenture or the Servicing
Agreement;


 


(ii)          claim
any credit on, make any deduction from, or dispute the enforceability of, the payment of the principal or interest payable in respect
of the Notes (other than amounts required to be paid, deducted or withheld in accordance with any applicable law or regulation of any
governmental authority) or assert any claim against any present or future Noteholder by reason of the payment of any taxes levied or assessed
upon any part of the Collateral;


 


(iii)         (A) incur
or assume or guarantee any indebtedness, other than the Notes and this Indenture and the transactions contemplated hereby; (B) issue
any additional class of securities, other than the Notes, the Preferred Shares, the ordinary shares of the Issuer and the limited liability
company membership interests of the Co-Issuer; or (C) issue any additional shares of stock, other than the ordinary shares of the
Issuer and the Preferred Shares;


 


(iv)         (A) permit
the validity or effectiveness of this Indenture or any Grant hereunder to be impaired, or permit the lien of this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect
to this Indenture or the Notes, except as may be expressly permitted hereby; (B) permit any lien, charge, adverse claim, security
interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon
or burden the Collateral or any part thereof, any interest therein or the proceeds thereof, except as may be expressly permitted hereby;
or (C) take any action that would permit the lien of this Indenture not to constitute a valid first priority security interest in
the Collateral, except as may be expressly permitted hereby;


 


(v)          amend
the Servicing Agreement, except pursuant to the terms thereof;


 


(vi)         amend
the Preferred Share Paying Agency Agreement, except pursuant to the terms thereof;


 


(vii)        to
the maximum extent permitted by applicable law, dissolve or liquidate in whole or in part, except as permitted hereunder;


 


(viii)       make
or incur any capital expenditures, except as reasonably required to perform its functions in accordance with the terms of this Indenture
and, in the case of the Issuer, the Preferred Share Paying Agency Agreement;


 


(ix)          become
liable in any way, whether directly or by assignment or as a guarantor or other surety, for the obligations of the lessee under any lease,
hire any employees or pay any dividends to its shareholders, except with respect to the Preferred Shares in accordance with the Priority
of Payments;


 


(x)           maintain
any bank accounts other than the Accounts and the bank account in the Cayman Islands in which (inter alia) the proceeds of the
Issuer’s issued share capital and the transaction fees paid to the Issuer for agreeing to issue the Securities will be kept;


 






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(xi)          conduct
business under an assumed name, or change its name without first delivering at least thirty (30) days’ prior written notice to
the Trustee, the Note Administrator, the Noteholders and the Rating Agencies and an Opinion of Counsel to the effect that such name change
will not adversely affect the security interest hereunder of the Trustee or the Secured Parties;


 


(xii)         take
any action that would result in it failing to qualify as a Qualified REIT Subsidiary or other disregarded entity of Sub-REIT for U.S.
federal income tax purposes (including, but not limited to, an election to treat the Issuer as a “taxable REIT subsidiary,”
as defined in Section 856(l) of the Code), unless (A) based on an Opinion of Counsel of Dechert LLP, Skadden, Arps, Slate,
Meagher & Flom LLP or another nationally-recognized tax counsel experienced in such matters, the Issuer will be treated as a
Qualified REIT Subsidiary or other disregarded entity of a REIT other than Sub-REIT, or (B) based on an Opinion of Counsel of Dechert
LLP, Skadden, Arps, Slate, Meagher & Flom LLP or another nationally-recognized tax counsel experienced in such matters, the
Issuer will be treated as a foreign corporation that is not engaged in a trade or business in the United States for U.S. federal income
tax purposes;


 


(xiii)        except
for any agreements involving the purchase and sale of Collateral Interests having customary purchase or sale terms and documented with
customary loan trading documentation, enter into any agreements unless such agreements contain “non-petition” and “limited
recourse” provisions; or


 


(xiv)        amend
their respective organizational documents without satisfaction of the Rating Agency Condition in connection therewith.


 


(b)           Neither
the Issuer nor the Trustee shall sell, transfer, exchange or otherwise dispose of Collateral, or enter into or engage in any business
with respect to any part of the Collateral, except as expressly permitted or required by this Indenture or the Servicing Agreement.


 


(c)           The
Co-Issuer shall not invest any of its Collateral in “securities” (as such term is defined in the 1940 Act) and shall keep
all of the Co-Issuer’s Collateral in Cash.


 


(d)           For
so long as any of the Notes are Outstanding, the Co-Issuer shall not issue any limited liability company membership interests of the Co-Issuer
to any Person other than Sub-REIT or a wholly-owned subsidiary of Sub-REIT.


 


(e)           The
Issuer shall not enter into any material new agreements (other than any Collateral Interest Purchase Agreement or other agreement contemplated
by this Indenture) (including, without limitation, in connection with the sale of Collateral by the Issuer) without the prior written
consent of the Holders of at least a Majority of the Notes (or if there are no Notes Outstanding, a Majority of Preferred Shareholders)
and shall provide notice of all new agreements (other than the Collateral Interest Purchase Agreement or other agreement specifically
contemplated by this Indenture) to the Holders of the Notes. The foregoing notwithstanding, the Issuer may agree to any material new agreements;
provided that (i) the Issuer determines that such new agreements would not, upon becoming effective, adversely affect the
rights or interests of any Class or Classes of Noteholders and (ii) subject to satisfaction of the Rating Agency Condition.


 


(f)            As
long as any Offered Note is Outstanding, the Retention Holder (or another disregarded entity wholly owned by Sub-REIT) may not transfer,
pledge or hypothecate (whether by means of actual transfer or a transfer of beneficial ownership for U.S. federal income tax purposes)
any of the Retained Securities (whether issued on the Closing Date or reissued in a single or multiple classes on a later date), any
retained or repurchased Notes or ordinary shares of the Issuer to any Person (except to an affiliate


 






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that is directly or
indirectly wholly-owned by Sub-REIT and is disregarded for U.S. federal income tax purposes as an entity separate from Sub-REIT)
unless the Issuer receives a No Entity-Level Tax Opinion with respect to such transfer, pledge or hypothecation (or has previously
received a No Trade or Business Opinion); provided that no opinion will be required if such transfer is to an affiliate that
is directly or indirectly wholly-owned by Sub-REIT and is disregarded for U.S. federal income tax purposes as an entity separate
from Sub-REIT.


 


(g)          Any
financing arrangement pursuant to Section 7.8(f) shall prohibit any further transfer (whether by means of actual transfer
or a transfer of beneficial ownership for U.S. federal income tax purposes) of the Retained Securities and Issuer Ordinary Shares, including
a transfer in connection with any exercise of remedies under such financing unless the Issuer receives a No Entity-Level Tax Opinion.


 


Section 7.9    Statement
as to Compliance.


 


On or before January 31,
in each calendar year, commencing in 2022 or immediately if there has been a Default in the fulfillment of an obligation under this Indenture,
the Issuer shall deliver to the Trustee, the Note Administrator and the 17g-5 Information Provider an Officer’s Certificate given
on behalf of the Issuer and without personal liability stating, as to each signer thereof, that, since the date of the last certificate
or, in the case of the first certificate, the Closing Date, to the best of such Officer’s knowledge, information and belief of such
Officer, the Issuer has fulfilled all of its obligations under this Indenture or, if there has been a Default in the fulfillment of any
such obligation, specifying each such Default known to them and the nature and status thereof.


 


Section 7.10    Issuer
and Co-Issuer May Consolidate or Merge Only on Certain Terms.


 


(a)          The
Issuer shall not consolidate or merge with or into any other Person or transfer or convey all or substantially all of its Collateral to
any Person, unless permitted by the Governing Documents and Cayman Islands law and unless:


 


(i)           the
Issuer shall be the surviving entity, or the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is
merged or to which all or substantially all of the Collateral of the Issuer are transferred shall be an entity incorporated or formed
and existing under the laws of the Cayman Islands or such other jurisdiction approved by a Majority of each and every Class of Notes
(each voting as a separate Class), and a Majority of Preferred Shareholders; provided that no such approval shall be required in
connection with any such transaction undertaken solely to effect a change in the jurisdiction of registration pursuant to Section 7.4
hereof; and provided, further, that the surviving entity shall expressly assume, by an indenture supplemental hereto, executed
and delivered to the Trustee, the Note Administrator, and each Noteholder, the due and punctual payment of the principal of and interest
on all Notes and other amounts payable hereunder and under the Servicing Agreement and the performance and observance of every covenant
of this Indenture and the Servicing Agreement on the part of the Issuer to be performed or observed, all as provided herein;


 


(ii)          the
Rating Agency Condition shall be satisfied;


 


(iii)         if
the Issuer is not the surviving entity, the Person formed by such consolidation or into which the Issuer is merged or to which all or
substantially all of the Collateral of the Issuer are transferred shall have agreed with the Trustee and the Note Administrator (A) to
observe the same legal requirements for the recognition of such formed or surviving entity as a legal entity separate and apart from any
of its Affiliates as are applicable to the Issuer with respect to its Affiliates and


 






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(B) not to consolidate or merge with or into
any other Person or transfer or convey all or substantially all of the Collateral or all or substantially all of its Collateral to any
other Person except in accordance with the provisions of this Section 7.10, unless in connection with a sale of the Collateral
pursuant to Article 5, Article 9 or Article 12;


 


(iv)          if
the Issuer is not the surviving entity, the Person formed by such consolidation or into which the Issuer is merged or to which all or
substantially all of the Collateral of the Issuer are transferred shall have delivered to the Trustee, the Note Administrator, the Servicer,
the Special Servicer, the Operating Advisor and the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating
that such Person is duly organized, validly existing and in good standing in the jurisdiction in which such Person is organized; that
such Person has sufficient power and authority to assume the obligations set forth in Section 7.10(a)(i) above and to
execute and deliver an indenture supplemental hereto for the purpose of assuming such obligations; that such Person has duly authorized
the execution, delivery and performance of an indenture supplemental hereto for the purpose of assuming such obligations and that such
supplemental indenture is a valid, legal and binding obligation of such Person, enforceable in accordance with its terms, subject only
to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and
to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); that,
immediately following the event which causes such Person to become the successor to the Issuer, (A) such Person has good and marketable
title, free and clear of any lien, security interest or charge, other than the lien and security interest of this Indenture, to the Collateral
securing, in the case of a consolidation or merger of the Issuer, all of the Notes or, in the case of any transfer or conveyance of the
Collateral securing any of the Notes, such Notes, (B) the Trustee continues to have a valid perfected first priority security interest
in the Collateral securing, in the case of a consolidation or merger of the Issuer, all of the Notes, or, in the case of any transfer
or conveyance of the Collateral securing any of the Notes, such Notes and (C) such other matters as the Trustee, the Note Administrator
or any Noteholder may reasonably require;


 


(v)           immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;


 


(vi)          the
Issuer shall have delivered to the Trustee, the Note Administrator, the Preferred Share Paying Agent and each Noteholder, an Officer’s
Certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture
comply with this Article 7 and that all conditions precedent in this Article 7 provided for relating to such transaction
have been complied with;


 


(vii)         the
Issuer has received an opinion from Dechert LLP, Skadden, Arps, Slate, Meagher & Flom LLP or an opinion of other nationally recognized
U.S. tax counsel experienced in such matters that the Issuer or the Person referred to in clause (a) either will (a) be treated
as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes or (b) be treated as a
foreign corporation not engaged in a trade or business in the United States for U.S. federal income tax purposes or otherwise not subject
to U.S. federal income tax on a net income basis;


 


(viii)        the
Issuer has received an opinion from Dechert LLP, Skadden, Arps, Slate, Meagher & Flom LLP or an opinion of other nationally recognized
U.S. tax counsel experienced in such matters that such action will not adversely affect the tax treatment of the Offered Notes as described
in the Offering Memorandum under the heading “Certain U.S. Federal Income Tax Considerations” to any material extent; and


 






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(ix)          after
giving effect to such transaction, the Issuer shall not be required to register as an investment company under the 1940 Act.


 


(b)           The
Co-Issuer shall not consolidate or merge with or into any other Person or transfer or convey all or substantially all of its Collateral
to any Person, unless no Notes remain Outstanding or:


 


(i)            the
Co-Issuer shall be the surviving entity, or the Person (if other than the Co-Issuer) formed by such consolidation or into which the Co-Issuer
is merged or to which all or substantially all of the Collateral of the Co-Issuer are transferred shall be a company organized and existing
under the laws of Delaware or such other jurisdiction approved by a Majority of the Controlling Class; provided that no such approval
shall be required in connection with any such transaction undertaken solely to effect a change in the jurisdiction of formation pursuant
to Section 7.4; and provided, further, that the surviving entity shall expressly assume, by an indenture supplemental
hereto, executed and delivered to the Trustee, the Note Administrator, and each Noteholder, the due and punctual payment of the principal
of and interest on all Notes and the performance and observance of every covenant of this Indenture on the part of the Co-Issuer to be
performed or observed, all as provided herein;


 


(ii)           the
Rating Agency Condition has been satisfied;


 


(iii)          if
the Co-Issuer is not the surviving entity, the Person formed by such consolidation or into which the Co-Issuer is merged or to which all
or substantially all of the Collateral of the Co-Issuer are transferred shall have agreed with the Trustee and the Note Administrator
(A) to observe the same legal requirements for the recognition of such formed or surviving entity as a legal entity separate and
apart from any of its Affiliates as are applicable to the Co-Issuer with respect to its Affiliates and (B) not to consolidate or
merge with or into any other Person or transfer or convey all or substantially all of its Collateral to any other Person except in accordance
with the provisions of this Section 7.10;


 


(iv)          if
the Co-Issuer is not the surviving entity, the Person formed by such consolidation or into which the Co-Issuer is merged or to which all
or substantially all of the Collateral of the Co-Issuer are transferred shall have delivered to the Trustee, the Note Administrator and
the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such Person is duly organized, validly
existing and in good standing in the jurisdiction in which such Person is organized; that such Person has sufficient power and authority
to assume the obligations set forth in Section 7.10(b)(i) above and to execute and deliver an indenture supplemental
hereto for the purpose of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of an
indenture supplemental hereto for the purpose of assuming such obligations and that such supplemental indenture is a valid, legal and
binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium
and other laws affecting the enforcement of creditors’ rights generally and to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law); such other matters as the Trustee, the Note Administrator or any
Noteholder may reasonably require;


 


(v)           immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;


 


(vi)          the
Co-Issuer shall have delivered to the Trustee, the Note Administrator, the Preferred Share Paying Agent and each Noteholder an Officer’s
Certificate and an Opinion of


 






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Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture
comply with this Article 7 and that all conditions precedent in this Article 7 provided for relating to such transaction
have been complied with and that no adverse tax consequences will result therefrom to the Holders of the Notes or the Preferred Shareholders;
and


 


(vii)        after
giving effect to such transaction, the Co-Issuer shall not be required to register as an investment company under the 1940 Act.


 


Section 7.11    Successor
Substituted.


 


Upon any consolidation or merger,
or transfer or conveyance of all or substantially all of the Collateral of the Issuer or the Co-Issuer, in accordance with Section 7.10
hereof, the Person formed by or surviving such consolidation or merger (if other than the Issuer or the Co-Issuer), or the Person to which
such consolidation, merger, transfer or conveyance is made, shall succeed to, and be substituted for, and may exercise every right and
power of, the Issuer or the Co-Issuer, as the case may be, under this Indenture with the same effect as if such Person had been named
as the Issuer or the Co-Issuer, as the case may be, herein. In the event of any such consolidation, merger, transfer or conveyance, the
Person named as the “Issuer” or the “Co-Issuer” in the first paragraph of this Indenture or any successor which
shall theretofore have become such in the manner prescribed in this Article 7 may be dissolved, wound-up and liquidated at
any time thereafter, and such Person thereafter shall be released from its liabilities as obligor and maker on all the Notes and from
its obligations under this Indenture.


 


Section 7.12    No
Other Business.


 


The Issuer shall not engage
in any business or activity other than issuing and selling the Notes pursuant to this Indenture and any supplements thereto, issuing its
ordinary shares and issuing and selling the Preferred Shares in accordance with its Governing Documents, and acquiring, owning, holding,
disposing of and pledging the Collateral in connection with the Notes and such other activities which are necessary, suitable or convenient
to accomplish the foregoing or are incidental thereto or connected therewith. The Co-Issuer shall not engage in any business or activity
other than issuing and selling the Notes pursuant to this Indenture and any supplements thereto and such other activities which are necessary,
suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith.


 


Section 7.13    Reporting.


 


At any time when the Issuer
and/or the Co-Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to
Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Issuer and/or the Co-Issuer
shall promptly furnish or cause to be furnished “Rule 144A Information” (as defined below) to such Holder or beneficial
owner, to a prospective purchaser of such Note designated by such Holder or beneficial owner or to the Note Administrator for delivery
to such Holder or beneficial owner or a prospective purchaser designated by such Holder or beneficial owner, as the case may be, in order
to permit compliance by such Holder or beneficial owner with Rule 144A under the Securities Act in connection with the resale of
such Note by such Holder or beneficial owner. “Rule 144A Information” shall be such information as is specified
pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto). The Note Administrator shall reasonably
cooperate with the Issuer and/or the Co-Issuer in mailing or otherwise distributing (at the Issuer’s expense) to such Noteholders
or prospective purchasers, at and pursuant to the Issuer’s and/or the Co-Issuer’s written direction the foregoing materials
prepared by or on behalf of the Issuer and/or the Co-Issuer; provided, however, that the Note Administrator shall be entitled
to prepare and affix thereto or enclose therewith reasonable disclaimers to the effect that such Rule 144A Information was not assembled
by the Note Administrator, that the Note Administrator has not reviewed or verified the


 






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accuracy thereof, and that it makes no representation
as to such accuracy or as to the sufficiency of such information under the requirements of Rule 144A or for any other purpose.


 


Section 7.14    Calculation
Agent.


 


(a)          The
Issuer and the Co-Issuer hereby agree that for so long as any Notes remain Outstanding there shall at all times be an agent appointed
to calculate the Benchmark in respect of each Interest Accrual Period in accordance with the terms of Schedule B attached hereto
(the “Calculation Agent”). The Issuer and the Co-Issuer initially have appointed the Note Administrator as Calculation
Agent for purposes of determining the Benchmark for each Interest Accrual Period. The Calculation Agent may be removed by the Issuer at
any time with cause, or without cause upon thirty (30) days’ written notice. The Calculation Agent may resign at any time by giving
written notice thereof to the Issuer, the Co-Issuer, the Noteholders and the Rating Agencies. If the Calculation Agent is unable or unwilling
to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine the rate using the Benchmark or the Interest
Distribution Amount for any Class of Notes for any Interest Accrual Period, the Issuer and the Co-Issuer shall promptly appoint as
a replacement Calculation Agent a leading bank which does not control or is not controlled by or under common control with the Issuer
or its affiliates and which, if the Benchmark is LIBOR, is engaged in transactions in Eurodollar deposits in the international Eurodollar
market. The Calculation Agent may not resign its duties without a successor having been duly appointed. If no successor Calculation Agent
shall have been appointed within thirty (30) days after giving of a notice of resignation, the resigning Calculation Agent or a Majority
of the Holders of the Notes, on behalf of itself and all others similarly situated, may petition a court of competent jurisdiction, at
the Issuer’s expense, for the appointment of a successor Calculation Agent.


 


(b)          The
Calculation Agent shall be required to agree that, as soon as practicable after the Reference Time, but in no event later than 11:00 a.m. (New
York time) on the next succeeding Business Day (or the next succeeding London Banking Day if the Benchmark is LIBOR) immediately following
each Benchmark Determination Date, the Calculation Agent shall calculate the Benchmark for the related Interest Accrual Period and will
communicate such information to the Note Administrator, who shall include such calculation on the next Monthly Report following such Benchmark
Determination Date. The Calculation Agent shall notify the Issuer, the Co-Issuer before 5:00 p.m. (New York time) on each Benchmark
Determination Date if it has not determined and is not in the process of determining the Benchmark and the Interest Distribution Amounts
for each Class of Notes, together with the reasons therefor. The determination of the Note Interest Rates and the related Interest
Distribution Amounts, respectively, by the Calculation Agent shall, absent manifest error, be final and binding on all parties.


 


Section 7.15    REIT
Status.


 


(a)          Sub-REIT
shall not take any action that results in the Issuer failing to qualify as a Qualified REIT Subsidiary or other disregarded entity of
Sub-REIT for U.S. federal income tax purposes, unless (A) based on an Opinion of Counsel, the Issuer will be treated as a Qualified
REIT Subsidiary or other disregarded entity of a REIT other than Sub-REIT, or (B) based on an Opinion of Counsel, the Issuer will
be treated as a foreign corporation that is not engaged in a trade or business in the United States for U.S. federal income tax purposes
(which opinion may be conditioned on compliance with certain restrictions on the investment or other activity of the Issuer and the Servicer,
in each case, on behalf of the Issuer).


 






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(b)          Without
limiting the generality of Section 7.16, if the Issuer is no longer a Qualified REIT Subsidiary or other disregarded entity
of a REIT, prior to the time that:


 


(i)           any
Collateral Interest would cause the Issuer to be treated as engaged in a trade or business in the United States for U.S. federal income
tax purposes or to become subject to U.S. federal tax on a net income basis,


 


(ii)          restructuring
of a Collateral Interest that could cause the Issuer to be treated as engaged in a trade or business in the United States for U.S. federal
income tax purposes or to become subject to U.S. federal tax on a net income basis,


 


(iii)         the
Issuer would acquire the real property underlying any Collateral Interest pursuant to a foreclosure or deed-in-lieu of foreclosure, or


 


(iv)         any
Commercial Real Estate Loan is modified in such a manner that could cause the Issuer to be treated as engaged in a trade or business in
the United States for U.S. federal income tax purposes or to become subject to U.S. federal tax on a net income basis,


 


the Issuer will either (x) organize one or
more Permitted Subsidiaries and contribute the subject property to such Permitted Subsidiary, (y) contribute such Collateral Interest
to an existing Permitted Subsidiary, or (z) sell such Collateral Interest in accordance with Section 12.1.


 


(c)          At
the direction of 100% of the Preferred Shareholders (including any party that will become the beneficial owner of 100% of the Preferred
Shares because of a default under any financing arrangement for which the Preferred Shares are security), the Issuer may operate as a
foreign corporation that is not engaged in a trade or business in the United States for U.S. federal income tax purposes, provided
that (i) the Issuer receives a No Trade or Business Opinion; (ii) this Indenture and the Servicing Agreement, as applicable,
are amended or supplemented (A) to adopt written tax guidelines governing the Issuer’s origination, acquisition, disposition
and modification of Commercial Real Estate Loans designed to prevent the Issuer from being treated as engaged in a trade or business in
the United States for U.S. federal income tax purposes, (B) to form one or more “grantor trusts” to hold the Commercial
Real Estate Loans and (C) to implement any other provisions deemed necessary (as determined by the tax counsel providing the opinion)
to prevent the Issuer from being treated as a foreign corporation engaged in a trade or business in the United States for U.S. federal
income tax purposes or otherwise becoming subject to U.S. federal withholding tax or U.S. federal income tax on a net income basis; (iii) the
Preferred Shareholder shall pay the administrative and other costs related to the Issuer converting from a Qualified REIT Subsidiary to
operating as a foreign corporation, including the costs of any opinions and amendments; and (iv) the Preferred Shareholder agrees
to pay any ongoing expenses related to the Issuer’s status as a foreign corporation not engaged in a trade or business in the United
States for U.S. federal income tax purposes, including but not limited to U.S. federal income tax filings required by the Issuer, the
 “grantor trusts” or any taxable subsidiaries or required under FATCA.


 


Section 7.16    Permitted
Subsidiaries.


 


Notwithstanding any other provision
of this Indenture, the Special Servicer on behalf of the Issuer shall, following delivery of an Issuer Order to the parties hereto, be
permitted to sell or otherwise transfer to a Permitted Subsidiary at any time any Sensitive Asset for consideration consisting entirely
of the equity interests of such Permitted Subsidiary (or for an increase in the value of equity interests already owned). Such Issuer
Order shall certify that the sale of a Sensitive Asset is being made in accordance with satisfaction of all requirements of this Indenture.
The Custodian shall, upon receipt of a Request for Release with respect to a Sensitive Asset, release such Sensitive Asset and shall deliver
such Sensitive Asset as


 






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specified in such Request for Release. The following provisions shall apply to all Sensitive Asset and Permitted
Subsidiaries:


 


(a)          For
all purposes under this Indenture, any Sensitive Asset transferred to a Permitted Subsidiary shall be treated as if it were an asset owned
directly by the Issuer.


 


(b)          Any
distribution of Cash by a Permitted Subsidiary to the Issuer shall be characterized as Interest Proceeds or Principal Proceeds to the
same extent that such Cash would have been characterized as Interest Proceeds or Principal Proceeds if received directly by the Issuer
and each Permitted Subsidiary shall cause all proceeds of and collections on each Sensitive Asset owned by such Permitted Subsidiary to
be deposited into the Payment Account.


 


(c)          To
the extent applicable, the Issuer shall form one or more Securities Accounts with the Securities Intermediary for the benefit of each
Permitted Subsidiary and shall, to the extent applicable, cause Sensitive Asset to be credited to such Securities Accounts.


 


(d)          Notwithstanding
the complete and absolute transfer of a Sensitive Asset to a Permitted Subsidiary, the ownership interests of the Issuer in a Permitted
Subsidiary or any property distributed to the Issuer by a Permitted Subsidiary shall be treated as a continuation of its ownership of
the Sensitive Asset that was transferred to such Permitted Subsidiary (and shall be treated as having the same characteristics as such
Sensitive Asset).


 


(e)          If
the Special Servicer on behalf of the Trustee, or any other authorized party takes any action under this Indenture to sell, liquidate
or dispose of all or substantially all of the Collateral, the Issuer shall cause each Permitted Subsidiary to sell each Sensitive Asset
and all other Collateral held by such Permitted Subsidiary and distribute the proceeds of such sale, net of any amounts necessary to satisfy
any related expenses and tax liabilities, to the Issuer in exchange for the equity interest in such Permitted Subsidiary held by the Issuer.


 


Section 7.17    Repurchase
Requests.


 


If the Issuer, the Trustee,
the Note Administrator, the Servicer or the Special Servicer receives any request or demand that a Collateral Interest be repurchased
or replaced arising from any Material Breach of a representation or warranty made with respect to such Collateral Interest or any Material
Document Defect or a Combined Loan Repurchase Event (any such request or demand, a “Repurchase Request”), or a withdrawal
of a Repurchase Request from any Person other than the Servicer or the Special Servicer, then the Issuer, the Trustee or the Note Administrator,
as applicable, shall promptly forward such notice of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be,
to the Servicer (if related to a Performing Loan (as defined in the Servicing Agreement)) or the Special Servicer, and include the following
statement in the related correspondence: “This is a “Repurchase Request/withdrawal of a Repurchase Request” under Section 3.19
of the Servicing Agreement relating to GPMT 2021-FL3, Ltd. and GPMT 2021-FL3 LLC, requiring action from you as the “Repurchase
Request Recipient” thereunder.” Upon receipt of such Repurchase Request or withdrawal of a Repurchase Request by the Servicer
or the Special Servicer pursuant to the prior sentence, the Servicer or the Special Servicer, as applicable, shall be deemed to be the
Repurchase Request Recipient in respect of such Repurchase Request or withdrawal of a Repurchase Request, as the case may be, and shall
be responsible for complying with the procedures set forth in Section 3.19 of the Servicing Agreement with respect to such Repurchase
Request.


 






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Section 7.18    Servicing
of Commercial Real Estate Loans and Control of Servicing Decisions.


 


The Commercial Real Estate Loans
(other than the Non-Serviced Commercial Real Estate Loans) will be serviced by the Servicer or, with respect to Specially Serviced Loans,
the Special Servicer, in each case pursuant to the Servicing Agreement, subject to the consultation, consent and direction rights of the
applicable Directing Holder and the Operating Advisor as set forth in the Servicing Agreement, subject to those conditions, restrictions
or termination events expressly provided therein. Nothing in this Indenture shall be interpreted to limit in any respect the rights of
the applicable Directing Holder under the Servicing Agreement and none of the Issuer, Co-Issuer, Note Administrator and Trustee shall
take any action under this Indenture inconsistent with the rights of such Directing Holder set forth under the Servicing Agreement.


 


Section 7.19    Designated
Transaction Representative.


 


(a)          The
Issuer and the Co-Issuer hereby appoint the Note Administrator, and the Note Administrator hereby accepts the appointment as Designated
Transaction Representative for purposes of determining from time to time at such intervals as it determines whether a Benchmark Transition
Event has occurred for purposes of the Indenture and the Notes as set forth in Section 2.16.


 


(b)          The
Designated Transaction Representative shall be entitled to receive, on each Payment Date, reimbursement for all reasonable out-of-pocket
expenses incurred by it in the course of performing its obligations hereunder in the order specified in the Priority of Payments as set
forth in Section 11.1 (or in such other manner in which Company Administrative Expenses are permitted to be paid under the
Indenture). Such expenses shall include the reasonable compensation and out-of-pocket expenses, disbursements and advances of the Designated
Transaction Representative’s agents, counsel, consultants, advisors and experts (provided that any out-of-pocket fees paid to the
Designated Transaction Representative’s consultants, advisors or experts shall be limited to U.S.$75,000 over the life of the transaction).
The payment obligations to the Designated Transaction Representative pursuant to this Section 7.1 shall survive the termination
of this Agreement. If the Designated Transaction Representative is terminated pursuant to clause (j) below, the Designated
Transaction Representative shall be entitled to be paid on the next succeeding Payment Date all expenses accruing to it to the date of
such termination, resignation or removal in accordance with the Priority of Payments set forth in Section 11.1.


 


(c)           In
the discharge of its obligations, the Designated Transaction Representative shall not be liable for actions taken or omitted to be taken
unless such actions are taken or omitted to be taken by reason of the Designated Transaction Representative’s gross negligence.
The Co-Issuers hereby waive and release, subject to the foregoing, any and all claims with respect to any action taken or omitted to be
taken with respect to a Benchmark Replacement, including, without limitation, determinations as to the occurrence of a Benchmark Transition
Event or a Benchmark Replacement Date, the selection of a Benchmark Replacement, the determination of the applicable Benchmark Replacement
Adjustment, and the determination and implementation of any Benchmark Replacement Conforming Changes.


 


(d)          The
Designated Transaction Representative shall have no direct or indirect liability whatsoever to the holders of any interest in any Note
or Preferred Share, it being understood that the only remedies available to holders of the Notes and Preferred Shares in respect of any
Benchmark Replacement will be the implementation via court order of a different Benchmark Replacement and the implementation of any court-ordered
Benchmark Replacement Date, Benchmark Replacement Adjustment, and the determination and implementation of any Benchmark Replacement Conforming
Changes and other potential remedies, but not any remedies against the Designated Transaction Representative.


 






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(e)          The
Note Administrator, Calculation Agent and any third party from whom the Designated Transaction Representative receives advice in connection
with the discharge of its obligations as Designated Transaction Representative will be beneficiaries of this Section 7.19.


 


(f)           The
Designated Transaction Representative shall have no responsibility in respect of any failure to select a Benchmark Replacement due to
the unavailability of sufficient guidance from the Relevant Governmental Body or ISDA Definitions or from market practice (taking into
account guidance from consultants, advisors or experts) or in the event the Designated Transaction representative determines in its discretion
that there is not otherwise an industry-accepted rate of interest, spread adjustment or methods for calculating a Benchmark Replacement.
The Designated Transaction Representative shall be fully protected in acting in accordance with its good faith understanding of the recommendations,
selections, endorsements or any other guidelines provided by a Relevant Governmental Body or ISDA; provided, however, that
the Designated Transaction Representative shall only be liable to the extent that it was grossly negligent. In the event the Designated
Transaction representative has to make determinations giving due consideration to industry-accepted standards or market practice, the
Designated Transaction Representative shall, unless it has acted grossly negligent, be fully protected in making such determinations based
on its good faith understanding of current industry-accepted standards or market practice (it being understood that such standards or
practices may evolve quickly and over time), and the Designated Transaction Representative may, in its sole discretion, refrain from performing
its obligations until it determines that such industry-accepted standards or market practice exist to make such determinations. In all
cases, the Designated Transaction Representative may consult with and shall be entitled to conclusively rely on the advice of legal counsel
and the advice of consultants, advisors and experts (appointed in good faith) with respect to any determination that the Designated Transaction
Representative is required to make as Designated Transaction Representative and shall be protected if it acts in reliance upon such advice.


 


(g)          The
Designated Transaction Representative shall incur no liability to anyone in acting upon any signature, instrument, statement, notice,
resolution, request, direction, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it
to be genuine and believed by it to be signed by the proper party or parties. Subject to the provisions of Section 14.6, the
Designated Transaction Representative may exercise any of its rights or powers hereunder or perform any of its duties hereunder either
directly or by or through agents or attorneys, and the Designated Transaction Representative shall not be responsible for any misconduct
or negligence on the part of any agent or attorney appointed with due care by it. The Designated Transaction Representative shall in no
event have any liability for the actions or omissions of the Issuer, the Servicer, the Note Administrator or any other Person, and shall
have no liability for any inaccuracy or error in any duty performed by it that results from or is caused by inaccurate, untimely or incomplete
information or data received by it from the Issuer, the Servicer, the Note Administrator or another Person.


 


(h)          Under
no circumstances shall the Designated Transaction Representative be liable for indirect, punitive, special or consequential damages under
or pursuant to this Agreement, its duties or obligations hereunder or arising out of or relating to the subject matter hereof, even if
the Designated Transaction Representative has been advised of the likelihood of such damages and regardless of the form of such action.
Notwithstanding anything herein and without limiting the generality of any terms of Section 2.16 or this Section 7.19,
the Designated Transaction Representative shall not have any liability to the extent of any expense, loss, damage, demand, charge or claim
resulting from or caused by events or circumstances beyond the reasonable control of such party including, without limitation, the interruption,
suspension or restriction of trading on or the closure of any securities markets, power or other mechanical or technological failures
or interruptions, computer viruses, communications disruptions, work stoppages, natural disasters, fire, war, terrorism, riots, rebellions,
or other similar acts. No provision of this Agreement shall require the Designated Transaction Representative to take any action that
it believes to be contrary to applicable law or to expend or risk its own funds or otherwise incur financial liability in the performance
of any of its


 






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duties thereunder if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. The Designated Transaction Representative shall not be deemed to have notice or
knowledge of any provisions or terms of any Transaction Document to which it is not a party.


 


(i)            The
Issuer shall, and hereby agrees to, indemnify, defend and hold harmless each of the Designated Transaction Representative, the Note Administrator,
the Calculation Agent and its Affiliates, directors, officers, agents and employees from any and all losses, damages, liabilities, demands,
charges, costs, expenses (including the reasonable fees and out-of-pocket expenses incurred in connection with the enforcement of this
indemnity and including reasonable attorneys’ fees) incurred in connection with (i) in the case of the Designated Transaction
Representative, the discharge of the obligations of the Designated Transaction Representative, other than for its own gross negligence
(notwithstanding any other provision or standard of care referenced herein or in the Transaction Documents), and (ii) in the case
of the Note Administrator and Calculation Agent, their reliance upon the actions of the Designated Transaction Representative. With respect
to the institution of any claims or lawsuits arising out of or in connection with the discharge of its obligations as Designated Transaction
Representative, the Designated Transaction representative will be entitled to receive, in addition to the reimbursement of expenses as
described in clause (b) above, liquidated damages in an amount 1.5 times the aggregate out of pocket costs and expenses (including
reasonable attorneys’ fees) otherwise owing to it pursuant to the foregoing indemnity. For the avoidance of doubt, all indemnities
payable under this subsection and liquidated damages shall be uncapped and payable as Company Administrative Expenses in accordance with
the Priority of Payments.


 


(j)            Subject
to Section 7.1(k), the Designated Transaction Representative may resign its duties hereunder by providing the Co-Issuers with
fifteen (15) days’ prior written notice. Subject to Section 7.1(k), the Co-Issuers may remove the Designated Transaction
Representative for cause by providing the Designated Transaction Representative with at least fifteen (15) days’ prior written notice
(with a copy to the Trustee, the Note Administrator and each Rating Agency) if (i) the Designated Transaction Representative shall
default in the performance of any of its duties under this Agreement and, after notice of such default, shall not cure such default within
fifteen (15) days (or, if such default cannot be cured in such time, shall not have given within ten (10) days such assurance of
cure as shall be reasonably satisfactory to the Co-Issuers), (ii) the Designated Transaction Representative is dissolved (other than
pursuant to a consolidation, amalgamation or merger) or has a resolution passed for its winding-up, official management or liquidation
(other than pursuant to a consolidation, amalgamation or merger), (iii) a court having jurisdiction in the premises shall enter a
decree or order for relief, and such decree or order shall not have been vacated within sixty (60) days, in respect of the Designated
Transaction Representative in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the Designated Transaction
Representative or any substantial part of its property or order the winding-up or liquidation of its affairs or (iv) the Designated
Transaction Representative shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, shall consent to the appointment
of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the Designated Transaction Representative
or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of its
property, shall make any general assignment for the benefit of creditors or shall fail generally to pay its debts as they become due.
The Designated Transaction Representative agrees that if any of the events specified in clauses (ii), (iii) or (iv) shall
occur, it shall give written notice thereof to the Co-Issuers, the Trustee, the Note Administrator and each Rating Agency within three
(3) Business Days after the happening of such event. The Designated Transaction Representative shall cooperate with the Issuer and
any successor Designated Transaction Representative, and take all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Designated Transaction Representative.


 






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(k)           No
resignation or removal of the Designated Transaction Representative pursuant to this Section shall be effective until a successor
Designated Transaction Representative shall have been appointed by the Co-Issuers that is reasonably acceptable to a Majority of the Preferred
Shares. If a successor Designated Transaction Representative does not take office within fifteen (15) days after the retiring Designated
Transaction Representative resigns or is removed, the retiring Designated Transaction Representative, the Issuer, a Majority of the Controlling
Class, may petition a court of competent jurisdiction for the appointment of a successor Designated Transaction Representative at the
expense of the Issuer.


 


(l)            Subject
to Section 7.1(k), at any time that the Designated Transaction Representative is the same institution as the Note Administrator,
the Designated Transaction Representative hereby agrees that upon the appointment of a successor Note Administrator, the Designated Transaction
Representative shall immediately resign and such successor Note Administrator shall automatically become the Designated Transaction Representative
under this Agreement. Any such successor Note Administrator shall be required to agree to assume the duties of the Designated Transaction
Representative under the terms and conditions of this Agreement in its acceptance of appointment as successor Note Administrator.


 


The Designated Transaction Representative
may be removed by the Issuer at any time with cause, or without cause upon thirty (30) days’ written notice to the Designated Transaction
Representative, the Trustee, the Note Administrator, the Operating Advisor, the Sub-Servicer and the 17g-5 Information Provider an each
Rating Agency.


 


ARTICLE 8


 


SUPPLEMENTAL INDENTURES


 


Section 8.1    Supplemental
Indentures Without Consent of Securityholders.


 


(a)          Without
the consent of the Holders of any Notes or any Preferred Shareholders, and without satisfaction of the Rating Agency Condition, the Issuer,
the Co-Issuer, when authorized by Board Resolutions of the Co-Issuers, the Advancing Agent, the Trustee and the Note Administrator, at
any time and from time to time subject to the requirement provided below in this Section 8.1, may enter into one or more indentures
supplemental hereto, in form satisfactory to the parties thereto, for any of the following purposes:


 


(i)           evidence
the succession of any Person to the Issuer or the Co-Issuer and the assumption by any such successor of the covenants of the Issuer or
the Co-Issuer, as applicable, herein and in the Notes;


 


(ii)          add
to the covenants of the Issuer, the Co-Issuer, the Note Administrator, the Advancing Agent or the Trustee for the benefit of the Holders
of the Notes, Preferred Shareholders or to surrender any right or power herein conferred upon the Issuer or the Co-Issuer, as applicable;


 


(iii)         convey,
transfer, assign, mortgage or pledge any property to or with the Trustee, or add to the conditions, limitations or restrictions on the
authorized amount, terms and purposes of the issue, authentication and delivery of the Notes;


 


(iv)         evidence
and provide for the acceptance of appointment hereunder of a successor Trustee or a successor Note Administrator and to add to or change
any of the provisions of this


 






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Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Sections 6.9, 6.10 and 6.12 hereof;


 


(v)          correct
or amplify the description of any property at any time subject to the lien of this Indenture, or to better assure, convey and confirm
unto the Trustee any property subject or required to be subject to the lien of this Indenture (including, without limitation, any and
all actions necessary or desirable as a result of changes in law or regulations) or to subject any additional property to the lien of
this Indenture;


 


(vi)         modify
the restrictions on and procedures for resales and other transfers of Notes to reflect any changes in applicable law or regulation (or
the interpretation thereof) or to enable the Issuer and the Co-Issuer to rely upon any exemption or exclusion from registration under
the Securities Act, the Exchange Act or the 1940 Act (including, without limitation, (A) to prevent any Class of Notes from
being considered an “ownership interest” under the Volcker Rule or (B) to prevent the Issuer or the Co-Issuer from
being considered a “covered fund” under the Volcker Rule) or to remove restrictions on resale and transfer to the extent not
required thereunder;


 


(vii)        accommodate
the settlement of the Notes in book-entry form through the facilities of DTC, Euroclear or Clearstream, Luxembourg or otherwise;


 


(viii)       take
any action commercially reasonably necessary or advisable as required for the Issuer to comply with the requirements of FATCA (or the
Cayman FATCA Legislation); or to prevent the Issuer from failing to qualify as a Qualified REIT Subsidiary or other disregarded entity
of a REIT for U.S. federal income tax purposes or from otherwise being treated as a foreign corporation engaged in a trade or business
in the United States for U.S. federal income tax purposes, or to prevent the Issuer, the holders of the Notes, the holders of the Preferred
Shares, or the Trustee from being subject to withholding or other taxes, fees or assessments or from otherwise being subject to U.S. federal,
state, local or foreign income or franchise tax on a net income tax basis;


 


(ix)         amend
or supplement any provision of this Indenture to the extent necessary to maintain the then-current ratings assigned to the Notes;


 


(x)          authorize
the appointment of any listing agent, transfer agent, paying agent or additional registrar for any Class of Notes required or advisable
in connection with the listing of any Class of Notes on any stock exchange, and otherwise to amend this Indenture to incorporate
any changes required or requested by any governmental authority, stock exchange authority, listing agent, transfer agent, paying agent
or additional registrar for any Class of Notes in connection therewith;


 


(xi)         evidence
changes to applicable laws and regulations;


 


(xii)          to
modify, eliminate or add to any of the provisions of this Indenture in the event the Regulation RR, the EU Securitization Laws or the
UK Securitization Laws (as applicable) are amended or repealed, in order to modify or eliminate the risk retention requirements in the
event of such amendment or repeal; provided that (a) in relation to the Regulation RR, the Trustee has received an opinion
of counsel or (b) in relation to the EU Securitization Laws and the UK Securitization Laws, the EU/UK Retention Holder (1) consents
thereto and (2) certifies to the Trustee that it has received written legal advice, in each case, to the effect the action is consistent
with and will not cause a violation of the Regulation RR, the EU Securitization Laws or the UK Securitization Laws (as applicable);


 






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(xiii)        reduce
the minimum denominations required for transfer of the Notes;


 


(xiv)        modify
the provisions of this Indenture with respect to reimbursement of Nonrecoverable Interest Advances if (a) the Special Servicer determines
that the commercial mortgage securitization industry standard for such provisions has changed, in order to conform to such industry standard
and (b) such modification does not adversely affect the status of Issuer for U.S. federal income tax purposes, as evidenced by an
Opinion of Counsel;


 


(xv)         modify
the procedures set forth in this Indenture relating to compliance with Rule 17g-5 of the Exchange Act; provided that the change
would not materially increase the obligations of the Note Administrator, the Trustee, any paying agent, the Operating Advisor, the Servicer
or the Special Servicer (in each case, without such party’s consent) and would not adversely affect in any material respect the
interests of any Noteholder or Holder of the Preferred Shares; provided, further, that the Special Servicer must provide
a copy of any such amendment to the 17g-5 Information Provider for posting to the Rule 17g-5 Website and provide notice of any such
amendment to the Rating Agencies;


 


(xvi)        at
the direction of 100% of the holders of the Preferred Shares (including any party that shall become the beneficial owner of 100% of the
Preferred Shares because of a default under any financing arrangement for which the Preferred Shares are security), modify the provisions
of this Indenture to adopt restrictions provided by tax counsel in order to prevent the Issuer from being treated as a foreign corporation
that is engaged in a trade or business in the United States for U.S. federal income tax purposes or otherwise become subject to U.S. federal
withholding tax or U.S. federal income tax on a net income basis; and


 


(xvii)       make
such changes (including the removal and appointment of any listing agent, transfer agent, paying agent or other additional registrar in
Ireland) as shall be necessary or advisable in order for the Offered Notes to be or to remain listed on an exchange and otherwise to amend
this Indenture to incorporate any changes required or requested by governmental authority, stock exchange authority, listing agent, transfer
agent, paying agent or additional registrar for the Notes in connection therewith.


 


provided
that (subject to the further provisions on modification and amendment of this Indenture) such action will not adversely affect the tax
treatment of the Notes as indebtedness, constitute an event requiring the beneficial owner of the Offered Notes to recognize gain or loss
for U.S. federal income tax purposes or cause the Issuer to be subject to U.S. federal tax on a net income basis.


 


The Trustee shall not enter
into any such supplemental indenture unless the Trustee and the Note Administrator have received, in addition to such other requirements
under the Indenture, a No Trade or Business Opinion from counsel to the Issuer.


 


The Note Administrator and Trustee
are each hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements
and stipulations which may be therein contained, but the Note Administrator and Trustee shall not be obligated to enter into any such
supplemental indenture which affects the Note Administrator’s or Trustee’s own rights, duties, liabilities or immunities under
this Indenture or otherwise, except to the extent required by law.


 


(b)          Notwithstanding
Section 8.1(a) or any other provision of this Indenture, without prior notice to, and without the consent of, the Holders
of any Notes or any Preferred Shareholders, and without satisfaction of the Rating Agency Condition, the Issuer, the Co-Issuer, when authorized
by Board Resolutions of the Co-Issuers, the Advancing Agent, the Trustee and the Note Administrator, may enter


 






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into one or more indentures
supplemental hereto, in form satisfactory to the Trustee and the Note Administrator, for any of the following purposes:


 


(i)     conform
this Indenture to the provisions described in the Offering Memorandum (or any supplement thereto);


 


(ii)    to
correct any defect or ambiguity in this Indenture in order to address any manifest error, omission or mistake in any provision of this
Indenture; and


 


(iii)   to
provide for the Notes of each Class to bear interest based on the applicable Benchmark Replacement from and after the related Benchmark
Replacement Date; and/or at the direction of the Designated Transaction Representative, to make Benchmark Replacement Conforming Changes.


 


(c)            In
addition, in the event that any or all restrictions and/or limitations under Regulation RR, the EU Securitization Laws, the UK Securitization
Laws or any other regulations relating to risk retention requirements in securitization transactions are withdrawn, repealed or modified
to be less restrictive on the Sponsor and/or the EU/UK Retention Holder, as applicable, then at the request of the Sponsor and/or the
EU/UK Retention Holder, as applicable, in each case certifying to the Trustee that it has received written legal advice to the effect
the action is consistent with and will not cause a violation of Regulation RR, the EU Securitization Laws or the UK Securitization Laws,
the Issuer, the Co-Issuer, the Trustee and the Note Administrator agree to modify any corresponding terms of the Indenture to reflect
any such withdrawal, repeal or modification; provided however, no supplemental indenture may increase the obligations of the Trustee
or the Note Administrator without their consent.


 


Section 8.2     Supplemental
Indentures with Consent of Securityholders.


 


Except as set forth below, the
Note Administrator, the Trustee, the Advancing Agent and the Co-Issuers may enter into one or more indentures supplemental hereto to add
any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or modify in any manner the rights of
the Holders of any Class of Notes or the Preferred Shares under this Indenture only (x) with the consent of the Holders of at
least Majority in Aggregate Outstanding Amount of the Notes of each Class (excluding any Notes owned by the Issuer, the Seller or
any of their Affiliates) and the Holder of Preferred Shares, by Act of said Securityholders delivered to the Trustee, the Note Administrator
and the Co-Issuers, and (y) subject to satisfaction of the Rating Agency Condition, notice of which may be in electronic form. The
consent of the Holders of any Class of Notes or the Holders of the Preferred Shares shall be binding on all present and future Holders
of such Class of Notes or Holders of the Preferred Shares, as applicable.


 


Without (x) the consent
of all of the Holders of each Outstanding Class of Notes and all of the Holders of the Preferred Shares and (y) satisfaction
of the Rating Agency Condition, no supplemental indenture may:


 


(a)            change
the Stated Maturity Date of the principal of or the due date of any installment of interest on any Note, reduce the principal amount thereof
or the Note Interest Rate thereon or the Redemption Price with respect to any Note, change the date of any scheduled distribution on the
Preferred Shares, or the Redemption Price with respect thereto, change the earliest date on which any Note may be redeemed at the option
of the Issuer, change the provisions of this Indenture that apply proceeds of any Collateral to the payment of principal of or interest
on Notes or of distributions to the Preferred Share Paying Agent for the payment of distributions in respect of the Preferred Shares or
change any place where, or the coin or currency in which, any Note or the principal thereof or interest thereon is payable, or impair


 






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the right to institute suit for the enforcement of any such payment on or after the Stated Maturity Date thereof (or, in the case of redemption,
on or after the applicable Redemption Date);


 


(b)            reduce
the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class or the Notional Amount of Preferred Shares of
the Holders thereof whose consent is required for the authorization of any such supplemental indenture or for any waiver of compliance
with certain provisions of this Indenture or certain Defaults hereunder or their consequences provided for in this Indenture;


 


(c)            impair
or adversely affect the Collateral except as otherwise permitted in this Indenture;


 


(d)            permit
the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Collateral or
terminate such lien on any property at any time subject hereto or deprive the Holder of any Note of the security afforded to such Holder
by the lien of this Indenture;


 


(e)            reduce
the percentage of the Aggregate Outstanding Amount of Holders of Notes of each Class whose consent is required to request the Trustee
to preserve the Collateral or rescind any election to preserve the Collateral pursuant to Section 5.5 or to sell or liquidate
the Collateral pursuant to Section 5.4 or 5.5 hereof;


 


(f)            modify
any of the provisions of this Section 8.2, except to increase any percentage of Outstanding Notes whose holders’ consent
is required for any such action or to provide that other provisions of this Indenture cannot be modified or waived without the consent
of the Holder of each Outstanding Note affected thereby;


 


(g)            modify
the definition of the terms “Outstanding” or “Priority of Payments”;


 


(h)            modify
any of the provisions of this Indenture in such a manner as to affect the calculation of the amount of any payment of interest on or principal
of any Note on any Payment Date or of distributions to the Preferred Share Paying Agent for the payment of distributions in respect of
the Preferred Shares on any Payment Date (or any other date) or to affect the rights of the Securityholders to the benefit of any provisions
for the redemption of such Securities contained herein;


 


(i)            reduce
the permitted minimum denominations of the Notes below the minimum denomination necessary to maintain an exemption from the registration
requirements of the Securities Act or the 1940 Act;


 


(j)            modify
any provisions regarding non-recourse or non-petition covenants with respect to the Issuer and the Co-Issuer; or


 


(k)           modify
any provisions of Section 8.1 or Section 8.2 (with respect to supplemental indentures).


 


The Trustee and the Note Administrator
shall be entitled to rely upon an Officer’s Certificate of the Issuer in determining whether or not the Securityholders would be
materially or adversely affected by such change (after giving notice of such change to the Securityholders). Such determination shall
be conclusive and binding on all present and future Securityholders. Neither the Trustee nor the Note Administrator shall be liable for
any such determination made in good faith.


 






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Section 8.3     Execution
of Supplemental Indentures.


 


In executing or accepting the
additional trusts created by any supplemental indenture permitted by this Article 8 or the modifications thereby of the trusts
created by this Indenture, the Note Administrator and Trustee shall be entitled to receive, and shall be fully protected in relying upon,
an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that
all conditions precedent thereto have been satisfied (which Opinion of Counsel may rely upon an Officer’s Certificate as to whether
or not the Securityholders would be materially and adversely affected by such supplemental indenture). The Note Administrator and Trustee
may, but shall not be obligated to, enter into any such supplemental indenture which affects its own rights, duties or immunities under
this Indenture or otherwise.


 


The Issuer will be required
to provide a draft of any proposed supplement, modification or amendment to the Indenture to the Note Administrator for posting on the
Note Administrator’s website at least ten (10) Business Days before such supplement, modification or amendment is executed.


 


The Servicer and Special Servicer
will be bound to follow any amendment or supplement to this Indenture of which it has received written notice at least ten (10) Business
Days prior to the execution and delivery of such amendment or supplement; provided, however, that with respect to any amendment
or supplement to this Indenture which may, in the judgment of the Servicer or the Special Servicer adversely affect the Servicer or the
Special Servicer, the Servicer or the Special Servicer, as applicable, shall not be bound (and the Issuer agrees that it will not permit
any such amendment to become effective) unless the Servicer or the Special Servicer, as applicable, gives written consent to the Note
Administrator, the Trustee and the Issuer to such amendment. The Issuer, the Trustee and the Note Administrator shall give written notice
to the Servicer and Special Servicer of any amendment made to this Indenture pursuant to its terms. In addition, the Servicer and Special
Servicer’s written consent shall be required prior to any amendment to this Indenture by which it is adversely affected.


 


The Sponsor’s written
consent shall be required prior to any amendment to this Indenture by which the Sponsor is adversely affected.


 


At the cost of the Issuer, the
Note Administrator shall provide to each Noteholder, each holder of Preferred Shares and, for so long as any Class of Notes shall
remain Outstanding and is rated, the Note Administrator shall provide to the 17g-5 Information Provider and the Rating Agencies a copy
of any proposed supplemental indenture at least fifteen (15) Business Days prior to the execution thereof by the Note Administrator, and
following execution shall provide to the 17g-5 Information Provider and the Rating Agencies a copy of the executed supplemental indenture.


 


The Trustee shall not enter
into any such supplemental indenture (i) if such action would adversely affect the tax treatment of the Holders of the Notes as described
in the Offering Memorandum under the heading “Certain U.S. Federal Income Tax Considerations” to any material extent or otherwise
cause any of the statements described in the Offering Memorandum under the heading “Certain U.S. Federal Income Tax Considerations”
to be inaccurate or incorrect to any material extent, and (ii) unless the Trustee and the Note Administrator has received an Opinion
of Counsel from Dechert LLP, Skadden, Arps, Slate, Meagher & Flom LLP or other nationally recognized U.S. tax counsel experienced
in such matters that the proposed supplemental indenture will not cause the Issuer to be treated as a foreign corporation that is engaged
in a trade or business in the United States for U.S. federal income tax purposes. The Trustee and the Note Administrator shall be entitled
to rely upon (i) the receipt of notice from the Rating Agencies or the Requesting Party, which may be in electronic form, that the
Rating Agency Condition has been satisfied and (ii) receipt of an Opinion of Counsel forwarded to the Trustee and the Note Administrator
certifying that, following provision of notice of such supplemental indenture to the Noteholders and holders of the


 






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Preferred Shares,
that the Securityholders would not be materially and adversely affected by such supplemental indenture. Such determination shall be conclusive
and binding on all present and future Securityholders. Neither the Trustee nor the Note Administrator shall be liable for any such determination
made in good faith and in reliance upon such Opinion of Counsel, as the case may be.


 


It shall not be necessary for
any Act of Securityholders under this Section 8.3 to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof.


 


Promptly after the execution
by the Issuer, the Co-Issuer, the Note Administrator and the Trustee of any supplemental indenture pursuant to this Section 8.3,
the Note Administrator, at the expense of the Issuer, shall mail to the Securityholders, the Preferred Share Paying Agent, the Servicer,
the Special Servicer, the Operating Advisor, the Sponsor and, so long as the Notes are Outstanding and so rated, the Rating Agencies a
copy thereof based on an outstanding rating. Any failure of the Trustee and the Note Administrator to publish or mail such notice, or
any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.


 


Section 8.4     Effect
of Supplemental Indentures.


 


Upon the execution of any supplemental
indenture under this Article 8, this Indenture shall be modified in accordance therewith, such supplemental indenture shall
form a part of this Indenture for all purposes and every Holder of Notes theretofore and thereafter authenticated and delivered hereunder,
and every Holder of Preferred Shares, shall be bound thereby.


 


Section 8.5     Reference
in Notes to Supplemental Indentures.


 


Notes authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article 8 may, and if required by the Note Administrator
shall, bear a notice in form approved by the Note Administrator as to any matter provided for in such supplemental indenture. If the Issuer
and the Co-Issuer shall so determine, new Notes, so modified as to conform in the opinion of the Note Administrator and the Issuer and
the Co-Issuer to any such supplemental indenture, may be prepared and executed by the Issuer and the Co-Issuer and authenticated and delivered
by the Note Administrator in exchange for Outstanding Notes. Notwithstanding the foregoing, any Note authenticated and delivered hereunder
shall be subject to the terms and provisions of this Indenture, and any supplemental indenture.


 


ARTICLE 9


 


REDEMPTION OF SECURITIES; REDEMPTION PROCEDURES


 


Section 9.1     Clean-up
Call; Tax Redemption; Optional Redemption; and Auction Call Redemption.


 


(a)            The
Notes shall be redeemed by the Issuer and the Co-Issuer, as applicable, at the direction of a Majority of the Preferred Shareholders by
written notice to the Issuer, the Note Administrator and the Trustee (such redemption, a “Clean-up Call”), in whole
but not in part, at a price equal to the applicable Redemption Prices on any Payment Date on or after the Payment Date on which the Aggregate
Outstanding Amount of the Offered Notes has been reduced to 10% or less of the Aggregate Outstanding Amount of the Offered Notes on the
Closing Date; provided that that the funds available to be used for such Clean-up Call will be sufficient to pay the Total Redemption
Price. Disposition of Collateral in connection with a Clean-up Call may include sales of Collateral to more than one purchaser, including
by means of sales of participation interests in one or more Commercial Real Estate Loans to more than one purchaser.


 






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(b)            The
Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at the written direction of a Majority
of Preferred Shareholders delivered to the Issuer, the Note Administrator and the Trustee, on the Payment Date following the occurrence
of a Tax Event if the Tax Materiality Condition is satisfied at a price equal to the applicable Redemption Prices (such redemption, a
 “Tax Redemption”); provided that that the funds available to be used for such Tax Redemption will be sufficient
to pay the Total Redemption Price. Upon the receipt of such written direction of a Tax Redemption, the Note Administrator shall provide
written notice thereof to the Securityholders and the Rating Agencies. Any sale or disposition of a Collateral Interest by the Special
Servicer in connection with a Tax Redemption shall be performed upon Issuer Order by the Special Servicer on behalf of the Issuer.


 


(c)            The
Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, and without payment of any penalty
or premium, at a price equal to the applicable Redemption Prices, on any Payment Date after the end of the Non-call Period, at the written
direction of a Majority of the Preferred Shareholders to the Issuer, the Note Administrator and the Trustee (such redemption, an “Optional
Redemption”); provided, however, that the funds available to be used for such Optional Redemption will be sufficient
to pay the Total Redemption Price. Notwithstanding anything herein to the contrary, the Issuer shall not sell any Collateral Interest
to any Affiliate other than the Retention Holder in connection with an Optional Redemption.


 


Notwithstanding anything herein
to the contrary in this Indenture, in the case of an Optional Redemption, if the Holder of the Preferred Shares and/or one or more Affiliates
thereof own 100% of one or more of the most junior Classes of Notes, such Holder(s) may elect to exchange such Notes and the Preferred
Shares as a credit towards a portion of the Total Redemption Price, in which case, the Total Redemption Price referred to in this Section 9.1(c) shall
exclude the cash Redemption Prices for the Classes subject to such election.


 


(d)            The
Notes shall be redeemable by the Issuer and the Co-Issuer, as applicable, in whole but not in part, at a price equal to the applicable
Redemption Prices, on any Payment Date occurring in January, April, July or October in each year, beginning on the Payment Date
occurring in May 2031, upon the occurrence of a Successful Auction, as defined in, and pursuant to the procedures set forth in, Section 3.18(b) of
the Servicing Agreement (such redemption, an “Auction Call Redemption”).


 


(e)            The
election by a Majority of the Preferred Shareholders to redeem the Notes pursuant to a Clean-up Call shall be evidenced by an Act of Majority
of the Preferred Shareholders directing the Note Administrator to pay to the Paying Agent the Redemption Price of all of the Notes to
be redeemed from funds in the Payment Account in accordance with the Priority of Payments. In connection with a Tax Redemption, the occurrence
of a Tax Event and satisfaction of the Tax Materiality Condition shall be evidenced by an Issuer Order certifying that such conditions
for a Tax Redemption have occurred. The election by a Majority of Preferred Shareholders to redeem the Notes pursuant to an Optional Redemption
shall be evidenced by an Act of Majority of the Preferred Shareholders certifying that the conditions for an Optional Redemption have
occurred.


 


(f)            A
redemption pursuant to Section 9.1(a), 9.1(b) or 9.1(c) shall not occur unless (i) at least five
(5) Business Days before the scheduled Redemption Date, (A) the Majority of the Preferred Shareholders shall have furnished
to the Trustee and the Note Administrator evidence (in a form reasonably satisfactory to the Trustee and the Note Administrator) that
the Special Servicer, on behalf of the Issuer, has entered into a binding agreement or agreements with one or more financial institutions
whose long-term unsecured debt obligations (other than such obligations whose rating is based on the credit of a Person other than such
institution) have a credit rating from Moody’s at least equal to the highest rating of any Notes then Outstanding or whose short-term
unsecured debt obligations have a credit rating of “ P-1” or


 






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higher by Moody’s (as long as the term of such agreement
is ninety (90) days or less), (B) the Rating Agency Condition has been satisfied with respect to the Rating Agencies, (C) at
least three (3) Business Days before the scheduled Redemption Date, the Special Servicer shall have furnished to the Trustee and
the Note Administrator evidence (in a form reasonably satisfactory to the Trustee and the Note Administrator) that the Special Servicer,
on behalf of the Issuer, has entered into a binding agreement or agreements with the Retention Holder to sell (directly or by participation
or other arrangement) all or part of the Collateral not later than the scheduled Redemption Date, or (D) at least 3 Business Days
prior to the scheduled Redemption Date, GPMT (or an Affiliate or agent thereof) has priced but not yet closed another securitization transaction,
and (ii) the related Sale Proceeds pursuant to clauses (i)(A) or (i)(C) or net proceeds pursuant to clause (i)(D),
as applicable, (in immediately available funds), together with all other available funds (including proceeds from the sale of the Collateral,
Eligible Investments maturing on or prior to the scheduled Redemption Date, all amounts in the Accounts and available Cash), shall be
an aggregate amount sufficient to pay all amounts, payments, fees and expenses in accordance with the Priority of Payments due and owing
on such Redemption Date.


 


Section 9.2     Notice
of Redemption.


 


(a)            In
connection with a Clean-up Call pursuant to Section 9.1(a), a Tax Redemption pursuant to Section 9.1(b), an Optional
Redemption pursuant to Section 9.1(c), or an Auction Call Redemption pursuant to Section 9.1(d), the Note Administrator
shall set the applicable Record Date ten (10) Business Days prior to the proposed Redemption Date. The Note Administrator shall deliver
to the Rating Agencies any notice received by it from the Issuer or the Special Servicer of such proposed Redemption Date, the applicable
Record Date, the principal amount of Notes to be redeemed on such Redemption Date and the Redemption Price of such Notes in accordance
with Section 9.1.


 


(b)            Any
such notice of an Optional Redemption, Clean-up Call or Tax Redemption may be withdrawn by the Issuer and the Co-Issuer at the direction
of a Supermajority of Preferred Shareholders r up to the second Business Day prior to the scheduled Redemption Date by written notice
to the Note Administrator, the Trustee, the Preferred Share Paying Agent, the Servicer, the Special Servicer, the Operating Advisor and
each Holder of Notes to be redeemed. The failure of any Optional Redemption, Clean-up Call or Tax Redemption that is withdrawn in accordance
with this Indenture shall not constitute an Event of Default.


 


Section 9.3     Notice
of Redemption or Maturity by the Issuer.


 


Any sale or disposition of a
Collateral Interest by the Trustee in connection with an Optional Redemption, Clean-up Call, Tax Redemption or Auction Call Redemption
shall be performed upon Issuer Order by the Special Servicer on behalf of the Issuer, and the Trustee shall have no responsibility or
liability therefore. Notice of redemption (or a withdrawal thereof) or Clean-up Call pursuant to Section 9.1 or the Maturity
of any Notes shall be given by first class mail, postage prepaid, mailed not less than ten (10) Business Days (or, where the notice
of an Optional Redemption, a Clean-up Call or a Tax Redemption is withdrawn pursuant to Section 9.2(b), four (4) Business
Days (or promptly thereafter upon receipt of written notice, if later)) prior to the applicable Redemption Date or Maturity, to (unless
the Note Administrator agrees to a shorter notice period) the Trustee, the Servicer, the Special Servicer, the Operating Advisor, the
Preferred Share Paying Agent, the Rating Agencies, and each Securityholder to be redeemed, at its address in the Note Register.


 


All notices of redemption shall
state:


 


(a)            the
applicable Redemption Date;


 






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(b)            the
applicable Redemption Price;


 


(c)            that
all the Notes are being paid in full and that interest on the Notes shall cease to accrue on the Redemption Date specified in the notice;
and


 


(d)            the
place or places where such Notes to be redeemed in whole are to be surrendered for payment of the Redemption Price which shall be the
office or agency of the Paying Agent as provided in Section 7.2.


 


Notice of redemption shall be
given by the Issuer and the Co-Issuer, or at their request, by the Note Administrator in their names, and at the expense of the Issuer.
Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the
redemption of any other Notes.


 


Section 9.4     Notes
Payable on Redemption Date.


 


Notice of redemption having
been given as aforesaid, the Notes to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified, and from and after the Redemption Date (unless the Issuer shall Default in the payment of the Redemption Price and accrued
interest thereon) the Notes shall cease to bear interest on the Redemption Date. Upon final payment on a Note to be redeemed, the Holder
shall present and surrender such Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided,
however, that if there is delivered to the Issuer, the Co-Issuer, the Note Administrator and the Trustee such security or indemnity
as may be required by them to hold each of them harmless and an undertaking thereafter to surrender such Note, then, in the absence of
notice to the Issuer, the Note Administrator and the Trustee that the applicable Note has been acquired by a bona fide purchaser, such
final payment shall be made without presentation or surrender. Payments of interest on the Notes so to be redeemed whose Maturity is on
or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such at
the close of business on the relevant Record Date according to the terms and provisions of Section 2.7(f).


 


If any Note called for redemption
shall not be paid upon surrender thereof for redemption, the principal thereof shall, until paid, bear interest from the Redemption Date
at the applicable Note Interest Rate for each successive Interest Accrual Period the Note remains Outstanding. Additionally, subject to
applicable laws and Section 9.4(a), any funds not distributed to a Holder of any Class of Notes on the Redemption Date
because of the failure of such Holder to surrender the related Note shall, from and after the Redemption Date, be set aside and held by
the Note Administrator for the benefit of such Holder.


 


Section 9.5     Mandatory
Redemption.


 


If
either of the Note Protection Tests is not satisfied as of the most recent Measurement Date, the Offered Notes shall be redeemed (a “Mandatory
Redemption”), from Interest Proceeds as set forth in Section 11.1(a)(i)(13) and, to the extent necessary
after the application of Interest Proceeds in accordance with Section 11.1(a)(i), Principal Proceeds as set forth in Section 11.1(a)(ii)(1) in
an amount necessary, and only to the extent necessary, for such Note Protection Test to be satisfied or, if sooner, until the Offered
Notes have been paid in full. On or promptly after such Mandatory Redemption, the Issuer shall certify or cause to be certified to the
Rating Agencies and the Note Administrator whether the Note Protection Tests have been satisfied.


 






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ARTICLE 10


 


ACCOUNTS, ACCOUNTINGS AND RELEASES


 


Section 10.1   Collection
of Amounts; Custodial Account.


 


(a)            Except
as otherwise expressly provided herein, the Note Administrator may demand payment or delivery of, and shall receive and collect, directly
and without intervention or assistance of any fiscal agent or other intermediary, all amounts and other property payable to or receivable
by the Note Administrator pursuant to this Indenture, including all payments due on the Collateral in accordance with the terms and conditions
of such Collateral. The Note Administrator shall segregate and hold all such amounts and property received by it in an Eligible Account
in trust for the Secured Parties, and shall apply such amounts as provided in this Indenture. Any Indenture Account may include any number
of subaccounts deemed necessary or appropriate by the Note Administrator for convenience in administering such account.


 


(b)            The
Note Administrator in its capacity as Securities Intermediary on behalf of the Trustee for the benefit of the Secured Parties (the “Securities
Intermediary”) shall, upon receipt, credit all Collateral Interests and Eligible Investments to an account in its own name for
the benefit of the Secured Parties designated as the “Custodial Account.”


 


Section 10.2   [Reserved].


 


Section 10.3   Payment
Account.


 


(a)            The
Note Administrator shall, on or prior to the Closing Date, establish a single, segregated trust account which shall be designated as the
 “Payment Account,” which shall be held in trust for the benefit of the Secured Parties and over which the Note Administrator
shall have exclusive control and the sole right of withdrawal. Any and all funds at any time on deposit in, or otherwise to the credit
of, the Payment Account shall be held in trust by the Note Administrator, on behalf of the Trustee for the benefit of the Secured Parties.
Except as provided in Sections 11.1 and 11.2, the only permitted withdrawal from or application of funds on deposit in,
or otherwise to the credit of, the Payment Account shall be (i) to pay the interest on and the principal of the Notes and make other
payments in respect of the Notes in accordance with their terms and the provisions of this Indenture, (ii) to deposit into the Preferred
Share Distribution Account for distributions to the Preferred Shareholders, (iii) upon Issuer Order, to pay other amounts specified
therein, and (iv) otherwise to pay amounts payable pursuant to and in accordance with the terms of this Indenture, each in accordance
with the Priority of Payments.


 


(b)            The
Note Administrator agrees to give the Issuer prompt notice if it becomes aware that the Payment Account or any funds on deposit therein,
or otherwise to the credit of the Payment Account, becomes subject to any writ, order, judgment, warrant of attachment, execution or similar
process. The Issuer shall have no legal, equitable or beneficial interest in the Payment Account other than in accordance with the Priority
of Payments. The Payment Account shall remain at all times an Eligible Account.


 


Section 10.4   Permitted
Companion Participation Acquisition Account.


 


(a)            The
Note Administrator shall, on or prior to the Closing Date, establish a single, segregated trust account which shall be designated as the
 “Permitted Companion Participation Acquisition Account” which shall be held in trust for the benefit of the Secured Parties
and over which the Note Administrator shall have exclusive control and the sole right of withdrawal. All amounts credited to the


 






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Permitted
Companion Participation Acquisition Account pursuant to this Indenture shall be held by the Note Administrator as part of the Collateral
and shall be applied to the purposes herein provided.


 


(b)            So
long as the Note Protection Tests are satisfied as of the most recent Measurement Date, upon receipt of Permitted Principal Proceeds by
the Note Administrator, the Note Administrator shall deposit such funds into the Permitted Companion Participation Acquisition Account.


 


(c)            The
Note Administrator agrees to give the Issuer prompt notice if it becomes aware that the Permitted Companion Participation Acquisition
Account or any funds on deposit therein, or otherwise to the credit of the Permitted Companion Participation Acquisition Account, becomes
subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Issuer shall have no legal, equitable or
beneficial interest in the Permitted Companion Participation Acquisition Account other than in accordance with the Priority of Payments.
The Permitted Companion Participation Acquisition Account shall remain at all times an Eligible Account.


 


(d)            The
only permitted withdrawals from or application of Permitted Principal Proceeds on deposit in, or otherwise standing to the credit of,
the Permitted Companion Participation Acquisition Account shall be (i) to acquire Companion Participations in accordance with Section 12.2
and (ii) to withdraw amounts for deposit into the Payment Account for application pursuant to Section 11.1(a)(ii) as
Principal Proceeds. Any Permitted Principal Proceeds deposited into the Permitted Companion Participation Acquisition Account will be
available for use by the Issuer (at the direction of the holder of a majority of the Preferred Shares) to acquire all or a portion of
one or more Companion Participations in accordance with Section 12.2 for a period, not to exceed the earlier of (1) 120
days from the date of deposit and (2) the end of the Companion Participation Acquisition Period. If the Issuer fails to acquire Related
Funded Companion Participations with such specified Permitted Principal Proceeds within such time period, or if the Issuer is directed
by the Seller on any Payment Date prior to the expiration of such time period, such Permitted Principal Proceeds (“Excluded Permitted
Principal Proceeds”) shall be withdrawn from the Permitted Companion Participation Acquisition Account and deposited into the
Payment Account for application pursuant to Section 11.1(a)(ii) as Principal Proceeds and the Issuer shall not be permitted
to cause any Excluded Permitted Principal Proceeds to be re-deposited into the Permitted Companion Participation Acquisition Account.
In addition, the Issuer may (at the direction of the Seller) direct the Note Administrator to, and upon such direction, the Note Administrator
shall, transfer any amounts on deposit in the Permitted Companion Participation Acquisition Account to the Payment Account for application
pursuant to Section 11.1(a)(ii) as Principal Proceeds. Notwithstanding anything to the contrary in this Agreement, the
Issuer may not acquire any Future Funding Amounts. Upon the expiration of the Companion Participation Acquisition Period with respect
to any Permitted Principal Proceeds, the Note Administrator shall transfer such Permitted Principal Proceeds to the Payment Account for
application pursuant to Section 11.1(a)(ii) as Principal Proceeds. Permitted Principal Proceeds shall be applied to the
acquisition of Companion Participations on a first in first out basis.


 


Section 10.5   [Reserved].


 


Section 10.6   [Reserved]


 


Section 10.7   Interest
Advances.


 


(a)            With
respect to each Payment Date for which the sum of Interest Proceeds and, if applicable, Principal Proceeds, collected during the related
Due Period and remitted to the Note Administrator that are available to pay interest on the Notes in accordance with the Priority of Payments,
are insufficient to remit the interest due and payable with respect to the Class A Notes, the Class A-S Notes and the Class B
Notes on such Payment Date as a result of interest shortfalls on the Collateral Interests (or


 






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the application of interest received on
the Collateral Interests to pay certain expenses in accordance with the terms of the Servicing Agreement) (the amount of such insufficiency,
an “Interest Shortfall”), the Note Administrator shall provide the Advancing Agent with email notice of such Interest
Shortfall no later than the close of business on the Business Day preceding such Payment Date, at the following address: GPMT2021-FL3@gpmtreit.com,
or such other email address as provided by the Advancing Agent to the Note Administrator. The Note Administrator shall provide the Advancing
Agent with additional email notice, prior to any funding of an Interest Advance by the Advancing Agent, of any additional interest remittances
received by the Note Administrator after delivery of such initial notice that reduces such Interest Shortfall. No later than 10:00 a.m. (New
York time) on the related Payment Date, the Advancing Agent shall advance the difference between such amounts (each such advance, an “Interest
Advance”) by deposit of an amount equal to such Interest Advance in the Payment Account, subject to a determination of recoverability
by the Advancing Agent as described in Section 10.7(b), and subject to a maximum limit in respect of any Payment Date equal
to the lesser of (i) the aggregate amount of such Interest Shortfalls that would otherwise occur on the Class A Notes, the Class A-S
Notes and the Class B Notes and (ii) the aggregate amount of the interest payments not received in respect of Collateral Interests
with respect to such Payment Date (including, for such purpose, interest payments received on the Collateral Interests but applied to
pay certain expenses in accordance with the terms of the Servicing Agreement).


 


Notwithstanding
the foregoing, in no circumstance will the Advancing Agent be required to make an Interest Advance in respect of a Collateral Interest
to the extent that the aggregate outstanding amount of all unreimbursed Interest Advances would exceed the Aggregate Outstanding Amount
of the Class A Notes, the Class A-S Notes and the Class B Notes. In addition, in no event will the Advancing Agent or Backup
Advancing Agent be required to advance any payments in respect of interest on any Class of Notes other than the Class A Notes,
the Class A-S Notes and the Class B Notes or principal of any Note. Any Interest Advance made by the Advancing Agent with respect
to a Payment Date that is in excess of the actual Interest Shortfall for such Payment Date shall be refunded to the Advancing Agent by
the Note Administrator on the related Payment Date (or, if such Interest Advance is made prior to final determination by the Note Administrator
of such Interest Shortfall, on the Business Day of such final determination).


 


The
Advancing Agent shall provide the Note Administrator written notice of a determination by the Advancing Agent that a proposed Interest
Advance would constitute a Nonrecoverable Interest Advance no later than 10:00 a.m. (New York time) on the related Payment Date.
If the Advancing Agent shall fail to make any required Interest Advance by 10:00 a.m. (New York time) on the Payment Date upon which
distributions are to be made pursuant to Section 11.1(a)(i), the Note Administrator shall remove the Advancing Agent
in its capacity as advancing agent hereunder as permitted in Section 16.5(d) and the Backup Advancing Agent shall be
required to make such Interest Advance no later than 11:00 a.m. (New York time) on the Payment Date, subject to a determination of
recoverability by the Backup Advancing Agent as described in Section 10.7(b). Based upon available information at the time,
the Backup Advancing Agent or the Advancing Agent, as applicable, will provide fifteen (15) days prior notice to the Rating Agencies if
recovery of a Nonrecoverable Interest Advance would result in an Interest Shortfall on the next succeeding Payment Date. No later than
the close of business on the Determination Date related to a Payment Date on which the recovery of a Nonrecoverable Interest Advance would
result in an Interest Shortfall, the Backup Advancing Agent or the Advancing Agent, as applicable, will provide the Rating Agencies notice
of such recovery.


 


(b)            Notwithstanding
anything herein to the contrary, neither the Advancing Agent nor the Backup Advancing Agent, as applicable, shall be required to make
any Interest Advance unless such Person determines, in its sole discretion, exercised in good faith that such Interest Advance, or such
proposed Interest Advance, plus interest expected to accrue thereon at the Reimbursement Rate, will not be a Nonrecoverable Interest Advance.
In determining whether any proposed Interest Advance will be, or


 



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whether any Interest Advance previously made is, a Nonrecoverable Interest
Advance, the Advancing Agent or the Backup Advancing Agent, as applicable, will take into account:


 


(i)            amounts
that may be realized on each Mortgaged Property in its “as is” or then-current condition and occupancy;


 


(ii)           the
potential length of time before such Interest Advance may be reimbursed and the resulting degree of uncertainty with respect to such
reimbursement; and


 


(iii)          the
possibility and effects of future adverse changes with respect to the Mortgaged Properties, and


 


(iv)          the
fact that Interest Advances are intended to provide liquidity only and not credit support to the Holders of any Class of Notes entitled
thereto.


 


For purposes of any such determination
of whether an Interest Advance constitutes or would constitute a Nonrecoverable Interest Advance, an Interest Advance will be deemed to
be nonrecoverable if the Advancing Agent or the Backup Advancing Agent, as applicable, determines that future Interest Proceeds and Principal
Proceeds may be ultimately insufficient to fully reimburse such Interest Advance, plus interest thereon at the Reimbursement Rate within
a reasonable period of time. The Backup Advancing Agent will be entitled to conclusively rely on any affirmative determination by the
Advancing Agent that an Interest Advance would have been a Nonrecoverable Interest Advance. Absent bad faith, the determination by the
Advancing Agent or the Backup Advancing Agent, as applicable, as to the nonrecoverability of any Interest Advance shall be conclusive
and binding on the Holders of the Notes.


 


(c)            Each
of the Advancing Agent and the Backup Advancing Agent may recover any previously unreimbursed Interest Advance made by it (including any
Nonrecoverable Interest Advance), together with interest thereon, first, from Interest Proceeds and second (to the extent
that there are insufficient Interest Proceeds for such reimbursement), from Principal Proceeds to the extent that such reimbursement would
not trigger an additional Interest Shortfall; provided that if at any time an Interest Advance is determined to be a Nonrecoverable
Interest Advance, the Advancing Agent or the Backup Advancing Agent shall be entitled to recover all outstanding Interest Advances from
the Collection Account pursuant to the Servicing Agreement on any Business Day during any Interest Accrual Period prior to the related
Determination Date. The Advancing Agent shall be permitted (but not obligated) to defer or otherwise structure the timing of recoveries
of Nonrecoverable Interest Advances in such manner as the Advancing Agent determines is in the best interest of the Holders of the Notes,
as a collective whole, which may include being reimbursed for Nonrecoverable Interest Advances in installments.


 


(d)            The
Advancing Agent and the Backup Advancing Agent will each be entitled with respect to any Interest Advance made by it (including Nonrecoverable
Interest Advances) to interest accrued on the amount of such Interest Advance for so long as it is outstanding at the Reimbursement Rate.


 


(e)            The
obligations of the Advancing Agent and the Backup Advancing Agent to make Interest Advances in respect of the Class A Notes, the
Class A-S Notes and the Class B Notes will continue through the Stated Maturity Date, unless the Class A Notes, the Class A-S
Notes and the Class B Notes are previously redeemed or repaid in full.


 


(f)            In
no event will the Advancing Agent, in its capacity as such hereunder or the Note Administrator, in its capacity as Backup Advancing Agent
hereunder, be required to advance any amounts in respect of payments of principal of any Collateral Interest or Note.


 






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(g)            In
consideration of the performance of its obligations hereunder, the Advancing Agent shall be entitled to receive, at the times set forth
herein and subject to the Priority of Payments, to the extent funds are available therefor, the Advancing Agent Fee. For so long as Seller
(or any of its Affiliates) is the Advancing Agent and the Retention Holder (or any of its Affiliates) owns the Preferred Shares, the Advancing
Agent hereby agrees, on behalf of itself and its affiliates, to waive its rights to receive the Advancing Agent Fee and any Reimbursement
Interest. The Note Administrator shall not be entitled to an additional fee in respect of its role as Backup Advancing Agent. If the Advancing
Agent is terminated for failing to make an Interest Advance hereunder (as provided in Section 16.5(d)) (or for failing to
make a Servicing Advance under the Servicing Agreement) that the Advancing Agent did not determine to be nonrecoverable, the Backup Advancing
Agent or any applicable subsequent successor advancing agent will be entitled to receive the Advancing Agent Fee (plus Reimbursement Interest
on any Interest Advance made by the Backup Advancing Agent or applicable subsequent successor advancing agent) and shall be required to
make Interest Advances until a successor advancing agent is appointed under this Indenture.


 


(h)            The
determination by the Advancing Agent or the Backup Advancing Agent (in its capacity as successor Advancing Agent), as applicable, (i) that
it has made a Nonrecoverable Interest Advance (together with Reimbursement Interest thereon) or (ii) that any proposed Interest Advance,
if made, would constitute a Nonrecoverable Interest Advance, shall be evidenced by an Officer’s Certificate delivered promptly to
the Trustee, the Note Administrator, the Issuer and the 17g-5 Information Provider, setting forth the basis for such determination; provided
that failure to give such notice, or any defect therein, shall not impair or affect the validity of, or the Advancing Agent or the Backup
Advancing Agent, entitlement to reimbursement with respect to, any Interest Advance.


 


Section 10.8   Reports
by Parties.


 


(a)            The
Note Administrator shall supply, in a timely fashion, to the Issuer, the Trustee, the Servicer, the Special Servicer and the applicable
Directing Holder any information regularly maintained by the Note Administrator that the Issuer, the Trustee, the Servicer, the Special
Servicer or such Directing Holder may from time to time request in writing with respect to the Collateral or the Indenture Accounts and
provide any other information reasonably available to the Note Administrator by reason of its acting as Note Administrator hereunder and
required to be provided by Section 10.9. Each of the Issuer, the Servicer, and the Special Servicer shall promptly forward
to the Trustee and the Note Administrator any information in their possession or reasonably available to them concerning any of the Collateral
that the Trustee or the Note Administrator reasonably may request or that reasonably may be necessary to enable the Note Administrator
to prepare any report or to enable the Trustee or the Note Administrator to perform any duty or function on its part to be performed under
the terms of this Indenture.


 


Section 10.9   Reports;
Accountings.


 


(a)            Based
on the CREFC® Loan Periodic Update File prepared by the Servicer and delivered by the Servicer to the Note Administrator
no later than 2:00 p.m. (New York time) on the second Business Day before the Payment Date, the Note Administrator shall prepare
and make available on its website initially located at www.ctslink.com, on each Payment Date to Privileged Persons, a report substantially
in the form of Exhibit G hereto (the “Monthly Report”), setting forth the following information:


 


(i)            the
amount of the distribution of principal and interest on such Payment Date to the Noteholders and any reduction of the Aggregate Outstanding
Amount of the Notes;


 


(ii)           the
aggregate amount of compensation paid to the Note Administrator, the Trustee and servicing compensation paid to the Servicer during the
related Due Period;


 






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(iii)          the
Aggregate Outstanding Portfolio Balance outstanding immediately before and immediately after the Payment Date;


 


(iv)          the
number, Aggregate Outstanding Portfolio Balance, weighted average remaining term to maturity and weighted average interest rate of the
Collateral Interests as of the end of the related Due Period;


 


(v)           the
number and the Aggregate Principal Balance of Collateral Interests that are (A) delinquent 30-59 days, (B) delinquent 60-89
days, (C) delinquent 90 days or more and (D) current but Specially Serviced Loans or in foreclosure but not an REO Property;


 


(vi)          the
value of any REO Property owned by the Issuer or any Permitted Subsidiary as of the end of the related Due Period, on an individual Collateral
Interest basis, based on the most recent appraisal or valuation;


 


(vii)         the
amount of Interest Proceeds and Principal Proceeds received in the related Due Period;


 


(viii)        the
amount of any Interest Advances made by the Advancing Agent or the Backup Advancing Agent, as applicable;


 


(ix)           the
payments due pursuant to the Priority of Payments with respect to each clause thereof;


 


(x)            the
number and related Principal Balances of any Collateral Interests that have been (or are related to Commercial Real Estate Loans that
have been) extended or modified during the related Due Period on an individual Collateral Interest basis;


 


(xi)           the
amount of any remaining unpaid Interest Shortfalls as of the close of business on the Payment Date;


 


(xii)          a
listing of each Collateral Interest that was the subject of a principal prepayment during the related collection period and the amount
of principal prepayment occurring;


 


(xiii)        the
aggregate unpaid Principal Balance of the Collateral Interests outstanding as of the close of business on the related Determination Date;


 


(xiv)        with
respect to any Collateral Interest as to which a liquidation occurred during the related Due Period (other than through a payment in
full), (A) the number thereof and (B) the aggregate of all liquidation proceeds which are included in the Payment Account and
other amounts received in connection with the liquidation (separately identifying the portion thereof allocable to distributions of the
Notes);


 


(xv)         with
respect to any REO Property owned by the Issuer or any Permitted Subsidiary thereof, as to which the Special Servicer determined that
all payments or recoveries with respect to the related property have been ultimately recovered during the related collection period,
(A) the related Collateral Interest and (B) the aggregate of all liquidation proceeds and other amounts received in connection
with that determination (separately identifying the portion thereof allocable to distributions on the Securities);


 






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(xvi)        the
aggregate amount of interest on monthly debt service advances in respect of the Collateral Interests paid to the Advancing Agent and/or
the Backup Advancing Agent since the prior Payment Date;


 


(xvii)       a
listing of each modification, extension or waiver made with respect to each Collateral Interest;


 


(xviii)       an
itemized listing of any Special Servicing Fees received from the Special Servicer or any of its affiliates during the related Due Period;


 


(xix)         the
amount of any distributions to the Preferred Shares on the Payment Date; and


 


(xx)          the
Net Outstanding Portfolio Balance and whether any Control Shift Event or Consultation Termination Event has occurred and, if either such
event has occurred, whether either such event is continuing.


 


(b)            The
Note Administrator will post on the Note Administrator’s Website, any report received from the Servicer or the Special Servicer
detailing any breach of the representations and warranties with respect to any Collateral Interest by the Seller or any of its affiliates
and the steps taken by the Seller or any of its affiliates to cure such breach; a listing of any breach of the representations and warranties
with respect to any Collateral Interest by the Seller or any of its affiliates and the steps taken by the Seller or any of its affiliates
to cure such breach;


 


(c)            All
information made available on the Note Administrator’s Website will be restricted and the Note Administrator will only provide access
to such reports to Privileged Persons in accordance with this Indenture. In connection with providing access to its website, the Note
Administrator may require registration and the acceptance of a disclaimer.


 


(d)            Not
more than five (5) Business Days after receiving an Issuer Request requesting information regarding a Clean-up Call, a Tax Redemption,
an Auction Call Redemption or an Optional Redemption as of a proposed Redemption Date, the Note Administrator shall, subject to its timely
receipt of the necessary information to the extent not in its possession, compute the following information and provide such information
in a statement delivered to the Preferred Shareholders and the Preferred Share Paying Agent:


 


(i)            the
Aggregate Outstanding Amount of the Notes of the Class or Classes to be redeemed as of such Redemption Date;


 


(ii)           the
amount of accrued interest due on such Notes as of the last day of the Due Period immediately preceding such Redemption Date;


 


(iii)          the
Redemption Price;


 


(iv)          the
sum of all amounts due and unpaid under Section 11.1(a) (other than amounts payable on the Notes being redeemed or to
the Noteholders thereof); and


 


(v)           the
amount in the Collection Account and the Indenture Accounts (other than the Preferred Share Distribution Account) available for application
to the redemption of such Notes.


 


(e)            For
so long as the Retention Holder or any Affiliate thereof is the Subordinate Class Representative, the Issuer shall provide quarterly
updates on the status of the business plan for each


 






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Collateral Interest, which reports shall be posted to the Note Administrator’s
website. Such report shall be delivered by the Issuer to cts.cmbs.bond.admin@wellsfargo.com.


 


Section 10.10     Release
of Collateral Interests; Release of Collateral.


 


(a)            If
no Event of Default has occurred and is continuing and subject to Article 12 hereof, the Issuer may direct the Special Servicer
on behalf of the Trustee to release a Pledged Collateral Interest from the lien of this Indenture, by Issuer Order delivered to the Trustee
and the Custodian at least two (2) Business Days prior to the settlement date for any sale of a Pledged Collateral Interest, certifying
that (i) it has sold such Pledged Collateral Interest pursuant to and in compliance with Article 12 or (ii) in the
case of a redemption pursuant to Section 9.1, the proceeds from any such sale of Collateral Interests are sufficient to redeem
the Notes pursuant to Section 9.1, and, upon receipt of a Request for Release of such Collateral Interest from the Special
Servicer, the Custodian shall deliver any such Pledged Collateral Interest, if in physical form, duly endorsed to the broker or purchaser
designated in such Issuer Order or to the Issuer if so requested in the Issuer Order, or, if such Pledged Collateral Interest is represented
by a Security Entitlement, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor
as set forth in such Issuer Order. If requested, the Custodian may deliver any such Pledged Collateral Interest in physical form for examination
(prior to receipt of the sales proceeds) in accordance with street delivery custom. The Custodian shall (i) deliver any agreements
and other documents in its possession relating to such Pledged Collateral Interest and (ii) the Trustee, if applicable, duly assign
each such agreement and other document, in each case, to the broker or purchaser designated in such Issuer Order or to the Issuer if so
requested in the Issuer Order.


 


(b)           The
Issuer (or the Special Servicer on behalf of the Issuer) may deliver to the Trustee and Custodian at least three (3) Business Days
prior to the date set for redemption or payment in full of a Pledged Collateral Interest, an Issuer Order certifying that such Pledged
Collateral Interest is being paid in full. Thereafter, r the Special Servicer by delivery of a Request for Release, may direct the Custodian
to deliver such Pledged Collateral Interest and the related Collateral Interest File therefor on or before the date set for redemption
or payment, to the Special Servicer for redemption against receipt of the applicable redemption price or payment in full thereof.


 


(c)            With
respect to any Collateral Interest subject to a workout or restructuring, the Issuer (or the Special Servicer on behalf of the Issuer)
may, by Issuer Order delivered to the Trustee and Custodian at least two (2) Business Days prior to the date set for an exchange,
tender or sale, certify that a Collateral Interest is subject to a workout or restructuring and setting forth in reasonable detail the
procedure for response thereto. Thereafter, the Special Servicer may, in accordance with the terms of, and subject to any required consent
and consultation obligations set forth in the Servicing Agreement, direct the Custodian, by delivery to the Custodian of a Request for
Release, to deliver any Collateral to the Special Servicer in accordance with such Request for Release.


 


(d)           The
Special Servicer shall remit to the Servicer for deposit into the Collection Account any proceeds received by it from the disposition
of a Pledged Collateral Interest and treat such proceeds as Principal Proceeds, for remittance by the Servicer to the Note Administrator
on the first Remittance Date occurring thereafter. None of the Trustee, the Note Administrator or the Securities Intermediary shall be
responsible for any loss resulting from delivery or transfer of any such proceeds prior to receipt of payment in accordance herewith.


 


(e)           The
Trustee shall, upon receipt of an Issuer Order declaring that there are no Notes Outstanding and all obligations of the Issuer hereunder
have been satisfied, release the Collateral from the lien of this Indenture.


 






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(f)            Upon
receiving actual notice of any offer or any request for a waiver, consent, amendment or other modification with respect to any Collateral
Interest, or in the event any action is required to be taken in respect to a Loan Document, the Special Servicer on behalf of the Issuer
will promptly notify the applicable Directing Holder, the Operating Advisor, the Issuer and the Servicer of such request, and the Special
Servicer shall grant any waiver or consent, and enter into any amendment or other modification pursuant to the Servicing Agreement in
accordance with the Servicing Standard. In the case of any modification or amendment that results in the release of the related Collateral
Interest, notwithstanding anything to the contrary in Section 5.5(a), the Custodian, upon receipt of a Request for Release,
shall release the related Collateral Interest File upon the written instruction of the Servicer or the Special Servicer, as applicable.


 


Section 10.11     [Reserved]


 


Section 10.12     Information
Available Electronically.


 


(a)            The
Note Administrator shall make available to any Privileged Person the following items (in each case, as applicable, to the extent received
by it) by means of the Note Administrator’s Website the following items (to the extent such items were prepared by or delivered
to the Note Administrator in electronic format):


 


(i)            The
following documents, which will initially be available under a tab or heading designated “deal documents”:


 


(1)            the
final Offering Memorandum related to the Notes offered thereunder;


 


(2)            this
Indenture, and any schedules, exhibits and supplements thereto;


 


(3)            the
CREFC® Loan Setup file;


 


(4)            the
Issuer Charter,


 


(5)            the
Servicing Agreement, any schedules, exhibits and supplements thereto:


 


(6)            the
Preferred Share Paying Agency Agreement, and any schedules, exhibits and supplements thereto;


 


(ii)            The
following documents will initially be available under a tab or heading designated “periodic reports”:


 


(1)            the
Monthly Reports prepared by the Note Administrator pursuant to Section 10.9(a); and


 


(2)            certain
information and reports specified in the Servicing Agreement (including the collection of reports specified by CRE Finance Council or
any successor organization reasonably acceptable to the Note Administrator and the Servicer) known as the “CREFC®
Investor Reporting Package” relating to the Collateral Interests to the extent that the Note Administrator receives such information
and reports from the Servicer from time to time;


 






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(iii)            The
following documents, which will initially be available under a tab or heading designated “additional documents”:


 


(1)            inspection
reports delivered to the Note Administrator under the terms of the Servicing Agreement;


 


(2)            appraisals
delivered to the Note Administrator under the terms of the Servicing Agreement;


 


(3)            for
so long as the Retention Holder or any affiliate thereof is the Subordinate Class Representative, any quarterly updates on the status
of the business plan for each Collateral Interest delivered by the Issuer to the Note Administrator; and


 


(4)            the
Issuer hereby directs the Note Administrator to post any reports or such other information that, from time to time, the Issuer or the
Special Servicer provides to the Note Administrator to be made available on the Note Administrator’s Website;


 


(iv)            The
following documents, which will initially be available under a tab or heading designated “special notices”:


 


(1)            notice
of final payment on the Notes delivered to the Note Administrator pursuant to Section 2.7(d);


 


(2)            notice
of termination of the Servicer or the Special Servicer;


 


(3)            notice
of a Servicer Termination Event or a Special Servicer Termination Event, each as defined in the Servicing Agreement and delivered to the
Note Administrator under the terms of the Servicing Agreement;


 


(4)            notice
of the resignation of any party to this Indenture and notice of the acceptance of appointment of a replacement for any such party, to
the extent such notice is prepared or received by the Note Administrator;


 


(5)            officer’s
certificates supporting the determination that any Interest Advance was (or, if made, would be) a Nonrecoverable Interest Advance delivered
to the Note Administrator pursuant to Section 10.7(b);


 


(6)            any
direction received by the Note Administrator from the Subordinate Class Representative for the termination of the Special Servicer
during any period when such Person is entitled to make such a direction, and any direction of a Majority of the Notes to terminate the
Special Servicer in response to the recommendation of the Operating Advisor;


 


(7)            any
direction received by the Note Administrator from the Subordinate Class Representative for the termination of the Sub-Servicer during
any period when such person is entitled to make such a direction;


 


(8)            any
direction received by the Note Administrator from a Majority of the Controlling Class or a Supermajority of the Notes for the termination
of the Note Administrator or the Trustee pursuant to Section 6.9(c);


 






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(9)            any
notices from the Designated Transaction Representative with respect to any Benchmark Transition Event, Benchmark Replacement Date, Benchmark
Replacement, Benchmark Replacement Adjustment or any supplemental indenture implementing Benchmark Replacement Conforming Changes;


 


(10)            any
notice of a proposed supplement, amendment or modification to this Indenture; and


 


(11)            any
notice or documents provided to the Note Administrator by the Issuer or the Servicer directing the Note Administrator to post to the “special
notices” tab; and


 


(v)            any
notices required pursuant to the EU/UK Risk Retention Agreement and provided by the EU/UK Retention Holder or the Retention Holder to
the Note Administrator, if any, which will initially be available under a tab or heading designated “EU Risk Retention Notices;”


 


(vi)            the
following notices provided by the Retention Holder to the Note Administrator, if any, which will initially be available under a tab or
heading designated “U.S. Risk Retention Special Notices”:


 


(1)        any
changes to the fair values set forth in the “Credit Risk Retention” section of the Offering Memorandum between the
date of the Offering Memorandum and the Closing Date;


 


(2)        any
material differences between the valuation methodology or any of the key inputs and assumptions that were used in calculating the fair
value or range of fair values prior to the pricing of the Notes and the Closing Date; and


 


(3)        any
noncompliance of the applicable credit risk retention requirements under the credit risk retention requirements under Section 15G
of the Exchange Act by the Retention Holder or a Subsequent Retaining Holder as and to the extent the Sponsor is required under the credit
risk retention requirements under Section 15G of the Exchange Act;


 


(vii)            the
 “Investor Q&A Forum” pursuant to Section 10.13; and


 


(viii)            solely
to Noteholders and holders of any Preferred Shares, the “Investor Registry” pursuant to Section 10.13.


 


The Note Administrator shall,
in addition to posting the applicable (A) notices on the “U.S. Risk Retention Special Notices” tab and (B) any notices
required pursuant to the EU/UK Risk Retention Agreement and provided by the EU/UK Retention Holder, the Retention Holder, or to the Note
Administrator, initially available under a tab or heading designated “EU Risk Retention,” provide email notification to any
Privileged Person (other than market data providers) that has registered to receive access to the Note Administrator’s Website that
a notice has been posted to the “U.S. Risk Retention Special Notices” tab or “EU Risk Retention” tab.


 


Privileged Persons who execute
Exhibit H-2 shall only be entitled to access the Monthly Report, and shall not have access to any other information on the
Note Administrator’s Website. The Note Administrator shall, in addition to posting the applicable notices on the “U.S. Risk
Retention Special Notices” tab, provide email notification to any Privileged Person (other than market data providers) that


 






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has
registered to receive access to the Note Administrator’s website that a notice has been posted to the “U.S. Risk Retention
Special Notices” tab.


 


The Note Administrator’s
Website shall initially be located at www.ctslink.com. The foregoing information shall be made available by the Note Administrator
on the Note Administrator’s Website promptly following receipt. The Note Administrator may change the titles of the tabs and headings
on portions of its website, and may re-arrange the files as it deems proper. The Note Administrator shall have no obligation or duty to
verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or
otherwise is or is not anything other than what it purports to be. In the event that any such information is delivered or posted in error,
the Note Administrator may remove it from the Note Administrator’s Website. The Note Administrator has not obtained and shall not
be deemed to have obtained actual knowledge of any information posted to the Note Administrator’s Website to the extent such information
was not produced by the Note Administrator. In connection with providing access to the Note Administrator’s Website, the Note Administrator
may require registration and the acceptance of a disclaimer. The Note Administrator shall not be liable for the dissemination of information
in accordance with the terms of this Indenture, makes no representations or warranties as to the accuracy or completeness of such information
being made available, and assumes no responsibility for such information. Assistance in using the Note Administrator’s Website can
be obtained by calling 866-846-4526.


 


Section 10.13     Investor
Q&A Forum; Investor Registry.


 


(a)            The
Note Administrator shall make the “Investor Q&A Forum” available to Privileged Persons and prospective
purchasers of Notes that are Privileged Persons by means of the Note Administrator’s Website, where the Noteholders (including
beneficial owners of Notes) may (i) submit inquiries to the Note Administrator relating to the Monthly Reports, and submit
inquiries to the Servicer, the Special Servicer or, after the occurrence of a Control Termination Event with respect to any CLO
Controlled Collateral Interest, the Operating Advisor (each, a “Q&A Respondent”) relating to any servicing
reports prepared by that party, the Collateral Interests, or the properties related thereto (each an “Inquiry”
and collectively, “Inquiries”), and (ii) view Inquiries that have been previously submitted and answered,
together with the answers thereto. Upon receipt of an Inquiry for a Q&A Respondent, the Note Administrator shall forward the
Inquiry to the applicable Q&A Respondent, in each case via email or such other method as the Note Administrator, the Servicer or
the Special Servicer agree within a commercially reasonable period of time following receipt thereof. Following receipt of an
Inquiry, the Note Administrator and the applicable Q&A Respondent, unless such party determines not to answer such Inquiry as
provided below, shall reply to the Inquiry, which reply of the applicable Q&A Respondent shall be by email to the Issuer, the
Note Administrator, the Servicer and the Special Servicer or such other method as the Issuer, the Note Administrator, the Servicer
or the Special Servicer will agree. The Note Administrator shall post (within a commercially reasonable period of time following
preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Note Administrator’s
Website. If the Note Administrator or the applicable Q&A Respondent determines, in its respective sole discretion, that
(i) any Inquiry is not of a type described above, (ii) answering any Inquiry would not be in the best interests of the
Issuer or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law, the Loan Documents, this
Indenture or the Servicing Agreement, (iv) answering any Inquiry would materially increase the duties of, or result in
significant additional cost or expense to, the Issuer, the Note Administrator, the Operating Advisor, the Servicer or the Special
Servicer, as applicable or (v) answering any such Inquiry would reasonably be expected to result in the waiver of an attorney
client privilege or the disclosure of attorney work product, or is otherwise not advisable to answer, it shall not be required to
answer such Inquiry and shall promptly notify the Note Administrator of such determination. The Note Administrator shall notify the
Person who submitted such Inquiry in the event that the Inquiry shall not be answered in accordance with the terms of this
Indenture. Any notice by the Note Administrator to the Person


 






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who submitted an Inquiry that shall not be answered shall include the
following statement: “Because the Indenture and the Servicing Agreement provides that the Note Administrator, the Servicer,
the Operating Advisor and the Special Servicer shall not answer an Inquiry if it determines, in its respective sole discretion, that
(i) any Inquiry is beyond the scope of the topics described in the Indenture, (ii) answering any Inquiry would not be in
the best interests of the Issuer and/or the Noteholders, (iii) answering any Inquiry would be in violation of applicable law or
the Loan Documents, this Indenture or the Servicing Agreement, (iv) answering any Inquiry would materially increase the duties
of, or result in significant additional cost or expense to, the Issuer, the Note Administrator, the Operating Advisor, the Servicer
or the Special Servicer, as applicable, or (v) answering any such Inquiry would reasonably be expected to result in the waiver
of an attorney client privilege or the disclosure of attorney work product, or is otherwise not advisable to answer, no inference
shall be drawn from the fact that the Issuer, the Note Administrator, the Operating Advisor, the Servicer or the Special Servicer
has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum shall be attributable only to the Q&A
Respondent, and shall not be deemed to be answers from any other Person. Any Inquiry and the related answer posted to the Note
Administrator’s Website may be amended, modified, deleted or otherwise altered as the Issuer, the Note Administrator, the
Servicer or the Special Servicer, as applicable, may determine in its sole discretion. None of the Placement Agents, the Issuer, the
Co-Issuer, the Seller, the Advancing Agent, the Future Funding Indemnitor, the Retention Holder, the Servicer, the Special Servicer,
the Operating Advisor, the Note Administrator or the Trustee, or any of their respective Affiliates shall certify to any of the
information posted in the Investor Q&A Forum and no such party shall have any responsibility or liability for the content of any
such information. The Note Administrator shall not be required to post to the Note Administrator’s Website any Inquiry or
answer thereto that the Note Administrator determines, in its sole discretion, is administrative or ministerial in nature. The
Investor Q&A Forum shall not reflect questions, answers and other communications that are not submitted via the Note
Administrator’s Website. Additionally, the Note Administrator may require acceptance of a waiver and disclaimer for access to
the Investor Q&A Forum.


 


(b)            The
Note Administrator shall make available to any Noteholder or holder of Preferred Shares and any beneficial owner of a Note, the Investor
Registry. The “Investor Registry” shall be a voluntary service available on the Note Administrator’s Website, where
Noteholders and beneficial owners of Notes can register and thereafter obtain information with respect to any other Noteholder or beneficial
owner that has so registered. Any Person registering to use the Investor Registry shall be required to certify that (i) it is a Noteholder,
a beneficial owner of a Note or a holder of a Preferred Share and (ii) it grants authorization to the Note Administrator to make
its name and contact information available on the Investor Registry for at least forty-five (45) days from the date of such certification
to other registered Noteholders and registered beneficial owners or Notes. Such Person shall then be asked to enter certain mandatory
fields such as the individual’s name, the company name and email address, as well as certain optional fields such as address, and
phone number. If any Noteholder or beneficial owner of a Note notifies the Note Administrator that it wishes to be removed from the Investor
Registry (which notice may not be within forty-five (45) days of its registration), the Note Administrator shall promptly remove it from
the Investor Registry. The Note Administrator shall not be responsible for verifying or validating any information submitted on the Investor
Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Note Administrator may require acceptance
of a waiver and disclaimer for access to the Investor Registry.


 


(c)            Certain
information concerning the Collateral and the Notes, including the Monthly Reports, CREFC® Reports and supplemental notices,
shall be provided by the Note Administrator to certain market data providers upon receipt by the Note Administrator from such persons
of a certification in the form of Exhibit I hereto, which certification may be submitted electronically via the Note Administrator’s
Website. The Issuer hereby authorizes the provision of such information to Bloomberg L.P., Trepp, LLC, Intex Solutions, Inc.,
Markit Group Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics,
Thomson Reuters Corporation and PricingDirect


 



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Inc. and such other providers of data and analytical software as directed by the Issuer
in writing to the Note Administrator.


 


(d)            [Reserved]


 


(e)            The
17g-5 Information Provider will make the “Rating Agency Q&A Forum and Servicer Document Request Tool” available to NRSROs
via the 17g-5 Information Providers Website, where NRSROs may (i) submit inquiries to the Note Administrator relating to the Monthly
Report, (ii) submit inquiries to the Servicer or the Special Servicer relating to servicing reports prepared by such parties, or
the Collateral, except to the extent already obtained, (iii) submit requests for loan-level reports and information, and (iv) view
previously submitted inquiries and related answers or reports, as the case may be. Upon receipt of an inquiry or request for the Note
Administrator, the Servicer or the Special Servicer, as the case may be, the 17g-5 Information Provider shall forward such inquiry or
request to the Note Administrator, the Servicer or the Special Servicer, as applicable, in each case via email within a commercially reasonable
period of time following receipt thereof. The Trustee, the Note Administrator, the Issuer, the Co-Issuer, the Servicer or the Special
Servicer, as applicable, will be required to answer each inquiry, unless it determines that (a) answering the inquiry would be in
violation of applicable law, the Servicing Standard, this Indenture, the Servicing Agreement or the applicable loan documents, (b) answering
the inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product,
or (c) answering the inquiry would materially increase the duties of, or result in significant additional cost or expense to, such
party, and the performance of such additional duty or the payment of such additional cost or expense is beyond the scope of its duties
under this Indenture or the Servicing Agreement, as applicable. In the event that any of the Trustee, the Note Administrator, the Issuer,
the Co-Issuer, the Servicer or the Special Servicer declines to answer an inquiry, it shall promptly email the 17g-5 Information Provider
with the basis of such declination. The 17g-5 Information Provider will be required to post the inquiries and the related answers (or
reports, as applicable) on the Rating Agency Q&A Forum and Servicer Document Request Tool promptly upon receipt, or in the event that
an inquiry is unanswered, the inquiry and the basis for which it was unanswered. The Rating Agency Q&A Forum and Servicer Document
Request Tool may not reflect questions, answers, or other communications which are not submitted through the 17g-5 Website. Answers and
information posted on the Rating Agency Q&A Forum and Servicer Document Request Tool will be attributable only to the respondent,
and will not be deemed to be answers from any other Person. No such other Person will have any responsibility or liability for, and will
not be deemed to have knowledge of, the content of any such information.


 


Section 10.14     Certain
Procedures.


 


For so long as the Notes may
be transferred only in accordance with Rule 144A, the Issuer will ensure that any Bloomberg screen containing information about the
Rule 144A Global Notes includes the following (or similar) language:


 


(i)            the
 “Note Box” on the bottom of the “Security Display” page describing the Rule 144A Global Notes will state:
 “Iss’d Under 144A”;


 


(ii)            the
 “Security Display” page will have the flashing red indicator “See Other Available Information”; and


 


The indicator will link to the
 “Additional Security Information” page, which will state that the Notes are being offered in reliance on the exemption from
registration under Rule 144A of the Securities Act to persons who are qualified institutional buyers (as defined in Rule 144A
under the Securities Act).


 






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ARTICLE 11


 


APPLICATION OF FUNDS


 


Section 11.1     Disbursements
of Amounts from Payment Account.


 


(a)            Notwithstanding
any other provision in this Indenture, but subject to the other subsections of this Section 11.1 hereof, on each Payment Date,
the Note Administrator shall disburse amounts transferred to the Payment Account in accordance with the following priorities (the “Priority
of Payments”):


 


(i)            Interest
Proceeds. On each Payment Date that is not a Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration
of the Notes as a result of the occurrence and continuation of an Event of Default, Interest Proceeds with respect to the related
Due Period shall be distributed in the following order of priority:


 


(1)            to
the payment of taxes and filing fees (including any registered office and government fees) owed by the Issuer or the Co-Issuer, if any;


 


(2)            (a) first,
to the extent not previously reimbursed, to the Backup Advancing Agent and the Advancing Agent, in that order, the aggregate amount of
any Nonrecoverable Interest Advances due and payable to such party; (b) second, to the Advancing Agent (or to the Backup Advancing
Agent if the Advancing Agent has failed to make any Interest Advance required to be made by the Advancing Agent pursuant to the terms
hereof) the Advancing Agent Fee and any previously due but unpaid Advancing Agent Fee (with respect to amounts owed to the Advancing Agent,
unless waived by the Advancing Agent) (provided that the Advancing Agent or Backup Advancing Agent, as applicable, has not failed
to make any Interest Advance required to be made in respect of any Payment Date pursuant to the terms of this Indenture); and (c) third,
to the Advancing Agent and the Backup Advancing Agent to the extent due and payable to such party, Reimbursement Interest and reimbursement
of any outstanding Interest Advances not to exceed, in each case, the amount that would result in an Interest Shortfall with respect to
such Payment Date;


 


(3)            (a) first,
pro rata to the payment to the Note Administrator and to the Trustee of the accrued and unpaid fees in respect of their services
equal to U.S,.$5,250, in each case payable monthly (one portion of which is payable to the Trustee and a separate portion payable in connection
with the Designated Transaction Representative, each of which is payable by the Note Administrator), (b) second, to the payment
of other accrued and unpaid Company Administrative Expenses of (1) the Note Administrator, the Trustee, the Paying Agent and the
Preferred Share Paying Agent not to exceed the sum of U.S. $250,000 per Expense Year (of which U.S.$100,000 will be allocated to the Trustee
and U.S.$150,000 will be allocated to the Note Administrator (in each of its capacities); provided that any unused portions of
the foregoing cap remaining at the end of an Expense Year will be available to pay the Company Administrative Expenses of any of the Note
Administrator (in each of its capacities) or the Trustee) and (2) the Designated Transaction Representative, (i) not to exceed
the sum of U.S. $75,000 for the life of the transaction in connection with all out-of-pocket expenses, costs or fees associated with retaining
consultants, advisors or experts in connection with the discharge of its obligations and (ii) any indemnity and liquidated damages
owed to the Designated Transaction Representative for losses, liabilities, costs and expenses incurred in connection with its discharge
of its


 






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obligations, and (c) third, to the payment of any other accrued and unpaid Company Administrative Expenses, the aggregate
of all such amounts in this clause (c) (other than amounts payable to the Servicer or the Special Servicer) per Expense Year not
to exceed the greater of (i) 0.1% per annum of the Aggregate Outstanding Portfolio Balance and (ii) U.S.$150,000 per
annum;


 


(4)            to
the payment of the Class A Interest Distribution Amount plus any Class A Defaulted Interest Amount;


 


(5)            to
the payment of the Class A-S Interest Distribution Amount plus any Class A-S Defaulted Interest Amount;


 


(6)            to
the payment of the Class B Interest Distribution Amount plus any Class B Defaulted Interest Amount;


 


(7)            to
the payment of the Class C Interest Distribution Amount and, if no Class A Notes, Class A-S Notes and Class B Notes
are outstanding, any Class C Defaulted Interest Amount;


 


(8)            to
the payment of the Class C Deferred Interest Amount (in reduction of the Aggregate Outstanding Amount of the Class C Notes);


 


(9)            to
the payment of the Class D Interest Distribution Amount and, if no Class A Notes, Class A-S Notes, Class B Notes and
Class C Notes are outstanding, any Class D Defaulted Interest Amount;


 


(10)            to
the payment of the Class D Deferred Interest Amount (in reduction of the Aggregate Outstanding Amount of the Class D Notes);


 


(11)            to
the payment of the Class E Interest Distribution Amount and, if no Class A Notes, Class A-S Notes, Class B Notes,
Class C Notes and Class D Notes are outstanding, any Class E Defaulted Interest Amount;


 


(12)            to
the payment of the Class E Deferred Interest Amount (in reduction of the Aggregate Outstanding Amount of the Class E Notes);


 


(13)            if
either of the Note Protection Tests is not satisfied as of the Determination Date relating to such Payment Date, to the payment of, first,
principal on the Class A Notes, second, principal on the Class A-S Notes, third, principal on the Class B Notes, fourth,
principal on the Class C Notes and fifth, principal on the Class D Notes, sixth, principal on the Class E Notes, in each
case, to the extent necessary to cause each of the Note Protection Tests to be satisfied or, if sooner, until the Class A Notes,
the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes have been
paid in full;


 


(14)            to
the payment of the Class F Interest Distribution Amount and, if no Class A Notes, Class A-S Notes, Class B Notes,
Class C Notes, Class D Notes and Class E Notes are outstanding, any Class F Defaulted Interest Amount;


 


(15)            to
the payment of the Class F Deferred Interest Amount (in reduction of the Aggregate Outstanding Amount of the Class F Notes);


 






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(16)            to
the payment of the Class G Interest Distribution Amount and, if no Class A Notes, Class A-S Notes, Class B Notes,
Class C Notes, Class D Notes, Class E Notes and Class F Notes are outstanding, any Class G Defaulted Interest
Amount;


 


(17)            to
the payment of the Class G Deferred Interest Amount (in reduction of the Aggregate Outstanding Amount of the Class G Notes);


 


(18)            to
the payment of any Company Administrative Expenses not paid pursuant to clause (3) above in the order specified therein;


 


(19)            any
remaining Interest Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred
Share Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holder of the Preferred Shares subject
to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.


 


(ii)            Principal
Proceeds. On each Payment Date that is not a Redemption Date, the Stated Maturity Date or a Payment Date following an acceleration
of the Notes as a result of the occurrence and continuation of an Event of Default, Principal Proceeds with respect to the related Due
Period shall be distributed in the following order of priority:


 


(1)            to
the payment of the amounts referred to in clauses (1) through (4) and (13) of Section 11.1(a)(i) in the same
order of priority specified therein, without giving effect to any limitations on amounts payable set forth therein, but only to the extent
not paid in full thereunder;


 


(2)            to
the payment of principal of the Class A Notes until the Class A Notes have been paid in full;


 


(3)            to
the payment of amounts referred to in clause (5) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;


 


(4)            to
the payment of principal of the Class A-S Notes until the Class A-S Notes have been paid in full;


 


(5)            to
the payment of amounts referred to in clause (6) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;


 


(6)            to
the payment of principal of the Class B Notes until the Class B Notes have been paid in full;


 


(7)            to
the payment of amounts referred to in clause (7) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;


 


(8)            to
the payment of principal of the Class C Notes (including any Class C Deferred Interest Amounts) until the Class C Notes
have been paid in full;


 


(9)            to
the payment of amounts referred to in clause (9) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;


 






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(10)            to
the payment of principal of the Class D Notes (including any Class D Deferred Interest Amounts) until the Class D Notes
have been paid in full;


 


(11)            to
the payment of amounts referred to in clause (11) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;


 


(12)            to
the payment of principal of the Class E Notes (including any Class E Deferred Interest Amounts) until the Class E Notes
have been paid in full;


 


(13)            to
the payment of amounts referred to in clause (14) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;


 


(14)            to
the payment of principal of the Class F Notes (including any Class F Deferred Interest Amounts) until the Class F Notes
have been paid in full;


 


(15)            to
the payment of amounts referred to in clause (16) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;


 


(16)            to
the payment of principal of the Class G Notes (including any Class G Deferred Interest Amounts) until the Class G Notes
have been paid in full; and


 


(17)            any
remaining Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the Issuer) to the Preferred
Share Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holder of the Preferred Shares subject
to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.


 


(iii)            Redemption
Dates and Payment Dates During Events of Default. On any Redemption Date, the Stated Maturity Date or a Payment Date following an
acceleration of the Notes as a result of the occurrence and continuation of an Event of Default, Interest Proceeds and Principal
Proceeds with respect to the related Due Period shall be distributed in the following order of priority:


 


(1)            to
the payment of the amounts referred to in clauses (1) through (3) of Section 11.1(a)(i) in the same order of
priority specified therein, but without giving effect to any limitations on amounts payable set forth therein;


 


(2)            to
the payment of any out-of-pocket fees and expenses of the Issuer, the Note Administrator and Trustee (including legal fees and expenses)
incurred in connection with an acceleration of the Notes following an Event of Default, including in connection with sale and liquidation
of any of the Collateral in connection therewith;


 


(3)            to
the payment of the Class A Interest Distribution Amount, plus, any Class A Defaulted Interest Amount;


 


(4)            to
the payment in full of principal of the Class A Notes;


 


(5)            to
the payment of the Class A-S Interest Distribution Amount, plus, any Class A-S Defaulted Interest Amount;


 


(6)            to
the payment in full of principal of the Class A-S Notes;


 






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(7)            to
the payment of the Class B Interest Distribution Amount, plus, any Class B Defaulted Interest Amount;


 


(8)            to
the payment in full of principal of the Class B Notes;


 


(9)            to
the payment of the Class C Interest Distribution Amount, plus, any Class C Defaulted Interest Amount;


 


(10)            to
the payment in full of principal of the Class C Notes (including any Class C Deferred Interest Amount);


 


(11)            to
the payment of the Class D Interest Distribution Amount, plus, any Class D Defaulted Interest Amount;


 


(12)            to
the payment in full of principal of the Class D Notes (including any Class D Deferred Interest Amount);


 


(13)            to
the payment of the Class E Interest Distribution Amount, plus, any Class E Defaulted Interest Amount;


 


(14)            to
the payment in full of principal of the Class E Notes (including any Class E Deferred Interest Amount);


 


(15)            to
the payment of the Class F Interest Distribution Amount plus any Class F Defaulted Interest Amount;


 


(16)            to
the payment in full of principal of the Class F Notes (including any Class F Deferred Interest Amount);


 


(17)            to
the payment of the Class G Interest Distribution Amount plus any Class G Defaulted Interest Amount;


 


(18)            to
the payment in full of principal of the Class G Notes (including any Class G Deferred Interest Amount); and


 


(19)            any
remaining Interest Proceeds and Principal Proceeds to be released from the lien of this Indenture and paid (upon standing order of the
Issuer) to the Preferred Share Paying Agent for deposit into the Preferred Share Distribution Account for distribution to the Holder of
the Preferred Shares subject to and in accordance with the provisions of the Preferred Share Paying Agency Agreement.


 


(b)            On
or before the Business Day prior to each Payment Date, the Issuer shall, pursuant to Section 10.3, remit or cause to be remitted
to the Note Administrator for deposit in the Payment Account an amount of Cash sufficient to pay the amounts described in Section 11.1(a) required
to be paid on such Payment Date.


 


(c)            If
on any Payment Date the amount available in the Payment Account from amounts received in the related Due Period are insufficient to make
the full amount of the disbursements required by any clause of Section 11.1(a)(i), Section 11.1(a)(ii) or
Section 11.1(a)(iii), such payments will be made to Noteholders of each applicable Class, as to each such clause, ratably
in accordance with the respective amounts of such disbursements then due and payable to the extent funds are available therefor.


 






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(d)            In
connection with any required payment by the Issuer to the Servicer or the Special Servicer pursuant to the Servicing Agreement of any
amount scheduled to be paid from time to time between Payment Dates from amounts received with respect to the Collateral Interests, the
Servicer or the Special Servicer, as applicable, shall be entitled to retain or withdraw such amounts from the Collection Account and
the Participated Loan Collection Account pursuant to the terms of the Servicing Agreement.


 


(e)            In
connection with any required payment by the Issuer to the Operating Advisor pursuant to the Servicing Agreement of any amount scheduled
to be paid from time to time between Payment Dates from amounts received with respect to the Collateral Interests, such amounts shall
be paid to the Operating Advisor pursuant to the terms of the Servicing Agreement.


 


Section 11.2     Securities
Accounts.


 


All amounts held by, or deposited
with the Note Administrator in the Permitted Companion Participation Acquisition Account and the Custodial Account pursuant to the provisions
of this Indenture will be held uninvested absent direction from the Issuer, in which case the Note Administrator shall invest amounts
held by, or deposited with the Note Administrator in and the Custodial Account pursuant to the provisions of this Indenture in Eligible
Investments described in clause (v) of the definition of Eligible Investments and such amounts shall be credited to the
Indenture Account that is the source of funds for such investment. Any amounts not so invested in Eligible Investments as herein provided,
shall be credited to one or more securities accounts established and maintained pursuant to the Securities Account Control Agreement at
the Corporate Trust Office of the Note Administrator, or at another financial institution whose long-term rating is at least equal to
 “A2” by Moody’s (or such lower rating as the Rating Agencies shall approve) and agrees to act as a Securities Intermediary
on behalf of the Note Administrator on behalf of the Secured Parties pursuant to an account control agreement in form and substance similar
to the Securities Account Control Agreement. All other accounts held by the Note Administrator shall be held uninvested.


 


ARTICLE 12


 


SALE
OR DISPOSITION OF COLLATERAL INTERESTS; ACQUISITION OF RELATED FUNDED COMPANION PARTICIPATIONS; FUTURE FUNDING ESTIMATES


 


Section 12.1     Sales
of Collateral Interests.


 


(a)            Except
as otherwise expressly permitted or required by this Indenture, the Issuer shall not sell or otherwise dispose of any Collateral Interest.
The Issuer may sell a Collateral Interest in the following circumstances:


 


(i)            in
the event that a Collateral Interest is a Defaulted Collateral Interest and the Special Servicer determines in accordance with the Servicing
Standard that the sale of such Collateral Interest is in the best interest of the Noteholders, the Special Servicer may, on behalf of
the Issuer, sell such Collateral Interest;


 


(ii)            in
the event that the Holder of a Majority of the Preferred Shares notifies the Issuer, the Trustee, the Note Administrator, the Servicer
and the Special Servicer that it is exercising its right under Section 12.1(g) to purchase a Defaulted Collateral Interest
or an Impaired Collateral Interest at the Par Purchase Price for such Collateral Interest, the Special Servicer shall, on behalf of the
Issuer, sell such Collateral Interest to such Holder;


 






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(iii)            in
the event the Seller is required to repurchase such Collateral Interest for the par value thereof plus accrued and unpaid interest thereon
as a result of a Material Document Defect or Material Breach of representation or warranty set forth in the Collateral Interest Purchase
Agreement or a Combined Repurchase Event, the Special Servicer shall, on behalf of the Issuer, sell such Collateral Interest to the Seller;
and


 


(iv)            in
the event of a Clean-up Call, Tax Redemption, Optional Redemption or Auction Call Redemption pursuant to Sections 9.1(a), (b),
(c), or (d) respectively, the Special Servicer shall, on behalf of the Issuer, sell such Collateral Interest.


 


(b)            After
the Issuer has notified the Trustee and the Note Administrator of an Optional Redemption, a Clean-up Call, a Tax Redemption or an Auction
Call Redemption in accordance with Section 9.1, any disposition of Collateral Interests shall be effected by the Special Servicer
upon Issuer Order (which shall specify that the conditions above have been met) to the Special Servicer with a copy to the Trustee and
the Note Administrator in a manner reasonably acceptable to the Special Servicer, and the Special Servicer shall sell in such manner,
any Collateral Interest without regard to the foregoing limitations in Section 12.1(a); provided that:


 


(i)            the
Sale Proceeds therefrom must be used to pay certain expenses and redeem all of the Notes in whole but not in part pursuant to Section 9.1,
and upon any such sale the Trustee shall release the lien of such Collateral Interest, and the Custodian shall, upon receipt of a Request
for Release, release the related Collateral Interest File, pursuant to Section 10.10;


 


(ii)            the
Special Servicer on behalf of the Issuer shall not sell (and the Trustee shall not be required to release) a Collateral Interest pursuant
to this Section 12.1(b) unless the Special Servicer certifies to the Trustee and the Note Administrator that, based on
calculations included in the certification (which shall include the sales prices of the Collateral Interests), the Sale Proceeds from
the sale of one or more of the Collateral Interests and all Cash and proceeds from Eligible Investments shall be sufficient to pay the
Total Redemption Price; and


 


(iii)            in
connection with an Optional Redemption, an Auction Call Redemption, a Clean-up Call or a Tax Redemption, all the Collateral Interests
to be sold pursuant to this Section 12.1(b) must be sold in accordance with the requirements set forth in Section 9.1(f).


 


(c)            In
the event that any Notes remain Outstanding as of the Payment Date occurring six months prior to the Stated Maturity Date of the Notes,
the Special Servicer will be required to determine whether the proceeds expected to be received on the Collateral Interests prior to the
Stated Maturity Date of the Notes will be sufficient to pay in full the principal amount of (and accrued interest on) the Notes on the
Stated Maturity Date. If the Special Servicer determines, in its sole discretion, that such proceeds will not be sufficient to pay the
outstanding principal amount of and accrued interest on the Notes on the Stated Maturity Date of the Notes, the Issuer will be obligated
to liquidate the portion of Collateral Interests sufficient to pay the remaining principal amount of and interest on the Notes on or before
the Stated Maturity Date. The Collateral Interests to be liquidated by the Issuer will be selected by the Special Servicer.


 


(d)            Under
no circumstance shall the Trustee in its individual capacity be required to acquire any Collateral Interests or any property related thereto.


 


(e)            Any
Collateral Interest sold pursuant to this Section 12.1 shall be released from the lien of this Indenture.


 






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(f)            Pursuant
to the terms of this Agreement, any time when Retention Holder or any Affiliate thereof holds 100% of the Preferred Shares, it may contribute
additional Cash and Eligible Investments to the Issuer.


 


(g)            The
Holder of a Majority of the Preferred Shares shall have an assignable right to purchase any Defaulted Collateral Interest or Impaired
Collateral Interest for a Cash purchase price equal to the Par Purchase Price for such Collateral Interest.


 


(h)            In
the case of a sale of an Impaired Collateral Interest or a Defaulted Collateral Interest, or any Collateral Interest for which a proposed
Significant Modification does not satisfy the Significant Modification Criteria, in each case, which is a Combined Loan, the related Mortgage
Loan and the corresponding Mezzanine Loan shall be sold or exchanged together.


 


Section 12.2     Acquisition
of Related Funded Companion Participations.


 


(a)            With
respect to the Permitted Companion Participation Acquisition Account, during the period ending on the earlier of (i) 120 days from
the date of deposit and (ii) the end of the Companion Participation Acquisition Period, the Issuer shall, if directed by the Seller,
acquire Related Funded Companion Participations as identified by the Seller (which shall be, and hereby are upon acquisition by the Issuer,
Granted to the Trustee pursuant to the Granting Clause of this Indenture) with funds on deposit in such account as directed by the Seller,
subject to the satisfaction of the Acquisition Criteria as of the date of the acquisition of such Related Funded Companion Participation
as evidenced by the delivery to the Note Administrator of an officer’s certificate of the Seller confirming the satisfaction of
the Acquisition Criteria. The Issuer shall provide written notice of the acquisition of a Related Funded Companion Participation to the
Servicer, the Special Servicer, the Note Administrator and each Rating Agency at least five Business Days prior to the related acquisition
date.


 


(b)            The
acquisition by the Issuer of any Related Funded Companion Participation, and the remittance by the Note Administrator of amounts from
the Permitted Companion Participation Acquisition Account, as applicable, as consideration for such acquisition shall be conditioned upon
(i) receipt by the Note Administrator of the officer’s certificate of the Seller confirming satisfaction of the Acquisition
Criteria (upon which the Note Administrator may conclusively rely) substantially in the form of Exhibit K hereto, (ii) receipt
by the Custodian of the Subsequent Transfer Instrument substantially in the form of Exhibit C to the Collateral Interest Purchase
Agreement (a “Subsequent Transfer Instrument”) with respect to the transfer of the applicable Related Funded Companion
Participation, which Subsequent Transfer Instrument shall, as of the date of such transfer, (1) list the purchase price for the Related
Funded Companion Participations, (2) warrant and confirm the satisfaction of the conditions precedent specified in Section 3
of the Collateral Interest Purchase Agreement and (3) reaffirm the representations and warranties made in Section 4 of the Collateral
Interest Purchase Agreement, subject only to such exceptions, if any, as were taken by the Seller with respect to the related Transaction
Participation (which are also set forth in Schedule 2 to such transfer instrument) and (iii) if the Related Funded Companion
Participation is evidenced by a physical certificate, receipt by the Custodian of such certificate together with an endorsement to the
Issuer and an endorsement in blank.


 


(c)            After
the termination of the Companion Participation Acquisition Period, the Issuer may not acquire any Related Funded Companion Participations.


 


(d)            If
the acquisition by the Issuer of all or a portion of a related Future Funding Companion Participation results, in and of itself, in a
downgrade of the ratings of any Class of Notes by Moody’s or DBRS Morningstar, then the Seller shall promptly repurchase such
Related Funded Companion Participation at the same price as the Issuer paid to acquire it.


 






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Section 12.3     Ongoing
Future Advance Estimates.


 


(a)            The
Note Administrator and the Trustee, on behalf of the Noteholders and the Holders of the Preferred Shares, are hereby directed by the Issuer
to (i) enter into the Future Funding Agreement and the Future Funding Account Control Agreement, pursuant to which the Seller will
agree to pledge certain collateral described therein in order to secure certain future funding obligations of any Affiliated Future Funding
Companion Participation Holder as holder of any Future Funding Companion Participations and (ii) administer the rights of the Note
Administrator and the secured party, as applicable, under the Future Funding Agreement and the Future Funding Account Control Agreement.
In the event an Access Termination Notice (as defined in the Future Funding Agreement) has been sent by the Note Administrator to the
related account bank and for so long as such Access Termination Notice is not withdrawn by the Note Administrator, the Note Administrator
shall, pursuant to the direction of the Special Servicer on its behalf, direct the use of funds on deposit in the Collateral Interest
Controlled Reserve Account pursuant to the terms of the Future Funding Agreement. Neither the Trustee nor the Note Administrator shall
have any obligation to ensure that the Seller is depositing or causing to be deposited all amounts into the Collateral Interest Controlled
Reserve Account that are required to be deposited therein pursuant to the Future Funding Agreement.


 


(b)            Pursuant
to the Future Funding Agreement, on the Closing Date, (i) GPMT, in its capacity as Future Funding Indemnitor, shall deliver its Largest
One Quarter Future Advance Estimate to the Special Servicer, the Servicer, the Operating Advisor and the Note Administrator and (ii) the
Future Funding Indemnitor shall deliver to the Servicer, the Special Servicer, the Operating Advisor, the Note Administrator and the 17g-5
Information Provider a certification of a responsible financial officer of the Future Funding Indemnitor that the Future Funding Indemnitor
has Segregated Liquidity at least equal to the Largest One Quarter Future Advance Estimate. Thereafter, so long as any Future Funding
Companion Participation is held by an Affiliated Future Funding Companion Participation Holder and any future advance obligations remain
outstanding under such Future Funding Companion Participation, no later than the 18th day (or, if such day is not a Business Day, the
next succeeding Business Day) of the calendar-month preceding the beginning of each calendar quarter, the Future Funding Indemnitor shall
deliver (which may be by email) to the Servicer, the Special Servicer, the Operating Advisor, the Note Administrator and the 17g-5 Information
Provider a certification of a responsible financial officer of the Future Funding Indemnitor that the Future Funding Indemnitor has Segregated
Liquidity equal to the greater of (i) the Largest One Quarter Future Advance Estimate or (ii) the controlling Two Quarter Future
Advance Estimate for the immediately following two calendar quarters.


 


(c)            Pursuant
to the Future Funding Agreement, for so long as any Future Funding Companion Participations is held by an Affiliated Future Funding Companion
Participation Holder and any future advance obligations remain outstanding under such Future Funding Companion Participation and, subject
to Section 12.3(d), by (x) no earlier than the thirty-five (35) days prior to, and (y) no later than the fifth (5th)
day of, the calendar-month preceding the beginning of each calendar quarter, the Seller is required to deliver to the Servicer, the Special
Servicer, the Operating Advisor, the Note Administrator and the Future Funding Indemnitor (i) a Two Quarter Future Advance Estimate
for the immediately following two calendar quarters and (ii) such supporting documentation and other information (including any relevant
calculations) as is reasonably necessary for the Operating Advisor to perform its obligations described below. The Issuer shall cause
the Operating Advisor to, within ten (10) days after receipt of the Two Quarter Future Advance Estimate and supporting documentation
from the Seller, (A) review the Seller’s Two Quarter Future Advance Estimate and such supporting documentation and other information
provided by the Seller in connection therewith, (B) consult with the Seller with respect thereto and make such inquiry, and request
such additional information (and the Seller shall promptly respond to each such request for consultation, inquiry or request for information),
in each case as is commercially reasonable for the Operating Advisor to perform its obligations described in the following clause (C),
and (C) by written notice


 






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to the Note Administrator, the Seller and the Future Funding Indemnitor substantially in the form set forth
in the Servicing Agreement, either (1) confirm that nothing has come to the attention of the Operating Advisor in the documentation
provided by the Seller that in the reasonable opinion of the Operating Advisor would support a determination of a Two Quarter Future Advance
Estimate that is at least 25% higher than the Seller’s Two Quarter Future Advance Estimate for such period and shall state that
the Seller’s Two Quarter Future Advance Estimate for such period shall control or (2) deliver its own Two Quarter Future Advance
Estimate for such period. If the Operating Advisor’s Two Quarter Future Advance Estimate is at least 25% higher than the Seller’s
Two Quarter Future Advance Estimate for any period, then the Operating Advisor’s Two Quarter Future Advance Estimate for such period
shall control; otherwise, the Seller’s Two Quarter Future Advance Estimate for such period shall control.


 


(d)            No
Two Quarter Future Advance Estimate will be required to be made by the Seller or the Operating Advisor for a calendar quarter if, by the
fifth (5th) day of the calendar-month preceding the beginning of such calendar quarter, the Future Funding Indemnitor delivers (which
may be by email) to the Special Servicer, the Servicer, the Operating Advisor, the Note Administrator and the 17g-5 Information Provider
a certificate of a responsible financial officer of the Future Funding Indemnitor certifying that (i) the Future Funding Indemnitor
has Segregated Liquidity equal to at least 100% of the aggregate amount of outstanding future advance obligations (subject to the same
exclusions as the calculation of the Two Quarter Future Advance Estimate) under the Future Funding Companion Participations held by Affiliated
Future Funding Companion Participation Holders or (ii) no such future funding obligations remain outstanding under the Future Funding
Companion Participations held by Affiliated Future Funding Companion Participation Holders. All certifications regarding Segregated Liquidity,
any Two Quarter Future Advance Estimates, or any notices from the Operating Advisor described in (b) and (c) above shall be
emailed to the Note Administrator at trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com
or such other email address as provided by the Note Administrator.


 


(e)            The
17g-5 Information Provider shall promptly post to the 17g-5 Website pursuant to Section 14.13(d) of this Indenture, any
certification with respect to the holder of the Future Funding Companion Participations that is delivered to it in accordance with the
Future Funding Agreement.


 


ARTICLE 13


 


NOTEHOLDERS’ RELATIONS


 


Section 13.1     Subordination.


 


(a)            Anything
in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree that, for the benefit of the Holders
of the Class A Notes that the rights of the Holders of the Class A-S Notes, Class B Notes, Class C Notes, Class D
Notes, Class E Notes, Class F Notes and Class G Notes shall be subordinate and junior to the Class A Notes to the
extent and in the manner set forth in Article 11; provided that on each Redemption Date and each Payment Date as a
result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued
and unpaid interest on and outstanding principal on the Class A Notes shall be paid pursuant to Section 11.1(a)(iii) in
full in Cash or, to the extent 100% of Holders of the Class A Notes consent, other than in Cash, before any further payment or distribution
is made on account of any other Class of Notes, to the extent and in the manner provided in Section 11.1(a)(iii).


 


(b)            Anything
in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the
Class A-S Notes, that the rights of the Holders


 






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of the Class B Notes, Class C Notes, Class D Notes, Class E Notes,
Class F Notes and Class G Notes shall be subordinate and junior to the Class A-S Notes to the extent and in the manner
set forth in Article 11; provided that on each Redemption Date and each Payment Date as a result of the occurrence
and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on
and outstanding principal on the Class A-S Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash
or, to the extent 100% of Holders of the Class A-S Notes consent, other than in Cash, before any further payment or distribution
is made on account of any of the Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes and
Class G Notes to the extent and in the manner provided in Section 11.1(a)(iii).


 


(c)            Anything
in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the
Class B Notes, that the rights of the Holders of the Class C Notes, Class D Notes, Class E Notes, Class F Notes
and Class G Notes shall be subordinate and junior to the Class B Notes to the extent and in the manner set forth in Article 11;
provided that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration
of the Notes following the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class B
Notes shall be paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class B
Notes consent, other than in Cash, before any further payment or distribution is made on account of any of the Class C Notes, Class D
Notes, Class E Notes, Class F Notes and Class G Notes to the extent and in the manner provided in Section 11.1(a)(iii).


 


(d)            Anything
in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the
Class C Notes, that the rights of the Holders of the Class D Notes, Class E Notes, Class F Notes and Class G
Notes shall be subordinate and junior to the Class C Notes to the extent and in the manner set forth in Article 11; provided
that on each Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following
the occurrence of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class C Notes shall be
paid pursuant to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class C Notes consent,
other than in Cash, before any further payment or distribution is made on account of any of the Class D Notes, Class E Notes,
Class F Notes and Class G Notes to the extent and in the manner provided in Section 11.1(a)(iii).


 


(e)            Anything
in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the
Class D Notes, that the rights of the Holders of the Class E Notes, Class F Notes and Class G Notes shall be subordinate
and junior to the Class D Notes to the extent and in the manner set forth in Article 11; provided that on each
Redemption Date and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence
of an Event of Default, all accrued and unpaid interest on and outstanding principal on the Class D Notes shall be paid pursuant
to Section 11.1(a)(iii) in full in Cash or, to the extent 100% of Holders of the Class D Notes consent, other than
in Cash, before any further payment or distribution is made on account of the Class E Notes, Class F Notes and Class G
Notes to the extent and in the manner provided in Section 11.1(a)(iii).


 


(f)            Anything
in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the
Class E Notes, that the rights of the Holders of the Class F Notes and Class G Notes shall be subordinate and junior to
the Class E Notes to the extent and in the manner set forth in Article 11; provided that on each Redemption Date
and each Payment Date as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event
of Default, all accrued and unpaid interest on and outstanding principal on the Class E Notes shall be paid pursuant to Section 11.1(a)(iii) in
full in Cash or, to the extent 100% of Holders of the Class E


 






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Notes consent, other than in Cash, before any further payment or distribution
is made on account of the Class F Notes and Class G Notes to the extent and in the manner provided in Section 11.1(a)(iii).


 


(g)            Anything
in this Indenture or the Notes to the contrary notwithstanding, the Issuer and the Holders agree, for the benefit of the Holders of the
Class F Notes, that the rights of the Holders of the Class G Notes shall be subordinate and junior to the Class F Notes
to the extent and in the manner set forth in Article 11; provided that on each Redemption Date and each Payment Date
as a result of the occurrence and continuation of the acceleration of the Notes following the occurrence of an Event of Default, all accrued
and unpaid interest on and outstanding principal on the Class G Notes shall be paid pursuant to Section 11.1(a)(iii) in
full in Cash or, to the extent 100% of Holders of the Class G Notes consent, other than in Cash, before any further payment or distribution
is made on account of the Class G Notes to the extent and in the manner provided in Section 11.1(a)(iii).


 


(h)            In
the event that notwithstanding the provisions of this Indenture, any Holders of any Class of Notes shall have received any payment
or distribution in respect of such Class contrary to the provisions of this Indenture, then, unless and until all accrued and unpaid
interest on and outstanding principal of all more senior Classes of Notes have been paid in full in accordance with this Indenture, such
payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the
Note Administrator, which shall pay and deliver the same to the Holders of the more senior Classes of Notes in accordance with this Indenture.


 


(i)            Each
Holder of any Class of Notes agrees with the Note Administrator on behalf of the Secured Parties that such Holder shall not demand,
accept, or receive any payment or distribution in respect of such Notes in violation of the provisions of this Indenture including Section 11.1(a) and
this Section 13.1; provided, however, that after all accrued and unpaid interest on, and principal of,
each Class of Notes senior to such Class have been paid in full, the Holders of such Class of Notes shall be fully subrogated
to the rights of the Holders of each Class of Notes senior thereto. Nothing in this Section 13.1 shall affect the obligation
of the Issuer to pay Holders of such Class of Notes any amounts due and payable hereunder.


 


(j)            The
Trustee agrees and the Holders of each Class of Notes and the holders of the equity in the Issuer and the Co-Issuer are deemed to
agree not to institute against, or join any other Person in instituting against, the Issuer, the Co-Issuer or any Permitted Subsidiary,
any petition for bankruptcy, reorganization, arrangement, moratorium, liquidation or other similar proceedings under the laws of any jurisdiction
before one year and one day or, if longer, the applicable preference period then in effect and one day, have elapsed since the final payments
to the Holders of the Notes.


 


Section 13.2     Standard
of Conduct.


 


In exercising any of its or
their voting rights, rights to direct and consent or any other rights as a Securityholder under this Indenture, a Securityholder or Securityholders
shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable
to any Person for any action taken by it or them or at its or their direction or any failure by it or them to act or to direct that an
action be taken, without regard to whether such action or inaction benefits or adversely affects any Securityholder, the Issuer, or any
other Person, except for any liability to which such Securityholder may be subject to the extent the same results from such Securityholder’s
taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture.


 






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ARTICLE 14


 


MISCELLANEOUS


 


Section 14.1     Form of
Documents Delivered to the Trustee and the Note Administrator.


 


In any case where several matters
are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person
may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person
may certify or give an opinion as to such matters in one or several documents.


 


Any certificate or opinion of
an Authorized Officer of the Issuer or the Co-Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such Authorized Officer knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any
such certificate of an Authorized Officer of the Issuer or the Co-Issuer or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Co-Issuer, the Servicer or any other Person,
stating that the information with respect to such factual matters is in the possession of the Issuer, the Co-Issuer, the Servicer or such
other Person, unless such Authorized Officer of the Issuer or the Co-Issuer or such counsel knows that the certificate or opinion or representations
with respect to such matters are erroneous. Any Opinion of Counsel also may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an Authorized Officer of the Issuer or the Co-Issuer, or the Servicer on behalf of the
Issuer, certifying as to the factual matters that form a basis for such Opinion of Counsel and stating that the information with respect
to such matters is in the possession of the Issuer or the Co-Issuer or the Servicer on behalf of the Issuer, unless such counsel knows
that the certificate or opinion or representations with respect to such matters are erroneous.


 


Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this
Indenture, they may, but need not, be consolidated and form one instrument.


 


Whenever in this Indenture it
is provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition precedent to the taking
of any action by the Trustee or the Note Administrator at the request or direction of the Issuer or the Co-Issuer, then notwithstanding
that the satisfaction of such condition is a condition precedent to the Issuer’s or the Co-Issuer’s rights to make such request
or direction, the Trustee or the Note Administrator shall be protected in acting in accordance with such request or direction if it does
not have knowledge of the occurrence and continuation of such Default or Event of Default as provided in Section 6.1(g).


 


Section 14.2     Acts
of Securityholders.


 


(a)            Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Securityholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders
in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and the Note Administrator, and, where it is hereby expressly required,
to the Issuer and/or the Co-Issuer. Such instrument or instruments (and the action or actions embodied therein and evidenced thereby)
are herein


 






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sometimes referred to as the “Act” of the Securityholders signing such instrument or instruments. Proof
of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
conclusive in favor of the Trustee, the Note Administrator, the Issuer and the Co-Issuer, if made in the manner provided in this Section 14.2.


 


(b)            The
fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee or the Note
Administrator deems sufficient.


 


(c)            The
principal amount and registered numbers of Notes held by any Person, and the date of his holding the same, shall be proved by the Note
Register. The Notional Amount and registered numbers of the Preferred Shares held by any Person, and the date of his holding the same,
shall be proved by the register of members maintained with respect to the Preferred Shares. Notwithstanding the foregoing, the Trustee
and the Note Administrator may conclusively rely on an Investor Certification to determine ownership of any Notes.


 


(d)            Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Securityholder shall bind such Securityholder
(and any transferee thereof) of such Security and of every Security issued upon the registration thereof or in exchange therefor or in
lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Note Administrator, the Preferred Share
Paying Agent, the Share Registrar, the Issuer or the Co-Issuer in reliance thereon, whether or not notation of such action is made upon
such Security.


 


Section 14.3     Notices, etc.


 


Any request, demand, authorization,
direction, notice, consent, waiver or Act of Securityholders or other documents provided or permitted by this Indenture to be made upon,
given or furnished to, or filed with:


 


(a)            the
Trustee by any Securityholder or by the Note Administrator, the Issuer or the Co-Issuer shall be sufficient for every purpose hereunder
if made, given, furnished or filed in writing to and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight
courier service guaranteeing next day delivery, to the Trustee addressed to it at Wilmington Trust, National Association, 1100 North Market
Street, Wilmington, Delaware 19890, Attention: CMBS Trustee–GPMT 2021-FL3, Facsimile number: (302) 636-6196, with a copy by email
to: cmbstrustee@wilmingtontrust.com, or at any other address previously furnished in writing to the parties hereto and the Servicing Agreement,
and to the Securityholders;


 


(b)            the
Note Administrator by the Trustee or by any Securityholder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service, to the Note Administrator
addressed to it at Wells Fargo Bank, National Association, Corporate Trust Services, 9062 Old Annapolis Road, Columbia, Maryland 21045-1951,
Attention: Corporate Trust Services–GPMT 2021-FL3, with a copy by email to: trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com,
with respect to the delivery of Note transfers and surrenders, at 600 South 4th St., 7th Floor, MAC N9300-070 Minneapolis, Minnesota 55479,
Attention: Note Transfer Servicer–GPMT 2021-FL3, or with respect to any notice delivered by the EU/UK Retention Holder, the Retention
Holder pursuant to the EU/UK Risk Retention Agreement, via email to EURRcompliance@wellsfargo.com,
or at any other address previously furnished in writing to the parties hereto and the Servicing Agreement, and to the Securityholders;


 


(c)            the
Issuer by the Trustee, the Note Administrator or by any Securityholder shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if in writing and mailed,


 






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first class postage prepaid, hand delivered, sent by overnight courier service or
by facsimile in legible form, to the Issuer addressed to it at GPMT 2021-FL3, Ltd. at 3 Bryant Park, 24th Floor, New York, NY 10036,
Attention: General Counsel, Email: GPMT2021-FL3@gpmtreit.com, or at any other address previously furnished in writing to the Trustee and
the Note Administrator by the Issuer, with a copy to the Special Servicer;


 


(d)            the
Co-Issuer by the Trustee, the Note Administrator or by any Securityholder shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or
by facsimile in legible form, to the Co-Issuer addressed to it 3 Bryant Park, 24th Floor, New York, NY 10036, Attention: General Counsel,
Email: GPMT2021-FL3@gpmtreit.com, or at any other address previously furnished in writing to the Trustee and the Note Administrator by
the Co-Issuer, with a copy to the Special Servicer at its address set forth below;


 


(e)            the
Advancing Agent by the Trustee, the Note Administrator, the Issuer or the Co-Issuer shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier
service or by facsimile in legible form, to the Advancing Agent addressed to it at GPMT Seller LLC, 53 Bryant Park, 24th Floor, New York,
NY 10036, Attention: General Counsel, Email: GPMT2021-FL3@gpmtreit.com, or at any other address previously furnished in writing to the
Trustee, the Note Administrator, and the Co-Issuers, with a copy to the Special Servicer at its address set forth below.


 


(f)            the
Preferred Share Paying Agent shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to and mailed,
by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery or by facsimile
in legible form, to the Preferred Share Paying Agent addressed to it at its Corporate Trust Office or at any other address previously
furnished in writing by the Preferred Share Paying Agent;


 


(g)            the
Servicer by the Issuer, the Note Administrator, the Co-Issuer or the Trustee shall be sufficient for every purpose hereunder if in writing
and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Servicer
addressed to it at Wells Fargo Bank, National Association, Commercial Mortgage Servicing, Three Wells Fargo, MAC D1050-084, 401 South
Tryon Street, 8th Floor, Charlotte, North Carolina 28202, Attention: GPMT 2021-FL3 Asset Manager, Facsimile number: (704) 715-0036, or
at any other address previously furnished in writing to the Issuer, the Note Administrator, the Co-Issuer and the Trustee;


 


(h)            the
Special Servicer by the Issuer, the Co-Issuer, the Note Administrator, or the Trustee shall be sufficient for every purpose hereunder
if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form,
to the Special Servicer addressed to it at Trimont Real Estate Advisors, LLC, One Alliance Center, 3500 Lenox Road NE, Suite G1,
Atlanta, Georgia 30326, Attention: Special Servicing, with a copy via email to CMBSServicing@trimontrea.com, or at any other address previously
furnished in writing to the Issuer, the Co-Issuer, the Note Administrator and the Trustee;


 


(i)            the
Operating Advisor by the Issuer, the Co-Issuer, the Note Administrator, or the Trustee shall be sufficient for every purpose hereunder
if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form,
to the Operating Advisor addressed to it at Park Bridge Lender Services LLC, 600 Third Avenue, 40th Floor, New York, New York
10016, Attention: GPMT 2021-FL3 – Surveillance Manager (with a copy sent via email to cmbs.notices@parkbridgefinancial.com), or
at any other address previously furnished in writing to the Issuer, the Co-Issuer, the Note Administrator and the Trustee;


 






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(j)            the
Rating Agencies, by the Issuer, the Co-Issuer, the Servicer, the Note Administrator or the Trustee shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by
overnight courier service or by facsimile in legible form, to the Rating Agencies addressed to them at (i) DBRS, Inc., 22 West
Washington Street, Chicago, Illinois 60602, Attention: CMBS Surveillance, Fax: (312) 332-3492, Email: cmbs.surveillance@morningstar.com;
and (ii) Moody’s Investor Services, Inc., 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Attention:
CRE CDO Surveillance, (or by electronic mail at moodys_cre_cdo_monitoring@moodys.com), or such other address that any Rating Agency shall
designate in the future; provided that any request, demand, authorization, direction, order, notice, consent, waiver or Act of
Securityholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to, or filed with the Rating
Agencies shall be given in accordance with, and subject to, the provisions of Section 14.13 hereof;


 


(k)            J.P.
Morgan Securities LLC, as a Placement Agent, by the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Servicer shall be
sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier
service or by facsimile in legible form to J.P. Morgan Securities LLC, 383 Madison Avenue, 8th Floor, New York, New York 10179, Attention:
Kunal K. Singh, email: US_CMBS_Notice@jpmorgan.com, with copies to: J.P. Morgan Securities LLC, 4 New York Plaza, 21st Floor, New York,
New York 10004-2413, Attention: Samuel E Peckham, email: US_CMBS_Notice@jpmorgan.com, and Cadwalader, Wickersham & Taft LLP,
200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat; fax: (212) 504-6401, email: jeffrey.rotblat@cwt.com, or at any
other address furnished in writing to the Issuer, the Co-Issuer, the Note Administrator and the Trustee;


 


(l)            Morgan
Stanley & Co. LLC, as a Placement Agent, shall be sufficient for every purpose hereunder if in writing and mailed, first class
postage prepaid, hand delivered, sent by overnight courier service or by facsimile or email in legible form to Morgan Stanley &
Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Jane Lam, Email: jane.lam@morganstanley.com, with a copy to Morgan Stanley &
Co. LLC, Legal Compliance Division, 11633 Broadway, 29th Floor, New York, New York 10019, and a copy to Cadwalader, Wickersham &
Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, fax: (212) 504-6666, email: jeffrey.rotblat@cwt.com,
or at any other address furnished in writing to the Issuer, the Co-Issuer, the Note Administrator and the Trustee;


 


(m)            Goldman
Sachs & Co. LLC, as a Placement Agent, shall be sufficient for every purpose hereunder if in writing and mailed, first class
postage prepaid, hand delivered, sent by overnight courier service or by facsimile or email in legible form to Goldman Sachs &
Co. LLC, 200 West Street, New York, New York 10282, Attention: Joe Osborne, email: joe.osborne@gs.com, fax: (212) 291-5318 and Goldman
Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Brian Bolton, email: brian.a.bolton@gs.com, with a copy
to Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, New York 10281, Attention: Jeffrey Rotblat, fax: (212) 504-6666,
email: jeffrey.rotblat@cwt.com, or at any other address furnished in writing the Issuer, the Co-Issuer, the Note Administrator and the
Trustee;


 


(n)            Citigroup
Global Markets Inc., as a Placement Agent, by the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Servicer shall be
sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier
service or by facsimile in legible form to Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013, Attention: Commercial
Mortgage Finance and Citigroup Global Markets Inc., 388 Greenwich Street, 17th Floor, New York, New York 10013, Attention: Richard Simpson,
fax: (646) 862-8988, e-mail: richard.simpson@citi.com, with a copy to Cadwalader, Wickersham & Taft LLP, 200 Liberty Street,
New York, New York 10281, Attention: Jeffrey Rotblat, fax: (212) 504-6666, email: jeffrey.rotblat@cwt.com,


 






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or at any other address furnished
in writing to the Issuer, the Co-Issuer, the Note Administrator and the Trustee;


 


(o)            Wells
Fargo Securities, LLC, as a Placement Agent, by the Issuer, the Co-Issuer, the Note Administrator, the Trustee or the Servicer shall be
sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier
service or by facsimile in legible form to Wells Fargo Securities, LLC, 30 Hudson Yards, New York, New York 10001, Attention: A.J. Sfarra,
e-mail: anthony.sfarra@wellsfargo.com, with copies to Troy Stoddard, Wells Fargo Law Department, MAC D1086-341, 550 S Tryon Street, 34th
Floor, Charlotte, North Carolina 28202, e-mail: Troy.Stoddard@wellsfargo.com and Cadwalader, Wickersham & Taft LLP, 200 Liberty
Street, New York, New York 10281, Attention: Jeffrey Rotblat, fax: (212) 504-6666, email: jeffrey.rotblat@cwt.com, or at any other address
furnished in writing to the Issuer, the Co-Issuer, the Note Administrator and the Trustee; and


 


(p)            the
Note Administrator, shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid hand delivered,
sent by overnight courier service to the Corporate Trust Office of the Note Administrator.


 


Section 14.4     Notices
to Noteholders; Waiver.


 


Except as otherwise expressly
provided herein, where this Indenture or the Servicing Agreement provides for notice to Holders of Notes of any event,


 


(a)            such
notice shall be sufficiently given to Holders of Notes if in writing and mailed, first class postage prepaid, to each Holder of a Note
affected by such event, at the address of such Holder as it appears in the Note Register, not earlier than the earliest date and not later
than the latest date, prescribed for the giving of such notice;


 


(b)            such
notice shall be in the English language; and


 


(c)            all
reports or notices to Preferred Shareholders shall be sufficiently given if provided in writing and mailed, first class postage prepaid,
to the Preferred Share Paying Agent.


 


The Note Administrator shall
deliver to the Holders of the Notes any information or notice in its possession, requested to be so delivered by at least 25% of the Holders
of any Class of Notes.


 


Neither the failure to mail
any notice, nor any defect in any notice so mailed, to any particular Holder of a Note shall affect the sufficiency of such notice with
respect to other Holders of Notes. In case by reason of the suspension of regular mail service or by reason of any other cause, it shall
be impracticable to give such notice by mail, then such notification to Holders of Notes shall be made with the approval of the Note Administrator
and shall constitute sufficient notification to such Holders of Notes for every purpose hereunder.


 


Where this Indenture provides
for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the
event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee and with
the Note Administrator, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.


 


In the event that, by reason
of the suspension of the regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event to Noteholders


 






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when such notice is required to be given pursuant to any provision of this Indenture, then
any manner of giving such notice as shall be satisfactory to the Trustee and the Note Administrator shall be deemed to be a sufficient
giving of such notice.


 


Section 14.5     Effect
of Headings and Table of Contents.


 


The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof.


 


Section 14.6     Successors
and Assigns.


 


All covenants and agreements
in this Indenture by the Issuer and the Co-Issuer shall bind their respective successors and assigns, whether so expressed or not.


 


Section 14.7     Severability.


 


In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.


 


Section 14.8     Benefits
of Indenture.


 


Nothing in this Indenture or
in the Securities, expressed or implied, shall give to any Person, other than (i) the parties hereto and their successors hereunder
and (ii) the Servicer, the Special Servicer, the Operating Advisor, the Preferred Shareholders, the Preferred Share Paying Agent,
the Share Registrar, the Noteholders and the Sponsor (each of whom shall be an express third party beneficiary hereunder), any benefit
or any legal or equitable right, remedy or claim under this Indenture.


 


Section 14.9     Governing
Law; Waiver of Jury Trial.


 


THIS INDENTURE AND EACH NOTE
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
THEREIN WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.


 


THE PARTIES HERETO HEREBY WAIVE,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM,
WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.


 


Section 14.10     Submission
to Jurisdiction.


 


Each of the Issuer and the Co-Issuer
hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan
in The City of New York in any action or proceeding arising out of or relating to the Notes or this Indenture, and each of the Issuer
and the Co-Issuer hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such
New York State or federal court. Each of the Issuer and the Co-Issuer hereby irrevocably waives, to the fullest extent that they may legally
do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. Each of the Issuer and the Co-Issuer irrevocably
consents to the service of any and all process in any action or proceeding by the mailing or delivery of


 






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copies of such process to it
at the office of the Issuer’s and the Co-Issuer’s agent set forth in Section 7.2. Each of the Issuer and the Co-Issuer
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law.


 


Section 14.11     Counterparts.


 


This
Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. This Indenture and any document in the Collateral Interest File
shall be valid, binding and enforceable against a party (and any respective successors and permitted assigns thereof) when executed and
delivered by an authorized individual on behalf of such party by means of (i) an original manual signature, (ii) a faxed, scanned
or photocopied manual signature or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global
and National Commerce Act, state enactments of the Uniform Electronic Transactions Act and/or any other relevant electronic signatures
law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case,
to the extent applicable. Each faxed, scanned or photocopied manual signature, or other electronic signature, shall for all purposes have
the same validity, legal effect and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to
conclusively rely upon, and shall have no liability with respect to, any faxed, scanned or photocopied manual signature, or other electronic
signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.
Delivery of an executed counterpart of a signature page of this Indenture in Portable Document Format (PDF) or by electronic transmission
shall be as effective as delivery of a manually executed original counterpart to this Indenture. For the avoidance of doubt, original
manual signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature
Law due to the character or intended character of the writings.


 


Section 14.12     Liability
of Co-Issuers.


 


Notwithstanding any other terms
of this Indenture, the Notes or any other agreement entered into between, inter alios, the Issuer and the Co-Issuer or otherwise,
neither the Issuer nor the Co-Issuer shall have any liability whatsoever to the Co-Issuer or the Issuer, respectively, under this Indenture,
the Notes, any such agreement or otherwise and, without prejudice to the generality of the foregoing, neither the Issuer nor the Co-Issuer
shall be entitled to take any steps to enforce, or bring any action or proceeding, in respect of this Indenture, the Notes, any such agreement
or otherwise against the other Co-Issuer or the Issuer, respectively. In particular, neither the Issuer nor the Co-Issuer shall be entitled
to petition or take any other steps for the winding up or bankruptcy of the Co-Issuer or the Issuer, respectively or shall have any claim
in respect of any Collateral of the Co-Issuer or the Issuer, respectively.


 


Section 14.13     17g-5
Information.


 


(a)            The
Co-Issuers shall comply with their obligations under Rule 17g-5 promulgated under the Exchange Act (“Rule 17g-5”),
by their or their agent’s posting on the 17g-5 Website, no later than the time such information is provided to the Rating Agencies,
all information that the Issuer or other parties on its behalf, including the Trustee, the Note Administrator, the Servicer and the Special
Servicer, provide to the Rating Agencies for the purposes of determining the initial credit rating of the Notes or undertaking credit
rating surveillance of the Notes (the “17g-5 Information”); provided that no party other than the Issuer, the
Trustee, the Note Administrator, the Servicer or the Special Servicer may provide information to the Rating Agencies on the Issuer’s
behalf without the prior written consent of the Special Servicer. At all times while any Notes are rated by the Rating Agencies or any
other NRSRO, the Issuer shall engage a third party to post 17g-5 Information to the 17g-5 Website. The Issuer hereby engages the


 






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Note
Administrator (in such capacity, the “17g-5 Information Provider”), to post 17g-5 Information it receives from the
Issuer, the Trustee, the Note Administrator, the Servicer or the Special Servicer to the 17g-5 Website in accordance with this Section 14.13,
and the Note Administrator hereby accepts such engagement.


  


(b)         Any
information required to be delivered to the 17g-5 Information Provider by any party under this Indenture or the Servicing Agreement shall
be delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “GPMT
2021-FL3, Ltd.” and an identification of the type of information being provided in the body of such electronic mail, or via
any alternative electronic mail address following notice to the parties hereto or any other delivery method established or approved by
the 17g-5 Information Provider.


 


Upon delivery by the Co-Issuers
to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Co-Issuers and the 17g-5 Information Provider)
of information designated by the Co-Issuers as having been previously made available to NRSROs by the Co-Issuers (the “Pre-Closing
17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the Co-Issuers
and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 14.13(b) The Co-Issuers shall
not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information
on the 17g-5 Information Provider’s Website to any designee or other third party.


 


(c)           The
17g-5 Information Provider shall make available, solely to NRSROs, the following items to the extent such items are delivered to it via
email at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “GPMT 2021-FL3, Ltd.” and an
identification of the type of information being provided in the body of the email, or via any alternate email address following notice
to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary
or beneficial:


 


(i)            any
statements as to compliance and related Officer’s Certificates delivered under Section 7.9;


 


(ii)           any
information requested by the Issuer or the Rating Agencies;


 


(iii)         any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without satisfaction of the Rating
Agency Condition;


 


(iv)       any
requests for satisfaction of the Rating Agency Condition that are delivered to the 17g-5 Information Provider pursuant to Section 14.14;


 


(v)         any
summary of oral communications with the Rating Agencies that are delivered to the 17g-5 Information Provider pursuant to Section 14.13(c);
provided that the summary of such oral communications shall not disclose which Rating Agencies the communication was with;


 


(vi)          any
amendment or proposed supplemental indenture to this Indenture pursuant to Section 8.3; and


 


(vii)         the
 “Rating Agency Q&A Forum and Servicer Document Request Tool” pursuant to Section 10.13(e).


 


The foregoing information shall
be made available by the 17g-5 Information Provider on the 17g-5 Website or such other website as the Issuer may notify the parties hereto
in writing.


  



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(d)         Information
shall be posted on the same Business Day of receipt provided that such information is received by 12:00 p.m. (New York time)
or, if received after 12:00 p.m., on the next Business Day. The 17g-5 Information Provider shall have no obligation or duty to verify,
confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise
is or is not anything other than what it purports to be. In the event that any information is delivered or posted in error, the 17g-5
Information Provider may remove it from the website. The 17g-5 Information Provider (and the Trustee) has not obtained and shall not be
deemed to have obtained actual knowledge of any information posted to the 17g-5 Website to the extent such information was not produced
by it. Access will be provided by the 17g-5 Information Provider to NRSROs upon receipt of an NRSRO Certification in the form of Exhibit F
hereto (which certification may be submitted electronically via the 17g-5 Website).


  


(e)        Upon
request of the Issuer or a Rating Agency, the 17g-5 Information Provider shall post on the 17g-5 Website any additional information requested
by the Issuer or such Rating Agency to the extent such information is delivered to the 17g-5 Information Provider electronically in accordance
with this Section 14.13. In no event shall the 17g-5 Information Provider disclose on the 17g-5 Website the Rating Agency
or NRSRO that requested such additional information.


 


(f)          The
17g-5 Information Provider shall provide a mechanism to notify each Person that has signed-up for access to the 17g-5 Website in respect
of the transaction governed by this Indenture each time an additional document is posted to the 17g-5 Website.


 


(g)         Any
other information required to be delivered to the Rating Agencies pursuant to this Indenture shall be furnished to the Rating Agencies
only after the earlier of (x) receipt of confirmation (which may be by email) from the 17g-5 Information Provider that such information
has been posted to the 17g-5 Website and (y) at the same time such information has been delivered to the 17g-5 Information Provider
in accordance with this Section 14.13.


 


(h)         Notwithstanding
anything to the contrary in this Indenture, a breach of this Section 14.13 shall not constitute a Default or Event of Default.


 


(i)          If
any of the parties to this Indenture receives a Form ABS Due Diligence-15E from any party in connection with any third-party due
diligence services such party may have provided with respect to the Collateral Interests (“Due Diligence Service Provider”),
such receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the
17g-5 Website. The 17g-5 Information Provider shall post on the 17g-5 Website any Form ABS Due Diligence-15E it receives directly
from a Due Diligence Service Provider or from another party to this Indenture, promptly upon receipt thereof.


 


Section 14.14     Rating
Agency Condition.


 


Any request for satisfaction
of the Rating Agency Condition made by a Requesting Party pursuant to this Indenture, shall be made in writing, which writing shall contain
a cover page indicating the nature of the request for satisfaction of the Rating Agency Condition, and shall contain all back-up
material necessary for the Rating Agencies to process such request. Such written request for satisfaction of the Rating Agency Condition
shall be provided in electronic format to the 17g-5 Information Provider in accordance with Section 14.13 hereof and after
receiving actual knowledge of such posting (which may be in the form of an automatic email notification of posting delivered by the 17g-5
Website to such party), the Requesting Party shall send the request for satisfaction of such Rating Agency Condition to the Rating Agencies
in accordance with the instructions for notices set forth in Section 14.3 hereof.


 






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Section 14.15     Patriot
Act Compliance.


  


In order to comply with laws,
rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the
funding of terrorist activities and money laundering (“Applicable Law”), the Trustee, Note Administrator, the Servicer
and the Special Servicer may be required to obtain, verify and record certain information relating to individuals and entities which maintain
a business relationship with the Trustee or Note Administrator, as the case may be. Accordingly, each of the parties agrees to provide
to the Trustee and the Note Administrator, upon its request from time to time, such identifying information and documentation as may be
available for such party in order to enable the Trustee and the Note Administrator, as applicable, to comply with Applicable Law. The
Issuer and Company Administrator are subject to laws in the Cayman Islands, which impose similar obligations to the Applicable Laws, including
with regard to verifying the identity and source of funds of investors.


 


ARTICLE 15


 


ASSIGNMENT OF THE COLLATERAL INTEREST PURCHASE
AGREEMENT


 


Section 15.1     Assignment
of Collateral Interest Purchase Agreement.


 


(a)          The
Issuer, in furtherance of the covenants of this Indenture and as security for the Notes and amounts payable to the Secured Parties hereunder
and the performance and observance of the provisions hereof, hereby collaterally assigns, transfers, conveys and sets over to the Trustee,
for the benefit of the Noteholders (and to be exercised on behalf of the Issuer by persons responsible therefor pursuant to this Indenture
and the Servicing Agreement), all of the Issuer’s estate, right, title and interest in, to and under the Collateral Interest Purchase
Agreement (now or hereafter entered into) (an “Article 15 Agreement”), including, without limitation, (i) the
right to give all notices, consents and releases thereunder, (ii) the right to give all notices of termination and to take any legal
action upon the breach of an obligation of the Seller thereunder, including the commencement, conduct and consummation of proceedings
at law or in equity, (iii) the right to receive all notices, accountings, consents, releases and statements thereunder and (iv) the
right to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided, however,
that the Issuer reserves for itself a license to exercise all of the Issuer’s rights pursuant to the Article 15 Agreement without
notice to or the consent of the Trustee or any other party hereto (except as otherwise expressly required by this Indenture, including,
without limitation, as set forth in Section 15.1(f)) which license shall be and is hereby deemed to be automatically revoked
upon the occurrence of an Event of Default hereunder until such time, if any, that such Event of Default is cured or waived.


 


(b)          The
assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or diminish
the obligations of the Issuer under the provisions of each of the Article 15 Agreement, nor shall any of the obligations contained
in each of the Article 15 Agreement be imposed on the Trustee.


 


(c)        Upon
the retirement of the Notes and the release of the Collateral from the lien of this Indenture, this assignment and all rights herein assigned
to the Trustee for the benefit of the Noteholders shall cease and terminate and all the estate, right, title and interest of the Trustee
in, to and under each of the Article 15 Agreement shall revert to the Issuer and no further instrument or act shall be necessary
to evidence such termination and reversion.


 


(d)         The
Issuer represents that it has not executed any assignment of the Article 15 Agreement other than this collateral assignment.


 






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(e)         The
Issuer agrees that this assignment is irrevocable, and that it shall not take any action which is inconsistent with this assignment or
make any other assignment inconsistent herewith. The Issuer shall, from time to time upon the request of the Trustee, execute all instruments
of further assurance and all such supplemental instruments with respect to this assignment as the Trustee may specify.


  


(f)          The
Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the Seller in the Collateral Interest Purchase Agreement
to the following:


 


(i)       the
Seller consents to the provisions of this collateral assignment and agrees to perform any provisions of this Indenture made expressly
applicable to the Seller pursuant to the applicable Article 15 Agreement;


 


(ii)        the
Seller acknowledges that the Issuer is collaterally assigning all of its right, title and interest in, to and under the Collateral Interest
Purchase Agreement to the Trustee for the benefit of the Noteholders, and the Seller agrees that all of the representations, covenants
and agreements made by the Seller in the Article 15 Agreement are also for the benefit of, and enforceable by, the Trustee and the
Noteholders;


 


(iii)       the
Seller shall deliver to the Trustee duplicate original copies of all notices, statements, communications and instruments delivered or
required to be delivered to the Issuer pursuant to the applicable Article 15 Agreement; and


 


(iv)     none
of the Issuer or the Seller shall enter into any agreement amending, modifying or terminating the applicable Article 15 Agreement,
(other than in respect of an amendment or modification to cure any inconsistency, ambiguity or manifest error) or selecting or consenting
to a successor without notifying the Rating Agencies and without the prior written consent and written confirmation of the Rating Agencies
that such amendment, modification or termination will not cause its then-current ratings of the Notes to be downgraded or withdrawn.


 


ARTICLE 16


 


ADVANCING AGENT


 


Section 16.1     Liability
of the Advancing Agent.


 


The Advancing Agent shall be
liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by the Advancing Agent.


 


Section 16.2     Merger
or Consolidation of the Advancing Agent.


 


(a)          The
Advancing Agent will keep in full effect its existence, rights and franchises as a corporation under the laws of the jurisdiction in which
it was formed, and will obtain and preserve its qualification to do business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and enforceability of this Indenture to perform its duties under this Indenture.


 


(b)      Any
Person into which the Advancing Agent may be merged or consolidated, or any corporation resulting from any merger or consolidation to
which the Advancing Agent shall be a party, or any Person succeeding to the business of the Advancing Agent shall be the successor of
the Advancing Agent, hereunder, without the execution or filing of any paper or any further act on the part of any of the


  






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parties hereto,
anything herein to the contrary notwithstanding (it being understood and agreed by the parties hereto that the consummation of any such
transaction by the Advancing Agent shall have no effect on the Backup Advancing Agent’s obligations under Section 10.7,
which obligations shall continue pursuant to the terms of Section 10.7).


  


Section 16.3     Limitation
on Liability of the Advancing Agent and Others.


 


None of the Advancing Agent
or any of its affiliates, directors, officers, employees or agents shall be under any liability for any action taken or for refraining
from the taking of any action in good faith pursuant to this Indenture, or for errors in judgment; provided, however,
that this provision shall not protect the Advancing Agent against liability to the Issuer or Noteholders for any breach of warranties
or representations made herein or any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in the performance of duties or by reason of negligent disregard of obligations and duties hereunder. The Advancing Agent and any director,
officer, employee or agent of the Advancing Agent may rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. The Advancing Agent and any director, officer, employee or agent of
the Advancing Agent shall be indemnified by the Issuer pursuant to the priorities set forth in Section 11.1(a) and held
harmless against any loss, liability or expense incurred in connection with any legal action relating to this Indenture or the Notes,
other than any loss, liability or expense (i) specifically required to be borne by the Advancing Agent pursuant to the terms hereof
or otherwise incidental to the performance of obligations and duties hereunder (except as any such loss, liability or expense shall be
otherwise reimbursable pursuant to this Indenture); or (ii) incurred by reason of any breach of a representation, warranty or covenant
made herein, any misfeasance, bad faith or negligence by the Advancing Agent in the performance of or negligent disregard of, obligations
or duties hereunder or any violation of any state or federal securities law.


 


Section 16.4     Representations
and Warranties of the Advancing Agent.


 


The Advancing Agent represents
and warrants that:


 


(a)          the
Advancing Agent (i) has been duly organized, is validly existing and is in good standing under the laws of the State of Delaware,
(ii) has full power and authority to own the Advancing Agent’s Collateral and to transact the business in which it is currently
engaged, and (iii) is duly qualified and in good standing under the laws of each jurisdiction where the Advancing Agent’s ownership
or lease of property or the conduct of the Advancing Agent’s business requires, or the performance of this Indenture would require,
such qualification, except for failures to be so qualified that would not in the aggregate have a material adverse effect on the business,
operations, Collateral or financial condition of the Advancing Agent or the ability of the Advancing Agent to perform its obligations
under, or on the validity or enforceability of, the provisions of this Indenture applicable to the Advancing Agent;


 


(b)          the
Advancing Agent has full power and authority to execute, deliver and perform this Indenture; this Indenture has been duly authorized,
executed and delivered by the Advancing Agent and constitutes a legal, valid and binding agreement of the Advancing Agent, enforceable
against it in accordance with the terms hereof, except that the enforceability hereof may be subject to (i) bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights and (ii) general
principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law);


 


(c)            neither
the execution and delivery of this Indenture nor the performance by the Advancing Agent of its duties hereunder conflicts with or will
violate or result in a breach or violation of any of the terms or provisions of, or constitutes a default under: (i) the Articles
of Incorporation and bylaws


 






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of the Advancing Agent, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note
agreement or other evidence of indebtedness or other agreement, obligation, condition, covenant or instrument to which the Advancing Agent
is a party or is bound, (iii) any law, decree, order, rule or regulation applicable to the Advancing Agent of any court or regulatory,
administrative or governmental agency, body or authority or arbitrator having jurisdiction over the Advancing Agent or its properties,
and which would have, in the case of any of (i), (ii) or (iii) of this Section 16.4(c), either individually or in
the aggregate, a material adverse effect on the business, operations, Collateral or financial condition of the Advancing Agent or the
ability of the Advancing Agent to perform its obligations under this Indenture;


  


(d)         no
litigation is pending or, to the best of the Advancing Agent’s knowledge, threatened, against the Advancing Agent that would materially
and adversely affect the execution, delivery or enforceability of this Indenture or the ability of the Advancing Agent to perform any
of its obligations under this Indenture in accordance with the terms hereof; and


 


(e)            no
consent, approval, authorization or order of or declaration or filing with any government, governmental instrumentality or court or other
Person is required for the performance by the Advancing Agent of its duties hereunder, except such as have been duly made or obtained.


 


Section 16.5     Resignation
and Removal; Appointment of Successor.


 


(a)          No
resignation or removal of the Advancing Agent and no appointment of a successor Advancing Agent pursuant to this Article 16
shall become effective until the acceptance of appointment by the successor Advancing Agent under Section 16.6.


 


(b)         The
Advancing Agent may, subject to Section 16.5(a), resign at any time by giving written notice thereof to the Issuer, the Co-Issuer,
the Note Administrator, the Trustee, the Servicer, the Special Servicer, the Operating Advisor, the Noteholders and the Rating Agencies.


 


(c)         The
Advancing Agent may be removed at any time by Act of Supermajority of the Preferred Shares upon written notice delivered to the Trustee
and to the Issuer and the Co-Issuer.


 


(d)         If
the Advancing Agent fails to make an Interest Advance required by this Indenture with respect to a Payment Date, the Backup Advancing
Agent shall be required to make such Interest Advance. If the Advancing Agent fails to make a required Interest Advance that it has not
determined to be a Nonrecoverable Interest Advance with respect to a Payment Date, the Note Administrator shall (i) terminate such
Advancing Agent in its capacity as advancing agent under this Indenture and in its capacity as advancing agent under the Servicing Agreement
and, to the extent the Special Servicer is an Affiliate of, or the same entity as, the Advancing Agent, the Special Servicer under the
terms of the Servicing Agreement, (ii) use reasonable efforts for 90 days after such termination to replace the Advancing Agent hereunder
and under the Servicing Agreement with a successor advancing agent, subject to the satisfaction of the Rating Agency Condition, and (iii) to
the extent the Special Servicer is an Affiliate of, or the same entity as, the Advancing Agent, replace the Special Servicer in accordance
with the procedures set forth in the Servicing Agreement.


 


(e)         Subject
to Section 16.5(d), if the Advancing Agent shall resign or be removed, upon receiving such notice of resignation or removal,
the Issuer and the Co-Issuer shall promptly appoint a successor advancing agent by written instrument, in duplicate, executed by an Authorized
Officer of the Issuer and an Authorized Officer of the Co-Issuer, one copy of which shall be delivered to the Advancing Agent so resigning
and one copy to the successor Advancing Agent, together with a copy to each Noteholder, the Trustee, the Note Administrator, the Operating
Advisor, the Servicer and the Special Servicer; provided that such successor Advancing Agent shall be appointed only subject to
satisfaction of 


 






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the Rating Agency
Condition, upon the written consent of a Majority of Preferred Shareholders. If no successor Advancing Agent shall have been
appointed and an instrument of acceptance by a successor Advancing Agent shall not have been delivered to the Advancing Agent within
thirty (30) days after the giving of such notice of resignation, the resigning Advancing Agent, the Trustee, the Note Administrator,
or any Preferred Shareholder, on behalf of himself and all others similarly situated, may petition any court of competent
jurisdiction for the appointment of a successor Advancing Agent.


  


(f)        The
Issuer and the Co-Issuer shall give prompt notice of each resignation and each removal of the Advancing Agent and each appointment of
a successor Advancing Agent by mailing written notice of such event by first class mail, postage prepaid, to the Rating Agencies, the
Trustee, the Note Administrator, and to the Holders of the Notes as their names and addresses appear in the Note Register.


 


Section 16.6     Acceptance
of Appointment by Successor Advancing Agent.


 


(a)        Every
successor Advancing Agent appointed hereunder shall execute, acknowledge and deliver to the Issuer, the Co-Issuer, the Servicer, the Special
Servicer, the Operating Advisor, the Trustee, the Note Administrator, and the retiring Advancing Agent an instrument accepting such appointment
hereunder and under the Servicing Agreement. Upon delivery of the required instruments, the resignation or removal of the retiring Advancing
Agent shall become effective and such successor Advancing Agent, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts, duties and obligations of the retiring Advancing Agent hereunder and under the Servicing Agreement.


 


(b)        No
appointment of a successor Advancing Agent shall become effective unless (1) the Rating Agency Condition has been satisfied with
respect to the appointment of such successor Advancing Agent and (2) such successor has a long-term senior unsecured debt rating
of at least “A2” by Moody’s, and whose short-term senior unsecured debt rating is at least “P-1” from Moody’s.


 


Section 16.7     Removal
and Replacement of Advancing Agent.


 


The Note Administrator shall
replace any such successor Advancing Agent (excluding the Note Administrator in its capacity as Backup Advancing Agent) upon receiving
notice that such successor Advancing Agent’s long-term senior unsecured debt rating at any time becomes lower than “A2”
by Moody’s, and whose short-term senior unsecured debt rating becomes lower than “P-1” by Moody’s, with a successor
Advancing Agent that has a long-term senior unsecured debt rating of at least “A2” by Moody’s, and whose short-term
senior unsecured debt rating is at least “P-1” from Moody’s.


 


[SIGNATURE PAGES FOLLOW]


  






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IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Indenture as of the day and year first above written.


  


		GPMT 2021-FL3, LTD., as Issuer
	 	 	 
	 	 	 
		Executed as a deed
	 	 	 
	 	 	 
	 	By	 /s/ Michael J. Karber
			Name: Michael J. Karber
			Title: Authorized Signatory
	 	 	 
	 	 	 
		GPMT 2021-FL3 LLC, as Co-Issuer
	 	 	 
	 	 	 
	 	By:	/s/ Michael J. Karber
			Name: Michael J. Karber
		 	Title: General Counsel and Secretary
	 	 	 
	 	 	 
		GPMT SELLER LLC, as Advancing Agent
	 	 
	 	 	 
	 	By: 	/s/ Michael J. Karber
			Name: Michael J. Karber
		 	Title: General Counsel and Secretary


  


[SIGNATURES CONTINUE ON FOLLOWING
PAGE]








 


GPMT 2021-FL3 – Signature Page to Indenture


 






    	 		 



     


    

  


	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	 	 
	 	By:	/s/ Patrick A. Kanar
	 	 	Name: Patrick A. Kanar
	 	 	Title: Banking Officer






 


[SIGNATURES CONTINUE ON FOLLOWING
PAGE]


 


GPMT 2021-FL3 – Signature Page to Indenture


  






    	 	 	 



     


    

 


	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Note Administrator
	 	 
	 	 
	 	By:	/s/ Dawn Matlock
	 	 	Name: Dawn Matlock
	 	 	Title: Vice President