Exhibit 4.14


 








EXECUTION VERSION


 


AGREEMENT BETWEEN
NOTE HOLDERS


 


Dated as of June 8, 2017


 


by and between


 


UBS AG, by and through its branch office
at 1285 Avenue of the Americas, New York, New York,

(Initial Note A-1 Holder),


 


UBS AG, by and through its branch office
at 1285 Avenue of the Americas, New York, New York,

(Initial Note A-2 Holder),


 


UBS AG, by and through its branch office
at 1285 Avenue of the Americas, New York, New York,

(Initial Note A-3 Holder)


 


and


 


UBS AG, by and through its branch office
at 1285 Avenue of the Americas, New York, New York

(Initial Note A-4 Holder)


 


Baypoint Commerce Center


 




     


     


    

 


TABLE
OF CONTENTS





 




	 	 	Page
	 	 
	Section 1.       Definitions	2
	Section 2.       Servicing of the Mortgage Loan	17
	Section 3.       Priority of Payments	24
	Section 4.       Workout	25
	Section 5.       Administration of the Mortgage Loan	25
	Section 6.       Rights of the Controlling Note Holder	30
	Section 7.       Appointment of Special Servicer	33
	Section 8.       Payment Procedure	34
	Section 9.       Limitation on Liability of the Note Holders	35
	Section 10.     Bankruptcy	35
	Section 11.     Representations of the Note Holders	36
	Section 12.     No Creation of a Partnership or Exclusive Purchase Right	36
	Section 13.     Other Business Activities of the Note Holders	37
	Section 14.     Sale of the Notes	37
	Section 15.     Registration of the Notes and Each Note Holder	40
	Section 16.     Governing Law; Waiver of Jury Trial	40
	Section 17.     Submission To Jurisdiction; Waivers	41
	Section 18.     Modifications	41
	Section 19.     Statement of Intent	42
	Section 20.     Successors and Assigns; Third Party Beneficiaries	42
	Section 21.     Counterparts	42
	Section 22.     Captions	42
	Section 23.     Severability	42
	Section 24.     Entire Agreement	42
	Section 25.     Withholding Taxes	42
	Section 26.     Custody of Mortgage Loan Documents	44
	Section 27.     Cooperation in Securitization	44
	Section 28.     Notices	45
	Section 29.     Broker	46
	Section 30.     Certain Matters Affecting the Agent	46
	Section 31.     Reserved	46
	Section 32.     Resignation or Termination of Agent	46
	Section 33.     Resizing	47






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This AGREEMENT BETWEEN
NOTE HOLDERS (this “Agreement”), dated as of February 27, 2017 by and between UBS AG, by and through its branch
office at 1285 Avenue of the Americas, New York, New York (“UBS AG, New York Branch” (together with its successors
and assigns in interest, as initial owner of Note A-1 described below, in its capacity as the “Initial Note A-1 Holder”
and, in its capacity as the initial agent, the “Initial Agent”)), UBS AG, New York Branch (together with its
successors and assigns in interest, as initial owner of Note A-2 described below, in its capacity as the “Initial Note
A-2 Holder”), UBS AG, New York Branch (together with its successors and assigns in interest, as initial owner of Note
A-3 described below, in its capacity as the “Initial Note A-3 Holder”) and UBS AG, New York Branch ((together
with its successors and assigns in interest, as initial owner of Note A-4 described below, in its capacity as the “Initial
Note A-4 Holder”); the Initial Note A-1 Holder, the Initial Note A-2 Holder, the Initial Note A-3 Holder and the Initial
Note A-4 Holder are referred to collectively herein as the “Initial Note Holders”).


 


W I T N E S S E T H:


 


WHEREAS, pursuant to
the Mortgage Loan Agreement (as defined herein), UBS AG, New York Branch originated a certain loan (the “Mortgage Loan”)
described on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage
loan borrower described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which was evidenced, inter
alia, by four promissory notes, each dated as of the respective dates set forth in Exhibit A hereto: (i) one promissory note
designated Promissory Note A-1 made by the Mortgage Loan Borrower in favor of UBS AG, New York Branch in the original principal
amount of $10,000,000.00, (ii) one promissory note designated Promissory Note A-2 made by the Mortgage Loan Borrower in favor of
UBS AG, New York Branch in the original principal amount of $15,000,000.00, (iii) one promissory note designated Promissory Note
A-3 made by the Mortgage Loan Borrower in favor of UBS AG, New York Branch in the original principal amount of $10,000,000.00 and
(iv) one promissory note designated Promissory Note A-4 made by the Mortgage Loan Borrower in favor of UBS AG, New York Branch
in the original principal amount of $5,000,000.00. The note referenced in clause (i) of the preceding sentence, as amended,
modified or supplemented, is referred to herein as “Note A-1”; the note referenced in clause (ii) of
the preceding sentence, as amended, modified or supplemented, is referred to herein as “Note A-2”; the note
referenced in clause (iii) of the preceding sentence, as amended, modified or supplemented, is referred to herein as “Note
A-3”; and the note referenced in clause (iv) of the preceding sentence, as amended, modified or supplemented,
is referred to herein as “Note A-4”. Note A-1, Note A-2, Note A-3 and Note A-4 are collectively referred to
herein as the “Notes”. The Notes are secured by a first mortgage (as amended, modified or supplemented, the
“Mortgage”) on certain real property located as described on the Mortgage Loan Schedule (the “Mortgaged
Property”);


 


WHEREAS, the Initial
Note A-1 Holder intends to sell, transfer and assign its right, title and interest in and to Note A-1 to CCRE Commercial Mortgage
Securities, L.P. (“CCMS”) pursuant to a Mortgage Loan Purchase Agreement expected to be dated as of June 1,
2017, between CCMS, as purchaser, and the Initial Note A-1 Holder, as seller, and CCMS intends to transfer its right, title and
interest in and to Note A-1 Wilmington Trust, National Association, as trustee for CFCRE 2017-C8 Mortgage Trust under a pooling
and servicing


 






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agreement, expected to be dated as of June 1, 2017 (the “Note A-2 PSA”), among CCMS, as depositor,
Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Wells Fargo Bank,
National Association, as certificate administrator, Wilmington Trust, National Association, as trustee, and Park Bridge Lender
Services LLC, as operating advisor and as asset representations reviewer;


 


WHEREAS, the Initial
Note A-1 Holder, the Initial Note A-2 Holder, the Initial Note A-3 Holder and the Initial Note A-4 Holder desire to enter into
this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold Note A-1, Note A-2, Note
A-3 and Note A-4, respectively;


 


NOW, THEREFORE, in consideration
of the mutual covenants herein contained, the parties hereto mutually agree as follows:


 


Section
1.          Definitions. References to a “Section” or the “recitals” are, unless otherwise
specified, to a Section or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the
meaning ascribed thereto in the Lead Securitization Servicing Agreement. Whenever used in this Agreement, the following terms
shall have the respective meanings set forth below unless the context clearly requires otherwise. Whenever a term is defined
as having the meaning set forth in the Lead Securitization Servicing Agreement or substantially similar language, it shall be
deemed to refer to the definition of such term (or if no such definition exists, the definition of any term substantially
similar thereto) as is set forth in the Lead Securitization Servicing Agreement.


 


“Acceptable
Insurance Default” shall have the meaning set forth in the Lead Securitization Servicing Agreement.


 


“Advances”
shall have the meaning set forth in the Lead Securitization Servicing Agreement.


 


“Affiliate”
shall have the meaning set forth in the Lead Securitization Servicing Agreement.


 


“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and after the Securitization
Date shall mean the Master Servicer.


 


“Agent Office”
shall mean the designated office of the Agent, which office, as of the date of this Agreement, is the office of the Initial Note
A-1 Holder listed on Exhibit B hereto, and which is the address to which notices to and correspondence with the Agent should
be directed. The Agent may change the address of its designated office by notice to the Note Holders.


 


“Agreement”
shall mean this Agreement between Note Holders, any exhibits and schedules hereto and all amendments hereof and thereof and supplements
hereto and thereto.


 






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“Approved Servicer”
shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender”.


 


“Asset Review”
shall mean any review of representations and warranties conducted by a Non-Lead Asset Representations Reviewer, as contemplated
by Item 1101(m) of Regulation AB.


 


“Bankruptcy
Code” shall mean the United States Bankruptcy Code, as amended from time to time, any successor statute or rule promulgated
thereto.


 


“CDO”
shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender”.


 


“CDO Asset Manager”
with respect to any Securitization Vehicle that is a CDO, shall mean the entity that is responsible for managing or administering
a Note as an underlying asset of such Securitization Vehicle or, if applicable, as an asset of any Intervening Trust Vehicle (including,
without limitation, the right to exercise any consent and control rights available to the holder of such Note).


 


“Certificate
Administrator” shall mean the certificate administrator appointed as provided in the Lead Securitization Servicing Agreement.


 


“Code”
shall mean the Internal Revenue Code of 1986, as amended.


 


“Conduit”
shall have the meaning assigned to such term in Section 14(d).


 


“Conduit Credit
Enhancer” shall have the meaning assigned to such term in Section 14(d).


 


“Conduit Inventory
Loan” shall have the meaning assigned to such term in Section 14(d).


 


“Control”
shall mean the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership
interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise, and the terms “Controlling”
and “Controlled” shall have meanings correlative thereto.


 


“Controlling
Note” shall mean Note A-2.


 


“Controlling
Note Holder” shall mean the holder of the Controlling Note; provided that at any time the Controlling Note is
included in a Securitization, the rights of the “Controlling Note Holder” may be exercised by the holders of the majority
of the class of securities issued in the Lead Securitization designated as the “controlling class” or such other class(es)
or party otherwise assigned the rights to exercise the rights of the “Controlling Note Holder” hereunder, as and to
the extent provided in the Lead Securitization Servicing Agreement. If at any time 50% or more of the Controlling Note is held
by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, the Controlling Note Holder (and such


 



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party
assigned the rights to exercise the rights of the “Controlling Note Holder” as described above) shall not be entitled
to exercise any rights of the Controlling Note Holder and neither the Controlling Note Holder nor any other person shall be entitled
to exercise the rights of the Controlling Note Holder (and if the Controlling Note is included in a Securitization the related
Securitization Servicing Agreement may contain additional limitations on the rights of the Controlling Note Holder that can be
exercised by a certificateholder that is the Mortgage Loan Borrower or has certain relationships with the Mortgage Loan Borrower).


 


“Controlling
Note Holder Representative” shall have the meaning assigned to such term in Section 6(a).


 


“Custodian”
shall mean the custodian under the Lead Securitization Servicing Agreement.


 


“DBRS”
shall mean DBRS, Inc., and its successors-in-interest.


 


“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, the depositor under the Note A-1 PSA, (ii) with respect to the Note
A-2 Securitization, the depositor under the Note A-2 PSA, (iii) with respect to the Note A-3 Securitization, the depositor under
the Note A-3 PSA and (iv) with respect to the Note A-4 Securitization, the depositor under the Note A-4 PSA.


 


“Event of Default”
shall mean, with respect to the Mortgage Loan, an “Event of Default” as defined in the Mortgage Loan Agreement.


 


“First Securitization”
shall mean the earliest to occur of the Note A-1 Securitization, the Note A-2 Securitization, the Note A-3 Securitization and the
Note A-4 Securitization.


 


“Fitch”
shall mean Fitch Ratings, Inc., and its successors-in-interest.


 


“Initial Agent”
shall have the meaning assigned to such term in the preamble to this Agreement.


 


“Initial Note
A-1 Holder” shall have the meaning assigned to such term in the preamble to this Agreement.


 


“Initial Note
A-2 Holder” shall have the meaning assigned to such term in the preamble to this Agreement.


 


“Initial Note
A-3 Holder” shall have the meaning assigned to such term in the preamble to this Agreement.


 


“Initial Note
A-4 Holder” shall have the meaning assigned to such term in the preamble to this Agreement.


 


“Initial Note
Holders” shall have the meaning assigned to such term in the preamble to this Agreement.


 






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“Insolvency
Proceeding” shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or
any other insolvency, liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action
for the dissolution of the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the application of the assets
of the Mortgage Loan Borrower for the benefit of its creditors, the appointment of or any proceeding seeking the appointment of
a trustee, receiver or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower or
any other action concerning the adjustment of the debts of the Mortgage Loan Borrower, the cessation of business by the Mortgage
Loan Borrower, except following a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage
Loan Borrower in a transaction permitted under the Mortgage Loan Documents; provided that following any such permitted
transaction affecting the title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement shall be
defined to mean the successor owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage Loan
Documents; provided, further, that for the purposes of this definition, in the event that more than one entity comprises
the Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall refer to any such entity.


 


“Interest Rate”
shall have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.


 


“Interested
Person” shall mean the Depositor, any Non-Lead Depositor, the Master Servicer, any Non-Lead Master Servicer, the Special
Servicer, any Non-Lead Special Servicer, the Trustee, any Non-Lead Trustee, any Mortgage Loan Borrower, any manager of any Mortgaged
Property, any independent contractor engaged by any of the foregoing parties, the Controlling Note Holder, the Controlling Note
Holder Representative, any Non-Controlling Note Holder, any Non-Controlling Note Holder Representative, any holder of a related
mezzanine loan, or any known Affiliate of any such party described above.


 


“Intervening
Trust Vehicle” with respect to any Securitization Vehicle that is a CDO, shall mean a trust vehicle or entity that holds
any Note as collateral securing (in whole or in part) any obligation or security held by such Securitization Vehicle as collateral
for the CDO.


 


“KBRA”
shall mean Kroll Bond Rating Agency, Inc. and its successors-in-interest.


 


“Lead Depositor”
shall mean the Depositor under the Lead Securitization Servicing Agreement.


 


“Lead Securitization”
shall mean (a) if the First Securitization is also the Note A-2 Securitization, such First Securitization and (b) if the First
Securitization is not also the Note A-2 Securitization, then (i) for the period from the closing date of the First Securitization
until the Note A-2 Securitization Date, the First Securitization and (ii) on and after the Note A-2 Securitization Date, the Note
A-2 Securitization.


 


“Lead Securitization
Controlling Class Representative” shall mean the “Controlling Class Representative” as defined in the Lead
Securitization Servicing Agreement.


 






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“Lead Securitization
Note” shall mean (a) during the period from and after the Note A-1 Securitization Date, the Note A-3 Securitization Date
or the Note A-4 Securitization Date but prior to the Note A-2 Securitization Date, the Note to be contributed to the First Securitization;
and (b) on and after the Note A-2 Securitization Date, Note A-2.


 


“Lead Securitization
Note Holder” shall mean the holder of the Lead Securitization Note.


 


“Lead Securitization
Servicing Agreement” shall mean, as of any date of determination, the pooling and servicing agreement that governs the
Securitization that is then the Lead Securitization; provided, that during any period that the Mortgage Loan is no longer subject
to the provisions of the Lead Securitization Servicing Agreement, the “Lead Securitization Servicing Agreement” shall
be determined in accordance with the second paragraph of Section 2(a).


 


“Lead Securitization
Trust” shall mean the Securitization Trust created in connection with the Lead Securitization.


 


“Major Decisions”
shall mean each “Major Decision” as defined in the Lead Securitization Servicing Agreement.


 


“Master Servicer”
shall mean the master servicer appointed as provided in the Lead Securitization Servicing Agreement.


 


“Monthly Payment
Date” shall have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.


 


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


 


“Morningstar”
shall mean Morningstar Credit Ratings, LLC, and its successors-in-interest.


 


“Mortgage”
shall have the meaning assigned to such term in the recitals.


 


“Mortgage Loan”
shall have the meaning assigned to such term in the recitals.


 


“Mortgage Loan
Agreement” shall mean the Loan Agreement, dated as of April 7, 2017, between UBS AG, New York Branch, as lender, and
the Mortgage Loan Borrower, as the same may be further amended, restated, supplemented or otherwise modified from time to time,
subject to the terms hereof.


 


“Mortgage Loan
Borrower” shall have the meaning assigned to such term in the recitals.


 


“Mortgage Loan
Borrower Related Party” shall have the meaning assigned to such term in Section 13.


 






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“Mortgage Loan
Documents” shall mean, with respect to the Mortgage Loan, the Mortgage Loan Agreement, the Mortgage, the Notes and all
other documents now or hereafter evidencing and securing the Mortgage Loan.


 


“Mortgage Loan
Schedule” shall have the meaning assigned to such term in the recitals.


 


“Mortgaged Property”
shall have the meaning assigned to such term in the recitals.


 


“New Notes”
shall have the meaning assigned to such term in Section 33.


 


“Non-Controlling
Note” means each of Note A-1, Note A-3 and Note A-4 and any New Note designated as a “Non-Controlling Note”
hereunder pursuant to Section 33.


 


“Non-Controlling
Note Holder” means any holder of a Non-Controlling Note; provided that at any time such holder’s respective
Note is included in a Securitization, the consultation and other rights of the “Non-Controlling Note Holder” herein
may be exercised by the directing certificateholder under the Non-Lead Securitization Servicing Agreement or any other party assigned
the rights to exercise the rights of a “Non-Controlling Note Holder” hereunder as and to the extent provided in the
related Non-Lead Securitization Servicing Agreement and as to the identity of which the Lead Securitization Note Holder (and the
Master Servicer and the Special Servicer) has been given written notice. If at any time 50% or more of a Non-Controlling Note is
held by (or the majority “controlling class” holder or other party assigned the rights to exercise the rights of such
“Non-Controlling Note Holder” (as described above) is) the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan
Borrower, such Non-Controlling Note Holder shall not be entitled to exercise any rights of the Non-Controlling Note Holder and
neither any Non-Controlling Note Holder nor any other person shall be entitled to exercise the rights of such Non-Controlling Note
Holder (and if the Non-Controlling Note is included in a Securitization the related Securitization Servicing Agreement shall contain
limitations on the rights of any Non-Controlling Note Holder that can be exercised by a certificateholder that is the Mortgage
Loan Borrower or has certain relationships with the Mortgage Loan Borrower).


 


“Non-Controlling
Note Holder Representative” shall have the meaning assigned to such term in Section 6(a).


 


“Non-Exempt
Person” shall mean any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with the Agent
for the relevant year such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which,
pursuant to applicable provisions of (A) any income tax treaty between the United States and the country of residence of such Person,
(B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit any Servicer on
behalf of the Note Holders to make such payments free of any obligation or liability for withholding.


 


“Non-Lead Asset
Representations Reviewer” shall mean the party acting as “asset representations reviewer” (within the meaning
of Item 1101(m) of Regulation AB) under any Non-Lead Securitization Servicing Agreement.


 






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“Non-Lead Certificate
Administrator” shall mean the “certificate administrator” under any Non-Lead Securitization Servicing Agreement.


 


“Non-Lead Depositor”
shall mean the depositor under any Non-Lead Securitization Servicing Agreement.


 


“Non-Lead Master
Servicer” shall mean the master servicer under any Non-Lead Securitization Servicing Agreement.


 


“Non-Lead Operating
Advisor” shall mean the trust advisor, operating advisor or other analogous term under any Non-Lead Securitization Servicing
Agreement.


 


“Non-Lead Securitization”
shall mean, on and after the Note A-2 Securitization Date, the Note A-1 Securitization, the Note A-3 Securitization and the Note
A-4 Securitization, as applicable.


 


“Non-Lead Securitization
Determination Date” shall mean the “determination date” (or any term substantially similar thereto) as defined
in the related Non-Lead Securitization Servicing Agreement.


 


“Non-Lead Securitization
Notes” shall mean any Note other than the Lead Note.


 


“Non-Lead Securitization
Note Holders” shall mean any holder of a Non-Lead Securitization Note.


 


“Non-Lead Securitization
Servicing Agreement” shall mean, on and after the Note A-2 Securitization Date, the Note A-1 PSA, the Note A-3 PSA and
the Note A-4 PSA, as applicable.


 


“Non-Lead Special
Servicer” shall mean the special servicer under any Non-Lead Securitization Servicing Agreement.


 


“Non-Lead Trustee”
shall mean the trustee under any Non-Lead Securitization Servicing Agreement.


 


“Non-Securitizing
Note Holder” shall mean, with respect to a Securitization, each Note Holder that is not a Securitizing Note Holder with
respect to such Securitization.


 


“Note A-1”
shall have the meaning assigned to such term in the recitals.


 


“Note A-1 Holder”
shall mean the Initial Note A-1 Holder or any subsequent holder of Note A-1, as applicable.


 


“Note A-1 Master
Servicer” shall mean the master servicer under the Note A-1 PSA.


 


“Note A-1 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the “Promissory Note A-1
Principal Balance” set forth on the


 






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Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-1
Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.


 


“Note A-1 PSA”
shall have the meaning assigned to such term in the recitals.


 


“Note A-1 Securitization”
shall mean the first sale by the Note A-1 Holder of all or a portion of Note A-1 to a depositor who will in turn include such portion
of Note A-1 as part of the securitization of one or more mortgage loans.


 


“Note A-1 Securitization
Date” shall mean the closing date of the Note A-1 Securitization.


 


“Note A-1 Special
Servicer” shall mean the special servicer under the Note A-1 PSA.


 


“Note A-1 Trustee”
shall mean the trustee under the Note A-1 PSA.


 


“Note A-1 Trust
Fund” shall mean the trust formed pursuant to the Note A-1 PSA.


 


“Note A-2”
shall have the meaning assigned to such term in the recitals.


 


“Note A-2 Holder”
shall mean the Initial Note A-2 Holder or any subsequent holder of Note A-2, as applicable.


 


“Note A-2 Master
Servicer” shall mean the master servicer under the Note A-2 PSA.


 


“Note A-2 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the “Promissory Note A-2
Principal Balance” set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-2
Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.


 


“Note A-2 PSA”
shall mean the pooling and servicing agreement entered into in connection with the Note A-2 Securitization.


 


“Note A-2 Securitization”
shall mean the first sale by the Note A-2 Holder of all or a portion of Note A-2 to a depositor who will in turn include such portion
of Note A-2 as part of the securitization of one or more mortgage loans.


 


“Note A-2 Securitization
Date” shall mean the closing date of the Note A-2 Securitization.


 


“Note A-2 Special
Servicer” shall mean the special servicer under the Note A-2 PSA.


 


“Note A-2 Trustee”
shall mean the trustee under the Note A-2 PSA.


 






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“Note A-2 Trust
Fund” shall mean the trust formed pursuant to the Note A-2 PSA.


 


“Note A-3”
shall have the meaning assigned to such term in the recitals.


 


“Note A-3 Holder”
shall mean the Initial Note A-3 Holder or any subsequent holder of Note A-3, as applicable.


 


“Note A-3 Master
Servicer” shall mean the master servicer under the Note A-3 PSA.


 


“Note A-3 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the “Promissory Note A-3
Principal Balance” set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-3
Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.


 


“Note A-3 PSA”
shall mean the pooling and servicing agreement entered into in connection with the Note A-3 Securitization.


 


“Note A-3 Securitization”
shall mean the first sale by the Note A-3 Holder of all or a portion of Note A-3 to a depositor who will in turn include such portion
of Note A-3 as part of the securitization of one or more mortgage loans.


 


“Note A-3 Securitization
Date” shall mean the closing date of the Note A-3 Securitization.


 


“Note A-3 Special
Servicer” shall mean the special servicer under the Note A-3 PSA.


 


“Note A-3 Trustee”
shall mean the trustee under the Note A-3 PSA.


 


“Note A-3 Trust
Fund” shall mean the trust formed pursuant to the Note A-3 PSA.


 


“Note A-4”
shall have the meaning assigned to such term in the recitals.


 


“Note A-4 Holder”
shall mean the Initial Note A-4 Holder or any subsequent holder of Note A-4, as applicable.


 


“Note A-4 Master
Servicer” shall mean the master servicer under the Note A-4 PSA.


 


“Note A-4 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the “Promissory Note A-4
Principal Balance” set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-4
Holder or reductions in such amount pursuant to Section 3 or 4, as applicable.


 






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“Note A-4 PSA”
shall mean the pooling and servicing agreement entered into in connection with the Note A-4 Securitization.


 


“Note A-4 Securitization”
shall mean the first sale by the Note A-4 Holder of all or a portion of Note A-4 to a depositor who will in turn include such portion
of Note A-4 as part of the securitization of one or more mortgage loans.


 


“Note A-4 Securitization
Date” shall mean the closing date of the Note A-4 Securitization.


 


“Note A-4 Special
Servicer” shall mean the special servicer under the Note A-4 PSA.


 


“Note A-4 Trustee”
shall mean the trustee under the Note A-4 PSA.


 


“Note A-4 Trust
Fund” shall mean the trust formed pursuant to the Note A-4 PSA.


 


“Note Holder
Representative” shall mean a Controlling Note Holder Representative or a Non-Controlling Note Holder Representative,
as applicable (including any Lead Securitization Controlling Class Representative and any “directing certificateholder”,
“controlling class representative” or similar person acting pursuant to a Securitization Servicing Agreement on behalf
of the Controlling Note Holder or the Non-Controlling Note Holder, as the case may be).


 


“Note Holders”
shall mean collectively, the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder.


 


“Note Pledgee”
shall have the meaning assigned to such term in Section 14(c).


 


“Note Register”
shall have the meaning assigned to such term in Section 15.


 


“Notes”
shall have the meaning assigned to such term in the recitals.


 


“Operating Advisor”
shall mean the trust advisor, operating advisor or other analogous term appointed as provided in the Lead Securitization Servicing
Agreement.


 


“P&I Advance”
shall mean an advance made by a party to any Securitization Servicing Agreement in respect of a delinquent monthly debt service
payment on the Note securitized pursuant to such Securitization Servicing Agreement.


 


“Percentage
Interest” shall mean, (a) with respect to the Note A-1 Holder, a fraction, expressed as a percentage, the numerator of
which is the Note A-1 Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2
Principal Balance, the Note A-3 Principal Balance and the Note A-4 Principal Balance, (b) with respect to the Note A-2 Holder,
a fraction, expressed as a percentage, the numerator of which is the Note A-2 Principal Balance and the denominator of which is
the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance and the Note


 



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A-4 Principal
Balance, (c) with respect to the Note A-3 Holder, a fraction, expressed as a percentage, the numerator of which is the Note A-3
Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the
Note A-3 Principal Balance and the Note A-4 Principal Balance and (d) with respect to the Note A-4 Holder, a fraction, expressed
as a percentage, the numerator of which is the Note A-4 Principal Balance and the denominator of which is the sum of the Note A-1
Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance and the Note A-4 Principal Balance.


 


“Permitted Fund
Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached
hereto and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity interests
relating to commercial real estate, (ii) investing through a fund with committed capital of at least $250,000,000 and (iii) not
subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.


 


“Pledge”
shall have the meaning assigned to such term in Section 14(c).


 


“Person”
shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company,
trust, unincorporated organization or government or any agency or political subdivision thereof.


 


“Pro Rata and
Pari Passu Basis” shall mean with respect to the Notes and the Note Holders, the allocation of any particular payment,
collection, cost, expense, liability or other amount between such Notes or such Note Holders, as the case may be, without any priority
of any such Note or any such Note Holder over another such Note or Note Holder, as the case may be, and in any event such that
each Note or Note Holder, as the case may be, is allocated its respective Percentage Interest of such particular payment, collection,
cost, expense, liability or other amount.


 


“Qualified Institutional
Lender” shall mean each of the Initial Note Holders and any other U.S. Person that is:


 


(a)           an
entity Controlled by, under common Control with or that Controls any of the Initial Note Holders, or


 


(b)           the
trustee on behalf of the trust certificates issued pursuant to a master trust agreement involving a CDO comprised of, or other
securitization vehicle involving, assets deposited or transferred by a Note Holder and/or one or more Affiliates (whether with
assets from others or not), provided that the securities issued in connection with such CDO or other securitization vehicle
are rated by each of the Rating Agencies that assigned a rating to one or more classes of securities issued in connection with
the Lead Securitization, or


 


(c)           one
or more of the following:


 


(i)        an
insurance company, bank, savings and loan association, investment bank, trust company, commercial credit corporation, pension plan,


 



     -12-


     


    

 


pension fund, pension fund advisory firm, mutual fund, real estate investment trust, governmental entity or plan, or


 


(ii)       an
investment company, money management firm or a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, or an “accredited investor” within the meaning of Rule 501(a) (1), (2), (3)
or (7) of Regulation D under the Securities Act of 1933, as amended, or


 


(iii)      a
Qualified Trustee in connection with (a) a securitization of, (b) the creation of collateralized debt obligations (“CDO”)
secured by, or (c) a financing through an “owner trust” of, a Note or any interest therein (any of the foregoing,
a “Securitization Vehicle”), provided that (1) one or more classes of securities issued by such Securitization
Vehicle is initially rated at least investment grade by each of the Rating Agencies that assigned a rating to one or more classes
of securities issued in connection with that Securitization (it being understood that with respect to any Rating Agency that assigned
such a rating to the securities issued by such Securitization Vehicle, a Rating Agency Confirmation will not be required in connection
with a transfer of such Note or any interest therein to such Securitization Vehicle (and, if DBRS is not one of such Rating Agencies,
the special servicer for the Securitization Vehicle is an Approved Servicer)); (2) in the case of a Securitization Vehicle that
is not a CDO, the special servicer of such Securitization Vehicle has a Required Special Servicer Rating or is otherwise subject
to Rating Agency Confirmations from the Rating Agencies rating each Securitization (such entity, an “Approved Servicer”)
and such Approved Servicer is required to service and administer such Note or any interest therein in accordance with servicing
arrangements for the assets held by the Securitization Vehicle which require that such Approved Servicer act in accordance with
a servicing standard notwithstanding any contrary direction or instruction from any other Person; or (3) in the case of a Securitization
Vehicle that is a CDO, the CDO Asset Manager and, if applicable, each Intervening Trust Vehicle that is not administered and managed
by a CDO Asset Manager which is a Qualified Institutional Lender, are each a Qualified Institutional Lender under clauses (i),
(ii), (iv) or (v) of this definition, or


 


(iv)      an
investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $250,000,000, in which (A) any Initial Note Holder, (B) a person that is otherwise a Qualified Institutional Lender
under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities referred
to in clause (i) or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or
the fund manager responsible for the day-to-day management and operation of such investment vehicle and provided that at
least 50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are
otherwise Qualified Institutional Lenders (without regard to the capital surplus/equity and total asset requirements set forth
below in the definition), or


 






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(v)       an
institution substantially similar to any of the foregoing, and


 


in the case of any entity referred
to in clause (c)(i), (ii), (iii), (iv)(B) or (v) of this definition, (x) such entity has at
least $200,000,000 in capital/statutory surplus or shareholders’ equity (except with respect to a pension advisory firm
or similar fiduciary) and at least $600,000,000 in total assets (in name or under management), and (y) is regularly engaged in
the business of making or owning commercial real estate loans (or interests therein) similar to the Mortgage Loan (or mezzanine
loans with respect thereto) or owning or operating commercial real estate properties; provided that, in the case of the
entity described in clause (iv)(B) above, the requirements of this clause (y) may be satisfied by a general partner, managing
member, or the fund manager responsible for the day-to-day management and operation of such entity; or


 


(d)          any
entity Controlled by any of the entities described in clause (c)(i), (ii), (iv)(B) or (v) above or
that is the subject of a Rating Agency Confirmation as a Qualified Institutional Lender for purposes of this Agreement from each
of the Rating Agencies engaged by the Depositor and any Non-Lead Depositor to rate the securities issued by the related Securitization
Trust.


 


“Qualified Trustee”
means (i) a corporation, national bank, national banking association or a trust company, organized and doing business under the
laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept
the trust conferred, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose
long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the applicable Rating
Agencies (or, if not rated by an applicable Rating Agency, an equivalent (or higher) rating from any two of Fitch, Moody’s
and S&P).


 


“Rating Agencies”
shall mean DBRS, Fitch, KBRA, Moody’s, Morningstar and S&P and their respective successors-in-interest or, if any of
such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized
statistical rating agency reasonably engaged by any Note Holder to rate the securities issued in connection with the Securitization
of the related Note; provided, that, at any time during which one or more of the Notes is an asset of one
or more Securitizations, “Rating Agencies” or “Rating Agency” shall mean only those rating
agencies that are engaged by the related depositor (or its Affiliate) from time to time to rate the securities issued in connection
with the Securitizations of the Notes.


 


“Rating Agency
Communication” shall mean, with respect to any action and any Securitization, any written communication intended for
a Rating Agency, which shall be delivered at least ten (10) Business Days prior to completing such action, in electronic document
format suitable for website posting to the 17g-5 information provider under the applicable Securitization Servicing Agreement.


 


“Rating Agency
Confirmation” shall mean, with respect to any Securitization, a confirmation in writing by each of the applicable Rating
Agencies for such Securitization that the


 



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occurrence of the event with respect to which such Rating Agency Confirmation is sought
shall not result in a downgrade, qualification or withdrawal of the applicable rating or ratings ascribed by such Rating Agency
to any of the securities issued pursuant to such Securitization that are then outstanding. If no such securities are outstanding
with respect to any Securitization, any action that would otherwise require a Rating Agency Confirmation shall instead require
the consent of the Lead Securitization Note Holder, which consent shall not be unreasonably withheld or delayed. For the purposes
of this Agreement, if any Rating Agency shall waive, decline or refuse to review or otherwise engage any request for Rating Agency
Confirmation hereunder, such waiver, declination, or refusal shall be deemed to eliminate, for such request only, the condition
that a Rating Agency Confirmation by such Rating Agency (only) be obtained for purposes of this Agreement. For purposes of clarity,
any such waiver, declination or refusal to review or otherwise engage in any request for a Rating Agency Confirmation hereunder
shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent request for a Rating Agency
Confirmation hereunder and the condition for Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall
apply regardless of any previous waiver, declination or refusal to review or otherwise engage in such prior request.


 


“Redirection
Notice” shall have the meaning assigned to such term in Section 14(c).


 


“Regulation
AB” shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125,
as such rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the
Commission or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case
as effective from time to time as of the compliance dates specified therein.


 


“REMIC”
shall mean a real estate mortgage investment conduit within the meaning 860D(a) of the Code.


 


“REMIC Provisions”
shall mean provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections
860A through 860G of subchapter M of Chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed
regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.


 


“REO Property”
shall have the meaning assigned to the term “REO Property” or such other analogous term used in the Lead Securitization
Servicing Agreement.


 


“Required Special
Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans included
in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12) month period prior to the date
of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage
securities or placed any class of 


 



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commercial mortgage securities on watch citing the continuation of such special servicer as special
servicer of such commercial mortgage loans, (iv) in the case of Morningstar, such special servicer has a ranking by Morningstar
equal to or higher than “MOR CS3” as a special servicer, provided that if Morningstar has not issued a ranking with
respect to such special servicer, such special servicer is acting as special servicer in a commercial mortgage loan securitization
that was rated by a Rating Agency within the twelve (12) month period prior to the date of determination, and Morningstar has not
downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial
mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities,
(v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in a transaction serviced by such special servicer prior to the time of determination, and (vi) in the case of DBRS,
such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by DBRS within
the twelve (12) month period prior to the date of determination and DBRS has not downgraded or withdrawn the then-current rating
on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation
of such special servicer as special servicer of such commercial mortgage securities as a material reason for such downgrade or
withdrawal.


 


“S&P”
shall mean S&P Global Ratings, and its successors-in-interest.


 


“Scheduled Interest
Payment” shall mean the scheduled payment of interest due on the Mortgage Loan on a Monthly Payment Date.


 


“Scheduled Principal
Payment” shall mean the scheduled payment of principal due on the Mortgage Loan on a Monthly Payment Date.


 


“Securitization”
shall mean the Note A-1 Securitization, the Note A-2 Securitization, the Note A-3 Securitization or the Note A-4 Securitization,
as applicable.


 


“Securitization
Date” shall mean the effective date on which the Securitization of the first Note or portion thereof is consummated.


 


“Securitization
Servicing Agreement” shall mean the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing
Agreement, as applicable.


 


“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which one or more of the Notes are held.


 


“Securitization
Vehicle” shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender”.


 


“Securitizing
Note Holder” shall mean, with respect to a Securitization, each Note Holder that is contributing its Note to such Securitization. 


 


“Servicer”
shall mean the Master Servicer or the Special Servicer, as the context may require.


 






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“Servicer Termination
Event” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that
the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept
under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.


 


“Servicing Advance”
shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan
is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing
agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.


 


“Servicing Standard”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement. The Servicing
Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the
Mortgage Loan, must take into account the interests of each Note Holder.


 


“Special Servicer”
shall mean the special servicer or excluded mortgage loan special servicer, as applicable, appointed as provided in the Lead Securitization
Servicing Agreement.


 


“Taxes”
shall mean any income or other taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature, now or hereafter
imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein.


 


“Transfer”
shall have the meaning assigned to such term in Section 14(a).


 


“Trustee”
shall mean the trustee appointed as provided in the Lead Securitization Servicing Agreement.


 


“UBS AG, New
York Branch” shall have the meaning assigned to such term in the preamble to this Agreement.


 


“U.S. Person”
shall mean a citizen or resident of the United States, a corporation or partnership (except to the extent provided in applicable
Treasury Regulations) created or organized in or under the laws of the United States, any State thereof or the District of Columbia,
including any entity treated as a corporation or partnership for federal income tax purposes, or an estate whose income is subject
to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise
primary supervision over the administration of such trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, a trust in existence on August
20, 1996 which is eligible to elect to be treated as a U.S. Person).


 


Section 2.          Servicing
of the Mortgage Loan.


 


(a)       Each
Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced by the Master
Servicer and the Special Servicer pursuant to the terms of this Agreement and the Lead Securitization Servicing


 



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Agreement; provided that the Master
Servicer shall not be obligated to advance monthly payments of principal or interest in respect of any Note other than the Lead
Securitization Note if such principal or interest is not paid by the Mortgage Loan Borrower but shall be obligated to advance
delinquent real estate taxes, insurance premiums and other expenses related to the maintenance of the Mortgaged Property and maintenance
and enforcement of the lien of the Mortgage thereon, subject to the terms of the Lead Securitization Servicing Agreement. Each
Note Holder acknowledges that any other Note Holder may elect, in its sole discretion, to include its Note in a Securitization
and agrees that it will, subject to Section 27, reasonably cooperate with such other Note Holder, at such other Note Holder’s
expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably
and unconditionally consents to the appointment of the Master Servicer and the Trustee under the Lead Securitization Servicing
Agreement by the Depositor and the appointment of the Special Servicer by the Controlling Note Holder and agrees to reasonably
cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with
the Lead Securitization Servicing Agreement. Each Note Holder hereby appoints the Master Servicer, the Special Servicer and the
Trustee in the Lead Securitization as such Note Holder’s attorney-in-fact to sign any documents reasonably required with
respect to the administration and servicing of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement
(subject at all times to the rights of the Note Holder set forth herein and in the Lead Securitization Servicing Agreement). The
Lead Securitization Servicing Agreement shall not limit the Servicer in enforcing the rights of one Note Holder against any other
Note Holder as may be required in order to service the Mortgage Loan as contemplated by this Agreement and the Lead Securitization
Servicing Agreement; provided, that it is also understood and agreed that nothing in this sentence shall be construed to
otherwise limit the rights of one Note Holder with respect to any other Note Holder. Each Servicer shall be required pursuant
to the Lead Securitization Servicing Agreement (i) to service the Mortgage Loan in accordance with the Servicing Standard, the
terms of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement and applicable law, (ii) to provide information
to each servicer under each Non-Lead Securitization Servicing Agreement necessary to enable each such servicer to perform its
servicing duties under such Non-Lead Securitization Servicing Agreement, and (iii) to not take any action or refrain from taking
any action or follow any direction inconsistent with the foregoing.


 


At any time that the
Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note Holders agree to
cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note Holders, pursuant
to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing Agreement and all
references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing agreement;
provided, that if a Non-Lead Securitization Note is in a Securitization and the servicer(s) to be appointed under
such replacement servicing agreement would not otherwise meet the conditions to be a servicer under the Lead Securitization Servicing
Agreement that is being replaced, then a Rating Agency Confirmation shall have been obtained from each Rating Agency with respect
to the securities issued in connection with such Securitization for such Non-Lead Securitization Note; provided, further,
that until a replacement servicing agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage
Loan to be serviced pursuant to the provisions of the Lead Securitization Servicing Agreement, as if such agreement were still
in full


 



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force and effect with respect to the Mortgage Loan, by the applicable Servicer in the Lead Securitization or
by any Person appointed by the Lead Securitization Note Holder that is an Approved Servicer. The Note Holders acknowledge that
at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Master
Servicer shall have no further obligation to make P&I Advances with respect to the Mortgage Loan.


 


(b)       The
Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee to the extent
provided in the Lead Securitization Servicing Agreement) shall make the following advances, subject to the terms of the Lead Securitization
Servicing Agreement and this Agreement: (i) Servicing Advances on the Mortgage Loan and (ii) P&I Advances on the Lead Securitization
Note. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to reimbursement for a Servicing
Advance, first, from funds on deposit in the Collection Account (as defined in the Lead Securitization Servicing Agreement)
and/or the related Serviced Companion Loan Custodial Account (as defined in the Lead Securitization Servicing Agreement) for the
Mortgage Loan that (in any case) represent amounts received on or in respect of the Mortgage Loan, and then, in the case
of Servicing Advances that are Nonrecoverable Advances, if such funds on deposit in the Collection Account and the related Serviced
Companion Loan Custodial Account are insufficient, from general collections of the Lead Securitization as provided in the Lead
Securitization Servicing Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled
to reimbursement for Advance Interest on a Servicing Advance (including any Nonrecoverable Advance) in the manner and from the
sources provided in the Lead Securitization Servicing Agreement, including from general collections of the Lead Securitization.
Notwithstanding the foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee, as applicable, obtains
funds from general collections of the Lead Securitization as a reimbursement for a Servicing Advance that is a Nonrecoverable
Advance or any Advance Interest on a Servicing Advance (including any Nonrecoverable Advance), each Non-Lead Securitization Note
Holder (including any Securitization Trust into which such Non-Lead Securitization Note is deposited) shall be required to, promptly
following notice from the Master Servicer, reimburse the Lead Securitization for its pro rata share of such Nonrecoverable
Advance or Advance Interest.


 


In addition, any Non-Lead
Securitization Note Holder (including, but not limited to, any Securitization Trust into which such Non-Lead Securitization Note
is deposited) shall be required to, promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse
the Lead Securitization for such Non-Lead Securitization Note Holder’s pro rata share of any fees, costs or expenses
incurred in connection with the servicing and administration of the Mortgage Loan as to which the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Depositor or CREFC®, as applicable,
is entitled to be reimbursed pursuant to the Lead Securitization Servicing Agreement, to the extent amounts on deposit in the related
Serviced Companion Loan Custodial Account are insufficient for reimbursement of such amounts. Each Non-Lead Securitization Note
Holder agrees to indemnify (as and to the same extent the Lead Securitization Trust is required to indemnify each of the following
parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the Lead Securitization Servicing
Agreement) each of the Depositor under the Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer,



 



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the Certificate Administrator, the Trustee
and the Operating Advisor (and any director, officer, member, manager, employee or agent of any of the foregoing, to the extent
such parties are identified as indemnified parties in the Lead Securitization Servicing Agreement in respect of other mortgage
loans) (the “Indemnified Parties”) against any claims, losses, penalties, fines, forfeitures, legal fees and
related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration
of the Mortgage Loan and the Mortgaged Property (or, with respect to the Operating Advisor, incurred in connection with the provision
of services for the Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified
Items”) to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in
the related Serviced Companion Loan Custodial Account are insufficient for reimbursement of such amounts, each Non-Lead Securitization
Note Holder shall be required to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee, reimburse
each of the applicable Indemnified Parties for its pro rata share of the insufficiency; provided, that a Non-Lead
Securitization Note Holder’s duty to pay Indemnified Items to the Operating Advisor shall be subject to any limitations
and conditions (including limitations and conditions with respect to the timing of such payments and the sources of funds for
such payments) as may be set forth from time to time in a Non-Lead Securitization Servicing Agreement with respect to the Non-Lead
Operating Advisor.


 


Any Non-Lead Master Servicer
(or Non-Lead Trustee (if not made by such Non-Lead Master Servicer)) may be required to make P&I Advances on the respective
Non-Lead Securitization Note, from time to time, subject to the terms of the related Non-Lead Securitization Servicing Agreement,
the Lead Securitization Servicing Agreement and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable,
shall be entitled to make their own recoverability determination with respect to a P&I Advance to be made on the Lead Securitization
Note based on the information that they have on hand and in accordance with the Lead Securitization Servicing Agreement. Any Non-Lead
Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee under any Non-Lead Securitization Servicing Agreement, as applicable,
shall each be entitled to make its own recoverability determination with respect to a P&I Advance to be made on the related
Non-Lead Securitization Note based on the information that they have on hand and in accordance with the related Non-Lead Securitization
Servicing Agreement. The Master Servicer and the Trustee, as applicable, and any Non-Lead Master Servicer or Non-Lead Trustee,
as applicable, shall each be required to notify the other of the amount of its P&I Advance within two (2) Business Days of
making such advance. If the Master Servicer, the Special Servicer or the Trustee, as applicable (with respect to the Lead Securitization
Note) or a Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee, as applicable (with respect to a Non-Lead Securitization
Note), determines that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I Advance is or would
be non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines that
a proposed Servicing Advance would be non-recoverable or an outstanding Servicing Advance is or would be non-recoverable, then
the Master Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the case of a determination
of non-recoverability by the Master Servicer, the Special Servicer or the Trustee) or such Non-Lead Master Servicer or Non-Lead
Trustee (as provided in the related Non-Lead Securitization Servicing Agreement, in the case of the a determination of non-recoverability
by a Non-Lead Master Servicer, a Non-Lead Special Servicer or a Non-Lead


 



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Trustee) shall notify the Master Servicer
and the Trustee, or the related Non-Lead Master Servicer and the related Non-Lead Trustee, as the case may be, of such other Securitization
within two (2) Business Days of making such determination. Each of the Master Servicer and the Trustee, any Non-Lead Master Servicer
and any Non-Lead Trustee, as applicable, shall only be entitled to reimbursement for a P&I Advance and Advance Interest thereon
that becomes non-recoverable first, from the related Serviced Companion Loan Custodial Account from amounts allocable to
the Note for which such P&I Advance was made, and then, if such funds are insufficient, (i) in the case of the Lead
Securitization Note, from general collections of the Lead Securitization Trust, pursuant to the terms of the Lead Securitization
Servicing Agreement and (ii) in the case of a Non-Lead Securitization Note, from general collections of the related Securitization
Trust, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.


 


(c)     
  Each Non-Lead Securitization Note Holder, if its Non-Lead Securitization Note is included in a Securitization,
shall cause the applicable Non-Lead Securitization Servicing Agreement to contain provisions to the effect that:


 


(i)  
     such Non-Lead Securitization Note Holder shall be responsible for its pro rata share
of any Servicing Advances that are Nonrecoverable Advances (and Advance Interest thereon) and any Additional Trust Expenses,
but only to the extent that they relate to servicing and administration of the Notes and the Mortgaged Property, including
without limitation, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees relating to the Notes, and that in
the event that the funds received with respect to each respective Note are insufficient to cover such Servicing Advances or
Additional Trust Expenses, (x) the related Non-Lead Master Servicer will be required to, promptly following notice from the
Master Servicer, the Special Servicer or the Trustee, pay or reimburse, pay or reimburse the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, as applicable, out of general collections in the collection account
(or equivalent account) established under such Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization
Note Holder’s pro rata share of any such Servicing Advances that are Nonrecoverable Advances and/or Additional
Trust Expenses, and (y) if the Lead Securitization Servicing Agreement permits the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee or the Operating Advisor to reimburse itself from the Lead
Securitization Trust’s general collections, then the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Operating Advisor, as applicable, may do so and the related Non-Lead Master Servicer will
be required to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee, pay or reimburse the
Lead Securitization Trust out of general collections in the collection account (or equivalent account) established under such
Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization Note Holder’s pro rata share of any
such Servicing Advances that are Nonrecoverable Advances (and Advance Interest thereon) and/or Additional Trust Expenses;


 


(ii)  
    each of the Indemnified Parties shall be indemnified (as and to the same extent the Lead
Securitization Trust is required to indemnify each of such Indemnified Parties in respect of other mortgage loans in the Lead
Securitization Trust pursuant to the terms of Lead Securitization Servicing Agreement) by the Securitization Trust
holding


 






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such Non-Lead Securitization
Note, against any of the Indemnified Items to the extent of its pro rata share of such Indemnified Items, and to the extent
amounts on deposit in the related Serviced Companion Loan Custodial Account are insufficient for reimbursement of such amounts,
the related Non-Lead Master Servicer will be required to reimburse each of the applicable Indemnified Parties for its pro rata
share of the insufficiency out of general collections in the collection account (or equivalent account) established under
such Non-Lead Securitization Servicing Agreement; provided, that a Non-Lead Securitization Servicing Agreement shall be
deemed to include the same limitations and conditions on the payment or reimbursement of Indemnified Items to the Operating Advisor
(including limitations and conditions with respect to the timing of such payments or reimbursements and the sources of funds for
such payments or reimbursements) as may be set forth from time to time in the Non-Lead Securitization Servicing Agreement with
respect to the Non-Lead Operating Advisor;


 


(iii)       the
related Non-Lead Master Servicer or Non-Lead Certificate Administrator, as applicable, will be required to deliver to the Trustee,
the Certificate Administrator, the Special Servicer, the Master Servicer and the Operating Advisor (x) promptly following Securitization
of such Non-Lead Securitization Note, notice of the deposit of such Non-Lead Securitization Note into a Securitization Trust (which
notice may be by email and shall also provide contact information for the related Non-Lead Trustee, Non-Lead Certificate Administrator,
Non-Lead Master Servicer, Non-Lead Special Servicer and the party designated to exercise the rights of the “Non-Controlling
Note Holder” under this Agreement), accompanied by a certified copy of the related executed Non-Lead Securitization Servicing
Agreement and (y) notice of any subsequent change in the identity of the Non-Lead Master Servicer or the party designated to exercise
the rights of the “Non-Controlling Note Holder” with respect to such Non-Lead Securitization Note under this Agreement
(together with the relevant contact information); and


 


(iv)       the
Master Servicer and the Special Servicer and the Lead Securitization Trust shall be third party beneficiaries of the foregoing
provisions.


 


(d)   
    Prior to the Securitization of any Note (including any New Note), all notices, reports, information
or other deliverables required to be delivered to a Note Holder pursuant to this Agreement or the Lead Securitization
Servicing Agreement by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its
behalf) only need to be delivered to the related Note Holder (or its Note Holder Representative) and, when so delivered to
such Note Holder (or Note Holder Representative, as applicable), the Lead Securitization Note Holder (or the Master Servicer
or the Special Servicer acting on its behalf) shall be deemed to have satisfied its delivery obligations with respect to such
items hereunder or under the Lead Securitization Servicing Agreement. Following the Securitization of any Note (including any
New Note), as applicable, all notices, reports, information or other deliverables required to be delivered to a Note Holder
pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) shall be delivered to the master servicer and the special
servicer with respect to such Securitization (who then may forward such items to the party entitled to receive such items as
and to the extent provided in the related Securitization Servicing


 



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Agreement) and, when so delivered to such master servicer
and the special servicer, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its
behalf) shall be deemed to have satisfied its delivery obligations with respect to such items hereunder or under the
Lead Securitization Servicing Agreement; provided, however, that all items that relate to a Non-Lead Depositor’s
compliance with any applicable securities laws shall also be delivered to such Non-Lead Depositor.


 


(e)         In
addition to the foregoing, each Securitization Servicing Agreement shall contain terms and conditions that are customary for securitization
transactions involving assets similar to the Mortgage Loan and that are otherwise (i) required by the Code relating to the tax
elections of the trust fund formed pursuant to such Securitization Servicing Agreement, (ii) required by law or changes in any
law, rule or regulation or (iii) requested by the Rating Agencies rating the related Securitization. Each Non-Lead Securitization
Note Holder shall have the right to designate the Non-Lead Master Servicer and Non-Lead Special Servicer with respect to the Securitization
related to its Note, as long as each such Servicer satisfies the conditions to be the master servicer or special servicer, as applicable,
set forth in the Lead Securitization Servicing Agreement. Without limiting the generality of any provision set forth above, for
purposes of the Mortgage Loan, each Lead Securitization Servicing Agreement shall contain (a) provisions requiring the Master Servicer
and the Special Servicer to maintain, or subjecting them to possible termination for not maintaining, compliance with customary
servicer rating criteria (but the rating agencies need not be the same) and, (b) provisions substantially similar in all material
respects to or materially consistent with those set forth in Note A-1 PSA with respect to (i) periodic reporting and periodic delivery
of service provider compliance documents under Regulation AB (and, in any event, shall require such reporting and delivery so long
as the Lead Securitization is required to file periodic reports under the Securities Exchange Act of 1934, as amended), (ii) servicing
transfer events that would result in the transfer of the Mortgage Loan to special servicing status, (iii) the authority of the
Controlling Note Holder (or the Master Servicer or Special Servicer on its behalf) to grant or agree or consent to material modifications
and waivers of amendments to the Mortgage Loan, or to approve material assignments and assumptions or material additional indebtedness
in connection with the Mortgage Loan, (iv) the potential termination of the Master Servicer and Special Servicer following a Servicer
Termination Event, (v) requirements to obtain an appraisal or appraisal update following a transfer of the Mortgage Loan to special
servicing status and periodic updates thereof, (vi) duties of the Special Servicer in respect of foreclosure and the management
of REO property, (vii) primary servicing fees, (viii) subject to certain applicable caps and floor provisions, special servicing,
workout and liquidation fees (and, in any event, the fees at which such compensation accrue or are determined shall not exceed
0.25% (or, if such rate would result in a special servicing fee that would be less than $3,500 in any given month, such higher
rate as would result in a special servicing fee equal to $3,500), 1.00% and 1.00%, respectively) and (ix) indemnification of the
Depositor, Master Servicer, Special Servicer, Certificate Administrator, Trustee and Operating Advisor under the Lead Securitization
Servicing Agreement (and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified
as indemnified parties in the Lead Securitization Servicing Agreement in respect of other mortgage loans) against any claims, losses,
penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred
in connection with servicing and administration of the Mortgage Loan (or, with respect to the related operating advisor, incurred
in connection with the provision of services for the Mortgage Loan) to the same


 



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extent that the Indemnified Parties are indemnified
under the Lead Securitization Servicing Agreement against the Indemnified Items; provided, that (A) this statement shall
not be construed to prohibit differences in timing, control or consultation triggers or thresholds, terminology, allocation of
ministerial duties between multiple servicers or other service providers or certificateholder or investor voting or consent thresholds,
or to prohibit or restrict additional approval, consent, consultation, notice or rating agency communication and rating agency
confirmation requirements; and (B) if there is any conflict between this sentence and any other provision of this Agreement, such
other provision of this Agreement shall control.


 


(f)       The
Lead Securitization Note Holder shall cause the Lead Securitization Servicing Agreement to contain provisions requiring the Master
Servicer or the Special Servicer, as applicable, to deliver to any Non-Lead Master Servicer, any Non-Lead Special Servicer and
any Non-Lead Trustee (i) notice of any Appraisal Event promptly following the occurrence thereof and (ii) a statement of any Appraisal
Reduction or Collateral Deficiency Amount (if the Lead Securitization Servicing Agreement provides for calculation of any Collateral
Deficiency Amount) promptly following the calculation thereof.


 


Section
3.     Priority of Payments. Each Note shall be of equal priority, and no portion of any Note shall have priority or
preference over any portion of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or
otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or
amounts realized as proceeds thereof, whether received in the form of Scheduled Interest Payments, Scheduled Principal
Payments, any proceeds from the sale or distribution of any REO Property, the Balloon Payment, Liquidation Proceeds, proceeds
under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan, Condemnation Proceeds, or
Insurance Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged
Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents, to the extent
permitted by the REMIC Provisions), shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on
a Pro Rata and Pari Passu Basis; provided, that (x) all amounts for required reserves or escrows required by the
Mortgage Loan Documents (to the extent and in accordance with the terms of the Mortgage Loan Documents) to be held as
reserves or escrows or received as reimbursements on account of recoveries in respect of property protection expenses or
Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead
Securitization Servicing Agreement shall be applied to the extent set forth in, and in accordance with the terms of, the
Mortgage Loan Documents; and (y) all amounts that are then due, payable or reimbursable to any Servicer with respect to the
Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other additional compensation payable to it
thereunder (including without limitation, any Additional Trust Expenses relating to the Mortgage Loan (but subject to the
second paragraph of Section 5(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees,
Liquidation Fees, Workout Fees, Penalty Charges (to the extent provided in the immediately following paragraph), but
excluding (i) any P&I Advances (and interest thereon) on the Lead Securitization Note, which shall be reimbursed in
accordance with Section 2(b) hereof, and (ii) any Master Servicing Fees due to the Master Servicer in excess of each
Non-Lead Securitization Note’s pro rata share of that portion of such servicing fees calculated at the
“primary servicing fee rate” applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing
Agreement, which such excess shall not be subject


 



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to the allocation provisions of this Section 3) shall be payable in
accordance with the Lead Securitization Servicing Agreement.


 


For clarification purposes,
“Penalty Charges” (or analogous term as defined in the Lead Securitization Servicing Agreement) paid on each Note
shall, first, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to
pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement
of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second, be used
to reduce the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, any Non-Lead
Master Servicer or any Non-Lead Trustee, as applicable, for any interest accrued on any P&I Advance made with respect to such
Note by such party (if and as specified in the Lead Securitization Servicing Agreement or applicable Non-Lead Securitization Servicing
Agreement, as applicable), third, be used to reduce, on a pro rata basis, the amounts payable on each Note by the
amount necessary to pay Additional Trust Expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees)
incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, with
respect to any remaining amount of Penalty Charges, to the Master Servicer and/or the Special Servicer as additional servicing
compensation as provided in the Lead Securitization Servicing Agreement).


 


Section
4.          Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of
the Lead Securitization Servicing Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead
Securitization Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies
the terms thereof such that (i) the principal balance of the Mortgage Loan is decreased, (ii) the Interest Rate is reduced,
(iii) payments of interest or principal on any Note are waived, reduced or deferred or (iv) any other adjustment is made to
any of the payment terms of the Mortgage Loan, such modification shall not alter, and any modification of the Mortgage Loan
Documents shall be structured to preserve, the equal priorities of each Note as described in Section 3.


 


Section 5.          Administration
of the Mortgage Loan.


 


(a)         Subject to this Agreement (including, without limitation, Section 5(c)) and the Lead Securitization Servicing
Agreement and subject to the rights and consents, where required, of the Controlling Note Holder Representative, the Lead
Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on its behalf), shall have the
sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect to, the
Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan
Documents or to consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan
Documents, call or waive any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other
remedy, and no Non-Lead Securitization Note Holder shall have any voting, consent or other rights whatsoever except as
explicitly set forth herein with respect to the Lead Securitization Note Holder’s administration of, or exercise of its
rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement and the Lead Securitization Servicing
Agreement, no Non-Lead Securitization Note Holder shall have any right to, and each Non-Lead


 



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Securitization Note Holder
hereby presently and irrevocably assigns and conveys to the Lead Securitization Note Holder (or the Master Servicer, the
Special Servicer or the Trustee acting on its behalf) the rights, if any, that such Note Holder has from and after the
initial Securitization Date to, (i) call, or cause the Lead Securitization Note Holder to call, an Event of Default under the
Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including,
without limitation, filing, or causing the Lead Securitization Note Holder to file, any bankruptcy petition against the
Mortgage Loan Borrower. The Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee
acting on its behalf) shall not have any fiduciary duty to any Non-Lead Securitization Note Holder in connection with the
administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Securitization Note Holder from the
obligation to make any disbursement of funds as set forth herein or its obligation to follow the Servicing Standard (in the
case of the Master Servicer or the Special Servicer) or any liability for failure to do so).


 


Each Note Holder hereby
acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the
Lead Securitization Note Holder), upon the Mortgage Loan becoming a Defaulted Loan, to sell the Notes together as notes evidencing
one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement. In connection with any such sale,
the Special Servicer shall be required to sell the Notes together as notes evidencing one whole loan and shall require that all
offers be submitted to the Special Servicer in writing. Whether any cash offer constitutes a fair price for the Mortgage Loan
shall be determined by the Special Servicer (unless the offeror is an Interested Person, in which case the Trustee shall make
such determination); provided, that no offer from an Interested Person shall constitute a fair price unless (i)
it is the highest offer received and (ii) at least two bona fide other offers are received from independent third parties.
In determining whether any offer received represents a fair price for the Mortgage Loan, the Trustee or the Special Servicer,
as applicable, shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance
with the Lead Securitization Servicing Agreement within the preceding nine (9)-month period or, in the absence of any such Appraisal,
on a new Appraisal. The Trustee shall select the appraiser conducting any such new Appraisal. In determining whether any such
offer constitutes a fair price for the Mortgage Loan, the Trustee or the Special Servicer, as applicable, shall instruct the appraiser
to take into account (in addition to the results of any Appraisal or updated Appraisal that it may have obtained pursuant to the
Lead Securitization Servicing Agreement), as applicable, among other factors, the period and amount of any delinquency on the
affected Mortgage Loan, the occupancy level and physical condition of the related Mortgaged Property and the state of the local
economy. The Trustee may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate
matters retained by the Trustee at the expense of the Holders in connection with making such determination. Notwithstanding the
foregoing, the Lead Securitization Note Holder (or the Special Servicer acting on its behalf) shall not be permitted to sell the
Mortgage Loan without the written consent of each Non-Lead Securitization Note Holder (unless with respect to each Non-Lead Securitization
Note Holder, 50% or more of the related Note (or the class of securities issued in the applicable Non-Lead Securitization designated
as the “controlling class” or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling
Note Holder” is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower) unless the Special Servicer
has delivered to each Non-Lead Securitization Note Holder: (a) at least fifteen (15) Business Days prior written notice of any


 



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decision to attempt to sell the Mortgage Loan; (b) at least
ten (10) days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages) received
by the Special Servicer in connection with any such proposed sale; (c) at least ten (10) days prior to the proposed sale date,
a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the Servicer Mortgage File requested by such Non-Lead
Securitization Note Holder; and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded
to other offerors and the related Lead Securitization Controlling Class Representative prior to the proposed sale date, all information
and other documents being provided to other offerors and all leases or other documents that are approved by the Master Servicer
or the Special Servicer in connection with the proposed sale; provided, that such Non-Lead Securitization Note Holder may waive
any of the delivery or timing requirements set forth in this sentence. Subject to the foregoing, each Note Holder or its Note Holder
Representative shall be permitted to submit an offer at any sale of the Mortgage Loan unless such Person is the Mortgage Loan Borrower
or an agent or Affiliate of the Mortgage Loan Borrower.


 


Each Note Holder (to
the extent it is not the same entity as the Lead Securitization Note Holder) hereby appoints the Lead Securitization Note Holder
as its agent, and grants to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and
its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of its Note. Each Note Holder (to the
extent it is not the same entity as the Lead Securitization Note Holder) further agrees that, upon the request of the Lead Securitization
Note Holder, such Note Holder shall execute and deliver to or at the direction of Lead Securitization Note Holder such powers of
attorney or other instruments as the Lead Securitization Note Holder may reasonably request to better assure and evidence the foregoing
appointment and grant, in each case promptly following request, and shall deliver its original Note, endorsed in blank, to or at
the direction of the Lead Securitization Note Holder in connection with the consummation of any such sale.


 


The authority of the
Lead Securitization Note Holder to sell any Non-Lead Securitization Note, and the obligations of any other Note Holder to execute
and deliver instruments or deliver the related Note upon request of the Lead Securitization Note Holder, shall terminate and cease
to be of any further force or effect upon the date, if any, upon which the Lead Securitization Note is repurchased by the holder
of such Lead Securitization Note that sold such Lead Securitization Note into such Securitization from the trust fund established
under the Lead Securitization Servicing Agreement in connection with a material breach of representation or warranty made by such
Person with respect to the Lead Securitization Note or material document defect with respect to the documents delivered by such
Person with respect to the Lead Securitization Note upon the consummation of the Lead Securitization. The preceding sentence shall
not be construed to grant to any Non-Lead Securitization Note Holder the benefit of any representation or warranty made by the
holder of the Lead Securitization Note that sold such Lead Securitization Note into the Lead Securitization or any document delivery
obligation imposed on such Person under any mortgage loan purchase and sale agreement, instrument of transfer or other document
or instrument that may be executed or delivered by such Person in connection with the Lead Securitization.


 


(b)     
   The administration of the Mortgage Loan shall be governed by this Agreement and the Lead Securitization Servicing
Agreement. The servicing of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a
Specially


 



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Serviced Mortgage Loan (or to the extent otherwise provided in the Lead Securitization Servicing Agreement), by the
Special Servicer, in each case pursuant to the Lead Securitization Servicing Agreement. Notwithstanding anything to the
contrary contained herein, in accordance with the Lead Securitization Servicing Agreement, the Lead Securitization Note
Holder shall cause the Master Servicer and the Special Servicer to service and administer the Mortgage Loan in accordance
with the Servicing Standard, taking into account the interests of each Note Holder. The Note Holders agree to be bound by the
terms of the Lead Securitization Servicing Agreement. All rights and obligations of the Lead Securitization Note Holder
described hereunder may be exercised by the Master Servicer, the Special Servicer, the Certificate Administrator or the
Trustee on behalf of the Lead Securitization Note Holder to the extent set forth in the Lead Securitization Servicing
Agreement. The Lead Securitization Servicing Agreement shall not be amended in any manner that may adversely affect
any Non-Lead Securitization Note Holder in its capacity as Non-Lead Securitization Note Holder without such Non-Lead
Securitization Note Holder’s prior written consent. Each Non-Lead Securitization Note Holder (unless it is the same
Person as, or is an Affiliate of, the Mortgage Loan Borrower) shall be a third-party beneficiary to the Lead Securitization
Servicing Agreement with respect to its rights as specifically provided for therein.


 


(c)         Notwithstanding
the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be required (i) to provide copies of any notice, information and report that it is required to provide to the Lead Securitization
Controlling Class Representative pursuant to the Lead Securitization Servicing Agreement with respect to any Major Decisions or
the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to each Non-Lead
Securitization Note Holder (or its Note Holder Representative), within the same time frame it is required to provide to the Lead
Securitization Controlling Class Representative (for this purpose, without regard to whether such items are actually required
to be provided to the Lead Securitization Controlling Class Representative under the Lead Securitization Servicing Agreement due
to the expiration of the related “Subordinate Control Period” (as defined under the Lead Securitization Servicing
Agreement) or the “Collective Consultation Period” (as defined under the Lead Securitization Servicing Agreement))
and (ii) to use reasonable efforts to consult with each Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative)
on a strictly non-binding basis, to the extent having received such notices, information and reports, such Non-Controlling Note
Holder (or its Non-Controlling Note Holder Representative) requests consultation with respect to any such Major Decisions or the
implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative
actions recommended by such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative); provided that
after the expiration of a period of ten (10) Business Days from the delivery to such Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative) by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its
behalf) of written notice of a proposed action, together with copies of the notice, information and report required to be provided
to the Lead Securitization Controlling Class Representative, the Lead Securitization Note Holder (or the Master Servicer or the
Special Servicer acting on its behalf) shall no longer be obligated to consult with such Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative), whether or not such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative)
has responded within such ten (10) Business Day period (unless, the


 



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Lead Securitization Note Holder (or the Master Servicer or
the Special Servicer acting on its behalf) proposes a new course of action that is materially different from the action previously
proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date of such proposal and delivery
of all information relating thereto). Notwithstanding the consultation rights of each Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative) set forth in the immediately preceding sentence, the Lead Securitization Note Holder (or Master Servicer
or Special Servicer, acting on its behalf) may take any Major Decision or any action set forth in the Asset Status Report before
the expiration of the aforementioned ten (10) Business Day period if the Lead Securitization Note Holder (or Master Servicer or
Special Servicer, as applicable) determines that immediate action with respect thereto is necessary to protect the interests of
the Note Holders. In no event shall the Lead Securitization Note Holder (or Master Servicer or Special Servicer, acting on its
behalf) be obligated at any time to follow or take any alternative actions recommended by the Non-Controlling Note Holder (or its
Non-Controlling Note Holder Representative).


 


In addition to the consultation
rights provided in the immediately preceding paragraph, each Non-Controlling Note Holder shall have the right to annual meetings
(which may be held telephonically) with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf), upon reasonable notice and at times reasonably acceptable to the Master Servicer or the Special Servicer, as applicable,
in which servicing issues related to the Mortgage Loan are discussed.


 


(d)         If
any Note is included as an asset of a REMIC within the meaning of Section 860D(a) of the Code, then, any provision of this Agreement
to the contrary notwithstanding: (i) the Mortgage Loan shall be administered such that the Notes shall qualify at all times as
(or as interests in) a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, (ii) any real property
(and related personal property) acquired by or on behalf of the Note Holders pursuant to a foreclosure, exercise of a power of
sale or delivery of a deed in lieu of foreclosure of the Mortgage or lien on such property following a default on the Mortgage
Loan shall be administered so that the interest of the pro rata share of each Note Holder therein shall at all times qualify
as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code and (iii) no Servicer may modify, waive
or amend any provision of the Mortgage Loan, consent to or withhold consent from any action of the Mortgage Loan Borrower, or exercise
or refrain from exercising any powers or rights which the Note Holders may have under the Mortgage Loan Documents, if any such
action would constitute a “significant modification” of the Mortgage Loan, within the meaning of Section 1.860G-2(b)
of the regulations of the United States Department of the Treasury, more than three (3) months after the startup day of the REMIC
which includes the Notes (or any portion thereof). Each Note Holder agrees that the provisions of this paragraph shall be effected
by compliance with any REMIC related provisions in the Lead Securitization Servicing Agreement relating to the administration of
the Mortgage Loan. All costs and expenses of compliance with this Section 5(d), to the extent that such costs and expenses
relate to administration of a REMIC or to any determination respecting the amount, payment or avoidance of any tax under the REMIC
Provisions or the actual payment of any REMIC tax or expense, shall be borne by all of the Note Holders collectively, each contributing
on a pro rata and pari passu basis according to the Percentage Interest represented by each Note.


 






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Anything herein or in
the Lead Securitization Servicing Agreement to the contrary notwithstanding, if one of the Notes is included in a REMIC and another
is not, such other Note Holder shall not be required to reimburse such Note Holder or any other Person for payment of (i) any taxes
imposed on such REMIC, (ii) any costs or expenses relating to the administration of such REMIC or to any determination respecting
the amount, payment or avoidance of any tax under such REMIC or (iii) any advances for any of the foregoing or any interest thereon
or for deficits in other items of disbursement or income resulting from the use of funds for payment of any such taxes, costs or
expenses or advances, nor shall any disbursement or payment otherwise distributable to any other Note Holder be reduced to offset
or make-up any such payment or deficit.


 


Section 6.          Rights
of the Controlling Note Holder.


 


(a)         The
Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights
and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling
Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling
Note Holder Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement, the Controlling
Note Holder may, at its option, in each case, act through the Controlling Note Holder Representative. The Controlling Note Holder
Representative may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage Loan Borrower),
including, without limitation, the Controlling Note Holder, any officer or employee of the Controlling Note Holder, any affiliate
of the Controlling Note Holder or any other unrelated third party. No such Controlling Note Holder Representative shall owe any
fiduciary duty or other duty to any other Person (other than the Controlling Note Holder). All actions that are permitted to be
taken by the Controlling Note Holder under this Agreement may be taken by the Controlling Note Holder Representative acting on
behalf of the Controlling Note Holder. Any Servicer acting on behalf of the Lead Securitization Note Holder shall not be required
to recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified such Servicer
or Trustee of such appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling Note
Holder, the Controlling Note Holder Representative provides any Servicer or Trustee with written confirmation of its acceptance
of such appointment, an address and telecopy number for the delivery of notices and other correspondence and a list of officers
or employees of such person with whom the parties to this Agreement may deal (including their names, titles, work addresses and
telecopy numbers). The Controlling Note Holder shall promptly deliver such information to any Servicer. None of the Servicers,
Operating Advisor and Trustee shall be required to recognize any person as a Controlling Note Holder Representative until they
receive such information from the Controlling Note Holder. The Controlling Note Holder agrees to inform each such Servicer or Trustee
of the then-current Controlling Note Holder Representative.


 


(b)         The
Controlling Note Holder shall be entitled to exercise the rights and powers granted to the Controlling Note hereunder and the rights
and powers granted to the Lead Securitization Controlling Class Representative with respect to the Mortgage Loan (assuming that
a “Subordinate Control Period” or similar period under, and as defined in, the Lead Securitization Servicing Agreement
is in effect). In addition, the Controlling Note Holder shall be entitled to advise (1) the Special Servicer with respect to all
matters related to the Mortgage


 



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Loan if it is a Specially Serviced Mortgage Loan and (2) the Special Servicer with respect to all
matters for which the Master Servicer must obtain the consent or deemed consent of the Special Servicer, and, except as set forth
below (i) the Master Servicer shall not be permitted to implement any Major Decision unless it has obtained the prior written consent
of the Special Servicer and (ii) the Special Servicer shall not be permitted to consent to the Master Servicer’s implementing
any Major Decision nor will the Special Servicer itself be permitted to implement any Major Decision as to which the Controlling
Note Holder has objected in writing within ten (10) Business Days (or thirty (30) days with respect to an Acceptable Insurance
Default) after receipt of
the written recommendation and analysis and such additional information requested by the Controlling Note Holder as may be necessary
in the reasonable judgment of the Controlling Note Holder in order to make a judgment with respect to such Major Decision. The
Controlling Note Holder may also direct the Special Servicer to take, or to refrain from taking, such other actions with respect
to the Mortgage Loan as the Controlling Note Holder may deem advisable.


 


If the Controlling
Note Holder fails to notify the Special Servicer of its approval or disapproval of any proposed Major Decision within ten
(10) Business Days (or thirty (30) days with respect to an Acceptable Insurance Default) after delivery to the
Controlling Note Holder by the applicable Servicer of written notice of a proposed Major Decision (which notice shall contain
a legend, in conspicuous boldface type, substantially similar to the following: “THIS IS A REQUEST FOR ACTION APPROVAL. IF THE CONTROLLING NOTE HOLDER FAILS TO APPROVE
OR DISAPPROVE THE ENCLOSED ACTION WITHIN TEN (10) BUSINESS DAYS, SUCH ACTION MAY BE DEEMED APPROVED”) together
with any information requested by the Controlling Note Holder as may be necessary in the reasonable judgment of the
Controlling Note Holder in order to make a judgment, then upon the expiration of such ten
(10) Business Day period (or thirty (30) days with respect to an Acceptable Insurance Default), such Major Decision shall be
deemed to have been approved by the Controlling Note Holder.


 


In the event that the
Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the Lead Securitization Servicing
Agreement to take such action), as applicable, determines that immediate action, with respect to the foregoing matters, or any
other matter requiring consent of the Controlling Note Holder is necessary to protect the interests of the Note Holders (as a collective
whole) and the Special Servicer has made a reasonable effort to contact the Controlling Note Holder, the Master Servicer or the
Special Servicer, as the case may be, may take any such action without waiting for the Controlling Note Holder’s response.


 


No objection, direction,
consent or advice contemplated by the preceding paragraphs may require or cause the Master Servicer or the Special Servicer, as
applicable, to violate any provision of the Mortgage Loan Documents, applicable law, the Lead Securitization Servicing Agreement,
this Agreement, the REMIC Provisions of the Code or the Master Servicer or Special Servicer’s obligation to act in accordance
with the Servicing Standard.


 


(c)         Each
Non-Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its
rights and obligations with respect to the Mortgage Loan (with respect to such Note Holder, the “Non-Controlling Note
Holder


 



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Representative”). All of the provisions relating to the Controlling Note Holder and the Controlling Note Holder
Representative set forth in the first paragraph of this Section 6(a) (except those contained in the last sentence
thereof) and the second paragraph of this Section 6(a) shall apply to each Non-Controlling Note Holder and its Non-Controlling
Note Holder Representative mutatis mutandis. Each Non-Controlling Note Holder Representative, as of the date of this Agreement
and until the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) is notified otherwise, shall be
the Initial Note A-2 Holder, the Initial Note A-3 Holder and the Initial A-4 Holder, as applicable, provided that at any
time a Non-Lead Securitization Note is included in a Securitization, references to the “Non-Controlling Note Holder”
herein shall mean the related “Directing Certificateholder”, “Directing Holder” or “Controlling Class
Representative” (or analogous term) under the Non-Lead Securitization or any other party assigned the rights to exercise
the rights of the related “Non-Controlling Note Holder” hereunder, as and to the extent provided in the related Non-Lead
Securitization Servicing Agreement and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer
and the Special Servicer) has been given written notice.


 


Each Non-Controlling
Note Holder shall provide notice of its identity and contact information (including any change thereof) to the Trustee, Certificate
Administrator, the Master Servicer and the Special Servicer under the Lead Securitization; provided, that each Initial Note
Holder shall be deemed to have provided such notice on the date hereof. The Trustee, Certificate Administrator, the Master Servicer
and the Special Servicer under the Lead Securitization shall be entitled to conclusively rely on such identity and contact information
received by it and shall not be liable in respect of any deliveries hereunder sent in reliance thereon.


 


(d)         The
Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall not be required at
any time to deal with more than one party as the representative of the “controlling class” holder(s) in respect of
any Note that is exercising the rights of a “Non-Controlling Note Holder” herein or under the Lead Securitization Servicing
Agreement (it being understood for the avoidance of doubt that the Lead Securitization Note Holder (or the Master Servicer or Special
Servicer on its behalf) may additionally need to deal with the master servicer, special servicer or other person party to the related
Securitization Servicing Agreement) and to the extent that the related Securitization Servicing Agreement assigns such rights to
more than one such party as the representative of the “controlling class” holder(s), for purposes of this Agreement,
such Securitization Servicing Agreement shall designate one such party to deal with the Lead Securitization Note Holder (or the
Master Servicer or the Special Servicer acting on its behalf) as the representative of the related “controlling class”
holder(s) in exercising its rights as a “Non-Controlling Note Holder” herein or under the Lead Securitization Servicing
Agreement, and such party shall provide written notice of such designation to the Lead Securitization Note Holder (and the Master
Servicer and the Special Servicer acting on its behalf); provided that, in the absence of such designation and notice, the
Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat
the last party as to which it has received written notice as having been designated as the applicable Non-Controlling Note Holder,
as the applicable Non-Controlling Note Holder under this Agreement.


 


(e)         No
Note Holder Representative will have any liability to any other Note Holder or any other Person for any action taken, or for refraining
from the taking of any action or


 



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the giving of any consent or the failure to give any consent pursuant to this Agreement or any
Securitization Servicing Agreement, or errors in judgment, absent any loss, liability or expense incurred by reason of its willful
misfeasance, bad faith or gross negligence. The Note Holders agree that a Note Holder Representative may take or refrain from taking
actions, or give or refrain from giving consents, that favor the interests of one Note Holder over any other Note Holder, and that
any Note Holder Representative may have special relationships and interests that conflict with the interests of any other Note
Holder and, absent willful malfeasance, bad faith or gross negligence on the part of the Note Holder Representative, agree to take
no action against the Note Holder Representative or any of its officers, directors, employees, principals or agents as a result
of such special relationships or interests, and that no Note Holder Representative will be deemed to have been grossly negligent
or reckless, or to have acted in bad faith or engaged in willful malfeasance or to have recklessly disregarded any exercise of
its rights by reason of its having acted or refrained from acting, or having given any consent or having failed to give any consent,
solely in the interests of any Note Holder.


 


Section
7.          Appointment of Special Servicer. The Controlling Note
Holder (or its Controlling Note Holder Representative) shall have the right (subject to the terms, conditions and limitations
in the Lead Securitization Servicing Agreement) at any time and from time to time, with or without cause, to replace the
Special Servicer then acting with respect to the Mortgage Loan and appoint a replacement Special Servicer that satisfies the
Required Special Servicer Rating requirements in lieu thereof. Any designation by the Controlling Note Holder (or its
Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be made by delivering to each other
Note Holder, the Master Servicer, the Special Servicer and each other party to the Lead Securitization Servicing Agreement a
written notice stating such designation and satisfying the other conditions to such replacement as set forth in the Lead
Securitization Servicing Agreement (including, without limitation, a Rating Agency Communication or a Rating Agency
Confirmation, but only if required by the terms of the Lead Securitization Servicing Agreement), if any. The Controlling Note
Holder shall be solely responsible for any expenses incurred in connection with any such replacement without cause. The
Controlling Note Holder shall notify the other parties hereto of its termination of the then currently serving Special
Servicer and its appointment of a replacement Special Servicer in accordance with this Section 7. If the Controlling
Note Holder has not appointed a Special Servicer with respect to the Mortgage Loan as of the consummation of the
securitization under the Lead Securitization Servicing Agreement, then the initial Special Servicer designated in the Lead
Securitization Servicing Agreement shall serve as the initial Special Servicer but this shall not limit the right of the
Controlling Note Holder (or its Controlling Note Holder Representative) to designate a replacement Special Servicer for the
Mortgage Loan as aforesaid. If a Servicer Termination Event on the part of the Special Servicer has occurred that affects any
Non-Controlling Note Holder, such Non-Controlling Note Holder shall have the right to direct the Trustee (or at any time that
the Mortgage Loan is no longer included in a Securitization Trust, the Controlling Note Holder) to terminate the Special
Servicer under the Lead Securitization Servicing Agreement solely with respect to the Mortgage Loan pursuant to and in
accordance with the terms of the Lead Securitization Servicing Agreement. Each Note Holder acknowledges and agrees that any
successor special servicer appointed to replace the Special Servicer with respect to the Mortgage Loan that was terminated
for cause at a Non-Controlling Note Holder’s direction cannot at any time be the person (or an Affiliate thereof) that
was so terminated without the prior written consent of such Non-Controlling Note Holder. Each Non-Controlling Note


 



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Holder
shall be solely responsible for reimbursing the Trustee’s or the Controlling Note Holder’s, as applicable, costs
and expenses, if not paid within a reasonable time by the terminated special servicer and, in the case of the Trustee,
that would otherwise be reimbursed to the Trustee from amounts on deposit in the Lead Securitization’s collection
account (or equivalent account).


 


Section 8.           Payment
Procedure.


 


(a)         The
Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on its behalf), in accordance
with the priorities set forth in Section 3 and subject to the terms of the Lead Securitization Servicing Agreement, shall
deposit or cause to be deposited all payments allocable to the Notes to the “Collection Account” and/or “Serviced
Companion Loan Custodial Account” (or the related analogous term and each as defined in the Lead Securitization Servicing
Agreement) pursuant to and in accordance with the Lead Securitization Servicing Agreement. The Lead Securitization Note Holder
(or the Master Servicer, the Special Servicer or the Trustee acting on its behalf) shall deposit such amounts to the applicable
account within one (1) Business Day of receipt of properly identified and available funds by the Lead Securitization Note Holder
(or the Master Servicer acting on its behalf) from or on behalf of the Mortgage Loan Borrower (provided, that to the extent
that any payment is received after 2:00 p.m. (Eastern time) on any given Business Day, the Master Servicer is required to use commercially
reasonable efforts to deposit such payment into the applicable account within one (1) Business Day of receipt of properly identified
and available funds, but, in any event, the Master Servicer is required to deposit such payments into the applicable account within
two (2) Business Days of receipt of properly identified and available funds).


 


(b)         If
the Lead Securitization Note Holder (or the Servicer acting on its behalf) determines, or a court of competent jurisdiction orders,
at any time that any amount received or collected in respect of any Note must, pursuant to any insolvency, bankruptcy, fraudulent
conveyance, preference or similar law, be returned to the Mortgage Loan Borrower or paid to any Note Holder or any Servicer or
paid to any other Person, then, notwithstanding any other provision of this Agreement, the Lead Securitization Note Holder (or
the Servicer acting on its behalf) shall not be required to distribute any portion thereof to any Non-Lead Securitization Note
Holder and each Non-Lead Securitization Note Holder shall promptly on demand by the Lead Securitization Note Holder repay to the
Lead Securitization Note Holder (or the Servicer acting on its behalf) any portion thereof that the Lead Securitization Note Holder
(or the Servicer acting on its behalf) shall have theretofore distributed to such Non-Lead Securitization Note Holder, together
with interest thereon at such rate, if any, as the Lead Securitization Note Holder (or the Servicer acting on its behalf) shall
have been required to pay to any Mortgage Loan Borrower, Master Servicer, Special Servicer or such other Person with respect thereto.


 


(c)         If,
for any reason, the Lead Securitization Note Holder (or the Servicer acting on its behalf) makes any payment to any Non-Lead Securitization
Note Holder before the Lead Securitization Note Holder (or the Servicer acting on its behalf) has received the corresponding payment
(it being understood that the Lead Securitization Note Holder is under no obligation to do so), and the Lead Securitization Note
Holder (or the Servicer acting on its behalf) does not receive the corresponding payment within five (5) Business Days of its payment
to such Non-Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall,


 



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at the Lead Securitization Note Holder’s
(or the Servicer acting on its behalf) request, promptly return that payment to the Lead Securitization Note Holder (or the Servicer
acting on its behalf).


 


(d)       Each
Note Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan
in excess of its distributable share thereof, it shall promptly remit such excess to the applicable Note Holder, subject to this
Agreement and the Lead Securitization Servicing Agreement. The Lead Securitization Note Holder shall have the right to offset any
amounts due hereunder from any Non-Lead Securitization Note Holder with respect to the Mortgage Loan against any future payments
due to such Non-Lead Securitization Note Holder under the Mortgage Loan. Such Non-Lead Securitization Note Holder’s obligations
under this Section 8 constitute absolute, unconditional and continuing obligations.


 


Section
9.          Limitation on Liability of the Note Holders. No Note
Holder shall have any liability to any other Note Holder with respect to its Note except with respect to losses actually
suffered due to the gross negligence, willful misconduct or breach of this Agreement on the part of such Note Holder; provided,
that, notwithstanding any of the foregoing to the contrary, each Servicer will nevertheless be subject to the obligations and
standards (including the Servicing Standard) set forth in the related Securitization Servicing Agreement.


 


The Note Holders acknowledge
that, subject to the obligation of the Lead Securitization Note Holder (including any Servicer and the Trustee on its behalf) to
comply with, and except as otherwise required by, the Servicing Standard, the Lead Securitization Note Holder (including any Servicer
and the Trustee on its behalf) may exercise, or omit to exercise, any rights that the Lead Securitization Note Holder may have
under the Lead Securitization Servicing Agreement in a manner that may be adverse to the interests of any Non-Lead Securitization
Note Holder and that the Lead Securitization Note Holder (including any Servicer and the Trustee on its behalf) shall have no liability
whatsoever to any Non-Lead Securitization Note Holder in connection with the Lead Securitization Note Holder’s exercise of
rights or any omission by the Lead Securitization Note Holder to exercise such rights other than as described above; provided,
that each Servicer must act in accordance with the Servicing Standard and the terms of this Agreement.


 


Section
10.          Bankruptcy. Subject to Section 5(c), each Note
Holder hereby covenants and agrees that only the Lead Securitization Note Holder (or the Servicer on its behalf) has the
right to institute, file, commence, acquiesce, petition under Bankruptcy Code Section 303 or otherwise or join any Person in
any such petition or otherwise invoke or cause any other Person to invoke an Insolvency Proceeding with respect to or against
the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official with respect to the Mortgage Loan Borrower or all or any part of its property or assets or ordering the
winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Each Note Holder further agrees that only the
Lead Securitization Note Holder, and not any Non-Lead Securitization Note Holder, can make any election, give any consent,
commence any action or file any motion, claim, obligation, notice or application or take any other action in any case by or
against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby
appoint the Lead Securitization Note Holder as their agent, and grant to the Lead Securitization Note Holder an irrevocable


 



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power of attorney coupled with an interest, and their proxy, for the purpose of exercising any and all rights and taking any
and all actions available to any Non-Lead Securitization Note Holder in connection with any case by or against the Mortgage
Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding, including, without limitation, the right to
file and/or prosecute any claim, vote to accept or reject a plan, to make any election under Section 1111(b) of the
Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify, lift or terminate the automatic stay with
respect to the Mortgage Loan. The Note Holders hereby agree that, upon the request of the Lead Securitization Note Holder,
each Non-Lead Securitization Note Holder shall execute, acknowledge and deliver to the Lead Securitization Note Holder all
and every such further deeds, conveyances and instruments as the Lead Securitization Note Holder may reasonably request for
the better assuring and evidencing of the foregoing appointment and grant. All actions taken by any Servicer in connection
with any Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard and the terms of this
Agreement.


 


Section
11.         Representations of the Note Holders. Each Note Holder
represents and warrants that the execution, delivery and performance of this Agreement is within its corporate powers, has
been duly authorized by all necessary corporate action, and does not contravene such Note Holder’s charter or any law
or contractual restriction binding upon such Note Holder, and that this Agreement is the legal, valid and binding obligation
of such Note Holder enforceable against such Note Holder in accordance with its terms, except as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification
and contribution obligations may be limited by applicable law. Each Note Holder represents and warrants that it is duly
organized, validly existing, in good standing and in possession of all licenses and authorizations necessary to carry on its
business. Each Note Holder represents and warrants that (a) this Agreement has been duly executed and delivered by such Note
Holder, (b) to such Note Holder’s actual knowledge, all consents, approvals, authorizations, orders or filings of or
with any court or governmental agency or body, if any, required for the execution, delivery and performance of this Agreement
by such Note Holder have been obtained or made and (c) to such Note Holder’s actual knowledge, there is no pending
action, suit or proceeding, arbitration or governmental investigation against such Note Holder, an adverse outcome of which
would materially and adversely affect its performance under this Agreement.


 


Section
12.         No Creation of a Partnership or Exclusive Purchase Right.
Nothing contained in this Agreement, and no action taken pursuant hereto shall be deemed to constitute the relationship
created hereby between the Note Holders as a partnership, association, joint venture or other entity. The Lead Securitization
Note Holder shall have no obligation whatsoever to offer to any Non-Lead Securitization Note Holder the opportunity to
purchase a participation interest in any future loans originated by the Lead Securitization Note Holder or its Affiliates and
if the Lead Securitization Note Holder chooses to offer to any Non-Lead Securitization Note Holder the opportunity to
purchase a participation interest in any future mortgage loans originated by the Lead Securitization Note Holder or its
Affiliates, such offer shall be at such purchase price and interest rate as the Lead Securitization Note Holder chooses, in
its sole and absolute discretion. No Non-Lead Securitization Note Holders shall have any


 



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obligation whatsoever to
purchase from the Lead Securitization Note Holder a participation interest in any future loans originated by the Lead
Securitization Note Holder or its Affiliates.


 


Section
13.         Other Business Activities of the Note Holders. Each Note
Holder acknowledges that each other Note Holder or its Affiliates may make loans or otherwise extend credit to, and generally
engage in any kind of business with, the Mortgage Loan Borrower or any Affiliate thereof, any entity that is a holder of debt
secured by direct or indirect ownership interests in the Mortgage Loan Borrower or Affiliate thereof or any entity any entity
that is a holder of a preferred equity interest in the Mortgage Loan Borrower Affiliate thereof or any entity (each, a
“Mortgage Loan Borrower Related Party”), and receive payments on such other loans or extensions of credit
to Mortgage Loan Borrower Related Parties and otherwise act with respect thereto freely and without accountability in the
same manner as if this Agreement and the transactions contemplated hereby were not in effect.


 


Section 14.        Sale of
the Notes.


 


(a)         Each
Note Holder agrees that it will not sell, assign, transfer, pledge, syndicate, hypothecate, contribute, encumber or otherwise dispose
of all or any portion of its respective Note (or a participation interest in such Note) (a “Transfer”) except
to a Qualified Institutional Lender in accordance with the terms of this Agreement. Promptly after any such Transfer, any non-transferring
Note Holders shall be provided with (x) a representation from each transferee or the transferring Note Holder certifying that such
transferee is a Qualified Institutional Lender (except in the case of a Transfer in accordance with the immediately following sentence
or a Transfer by a Note Holder to an entity that constitutes a Qualified Institutional Lender pursuant to clause (c)(iii) of the
definition thereof) and (y) a copy of the assignment and assumption agreement referred to in Section 15 (unless the transferee
is a Securitization Trust and the related pooling and servicing agreement requires the parties thereto to comply with this Agreement). If a Note Holder intends to Transfer its respective Note, or any portion thereof, to an entity that is not a Qualified Institutional
Lender, it must first obtain the consent of each non-transferring Note Holder and, if any such non-transferring Note Holder’s
Note is held in a Securitization Trust, obtain a Rating Agency Confirmation from each of the applicable engaged Rating Agencies
for such Securitization Trust. Notwithstanding the foregoing, without each non-transferring Note Holder’s prior consent (which
will not be unreasonably withheld), and, if any such non-transferring Note Holder’s Note is held in a Securitization Trust,
without a Rating Agency from each of the applicable engaged Rating Agencies for such Securitization, no Note Holder shall Transfer
all or any portion of its Note (or a participation interest in such Note) to the Mortgage Loan Borrower or a Mortgage Loan Borrower
Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee. The
transferring Note Holder agrees that it shall pay the expenses of any non-transferring Note Holder (including all expenses of the
Master Servicer, the Special Servicer, the Trustee and any Controlling Note Holder or Controlling Note Holder Representative) and
all expenses relating to the confirmation from the Rating Agencies in connection with any such Transfer. Notwithstanding the foregoing,
unless the related Note is included in a Securitization, each Note Holder shall have the right, without the need to obtain the
consent of any other Note Holder, the Rating Agencies or any other Person, to Transfer 49% or less (in the aggregate) of its beneficial
interest in a Note. None of the provisions of this Section 14(a) shall apply in the case of (1) a sale of Note A-1 together with
Note A-2, Note A-3 and Note


 



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A-4, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement or
(2) a transfer by the Special Servicer, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement,
of the Mortgage Loan or the Mortgaged Property, upon the Mortgage Loan becoming a Defaulted Loan, to a single member limited liability
or limited partnership, 100% of the equity interest in which is owned directly or indirectly, through one or more single member
limited liability companies or limited partnerships, by the Lead Securitization Trust.


 


For the purposes of
this Agreement, if any Rating Agency shall, in writing, waive, decline or refuse to review or otherwise engage any request for
a Rating Agency Confirmation, such waiver, declination, or refusal shall be deemed to eliminate, for such request only, the condition
that such confirmation by such Rating Agency (only) be obtained for purposes of this Agreement. For purposes of clarity, any such
waiver, declination or refusal to review or otherwise engage in any request for such confirmation hereunder shall not be deemed
a waiver, declination or refusal to review or otherwise engage in any subsequent request for such Rating Agency Confirmation hereunder
and the condition for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless
of any previous waiver, declination or refusal to review or otherwise engage in such prior request.


 


(b)           In
the case of any Transfer of a participation interest in any of the Notes, (i) the respective Note Holders’ obligations under
this Agreement shall remain unchanged, (ii) such Note Holders shall remain solely responsible for the performance of such obligations,
and (iii) the Lead Securitization Note Holder and any Persons acting on its behalf shall continue to deal solely and directly with
such Note Holder in connection with such Note Holder’s rights and obligations under this Agreement and the Lead Securitization
Servicing Agreement, and all amounts payable hereunder shall be determined as if such Note Holder had not sold such participation
interest.


 


(c)           Notwithstanding
any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than the
Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit or repurchase facility to such Note Holder and that
is either a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A”
(or the equivalent) or better by each applicable Rating Agency (or, if not rated by an applicable Rating Agency, an equivalent
(or higher) rating from any two of Fitch, Moody’s and S&P) (a “Note Pledgee”), on terms and conditions
set forth in this Section 14(c), it being further agreed that a financing provided by a Note Pledgee to a Note Holder or
any person which Controls such Note that is secured by its Note and is structured as a repurchase arrangement, shall qualify as
a “Pledge” hereunder, provided that a Note Pledgee which is not a Qualified Institutional Lender may
not take title to the pledged Note without a Rating Agency Confirmation. Upon written notice by the applicable Note Holder to
each other Note Holder and any Servicer that a Pledge has been effected (including the name and address of the applicable Note
Pledgee), each other Note Holder agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee
written notice of any default by the pledging Note Holder in respect of its obligations under this Agreement of which default
such Note Holder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) days to cure a default by the pledging
Note Holder in respect of its obligations to each other Note Holder hereunder, but such Note Pledgee shall not be obligated to
cure any such default; (iii) that no amendment,


 



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modification, waiver or termination of
this Agreement shall be effective against such Note Pledgee without the written consent of such Note Pledgee, which consent shall
not be unreasonably withheld, conditioned or delayed; (iv) that such other Note Holder shall give to such Note Pledgee copies
of any notice of default under this Agreement simultaneously with the giving of same to the pledging Note Holder and accept any
cure thereof by such Note Pledgee which such pledging Note Holder has the right (but not the obligation) to effect hereunder,
as if such cure were made by such pledging Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel
certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably
satisfactory to such other Note Holder; and (vi) that, upon written notice (a “Redirection Notice”) to each
other Note Holder and any Servicer by such Note Pledgee that the pledging Note Holder is in default, beyond any applicable cure
periods, under the pledging Note Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement between
the pledging Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Note Holder),
and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any
payments that any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder from time to time pursuant
to this Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally and absolutely
releases each other Note Holder and any Servicer from any liability to the pledging Note Holder on account of such other Note
Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to
have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging
Note Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable
law and this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee
other than the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure
or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor
to the pledging Note Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified
Institutional Lender shall assume in writing the obligations of the pledging Note Holder hereunder accruing from and after such
Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions
of this Agreement. The rights of a Note Pledgee under this Section 14(c) shall remain effective as to any Note Holder (and
any Servicer) unless and until such Note Pledgee shall have notified any such Note Holder (and any Servicer, as applicable) in
writing that its interest in the pledged Note has terminated.


 


(d)         Notwithstanding
any provisions herein to the contrary, if a conduit (“Conduit”) which is not a Qualified Institutional Lender
provides financing to a Note Holder then such Note Holder shall have the right to grant a security interest in its Note to such
Conduit notwithstanding that such Conduit is not a Qualified Institutional Lender, if the following conditions are satisfied:


 


(i)          the
loan (the “Conduit Inventory Loan”) made by the Conduit to such Note Holder to finance the acquisition and holding
of its Note requires a third party (the “Conduit Credit Enhancer”) to provide credit enhancement;


 


(ii)        the
Conduit Credit Enhancer is a Qualified Institutional Lender;


 






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(iii)       such
Note Holder pledges (or sells, transfers or assigns as part of a repurchase facility) its interest in its Note to the Conduit as
collateral for the Conduit Inventory Loan;


 


(iv)        the
Conduit Credit Enhancer and the Conduit agree that, if such Note Holder defaults under the Conduit Inventory Loan, or if the Conduit
is unable to refinance its outstanding commercial paper even if there is no default by such Note Holder, the Conduit Credit Enhancer
will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of such Note Holder’s Note
to the Conduit Credit Enhancer; and


 


(v)         unless
the Conduit is in fact then a Qualified Institutional Lender, the Conduit will not without obtaining a Rating Agency Confirmation
from each Rating Agency have any greater right to acquire the interests in the Note pledged by such Note Holder, by foreclosure
or otherwise, than would any other purchaser that is not a Qualified Institutional Lender at a foreclosure sale conducted by a
Note Pledgee.


 


Section
15.         Registration of the Notes and Each Note Holder. The Agent
shall keep or cause to be kept at the Agent Office books (the “Note Register”) for the registration and
transfer of the Notes. The Agent shall serve as the initial note registrar and the Agent hereby accepts such appointment. The
names and addresses of the holders of the Notes and the names and addresses of any transferee of any Note of which the Agent
has received notice, in the form of a copy of the assignment and assumption agreement referred to in this Section 15,
shall be registered in the Note Register. The Person in whose name a Note is so registered shall be deemed and treated as the
sole owner and holder thereof for all purposes of this Agreement. Upon request of a Note Holder, the Agent shall provide such
party with the names and addresses of each other Note Holder. To the extent the Trustee or another party is appointed
as Agent hereunder, each Note Holder hereby designates such person as its agent under this Section 15 solely for
purposes of maintaining the Note Register.


 


In connection with any
Transfer of a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall execute an assignment
and assumption agreement (unless the transferee is a Securitization Trust and the related pooling and servicing agreement
requires the parties thereto to comply with this Agreement), whereby such transferee assumes all of the obligations of the applicable
Note Holder hereunder with respect to such Note thereafter accruing and agrees to be bound by the terms of this Agreement, including
the applicable restriction on Transfers set forth in Section 14, from and after the date of such assignment. No transfer
of a Note may be made unless it is registered on the Note Register, and the Agent shall not recognize any attempted or purported
transfer of any Note in violation of the provisions of Section 14 and this Section 15. Any such purported transfer
shall be absolutely null and void and shall vest no rights in the purported transferee. Each Note Holder desiring to effect such
transfer shall, and does hereby agree to, indemnify the Agent and each other Note Holder against any liability that may result
if the transfer is not made in accordance with the provisions of this Agreement.


 


Section
16.        Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS


 






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AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR
THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND OBLIGATIONS OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW
RULES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.


 


Section 17.         Submission
To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:


 


(a)          SUBMITS
FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF
ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL
COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;


 


(b)         CONSENTS
THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING
WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;


 


(c)          AGREES
THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL
(OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER ADDRESS OF WHICH
A PARTY HEREIN SHALL HAVE BEEN NOTIFIED; AND


 


(d)         AGREES
THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE
RIGHT TO SUE IN ANY OTHER JURISDICTION.


 


Section
18.         Modifications. This Agreement shall not be modified,
cancelled or terminated except by an instrument in writing signed by each Note Holder. Additionally, for as long as any Note
is contained in a Securitization Trust, the Note Holders shall not amend or modify this Agreement without first delivering a
Rating Agency Communication to each Rating Agency then rating any securities of any Securitization; provided that no
such Rating Agency Communication shall be required in connection with a modification (i) to cure any ambiguity, to correct or
supplement any provisions herein that may be defective or inconsistent with any other provisions herein or with the Lead
Securitization Servicing Agreement, or (ii) with respect to matters or questions arising under this Agreement to make
provisions of this Agreement


 



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consistent with other provisions of this Agreement (including without limitation, in connection
with the creation of New Notes pursuant to Section 33).


 


Section
19.        Statement of Intent. The Agent and each Noteholder intend that the Notes be classified and maintained as a
grantor trust under subpart E, part I of subchapter J of chapter 1 of the Code that is a fixed investment trust within the
meaning of Treasury Regulation §301.7701-4(c), and the parties will not take any action inconsistent with such
classification. It is neither the purpose nor the intent of this Agreement to create a partnership, joint venture,
“taxable mortgage pool” or association taxable as a corporation among the parties.


 


Section
20.        Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective successors and assigns. Except as provided herein, including without limitation,
with respect to the Trustee, Certificate Administrator, Master Servicer and Special Servicer and any Non-Lead Master
Servicer, Non-Lead Special Servicer or Non-Lead Trustee, none of the provisions of this Agreement shall be for the benefit of
or enforceable by any Person not a party hereto. Subject to Section 14 and Section 15, each Note Holder may
assign or delegate its rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled
to all rights and benefits of the applicable Note Holder hereunder. For the avoidance of doubt, the representations in Section
11 shall not be binding upon any Securitization Trust.


 


Section
21.        Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall
together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in
Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original
counterpart of this Agreement.


 


Section
22.        Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of
reference only and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be
given any consideration in the construction of this Agreement.


 


Section
23.        Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under
applicable laws, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating
the remainder of such provision or the remaining provisions of this Agreement.


 


Section
24.        Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to
the subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between
the parties.


 


Section
25.        Withholding Taxes. (a) If the Lead Securitization Note Holder or the Mortgage Loan Borrower shall be required
by law to deduct and withhold Taxes from interest, fees or other amounts payable to any Non-Lead Securitization Note Holder
with respect to the Mortgage Loan as a result of such Non-Lead Securitization Note Holder constituting a


 



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Non-Exempt Person, such Lead Securitization
Note Holder, in its capacity as servicer, shall be entitled to do so with respect to such Non-Lead Securitization Note Holder’s
interest in such payment (all withheld amounts being deemed paid to such Note Holder), provided that the Lead Securitization
Note Holder shall furnish such Non-Lead Securitization Note Holder with a statement setting forth the amount of Taxes withheld,
the applicable rate and other information which may reasonably be requested for purposes of assisting such Note Holder to seek
any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which such Note Holder is subject to tax.


 


(b)         Each
Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall and hereby agrees to indemnify
the Lead Securitization Note Holder against and hold the Lead Securitization Note Holder harmless from and against any Taxes, interest,
penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Lead Securitization Note Holder
to withhold Taxes from payment made to such Note Holder in reliance upon any representation, certificate, statement, document or
instrument made or provided by such Note Holder to the Lead Securitization Note Holder in connection with the obligation of the
Lead Securitization Note Holder to withhold Taxes from payments made to such Note Holder, it being expressly understood and agreed
that (i) the Lead Securitization Note Holder shall be absolutely and unconditionally entitled to accept any such representation,
certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon without any
obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity
of the same and (ii) such Note Holder, upon request of the Lead Securitization Note Holder and at its sole cost and expense, shall
defend any claim or action relating to the foregoing indemnification using counsel selected by the Lead Securitization Note Holder.


 


(c)          Each
Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) represents (for the benefit of the
Mortgage Loan Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage
Loan Borrower is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise
pursuant to this Agreement. Contemporaneously with the execution of this Agreement and from time to time as necessary during the
term of this Agreement, each Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall
deliver to the Lead Securitization Note Holder or Servicer, as applicable, evidence satisfactory to the Lead Securitization Note
Holder substantiating that such Note Holder is not a Non-Exempt Person and that the Lead Securitization Note Holder is not obligated
under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise under this Agreement.
Without limiting the effect of the foregoing, (i) if a Note Holder is created or organized under the laws of the United States,
any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the
Lead Securitization Note Holder an Internal Revenue Service Form W-9 and (ii) if a Note Holder is not created or organized under
the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or other amounts by
the Mortgage Loan Borrower is treated for United States income tax purposes as derived in whole or part from sources within the
United States, such Note Holder shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization
Note Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments), Form W-8BEN or Form


 



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W-8BEN-E, or
successor forms, as may be required from time to time, duly executed by such Note Holder, as evidence of such Note Holder’s
exemption from the withholding of United States tax with respect thereto. The Lead Securitization Note Holder shall not be obligated
to make any payment hereunder with respect to any Non-Lead Securitization Note or otherwise until the holder of such Note shall
have furnished to the Lead Securitization Note Holder requested forms, certificates, statements or documents.


 


Section
26.        Custody of Mortgage Loan Documents. Prior to the First Securitization, the originals of all of the Mortgage
Loan Documents (other than Note A-1, Note A-2, Note A-3 and Note A-4) will be held by the Initial Agent on behalf of the
registered holders of the Notes. If the First Securitization is also the Note A-2 Securitization, then on and after the Note
A-2 Securitization Date, the originals of all of the Mortgage Loan Documents (other than Note A-1, Note A-3 and Note A-4)
shall be transferred to and held in the name of the trustee (and held by a duly appointed custodian therefor) under the Note
A-2 PSA, on behalf of the registered holders of the Notes; provided however, if the First Securitization is not also the Note
A-2 Securitization, the originals of all of the Mortgage Loan Documents (other than any Note that was not included in such
Lead Securitization) shall be transferred to and held in the name of the trustee (and held by a duly appointed custodian
therefor) under such Lead Securitization Servicing Agreement, on behalf of the registered holders of the Notes, until the
Note A-2 Securitization Date, on which date, the originals of all of the Mortgage Loan Documents (other than any Note that
was not included in such Lead Securitization) shall be transferred to and held in the name of the trustee (and held by a duly
appointed custodian therefor) under the Note A-2 PSA on behalf of the registered holders of the Notes.


 


Section
27.        Cooperation in Securitization.


 


(a)       Each Note Holder acknowledges that
any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection with a
Securitization and subject to the terms of the preceding sentence, at the request of the related Securitizing Note Holder,
each related Non-Securitizing Note Holder shall use reasonable efforts, at such Securitizing Note Holder’s expense, to
satisfy, and to cooperate with such Securitizing Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy,
the market standards to which such Securitizing Note Holder customarily adheres or that may be reasonably required in the
marketplace or by the Rating Agencies in connection with such Securitization, including, entering into (or consenting to, as
applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with such Securitizing Note
Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any
such case, as may be reasonably requested by the Rating Agencies to effect such Securitization; provided, that no
Non-Securitizing Note Holder shall be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent
to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest
allocable to, or the amount of any payments due to or priority of such payments to, such Non-Securitizing Note Holder or (ii)
materially increase such Non-Securitizing Note Holder’s obligations or materially decrease such Non-Securitizing Note
Holder’s rights, remedies or protections. In connection with any Securitization, each related Non-Securitizing Note
Holder shall provide for inclusion in any disclosure document relating to such Securitization such information concerning
such Non-Securitizing Note Holder and its Note as the related


 



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Securitizing Note Holder reasonably determines to be necessary
or appropriate, and such Non-Securitizing Note Holder shall, at the Securitizing Note Holder’s expense, cooperate with
the reasonable requests of each Rating Agency and such Securitizing Note Holder in connection with such
Securitization (including, without limitation, reasonably cooperating with the Securitizing Note Holder (without any
obligation to make additional representations and warranties) to enable the Securitizing Note Holder to make all necessary
certifications and deliver all necessary opinions (including customary securities law opinions) in connection with the
Mortgage Loan and such Securitization), as well as in connection with all other matters and the preparation of any offering
documents thereof and to review and respond reasonably promptly with respect to any information relating to such
Non-Securitizing Note Holder and its Note in any Securitization document. Each Note Holder acknowledges that in connection
with any Securitization, the information provided by it in its capacity as a Non-Securitizing Note Holder to the related
Securitizing Note Holder may be incorporated into the offering documents for such Securitization. Each Securitizing Note
Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each
Non-Securitizing Note Holder. The Securitizing Note Holder shall reasonably cooperate with each Non-Securitizing Note Holder
by providing all information reasonably requested that is in the Securitizing Note Holder’s possession in
connection with such Non-Securitizing Note Holder’s preparation of disclosure materials in connection with a
Securitization.


 


(b)         Upon
request, each Securitizing Note Holder shall deliver to each related Non-Securitizing Note Holder drafts of the preliminary and
final offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the pooling and
servicing agreement for the Securitization of such Securitizing Note Holder’s Note and provide reasonable opportunity to
review and comment on such documents.


 


(c)          If
a Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing
Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate at the Non-Lead
Securitization Note Holder’s expense with such Non-Lead Asset Representations Reviewer in connection with such Asset Review
by providing such Non-Lead Asset Representations Reviewer with any documents reasonably requested by such Non-Lead Asset Representations
Reviewer, but only to the extent that such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee
or the Custodian, as the case may be, and are not in the possession of the Non-Lead Asset Representations Reviewer (and the Non-Lead
Asset Representations Reviewer has informed such party that it has first requested, and not received, the documents from the master
servicer, special servicer and custodian for the applicable Non-Lead Securitization).


 


Section
28.        Notices. All notices required hereunder shall be given by (i) telephone (confirmed promptly in writing) or
shall be in writing and personally delivered, (ii) sent by facsimile transmission (during business hours) if the sender on
the same day sends a confirming copy of such notice by reputable overnight delivery service (charges prepaid), (iii)
reputable overnight delivery service (charges prepaid) or (iv) certified United States mail, postage prepaid return receipt
requested, and addressed to the respective parties at their addresses set forth on Exhibit B hereto, or at such other
address as any party shall hereafter inform the


 



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other party by written notice given as aforesaid. All written notices so
given shall be deemed effective upon receipt.


 


Section
29.         Broker. Each Note Holder represents to each other that no
broker was responsible for bringing about this transaction.


 


Section 30.         Certain
Matters Affecting the Agent.


 


(a)          The
Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer’s certificate
or assignment and assumption agreement delivered to the Agent pursuant to Section 14 and Section 15;


 


(b)         The
Agent may consult with counsel and any opinion of counsel shall be full and complete authorization and protection in respect of
any action taken or suffered or omitted by it hereunder in good faith and in accordance with such opinion of counsel;


 


(c)          The
Agent shall be under no obligation to institute, conduct or defend any litigation hereunder or in relation hereto at the request,
order or direction of any Note Holder pursuant to the provisions of this Agreement, unless it has received indemnity reasonably
satisfactory to it;


 


(d)         The
Agent or any of its directors, officers, employees, Affiliates, agents or “control” persons within the meaning of the
Act, shall not be personally liable for any action taken, suffered or omitted by it in good faith and reasonably believed by the
Agent to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;


 


(e)          The
Agent shall not be bound to make any investigation into the facts or matters stated in any officer’s certificate or assignment
and assumption agreement delivered to the Agent pursuant to Section 15;


 


(f)          The
Agent may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
but shall not be relieved of its obligations hereunder; and


 


(g)         The
Agent represents and warrants that it is a Qualified Institutional Lender.


 


Section 31.         Reserved.


 


Section
32.         Resignation or Termination of Agent. The Agent may resign at
any time on ten (10) days’ prior notice, so long as a successor Agent, reasonably satisfactory to the Note Holders (it
being agreed that a Servicer, the Trustee or a Certificate Administrator in a Securitization is satisfactory to the Note
Holders), has agreed to be bound by this Agreement and perform the duties of the Agent hereunder. UBS AG, New York Branch, as
Initial Agent, may transfer its rights and obligations to a Servicer, the Trustee or the Certificate Administrator, as
successor Agent, at any time without the consent of any Note Holder. Notwithstanding the foregoing, Note Holders hereby agree
that, simultaneously with the closing of the Lead Securitization, the Master Servicer shall be deemed to have been
automatically appointed as the


 



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successor Agent under this Agreement in place of UBS AG, New York Branch without any further
notice or other action. The termination or resignation of such Master Servicer, as Master Servicer under the Lead
Securitization Servicing Agreement, shall be deemed a termination or resignation of such Master Servicer as Agent under this
Agreement, and any successor master servicer shall be deemed to have been automatically appointed as the successor Agent
under this Agreement in place thereof without any further notice or other action.


 


Section 33.        Resizing.
Notwithstanding any other provision of this Agreement, for so long as any Note Holder or an affiliate thereof (each, a “Resizing
Entity”) is the owner of any Non-Lead Securitization Note (each, an “Owned Note”), such Resizing
Entity shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Mortgage Loan Borrower to execute
amended and restated notes or additional notes (in each case, as applicable “New Notes”) reallocating the principal
of an Owned Note to such New Notes; or severing an Owned Note into one or more further “component” notes in the aggregate
principal amount equal to the then outstanding principal balance of such Owned Note provided that (i) the aggregate principal
balance of all outstanding New Notes following such amendments is no greater than the aggregate principal of such Owned Note prior
to such amendments, (ii) all Notes continue to have the same weighted average interest rate as the Notes prior to such amendments,
(iii) all Notes pay pro rata and on a pari passu basis and such reallocated or component notes shall be automatically
subject to the terms of this Agreement, and (iv) the Resizing Entity holding the New Notes shall notify the Lead Securitization
Note Holder, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in writing of such modified
allocations and principal amounts. If the Lead Securitization Note Holder so requests, the Resizing Entity holding the New Notes
(and any subsequent holder of such Notes) shall execute a confirmation of the continuing applicability of this Agreement to the
New Notes, as so modified. Except for the foregoing reallocation and for modifications pursuant to the Lead Securitization Servicing
Agreement (as discussed in Section 5), no Note may be modified or amended without the consent of its holder and the consent
of the holder of each other Note. In connection with the foregoing (provided the conditions set forth in clauses (i)
through (iv) above are satisfied, with respect to clauses (i) through (iv), as certified by the Resizing Entity, on
which certification the Master Servicer can rely), the Master Servicer is hereby authorized and directed to execute amendments
to the Mortgage Loan Documents and this Agreement on behalf of any or all of the Note Holders, as applicable, solely for the purpose
of reflecting such reallocation of principal and that each New Note shall be a “Note” hereunder and for purposes of
adding and modifying any definitions related thereto. If more than one New Note is created hereunder, for purposes of exercising
the rights of a Controlling Note Holder or Non-Controlling Note Holder hereunder, the “Controlling Note Holder” or
“Non-Controlling Note Holder”, as applicable, shall be as provided in the definitions of such terms in this Agreement;
provided that the Controlling Note Holder shall be entitled to designate any New Note created from the existing Controlling Note
to be a Non-Controlling Note hereunder.


 


[SIGNATURE PAGE FOLLOWS]


 




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IN WITNESS WHEREOF, the
Initial Note Holders have caused this Agreement to be duly executed as of the day and year first above written.


  


	 	UBS AG, as Initial Note
A-1 Holder
	 	 	 
	 	By:	/s/ David Schell
	 	 	Name:     David Schell
	 	 	Title:       Executive Director
	 	 	 



		By:	/s/ Siho Ham
	 	 	Name:     Siho Ham
	 	 	Title:       Executive Director
	 	 	 




		UBS AG, as Initial Note
A-2 Holder
	 	 	 
	 	By:	/s/ David Schell
	 	 	Name:     David Schell
	 	 	Title:       Executive Director
	 	 	 




		By:	/s/ Siho Ham
	 	 	Name:     Siho Ham
	 	 	Title:       Executive Director
	 	 	 




		UBS AG, as Initial Note
A-3 Holder
	 	 	 
	 	By:	/s/ David Schell
	 	 	Name:     David Schell
	 	 	Title:       Executive Director
	 	 	 




		By:	/s/ Siho Ham
	 	 	Name:     Siho Ham
	 	 	Title:       Executive Director




 





AGREEMENT
BETWEEN NOTE HOLDERS - BAYPOINT COMMERCE CENTER


 






     


     


    

 





		UBS AG, as Initial Note
A-4 Holder
	 	 	 
	 	By:	/s/ Jared Randall
	 	 	Name:     Jared Randall
	 	 	Title:       Executive Director
	 	 	 
	 	By:	/s/
                           Racquel A.C. Small
	 	 	Name:     Racquel A.C. Small
	 	 	Title:       Executive Director




 


AGREEMENT
BETWEEN NOTE HOLDERS - BAYPOINT COMMERCE CENTER


 






     


     


    

 


EXHIBIT A


 


MORTGAGE LOAN SCHEDULE


 


Description of Mortgage Loan


 


	Mortgage Loan Borrower(s):	KP Holdings Florida, LLC, KC Investors Florida I, LLC and KC Investors Florida II, LLC
	Date of Mortgage Loan:	April 7, 2017
	Date of Original Note:	April 7, 2017
	Date of Note A-1:	May 11, 2017
	Date of Note A-2:	May 11, 2017
	Date of Note A-3:	May 11, 2017
	Date of Note A-4:	May 11, 2017
	Original Principal Amount of Mortgage Loan:	$40,000,000
	Promissory Note A-1 Principal Balance:	$10,000,000
	Promissory Note A-2 Principal Balance:	$15,000,000
	Promissory Note A-3 Principal Balance:	$10,000,000
	Promissory Note A-4 Principal Balance:	$5,000,000
	Location of Mortgaged Property:	St. Petersburg, Florida
	Initial Maturity Date:	April 6, 2027


  




    A-1


     


    

 


EXHIBIT B


 


1.             Initial Note
A-1 Holder: 


 


(Prior to Securitization of Note A-1):


 


To UBS AG, New York Branch:


 


UBS AG, by and through its branch
office at 1285 Avenue of the Americas, New York, New York 


1285 Avenue of the Americas 


New York, New York 10019 


Attention: David Schell 


Email: david.schell@ubs.com


 


with a copy to:


 


Cadwalader, Wickersham & Taft
LLP

200 Liberty Street

New York, New York 10281

Attention: Frank Polverino, Esq.

Facsimile No.: (212) 504-6666

Email: frank.polverino@cwt.com 


 


Following Securitization of Note A-1 the applicable notice
addresses set forth in the related Securitization Servicing Agreement.


 


2.             Initial
Note A-2 Holder: 


 


(Prior to Securitization of Note A-2):


 


To UBS AG, New York Branch:


 


UBS AG, by and through its branch
office at 1285 Avenue of the Americas, New York, New York 


1285 Avenue of the Americas 


New York, New York 10019 


Attention: David Schell 


Email: david.schell@ubs.com


 


with a copy to:


 


Cadwalader, Wickersham &
Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Frank Polverino, Esq.


 






    B-1


     


    






Facsimile No.: (212) 504-6666

Email: frank.polverino@cwt.com 


 


Following Securitization of Note A-2 the applicable notice
addresses set forth in the related Securitization Servicing Agreement.


 


3.       Initial Note
A-3 Holder:


 


(Prior to Securitization of Note A-3):


 


To UBS AG, New York Branch:


 


UBS AG, by and through its branch
office at 1285 Avenue of the Americas, New York, New York 


1285 Avenue of the Americas 


New York, New York 10019 


Attention: David Schell


Email: david.schell@ubs.com


 


with a copy to:


 


Cadwalader, Wickersham & Taft LLP





200 Liberty Street

New York, New York 10281

Attention: Frank Polverino, Esq.

Facsimile No.: (212) 504-6666

Email: frank.polverino@cwt.com 


 


Following Securitization of Note A-3 the applicable notice
addresses set forth in the related Securitization Servicing Agreement.


 


4.            Initial
Note A-4 Holder: 


 


(Prior to Securitization of Note A-4):


 


To UBS AG, New York Branch:


 


UBS AG, by and through its branch
office at 1285 Avenue of the Americas, New York, New York 


1285 Avenue of the Americas 


New York, New York 10019 


Attention: David Schell 


Email: david.schell@ubs.com


 


with a copy to:


 


Cadwalader, Wickersham & Taft LLP


 






    B-2


     


    




 


200 Liberty Street

New York, New York 10281

Attention: Frank Polverino, Esq.

Facsimile No.: (212) 504-6666

Email: frank.polverino@cwt.com 


 


Following Securitization of Note A-4 the applicable notice
addresses set forth in the related Securitization Servicing Agreement. 


 




    B-3


     


    

 


EXHIBIT C

PERMITTED FUND MANAGERS


 


		1.	Alliance Bernstein






		2.	Annaly Capital Management






		3.	Apollo Real Estate Advisors






		4.	Archon Capital, L.P.






		5.	AREA Property Partners






		6.	Artemis Real Estate Partners






		7.	BlackRock, Inc.






		8.	Capital Trust, Inc.






		9.	Clarion Partners






		10.	Colony Capital, LLC / Colony Financial, Inc.






		11.	CreXus Investment Corporation/Annaly Capital Management






		12.	DLJ Real Estate Capital Partners






		13.	Dune Real Estate Partners






		14.	Eightfold Real Estate Capital, L.P.






		15.	Five Mile Capital Partners






		16.	Fortress Investment Group, LLC






		17.	Garrison Investment Group






		18.	Goldman, Sachs & Co.






		19.	H/2 Capital Partners LLC






		20.	Hudson Advisors






		21.	Investcorp International






		22.	iStar Financial Inc.






		23.	J.P. Morgan Investment Management Inc.






		24.	JER Partners






		25.	Lend-Lease Real Estate Investments






		26.	Libermax Capital LLC






		27.	LoanCore Capital






		28.	Lone Star Funds






		29.	Lowe Enterprises






		30.	Normandy Real Estate Partners






		31.	One William Street Capital Management, L.P.






		32.	Och-Ziff Capital Management Group/ OZ Management, L.P./ OZ Management II., L.P.






		33.	Praedium Group






		34.	Raith Capital Partners, LLC






		35.	Rialto Capital Management, LLC






		36.	Rialto Capital Advisors LLC






		37.	Rimrock Capital Management LLC






		38.	Rockpoint Group






		39.	Rockwood






		40.	RREEF Funds






		41.	Square Mile Capital Management






		42.	Starwood Capital Group/Starwood Financial Trust






		43.	The Blackstone Group






		44.	The Carlyle Group






		45.	Torchlight Investors






		46.	Walton Street Capital, L.L.C.






		47.	Westbrook Partners






		48.	WestRiver Capital






		49.	Wheelock Street Capital






		50.	Whitehall Street Real Estate Fund, L.P.



 






    C-1