Exhibit 4.14 


EXECUTION
VERSION


 


CO-LENDER
AGREEMENT


 


Dated
as of January 27, 2022


 


by
and among


 


BARCLAYS
BANK PLC

(Note A-1-1, Note-A-1-2, Note A-1-3 and Note A-1-4 Holder)


 


BARCLAYS
CAPITAL REAL ESTATE INC.

(Initial Note A-1-S Holder and Initial Note B-1-1 Holder)


 


and


 


GOLDMAN
SACHS BANK USA

(Initial Note A-2-S Holder, Initial Note A-2-1 Holder, Initial Note A-2-2 Holder and Initial Note B-2-1 Holder)


 




The Summit


 




     


     


    

THIS
CO-LENDER AGREEMENT, dated as of January 27, 2022 by and among Barclays Bank PLC (together with its successors and assigns in
interest, “Barclays Bank”), a public limited company registered in England and Wales, having an address of
745 Seventh Avenue, New York, New York 10019 (in its capacity as owner of Note A-1-1, Note A-1-2, Note A-1-3 and Note A-1-4, the
“Barclays Bank Note Holder”), Barclays Capital Real Estate Inc. (together with its successors and assigns in
interest, “Barclays”), a Delaware corporation, having an address of 745 Seventh Avenue, New York, New York
10019 (in its capacity as initial owner of Note A-1-S and Note B-2-1, the “Initial Barclays Note Holder”, and
in its capacity as the initial agent, the “Initial Agent”) and Goldman Sachs Bank USA (together with its successors
and assigns in interest, “Goldman”), a New York limited partnership, having an address of 200 West Street,
New York, New York 10282 (in its capacity as initial owner of Note A-2-S, Note A-2-1, Note A-2-2 and Note B-2-1, the “Initial
Goldman Note Holder”, and together with the Initial Barclays Note Holder, the “Initial Noteholders”).


 


W
I T N E S S E T H:


 


WHEREAS,
pursuant to the Mortgage Loan Agreement (as defined herein) the Initial Noteholders originated a certain mortgage loan (the “Mortgage
Loan”) described on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”)
to the mortgage loan borrower(s) described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”) secured
by certain first mortgages or deeds of trust lien (as amended, modified or supplemented, the “Mortgage”) on
one or more parcels of, or estates in, real property located as described on the Mortgage Loan Schedule (collectively, the “Mortgaged
Property”), which is evidenced, inter alia, by ten (10) promissory notes (as amended, modified or supplemented,
each a “Note”) made by the Mortgage Loan Borrower in favor of the applicable Initial Noteholder having the
designations, principal balances and Initial Noteholder as set forth in the chart below. Each Note shall be referred to herein
by its “Note Designation” as set forth in the chart below.


 


	Note
Designation 
	Initial
Noteholder 
	Outstanding
Principal Balance 

	Note
    A-1-S 	Barclays	$64,200,000
	Note
    A-2-S 	Goldman	$42,800,000
	Note
    A-1-1 	Barclays	$50,000,000
	Note
    A-1-2 	Barclays	$50,000,000
	Note
    A-1-3 	Barclays	$25,000,000
	Note
    A-1-4 	Barclays	$7,000,000
	Note
    A-2-1 	Goldman	$65,000,000
	Note
    A-2-2 	Goldman	$23,000,000
	Note
    B-1-1 	Barclays	$118,800,000
	Note
    B-2-1 	Goldman	$79,200,000


 


WHEREAS,
Barclays transferred Note A-1-1, Note A-1-2, Note A-1-3 and Note A-1-4 to Barclays Bank prior to the date hereof;


 


WHEREAS,
the parties hereto desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns,
shall hold each Note;


 



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


 


Section
1. Definitions. References to a “Section”, the “preamble” 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 Servicing Agreement. Whenever used in this Agreement, the following terms shall have
the respective meanings set forth below unless the context clearly requires otherwise.


 


“A
Note(s)” shall mean each Note that has a designation starting with “A”, either individually or in the aggregate
as the context may require.


 


“Acceptable
Insurance Default” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term
used in the Servicing Agreement.


 


“Additional
Servicing Expenses” shall mean (a) all Servicing Advances, fees and/or expenses incurred by and reimbursable to any
Servicer, Trustee, Operating Advisor, asset representations reviewer, certificate administrator or fiscal agent pursuant to the
Servicing Agreement relating solely to the Mortgage Loan, and (b) all interest accrued on Advances made by (x) any Servicer or
Trustee in accordance with the terms of the Servicing Agreement or (y) any Non-Lead Servicer or Non-Lead Trustee in accordance
with the terms of the Non-Lead Securitization Servicing Agreement; provided that (i) the aggregate special servicing fee
(or equivalent) (which fee is payable solely during the period that the Mortgage Loan is a Specially Serviced Mortgage Loan) shall
not exceed an amount equal to 0.25% per annum of the outstanding principal balance of the Mortgage Loan, (ii) the special
servicing liquidation fee (or equivalent) shall not exceed 1.0% of the collections made with respect to the Mortgage Loan or any
sums received from proceeds from the disposition of the Mortgaged Property or the Mortgage Loan, as the case may be, (iii) the
special servicing workout fee (or equivalent) shall not exceed 1.0% of the collections made with respect to the Mortgage Loan
while the Mortgage Loan is a performing or “corrected” loan (or such other analogous term pursuant to the Servicing
Agreement) and (iv) in no event shall both a workout fee and a liquidation fee be payable on the same principal payment.


 


“Administrative
Advance” shall have the meaning assigned to the term “Administrative Advance” in the Servicing Agreement
or such other analogous term used in the Servicing Agreement.


 


“Advance
Interest Amount” shall mean interest payable on Advances, as specified in the Servicing Agreement or Non-Lead Securitization
Servicing Agreement, as applicable.


 


“Advance
Rate” shall have the meaning ascribed to such term in the Servicing Agreement or such other analogous term used in the
Servicing Agreement or Non-Lead Securitization Servicing Agreement, as applicable.


 


“Advances”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement
or Non-Lead Securitization Servicing Agreement, as applicable (but for purposes hereof shall be limited to Advances in respect
of the Mortgage Loan or the Mortgaged Property).


 



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“Affiliate”
shall mean with respect to any specified Person (i) any other Person Controlling or Controlled by or under common Control with
such specified Person (each a “Common Control Party”), (ii) any other Person owning, directly or indirectly,
ten percent (10%) or more of the beneficial interests in such Person or (iii) any other Person in which such Person or a Common
Control Party owns, directly or indirectly, ten percent (10%) or more of the beneficial interests.


 


“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and from and after
the Securitization Date shall mean the Certificate Administrator, if any, and if there is no Certificate Administrator, shall
mean the Trustee.


 


“Agent
Office” shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement
is located at Barclays Capital Real Estate Inc., 745 Seventh Avenue, New York, New York 10019, Attention: Daniel Vinson, 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 Noteholders.


 


“Agreement”
shall mean this Co-Lender Agreement, the exhibits and schedule hereto and all amendments hereof and supplements hereto.


 


“Applicable
Note A Interest Rate” shall have the meaning assigned to such term or any one or more analogous terms in the Mortgage
Loan Documents.


 


“Applicable
Note B Interest Rate” shall have the meaning assigned to such term or any one or more analogous terms in the Mortgage
Loan Documents.


 


“Appraisal”
shall have the meaning assigned to such term in the Servicing Agreement.


 


“Appraisal
Reduction Amount” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term
used in the Servicing Agreement.


 


“Appraiser”
shall have the meaning assigned to the term “Independent Appraiser” in the Servicing Agreement.


 


“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.


 


“Asset
Status Report” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term
used in the Servicing Agreement.


 


“B
Note(s)” shall mean each Note that has a designation starting with “B”, either individually or in the aggregate
as the context may require.


 


“Balloon
Payment” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in
the Servicing Agreement.


 



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


 


“Barclays
Bank Note Holder” shall have the meaning assigned to such term in the preamble to this Agreement.


 


“Business
Day” shall have the meaning assigned to such term in the Servicing Agreement or Non-Lead Securitization Servicing Agreement,
as applicable.


 


“CDO
Asset Manager” with respect to any Securitization Vehicle which is a CDO, shall mean the entity which is responsible
for managing or administering the applicable 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 the applicable Note).


 


“Certificate
Administrator” shall mean the certificate administrator appointed pursuant to the Servicing Agreement.


 


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


 


“Collection
Account” shall mean the trust account or accounts (including any sub-accounts) created and maintained by the Servicer.


 


“Commission”
means the U.S. Securities and Exchange Commission or any successor thereto.


 


“Companion
Distribution Account” shall have the meaning assigned to such term or the term “Whole Loan Collection Account”
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.


 


“Conduit”
shall have the meaning assigned to such term in Section 19(f).


 


“Conduit
Credit Enhancer” shall have the meaning assigned to such term in Section 19(f).


 


“Conduit
Inventory Loan” shall have the meaning assigned to such term in Section 19(f).


 


“Control”
means 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.


 


“Control
Appraisal Period” A “Control Appraisal Period” shall exist with respect to the B Notes, if and for so long
as:


 


(a)       (1)
the sum of the aggregate initial Principal Balances of the B Notes set forth on the Mortgage Loan Schedule minus (2) the sum (without
duplication) of (x) any payments of principal (whether as principal prepayments or otherwise) allocated to, and


 


 






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received on, any
B Note after the date of its creation, (y) any Appraisal Reduction Amount for the Mortgage Loan that is allocated to such B Notes
and (z) any losses realized with respect to the Mortgaged Property or the Mortgage Loan that are allocated to the B Notes, is
less than


 


(b)       25%
of the remainder of (i) the sum of the aggregate initial Principal Balances of the B Notes set forth on the Mortgage Loan Schedule
less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the Note B
Holders after the date of their creation.


 


“Controlling
Class Representative” shall mean the “Controlling Class Representative” as defined in the Servicing Agreement
or such other analogous term used in the Servicing Agreement.


 


“Controlling
Noteholder” shall mean as of any date of determination:


 


(a)    the
holder or holders of a majority of the B Notes (by Principal Balance) (the “Majority B Noteholder”), unless
a Control Appraisal Period has occurred and is continuing; and


 


(b)    for
so long as a Control Appraisal Period has occurred and is continuing, the holder of Note A-1-S;


 


provided
that, if the Majority B Noteholder would be the Controlling Noteholder pursuant to the terms hereof, but any interest in the
B Notes is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, or the Mortgage Loan Borrower or Mortgage
Loan Borrower Related Party would otherwise be entitled to exercise the rights of the Controlling Noteholder, a Control Appraisal
Period shall be deemed to have occurred. At any time the Majority B Noteholder is the Controlling Noteholder and the B Notes are
included in the Lead Securitization, references to the “Controlling Noteholder” herein shall mean the holders of the
majority of the class of securities issued in the Lead Securitization designated as the “controlling class” (or such
lesser amount as permitted under the terms of the Servicing Agreement) or such other class(es) otherwise assigned the rights to
exercise the rights of the “Controlling Noteholder” hereunder, as and to the extent provided in the Servicing Agreement.


 


“Costs”
shall mean all out-of-pocket costs, fees, expenses, Servicing Advances, interest, payments, losses, liabilities, judgments and/or
causes of action reasonably suffered or incurred or reasonably paid by a Noteholder (or any Servicer or other party (including
a securitization trustee, custodian and/or certificate administrator) acting on behalf of such Noteholder) pursuant to or in connection
with the enforcement and administration of the Mortgage Loan, the Mortgage Loan Documents (not including any Additional Compensation
payable in accordance with the Servicing Agreement), the Mortgaged Property, this Agreement, including, without limitation, attorneys’
fees and disbursements, taxes, assessments, insurance premiums and other protective advances, except for those resulting from
the negligence or willful misconduct of such Noteholder (or any Servicer or other party (including a securitization trustee) acting
on behalf of such Noteholder); provided, however, that none of the following shall






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be included or deemed to be “Costs”:
(i) the costs and expenses relating to the origination or securitization of any Note, including the payment of any securitization
trustee fee, (ii) the day-to-day customary and usual, ordinary costs of servicing and administering the Mortgage Loan, (iii) insofar
as any Note is an asset of a Securitization Trust and as such to the extent the following amounts are allocable to such Note under
the terms of the related Securitization documents: (a) any fees, costs or expenses related to the reporting and compliance with
the REMIC Provisions or any provisions of the Code relating to the creation or administration of a grantor trust relating to a
Securitization Trust, including the determination related to the amount, payment or avoidance of any REMIC or grantor trust tax
on a Securitization Trust or its assets or transactions, (b) any fees, costs or expenses incurred in connection with any audit
or any review of the related Securitization Trust or its assets or transactions by the Internal Revenue Service or other governmental
authority, (c) any REMIC or grantor trust taxes imposed on the related Securitization Trust or its assets or transactions, (d)
any advance made by a party to the related Securitization in respect of a delinquent monthly debt service payment on such Note
or any interest accrued on such advance, or (e) any fees, costs or expenses relating to any other mortgage loan included in a
Securitization Trust with the related Non-Lead Securitization Note(s).


 


“Cure
Period” shall have the meaning assigned to such term in Section 11(a).


 


“Custodian”
shall have the meaning assigned to such term in the Servicing Agreement.


 


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


 


“Default
Interest” shall mean, with respect to any Note, interest on such Note at a rate per annum equal to interest accrued
thereon at the Default Rate in excess of the Interest Rate applicable to such Note.


 


“Default
Rate” shall mean, with respect to any Note, the lesser of the Interest Rate plus three percent (3%) or the maximum rate
permitted by applicable law.


 


“Defaulted
Mortgage Loan” shall have the meaning assigned to such term in the Servicing Agreement.


 


“Defaulted
Mortgage Loan Purchase Price” shall mean (i) in connection with the purchase of the A Notes by the Note B Holders, the
sum, without duplication, of:


 


(a)
the aggregate of the Principal Balances of each A Note;


 


(b)
all accrued and unpaid interest on each of the A Notes at its applicable Interest Rate, from the date as to which interest was
last paid in full by Mortgage Loan Borrower up to and including the end of the interest accrual period relating to the Monthly
Payment Date next following the date the purchase occurred;


 


(c)
any other amounts due under the Mortgage Loan to the holders of each A Note, other than Prepayment Premiums, Default Interest,
late fees, exit fees and any other similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower
Related Party


 






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is the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, Default Interest,
late fees, exit fees and any other similar fees;


 


(d)
without duplication of amounts under clause (c), any unreimbursed Servicing Advances and any expenses incurred in enforcing
the Mortgage Loan Documents (including, without limitation, Servicing Advances payable or reimbursable to any Servicer, and special
servicing fees incurred by or on behalf of the Notes unless previously reimbursed by the Mortgage Loan Borrower);


 


(e)
without duplication of amounts under clause (c), any accrued and unpaid Advance Interest Amount with respect to an Advance made
by or on behalf of any holder of an A Note;


 


(f)
(x) if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser, or (y) if the Mortgage Loan is purchased
more than ninety (90) days after such option first becomes exercisable pursuant to Section 12 of this Agreement, any liquidation
or workout fees payable under the Servicing Agreement with respect to the Mortgage Loan or (z) if the Mortgage Loan is purchased
more than 120 days after such option first becomes exercisable pursuant to Section 12 of this Agreement, any Default Interest
on each of the A Notes at the applicable Default Rate set forth in the Mortgage Loan Agreement from the date as to which Default
Interest was last paid in full by Mortgage Loan Borrower; and


 


(g)
any Recovered Costs not reimbursed previously to the holders of each A Note pursuant to this Agreement. Notwithstanding the foregoing,
if the Purchasing Noteholder is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted
Mortgage Loan Purchase Price shall not include the amounts described under clauses (d) - (f) of this definition.


 


If
the Mortgage Loan is converted into an REO Property, for purposes of determining the Defaulted Mortgage Loan Purchase Price, interest
will be deemed to continue to accrue on each Note at the applicable Default Rate as if the Mortgage Loan were not so converted.
In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Purchasing Noteholder under
this Agreement.


 


“Defaulted
Note Purchase Date” shall have the meaning assigned to such term in Section 12.


 


“Depositor”
shall mean the Person selected by the Lead Securitization Noteholder to create the Securitization Trust.


 


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


 


“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.


 


“Final
Recovery Determination” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous
term used in the Servicing Agreement.


 



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


 


“Grace
Period” shall have the meaning assigned to such term in Section 11(a).


 


“Indemnified
Items” shall mean, collectively, any claims, losses, penalties, fines, forfeitures, reasonable 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 Servicing Agreement.


 


“Indemnified
Parties” shall mean, collectively, (i) as and to the same extent the Lead Securitization Trust is required to indemnify
each of the following parties in respect of the portion of the Mortgage Loan included in the Lead Securitization Trust pursuant
to the terms of the Servicing Agreement, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Operating Advisor and the Depositor (and any director, officer, employee or agent of any of the foregoing, to the
extent such parties are identified as indemnified parties in the Servicing Agreement in respect of the portion of the Mortgage
Loan included in the Lead Securitization Trust) and (ii) the Lead Securitization Trust.


 


“Independent”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.


 


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


 


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


 


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


 


“Initial
Interest Rate” shall mean, as of any date of determination, (a) with respect to each A Note, the Initial Note A Interest
Rate and (b) with respect to each B Note, the Initial Note B Interest Rate.


 


“Initial
Note A Interest Rate” shall have the meaning assigned to such term or any one or more analogous terms in the Mortgage
Loan Documents.


 


“Initial
Note B Interest Rate” shall have the meaning assigned to such term or any one or more analogous terms in the Mortgage
Loan Documents.


 


“Initial
Noteholder” as to any Note shall mean the Initial Barclays Note Holder or the Initial Goldman Note Holder as is designated
the “Initial Noteholder” in the table set forth in the preamble to this Agreement.


 


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


 


“Insolvency
Proceeding” shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. § 101 et seq.)
or any other insolvency, liquidation, reorganization or


 






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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, however, 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, however, 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.


 


“Insurance
and Condemnation Proceeds” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous
term used in the Servicing Agreement.


 


“Interest
Rate” shall mean, as of any date of determination, (a) with respect to each A Note, the Applicable Note A Interest Rate
and (b) with respect to each B Note, the Applicable Note B Interest Rate.


 


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


 


“Interim
Servicing Agreement” shall mean that certain interim servicing agreement to be negotiated in good faith between the
parties hereto after the date hereof. Until such time as the parties hereto execute an Interim Servicing Agreement, the Noteholders
shall cause the Mortgage Loan to be serviced in accordance with this Agreement and the customary and usual servicing practices
of originators of commercial mortgage loans intended to be securitized.


 


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


 


“Junior
Operating Advisor” shall mean, with respect to the Mortgage Loan, the advisor appointed pursuant to Section 6(a),
if any.


 


“KBRA”
shall mean Kroll Bond Rating Agency, LLC or its successor in interest.


 



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“Lead
Securitization” shall mean the sale by the Noteholder of the A-1-S Note (or the first securitization of any portion
of such Note, if applicable) to the Depositor, who will in turn include such portion of such Note as part of a securitization
of one or more mortgage loans.


 


“Lead
Securitization Date” shall mean the closing date of the Lead Securitization.


 


“Lead
Securitization Note” shall mean Note A-1-S.


 


“Lead
Securitization Noteholder” shall mean the Noteholder of the Lead Securitization Note.


 


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


 


“Liquidation
Proceeds” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used
in the Servicing Agreement.


 


“Major
Decisions” shall have the meaning given to such term in the Servicing Agreement; provided that at any time that Note
A-1-S is not included in the Lead Securitization, “Major Decision” shall mean:


 


(i)       any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of any REO Property) of the ownership
of the Mortgaged Property;


 


(ii)       any
modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or material
non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of the Mortgage
Loan or any extension of the maturity date of the Mortgage Loan;


 


(iii)       any
sale of the defaulted Mortgage Loan or REO Property for less than the applicable Mortgage Loan Purchase Price (as defined in the
Servicing Agreement);


 


(iv)       any
determination to bring a Mortgaged Property or an REO Property into compliance with applicable environmental laws or to otherwise
address any hazardous materials located at the REO Property;


 


(v)       any
release of material collateral or any acceptance of substitute or additional collateral for the Mortgage Loan or any consent to
either of the foregoing, other than if required pursuant to the specific terms of the related Mortgage Loan and for which there
is no material lender discretion;


 


(vi)       any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan or any consent
to such a waiver or consent to a transfer of the Mortgaged Property or interests in the Mortgage Loan Borrower other than for
which there is no material lender discretion;


 



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(vii)    any
incurrence of additional debt (including any PACE debt) by the Mortgage Loan Borrower or any additional mezzanine financing (or
issuance of preferred equity that is substantially equivalent to a mezzanine loan) by any beneficial owner of the Mortgage Loan
Borrower other than pursuant to the specific terms of the Mortgage Loan and for which there is no material lender discretion;


 


(viii)   any
changes to a property manager or franchisor with respect to the Mortgage Loan for which the lender is required to consent or approve
under the Mortgage Loan Documents;


 


(ix)      releases
of any escrow accounts, reserve accounts or letters of credit held as performance escrows or reserves, other than those required
pursuant to the specific terms of the Mortgage Loan and for which there is no material lender discretion;


 


(x)       any
acceptance of an assumption agreement or any other agreement releasing a borrower or other obligor from liability under the Mortgage
Loan or the Mortgage Loan Documents other than pursuant to the specific terms of the Mortgage Loan and for which there is no material
lender discretion;


 


(xi)      any
determination of an Acceptable Insurance Default;


 


(xii)     any
material modification, waiver or amendment of this Agreement, or any action to enforce rights (or decision not to enforce rights)
with respect to such agreement, other than splitting the related Notes in accordance herewith; or


 


(xiii)    (i)
any material modification, waiver or amendment of the mezzanine intercreditor agreement, Co-Lender Agreement, participation agreement
or similar agreement with any mezzanine lender or subordinate debt holder (or holder of preferred equity that is substantially
equivalent to a mezzanine loan) related to the Mortgage Loan, or any material modification, waiver or amendment of such agreements
and/or (ii) the exercise of rights and powers granted under a mezzanine intercreditor agreement, co-lender agreement, participation
agreement or similar agreement to the Lenders to the extent such rights or powers affect the priority of payment, consent rights
or security interest with respect to the Mortgage Loan, to the extent the controlling class certificateholder, the directing certificateholder
or any affiliate of the foregoing does not own any interest (whether legally, beneficially or otherwise) in such mezzanine loan;
provided that any amendment to split or reallocate the balance of Notes pursuant to the terms of this Agreement shall not constitute
a Major Decision.


 


“Master
Servicer” shall mean the master servicer or servicer appointed pursuant to the Servicing Agreement.


 


“Model
TSA” shall mean the Trust and Servicing Agreement, dated as of February 26, 2020, by and among Barclays Commercial Mortgage
Securities LLC, as Depositor,


 






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Wells Fargo Bank, National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells
Fargo Bank, National Association, as Certificate Administrator, and Wilmington Trust, National Association, as Trustee, on behalf
of the holders of MKT 2020-525M Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2020-525M.


 


“Monetary
Default” shall have the meaning assigned to such term in Section 11(a).


 


“Monetary
Default Notice” shall have the meaning assigned to such term in Section 11(a).


 


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


 


“Monthly
Payment Advance” shall mean an advance made by the servicer, special servicer
or trustee with respect to any Securitization in respect of any Monthly Payment or Assumed Monthly Payment pursuant to the related
servicing agreement.


 


“Monthly
Payment Date” shall have the meaning assigned to the term “Payment Date” in the Mortgage Loan Documents.


 


“Moody’s”
shall mean Moody’s Investors Service, Inc. 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 December 10, 2021, between the Mortgage Loan Borrower, as
Borrower, and the Initial Noteholders, as lender, 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 18.


 


“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 mean the Schedule attached hereto as Exhibit A.


 


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


 



    12 


     


    




“Net
Note Rate” shall mean, with respect to any Note, the Initial Interest Rate for such Note minus the Servicing Fee Rate
applicable to such Note.


 


“Non-Controlling
Note” shall mean the interest of each Non-Controlling Noteholder in its Note.


 


“Non-Controlling
Noteholder” shall mean each Noteholder other than the Controlling Noteholder; provided that, if at any time a
Non-Controlling Note (or, at any time a Non-Lead Securitization Note is included in a Securitization, the Non-Lead Securitization
Subordinate Class Representative) is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, no Person shall
be entitled to exercise the rights of such Non-Controlling Noteholder with respect to such Non-Controlling Note.


 


“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 the Servicer
on behalf of the Noteholders 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 a Non-Lead Securitization.


 


“Non-Lead
Certificate Administrator” shall mean the “certificate administrator” or such other analogous term under
a Non-Lead Securitization.


 


“Non-Lead
Depositor” shall mean the “depositor” under a Non-Lead Securitization.


 


“Non-Lead
Master Servicer” shall mean the applicable “master servicer” under a Non-Lead Securitization.


 


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


 


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


 


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


 


“Non-Lead
Securitization” shall mean any Securitization of an A Note in a Securitization Trust other than the Lead Securitization.


 


“Non-Lead
Securitization Date” shall mean the closing date of any Non-Lead Securitization.


 



    13 


     


    




“Non-Lead
Securitization Note” shall mean an A Note other than the Lead Securitization Note.


 


“Non-Lead
Securitization Noteholder” shall mean each Note A Holder other than the Lead Securitization Noteholder, provided
that at any time an A Note that is not the Lead Securitization Note is included in a Securitization other than the Lead Securitization,
references to the “Non-Lead Securitization Noteholder” herein shall mean the Non-Lead Securitization Subordinate Class
Representative under the related Non-Lead Securitization Servicing Agreement, as and to the extent provided in the related Non-Lead
Securitization Servicing Agreement and as to the identity of which the Lead Securitization Noteholder (and the Master Servicer
and the Special Servicer) has been given written notice. The Lead Securitization Noteholder (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 exercising the rights of a “Non-Lead
Securitization Noteholder” herein or under the Servicing Agreement and, to the extent that the related Non-Lead Securitization
Servicing Agreement assigns such rights to more than one party, for purposes of this Agreement, the Non-Lead Securitization Servicing
Agreement shall designate one party to deal with the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer
acting on its behalf) and provide written notice of such designation to the Lead Securitization Noteholder (and the Master Servicer
and the Special Servicer acting on its behalf) (such party, the “Non-Lead Securitization Noteholder Representative”);
provided that, in the absence of such designation and notice, the Lead Securitization Noteholder (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 Non-Lead Securitization Noteholder Representative with respect to such Non-Controlling Note for
all purposes of this Agreement.


 


Prior
to Securitization of any Non-Lead Securitization Note by the Non-Lead Securitization Noteholder (including any New Notes), all
notices, reports, information or other deliverables required to be delivered to such Non-Lead Securitization Noteholder pursuant
to this Agreement or the Servicing Agreement by the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer
acting on its behalf) only need to be delivered to each Non-Lead Securitization Noteholder Representative and, when so delivered
to each Non-Lead Securitization Noteholder Representative, the Lead Securitization Noteholder (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 Servicing Agreement. Following Securitization of any Non-Lead Securitization Notes by the Non-Lead Securitization
Noteholder, all notices, reports, information or other deliverables required to be delivered to such Non-Lead Securitization Noteholder
pursuant to this Agreement or the Servicing Agreement by the Lead Securitization Noteholder (or the Master Servicer or the Special
Servicer acting on its behalf) shall be delivered to the related Non-Lead Master Servicer and the related Non-Lead Special Servicer
(who then may forward such items to the party entitled to receive such items as and to the extent provided in the related Non-Lead
Securitization Servicing Agreement) and, when so delivered to the related Non-Lead Master Servicer and the related Non-Lead Special
Servicer, the Lead Securitization Noteholder (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 Servicing Agreement.


 



    14 


     


    




“Non-Lead
Securitization Noteholder Representative” shall have the meaning assigned to such term in the definition of “Non-Lead
Securitization Noteholder”.


 


“Non-Lead
Securitization Servicing Agreement” shall mean the servicing agreement for the related Non-Lead Securitization.


 


“Non-Lead
Securitization Subordinate Class Representative” shall mean the holders of the majority of the class of securities issued
in a Non-Lead Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization
Servicing Agreement or their duly appointed representative; provided that if 50% or more of the class of securities issued
in any Non-Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned the
rights to exercise the rights of the “Controlling Noteholder” is held by the Mortgage Loan Borrower or an Affiliate
of the Mortgage Loan Borrower, no person shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate
Class Representative.


 


“Non-Lead
Securitization Trust” shall mean each Securitization Trust into which any Non-Lead Securitization Note is deposited.


 


“Non-Lead
Servicer” shall mean the Non-Lead Master Servicer or Non-Lead Special Servicer, as applicable.


 


“Non-Lead
Special Servicer” shall mean the applicable “special servicer” under a Non-Lead Securitization.


 


“Non-Lead
Trustee” shall mean the applicable “trustee” under a Non-Lead Securitization.


 


“Non-Monetary
Default” shall have the meaning assigned to such term in Section 11(d).


 


“Non-Monetary
Default Cure Period” shall have the meaning assigned to such term in Section 11(d).


 


“Non-Monetary
Default Notice” shall have the meaning assigned to such term in Section 11(d).


 


“Nonrecoverable
Administrative Advance” shall have the meaning assigned to the term “Nonrecoverable Administrative Advance”
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.


 


“Nonrecoverable
Advance” means (i) a principal and interest advance that has been determined
to be “nonrecoverable” in accordance
with the terms of the Lead Securitization Servicing Agreement or Non-Lead Securitization Servicing Agreement, as applicable, or
(ii) a Nonrecoverable Administrative Advance or Nonrecoverable Servicing Advance.


 



    15 


     


    




“Nonrecoverable
Servicing Advance” shall have the meaning assigned to the term “Nonrecoverable Advance” in the Servicing
Agreement or such other analogous term used in the Servicing Agreement.


 


“Note”
shall mean any A Note or B Note, as applicable.


 


“Note
A Holder(s)” shall mean the Noteholder(s) of A Notes.


 


“Note
A-1-S TSA” shall mean a trust and servicing agreement, substantially in the form of the Model TSA and subject to Section
2 hereof, to be entered into in connection with the Securitization, by and among (a) the Person who serves as Trustee from
and after the Lead Securitization Date, (b) the Person who serves as Master Servicer from and after the Lead Securitization Date,
(c) the Person which serves as Special Servicer from and after the Lead Securitization Date, (d) the Person who serves as Operating
Advisor from and after the Lead Securitization Date and (e) the Depositor, and any other additional Persons that may be party
to such trust and servicing agreement; provided it is acknowledged that such agreement is subject in all respects to changes (i)
required by the Code relating to the tax elections of the related Securitization Trust, (ii) required by law or changes in any
law, rule or regulation and (iii) requested by the Rating Agencies or any purchaser of subordinate certificates. The Servicing
Standard in the Note A-1-S TSA shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take
into account the interests of each Noteholder (taking into account that the Subordinate Notes are junior to the A Notes as and
to the extent provided herein).


 


“Note
B Holder(s)” shall mean the Noteholder(s) of B Notes.


 


“Note
Pledgee” shall have the meaning assigned to such term in Section 19(e).


 


“Note
Register” shall have the meaning assigned to such term in Section 21.


 


“Noteholder”
shall mean with respect to any Note, the Initial Noteholder thereof, or any subsequent holder of such Note, together with its
successors and assigns.


 


“Noteholder
Purchase Notice” has the meaning assigned to such term in Section 12.


 


“Operating
Advisor” shall mean the operating advisor, if any, appointed pursuant to the Note A-1-S TSA.


 


“Percentage
Interest” with respect to any Note shall mean a fraction, expressed as a percentage, the numerator of which is the Principal
Balance of such Note and the denominator of which is the sum of the Principal Balances of all Notes.


 


“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 a nationally-recognized manager of investment funds investing in debt or equity
interests relating to commercial real estate, (ii) investing through a fund or funds with committed capital


 






    16 


     


    

of at least $500,000,000
and (iii) not subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.


 


“Person”
shall have the meaning assigned to such term in the Servicing Agreement.


 


“Pledge”
shall have the meaning assigned to such term in Section 19(e).


 


“Prepayment
Premium” shall mean, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance
premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan
Documents, including any exit fee.


 


“Principal
Balance” with respect to any Note as of any date of determination shall mean the initial principal balance set forth
on the Mortgage Loan Schedule, less any payments of principal thereon or reductions in such amount pursuant to Sections 3
or 4, as applicable.


 


“Purchased
Note” has the meaning assigned to such term in Section 12.


 


“Purchasing
Noteholder” has the meaning assigned to such term in Section 12.


 


“Qualified
Institutional Lender” shall mean each of the Initial Noteholders and the Barclays Bank Note Holder (and any Affiliates
and subsidiaries of such entity) and any other Person that is:


 


(a)    an
entity Controlled (as defined below) by, under common Control with or Controlling any Initial Noteholder or the Barclays Bank
Note Holder, or


 


(b)    one
or more of the following:


 


(i)       a
real estate investment bank, an insurance company, reinsurance trust, bank, savings and loan association, investment bank, trust
company, commercial credit corporation, pension plan, 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 (or in the case of a CDO, a single purpose bankruptcy remote entity which contemporaneously assigns or pledges
its Note, or a participation interest therein (or any portion thereof) to 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 (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


 






    17 


     


    

least investment grade by each of the Rating Agencies
which assigned a rating to one or more classes of securities issued in connection with such 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 to such Securitization Vehicle); (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 acceptable to the Rating Agencies rating each Securitization (such entity, an “Approved
Servicer”) and such Approved Servicer is required to service and administer such Note 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), (iii), (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 $500,000,000, in which (A) the applicable Noteholder, (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


 


(v)      an
entity substantially similar to any of the foregoing, or


 


(vi)     a
Person that is otherwise a Qualified Institutional Lender but is acting in an agency capacity for a syndicate of lenders where
at least 51% of the lenders in such syndicate are otherwise Qualified Institutional Lenders under clauses (b)(i), (ii),
(iv) and (v) above, or


 


(vii)    a
private trust established and authorized under the laws of the Republic of Korea (an “Acquiring Korean Trust”),
so long as the beneficiaries of, and owners of not less than 51% of the equity interest in, the Acquiring Korean Trust are, directly
or indirectly, Persons that are otherwise Qualified Institutional Lenders; or


 


(c)    any
entity Controlled (as defined below) by any of the entities described in clause (b) above or approved by the Rating Agencies
hereunder as a Qualified


 






    18 


     


    

Institutional Lender for purposes of this Agreement, or as to which the Rating Agencies have stated they
would not review such entity in connection with the subject transfer.


 


provided
that, in the case of any entity referred to in clause (b)(i), (b)(ii), (b)(iii)(a), (b)(iv)(B), (b)(v) or (b)(vii) 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, asset manager or similar fiduciary) and at least $500,000,000 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 junior CMBS securities 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


 


For
purposes of this definition only, “Control” means 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 (“Controlled” and “Controlling” have the meaning
correlative thereto).


 


“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.


 


“Rating
Agencies” shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS Morningstar, (e) KBRA or (f) 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 designated by the Depositor or Non-Lead Depositor to rate the securities issued in connection
with the Securitization of any A Note; provided, however, that, at any time during which any A Note is an asset of one or more
Securitizations, “Rating Agencies” or “Rating Agency” shall mean only those rating agencies that are engaged
by the Depositor or Non-Lead Depositor, as applicable, from time to time to rate the securities issued in connection with the
Securitization of such Note.


 


“Rating
Agency Confirmation” shall mean, after a Securitization, the meaning given thereto or any analogous term in the Servicing
Agreement including any deemed Rating Agency Confirmation.


 


“Recovered
Costs” shall mean any amounts referred to in clauses (i)(d) and/or (i)(e) of the definition of “Defaulted Mortgage
Loan Purchase Price” that, at the time of determination, had been previously paid or reimbursed to any Servicer from sources
other than


 






    19 


     


    

collections on or in respect of the Mortgage Loan or the Mortgaged Property (including, without limitation, from collections
on or in respect of loans, if any, other than the Mortgage Loan).


 


“Redirection
Notice” shall have the meaning assigned to such term in Section 19(e).


 


“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.


 


“Relative
Spread” with respect to any Note and any date of determination shall mean the ratio of the Interest Rate of such Note
to the weighted average as of such date of determination (prior to taking into account any payments made on account of principal
as of such date) of the Interest Rates on all the Notes based on their Principal Balances.


 


“REMIC”
shall mean a real estate mortgage investment conduit within the meaning of Section 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 such term in the Servicing Agreement or such other analogous term used
in the 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 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 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 (v) in the case of DBRS Morningstar, such special servicer (A) has a ranking higher than
or equal to “MOR CS3” as a Special Servicer, or (B) if the special servicer currently serves as a special servicer,
in a CMBS transaction currently rated by DBRS Morningstar and DBRS Morningstar has not cited servicing concerns of the special
servicer, as the sole or material factor in any qualification, downgrade or


 






    20 


     


    

withdrawal of the ratings (or placement on ‘watch
status’ in contemplation of a ratings downgrade or withdrawal) of a securities in a CMBS transaction serviced by such special
servicer.


 


“Risk
Retention Requirements” shall mean the credit risk retention requirements of Section 15G of the Exchange Act (15 U.S.C.
§ 78o-11), as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.


 


“Risk
Retention Rules” shall mean the joint final rule that was promulgated to implement the Risk Retention Requirements (which
such joint final rule has been codified, inter alia, at 17 C.F.R. § 246), as such rule may be amended from time to
time, and subject to such clarification and interpretation as have been provided by the Office of the Comptroller of the Currency,
the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency,
the Commission and the Department of Housing and Urban Development in the adopting release (79 Fed. Reg. 77601 et seq.)
or by the staff of any such agency, or as may be provided by any such agency or its staff from time to time, in each case, as
effective from time to time as of the applicable compliance date specified therein.


 


“S&P”
shall mean S&P Global Ratings, a Standard & Poor’s Financial Services LLC business, and its successors in interest.


 


“Securities
Act” shall mean the Securities Act of 1933, as amended.


 


“Securitization”
shall mean one or more sales by the holder of a Note of all or a portion of such Note to a depositor, who will in turn include
such portion of such Note as part of a securitization of one or more mortgage loans.


 


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


 


“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which a Note is held.


 


“Selling
Noteholder” has the meaning assigned to such term in Section 12.


 


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


 


“Servicing
Advances” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used
in the Servicing Agreement or Non-Lead Securitization Servicing Agreement, as applicable.


 


“Servicing
Agreement” shall mean, with respect to the Mortgage Loan, prior to the Note A-1-S Securitization Date, the Interim Servicing
Agreement, and, from and after the Note A-1-S Securitization Date, the Note A-1-S TSA, together with any amendment, restatement,
supplement, replacement or modification thereto entered into in accordance with the terms hereof or thereof.


 



    21 


     


    




“Servicing
Fee Rate” shall be the per annum rate at which primary servicing fees are payable in respect of the Mortgage
Loan as set forth in the Servicing Agreement. The Servicing Fee Rate shall not reflect any master servicing fees payable by any
Noteholder.


 


“Servicing
Standard” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used
in the Servicing Agreement.


 


“Servicing
Transfer Event” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term
used in the Servicing Agreement.


 


“Special
Servicer” shall mean the special servicer appointed pursuant to the Servicing Agreement and this Agreement.


 


“Specially
Serviced Mortgage Loan” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous
term used in the Servicing Agreement.


 


“Subordinate
Note” shall mean each B Note.


 


“Subordinate
Noteholder” shall mean each Noteholder of a B Note.


 


“Substitute
Servicing Agreement” means a servicing agreement that contains servicing provisions which are the same as or more favorable
to the Non-Lead Noteholders, in substance, to those in the Servicing Agreement (including, without limitation, all applicable
provisions relating to delivery of information and reports necessary for any Non-Lead Securitization to comply with any applicable
reporting requirements under the Securities Exchange Act of 1934, as amended) and all references herein to the “Servicing
Agreement” shall mean such subsequent servicing agreement; provided, however, that if a Non-Lead Securitization Note is
in a Securitization, then a Rating Agency Confirmation shall have been obtained from each Rating Agency with respect to such subsequent
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.


 


“Threshold
Event Collateral” shall have the meaning assigned to such term in Section 5(g).


 


“Threshold
Event Cure” shall have the meaning assigned to such term in Section 5(g).


 


“Transfer”
shall mean any sale, assignment, transfer, pledge, syndication, participation, hypothecation, contribution, encumbrance or other
disposition (either (i) directly or (ii) indirectly through entering into a derivatives contract or any other similar agreement,
excluding a repurchase financing or a Pledge in accordance with Section 19(e)).


 


“Trustee”
shall mean the trustee appointed pursuant to the Note A-1-S TSA.


 



    22 


     


    




“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 that is eligible to elect to be treated as a U.S. Person).


 


“Workout”
shall mean any written modification, waiver, amendment, restructuring or workout of the Mortgage Loan or the Note entered into
with the Mortgage Loan Borrower in accordance with the Servicing Agreement.


 


Section
2. Servicing.


 


(a)    Each
Noteholder acknowledges and agrees that, subject to this Agreement, the Mortgage Loan shall be serviced pursuant to this Agreement
and the Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments of principal
or interest in respect of the Notes other than the Lead Securitization Note (and a Non-Lead Master Servicer may be required to
advance monthly payments of principal and interest on a Non-Lead Securitization Note pursuant to the terms of the Non-Lead Securitization
Servicing Agreement) 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 Servicing Agreement (including a determination
of recoverability thereunder). Each Noteholder acknowledges that each Note A Holder may elect, in its sole discretion, to include
the related Note in a Securitization and agrees that it will reasonably cooperate with such other Noteholder, at such other Noteholder’s
expense, to effect such Securitization. Subject to the terms and conditions of this Agreement, each Noteholder hereby irrevocably
and unconditionally consents to the appointment of the Master Servicer, the Certificate Administrator, the Operating Advisor and
the Trustee under the Servicing Agreement by the Depositor, and the appointment of the Special Servicer as the initial Special
Servicer under the Servicing Agreement by the Depositor (subject to replacement by the Controlling Noteholder as provided herein)
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 this Agreement and the Servicing Agreement. Each Noteholder hereby appoints the Master Servicer, the Special
Servicer and the Trustee in the Lead Securitization as such Noteholder’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 Servicing Agreement (subject
at all times to the rights of the Noteholders set forth herein and in the Servicing Agreement). In no event shall the Servicing
Agreement require any Servicer to enforce the rights of any Noteholder against any other Noteholder or limit any Servicer in enforcing
the rights of one Noteholder against any other Noteholder; however, this statement shall not be construed to otherwise limit the
rights of one Noteholder with respect to any other Noteholder. Each Servicer shall be required pursuant to the Servicing Agreement
to service the Mortgage Loan in accordance with the Servicing Standard, this Agreement, the terms of the Mortgage


 






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Loan Documents,
the Servicing Agreement, any intercreditor agreement and applicable law, and shall not take any action or refrain from taking
any action or follow any direction inconsistent with the foregoing.


 


(b)   In
no event shall any Subordinate Noteholder be entitled to exercise any rights of the “directing holder”, “controlling
or consulting class”, “controlling class representative” or any analogous class or holder under the Servicing
Agreement except to the extent such Subordinate Noteholder is given such rights expressly under the terms of this Agreement or
the Servicing Agreement in its capacity as the Controlling Noteholder.


 


(c)   The
Note A-1-S TSA shall, unless otherwise agreed to by the Controlling Noteholder, contain servicing provisions substantially similar
in all material respects to the servicing provisions of the Model TSA. In no event may the Servicing Agreement change the interest
allocable to, or the amount of any payments due to, any Subordinate Noteholder or materially increase any Subordinate Noteholder’s
obligations or materially decrease any Subordinate Noteholder’s rights, remedies or protections hereunder or otherwise adversely
affect any Subordinate Noteholder’s rights hereunder.


 


(d)   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 Note A-1-S TSA) (i) shall be required to make Servicing Advances and Administrative Advances with respect to the
Mortgage Loan, subject to the terms of the Note A-1-S TSA and this Agreement and (ii) may be required to make principal and interest
Advances on the Lead Securitization Note and any other Note included in the Lead Securitization, if and to the extent provided
in the Note A-1-S TSA and this Agreement. The Master Servicer or Trustee shall be required to provide written notice to the Non-Lead
Master Servicer and the Non-Lead Trustee of any principal and interest Advance it has made with respect to the Lead Securitization
Note and any other Note included in the Lead Securitization within two (2) Business Days of making such advance.


 


The
Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement for a Servicing Advance
or Administrative Advance and related Advance Interest Amounts, first from funds on deposit in each of the Collection Account
and the Companion Distribution Account that (in any case) represent amounts received on or in respect of the Mortgage Loan in
the manner provided in the Note A-1-S TSA, and then, in the case of Nonrecoverable Servicing Advances, Nonrecoverable Administrative
Advances or Advance Interest Amounts, if such funds on deposit in the Collection Account and Companion Distribution Account are
insufficient, each Non-Lead Securitization Noteholder (including from general collections or any other amounts from the Non-Lead
Securitization Trust) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization
for its pro rata share of such Nonrecoverable Servicing Advance, Nonrecoverable Administrative Advance or Advance Interest
Amounts.


 


If
the Master Servicer determines that a proposed principal and interest Advance with respect to the Lead Securitization Note or
Servicing Advance with respect to the Mortgage Loan, if made, or any outstanding principal and interest Advance or Servicing Advance
previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer shall provide the Non-Lead Master
Servicer written notice of such determination promptly after


 






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such determination was made together with such reports that the Master
Servicer delivered to the Special Servicer or Trustee in connection with notification of its determination of nonrecoverability.


 


In
addition, the Non-Lead Securitization Noteholder (including, but not limited to, the Non-Lead Securitization Trust) shall be required
to, promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse the Lead Securitization for the
Non-Lead Securitization Noteholder’s pro rata share of any additional trust fund expenses with respect to the Mortgage
Loan or the Mortgaged Property, any other fees, costs or expenses incurred in connection with the servicing and administration
of the Mortgage Loan and allocable to the Note A Holders pursuant to this Agreement and as to which the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Depositor, as applicable, is entitled to be
reimbursed pursuant to the Note A-1-S TSA, and any fees, costs or expenses related to obtaining a Rating Agency Confirmation and
allocated to the Note A Holders, in each case to the extent amounts on deposit in the Companion Distribution Account that are
allocated to the Non-Lead Securitization Note are insufficient for reimbursement of such amounts (which such reimbursement shall
be made, if the Non-Lead Securitization Note has been included in a Non-Lead Securitization, from general collections or any other
amounts from such Non-Lead Securitization Trust). The Non-Lead Securitization Noteholder agrees to indemnify (i) (as and to the
same extent the Lead Securitization Trust is required to so indemnify) each of the Indemnified Parties against any Indemnified
Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the Companion
Distribution Account that are allocated to the Non-Lead Securitization Note are insufficient for reimbursement of such amounts,
the Non-Lead Securitization Noteholder 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 (including,
if the Non-Lead Securitization Note has been included in a Non-Lead Securitization, from general collections or any other amounts
from such Non-Lead Securitization Trust).


 


The
Non-Lead Master Servicer may be required to make principal and interest Advances on a Non-Lead Securitization Note, from time
to time, subject to the terms of the Non-Lead Securitization Servicing Agreement, the Note A-1-S TSA 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 principal and interest Advance to be made on the Lead Securitization Note based on the information that they
have on hand and in accordance with the Note A-1-S TSA. The Non-Lead Master Servicer and the Non-Lead Special Servicer and the
Non-Lead Trustee, as applicable, shall be entitled to make their own recoverability determination with respect to a principal
and interest Advance to be made on a Non-Lead Securitization Note based on the information that they have on hand and in accordance
with the Non-Lead Securitization Servicing Agreement. The Master Servicer and the Trustee, as applicable, and the Non-Lead Master
Servicer or the Non-Lead Trustee shall be required to notify each other servicer and trustee with respect to a Securitization
of the amount of its principal and interest 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 the Non-Lead Master Servicer,
the Non-Lead Special Servicer or the Non-Lead Trustee, as applicable (with respect to a Non-Lead Securitization Note), determines


  






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that a proposed principal and interest Advance, if made, would be non-recoverable or an outstanding principal and interest Advance
is or would be non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as applicable, 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 Note A-1-S TSA, in the case of a determination of non-recoverability by
the Master Servicer, the Special Servicer or the Trustee) or the Non-Lead Master Servicer or the Non-Lead Trustee (as provided
in the Non-Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the Non-Lead Master
Servicer, the Non-Lead Special Servicer or the Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or the Non-Lead
Master Servicer and the Non-Lead Trustee, as the case may be, within two (2) Business Days of making such determination. Each
of the Master Servicer, the Trustee, the Non-Lead Master Servicer and the Non-Lead Trustee, as applicable, will only be entitled
to reimbursement for a principal and interest Advance that becomes non-recoverable and advance interest thereon first from the
Collection Account (in the case of the Lead Securitization Note) or the Companion Distribution Account (in the case of a Non-Lead
Securitization Note) from amounts allocable to the Mortgage Loan for which such principal and interest Advance was made, and then,
if 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 Note A-1-S TSA and (ii) in the case of the Non-Lead Securitization Note, from general collections
of the Non-Lead Securitization Trust, as and to the extent provided in the Non-Lead Securitization Servicing Agreement.


 


(e)   At
any time after the Securitization Date that the Lead Securitization Note is no longer subject to the provisions of the Servicing
Agreement, the Lead Securitization Noteholder shall cause the Mortgage Loan to be serviced in accordance with the servicing provisions
set forth in the Servicing Agreement or a Substitute Servicing Agreement as if such agreement was still in full force and effect
with respect to the Mortgage Loan; provided, however, that the Servicer under the Servicing Agreement shall have no further obligations
to advance monthly payments of principal or interest; provided, further, however, that until a replacement servicing agreement
is in place, the actual servicing of the Mortgage Loan may be performed by any nationally recognized commercial mortgage loan
servicer appointed by Lead Securitization Noteholder and the special servicer appointed by the Controlling Noteholder and does
not have to be performed by the service providers set forth under the Servicing Agreement; provided, further, however, that until
a replacement servicing agreement has been entered into, 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 with the related 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 (x) such documents are in the possession of the Master Servicer, the Special
Servicer, the Trustee or the Custodian, as the case may be, and (y) such Non-Lead Asset Representations Reviewer has not been
able to obtain such documents from the related mortgage loan seller.


 


(f)    Notwithstanding
anything to the contrary contained in this Agreement, any obligation of the Servicer pursuant to the terms hereof shall be performed
by the Master Servicer or the Special Servicer, as applicable, as set forth in the Servicing Agreement.


 



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(g)       The
Lead Securitization Noteholder agrees that it shall cause the Servicing Agreement to contain provisions to the effect that:


 


(i)       if
an event of default under the Servicing Agreement has occurred (A) with respect to the Master Servicer under the Servicing Agreement
that affects a Noteholder or any class of commercial mortgage securities backed by a Note, and the Master Servicer is not otherwise
terminated under the Servicing Agreement, then the Non-Lead Securitization Noteholders shall be entitled to direct the Trustee
to appoint a sub-servicer solely with respect to the Mortgage Loan (or if the Mortgage Loan is currently being sub-serviced, to
replace the current sub-servicer, but only if such original sub-servicer is in default under the related sub-servicing agreement);
and (B) the appointment (or replacement) of a sub-servicer with respect to the Mortgage Loan, as contemplated in clause (A) above,
will in any event be subject to written confirmation from each Rating Agency that such appointment would not, in and of itself,
cause a downgrade, qualification or withdrawal of the then-current ratings assigned to the securities issued in connection with
any Securitization;


 


(ii)       any
payments received on the Mortgage Loan shall be paid by the Master Servicer to each Non-Lead Securitization Noteholder (a) prior
to the Securitization of such Note, on the “Remittance Date” under the Servicing Agreement and (b) following the Securitization
of such Note, by the earlier of (x) the Remittance Date (as defined in the Lead Securitization Servicing Agreement) and (y) the
Business Day following the “determination date” (or any term substantially similar thereto) as defined in the Non-Lead
Securitization Servicing Agreement (such determination date, the “Non-Lead Securitization Determination Date”),
in each case as long as the date on which remittance is required under this clause (viii) is at least one (1) Business
Day after the scheduled monthly payment date under the Mortgage Loan Agreement;


 


(iii)       each
Non-Lead Noteholder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide access to, any
information relating to the Mortgage Loan, the Mortgage Loan Borrower or the Mortgaged Property as such Non-Lead Noteholder may
reasonably request and would be customarily in the possession of, or collected or known by, the Master Servicer or the Special
Servicer of mortgage loans similar to the Mortgage Loan and, in any event, all information that is required to be provided to
holders of the securities issued by the Lead Securitization Trust that includes but is not limited to standard CREFC reports and
Asset Status Reports, provided that if an interest in the requesting Noteholder or its related Note is held by the Mortgage Loan
Borrower or a Mortgage Loan Borrower Related Party, then such requesting Noteholder shall not be entitled to receive the Asset
Status Report or any other information relating to the Special Servicer’s workout strategy or any “excluded information”
or analogous term under the Servicing Agreement;


 


(iv)      each
Noteholder is an intended third-party beneficiary in respect of the rights afforded it under the Servicing Agreement and may directly
enforce such rights;


 


(v)       the
Servicing Agreement may not be amended without the consent of each Non-Lead Noteholder if such amendment would be adverse (other
than de minimis


 






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changes) to such Non-Lead Noteholder or would adversely (other than de minimis changes) affect the
Mortgage Loan or any Non-Lead Noteholder’s rights with respect thereto or would alter any term that is defined herein by
reference to the Servicing Agreement in a manner that is adverse (other than de minimis changes) to a Non-Lead Noteholder;


 


(vi)       the
Special Servicer selected by the Controlling Noteholder shall be named as the Special Servicer for the Mortgage Loan by the earlier
of (x) the closing of the Lead Securitization or (y) the Mortgage Loan becoming a Specially Serviced Mortgage Loan under the Servicing
Agreement; provided, however, that such Special Servicer has the Required Special Servicer Rating of, or otherwise
be acceptable to, each of the Rating Agencies rating each Securitization; and


 


(vii)       any
matter affecting the servicing and administration of the Mortgage Loan that requires delivery of a Rating Agency Confirmation
pursuant to the Servicing Agreement shall also require delivery of a Rating Agency Confirmation for each Non-Lead Securitization
Note and the applicable Rating Agencies.


 


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


 


(i)       such
Non-Lead Securitization Noteholder shall be responsible for its pro rata share of any Servicing Advances and Administrative
Advances (and, in each case, advance interest thereon) and any additional trust fund 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 the Notes are insufficient to cover such Servicing Advances, Administrative Advances or additional trust fund expenses, (A)
the Non-Lead Master Servicer will be required to, promptly following notice from the Master Servicer or the Special Servicer,
pay or reimburse the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, or the Lead Securitization
Trust, as applicable, out of general funds in the collection account (or equivalent account) established under the Non-Lead Securitization
Servicing Agreement for such Non-Lead Securitization Noteholder’s pro rata share of any such Nonrecoverable Servicing
Advances or Administrative Advances (in each case, together with advance interest thereon) and/or additional trust fund expenses
(including compensation due to the Master Servicer and the Special Servicer to the extent related to the servicing and administration
of the Mortgage Loan and the Mortgaged Property), and (B) if the Servicing Agreement permits the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee to reimburse itself from the Lead Securitization Trust’s general
account, then the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, may do so,
and the Non-Lead Master Servicer will be required to, promptly following notice from the Master Servicer, the Special Servicer
or the Trustee, reimburse the Lead Securitization Trust out of general funds in the collection account (or equivalent account)
established under the Non-Lead Securitization Servicing Agreement for the Non-Lead Securitization Noteholder’s pro


 






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rata
share of any such Nonrecoverable Servicing Advances or Administrative Advances (in each case, together with advance interest
thereon) and/or additional trust fund expenses (including compensation due to the Master Servicer and the Special Servicer to
the extent related to the servicing and administration of the Mortgage Loan and the Mortgaged Property);


 


(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
Servicing Agreement and, in the case of the Lead Securitization Trust, to the extent of any additional trust fund expenses with
respect to the Mortgage Loan) by the Non-Lead Securitization Trust, 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 Companion Distribution Account that
are allocated to the Non-Lead Securitization Note are insufficient for reimbursement of such amounts, the Non-Lead Master Servicer
will be required to reimburse each of the applicable Indemnified Parties for the Non-Lead Securitization Note’s pro rata
share of the insufficiency out of general funds in the collection account (or equivalent account) established under the Non-Lead
Securitization Servicing Agreement;


 


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


 


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


 


(i)       Each
Lead Securitization Noteholder shall:


 


(i)       give
each Non-Lead Securitization Noteholder notice of the Securitization of the Lead Securitization Note in writing (which may be
by email) not less than three (3) Business Days prior to the applicable pricing date for the Lead Securitization, together with
contact information for each of the parties to the Lead Securitization Servicing Agreement; and


 



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(ii)       send
to each Non-Lead Securitization Noteholder and the parties to the related Non-Lead Securitization Servicing Agreement (that are
not also party to the Lead Securitization Servicing Agreement) (x) on or promptly following the Lead Securitization Date (to the
extent the applicable parties to the related Non-Lead Securitization Servicing Agreement have been engaged by the related Non-Lead
Depositor on or prior to the Lead Securitization Date), a copy (in EDGAR-compatible format) of the execution version of the Lead
Securitization Servicing Agreement, (y) within (1) one Business Day after the date of any re-filing by the Depositor of the Lead
Securitization Servicing Agreement with the Commission to account for any changes thereto (other than a formal amendment thereto
following the Lead Securitization Date), a copy (in EDGAR-compatible format) of the re-filed Lead Securitization Servicing Agreement,
and (z) promptly following distribution thereof to the parties to the Lead Securitization Servicing Agreement, any changes made
by the Depositor to the Lead Securitization Servicing Agreement (other than a formal amendment thereto following the Lead Securitization
Date).


 


(j)       In
the event any filing is required to be made by any Non-Lead Depositor under the related Servicing Agreement in order to comply
with the Non-Lead Depositor’s requirements under the Securities Exchange Act of 1934, as amended, the related Lead Securitization
Noteholder (including the Depositor and Trustee) shall use commercially reasonable efforts to cooperate with such Non-Lead Depositor
in order for such party to timely comply with any such filing.


 


(k)       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 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 such Non-Lead Asset Representations Reviewer (and such 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
3. Subordination of the Subordinate Notes; Priority of Payments. The Subordinate Notes and the rights of the Subordinate
Noteholders to receive payments of interest, principal and other amounts with respect to such Subordinate Notes shall at all times
be junior, subject and subordinate to the A Notes and the Note A Holders to receive payments of interest, principal and other
amounts with respect to such A Notes as set forth herein. 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 (including without limitation amounts received by the Master Servicer or Special Servicer pursuant to the Servicing Agreement
as reimbursements on account of recoveries in respect of Advances), whether received in the form of Monthly Payments, the Balloon
Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage
Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements that are required to be applied to the
restoration or


 






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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), but excluding all amounts for required reserves or
escrows required by the Mortgage Loan Documents (to the extent, in accordance with the terms of the Mortgage Loan Documents) to
be held as reserves or escrows, shall be distributed by the Master Servicer in the following order of priority without duplication
(and payments shall be made at such times as are set forth in the Servicing Agreement):


 


(a)    first,
(i) first, to each Note A Holder (or the Master Servicer or the Trustee of the Lead Securitization and, if applicable,
the master servicers of the related Non-Lead Securitizations), up to the amount of any Servicing Advances that are Nonrecoverable
Advances (or in the case of a master servicer of any Non-Lead Securitization, if applicable, its pro rata share of any
Servicing Advances that are Nonrecoverable Advances previously reimbursed to the Master Servicer or the Trustee from general collections
of the related Non-Lead Securitization Trust) that remain unreimbursed (together with interest thereon at the applicable Advance
Rate), (ii) second, to each Note A Holder (or the Master Servicer or the Trustee and the master servicers or trustees of
the related Non-Lead Securitizations), up to the amount of any Monthly Payment Advance that is a Nonrecoverable Advance or analogous
concept under the related servicing agreement with respect to such A Note, as applicable, on a pro rata and pari passu
basis (based on the total outstanding principal balance of the A Notes) that remain unreimbursed (together with interest thereon
at the applicable Advance Rate or analogous concept under such Non-Lead Securitization), (iii) third, to each Note B Holder
(or the Master Servicer or the Trustee), up to the amount of any Monthly Payment Advance that is a Nonrecoverable Advance with
respect to such B Note, as applicable, on a pro rata and pari passu basis, based on the total outstanding principal
balance of the B Notes, that remain unreimbursed (together with interest thereon at the applicable Advance Rate) and (iv) fourth,
to the Holders of the Lead Securitization Notes (or the Master Servicer or the Trustee of the Lead Securitization and, if applicable,
the master servicers of the related Non-Lead Securitizations), up to the amount of any Administrative Advances that are Nonrecoverable
Advances (or in the case of a master servicer of any Non-Lead Securitization, if applicable, its pro rata share of any
Administrative Advances that are Nonrecoverable Advances previously reimbursed to the Master Servicer or the Trustee from general
collections of the related Non-Lead Securitization Trust);


 


(b)    second,
to each Note A Holder (or any servicer or trustee (if any), as applicable) on a pro rata and pari passu basis (based
on the unreimbursed amount of costs paid or payable) up to the amount of any unreimbursed Costs paid or any Costs currently payable
or paid or advanced by the A Notes (or any servicer or the trustee (if any), as applicable), with respect to the Mortgage Loan
pursuant to this Agreement or the Servicing Agreement, including, without limitation, unreimbursed Servicing Advances and Administrative
Advances and interest thereon at the applicable Advance Rate, to the extent such Costs, Servicing Advances and Administrative
Advances and interest thereon are then payable or reimbursable hereunder, or under the Servicing Agreement;


 


(c)    third,
to each Note A Holder, pro rata (based on their respective entitlements to interest) in an amount equal to the accrued
and unpaid interest on the Principal Balance of such A Note at the Net Note Rate of such Note;


 



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(d)    fourth,
to each Note B Holder, pro rata (based on their respective entitlements to interest) in an amount equal to the accrued
and unpaid interest on the Principal Balance of such B Note at the Net Note Rate of such Note;


 


(e)    fifth,
to each Note A Holder, pro rata (based on the Principal Balances of such Notes) in an amount equal to all principal payments
received, including any Insurance and Condemnation Proceeds received, if any, with respect to such Monthly Payment Date allocated
as principal on the Mortgage Loan and payable to the Noteholders, until their respective Principal Balances have been reduced
to zero;


 


(f)     sixth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(e) and, as a result of a Workout the aggregate Principal Balance of
the A Notes has been reduced, such excess amount shall be paid to each Note A Holder pro rata (based on the Principal Balances
of such Notes) in an aggregate amount up to the reduction, if any, of the Principal Balance of each A Note as a result of such
Workout, plus interest on such aggregate amount at the related Interest Rate of such A Note;


 


(g)    seventh,
to each Note B Holder, pro rata (based on the Principal Balances of such Notes) in an amount equal to all principal payments
received, including any Insurance and Condemnation Proceeds received, if any, with respect to such Monthly Payment Date allocated
as principal on the Mortgage Loan and payable to the Noteholders until their respective Principal Balances have been reduced to
zero;


 


(h)    eighth,
to the extent a Note B Holder has made any payments or advances to cure defaults pursuant to Section 11, to each Note B
Holder, pro rata (based on their respective entitlements to reimbursement for cure payments) to reimburse such Noteholder
for all such cure payments;


 


(i)     ninth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(h) and, as a result of a Workout the aggregate Principal Balance of
a B Note has been reduced, such excess amount to each Note B Holder, pro rata, in an amount up to the reduction, if any,
of the Principal Balance of such Note as a result of such Workout, plus interest on such aggregate amount at the related Interest
Rate of such B Note;


 


(j)     tenth,
to each Note A Holder, pro rata (based on their respective entitlements) in an amount equal to the product of (i) the Percentage
Interest of such Note, (ii) the Relative Spread of such Note and (iii) any Prepayment Premium to the extent paid by the Mortgage
Loan Borrower;


 


(k)    eleventh,
to each Note B Holder, pro rata (based on their respective entitlements) in an amount equal to the product of (i) the Percentage
Interest of such Note, (ii) the Relative Spread of such Note and (iii) any Prepayment Premium to the extent paid by the Mortgage
Loan Borrower;


 


(l)     twelfth,
to pay default interest and late payment charges (to the extent remaining after reimbursement of any special servicing fees, liquidation
fees or work-out fees


 






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payable in accordance with the Servicing Agreement or payment of any Additional Compensation payable in
accordance with the Servicing Agreement) then due and owing under the Mortgage Loan, all of which will be applied in accordance
with the Servicing Agreement paid pro rata to the Noteholders in accordance with their respective initial Percentage Interests;
and


 


(m)   thirteenth,
if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in accordance with
the foregoing clauses (a)-(l), any remaining amount shall be paid pro rata to the Noteholders in accordance with
their respective initial Percentage Interests.


 


For
the avoidance of doubt, any master servicing fees, certificate administrator fees, trustee fees, operating advisor fees or asset
representations reviewer fees owed pursuant to the Servicing Agreement or any Non-Lead Securitization Servicing Agreement will
be payable out of the amounts set forth in clauses (c) and (d), as applicable.


 


Section
4. [Reserved]


 


Section
5. Administration of the Mortgage Loan.


 


(a)    Subject
to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement and consistent with the
Servicing Standard, the Lead Securitization Noteholder (or any Servicer acting on behalf of the Lead Securitization Noteholder)
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 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 other
Noteholder shall have any voting, consent or other rights whatsoever with respect to the Lead Securitization Noteholder’s
administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan except as set forth in this Agreement
and the Servicing Agreement including the rights of a Subordinate Noteholder in its capacity as the Controlling Noteholder to
consent to the Major Decisions set forth in this Agreement. Subject to this Agreement and the Servicing Agreement (including,
without limitation, Section 5(f) below) and consistent with the Servicing Standard, each Non-Lead Securitization Noteholder
and each Subordinate Noteholder agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys
to the Lead Securitization Noteholder (or any Servicer acting on behalf of the Lead Securitization Noteholder) the rights, if
any, that such Non-Lead Securitization Noteholder or Subordinate Noteholder, as applicable, has to, (i) call or cause the Lead
Securitization Noteholder 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 Noteholder
to file any bankruptcy petition against the Mortgage Loan Borrower. The Lead Securitization Noteholder (or any Servicer acting
on behalf of the Lead Securitization Noteholder) shall not have any fiduciary duty to any Non-Lead Noteholder in connection with
the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead


 






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Securitization Noteholder from the obligation
to make any disbursement of funds as set forth herein).


 


Subject
to Section 11 and Section 12 hereof, upon the Mortgage Loan becoming a Defaulted Mortgage Loan, each Non-Lead Securitization
Noteholder hereby acknowledges the right and obligation of the Lead Securitization Noteholder (or the Special Servicer acting
on behalf of the Lead Securitization Noteholder) to sell each Non-Lead Securitization Note together with the Lead Securitization
Note as notes evidencing one whole loan in accordance with the terms of the Servicing Agreement. In connection with any such sale,
the Special Servicer shall be required to sell each Non-Lead Securitization Note together with the Lead Securitization Note in
the manner set forth in the Servicing Agreement and shall be required to require that all offers be submitted to the Trustee in
writing and be accompanied by a refundable deposit of cash in an amount equal to 5% of the offer amount (subject to a cap of $2,500,000).
Whether any cash offer constitutes a fair price for the A Notes shall be determined by the Trustee; 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 Notes, the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in
accordance with the 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 A Notes, the Trustee 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 Servicing Agreement), as applicable, among other
factors, the period and amount of any delinquency on the affected A Notes, 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 Noteholders in connection with
making such determination. Notwithstanding the foregoing, the Lead Securitization Noteholder (or the Special Servicer acting on
behalf of the Lead Securitization Noteholder) shall not be permitted to sell the Non-Lead Securitization Notes if they become
a Defaulted Mortgage Loan without the written consent of each Non-Lead Securitization Noteholder (provided that such consent
is not required if such Non-Lead Securitization Noteholder is the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan
Borrower) unless the Special Servicer has delivered to such Non-Lead Securitization Noteholder: (a) at least 15 Business Days’
prior written notice of any decision to attempt to sell the Non-Lead Securitization Notes; (b) at least 10 days prior to the proposed
sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer
in connection with any such proposed sale, (c) at least 10 days prior to the proposed sale date, a copy of the most recent Appraisal
for the Mortgage Loan, and any documents in the servicing file reasonably requested by the Non-Lead Securitization Noteholder
that are material to the price of the Non-Lead Securitization Notes and (d) until the sale is completed, and a reasonable period
of time (but no less time than is afforded to the other offerors and the 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 Special Servicer in connection with the proposed sale; provided, that such Non-Lead Securitization Noteholder may
waive any of the delivery or timing requirements set forth in this sentence. Subject to the terms of the Servicing Agreement,
each of


 






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the Controlling Noteholder, the Controlling Class Representative, any other Noteholder (or any controlling class representative
or directing holder on its behalf under the Non-Lead Securitization Servicing Agreement) shall be permitted to bid at any sale
of the Non-Lead Securitization Note unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage
Loan Borrower.


 


Each
Non-Lead Noteholder hereby appoints the Lead Securitization Noteholder as its agent, and grants to the Lead Securitization Noteholder
an irrevocable power of attorney coupled with an interest, and their proxy, for the purpose of soliciting and accepting offers
for and consummating the sale its Non-Lead Note. Each Non-Lead Noteholder further agrees that, upon the request of the Lead Securitization
Noteholder, such Non-Lead Noteholder shall execute and deliver to or at the direction of Lead Securitization Noteholder such powers
of attorney or other instruments as the Lead Securitization Noteholder may reasonably request to better assure and evidence the
foregoing appointment and grant, in each case promptly following request, and shall deliver its original Non-Lead Note endorsed
in blank, to or at the direction of the Lead Securitization Noteholder in connection with the consummation of any such sale.


 


The
authority and obligation of the Lead Securitization Noteholder to sell each Non-Lead Note, and the obligations of each Non-Lead
Noteholder to execute and deliver instruments or deliver its Non-Lead Note upon request of the Lead Securitization Noteholder,
shall terminate and cease to be of any further force or effect upon the date, if any, upon which Lead Securitization Note is repurchased
by the seller of such Lead Securitization Note from the trust fund established under the Lead Securitization Agreement in connection
with a material breach of representation or warranty made by such seller as mortgage loan seller into such Lead Securitization
with respect to Lead Securitization Note or material document defect with respect to the documents delivered by such seller 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 Noteholder the benefit of any representation or warranty made by such seller or any document
delivery obligation imposed on such seller under any mortgage loan purchase and sale agreement, instrument of transfer or other
document or instrument that may be executed or delivered by such seller in connection with the Lead Securitization.


 


(b)    The
administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement. Each Noteholder agrees to
be bound by the terms of the Servicing Agreement. The Lead Securitization Noteholder (or the Servicer on its behalf) shall service
the Mortgage Loan in accordance with the terms of this Agreement, including without limitation, the rights of the Subordinate
Noteholders set forth in Section 5(f) below and consistent with the Servicing Standard. Servicing of the Mortgage Loan
shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Mortgage Loan, by the Special Servicer,
in each case pursuant to the Servicing Agreement and consistent with the Servicing Standard. Notwithstanding anything to the contrary
contained herein, in accordance with the Servicing Agreement, the Lead Securitization Noteholder 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 of the Noteholders as a collective whole (it being understood that the interests of the Note B Holders are
subordinate to the interests of the Note A Holders and subject to the terms and conditions of this Agreement, including without
limitation the rights of the Controlling Noteholder), and any Subordinate


 






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Noteholder who is not the Mortgage Loan Borrower or
a Mortgage Loan Borrower Related Party shall be deemed a third-party beneficiary of such provisions of the Servicing Agreement.
The foregoing provisions of this Section 5(b) shall not limit or modify the rights of the Controlling Noteholder and/or
the Junior Operating Advisor to exercise their respective rights specifically set forth under this Agreement.


 


(c)    Notwithstanding
anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and this Agreement
(including, without limitation, Sections 5(f) and 6), if the Lead Securitization Noteholder in connection with a
Workout of the Mortgage Loan modifies the terms thereof such that (i) the unpaid principal balance of the Mortgage Loan is decreased,
(ii) the Interest Rate or scheduled amortization payments on such Mortgage Loan are reduced, (iii) payments of interest or principal
on any Note are waived, reduced or deferred or (iv) any other adjustment (other than an increase in the Interest Rate or increase
in scheduled amortization payments) is made to any of the payment terms of the Mortgage Loan, all payments to the Note A Holders
and Note B Holders pursuant to Section 3 shall be made as though such Workout did not occur, with the payment terms of
each Note A remaining the same as they are on the date hereof, the full economic effect of all waivers, reductions or deferrals
of amounts due on the Mortgage Loan attributable to such Workout shall be borne first, by the Note B Holders (pro rata
based on the Principal Balances of their respective Notes), and then, by the Note A Holders (pro rata based on the
Principal Balances of their respective Notes), in that order, in each case up to the amount otherwise due on such Note(s). Subject
to the Servicing Agreement and this Agreement (including without limitation Sections 5(f) and 6), in the case of
any modification or amendment described above, the Lead Securitization Noteholder will have the sole authority and ability to
revise the payment provisions set forth in Section 3 above in a manner that reflects the subordination of the B Notes to
the A Notes with respect to the loss that is the result of such amendment or modification, including: (i) the ability to increase
the Percentage Interest of an A Note, to reduce the Percentage Interest of a B Note in a manner that reflects a loss in principal
as a result of such amendment or modification and (ii) the ability to change the Interest Rate applicable to a Note in order to
reflect a reduction in the Interest Rate of the Mortgage Loan but shall not be permitted to change the order of the clauses set
forth in Section 3 hereof. Notwithstanding the foregoing, if any Workout, modification or amendment of the Mortgage Loan
extends the original maturity date of the Mortgage Loan, for purposes of this paragraph, the Balloon Payment will be deemed not
to be due on the original maturity date of the Mortgage Loan but will be deemed due on the extended maturity date of the Mortgage
Loan.


 


(d)    All
rights and obligations of the Lead Securitization Noteholder described hereunder may be exercised by the Servicers on behalf of
the Lead Securitization Noteholder in accordance with the Servicing Agreement and this Agreement. Each Non-Lead Noteholder shall
be provided access to any website that an investor would be permitted to access in accordance with the procedures set forth in
the Servicing Agreement, it being understood and agreed that each Non-Lead Noteholder is subject to any restrictions on the access
to such websites contained in the Servicing Agreement.


 


(e)    If
any Note is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall each qualify at all times as (or as interests in) a “qualified mortgage”
within


 






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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 Noteholders 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 interests
of the Noteholders 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 Noteholders
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 months after the earliest startup day of any REMIC which includes the Lead Securitization Note (or any portion thereof).
The Noteholders agree that the provisions of this Section 5(e) shall be effected by compliance by the Lead Securitization
Noteholder or its assignees with this Agreement or the Servicing Agreement or any other agreement which governs the administration
of the Mortgage Loan or the Lead Securitization Noteholder’s interests therein. All costs and expenses of compliance with
this Section 5(e), 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 each Noteholder with respect to the REMIC containing the Note owned by such Noteholder.


 


Anything
herein or in the Servicing Agreement to the contrary notwithstanding, in the event that a Note is included in a REMIC and the
other Notes are not, the other Noteholders shall not be required to reimburse such Noteholder that deposited its Note in the REMIC
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 either such other Noteholder be reduced to offset or make-up any such payment or deficit.


 


(f) (i) Subject
to clauses (ii) or (iii) below, with respect to any consent, modification, amendment or waiver under or other action in respect
of the Mortgage Loan (whether or not a Servicing Transfer Event has occurred and is continuing) that would constitute a Major
Decision, the Servicer shall provide the Controlling Noteholder (or its Junior Operating Advisor) with at least ten (10) Business
Days (or, in the case of a determination of an Acceptable Insurance Default, 20 days) prior notice requesting consent to the requested
Major Decision. The Servicer shall not take any action with respect to such Major Decision (or make a determination not to take
action with respect to such Major Decision), unless and until the Special Servicer receives the written consent of the Controlling
Noteholder (or its Junior Operating Advisor) before implementing a decision with respect to such Major Decision.


 


(ii)       If
the Lead Securitization Noteholder (or the Servicer acting on its behalf) has not received a response from the Controlling Noteholder
(or its Junior Operating Advisor) with respect to such Major Decision within five (5) Business Days after delivery of the notice
of


 






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a Major Decision, the Lead Securitization Noteholder (or the Special Servicer acting on its behalf) shall deliver an additional
copy of the notice of a Major Decision in all caps bold 14-point font: “THIS IS A SECOND NOTICE. FAILURE TO RESPOND WITHIN
FIVE (5) Business Days OF THIS SECOND NOTICE WILL RESULT IN A LOSS OF YOUR RIGHT
TO CONSENT WITH RESPECT TO THIS DECISION.” and if the Controlling Noteholder (or its Junior Operating Advisor) fails to
respond to the Lead Securitization Noteholder (or the Special Servicer acting on its behalf) with respect to any such proposed
action within five (5) Business Days after receipt of such second notice, the Controlling Noteholder (or its Junior Operating
Advisor), as applicable, shall have no further consent rights with respect to the specific action set forth in such notice. Notwithstanding
the foregoing, or if a failure to take any such action at such time would be inconsistent with the Servicing Standard, the Servicer
may take actions with respect to such Mortgaged Property before obtaining the consent of the Controlling Noteholder (or its Junior
Operating Advisor) if the Servicer reasonably determines in accordance with the Servicing Standard that failure to take such actions
prior to such consent would materially and adversely affect the interest of the Noteholders as a collective whole, and the Servicer
has made a reasonable effort to contact the Controlling Noteholder. The foregoing shall not relieve the Lead Securitization Noteholder
(or a Servicer acting on its behalf) of its duties to comply with the Servicing Standard.


 


Notwithstanding
the foregoing, following the occurrence of an extraordinary event with respect to the Mortgaged Property, or if a failure to take
any such action at such time would be inconsistent with the Servicing Standard, the Lead Securitization Noteholder (or Servicer
acting on its behalf) may take actions with respect to such Mortgaged Property before obtaining the consent of the Controlling
Noteholder (or its Junior Operating Advisor) if the Lead Securitization Noteholder (or Servicer acting on its behalf) reasonably
determines in accordance with the Servicing Standard that failure to take such actions prior to such consent would materially
and adversely affect the interest of the Noteholders as a whole, and the Lead Securitization Noteholder (or Servicer acting on
its behalf) has made a reasonable effort to contact the Controlling Noteholder (or its Junior Operating Advisor). The foregoing
shall not relieve the Lead Securitization Noteholder (or Servicer acting on its behalf) of its duties to comply with the Servicing
Standard.


 


(iii)       Notwithstanding
the foregoing, the Lead Securitization Noteholder (or any Servicer acting on its behalf) shall not follow any advice or consultation
provided by the Controlling Noteholder (or its Junior Operating Advisor) that would require or cause the Lead Securitization Noteholder
(or any Servicer acting on its behalf) to violate any applicable law, including the REMIC Provisions, be inconsistent with the
Servicing Standard, require or cause the Lead Securitization Noteholder (or any Servicer acting on its behalf) to violate provisions
of this Agreement or the Servicing Agreement, require or cause the Lead Securitization Noteholder (or any Servicer acting on its
behalf) to violate the terms of the Mortgage Loan, or materially expand the scope of any Lead Securitization Noteholder’s
(or any Servicer acting on its behalf) responsibilities under this Agreement or the Servicing Agreement.


 


The
Special Servicer shall be required to provide copies to each Non-Controlling Noteholder of any notice, information and report
that is required to be provided to the Controlling Noteholder pursuant to the Servicing Agreement with respect to any Major Decisions,
or the implementation of any recommended actions outlined in an Asset Status


 






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Report, within the same time frame such notice, information
and report is required to be provided to the Controlling Noteholder, and shall be required to consult with each Non-Controlling
Noteholder on a strictly non-binding basis, to the extent having received such notices, information and reports, any Non-Controlling
Noteholder requests consultation with respect to any such Major Decisions or the implementation of any recommended actions outlined
in an Asset Status Report, and consider alternative actions recommended by such Non-Controlling Noteholder; provided that
after the expiration of a period of twenty (20) Business Days from the delivery to any Non-Controlling Noteholder by the Special
Servicer of written notice of a proposed action, together with copies of the notice, information and reports, the Special Servicer
shall no longer be obligated to consult with such Non-Controlling Noteholders, whether or not such Non-Controlling Noteholders
have responded within such twenty (20) Business Day period.


 


(g)    The
provisions of this clause (g) shall only apply at such time that the B Notes are not included in the Lead Securitization Trust
or any other Securitization Trust. The Note B Holders, acting unanimously, shall be entitled to avoid a Control Appraisal Period
caused by application of an Appraisal Reduction Amount upon satisfaction of the following (which must be completed within thirty
(30) days of the Servicer’s receipt of a third-party Appraisal that indicates a Control Appraisal Period has occurred (which
such Appraisal the Special Servicer will be required to deliver to the Controlling Noteholder within two Business Days of receipt
by the Special Servicer of such third-party Appraisal) together with the Master Servicer or Special Servicer’s, as applicable,
calculation of the Appraisal Reduction Amount applicable to each Subordinate Note): (i) the Controlling Noteholder shall have
delivered Threshold Event Collateral as a supplement to the appraised value of the Mortgaged Property, in the amount specified
in clause (ii) below, to the Servicer, together with documentation acceptable to the Servicer in accordance with the Servicing
Standard to create and perfect a first priority security interest in favor of the Servicer on behalf of the A Noteholders in such
collateral (a) cash collateral for the benefit of, and acceptable to, the Servicer or (b) an unconditional and irrevocable standby
letter of credit with the A Noteholders (or after the closing of the Lead Securitization, the Servicer or such other party as
provided under the Servicing Agreement) as the beneficiary, issued by a bank or other financial institutions the long term unsecured
debt obligations of which are rated at least “AA” by S&P, “A” by Fitch and “Aa2” by Moody’s
or the short term obligations of which are rated at least “A-1+” by S&P, “F-1” by Fitch and “P-1”
by Moody’s, in each case ignoring any of the foregoing ratings requirements with respect to any rating agency that is not
one of the Rating Agencies (either (a) or (b), the “Threshold Event Collateral”), and (ii) the Threshold Event
Collateral shall be in an amount which, when added to the appraised value of the Mortgaged Property as determined pursuant to
the Servicing Agreement, would cause the Control Appraisal Period not to occur. If the requirements of this paragraph are satisfied
by the Controlling Noteholder (a “Threshold Event Cure”), no Control Appraisal Period caused by application
of an Appraisal Reduction Amount shall be deemed to have occurred with respect to the B Notes. If a letter of credit is furnished
as Threshold Event Collateral, the Controlling Noteholder shall be required to renew such letter of credit not later than thirty
(30) days prior to expiration thereof or to replace such letter of credit with a substitute letter of credit or other Threshold
Event Collateral with an expiration date that is greater than forty-five (45) days from the date of substitution; provided, however,
that, if a letter of credit is not renewed prior to thirty (30) days prior to the expiration date of such letter of credit, the
letter of credit shall provide that the Servicer may (and at the direction of the Controlling Noteholder,


 


 






    39 


     


    

shall) draw upon such
letter of credit and hold the proceeds thereof as Threshold Event Collateral. If a letter of credit is furnished as Threshold
Event Collateral, the Controlling Noteholder shall be required to replace such letter of credit with other Threshold Event Collateral
within 30 days if the credit ratings of the issuing entity are downgraded below the required ratings; provided, however, that,
if such Threshold Event Collateral is not so replaced, the Servicer shall draw upon such letter of credit and hold the proceeds
thereof as Threshold Event Collateral. The Threshold Event Cure shall continue until (i) the appraised value of the Mortgaged
Property plus the value of the Threshold Event Collateral would not be sufficient to prevent the Control Appraisal Period from
occurring; (ii) the occurrence of a Final Recovery Determination or (iii) the return of the Threshold Event Collateral pursuant
to the following sentence. If the appraised value of the Mortgaged Property, upon any redetermination thereof, is sufficient to
avoid the occurrence of a Control Appraisal Period without taking into consideration any, or some portion of, Threshold Event
Collateral previously delivered by the Controlling Noteholder, any or such portion of Threshold Event Collateral held by the Servicer
shall promptly be returned to such Controlling Noteholder (at its sole expense). Upon a Final Recovery Determination with respect
to the Mortgage Loan, such Threshold Event Collateral shall be available to reimburse each Noteholder for any realized loss pursuant
to Section 3 with respect to the Mortgage Loan after application of the net proceeds of liquidation, not in excess of the
aggregate Principal Balances of the Notes more senior to such Controlling Noteholder, plus accrued and unpaid interest thereon
at the applicable Interest Rate and all other Additional Servicing Expenses reimbursable under this Agreement and under the Servicing
Agreement. Any Threshold Event Collateral shall be treated as an “outside reserve fund” for purposes of the REMIC
Provisions and such property (and the right to reimbursement of any amounts with respect thereto from a REMIC) shall be beneficially
owned by the posting Noteholder who shall be taxed on all income with respect thereto. The entire amount of Threshold Event Collateral,
without a haircut or other reduction, shall be considered in determining the sufficiency of such Threshold Event Collateral to
avoid a Control Appraisal Period.


 


(h)    The
Master Servicer or Special Servicer shall obtain Appraisals that meet the requirements of, and at the times required pursuant
to, the terms of the Servicing Agreement.


 


(i)     Notwithstanding
anything to the contrary contained herein or in the Servicing Agreement, if at any time the Mortgage Loan Borrower or a Mortgage
Loan Borrower Related Party is a Noteholder (a “Borrower Party Noteholder”), then (i) such Borrower Party Noteholder
shall not have any rights as a Controlling Noteholder or a Controlling Class Representative, (ii) such Borrower Party Noteholder
shall have no right to appoint or terminate the Master Servicer or Special Servicer, (iii) such Borrower Party Noteholder shall
have no right to consult with or advise the Master Servicer or Special Servicer, and shall have no right to review and approve
or comment on any Asset Status Report and (iv) in each and every instance where, pursuant to this Agreement or the Servicing Agreement,
the Master Servicer or Special Servicer must take into account the interests of each Noteholder (or words of similar import),
such consideration shall be given to the Borrower Party Noteholder only in its capacity as a holder of the applicable Note.


 


Section
6.       Appointment of Junior Operating Advisor.


 


(a)    The
Controlling Noteholder shall have the right at any time to appoint a controlling noteholder representative to exercise its rights
hereunder (the “Junior Operating


 






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Advisor”). The Controlling Noteholder shall have the right in its sole discretion
at any time and from time to time to remove and replace the Junior Operating Advisor. When exercising its various rights under
Section 5 and elsewhere in this Agreement, the Controlling Noteholder may, at its option, in each case, act through the
Junior Operating Advisor. The Junior Operating Advisor 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 Noteholder, any officer or employee
of the Controlling Noteholder, any Affiliate of the Controlling Noteholder or any other unrelated third party. No such Junior
Operating Advisor shall owe any fiduciary duty or other duty to any other Person (other than the Controlling Noteholder). All
actions that are permitted to be taken by the Controlling Noteholder under this Agreement may be taken by the Junior Operating
Advisor acting on behalf of the Controlling Noteholder and other Noteholders (and any Servicer) will accept such actions of the
Junior Operating Advisor as actions of the Controlling Noteholder. The Lead Securitization Noteholder (or any Servicer on its
behalf) shall not be required to recognize any Person as a Junior Operating Advisor until the Controlling Noteholder has notified
the Lead Securitization Noteholder (and any Servicer) of such appointment and, if the Junior Operating Advisor is not the same
Person as the Controlling Noteholder, the Junior Operating Advisor provides the Lead Securitization Noteholder (and any Servicer)
with written confirmation of its acceptance of such appointment, an address, any fax number and any email address 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, telephone numbers, any fax numbers and any email addresses). The Controlling
Noteholder 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 Junior Operating Advisor until they receive such information from the Controlling Noteholder.
The Controlling Noteholder agrees to inform each such Servicer or Trustee of the then-current Junior Operating Advisor.


 


(b)    Neither
the Junior Operating Advisor nor the Controlling Noteholder will have any liability to any other Noteholder or any other Person
for any action taken, or for refraining from the taking of any action pursuant to this Agreement or the Servicing Agreement, or
for errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross
negligence. The Noteholders agree that the Junior Operating Advisor and the Controlling Noteholder may take or refrain from taking
actions that favor the interests of one Noteholder over any other Noteholder, and that the Junior Operating Advisor may have special
relationships and interests that conflict with the interests of a Noteholder and, absent willful misfeasance, bad faith or gross
negligence on the part of the Junior Operating Advisor or such Controlling Noteholder, as the case may be, agree to take no action
against the Junior Operating Advisor, such Controlling Noteholder or any of their respective officers, directors, employees, principals
or agents as a result of such special relationships or interests, and that neither the Junior Operating Advisor nor such Controlling
Noteholder will be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance
or to have recklessly disregarded any exercise of its rights by reason of its having acted or refrained from acting solely in
the interests of any Noteholder.


 


Section
7. Special Servicer. The Controlling Noteholder (or its Junior Operating Advisor), at its expense (including, without
limitation, the reasonable costs and expenses of counsel to any third parties and costs and expenses of the terminated Special


 






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Servicer), shall have the right, at any time from time to time, to appoint a replacement Special Servicer with respect to the
Mortgage Loan. The Controlling Noteholder (or its Junior Operating Advisor) shall be entitled to terminate the rights and obligations
of the Special Servicer under the Servicing Agreement, with or without cause, upon at least ten (10) Business Days’ prior
written notice to the Special Servicer (provided, however, that the Controlling Noteholder and/or Junior Operating Advisor shall
not be liable for any termination or similar fee in connection with the removal of the Special Servicer in accordance with this
Section 7); such termination not be effective unless and until (A) each Rating Agency delivers a Rating Agency Confirmation
(to the extent any portion of the Mortgage Loan has been securitized); (B) the initial or successor Special Servicer has assumed
in writing (from and after the date such successor Special Servicer becomes the Special Servicer) all of the responsibilities,
duties and liabilities of the Special Servicer under the Servicing Agreement from and after the date it becomes the Special Servicer
as they relate to the Mortgage Loan pursuant to an assumption agreement reasonably satisfactory to the Trustee; and (C) the Trustee
shall have received an opinion of counsel reasonably satisfactory to the Trustee to the effect that (x) the designation of such
replacement to serve as Special Servicer is in compliance with the Servicing Agreement, (y) such replacement will be bound by
the terms of the Servicing Agreement with respect to such Mortgage Loan and (z) subject to customary qualifications and exceptions,
the applicable Servicing Agreement will be enforceable against such replacement in accordance with its terms. The Lead Securitization
Noteholder shall promptly provide copies to any terminated Special Servicer of the documents referred to in the preceding sentence.
The Lead Securitization Noteholder will reasonably cooperate with the Controlling Noteholder in order to satisfy the foregoing
conditions, including the Rating Agency Confirmation.


 


Section
8. Payment Procedure.


 


(a)    The
Lead Securitization Noteholder (or the Servicer on its behalf), in accordance with the priorities set forth in Section 3,
and subject to the terms of the Servicing Agreement, will deposit or cause to be deposited all payments allocable to the Notes
to the Collection Account or Companion Distribution Account for the Notes established pursuant to the Servicing Agreement. The
Lead Securitization Noteholder (or the Servicer acting on its behalf) shall deposit such amounts to the applicable account within
two (2) Business Days following the Lead Securitization Noteholder’s (or the Servicer’s acting on its behalf) receipt
of properly identified and available funds from or on behalf of the Mortgage Loan Borrower.


 


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


 






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Master Servicer, Special Servicer, any other Noteholder or
such other Person with respect thereto.


 


(c)    If,
for any reason, the Lead Securitization Noteholder (or the Servicer on its behalf) makes any payment to any other Noteholder before
the Lead Securitization Noteholder (or the Servicer on its behalf) has received the corresponding payment (it being understood
that the Lead Securitization Noteholder (or the Servicer on its behalf) is under no obligation to do so), and the Lead Securitization
Noteholder (or the Servicer on its behalf) does not receive the corresponding payment within three (3) Business Days of its payment
to such other Noteholder, then such other Noteholder will, at the Lead Securitization Noteholder’s (or the Servicer’s
on its behalf) request, promptly return that payment to the Lead Securitization Noteholder (or the Servicer on its behalf).


 


(d)    Each
Noteholder 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 will promptly remit such excess to the Lead Securitization Noteholder (or the
Servicer on its behalf) subject to this Agreement and the Servicing Agreement and to be distributed pursuant to the terms of this
Agreement. The Lead Securitization Noteholder (or the Servicer on its behalf) shall have the right to offset any amounts due hereunder
from any other Noteholder, as applicable, with respect to the Mortgage Loan against any future payments due to such other Noteholder,
as applicable, under the Mortgage Loan, provided, that each Noteholder’s obligations under this Section 8
are separate and distinct obligations from one another and in no event shall the Lead Securitization Noteholder (or the Servicer
on its behalf) enforce the obligations of one Noteholder against another Noteholder. Each Noteholder’s obligations under
this Section 8 constitute absolute, unconditional and continuing obligations.


 


Section
9. Limitation on Liability of the Noteholders. No Noteholder (including any Servicer on a Noteholder’s behalf,
but only to the extent that the Servicing Agreement does not impose any other standard upon any Servicer, in which case the Servicing
Agreement shall control) shall have any liability to any other Noteholder except with respect to losses actually suffered due
to the gross negligence, willful misconduct or breach of this Agreement on the part of such Noteholder.


 


Each
Subordinate Noteholder acknowledges that, subject to the terms and conditions hereof and the obligation of the Lead Securitization
Noteholder (including any Servicer) to comply with, and except as otherwise required by, the Servicing Standard, the Lead Securitization
Noteholder (including any Servicer) may exercise, or omit to exercise, any rights that the Lead Securitization Noteholder may
have under this Agreement and the Servicing Agreement in a manner that may be adverse to the interests of such Subordinate Noteholder
and that the Lead Securitization Noteholder (including any Servicer) shall have no liability whatsoever to such Subordinate Noteholder
in connection with the Lead Securitization Noteholder’s exercise of rights or any omission by the Lead Securitization Noteholder
to exercise such rights other than as described above; provided, however, that such Servicer must act in accordance
with the Servicing Standard.


 


Each
Subordinate Noteholder acknowledges that, subject to the terms and conditions hereof and the obligation of any Non-Lead Securitization
Noteholder (including any


 






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Non-Lead Servicer) to comply with, and except as otherwise required by, the Servicing Standard (as if
such standard was applicable to any Non-Lead Securitization Noteholder as a “servicer” thereunder), each Non-Lead
Securitization Noteholder (including any Non-Lead Servicer) may exercise, or omit to exercise, any rights that such Non-Lead Securitization
Noteholder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to the interests of such
Subordinate Noteholder and that any Non-Lead Securitization Noteholder (including any Non-Lead Servicer) shall have no liability
whatsoever to such Subordinate Noteholder in connection with any Non-Lead Securitization Noteholder’s exercise of rights
or any omission by a Non-Lead Securitization Noteholder to exercise such rights other than as described above; provided,
however, that the Non-Lead Servicer must act in accordance with the servicing standard under the Non-Lead Securitization
Servicing Agreement.


 


Each
Noteholder acknowledges that, subject to the terms and conditions hereof, any other Noteholder may exercise, or omit to exercise,
any rights that such Noteholder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to the
interests of each other Noteholder and that such Noteholder shall have no liability whatsoever to any other Noteholder in connection
with such Noteholder’s exercise of rights or any omission by such Noteholder to exercise such rights; provided, however,
that such Noteholder shall not be protected against any liability to any other Noteholder that would otherwise be imposed by reason
of willful misfeasance, bad faith or gross negligence.


 


Section
10. Bankruptcy. Subject to the provisions of Section 5(f) hereof and the Servicing Standard, each Noteholder
hereby covenants and agrees that only the Lead Securitization Noteholder (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. Subject to the provisions of Section 5(f) hereof and the Servicing Standard, each Noteholder
further agrees that only the Lead Securitization Noteholder, as a creditor, 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. Subject to the provisions of Section
5(f), the Noteholders hereby appoint the Lead Securitization Noteholder as their agent, and grant to the Lead Securitization
Noteholder an irrevocable 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 the Subordinate Noteholders and the Controlling Noteholder 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 Noteholders, hereby agree that, upon the request of the Lead Securitization
Noteholder but subject to the provisions of Section 5(f), each other Noteholder shall execute, acknowledge and deliver
to the Lead Securitization Noteholder all and every such further deeds, conveyances and instruments as the Lead Securitization
Noteholder


 






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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.


 


Section
11. Cure Rights of Subordinate Noteholders.


 


The
provisions of this Section 11 shall only apply at such time that B Notes are not included in the Lead Securitization Trust
or any other Securitization Trust.


 


(a)    Subject
to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of principal or interest
on the Mortgage Loan by the end of the applicable grace period (the “Grace Period”) for such payment permitted
under the applicable Mortgage Loan Documents (a “Monetary Default”), the Lead Securitization Noteholder shall
provide written notice to each Subordinate Noteholder and the Junior Operating Advisor of such default (the “Monetary
Default Notice”). The Controlling Noteholders, acting unanimously (such permitted electing Subordinate Noteholders,
the “Curing Noteholders”), shall have the right, but not the obligation, to cure such Monetary Default within
seven (7) Business Days after receiving the Monetary Default Notice (the “Cure Period”) and at no other times.
The Monetary Default Notice shall contain a statement that the Curing Noteholders’ failure to cure such Monetary Default
within seven (7) Business Days after receiving such notice will result in the termination of the right to cure such Monetary Default.
At the time a payment is made by the Curing Noteholders to cure a Monetary Default, such Curing Noteholders shall pay or reimburse
each Note A Holders, for all unreimbursed Advances (whether or not recoverable with respect to any Note), Advance Interest Amounts,
any unpaid fees to any Servicer and any Additional Servicing Expenses. No Curing Noteholders shall be required, in order to effect
a cure hereunder, to pay any Default Interest or late charges under the Mortgage Loan Documents. So long as a Monetary Default
exists for which a cure payment permitted hereunder is made, such Monetary Default shall not be treated as an Event of Default
by the Lead Securitization Noteholder (including for purposes of (i) accelerating the Mortgage Loan, modifying, amending or waiving
any provisions of the Mortgage Loan Documents or commencing proceedings for foreclosure or the taking of title by deed-in-lieu
of foreclosure or other similar legal proceedings with respect to the Mortgaged Property; or (ii) treating the Mortgage Loan as
a Specially Serviced Mortgage Loan); provided that such limitation shall not prevent the Lead Securitization Noteholder
from collecting Default Interest or late charges from the Mortgage Loan Borrower to be applied in accordance with this Agreement.
Any amounts advanced by a Noteholder on behalf of the Mortgage Loan Borrower to effect any cure shall be reimbursable to such
Noteholder under Section 3.


 


(b)    Notwithstanding
anything to the contrary contained in Section 11(a), the Subordinate Noteholders’ right (collectively) to cure under
Section 11(a) shall be limited to a combined total of (i) six (6) cures of Monetary Defaults over the term of the Mortgage
Loan, no more than three (3) of which may be consecutive, and (ii) six (6) cures of Non-Monetary Defaults over the term of the
Mortgage Loan. Additional Cure Periods shall only be permitted with the consent of the Lead Securitization Noteholder.


 


(c)    No
action taken by a Subordinate Noteholder in accordance with this Agreement shall excuse performance by the Mortgage Loan Borrower
of its obligations under


 






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the Mortgage Loan Documents and the Note A Holders’ respective rights under the Mortgage Loan Documents
shall not be waived or prejudiced by virtue of any Subordinate Noteholder’s actions under this Agreement. Subject to the
terms of this Agreement, each Subordinate Noteholder shall be subrogated to the Note A Holders’ respective rights to any
payment owing to such Note A Holders for which such Subordinate Noteholder makes a cure payment as permitted under this Section
11, but such subrogation rights may not be exercised against the Mortgage Loan Borrower until ninety-one (91) days after the
Note is paid in full.


 


(d)    If
an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary
Default”), the Lead Securitization Noteholder shall provide notice of such Non-Monetary Default to each Subordinate
Noteholder and the Junior Operating Advisor of such Non-Monetary Default (the “Non-Monetary Default Notice”)
and the Curing Noteholder, acting unanimously, shall each have the right, but not the obligation, to cure such Non-Monetary Default
until the later of (a) the expiration date of the cure period afforded to the Mortgage Loan Borrower under the Mortgage Loan Documents,
without regard for the date of receipt by such Curing Noteholders of the Non-Monetary Default Notice, and (b) the date which is
thirty (30) days from the date of receipt by such Curing Noteholders of the Non-Monetary Default Notice related to such Non-Monetary
Default; provided, however, if such Non-Monetary Default is susceptible of cure but cannot reasonably be cured within
such period and if curative action was promptly commenced and is being diligently pursued by the Curing Noteholders, such Curing
Noteholders shall be given an additional period of time as is reasonably necessary to enable such Curing Noteholders in the exercise
of due diligence to cure such Non-Monetary Default for so long as (i) such Controlling Noteholders diligently and expeditiously
proceed to cure such Non-Monetary Default, (ii) such Curing Noteholders make all cure payments that they are permitted to make
in accordance with the terms and provisions of Section 11(a) hereof, (iii) such additional period of time does not exceed
ninety (90) days, (iv) such Non-Monetary Default is not caused by an Insolvency Proceeding or during such period of time that
the Curing Noteholders have to cure a Non-Monetary Default in accordance with this Section 11(d) (the “Non-Monetary
Default Cure Period”), an Insolvency Proceeding does not occur, and (v) during such Non-Monetary Default Cure Period,
there is no material adverse effect on the value, use or operation of the Mortgaged Property taken as whole, which cannot be cured
by the Curing Noteholders within five (5) days of such notice of such material adverse effect. The Non-Monetary Default Notice
shall contain a statement that the Curing Noteholders’ failure to cure such Non-Monetary Default within the applicable Non-Monetary
Default Cure Period after receiving such notice will result in the termination of the right to cure such Non-Monetary Default.
No Curing Noteholder shall contact the Mortgage Loan Borrower in order to effect any cures under Section 11(a) or this
Section 11(d) without the prior written consent of the Lead Securitization Noteholder (or the Servicer on its behalf),
such consent not to be unreasonably withheld, conditioned or delayed.


 


Section
12. Purchase By Subordinate Noteholder(s).


 


The
provisions of this Section 12 shall only apply at such time that B Notes are not included in the Lead Securitization Trust
or any other Securitization Trust.


 


The
Note B Holders, acting unanimously, shall have the right, by written notice to (x) the Note A Holders (a “Noteholder
Purchase Notice”; the sender(s) of such notice, the


 






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“Purchasing Noteholder”; and each recipient of
such notice, a “Selling Noteholder”), delivered at any time an Event of Default under the Mortgage Loan has
occurred and is continuing, to purchase, in immediately available funds, the A Notes (each Note specified in the Noteholder Purchase
Notice, a “Purchased Note”), in whole but not in part at the applicable Defaulted Mortgage Loan Purchase Price.
For avoidance of doubt, if one or more Subordinate Noteholder(s) elects to send a Noteholder Purchase Notice pursuant to this
Section 12, it/they must purchase the applicable Purchased Note(s). Upon the delivery of the Noteholder Purchase Notice
to the Selling Noteholder(s), the Selling Noteholder shall sell (and the Purchasing Noteholder shall purchase) the Purchased Note(s)
at the applicable Defaulted Mortgage Loan Purchase Price, on a date (the “Defaulted Note Purchase Date”) not
less than ten (10) days and not more than forty-five (45) days after the date of the Noteholder Purchase Notice, as shall be mutually
established by the Purchasing Noteholder and the Selling Noteholder(s). The Noteholder Purchase Notice shall contain a statement
that the Purchasing Noteholder’s failure to purchase the Purchased Note(s) on a Defaulted Note Purchase Date (other than
as a result of any failure to consummate such purchase on the part of the Selling Noteholder or as a result of the conditions
giving rise to such purchase ceasing to exist) will result in the termination of such right in respect of the Event of Default
that caused such purchase right to be exercisable and not in respect of any other Event of Default. Each Subordinate Noteholder
agrees that the sale of any Purchased Notes to it shall comply with all requirements of the Servicing Agreement and that all costs
and expenses related thereto shall be paid by the applicable Purchasing Noteholder. The Defaulted Mortgage Loan Purchase Price
shall be calculated by the Selling Noteholder(s) (or the Servicer on its or their behalf) three (3) Business Days prior to the
Defaulted Note Purchase Date (and such calculation shall be accompanied by a listing of all amounts included in the Defaulted
Mortgage Loan Purchase Price and reasonably detailed back-up documentation explaining how such price was determined), and shall,
absent manifest error, be binding upon the Purchasing Noteholder. Concurrently with the payment to the Selling Noteholder(s) in
immediately available funds of the Defaulted Mortgage Loan Purchase Price, the Selling Noteholder(s) shall execute at the sole
cost and expense of the Purchasing Noteholder in favor of the Purchasing Noteholder assignment documentation which will assign
the Purchased Note(s) and the Mortgage Loan Documents without recourse, representations or warranties (except each Selling Noteholder
will represent and warrant that it had good and marketable title to, was the sole owner and holder of, and had power and authority
to deliver its Note and all of its right, title and interest in and to the Mortgage Loan Documents free and clear of all liens
and encumbrances (other than the interest created by the Note(s) that are not the Purchased Note(s))). The right of the Note B
Holders to purchase one or more Notes as set forth above in this Section 12 shall automatically terminate upon a foreclosure
sale, sale by power of sale or delivery of a deed in lieu of foreclosure with respect to the Mortgaged Property (and the Lead
Securitization Noteholder shall give the Subordinate Noteholders ten (10) Business Days’ prior written notice of its intent
with respect to such action). Notwithstanding the foregoing sentence, if title to the Mortgaged Property is transferred to the
Lead Securitization Noteholder (or a designee on its behalf), in a manner commonly known as “the borrower turning over the
keys” and not otherwise in connection with a consummation by the Lead Securitization Noteholder of a foreclosure sale or
sale by power of sale or acceptance of a deed in lieu of foreclosure, less than ten (10) Business Days after the acceleration
of the Mortgage Loan, the Lead Securitization Noteholder shall notify each Subordinate Noteholder of such transfer and the Note
B Holders shall each have a fifteen (15) Business Day period from the date of such notice from the Lead Securitization


 






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Noteholder
to deliver the Noteholder Purchase Notice to the Lead Securitization Noteholder, in which case such Subordinate Noteholder shall
be obligated to purchase the Mortgaged Property, in immediately available funds, within such fifteen (15) Business Day period
at the applicable Defaulted Mortgage Loan Purchase Price.


 


Section
13. Representations of each Subordinate Noteholder. Each Subordinate Noteholder represents, solely as to itself and
its Subordinate Note, and it is specifically understood and agreed, that it is acquiring such Note for its own account in the
ordinary course of its business and none of the other Noteholders shall have any liability or responsibility to such Subordinate
Noteholder except (i) as expressly provided herein or (ii) for actions that are taken or omitted to be taken by such other Noteholder
that constitute gross negligence or willful misconduct or that constitute a breach of this Agreement. Each Subordinate Noteholder
represents and warrants solely as to itself 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 its charter or any law or contractual
restriction binding upon such Subordinate Noteholder, and that this Agreement is the legal, valid and binding obligation of such
Subordinate Noteholder enforceable against such Subordinate Noteholder 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 Subordinate Noteholder represents and warrants solely as to itself that it is duly organized,
validly existing, in good standing and possesses of all licenses and authorizations necessary to perform its obligations hereunder.
Each Subordinate Noteholder represents and warrants as to itself that (a) this Agreement has been duly executed and delivered
by such Subordinate Noteholder, (b) to such Subordinate Noteholder’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 Subordinate Noteholder have been obtained or made and (c) to such Subordinate Noteholder’s actual
knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation against such Subordinate
Noteholder, an adverse outcome of which would materially and adversely affect its performance under this Agreement.


 


Each
Subordinate Noteholder acknowledges that no other Noteholder owes such Subordinate Noteholder any fiduciary duty with respect
to any action taken under the Mortgage Loan Documents and, except as provided herein, need not consult with such Subordinate Noteholder
with respect to any action taken by such other Noteholder, as applicable, in connection with the Mortgage Loan.


 


Each
Subordinate Noteholder expressly and irrevocably waives for itself and any Person claiming through or under such Subordinate Noteholder
any and all rights that it may have under Section 1315 of the New York Real Property Actions and Proceedings Law or the provisions
of any similar law which purports to give a junior loan noteholder the right to initiate any loan enforcement or foreclosure proceedings.


 



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Section
14. Representations of each Initial Noteholder and the Barclays Bank Note Holder. Each Initial Noteholder and the Barclays
Bank 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 Noteholder’s charter or
any law or contractual restriction binding upon such Noteholder and that this Agreement is the legal, valid and binding obligation
of such Noteholder as applicable enforceable against it in accordance with its terms. Each Initial Noteholder and the Barclays
Bank Note Holder represents and warrants that it is duly organized, validly existing, in good standing and possession of all licenses
and authorizations necessary to carry on its respective business. Each Initial Noteholder and the Barclays Bank Note Holder represents
and warrants that (a) this Agreement has been duly executed and delivered by such Noteholder, (b) to such Noteholder’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 Noteholder have been obtained or made and
(c) to such Noteholder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation
against such Noteholder, an adverse outcome of which would materially and adversely affect its performance under this Agreement.


 


Each
Initial Noteholder and the Barclays Bank Note Holder acknowledges that no other Noteholder owes such Noteholder any fiduciary
duty with respect to any action taken under the Mortgage Loan Documents and, except as provided herein or in the Servicing Agreement,
need not consult with such Noteholder with respect to any action taken by such Noteholder in connection with the Mortgage Loan.


 


Section
15. Independent Analysis of each Subordinate Noteholder. Each Subordinate Noteholder acknowledges that it has, independently
and without reliance upon any Noteholder, except with respect to the representations and warranties provided by a Noteholder herein
and in any documents or instruments executed and delivered by such Noteholder in connection herewith (including the representations
and warranties provided in the agreement pursuant to which it acquired its Subordinate Note), and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to purchase such Subordinate Note and such
Subordinate Noteholder accepts responsibility therefor. Each Subordinate Noteholder hereby acknowledges that, other than the representations
and warranties provided herein and in such other documents or instruments, no Noteholder has made any representations or warranties
with respect to the Mortgage Loan, subject to such representations and warranties as provided by such Noteholder herein and in
such other documents and instruments, and that no Noteholder shall have any responsibility for (i) the collectibility of the Mortgage
Loan, (ii) the validity, enforceability or legal effect of any of the Mortgage Loan Documents or the title insurance policy or
policies or any survey furnished or to be furnished to a Noteholder in connection with the origination of the Mortgage Loan, (iii)
the validity, sufficiency or effectiveness of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial
condition of the Mortgage Loan Borrower. Each Subordinate Noteholder assumes all risk of loss in connection with its Note except
as specifically set forth herein.


 


Section
16. No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken
pursuant hereto shall be deemed to


  






    49 


     


    

constitute the relationship created hereby between or among any of the Noteholders as a partnership,
association, joint venture or other entity. None of the Noteholders shall have any obligation whatsoever to offer to any other
Noteholder the opportunity to purchase a Note interest in any future loans originated by such Noteholder or its Affiliates, and
if such Noteholder chooses to offer to any other Noteholder the opportunity to purchase a Note interest in any future mortgage
loans originated by the such Noteholder or their respective Affiliates, such offer shall be at such purchase price and interest
rate as the offering Noteholder chooses, in its sole and absolute discretion. No Noteholder shall have any obligation whatsoever
to purchase from any other Noteholder an interest in any future loans originated by such Noteholder or their respective Affiliates.


 


Section
17. Not a Security. No Note shall be deemed to be a security within the meaning of the Securities Act of 1933 or the
Securities Exchange Act of 1934.


 


Section
18. Other Business Activities of the Noteholders. Each Noteholder acknowledges that each other Noteholder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, (i) (a) the Mortgage Loan Borrower
or (b) any direct or indirect parent of the Mortgage Loan Borrower or (c) any Affiliate of the Mortgage Loan Borrower or (d) any
Affiliate of any direct or indirect parent of the Mortgage Loan Borrower, (ii) any entity that is a holder of debt secured by
direct or indirect ownership interests in the Mortgage Loan Borrower or any Affiliate of the holder of such debt, (iii) any entity
that is a holder of a preferred equity interest in the Mortgage Loan Borrower or any Affiliate of a holder of such preferred equity,
or (iv) any property manager of the Mortgaged Property or any Affiliate thereof (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
19. Sale of the Notes.


 


(a)       Each
Subordinate Noteholder agrees that it will not Transfer all or any portion of its Note except in accordance with this Section
19. Each Subordinate Noteholder shall have the right, without the need to obtain the consent of any other Noteholder or any
other Person, to Transfer 49% or less (in the aggregate) of its interest in its Note to any Person, provided that any such Transfer
shall be made in accordance with the terms of this Section 19. Each Subordinate Noteholder shall have the right to Transfer
its entire Note or any portion thereof exceeding 49%, (i) into the Lead Securitization Trust, (ii) to a Qualified Institutional
Lender, provided, that promptly after the Transfer each Note A Holder is provided with (x) a representation from a transferee
or such Subordinate Noteholder certifying that such transferee is a Qualified Institutional Lender, and (y) a copy of the assignment
and assumption agreement referred to in Section 20 and provided further, that such transfer would not cause such Note to
be held by more than five persons nor cause there to be no one person owning a majority of such Note and (iii) to an entity that
is not a Qualified Institutional Lender, provided that with respect to this clause (ii), such Subordinate Noteholder obtains (1)
prior to the Lead Securitization Date, the consent of the Lead Securitization Noteholder and each other Note A Holder, each such
consent not to be unreasonably withheld, conditioned or delayed, and (2) after the Lead Securitization Date, Rating Agency Confirmation
(and for avoidance of doubt, no consent of the Lead Securitization


 






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Noteholder or other Note A Holder shall be required after the
closing of the Lead Securitization); provided that in each of case (1) and (2), (x) promptly after the Transfer each Note
A Holder are each provided with a copy of the assignment and assumption agreement referred to in Section 20 and (y) such
transfer would not cause the subject Note to be held by more than five persons; and provided further, however, that if
such transfer would cause there to be no one person owning a majority of the subject Note, then such transfer will not be permitted
unless persons owning a majority of the subject Note designate one of such persons to act on behalf of such persons owning such
majority. Notwithstanding the foregoing, without the Lead Securitization Noteholder’s prior consent, which may be withheld
in the Lead Securitization Noteholder’s sole and absolute discretion, no Subordinate Noteholder shall Transfer all or any
portion of its 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. Each Subordinate Noteholder agrees it will pay the expenses
of the Lead Securitization Noteholder (including all expenses of the Master Servicer and the Special Servicer) and the Non-Lead
Securitization Noteholders (including all expenses of the related Non-Lead Master Servicer and the related Non-Lead Special Servicer)
in connection with any such Transfer.


 


(b)    All
Transfers under Section 19(a) shall be made upon written notice to the Note A Holders not later than the date of such Transfer,
and each transferee shall (i) execute an assignment and assumption agreement whereby such transferee assumes all or a ratable
portion, as the case may be, of the obligations of the applicable Subordinate Noteholder hereunder with respect to its Note from
and after the date of such assignment (or, in the case, of a pledge, collateral assignment or other encumbrance made in accordance
with Section 19(e) by such Subordinate Noteholder of its Note solely as security for a loan to such Subordinate Noteholder
made by a third-party lender whereby such Subordinate Noteholder remains fully liable under this Agreement, on or before the date
on which such third-party lender succeeds to the rights of such Subordinate Noteholder by foreclosure or otherwise, such third-party
lender executes an agreement that such lender shall be bound by the terms and provisions of this Agreement and the obligations
of such Subordinate Noteholder hereunder) and (ii) agree in writing to be bound by the Servicing Agreement, unless the Servicing
Agreement is not then in effect with respect to the Mortgage Loan, in which event the parties will enter into or agree to be bound
by any replacement servicing agreement therefor in accordance with the provisions hereof. Upon the consummation of a Transfer
of all or any portion of a Subordinate Note in accordance with this Agreement, the transferring Person shall be released from
all liability arising under this Agreement with respect to such Subordinate Note (or the portion thereof that was the subject
of such Transfer), for the period after the effective date of such Transfer (it being understood and agreed that the foregoing
release shall not apply in the case of a sale, assignment, transfer or other disposition of a participation interest in the subject
Subordinate Note as described in clause (c) below). In connection with any such permitted transfer of a portion of a Subordinate
Note and for all purposes of this Agreement, each Note A Holder need only recognize the majority holder of such Subordinate Note
for purposes of notices, consents and other communications between such Note A Holders, as applicable, and such majority holder
of the subject Subordinate Note shall be the only Person authorized hereunder to exercise any rights of such Subordinate Noteholder
under this Agreement; provided, however, the majority holder of the subject Subordinate Note may from time to time
designate any other Person as an additional party entitled to receive notices, consents and other communications and/or to exercise
rights on behalf of such Subordinate Noteholder hereunder by delivering written notice thereof to each


 






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Note A Holder, and, from
and after delivery of such notice, such designee shall be so authorized hereunder and shall be the only party entitled to receive
such notices, consents and such other communications and/or to exercise such rights.


 


(c)    In
the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) such Noteholder’s
obligations under this Agreement shall remain unchanged, (ii) such Noteholder shall remain solely responsible for the performance
of such obligations, (iii) the other Noteholders and any Persons acting on their behalf shall continue to deal solely and directly
with such Noteholder in connection with such Noteholder’s rights and obligations under this Agreement and the Servicing
Agreement, and (iv) all amounts payable hereunder shall be determined as if such Noteholder had not sold such participation interest;
provided, however, that if the applicable participant is a Qualified Institutional Lender (and delivers to the other
Noteholders a certification from an authorized officer confirming its status as a Qualified Institutional Lender), such Noteholder,
by written notice to the other Noteholders, may delegate to such participant such Noteholder’s right to exercise the rights
of the Controlling Noteholder hereunder and under the Servicing Agreement; provided, further, however, that
upon the occurrence of a Control Appraisal Period, the aforesaid delegation of rights shall terminate and be of no further force
and effect with respect to a B Note.


 


(d)    Each
of the Note A Holders shall have the right to Transfer all or any portion of its Note without the prior consent of any other Noteholder
(i) with respect to each A Note other than Note A-1-S prior to an Event of Default, to any party other than the Mortgage Loan
Borrower or any Mortgage Loan Borrower Related Party, and with respect to Note A-1-S prior to an Event of Default, into a Securitization
or to a Qualified Institutional Lender that is not the Mortgage Loan Borrower or any Mortgage Loan Borrower Related Party and
(ii) after an Event of Default, to any party, including the Mortgage Loan Borrower and any Mortgage Loan Borrower Related Party;
provided, however, that following such Transfer of any A Note, the Mortgage Loan continues to be serviced in its
entirety pursuant to the Servicing Agreement by a Servicer unaffiliated with Mortgage Loan Borrower. For the avoidance of doubt,
subject to Section 12, no Noteholder or the Servicer shall have any right to Transfer or cause the Transfer of any other
Note.


 


(e)    Notwithstanding
any other provision hereof, any Noteholder 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 Noteholder 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 Rating Agency (a “Note Pledgee”), on terms and conditions set forth in this
Section 19(e), it being further agreed that a financing provided by a Note Pledgee to a Noteholder or any person which
Controls such Noteholder that is secured by such Noteholder’s interest in the applicable 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) prior to the first Securitization of any Note, the consent of each other
Noteholder and (b) after the closing of the first Securitization of any Note, Rating Agency Confirmation. Upon written notice
by the applicable Noteholder to each other Noteholder and any Servicer that a Pledge has been effected (including the name and
address of the applicable Note Pledgee), each other Noteholder agrees to acknowledge receipt of such notice and thereafter agrees:
(i) to give Note Pledgee written


 






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notice of any default by the pledging Noteholder in respect of its obligations under this Agreement
of which default such Noteholder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) Business Days to cure
a default by the pledging Noteholder in respect of its obligations to each other Noteholder hereunder, but such Note Pledgee shall
not be obligated to cure any such default; (iii) that no amendment, 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 Noteholder shall give to such Note Pledgee copies of any notice of default
under this Agreement simultaneously with the giving of same to the pledging Noteholder and accept any cure thereof by such Note
Pledgee which such pledging Noteholder has the right (but not the obligation) to effect hereunder, as if such cure were made by
such pledging Noteholder; (v) that such other Noteholder 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
Noteholder; and (vi) that, upon written notice (a “Redirection Notice”) to each other Noteholder and any Servicer
by such Note Pledgee that the pledging Noteholder is in default, beyond any applicable cure periods, under the pledging Noteholder’s
obligations to such Note Pledgee pursuant to the applicable credit agreement between the pledging Noteholder and such Note Pledgee
(which notice need not be joined in or confirmed by the pledging Noteholder), and until such Redirection Notice is withdrawn or
rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that any Noteholder or Servicer would otherwise
be obligated to pay to the pledging Noteholder from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging
Noteholder hereby unconditionally and absolutely releases each other Noteholder and any Servicer from any liability to the pledging
Noteholder on account of any Noteholder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer
or any such other Noteholder to have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights
and remedies against the pledging Noteholder 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 Noteholders 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 Noteholder’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 Noteholder
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 19(e) shall remain
effective as to any Noteholder (and any Servicer) unless and until such Note Pledgee shall have notified any such Noteholder (and
any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.


 


(f)    Notwithstanding
any provisions herein to the contrary, if a conduit (“Conduit”) which is not a Qualified Institutional Lender
provides financing to a Noteholder then such Noteholder 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:


 



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


 


(ii)      The
Conduit Credit Enhancer and conduit manager (if Moody’s rates the Securitization) will be a Qualified Institutional Lender;


 


(iii)     Such
Noteholder will pledge (or sell, transfer or assign as part of a repurchase facility) its interest in the applicable Note to the
Conduit as collateral for the Conduit Inventory Loan;


 


(iv)     The
Conduit Credit Enhancer and the Conduit will agree that, if such Noteholder 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 Noteholder, the Conduit Credit
Enhancer will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of such Noteholder’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 the consent of each other
Noteholder, have any greater right to acquire the interests in the Note pledged by such Noteholder, 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
20. Registration of Transfer. In connection with any Transfer of a Note (but excluding (x) any participant and (y) any
Note Pledgee unless and until it realizes on its Pledge), a transferee shall execute an assignment and assumption agreement whereby
such transferee assumes all of the obligations of the applicable Noteholder hereunder with respect to such Note thereafter accruing
and agrees to be bound by the terms of this Agreement, including the restriction on Transfers set forth in Section 19,
from and after the date of such assignment. Notwithstanding the preceding sentence, a Trustee shall not be required to execute
an assignment and assumption agreement in connection with any Transfer of a Note if the obligations are assumed pursuant to the
Servicing Agreement. In connection with a Transfer of a Note, the Agent shall not recognize any attempted or purported transfer
of any Note in violation of the provisions of Section 19 and this Section 20. Any such purported transfer shall
be absolutely null and void and shall vest no rights in the purported transferee. Each Noteholder desiring to effect such transfer
shall, and does hereby agree to, indemnify the Agent and any other Noteholder against any liability that may result if the transfer
is not made in accordance with the provisions of this Agreement. Upon a Securitization of the Lead Securitization Note, the Certificate
Administrator shall automatically become and be the Agent.


 


Section
21. Registration of the Notes. 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 Section 20, and the principal amounts


 






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(and stated interest) of the Note owing to each such Noteholder, 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, except in the case of the Initial Noteholders and the Barclays Bank Note
Holder who may hold their Notes through a nominee. Upon request of a Noteholder, the Agent shall provide such party with the names
and addresses of the Noteholders. To the extent another party is appointed as Agent hereunder, the Noteholders hereby designate
such person as its agent under this Section 21 solely for purposes of maintaining the Note Register. The parties intend
for the Notes to be in registered form for federal income tax purposes under Section 5f.103-1(c) of the United States Treasury
Regulations.


 


Section
22. Statement of Intent. The Agent and each Noteholder intend that the Notes be classified, and the arrangement hereby
be maintained, in a manner consistent with rules applicable to 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
23. No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the
Noteholders. Except as otherwise provided in this Agreement and the Servicing Agreement, no Non-Lead Noteholder shall have any
interest in any property taken as security for the Mortgage Loan, provided, however, that if any such property or
the proceeds of any sale, lease or other disposition thereof shall be received, then each Non-Lead Noteholder shall be entitled
to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.


 


Section
24. Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS
AND DUTIES 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. 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
25. 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


 






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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)    GREES
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
26. Modifications; Amendment. This Agreement shall not be modified, cancelled or terminated except by an instrument
in writing signed by each Noteholder. Additionally, for as long as any Note is contained in a Securitization Trust, the Noteholders
shall not amend or modify this Agreement without first receiving a Rating Agency Confirmation; provided that no such confirmation
from the Rating Agencies shall be required in connection with a modification or amendment (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 Servicing
Agreement, (ii) entered into pursuant to Section 38 of this Agreement or (iii) to correct or supplement any provision herein
that may be defective or inconsistent with any other provisions of this Agreement.


 


Section
27. 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 permitted assigns. Except as provided herein, 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 19, each
Noteholder 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 Noteholder hereunder, including, without limitation, the right to make
further assignments and grant additional Notes.


 


Section
28. Counterparts. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to
be an original and all of which when taken together shall constitute one and the same instrument, and the words “executed,”
“signed,” “signature,” and words of like import as used above and elsewhere in this Agreement or in any
other certificate, agreement or document related to this transaction shall include, in addition to manually executed signatures,
images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”,
“tif” or “jpg”) and other


 






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electronic signatures (including, without limitation, any electronic sound,
symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with
the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract
or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect,
validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the
Uniform Electronic Transactions Act or the Uniform Commercial Code.


 


Section
29. 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
30. 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
31. Entire Agreement. This Agreement constitutes the entire agreement among 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
32. Withholding Taxes.


 


(a)     If
the Lead Securitization Noteholder or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest,
fees or other amounts payable to any Noteholder with respect to the Mortgage Loan as a result of such Noteholder constituting
a Non-Exempt Person, the Lead Securitization Noteholder, or the Servicer on its behalf, shall be entitled to do so with respect
to such Noteholder’s interest in such payment (all amounts so withheld being deemed paid to such Noteholder), provided
that the Lead Securitization Noteholder shall furnish such Noteholder 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 Noteholder to seek
any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which such Noteholder is subject to tax.


 


(b)     Each
Noteholder shall and hereby agrees to indemnify the Lead Securitization Noteholder against and hold the Lead Securitization Noteholder
harmless from and against any Taxes, interest, penalties and reasonable attorneys’ fees, expenses and disbursements arising
or resulting from any failure of the Lead Securitization Noteholder (or the Servicer on its behalf) to withhold Taxes from payment
made to such Noteholder in reliance upon any representation, certificate, statement, document or instrument made or provided by
such Noteholder to the Lead Securitization Noteholder in connection with the obligation of the Lead Securitization


 






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Noteholder
to withhold Taxes from payments made to such Noteholder, it being expressly understood and agreed that (i) the Lead Securitization
Noteholder 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
Noteholders shall, upon request of the Lead Securitization Noteholder, at its sole cost and expense, defend any claim or action
relating to the foregoing indemnification using counsel selected by the Lead Securitization.


 


(c)     Each
Non-Lead Securitization Noteholder (to the extent it is not the same entity as the Lead Securitization Noteholder) represents
to the Lead Securitization Noteholder (for the benefit of the Mortgage Loan Borrower) that it is not a Non-Exempt Person.


 


(d)     Contemporaneously
with the execution of this Agreement, and from time to time as reasonably requested by the Lead Securitization Noteholder or Servicer
during the term of this Agreement, each Noteholder shall deliver to the Lead Securitization Noteholder or Servicer, as applicable,
evidence satisfactory to the Lead Securitization Noteholder substantiating that such Noteholder is not a Non-Exempt Person and
that the Lead Securitization Noteholder 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, it being acknowledged by the parties hereto that delivery of a certification
in the form attached hereto as Exhibit D shall be satisfactory evidence that such Noteholder is not a Non-Exempt Person.
Without limiting the effect of the foregoing, (i) if a Noteholder (or, if such Noteholder is disregarded for U.S. federal income
tax purposes, the owner of such Noteholder) 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
Noteholder an Internal Revenue Service Form W-9 and (ii) if a Noteholder (or, if such Noteholder is disregarded for U.S. federal
income tax purposes, the owner of such Noteholder) 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 Noteholder shall
satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization Noteholder Internal Revenue Service
Form W-8ECI, Form W-8IMY (with appropriate attachments), Form W-8BEN or Form W-8BEN-E, or applicable successor forms, as may be
required from time to time, duly executed by such Noteholder; provided that such Noteholder, without request, shall deliver
a new, appropriately completed Form W-8 if the Subordinate Noteholder’s current Form W-8 “expires” or if there
is a “change in circumstances” that makes any of the information on the current Form W-8 incorrect (both within the
meaning of the instructions to such Form W-8). The Lead Securitization Noteholder shall not be obligated to make any payment hereunder
to any Noteholder in respect of its Note or otherwise until such Noteholder shall have furnished to the Lead Securitization Noteholder
the requested forms, certificates, statements or documents.


 


Section
33. Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Notes) will
be held by the Lead Securitization Noteholder (or a custodian acting on behalf of the Lead Securitization Noteholder) who shall
act as secured party under the Mortgage Loan Documents on behalf of the registered holders of the Notes. Notwithstanding anything
to the contrary in this Agreement, upon the Lead


 






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Securitization, the originals of all of the Mortgage Loan Documents (other than
the Notes) shall be held by the Custodian. Each Note shall be held by the respective Noteholder or a custodian appointed by such
Noteholder.


 


Section
34. Notices. All notices required hereunder shall be given by (i) writing and personally delivered, (ii) sent by facsimile
transmission (during business hours) if a party has provided a facsimile number, (iii) reputable overnight delivery service (charges
prepaid), (iv) sent by electronic mail containing language requesting the recipient to confirm receipt thereof if a party has
provided an electronic mail address and only if such electronic mail is promptly followed by a written notice or (v) 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 other party by written notice given
as aforesaid. All written notices so given shall be deemed effective upon receipt.


 


All
notices and reports (including, without limitation, Asset Status Reports) required to be delivered hereunder by the Lead Securitization
Noteholder (or any Servicer on its behalf) to the Controlling Noteholder (or its Junior Operating Advisor), or by the Controlling
Noteholder (or its Junior Operating Advisor) to the Lead Securitization Noteholder (or any Servicer on its behalf), shall also
be delivered by the applicable party to each other Noteholder.


 


Section
35. Broker. Each Noteholder represents to each other Noteholder that no broker was responsible for bringing about this
transaction.


 


Section
36. Certain Matters Affecting the Agent.


 


(a)     The
Noteholders hereby appoint the Agent to act on their behalf, and the Agent shall act on behalf of the Noteholders;


 


(b)     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 20;


 


(c)     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;


 


(d)     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 of the Noteholders pursuant to the provisions of this Agreement, unless it has received indemnity reasonably
satisfactory to it;


 


(e)     The
Agent or any of its directors, officers, employees, Affiliates, agents or “control” persons within the meaning of
the Securities 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;


 



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(f)      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 20; and


 


(g)     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.


 


Section
37. Termination of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Lead
Securitization Noteholder. In the event that the Agent is terminated pursuant to this Section 37, all of its rights and
obligations under this Agreement shall be terminated, other than any rights or obligations that accrued prior to the date of such
termination.


 


The
Agent may resign at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed
to be bound by this Agreement and perform the duties of the Agent hereunder. Barclays, as Initial Agent, may transfer its rights
and obligations to a Servicer, as successor Agent, at any time without the consent of any Noteholder. Barclays, as Initial Agent,
shall promptly and diligently attempt to cause such Servicer to act as successor Agent, and, if such Servicer declines to act
in such capacity, shall promptly and diligently attempt to cause a similar servicer to act as successor Agent. Notwithstanding
the foregoing, the Noteholders hereby agree that, simultaneously with the closing of the Lead Securitization, the Certificate
Administrator shall be deemed to have been automatically appointed as the successor Agent under this Agreement in place of the
Initial Agent or any successor thereto prior to such Securitization without any further notice or other action. The termination
or resignation of the Certificate Administrator, as Certificate Administrator under the Servicing Agreement, shall be deemed a
termination or resignation of such Certificate Administrator as Agent under this Agreement.


 


Section
38. Resizing. In connection with the Mortgage Loan, each Noteholder agrees, subject to clause (iii) below, that if a
Note A Holder determines that it is advantageous to resize its Note by causing the Mortgage Loan Borrower to execute amended and
restated or additional pari passu notes (in either case, “New Notes”) reallocating the principal of
such Note to such New Notes, each Noteholder other than the resizing Noteholder shall cooperate with the resizing Noteholder to
effect such resizing at such resizing Noteholder’s expense; provided that (i) the aggregate principal balance of
all outstanding New Notes following the creation thereof is no greater than the principal balance of such Note or Notes immediately
prior to the creation of the New Notes, (ii) the weighted average Interest Rate of all outstanding New Notes following the creation
thereof is the same as the Interest Rate of the related Note or Notes immediately prior to the creation of the New Notes, and
(iii) no such resizing shall (x) change the interest allocable to, or the amount of any payments due to, any other Noteholder,
or priority of such payments, or (y) increase any other Noteholder’s obligations or decrease any other Noteholder’s
rights, remedies or protections. In connection with any resizing of an A Note, the related Noteholder may allocate its rights
hereunder among the New Notes in any manner in its sole discretion. In connection with the foregoing (provided the conditions
set forth in (i) through (iii) above are satisfied, with respect to (i) through (iii), as certified by the resizing Noteholder,
on which certification the Master Servicer can rely), the Master Servicer is hereby authorized and


 






    60 


     


    

directed to execute amendments
to the Mortgage Loan Documents and this Agreement on behalf of any or all of the Noteholders, as applicable, solely for the purpose
of reflecting such reallocation of principal. Any New Notes shall have the rights and obligations of a Non-Controlling Noteholder.


 


Section
39. Conflict. To the extent of any inconsistency between the Servicing Agreement, on one hand, and this Agreement, on
the other, this Agreement shall control.


 


Section
40. Cooperation in Securitization.


 


(a)    Each
Noteholder acknowledges that any Note A Holder may elect, in its sole discretion, to include its Note in a Securitization. In
connection with a Securitization of an A Note, at the request of the related Noteholder, each other Noteholder shall use commercially
reasonable efforts, at the requesting Noteholder’s expense, to satisfy, and to cooperate with the requesting Noteholder
in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which the requesting Noteholder customarily
adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with the Securitization,
including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents
and to cooperate with the requesting Noteholder 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 the Securitization;
provided, however, that either in connection with the Securitization or otherwise at any time prior to the Securitization
no other Noteholder 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 any payments to be made to, such Noteholder, (ii) increase such Noteholder’s obligations
or decrease such Noteholder’s rights, remedies or protections hereunder or under any Mortgage Loan Document, or (iii) otherwise
adversely (other than de minimis changes) affect the rights and interests of such Noteholder. In connection with any such Securitization
of an A Note, each other Noteholder agrees to provide for inclusion in any disclosure document relating to the related Securitization
such customary non-confidential information concerning such Noteholder as the requesting Noteholder reasonably determines to be
necessary to satisfy its disclosure obligations in connection with its Securitization. Each Noteholder covenants and agrees that
if it is not the requesting Noteholder, it shall use commercially reasonable efforts to cooperate with the requests of each Rating
Agency and the requesting Noteholder in connection with the preparation of any offering documents in connection with the Securitization,
and to review and respond reasonably promptly with respect to any information relating to it in any Securitization document, all
at the cost and expense of the requesting Noteholder. Each Noteholder acknowledges that the information provided by it to the
requesting Noteholder pursuant to this Section 40 may be incorporated into the offering documents for a Securitization.
A requesting Note A Holder and each Rating Agency shall be entitled to rely on the information supplied by each other Noteholder
pursuant to this Section 40.


 


(b)    Each
Note A Holder securitizing its Note may, at its election, deliver to each other Noteholder drafts of the preliminary and final
Securitization offering memoranda, prospectus, preliminary prospectus and any other disclosure documents and (in the case of the


 






    61 


     


    

Lead Securitization) the Servicing Agreement simultaneously with distributions of any such documents to the general working group
of the related Securitization. Each other Noteholder may, at its election, review and comment thereon insofar as it relates to
such other Noteholder and/or its Note, and, if such other Noteholder elects to review and comment, such other Noteholder shall
review and comment thereon as soon as possible (but in no event later than (i) in the case of the first draft thereof, two (2)
Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline provided to the general
working group of the related Securitization for review and comment), and if such other Noteholder fails to respond within such
time, such other Noteholder shall be deemed to have elected to not comment thereon (but no failure to comment shall constitute
a waiver of such other Noteholder’s rights hereunder or under the Mortgage Loan Documents). In the event of any disagreement
between any such other Noteholder with respect to the preliminary and final offering memoranda, prospectus, free writing prospectus
or any other disclosure documents the requesting Noteholder’s determination shall control (the parties acknowledging that
no inaccuracy in such documents shall in any respect prejudice any such other Noteholder’s rights hereunder or under the
Mortgage Loan Documents). No such other Noteholder shall have any obligation or liability with respect to any such offering documents
other than the accuracy of any comments it elects to make regarding itself.


 


(c)    Notwithstanding
anything herein to the contrary, each of Note A Holder acknowledges and agrees that (i) no other Noteholder shall be required
to incur any out-of-pocket expenses in connection with their respective Securitizations of an A Note, and (ii) any such other
Noteholder shall only be required to disclose such customary non-confidential information reasonably determined by the requesting
Note A Holder to be necessary to satisfy its disclosure obligations in connection with its Securitization.


 


[SIGNATURE
PAGE FOLLOWS]


 









    62 


     


    

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


 





	 	BARCLAYS CAPITAL REAL ESTATE
    INC., as Initial Barclays Noteholder and Initial Agent
	 	 	 
	 	By: 	/s/ Dan
    Schmidt
	 	 	Name: 	Dan Schmidt
	 	 	Title: 	Vice President



  


	 	BARCLAYS BANK PLC, as Barclays
    Bank Noteholder
	 	 	 
	 	By: 	/s/ David
    Kung
	 	 	Name: 	David Kung
	 	 	Title: 	Authorized Signatory


 





	 	GOLDMAN SACHS BANK USA, as
    Initial Goldman Noteholder
	 	 	 
	 	By: 	/s/ Leah
    Nivison 
	 	 	Name: 	Leah Nivison
	 	 	Title: 	Authorized Signatory


 


SUMIT 2022-BVUE:
CO-LENDER AGREEMENT


 









     


     


    

EXHIBIT
A



MORTGAGE LOAN SCHEDULE


 


A.       Description
of Mortgage Loan:


 


	Mortgage
    Loan:	Loan
    Agreement, dated as of December 10, 2021 between Barclays Capital Real Estate Inc., Goldman Sachs Bank USA, collectively,
    as lender, and KRE Summit 1, 2, Owner LLC and KRE Summit 3 Owner LLC, collectively as borrower
	Date
    of the Mortgage Loan and Notes:	December
    10, 2021
	Initial
    Principal Amount of Mortgage Loan:	$525,000,000
	Location
    of Mortgaged Property:	Bellevue,
    Washington
	Stated
    Maturity Date:	February
    6, 2029


 


B.       Description
of Note Interests: Each Note shall have the Principal Balance, Percentage Interest and initial rate of interest set forth
in the table below as of the date hereof.


 


	Note
Designation 
	Initial

Interest Rate 
	

Percentage Interest 
	Outstanding
Principal Balance 

	Note
    A-1-S 	2.9520%	12.229%	$64,200,000
	Note
    A-2-S 	2.9520%	8.152%	$42,800,000
	Note
    A-1-1 	2.9520%	9.524%	$50,000,000
	Note
    A-1-2 	2.9520%	9.524%	$50,000,000
	Note
    A-1-3 	2.9520%	4.762%	$25,000,000
	Note
    A-1-4 	2.9520%	1.333%	$7,000,000
	Note
    A-2-1 	2.9520%	12.381%	$65,000,000
	Note
    A-2-2 	2.9520%	4.381%	$23,000,000
	Note
    B-1-1 	2.9520%	22.629%	$118,800,000
	Note
    B-2-1 	2.9520%	15.086%	$79,200,000



 






    A-1


     


    






EXHIBIT
B


 


1.     Barclays
Bank Noteholder:


 


Barclays
Bank PLC

745 Seventh Avenue

New York, New York 10019

Attention: Dan Vinson

Email: daniel.vinson@barclays.com


 


with
a copy to:


 


Barclays
Bank PLC 

745 Seventh Avenue

New York, New York 10019

Attention: Steven P. Glynn, Legal Department

Email: steven.glynn@barclays.com


 


2.     Initial
Barclays Noteholder:


 


Barclays
Capital Real Estate Inc.

745 Seventh Avenue

New York, New York 10019

Attention: Dan Vinson

Email: daniel.vinson@barclays.com


 


with
a copy to:


 


Barclays
Capital Real Estate Inc.


745
Seventh Avenue

New York, New York 10019

Attention: Steven P. Glynn, Legal Department

Email: steven.glynn@barclays.com


 


3.     Initial
Goldman Noteholder:


 


Goldman
Sachs Bank USA

200 West Street

New York, New York 10282

Attention: Leah Nivison

Email: leah.nivison@gs.com and gs-refgsecuritization@gs.com


 


with
a copy to:


 


Goldman
Sachs Bank USA


200
West Street

New York, New York 10282

Attention: Joe Osborne

Email: joe.osborne@gs.com and gs-refglegal@gs.com


 









    B-1


     


    

EXHIBIT
C



PERMITTED FUND MANAGERS


 


		1.	Westbrook
                                         Partners






		2.	DLJ
                                         Real Estate Capital Partners






		3.	iStar
                                         Financial Inc.






		4.	Capital
                                         Trust, Inc.






		5.	Lend-Lease
                                         Real Estate Investments






		6.	Archon
                                         Capital, L.P.






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






		8.	The
                                         Blackstone Group International Ltd.






		9.	Apollo
                                         Real Estate Advisors






		10.	Colony
                                         Capital, Inc.






		11.	Praedium
                                         Group






		12.	J.E.
                                         Roberts Companies






		13.	Fortress
                                         Investment Group, LLC






		14.	Lonestar
                                         Opportunity Fund






		15.	Clarion
                                         Partners






		16.	Walton
                                         Street Capital, LLC






		17.	Starwood
                                         Financial Trust






		18.	BlackRock,
                                         Inc.






		19.	Rialto
                                         Capital Management, LLC






		20.	Raith
                                         Capital Partners, LLC






		21.	Rialto
                                         Capital Advisors LLC






		22.	Teachers
                                         Insurance and Annuity Association of America






		23.	Principal
                                         Real Estate Investors, LLC






		24.	Metropolitan
                                         Life Insurance Company






		25.	New
                                         York Life Insurance Company









 






    C-1


     


    

EXHIBIT
D


 


PORTFOLIO
INTEREST CERTIFICATION


 


Reference
is hereby made to the Co-Lender Agreement, dated as of January 27, 2022 (as amended, supplemented or otherwise modified from time
to time, the “Agreement”), by and among Barclays Bank PLC, Barclays Capital Real Estate Inc. and Goldman Sachs
Bank USA and each lender from time to time party thereto.


 


Pursuant
to the provisions of Section 32 (Withholding Taxes) of the Agreement, the undersigned hereby certifies that (i) it is the
sole record and beneficial owner of the promissory note evidencing Note [     ] in respect of which it is providing this certificate,
(ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Mortgage Loan Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation
related to the Mortgage Loan Borrower as described in Section 881(c)(3)(C) of the Code.


 


The
undersigned has furnished the Master Servicer and the Mortgage Loan Borrower with a certificate of its non-U.S. Person status
on IRS Form W-8BEN-E.


 


Unless
otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.


 





	[NAME OF LENDER]	 
	 	 	 
	By:	 	 
	Name: 	           	 
	Title:	 	 



 


Date:
________ __, 20[   ]


 



    D-1