Exhibit 4.14 


 


EXECUTION VERSION


 





AGREEMENT BETWEEN NOTEHOLDERS


Dated as of November 21, 2019


by and between


DBR INVESTMENTS CO. LIMITED

(Initial Note A-1 Holder)


and


DBR INVESTMENTS CO. LIMITED

(Initial Note A-2 Holder)


and


DBR INVESTMENTS CO. LIMITED

(Initial Note A-3 Holder)


and


DBR INVESTMENTS CO. LIMITED

(Initial Note A-4 Holder)


and


DBR INVESTMENTS CO. LIMITED

(Initial Note A-5 Holder)


and


DBR INVESTMENTS CO. LIMITED

(Initial Note B Holder)


180 WATER STREET MORTGAGE LOAN


 




    			 



     


    

THIS AGREEMENT BETWEEN
NOTEHOLDERS (“Agreement”), dated as of November 21, 2019, is made by and between DBR INVESTMENTS CO. LIMITED
(“DB” and, together with its successors and assigns in interest, in its capacity as initial owner of Note
A-1, the “Initial Note A-1 Holder”, and in its capacity as the initial agent, the “Initial Agent”),
DB, in its capacity as initial owner of Note A-2 (the “Initial Note A-2 Holder”), DB, in its capacity as initial
owner of Note A-3 (the “Initial Note A-3 Holder”), DB, in its capacity as initial owner of Note A-4 (the “Initial
Note A-4 Holder”), DB, in its capacity as initial owner of Note A-5 (the “Initial Note A-5 Holder”)
and DB, in its capacity as initial owner of Note B (the “Initial Note B Holder”).


W I T N E S S E T H:


WHEREAS, pursuant
to the Mortgage Loan Agreement (as defined herein) DB originated a certain loan described on the schedule attached hereto as Exhibit
A (the “Mortgage Loan Schedule”) (the “Mortgage Loan”) to 180 Water LLC (the “Mortgage
Loan Borrower”), which is evidenced by, inter alia, by (i) one promissory note in the original principal amount
of $50,000,000 (“Note A-1”) made by the Mortgage Loan Borrower in favor of the Initial Note A-1 Holder, (ii)
one promissory note in the original principal amount of $40,000,000 (“Note A-2”) made by the Mortgage Loan Borrower
in favor of the Initial Note A-2 Holder, (iii) one promissory note in the original principal amount of $25,000,000 (“Note A-3”)
made by the Mortgage Loan Borrower in favor of the Initial Note A-3 Holder, (iv) one promissory note in the original principal
amount of $15,000,000 (“Note A-4”) made by the Mortgage Loan Borrower in favor of the Initial Note A-4
Holder, (v) one promissory note in the original principal amount of $7,500,000 (“Note A-5” and, together
with Note A-1, Note A-2, Note A-3 and Note A-4, the “Note A”) made by the Mortgage Loan Borrower in favor of
the Initial Note A-5 Holder, and (vii) one promissory note in the original principal amount of $127,500,000 (“Note B”
and, together with Note A, the “Notes”) made by the Mortgage Loan Borrower in favor of the Initial Note B Holder,
and which Mortgage Loan is secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”)
on certain real property located as described on the Mortgage Loan Schedule (the “Mortgaged Property”); and


WHEREAS, an affiliate
of DB intends to enter into the Mortgage Loan Purchase Agreement, dated as of a date in November 2019 (the “MLPA”),
between such affiliate, as seller, and J.P. Morgan Chase Commercial Mortgage Securities Corp. (“JPMCC”), as
purchaser, pursuant to which such affiliate will agree to sell its right, title and interest in and to Note A-1 to such purchaser,
and the MLPA will contemplate that JPMCC, as depositor (in such capacity, the “Depositor”), immediately upon
such purchase, will transfer such Note (and other commercial mortgage assets) to a New York common law trust fund pursuant to the
Pooling and Servicing Agreement, dated as of November 1, 2019 (the “Note A-1 Securitization Servicing Agreement”),
among the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer and as special servicer,
Wells Fargo Bank, National Association, as trustee and as certificate administrator, and Pentalpha Surveillance LLC, as operating
advisor and as asset representations reviewer, in exchange for the issuance of the Benchmark 2019-B14 Mortgage Trust, Commercial
Mortgage Pass Through Certificates, Series 2019-B14, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class X-A,
Class X-B, Class A-S, Class B, Class C, Class X-D, Class X-D, Class E, Class F-RR, G-RR, Class N-RR, Class S and Class R and certain



    			 



     


    


other asset-backed securities and residual interests (such transfer and issuance, together, the “Note A-1 Securitization”);


WHEREAS, an affiliate
of DB intends to securitize one or more of the other Notes in one ore more future securitization transactions, including a Securitization
which is expected to include one or more other A Notes (the “Other A Note” and such Noteholder, the “Other
A Noteholder”) and the B Note, which Securitization will be governed by a pooling and servicing agreement (the “Note
A/B Securitization Servicing Agreement”); and


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


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


Section 1.               
Definitions. References to a “Section” or the “recitals” are, unless otherwise specified,
to a Section or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed
thereto in the 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”
shall mean Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5, 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 Property Protection Advances and reasonable out-of-pocket expenses incurred by
and reimbursable to any Servicer, Trustee, 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 any Servicer or Trustee in accordance with the terms
of the 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 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), (iv) in no event shall both a workout fee and a liquidation
fee be payable on the same principal payment, and (v) any such workout fee or liquidation fees shall be excluded if the A Notes
and Note B are purchased within ninety (90) days of the date on which the first Noteholder Purchase Notice was given by the Note
B Holder.


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






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


“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 an Affiliate of the Initial Agent) or such Person to whom the Initial Agent shall delegate its
duties hereunder, and from and after the Lead Securitization Date shall mean the Master Servicer.


“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 the office
of the Initial Note A-1 Holder listed on Exhibit B hereto, and which is the address to which notices to and correspondence with
the Agent should be directed. The Agent may change the address of its designated office by notice to the Noteholders.


“Agreement”
shall mean this Agreement between Noteholders, the exhibits and schedule hereto and all amendments hereof and supplements hereto.


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


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


“Asset Representations
Reviewer” shall mean the asset representations reviewer appointed pursuant to the Lead Securitization.


“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.


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


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






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“Borrower
Party”, prior to the Lead Securitization Date, shall mean the Mortgage Loan Borrower, a manager of the Mortgaged Property,
a Restricted Mezzanine Holder or any Borrower Party Affiliate. On and after the Lead Securitization Date, such term shall have
the meaning assigned to such term in the Lead Securitization Servicing Agreement.


“Borrower
Party Affiliate”, prior to the Lead Securitization Date, shall mean, with respect to the Mortgage Loan Borrower, a manager
of the Mortgaged Property or a Restricted Mezzanine Holder, (a) any other Person controlling or controlled by or under common
control with such Mortgage Loan Borrower, manager or Restricted Mezzanine Holder, as applicable, or (b) any other Person owning,
directly or indirectly, 10% or more of the beneficial interests in such Mortgage Loan Borrower, manager or Restricted Mezzanine
Holder. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. On and after the Lead Securitization Date, such term shall have the meaning assigned to such term in the Lead Securitization
Servicing Agreement.


“Business
Day” shall have the meaning assigned to such term in the Servicing Agreement or a 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 Lead Securitization Servicing Agreement.


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


“Collection
Account” shall have the meaning assigned to the term “collection account” or “custodial account”
(before the Lead Securitization) or “whole loan custodial account” (after the Lead Securitization) in the Servicing
Agreement or such other analogous term used in the Servicing Agreement.


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


“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).






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“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” shall mean any period with respect to the Mortgage Loan, if and for so long as:


(a)               
(1) the Initial Note B Principal Balance minus (2) the sum (without duplication) of (x) any payments
of principal (whether as principal prepayments or otherwise) allocated to, and received on, Note B after the date of creation of
Note B, (y) any Appraisal Reduction Amount for the Mortgage Loan that is allocated to Note B and (z) any losses realized
with respect to the Mortgaged Property or the Mortgage Loan that are allocated to Note B, is less than


(b)              
25% of the remainder of (i) the Initial Note B Principal Balance less (ii) any payments of principal (whether as principal
prepayments or otherwise) allocated to, and received by, the Note B Holder on Note B after the date of creation of Note B,


provided that a Control
Appraisal Period shall terminate upon the occurrence of a Threshold Event Cure by the Note B Holder.


“Controlling
Class Representative” shall mean the holders of the majority of the class of securities issued in the Note A-1 Securitization
designated as the “controlling class” pursuant to the related Securitization Servicing Agreement for the Note A-1 Securitization
or their duly appointed representative.


“Controlling
Noteholder” shall mean as of any date of determination (i) the Note B Holder, unless a Control Appraisal Period has occurred
and is continuing and (ii) if and for so long as a Control Appraisal Period has occurred and is continuing, the Note A-1 Holder;
provided, however, that at any time the Note A-1 Holder is the Controlling Noteholder and Note A-1 is included in
the Note A-1 Securitization, references to the “Controlling Noteholder” herein shall mean the Controlling Class Representative
or any other party assigned the rights to exercise the rights of the “Controlling Noteholder” hereunder, as and to
the extent provided in the Securitization Servicing Agreement for the Note A-1 Securitization; and provided further that,
if the Note B Holder would be the Controlling Noteholder pursuant to the terms hereof, but any interest in Note B is held by a
Borrower Party, or a Borrower Party would otherwise be entitled to exercise the rights of the Controlling Noteholder in respect
of Note B, then a Control Appraisal Period shall be deemed to have occurred.


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


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






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“Default
Interest” shall mean interest on the Mortgage Loan at a rate per annum equal to the Note Default Interest Spread.


“Defaulted
Mortgage Loan Purchase Price” shall mean, in connection with the purchase of the A Notes by the Note B Holder, the
sum, without duplication, of each of the following to the extent that such amounts have not been previously paid or reimbursed
pursuant to Section 3 or Section 4 of this Agreement: (a) the Note A Principal Balance, (b) accrued
and unpaid interest, on the Note A Principal Balance at the Note A 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 Note A Holders, other than
Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, provided that if a Borrower Party
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 Advances
and any expenses incurred in enforcing the Mortgage Loan Documents (including, without limitation, Property Protection Advances
payable or reimbursable to any Servicer, and special servicing fees incurred by or on behalf of the Note A Holders), (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 the Note A Holders, (f) (x) if a Borrower 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 and (g) any Recovered Costs not reimbursed
previously to the Note A Holders pursuant to this Agreement. Notwithstanding the foregoing, if the purchasing Noteholder is
purchasing from a Borrower Party, the Defaulted Mortgage Loan Purchase Price shall not include the amounts described under clauses
(d) through (f) of this definition. If the Mortgage Loan is converted into a Foreclosure Property, for purposes of determining
the Defaulted Mortgage Loan Purchase Price, interest will be deemed to continue to accrue on Note A at the Note A 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.


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


“Depositor”
shall mean the depositor under the Lead Securitization.


“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.


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


“Initial
Note A-1 Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


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


“Initial
Note A-2 Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


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


“Initial
Note A-3 Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


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


“Initial
Note A-4 Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


“Initial
Note A-5 Holder” shall have the meaning assigned to such term in the recitals.


“Initial
Note A-5 Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


“Initial
Note B Holder” shall have the meaning assigned to such term in the recitals.


“Initial
Note B Principal Balance” shall have the meaning assigned to such term in the Mortgage Loan Schedule.


“Initial
Noteholders” shall mean, collectively, the Initial Note A-1 Holder, the Initial Note A-2 Holder, the Initial Note A-3
Holder, the Initial Note A-4 Holder, the Initial Note A-5 Holder and the Initial Note B Holder.


“Insolvency
Proceeding” shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or any other
insolvency, liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action for the dissolution



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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.


“Intervening
Trust Vehicle” with respect to any Securitization Vehicle that is a CDO, shall mean 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.


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


“Lead Securitization”
shall mean (a) during the period from and after the Note A-1 Securitization Date and prior to the Note A/B Securitization Date,
the Note A-1 Securitization; and (b) on and after the Note A/B Securitization Date, the Note A/B Securitization.


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


“Lead Securitization
Notes” shall mean any Note included in the Lead Securitization.


“Lead Securitization
Noteholder” shall mean the Lead Securitization Trust so long as it holds one or more of the Lead Securitization Notes
and otherwise shall mean the Note A-1 Holder.


“Lead Securitization
Servicing Agreement” shall mean (a) during the period from and after the Note A-1 Securitization Date and prior to the
Note A/B Securitization Date, the Note A-1 Securitization Servicing Agreement; and (b) on and after the Note A/B Securitization
Date, the Note A/B Securitization Servicing Agreement; provided, that during any period that the Mortgage Loan is no longer subject
to the provisions of the Lead Securitization Servicing Agreement, the “Lead Securitization Servicing Agreement” shall
be determined in accordance with the second paragraph of Section 2(a).


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



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


“Major Decision”
shall have the meaning given to such term or any one or more analogous terms in the Servicing Agreement; provided that at any time
that the Lead Securitization Note is no longer an asset of the trust fund created pursuant to the Lead Securitization Servicing
Agreement, “Major Decision” shall mean:


(i)           
any proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions of any Foreclosure Property)
of the ownership of the property or properties securing the Mortgage Loan if it comes into and continues in default;


(ii)           
any modification, consent to a modification or waiver of any monetary term (other than the waiver or reduction of 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 Documents or any extension of the maturity date of the Mortgage Loan;


(iii)           
following a default or an Event of Default with respect to the Mortgage Loan Documents, any exercise of remedies, including
the acceleration of the Mortgage Loan or initiation of any proceedings, judicial or otherwise, under the related Mortgage Loan
Documents;


(iv)           
any sale of the Mortgage Loan (when it is a Specially Serviced Loan) or Foreclosure Property for less than the applicable
Purchase Price (as defined in the Servicing Agreement);


(v)           
any determination to bring the Mortgaged Property or a Foreclosure Property into compliance with applicable environmental
laws or to otherwise address any Hazardous Materials (as defined in the Servicing Agreement) located at the Mortgaged Property
or a Foreclosure Property;


(vi)           
any release of 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 Documents and for
which there is no lender discretion;


(vii)           
any waiver of or any determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause
with respect to the Mortgage Loan or any consent to such a waiver or any consent to a transfer of all or any portion of the Mortgaged
Property or of any direct or indirect legal or beneficial interests in the Mortgage Loan Borrower;






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(viii)           
any incurrence of additional debt by the Mortgage Loan Borrower or any mezzanine financing by any direct or indirect beneficial
owner of the Mortgage Loan Borrower (to the extent that the Lender has consent rights pursuant to the related Mortgage Loan Documents);


(ix)           
any material modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement
or other similar agreement with any mezzanine lender or subordinate debt holder related to the Mortgage Loan, or any action to
enforce rights (or any decision not to enforce rights) with respect thereto;


(x)           
any property management company changes, including, without limitation, approval of a new property manager or the termination
of a manager and appointment of a new property manager or franchise changes, and any new management agreement or amendment, modification
or termination of any management agreement (in each case, if the Lender is required to consent or approve such changes under the
Mortgage Loan Documents);


(xi)           
any determination that a “Low Debt Service Period” (as defined in the Mortgage Loan Agreement) has commenced
or terminated, and any releases of any material amounts from any escrow accounts, reserve funds or letters of credit, in each case,
held as performance escrows or reserves, other than those required pursuant to the specific terms of the related Mortgage Loan
Documents and for which there is no lender discretion;


(xii)           
any approval or disapproval of a proposed assumption of the Mortgage Loan, and any approval of the related documentation,
in each case pursuant to Section 7.1 of the Mortgage Loan Agreement;


(xiii)           
any determination of an Acceptable Insurance Default;


(xiv)           
any determination by the Master Servicer to transfer the Mortgage Loan to the Special Servicer under the circumstances where
the Master Servicer determines, in its reasonable business judgment, exercised in accordance with the Servicing Standard, that
a default consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there is a significant
risk of such default or any other default that is likely to impair the use or marketability of the Mortgaged Properties or such
other analogous event described in the definition of Servicing Transfer Event;


(xv)           
the execution, termination or renewal of any lease, to the extent lender approval is required under the Loan Documents and
to the extent such lease constitutes a “major lease” as defined in the Loan Documents, including entering into any
subordination, non-disturbance and attornment agreement;


(xvi)           
any adoption or implementation of a budget submitted by the Mortgage Loan Borrower to the extent lender approval is required
under the Mortgage Loan Documents;






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(xvii)           
the voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Mortgage Loan Borrower;


(xviii)           
the release of a guarantor under the Mortgage Loan Documents or the approval of any replacement or additional guarantor
under the Mortgage Loan Documents;


(xix)           
the approval of any property improvement plans or other material alterations proposed for the Mortgaged Property;


(xx)           
subject to the REMIC provisions of the Code, any determination regarding the application of casualty or condemnation proceeds
to restoration of the Mortgaged Property or to repayment of the Mortgage Loan;


(xxi)           
any proposed modification or waiver of the insurance requirements set forth in the Mortgage Loan Documents, other than pursuant
to the specific terms of such Mortgage Loan Documents and for which there is no lender discretion; or


(xxii)           
any filing of a bankruptcy or similar action against the Mortgage Loan Borrower or guarantor or the election of any action
in a bankruptcy or Insolvency Proceeding to seek relief from the automatic stay or dismissal of a bankruptcy filing or voting for
or opposing a plan of reorganization, seeking or opposing an order for adequate protection, adequate assurance, a § 363 sale,
order shortening time or similar motion of procedure in an Insolvency Proceeding or making an § 1111(b)(2) election on behalf
of the Noteholders.


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


“Master Servicer
Remittance Date” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term
used in the Servicing Agreement.


“Maximum
Legal Rate” shall have the meaning assigned to such term in the Mortgage Loan Agreement.


“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 Date” shall have the meaning assigned to the term “monthly payment date” in the Mortgage Loan Agreement.


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


“Morningstar”
shall mean Morningstar Credit Ratings, LLC, or any successor in interest.






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“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 October 18, 2019, between the Mortgage Loan Borrower and DB,
as lender, as the same may be 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 Rate” shall mean, as of any date of determination, the weighted average of the Note A Rate and the Note B Rate.


“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.


“Net Note
A Rate” shall mean the Note A Rate minus the Servicing Fee Rate.


“Net Note
B Rate” shall mean the Note B Rate minus the Servicing Fee Rate.


“Non-Controlling
Note A Holder” shall mean each Note A Holder that is not the Controlling Noteholder; provided that, if at any
time such Note A Holder’s A Note is held by (or, at any time such Note A Holder’s A Note is included in a Securitization,
the related Non-Controlling Note A Subordinate Class Representative is) a Borrower Party, no Person shall be entitled to exercise
the rights of such Non-Controlling Note A Holder with respect to such A Note.


“Non-Controlling
Note A Subordinate Class Representative” shall mean, with respect to an A Note that is no longer included in the Lead
Securitization and is then included in a Non-Lead Securitization, the holders of the majority of the class of securities issued
in such Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization Servicing
Agreement for such Securitization or their duly appointed representative.


“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.






    		12	 



     


    

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


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


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


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


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


“Non-Lead
Noteholder” shall mean each Noteholder other than a Lead Securitization Noteholder.


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


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


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


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


“Non-Lead
Securitization A Note” shall mean each A Note, if any, that is not a Lead Securitization Note.


“Non-Lead
Securitization Note A Holder” shall mean each Note A Holder of a Non-Lead Securitization Note.


“Non-Lead
Securitization Servicing Agreement” shall mean from and after the date a Non-Lead Securitization A Note is included in
a Non-Lead Securitization, the pooling and servicing agreement entered into in connection with such Non-Lead Securitization.


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


“Non-Lead
Servicer” shall mean the Non-Lead Master Servicer or the Non-Lead Special Servicer for a Non-Lead Securitization, as
the context may require.






    		13	 



     


    

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


“Non-Lead
Sponsor” shall mean a then-current Non-Lead Securitization Note A Holder (immediately prior to the related Non-Lead Securitization)
in its capacity as the sponsor with respect to the related Non-Lead Securitization A Note in connection with such Non-Lead Securitization.


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


“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
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.


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


“Note”
shall mean each A Note and Note B.


“Note A/B
Securitization Servicing Agreement” shall have the meaning assigned to such term in the recitals.


“Note A/B
Securitization” shall mean any Securitization that includes both (i) any Other Note A or any portion of such Other Note
A, and (ii) Note B.


“Note A/B
Securitization Date” shall mean the closing date of the Note A/B Securitization.


“Note A Default
Rate” shall mean a rate per annum equal to the Note A Rate plus the Note Default Interest Spread.


“Note A Holders”
shall mean the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder.


“Note A Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the sum of the Note A-1 Principal
Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance and the Note A-5 Principal



    		14	 



     


    


Balance, and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3
Principal Balance, the Note A-4 Principal Balance, the Note A-5 Principal Balance and the Note B Principal Balance.


“Note A Principal
Balance” shall mean, as of any date of determination, the sum of the Note A-1 Principal Balance, the Note A-2 Principal
Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance and the Note A-5 Principal Balance.


“Note A Rate”
shall mean the Note A Rate set forth on the Mortgage Loan Schedule.


“Note A Relative
Spread” shall mean the ratio of the Note A Rate to the Mortgage Loan Rate.


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


“Note A-1
Holder” shall mean the Initial Note A-1 Holder, or any subsequent holder of Note A-1, together with its successors and
assigns.


“Note A-1
Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-1
Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-1 Holder
or reductions in such amount pursuant to Sections 3, 4 or 5, as applicable.


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


“Note A-2
Holder” shall mean the Initial Note A-2 Holder, or any subsequent holder of Note A-2, together with its successors and
assigns.


“Note A-2
Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-2
Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-2 Holder
or reductions in such amount pursuant to Sections 3, 4 or 5, as applicable.


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


“Note A-3
Holder” shall mean the Initial Note A-3 Holder, or any subsequent holder of Note A-3, together with its successors and
assigns.


“Note A-3
Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-3
Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-3 Holder
or reductions in such amount pursuant to Sections 3, 4 or 5, as applicable.


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


“Note A-4
Holder” shall mean the Initial Note A-4 Holder, or any subsequent holder of Note A-4, together with its successors and
assigns.



    		15	 



     


    




“Note A-4
Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-4
Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-4 Holder
or reductions in such amount pursuant to Sections 3, 4 or 5, as applicable.


“Note A-5”
shall have the meaning assigned to such term in the recitals.


“Note A-5
Holder” shall mean the Initial Note A-5 Holder, or any subsequent holder of Note A-5, together with its successors and
assigns.


“Note A-5
Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Initial Note A-5
Principal Balance set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-5 Holder
or reductions in such amount pursuant to Sections 3, 4 or 5, as applicable.


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


“Note B Default
Rate” shall mean a rate per annum equal to the Note B Rate plus the Note Default Interest Spread.


“Note B Holder”
shall mean the Initial Note B Holder, and any successor in interest, or any subsequent holder of Note B.


“Note B Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note B Principal Balance and
the denominator of which is the sum of the Note A Principal Balance and the Note B Principal Balance.


“Note B Principal
Balance” shall mean, at any time of determination, the Initial Note B Principal Balance set forth on the Mortgage Loan
Schedule, less any payments of principal thereon or reductions in such amount pursuant to Sections 3, 4 or 5,
as applicable.


“Note B Rate”
shall mean the Note B Rate set forth on the Mortgage Loan Schedule.


“Note B Relative
Spread” shall mean the ratio of the Note B Rate to the Mortgage Loan Rate.


“Note Default
Interest Spread” shall mean, with respect to the outstanding principal balance of any Note, a rate per annum equal to
the lesser of (i) the Maximum Legal Rate minus the Mortgage Loan Rate or (ii)  four percent (4%).


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


“Note Rate”
shall mean any of the Note A Rate and the Note B Rate, as applicable.


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


“Noteholder”
shall mean any of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder, the Note A-5 Holder
and the Note B Holder, as applicable.






    		16	 



     


    

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


“New Note”
shall have the meaning assigned to such term in Section 38.


“Operating
Advisor” shall mean the operating advisor, if any, appointed pursuant to the Lead Securitization Servicing Agreement.


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


“Permitted
Fund Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C
attached hereto and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity
interests relating to commercial real estate, (ii) investing through a fund with committed capital of at least $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” shall mean any of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance,
the Note A-4 Principal Balance, the Note A-5 Principal Balance and the Note B Principal Balance, as applicable.


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


“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 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;






    		17	 



     


    

(b)  
one or more of the following:


(i)           
a real estate investment bank, 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 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 (b)(i),
(b)(ii), (b)(iii), (b)(iv) or (b)(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) any Noteholder, (B) a person that is otherwise a Qualified Institutional
Lender under clause (b)(i), (b)(ii) or (b)(v) (with respect to an institution substantially similar to the
entities referred to in clause (b)(i) or (b)(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



    		18	 



     


    

 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),


(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
if at least 51% of the lenders in such syndicate are otherwise Qualified Institutional Lenders under clauses (b)(i), (b)(ii),
(b)(iv) and (b)(v) above; 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 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) or (b)(v)
of this definition, (x) such entity has at least $200,000,000 in capital/statutory surplus or shareholders’ equity (except
with respect to a pension advisory firm, 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 further that, in the case of the entity described in clause (iv)(b)(B) of this
definition, 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, (e) KBRA, (f) Morningstar or, (g) 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 a Non-Lead Depositor to rate the securities issued in connection with a
Securitization of an A Note; provided, however, that, at any time during which



    		19	 



     


    

 any A Note is an asset of any Securitization
Trust, “Rating Agencies” or “Rating Agency” shall mean each and every of those rating agencies that are
engaged by the Depositor or any Non-Lead Depositor from time to time to rate the securities issued in connection with any Securitization
of any one or more of the A Notes but excluding any of those rating agencies that do not rate any securities issued in connection
with any Securitization of any A Note.


“Rating Agency
Confirmation” shall mean, after a Securitization, the meaning given thereto or to such other analogous term used 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 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” shall mean any of the Note A Relative Spread or the Note B Relative Spread, as the context may require.


“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.


“Required
Special Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of either “CSS3”
or “CLLSS3”, (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 CMBS transaction 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 CMBS securities
or placed any class of CMBS securities on watch citing the continuation of such special servicer as special servicer of such commercial
mortgage loans, (iv) in the case of Morningstar, either (a) the applicable replacement has a special servicer ranking of at least
“MOR CS3” by Morningstar (if ranked by Morningstar) or (b) if not ranked by Morningstar, is currently acting as a special
servicer on a deal or transaction-level basis for all or a significant portion of the related mortgage loans in other CMBS transactions
rated by any of



    		20	 



     


    

 S&P, Moody’s, Morningstar, Fitch, DBRS or KBRA and the trustee does not have actual knowledge that Morningstar
has, and the replacement special servicer certifies that Morningstar has not, with respect to any such other CMBS transaction,
qualified, downgraded or withdrawn its rating or ratings on one or more classes of such CMBS transaction citing servicing concerns
of the applicable replacement as the sole or material factor in such rating action, (v) in the case of KBRA, KBRA has not cited
servicing concerns of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the
ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction
serviced by such special servicer prior to the time of determination, and (vi) in the case of DBRS, such special servicer is currently
acting as special servicer for one or more loans included in a commercial mortgage loan securitization that is rated by DBRS, and
DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage-backed securities or placed any
class of commercial mortgage-backed securities on watch citing the continuation 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.


“Restricted
Mezzanine Holder”, prior to the Lead Securitization Date, shall mean a holder of a related mezzanine loan (or any Affiliate
or agent thereof) or an owner in any interest in any related mezzanine loan (whether legally, beneficially or otherwise, including
as a holder of a note evidencing a related mezzanine loan, a holder of a participation interest in a related mezzanine loan or
a beneficial owner of any securities collateralized by a related mezzanine loan) (a) that has been accelerated or as to which the
mezzanine lender has initiated foreclosure or enforcement proceedings against the equity collateral pledged to secure such mezzanine
loan, (b) as to which an event of default under such mezzanine loan has occurred giving rise to an automatic acceleration of such
mezzanine loan or the right of the lender thereunder to accelerate such mezzanine loan or (c) at any time when any Servicing Transfer
Event has occurred and is continuing with respect to the Mortgage Loan as a result of any determination by the Servicer that a
default in the payment of principal or interest under the Mortgage Loan is reasonably foreseeable. On and after the Lead Securitization
Date, such term shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.


“Risk Retention
Consultation Party” shall mean each risk retention consultation party appointed pursuant to the Lead Securitization Servicing
Agreement.


“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



    		21	 



     


    

 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 any Noteholder of such Noteholder’s Note or a portion thereof to a depositor, who will in
turn include such Note or 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 any Note or a portion thereof is consummated.


“Securitization
Servicing Agreement” shall mean the Lead Securitization Servicing Agreement or a Non-Lead Securitization Servicing Agreement,
as the context may require.


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


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


“Sequential
Pay Event” shall mean any Event of Default with respect to an obligation to pay money due under the Mortgage Loan, any
other Event of Default for which the Mortgage Loan is actually accelerated or any other Event of Default which causes the Mortgage
Loan to become a Specially Serviced Loan, or any bankruptcy or insolvency event that constitutes an Event of Default; provided,
however, that unless the Servicer has notice or knowledge of such event at least ten (10) Business Days prior to the applicable
distribution date, distributions will be made sequentially beginning on the subsequent distribution date; provided, further,
that the aforementioned requirement of notice or knowledge will not apply in the case of distribution of the final proceeds of
a liquidation or final disposition of the Mortgage Loan. A Sequential Pay Event shall no longer exist to the extent it has been
cured (including any cure payment made by the Note B Holder in accordance with Section 11) and shall not be deemed
to exist to the extent the Note B Holder is exercising its cure rights under Section 11 or the default that led to the occurrence
of such Sequential Pay Event has otherwise been cured or waived.


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


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


“Servicing
Agreement” shall mean the Lead Securitization Servicing Agreement; provided that in the event that, following
the Securitization of the Lead Securitization Note, the Lead Securitization Note is no longer an asset of the trust fund created
pursuant to the Lead 



    		22	 



     


    

Securitization Servicing Agreement, the “Servicing Agreement” shall be determined in accordance
with Section 2(j).


“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 Loan” shall have the meaning assigned to the term “specially serviced loan” or “specially
serviced mortgage loan” in the Servicing Agreement or such other analogous term used in the Servicing Agreement.


“Sub-Servicer”
shall have the meaning given thereto in the Lead Securitization Servicing Agreement (or other analogous term under the Lead Securitization
Servicing Agreement).


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


“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  directly or  indirectly, by operation of law or otherwise.


“Trustee”
shall mean the trustee appointed pursuant to the Lead Securitization Servicing Agreement.


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



    		23	 



     


    

 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).


“Withheld
Amounts” shall have the meaning assigned to such term in Section 3.


“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 this Agreement and the Servicing Agreement.


Section 2.               
Servicing.


(a)   
Each Noteholder acknowledges and agrees that, subject to this Agreement, the Mortgage Loan shall be serviced (i) from and
after the Note A-1 Securitization Date, but prior to the Note A/B Securitization Date, by the Note A-1 Master Servicer and the
Note A-1 Special Servicer pursuant to this Agreement and the Note A-1 Securitization Servicing Agreement; and (ii) from and after
the Note A/B Securitization Date, by the Note A/B Master Servicer and the Note A/B Special Servicer pursuant to the terms of this
Agreement and the Note A/B Securitization 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 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 other Noteholder 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, the Asset Representations Reviewer 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, the terms of the Mortgage Loan Documents, the Servicing Agreement
and applicable law, and shall not take any action or refrain from taking any action or follow any direction inconsistent with the
foregoing.






    		24	 



     


    

(b)  
In no event shall the Note B Holder be entitled to exercise any rights of the “directing holder”, controlling
or consulting class or any analogous class or holder under the Servicing Agreement except to the extent the Note B Holder is given
such rights expressly under the terms of this Agreement or the Servicing Agreement in its capacity as the Controlling Noteholder,
and in no event may any such “directing holder”, controlling or consulting class or analogous class or holder under
the Servicing Agreement have any of the rights of the Controlling Noteholder hereunder except during a Control Appraisal Period.


(c)   
In no event may the Servicing Agreement change the interest allocable to, or the amount of any payments due to, the
Note B Holder or materially increase the Note B Holder’s obligations or materially decrease the Note B Holder’s rights,
remedies or protections hereunder or otherwise adversely affect the Note B Holder’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 Lead Securitization Servicing Agreement) (i) shall be required to make Property Protection Advances
with respect to the Mortgage Loan, subject to the terms of the Lead Securitization Servicing Agreement and this Agreement, and
(ii) may be required to make P&I Advances on the Lead Securitization Notes, if and to the extent provided in the Lead Securitization
Servicing Agreement and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled
to reimbursement for a Property Protection Advance, first from funds on deposit in the Collection Account that (in any case) represent
amounts received on or in respect of the Mortgage Loan in the manner provided in the Lead Securitization Servicing Agreement, and
then, in the case of Nonrecoverable Property Protection Advances, if such funds on deposit in the Collection Account are insufficient,
from general collections of the Lead Securitization as provided in the Lead Securitization Servicing Agreement and from general
collections of the Non-Lead Securitizations as provided below. The Master Servicer, the Special Servicer and the Trustee, as applicable,
will be entitled to reimbursement for Advance Interest Amounts on a Property Protection Advance or a Nonrecoverable Property Protection
Advance, in the manner and from the sources provided in the Lead Securitization Servicing Agreement, including from general collections
of the Lead Securitization and, in the case of Property Protection Advances, from general collections of the Non-Lead Securitizations
as provided below. Notwithstanding the foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee, as applicable,
obtains funds from general collections of the Lead Securitization as a reimbursement for a Nonrecoverable Property Protection Advance
or any Advance Interest Amounts on a Property Protection Advance or a Nonrecoverable Property Protection Advance, each Non-Lead
Securitization Note A Holder (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 Property Protection Advance or Advance Interest Amounts.


In addition, each
Non-Lead Securitization Note A Holder (including, but not limited to, the related 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 such
Non-Lead Securitization Note A Holder’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



    		25	 



     


    

 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 Lead Securitization Servicing Agreement, 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 Collection Account
that are allocated to the related Non-Lead Securitization A Note are insufficient for reimbursement of such amounts (which such
reimbursement shall be made, if a Non-Lead Securitization A Note has been included in a Non-Lead Securitization, from general collections
or any other amounts from such Non-Lead Securitization Trust). Each Non-Lead Securitization Note A Holder agrees to indemnify (i)
(as and to the same extent the Lead Securitization Trust is required to indemnify each of the following parties in respect of other
mortgage loans in the Lead Securitization Trust pursuant to the terms of Lead Securitization 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 Lead
Securitization Servicing Agreement in respect of other mortgage loans) and (ii) the Lead Securitization Trust (such parties in
clause (i) and the Lead Securitization Trust, collectively, the “Indemnified Parties”) against any claims,
losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses
incurred in connection with the servicing and administration of the Mortgage Loan and the Mortgaged Property (or, with respect
to the Operating Advisor, incurred in connection with the provision of services for the Mortgage Loan) under the Lead Securitization
Servicing Agreement (collectively, the “Indemnified Items”) to the extent of its pro rata share of such
Indemnified Items, and to the extent that (after application of collections allocable to Note B on deposit in the Collection Account
to pay such amounts) amounts on deposit in the Collection Account that are allocated to the related Non-Lead Securitization A Note
are insufficient for reimbursement of such amounts, such Non-Lead Securitization Note A Holder shall be required to, promptly following
notice from the Master Servicer, the Special Servicer or the Trustee, reimburse each of the applicable Indemnified Parties for
its pro rata share of the insufficiency (including, if the related Non-Lead Securitization A Note has been included in a
Non-Lead Securitization, from general collections or any other amounts from such Non-Lead Securitization Trust).


A Non-Lead Master
Servicer may be required to make P&I Advances on the related Non-Lead Securitization A Note it is servicing, from time to time,
subject to the terms of the related Non-Lead Securitization Servicing Agreement, the Lead Securitization Servicing Agreement and
this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to make their own recoverability
determination with respect to a P&I Advance to be made on the Lead Securitization Note based on the information that they have
on hand and in accordance with the Lead Securitization Servicing Agreement. Each Non-Lead Master Servicer, Non-Lead Special Servicer
and Non-Lead Trustee, as applicable, shall be entitled to make their own recoverability determination with respect to a P&I
Advance to be made on the related Non-Lead Securitization A Note based on the information that they have on hand and in accordance
with the related Non-Lead Securitization Servicing Agreement. The Master Servicer and the Trustee, as applicable, and each Non-Lead
Master Servicer or Non-Lead Trustee shall be required to notify each other servicer and trustee with respect to a Securitization
of the amount of its P&I Advance within two (2) Business Days of making such advance. If the Master Servicer, the Special Servicer
or the Trustee, as applicable (with respect to the Lead Securitization Note) or a Non-Lead Master



    		26	 



     


    

 Servicer, Non-Lead Special Servicer
or Non-Lead Trustee, as applicable (with respect to a Non-Lead Securitization A Note), determines that a proposed P&I Advance,
if made, would be non-recoverable or an outstanding P&I Advance is or would be non-recoverable, or if the Master Servicer,
the Special Servicer or the Trustee, as applicable, subsequently determines that a proposed Property Protection Advance would be
non-recoverable or an outstanding Property Protection Advance is or would be non-recoverable, then the Master Servicer or the Trustee
(as provided in the Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the Master
Servicer, the Special Servicer or the Trustee) or such Non-Lead Master Servicer or Non-Lead Trustee (as provided in the related
Non-Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by a Non-Lead Master Servicer,
a Non-Lead Special Servicer or a Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or such Non-Lead Master Servicer
and such 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 Servicers and the Non-Lead Trustees, as applicable, will only be entitled to reimbursement for
a P&I Advance that becomes non-recoverable and advance interest thereon, first, from the Collection Account from amounts allocable
to the Note for which all or a portion of such P&I Advance was made and then, if funds are insufficient, (i) in the case of
the Lead Securitization Notes, from such other assets and funds of the Lead Securitization Trust as may be made available therefor
under the terms of the Lead Securitization Servicing Agreement and (ii) in the case of a Non-Lead Securitization A Note, such other
assets and funds of the related Non-Lead Securitization Trust as may be made available therefor under the terms of the related
Non-Lead Securitization Servicing Agreement.


(e)   
The Servicing Agreement shall contain provisions to the effect that (and to the extent such following provisions are not
included in the Servicing Agreement, they shall be deemed incorporated therein and made a part thereof):


(i)           
any payments received on the Mortgage Loan shall be paid by the Master Servicer to each of the Noteholders (other than the
Noteholders of the Non-Lead Securitization A Notes, to whom remittances shall be made described in clause (viii) below) on the
Master Servicer Remittance Date under the Servicing Agreement;


(ii)           
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 but 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 a Borrower 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;


(iii)           
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;






    		27	 



     


    

(iv)           
the Servicing Agreement may not be amended without the consent of each Non-Lead Noteholder if such amendment would be materially
adverse to such Non-Lead Noteholder or would materially adversely 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
materially adverse to a Non-Lead Noteholder;


(v)           
the Special Servicer selected by the Controlling Noteholder shall be appointed as the Special Servicer for the Mortgage
Loan not later than the earlier of (x) the closing of the Securitization of the Controlling Note or (y) the Mortgage Loan becoming
a Specially Serviced Loan under any other 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 any Securitization of
an A Note;


(vi)           
the Master Servicer or Trustee shall be required to provide written notice to each Non-Lead Master Servicer and each Non-Lead
Trustee of any P&I Advance it has made with respect to the Lead Securitization Note within two (2) Business Days of making
such advance;


(vii)           
if the Master Servicer determines that a proposed P&I Advance with respect to the Lead Securitization Note or Property
Protection Advance with respect to the Mortgage Loan, if made, or any outstanding P&I Advance or Property Protection Advance
previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer shall provide each Non-Lead Master
Servicer written notice of such determination promptly after 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;


(viii)           
the Master Servicer shall remit all payments allocated to the Noteholder of each Non-Lead Securitization A Note pursuant
to Section 3, net of the servicing fees payable to the Master Servicer and Special Servicer with respect to such Non-Lead
Securitization A Note, and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and
the Trustee, to such Non-Lead Securitization Note A Holder not later than the earlier of (x) the Master Servicer Remittance Date
and (y) the Business Day following the “determination date” (or any term substantially similar thereto) as defined
in the applicable Non-Lead Securitization Servicing Agreement (such determination date, the “Non-Lead Securitization Determination
Date”), provided, however, that (a) no remittance is required to be made until one (1) Business Day of
receipt of properly identified funds constituting the related Monthly Payment (provided, however, that to the extent any such amounts
are received after 3:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts
to remit such amounts within one (1) Business Day of receipt of properly identified funds but, in any event, the Master Servicer
shall remit such amounts within two (2) Business Days of receipt of properly identified funds; provided further, however,
that in the event the Master Servicer (when otherwise required to remit) is in receipt of properly identified funds that are not
available to the Master Servicer, the Master Servicer may instead remit such amounts on the same Business Day that such properly
identified funds become available



    		28	 



     


    

 to the Master Servicer); and (b) any late collections received by the Master Servicer after the
related due date under the Mortgage Loan shall be remitted by the Master Servicer in accordance with Section 2(e)(xv) below;


(ix)           
with respect to each Non-Lead Note, the Master Servicer agrees to deliver or cause to be delivered or to make available
to such Non-Lead Noteholder (or, in the case of a Non-Lead Note held by a Securitization, the related Non-Lead Master Servicer)
all reports required to be delivered by the Master Servicer to the Certificate Administrator and the Trustee under the Lead Securitization
Servicing Agreement (which shall include all loan-level reports constituting the CREFC® Investor Reporting Package (IRP)) pursuant
to the terms of the Lead Securitization Servicing Agreement, to the extent related to the Mortgage Loan, the Mortgaged Property,
such Non-Lead Note, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, not later than the
earlier of (x) the Master Servicer Remittance Date and (y) the Business Day following the Non-Lead Securitization Determination
Date (if any), in each case so long as the date on which delivery is required under this clause (ix) is at least one (1)
Business Day after the scheduled monthly payment date under the Mortgage Loan Agreement;


(x)           
the Master Servicer and the Special Servicer, as applicable, shall provide (in electronic media) to each Non-Lead Noteholder
all documents, certificates, instruments, notices, reports, operating statements, rent rolls and other information regarding the
Mortgage Loan provided by it to any other party to the Lead Securitization Servicing Agreement at the time provided to such other
party;


(xi)           
the servicing duties of each of the Master Servicer and Special Servicer under the Lead Securitization Servicing Agreement
shall include the duty to service the Mortgage Loan and all of the Notes on behalf of the Noteholders (including any respective
trustees and certificateholders) in accordance with the terms and provisions of this Agreement, the Lead Securitization Servicing
Agreement and the Servicing Standard;


(xii)           
each Non-Lead Noteholder shall be entitled to the same indemnity as the Lead Securitization Noteholder under the Lead Securitization
Servicing Agreement; each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor and the Custodian shall be required to (and shall require any Servicing Function Participant or Additional Servicer engaged
by it to) indemnify each Certifying Person and the Non-Lead Depositor, and their respective directors and officers and controlling
persons, to the same extent that they indemnify the Depositor (as depositor in respect of the Lead Securitization) and each Certifying
Person for (i) its failure to deliver the items in clause (xiii) below in a timely manner, (ii) its failure to perform its
obligations to the Non-Lead Depositor or the related Non-Lead Trustee under Article XI (or any article substantially similar thereto)
of the Lead Securitization Servicing Agreement by the time required after giving effect to any applicable grace period or cure
period, (iii) the failure of any Servicing Function Participant or Additional Servicer retained by it (other than an Initial Sub-Servicer)
to perform its obligations to such depositor or trustee under such Article XI (or any article substantially similar thereto) of
the Lead Securitization Servicing Agreement by the time required and/or (iv) any Deficient Exchange Act Deliverable regarding,
and delivered by or on behalf of, such party;






    		29	 



     


    

(xiii)           
with respect to each Non-Lead Securitization that is subject to reporting requirements under the Securities Act, the Exchange
Act (including Rule 15Ga-1), and Regulation AB, (a) the Master Servicer, any primary servicer, the Special Servicer, the Trustee,
the Certificate Administrator or other party acting as custodian for the Lead Securitization shall be required to deliver (and
shall be required to cause each other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively,
of Regulation AB) retained or engaged by it to deliver; provided that such party shall only be required to use commercially
reasonable efforts to cause an Initial Sub-Servicer to deliver), in a timely manner (i) the reports, certifications, compliance
statements, accountants’ assessments and attestations, and information to be included in reports (including, without limitation,
Form ABS-15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified in the Non-Lead Securitization
Servicing Agreement, in the case of sub-clauses (vi) and (vii), as the Non-Lead Depositor or the Non-Lead Trustee
reasonably believes, in good faith, are required in order for the Non-Lead Depositor or the Non-Lead Trustee to comply with (1)
its obligations under the Securities Act, the Exchange Act (including Rule 15Ga-1), Regulation AB and Form SF-3 and (2) any applicable
comment letter from the Commission or its obligations with respect to any Deficient Exchange Act Deliverable, (b) without limiting
the generality of the foregoing (x) the Depositor or the Lead Securitization Noteholder shall provide or cause to be provided to
the Non-Lead Depositor (and to counsel to the Non-Lead Depositor) and the Non-Lead Trustee (1) written notice (which may be by
email) in a timely manner (but no later than three (3) Business Days prior to closing) of the occurrence of the Lead Securitization,
and (2) no later than the closing date of the Lead Securitization, a copy of the Lead Securitization Servicing Agreement in an
EDGAR-compatible format, and (y) the Master Servicer and Special Servicer (or any replacement Master Servicer or Special Servicer,
as applicable) shall, upon reasonable prior written request, and subject to the right of the Master Servicer or the Special Servicer,
as the case may be, to review and approve such disclosure materials (in each case, at the cost (including the reasonable fees of
counsel) of the Non-Lead Sponsor), permit a holder of the Non-Lead Securitization A Note to use such party’s description
contained in the Lead Securitization prospectus (updated as appropriate by the Master Servicer or Special Servicer, as applicable,
at the cost (including the reasonable fees of counsel) of the Non-Lead Sponsor) or contained in a Lead Securitization Form 8-K),
for inclusion in the disclosure materials or a Form 8-K relating to any securitization of the Non-Lead Securitization A Note, and
(z) the Master Servicer and the Special Servicer (or any replacement Master Servicer or Special Servicer, as applicable), shall
provide indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered with respect to
the Lead Securitization (in each case, at the cost (including the reasonable fees of counsel) of the Non-Lead Sponsor), and (c)
in connection with any amendment of the Lead Securitization Servicing Agreement, the Depositor shall provide written notice (which
may be by email) of such proposed amendment to the Non-Lead Depositor and the Non-Lead Trustee no later than three (3) Business
Days prior to the date of effectiveness of such amendment, and, on the date of effectiveness of such amendment to the Lead Securitization
Servicing Agreement, provide a copy of such amendment in an EDGAR-compatible format to the Non-Lead Depositor and the Non-Lead
Trustee. The Master Servicer and the Special Servicer shall each be required to provide certification and indemnification to any
Certifying Person with



    		30	 



     


    

 respect to any applicable Sarbanes-Oxley Certification with respect to a Non-Lead Securitization.


(xiv)           
each of the Master Servicer, the Special Servicer, the Custodian and the Trustee and each Affected Reporting Party shall
cooperate (and require each Servicing Function Participant and Additional Servicer retained by it to cooperate under the applicable
Sub-Servicing Agreement), with each Non-Lead Depositor (including, without limitation, providing all due diligence information,
reports, written responses, negotiations and coordination) to the same extent as such party is required to cooperate with the Depositor
under Article XI (or any article substantially similar thereto) of the Lead Securitization Servicing Agreement and in connection
with Deficient Exchange Act Deliverables. All respective reasonable out-of-pocket costs and expenses incurred by the Non-Lead Depositor
(including reasonable legal fees and expenses of outside counsel to such depositor) in connection with the foregoing (other than
those costs and expenses related to participation by a Non-Lead Depositor in any telephone conferences and meetings with the Commission
and other costs the Non-Lead Depositor must bear pursuant to Article XI (or any article substantially similar thereto) of the Lead
Securitization Servicing Agreement) and any amendments to any reports filed with the Commission therewith shall be promptly paid
by the applicable Affected Reporting Party upon receipt of an itemized invoice from such Non-Lead Depositor;


(xv)           
any late collections received by the Master Servicer from the Mortgage Loan Borrower that are allocable to a Non-Lead Securitization
A Note or reimbursable to the Non-Lead Master Servicer or the Non-Lead Trustee shall be remitted by the Master Servicer to the
Non-Lead Master Servicer or the Non-Lead Noteholder, as applicable, within one (1) Business Day of receipt of properly identified
funds; provided, however, that to the extent any such amounts are received after 3:00 p.m. Eastern time on any given
Business Day, the Master Servicer shall use commercially reasonable efforts to remit such amounts within one (1) Business Day of
receipt of properly identified funds but, in any event, the Master Servicer shall remit such amounts within two (2) Business Days
of receipt of properly identified funds; provided further, however, that in the event the Master Servicer (when otherwise
required to remit) is in receipt of properly identified funds that are not available to the Master Servicer, the Master Servicer
may instead remit such amounts on the same Business Day that such properly identified funds become available to the Master Servicer;


(xvi)           
each Non-Lead Master Servicer and each Non-Lead Special Servicer shall each be a third-party beneficiary of the Lead Securitization
Servicing Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or indemnification
of such Non-Lead Master Servicer or such Non-Lead Special Servicer, as the case may be, and the provisions regarding coordination
of Advances;


(xvii)           
to the extent related to the Mortgage Loan, the Master Servicer or the Special Servicer, Rating Agency Confirmation shall
be provided with respect to the commercial mortgage pass-through certificates issued in connection with each Non-Lead Securitization
to the same extent provided with respect to the commercial mortgage pass-through certificates issued in connection with the Lead
Securitization;






    		31	 



     


    

(xviii)           
Servicer Termination Events with respect to the Master Servicer and the Special Servicer shall include: (i) solely with
respect to the Master Servicer, the failure to timely remit payments to a Non-Lead Noteholder, which failure continues unremedied
for one (1) Business Day following the date on which such payment was to be made; (ii) solely with respect to the Special Servicer,
the failure to deposit into any REO Account any amount required to be so deposited within two (2) Business Days after the date
such deposit was to be made, or the failure to remit to the Master Servicer for deposit into the Collection Account, as applicable,
any amount required to be so remitted by the Special Servicer within one (1) Business Day after the date such remittance was to
be made; (iii) solely with respect to the Special Servicer, the failure to maintain the Required Special Servicer Rating or to
be otherwise acceptable to each Rating Agency rating a Securitization, which failure continues unremedied for a period of sixty
(60) days following actual knowledge thereof by the Special Servicer; (iv) the qualification, downgrade or withdrawal, or placing
on “watch status” in contemplation of a rating downgrade or withdrawal of the ratings of any class of certificates
issued in connection with the Non-Lead Securitization by the Rating Agencies rating such securities (and such qualification, downgrade,
withdrawal or “watch status” placement shall not have been withdrawn by such rating agencies within sixty (60) days
of actual knowledge of such event by the Master Servicer or the Special Servicer, as the case may be), and publicly citing servicing
concerns with the Master Servicer or Special Servicer, as applicable, as the sole or a material factor in such rating action; and
(v) the failure to provide to a Non-Lead Securitization Note A Holder (if and to the extent required under the related Non-Lead
Securitization) reports required under the Exchange Act, and the rules and regulations thereunder, in a timely fashion. Upon the
occurrence of such a Servicer Termination Event (A) with respect to the Master Servicer affecting any Non-Lead Noteholder and the
Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon the
direction of such Non-Lead Noteholder, 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. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer
affecting a Non-Lead Noteholder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing
Agreement, the Trustee shall, upon direction of such Non-Lead Noteholder, terminate the Special Servicer with respect to, but only
with respect to, the Mortgage Loan;


(xix)           
upon any resignation of the Master Servicer or the Special Servicer, any termination of the Master Servicer or Special Servicer
and/or any replacement thereof, any appointment of a successor to the Master Servicer or Special Servicer, or the effectiveness
of any designation of a new Special Servicer, the Trustee or Certificate Administrator shall promptly (and in any event no later
than three (3) Business Days prior to the effective date of such resignation, termination, replacement and/or appointment of a
Master Servicer or Special Servicer) provide written notice thereof to each Non-Lead Trustee, each Non-Lead Master Servicer, and
each Non-Lead Depositor, together with any information reasonably



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 required (including, without limitation, any disclosure required
under Item 1108 of Regulation AB) for the related Non-Lead Securitization to comply with any applicable reporting obligations under
the Exchange Act; provided, that such notice shall not be deemed to be provided unless receipt thereof has been confirmed in writing
(which may be by email) from the Non-Lead Depositor;


(xx)           
if a Non-Lead Securitization A 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
Non-Lead Asset Representations Reviewer in connection with such Asset Review by providing the Non-Lead Asset Representations Reviewer
with any documents reasonably requested by the 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) the
Non-Lead Asset Representations Reviewer has not been able to obtain such documents from the related mortgage loan seller; and


(xxi)           
any conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement.


(f)   
Each Non-Lead Securitization Note A Holder agrees that it shall cause the related Non-Lead Securitization Servicing Agreement
to provide as follows (and to the extent such following provisions are not included in such Non-Lead Securitization Servicing Agreement,
they shall be deemed incorporated therein and made a part thereof):


(i)           
such Non-Lead Securitization Note A Holder shall be responsible for its pro rata share of any Nonrecoverable Property
Protection Advances (and 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 Property Protection 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 the
Non-Lead Securitization Note A Holder’s pro rata share of any such Nonrecoverable Property Protection Advances (together
with advance interest thereon) and/or other 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 Lead Securitization 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



    		33	 



     


    

 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 Note A Holder’s pro rata share of any such Nonrecoverable Property Protection
Advances (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 the Lead Securitization 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 that (after application of collections
allocable to Note B on deposit in the Collection Account to pay such amounts) amounts on deposit in the Collection Account that
are allocated to the Non-Lead Securitization A 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 A 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 A 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 such Non-Lead Securitization
Note A Holder as a “Controlling Note A Holder” or “Non-Controlling Note A Holder” under this Agreement,
accompanied by a copy of the executed Non-Lead Securitization Servicing Agreement, and (ii) notice 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 such Non-Lead
Securitization Note A Holder as a “Controlling Note A Holder” or “Non-Controlling Note A Holder” under
this Agreement (together with the relevant contact information) (which may be in the form of email delivery of a copy of any revised
Non-Lead Securitization Servicing Agreement); and


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






    		34	 



     


    

(g)  
The Lead Securitization Noteholder shall:


(i)           
give each Non-Lead Securitization Note A Holder that is included in a Securitization (if any) at the time of the Securitization
of the Lead Securitization Note, notice of such 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


(ii)           
send to each Non-Lead Securitization Note A Holder 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).


(h)  
Each Non-Lead Securitization Note A Holder shall provide (or cause to be provided) to the Lead Securitization Noteholder
and the parties to the Lead Securitization Servicing Agreement (provided that the Lead Securitization Servicing Agreement has been
delivered to the Non-Lead Securitization Note A Holder) notice of the closing of the related Non-Lead Securitization, in writing
(which may be by email) prior to or promptly following the related Non-Lead Securitization Date, which notice shall include a copy
of the Non-Lead Securitization Servicing Agreement.


(i)    
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.


(j)    
At any time after the Securitization Date when all of the Lead Securitization Notes are no longer subject to the provisions
of the Servicing Agreement, the Note A-1 Holder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement
that contains servicing provisions which are the same as or more favorable to the other Noteholders, in substance, to those in
the Servicing Agreement; all references herein to the “Servicing Agreement” shall mean such subsequent servicing agreement;
and, for purposes of the provisions hereof relating to the servicing and administration of the Mortgage Loan, all references herein
to “Lead Securitization Noteholder” shall be construed to refer to the Note A-1 Holder; provided, however,
that if a Non-Lead Securitization A Note is in a Securitization, then a written confirmation shall have been obtained from each
Rating Agency rating such Securitization that the appointment of the servicer(s) pursuant to such servicing agreement would not,
in and of itself, cause a downgrade,



    		35	 



     


    

 qualification or withdrawal of the then-current ratings assigned to the securities issued
in connection with such Securitization; provided, further, that until a replacement servicing agreement has been
entered into, the Lead Securitization Noteholder shall cause the Mortgage Loan to be serviced in accordance with the servicing
provisions set forth in the 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 such replacement Servicing Agreement shall have no further obligations
to advance monthly payments of principal and 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 meeting the requirements of the Servicing Agreement appointed by the Lead Securitization Noteholder and
the special servicer appointed by the Controlling Noteholder (which special servicer must satisfy the Required Special Servicer
Rating of, or otherwise be acceptable to, each of the Rating Agencies rating any outstanding Securitization) and does not have
to be performed by the service providers set forth under the Servicing Agreement.


(k)  
Subject to the Servicer’s obligation to act in accordance with the Servicing Standard and subject to a Rating Agency
Confirmation, and solely in the event that S&P rates any securities issued in connection with any Securitization of any Note,
the Servicer shall require the related Mortgage Loan Borrower to maintain insurance with an insurer meeting the minimum S&P
ratings requirements specified in the related Mortgage Loan Documents (and, for the avoidance of doubt, without regard to any lender
discretion with respect to such ratings in the related Mortgage Loan Documents).


Section 3.               
Subordination of Note B; Payments Prior to a Sequential Pay Event. Note B and the rights of the Note B Holder to
receive payments of interest, principal and other amounts with respect to Note B shall at all times be junior, subject and subordinate
to A Notes and the rights of the Note A Holders to receive payments of interest, principal and other amounts with respect to the
A Notes as and to the extent set forth herein. If no Sequential Pay Event shall have occurred and be continuing, all amounts tendered
by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan
or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of 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 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 (x) 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 or received as reimbursements on account of recoveries in respect of Advances then due and payable or reimbursable
to the Servicer under the Servicing Agreement and (y) all amounts that are then due, payable or reimbursable to any Servicer (excluding
master servicing fees, trustee fees, certificate administrator fees, operating advisor fees and asset representations reviewer
fees, all of which shall be payable to such party by the respective Note A Holder or Note B Holder in respect of whose Note such
fees accrued, in each case out of distributions made in respect of such Note) (such amounts contemplated by clauses (x)
and (y), “Withheld Amounts”), shall be distributed by the Master Servicer in the following order of priority



    		36	 



     


    


without duplication (and payments shall be made at such times as are set forth in the Servicing Agreement):


(a)   
first, to the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder,
pro rata (based on their respective entitlements to interest) in an amount equal to the accrued and unpaid interest on the
Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance and
the Note A-5 Principal Balance, respectively, at the Net Note A Rate;


(b)  
second, to the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder,
pro rata (based on the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note
A-4 Principal Balance and the Note A-5 Principal Balance) in an aggregate amount equal to all principal payments received, including
any Insurance and Condemnation Proceeds received, if any, with respect to such Monthly Payment Date with respect to the Mortgage
Loan allocated as principal on the Mortgage Loan and payable to the Noteholders, until the Note A-1 Principal Balance, the Note
A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance and the Note A-5 Principal Balance have been
reduced to zero;


(c)   
third, to the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder,
pro rata (based on their respective entitlements) up to the amount of any unreimbursed out-of-pocket costs and expenses
paid by such Note A-1 Holder, Note A-2 Holder, Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder, including any Recovered
Costs not previously reimbursed by the Mortgage Loan Borrower (or paid or advanced by any Servicer on its behalf and not previously
paid or reimbursed to such Servicer) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;


(d)  
fourth, 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)-(c) and, as a result of a Workout the aggregate
Principal Balance of Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5 has been reduced, such excess amount shall be paid to
the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder, pro rata (based
on the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance
and the Note A-5 Principal Balance) in an aggregate amount up to the reduction, if any, of the Note A-1 Principal Balance, the
Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance and the Note A-5 Principal Balance as
a result of such Workout, plus interest on such aggregate amount at the related Note A Rate;


(e)   
fifth, to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section
11, to reimburse the Note B Holder for all such cure payments;


(f)   
sixth, to the Note B Holder in an amount equal to the accrued and unpaid interest on the Note B Principal Balance
at the Net Note B Rate;


(g)  
seventh, to the Note B Holder in an amount equal to all principal payments received, including any Insurance and
Condemnation Proceeds received, if any, with respect to 



    		37	 



     


    

 such Monthly Payment Date with respect to the Mortgage Loan allocated as
principal on the Mortgage Loan and payable to the Noteholders, remaining after giving effect to the allocations in clause (b)
above, until the Note B Principal Balance has been reduced to zero;


(h)  
eighth, 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)-(g) and, as a result of a Workout the Principal
Balance of Note B has been reduced, such excess amount shall be paid to the Note B Holder in an amount up to the reduction, if
any, of the Note B Principal Balance as a result of such Workout, plus interest on such amount at the Note B Rate;


(i)    
ninth, to the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder,
pro rata (based on the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, Note
A-4 Principal Balance and Note A-5 Principal Balance) in an aggregate amount equal to the product of (i) the Note A Percentage
Interest multiplied by (ii) the Note A Relative Spread, and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan
Borrower;


(j)    
tenth, to the Note B Holder in an amount equal to the product of (i) the Note B Percentage Interest multiplied by
(ii) the Note B Relative Spread and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;


(k)  
eleventh, to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required
to be otherwise applied under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on
any Advances, to pay any Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements
or payments relate to the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan
Borrower, shall be paid pro rata to the Note A Holders and the Note B Holder in accordance with the Note A Percentage Interest
and the Note B Percentage Interest, respectively, with the amount distributed to the Note A Holders to be allocated among the Note
A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder pro rata based on the
Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance and
the Note A-5 Principal Balance; and


(l)    
twelfth, if any excess amount, including, without limitation, any Default Interest, is available to be distributed
in respect of the Mortgage Loan, and not otherwise applied in accordance with the foregoing clauses (a)-(k), any remaining amount
shall be paid pro rata to the Note A Holders and the Note B Holder in accordance with the initial Note A Percentage Interest
and the initial Note B Percentage Interest, respectively, with the amount distributed to the Note A Holders to be allocated among
the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder pro rata based
on the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance
and the Note A-5 Principal Balance.


Section 4.               
Payments Following a Sequential Pay Event. Payments of interest and principal shall be made to the Noteholders in
accordance with Section 3 of this Agreement;



    		38	 



     


    

 provided, if a Sequential Pay Event shall have occurred and be continuing,
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, any proceeds from the sale or distribution of any Foreclosure Property,
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 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 any Withheld Amounts, 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, to the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder
pro rata (based on their respective entitlements to interest) in an amount equal to the accrued and unpaid interest on the
Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance and
the Note A-5 Principal Balance, respectively, at the Net Note A Rate;


(b)  
second, to the Note B Holder in an amount equal to the accrued and unpaid interest on the Note B Principal Balance
at the Net Note B Rate;


(c)   
third, to the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder,
pro rata (based on the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note
A-4 Principal Balance and the Note A-5 Principal Balance), until the Note A-1 Principal Balance, the Note A-2 Principal Balance,
the Note A-3 Principal Balance, the Note A-4 Principal Balance and the Note A-5 Principal Balance have been reduced to zero;


(d)  
fourth, to the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder,
pro rata (based on their respective entitlements) up to the amount of any unreimbursed out-of-pocket costs and expenses
paid by such Note A-1 Holder, Note A-2 Holder, Note A-3 Holder, Note A-4 Holder and Note A-5 Holder, including any Recovered Costs,
in each case to the extent reimbursable by the Mortgage Loan Borrower but not previously reimbursed by the Mortgage Loan Borrower
(or paid or advanced by any Servicer on its behalf and not previously paid or reimbursed to such Servicer), with respect to the
Mortgage Loan pursuant to this Agreement or the Servicing Agreement;


(e)   
fifth, 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)-(d) and, as a result of a Workout the aggregate
Principal Balance of Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5 has been reduced, such excess amount shall be paid to
the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder pro rata (based
on the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance
and the Note A-5 



    		39	 



     


    

Principal Balance) in an aggregate
amount up to the reduction, if any, of based on the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal
Balance, the Note A-4 Principal Balance and the Note A-5 Principal Balance as a result of such Workout, plus interest on such
aggregate amount at the related Note A Rate;


(f)   
sixth, to the extent the Note B Holder have made any payments or advances to cure defaults pursuant to Section
11, to reimburse the Note B Holder for all such cure payments; and to the Note B Holder in the amount of any other unreimbursed
reasonable out-of-pocket costs and expenses paid by the Note B Holder, in each case to the extent reimbursable by, but not previously
reimbursed by, the Mortgage Loan Borrower;


(g)  
seventh, to the Note B Holder, until the Note B Principal Balance has been reduced to zero;


(h)  
eighth, to the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder,
pro rata (based on the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note
A-4 Principal Balance and the Note A-5 Principal Balance) in an aggregate amount equal to the product of (i) the Note A Percentage
Interest multiplied by (ii) the Note A Relative Spread, and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan
Borrower;


(i)    
ninth, to the Note B Holder in an amount equal to the product of (i) the Note B Percentage Interest multiplied by
(ii) the Note B Relative Spread and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;


(j)    
tenth, 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)-(i) and, as a result of a Workout the Principal
Balance of Note B has been reduced, such excess amount shall be paid to the Note B Holder in an amount up to the reduction, if
any, of the Note B Principal Balance as a result of such Workout, plus interest on such amount at the Note B Rate;


(k)  
eleventh, to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required
to be otherwise applied under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on
any Advances, to pay any Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements
or payments relate to the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan
Borrower, shall be paid pro rata to the Note A Holders and the Note B Holder in accordance with the Note A Percentage Interest
and the Note B Percentage Interest, respectively, with the amount distributed to the Note A Holders to be allocated between the
Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder pro rata based on
the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance
and the Note A-5 Principal Balance; and


(l)    
twelfth, if any excess amount, including, without limitation, any Default Interest, is available to be distributed
in respect of the Mortgage Loan, and not otherwise applied



    		40	 



     


    

 in accordance with the foregoing clauses (a)-(k), any remaining amount
shall be paid pro rata to the Note A Holders and the Note B Holder in accordance with the initial Note A Percentage Interest
and the initial Note B Percentage Interest, respectively, with the amount distributed to the Note A Holders to be allocated between
the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder pro rata based
on the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4 Principal Balance
and the Note A-5 Principal Balance.


For clarification
purposes, Default Interest and late payment charges (collectively, “Penalty Charges”) paid on the Notes pursuant
to Section 3 or Section 4 shall be allocated to the Note A Holders on a pro rata basis and applied: first, to reduce, on a pro
rata basis, the Penalty Charges otherwise payable on each such Note by the amount necessary to pay the Master Servicer, the Trustee
or the Special Servicer for any interest accrued on any Property Protection Advances and reimbursement of any Property Protection
Advances in accordance with the terms of the Lead Securitization Servicing Agreement; second, to reduce, on a pro rata basis, the
Penalty Charges otherwise payable to the Noteholder of each such Note by the amount necessary to pay the Master Servicer, Trustee,
Non-Lead Master Servicer or Non-Lead Trustee for any interest accrued on any P&I Advance made with respect to such Note by
such party (if and as specified in the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing Agreement,
as applicable); third, to reduce, on a pro rata basis, the Penalty Charges otherwise payable to each Note Holder by the amount
necessary to pay additional trust fund expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred
with respect to the Mortgage Loan (as specified in the Servicing Agreement); and finally, (i) in the case of the remaining amount
of Penalty Charges otherwise allocable pursuant to Section 3 or Section 4 to the Lead Securitization Noteholder, to pay such remaining
amount to the Master Servicer and/or the Special Servicer as additional servicing compensation as provided in the Servicing Agreement
and (ii) in the case of the remaining amount of Penalty Charges allocable pursuant to Section 3 or Section 4 to any Note A Holder
or Note B Holder, to the Master Servicer and/or the Special Servicer as additional servicing compensation as provided in the Servicing
Agreement.


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. Subject to this Agreement and the
Servicing Agreement (including, without limitation, Section 5(f) below) and consistent with the Servicing Standard, each
Non-Lead 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 Noteholder



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 has from and after the Note A-1 Securitization Date and prior to the Note A/B Securitization Date to, and each
Note Holder (other than the Other Note A Holder) hereby presently and irrevocably assigns and conveys to the Other Note A Holder
(or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Other Note A Holder) the rights, if any, that
such Note Holder has from and after the Note A/B Securitization Date 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 Securitization Noteholder from the obligation to make any disbursement of funds
as set forth herein). Without limiting the foregoing, each Note A Holder acknowledges that the Note B Holder owes such Noteholder
no 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 Note A Holder with respect to any action taken by such Note B Holder in connection with the
Mortgage Loan.


(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 this Agreement and the Servicing Agreement. The Servicers shall service the Mortgage Loan in
accordance with the terms of this Agreement, including without limitation, the rights of the Note B Holder 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 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 the Noteholders as a collective
whole (it being understood that the interests of the Note B Holder are subordinate to the A Notes, subject to the terms and conditions
of this Agreement, including without limitation the rights of the Controlling Noteholder), and the Note B Holder while it is not
a Borrower 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 Controlling Noteholder
Representative 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 Servicer in connection with a Workout
of the Mortgage Loan modifies the terms thereof in accordance herewith such that (i) the unpaid principal balance of the Mortgage
Loan is decreased, (ii) the Mortgage Loan Rate or scheduled amortization payments on such Mortgage Loan are reduced, (iii) payments
of interest or principal on such Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment (other than an
increase in the Mortgage Loan Rate or increase in scheduled amortization payments) is made to any of the terms of the Mortgage
Loan, all payments to the Note A Holders and the Note B Holder pursuant to Section 3 and Section 4, as
applicable, shall be made as though such Workout did not occur, with



    		42	 



     


    

 the payment terms of 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 Holder, 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 (or the Servicer on its behalf)
will have the sole authority and ability to revise the payment provisions set forth in Section 3 and Section 4
above in a manner that reflects the subordination of Note B 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 Note A Percentage Interest, and to increase or reduce,
as applicable, the Note B Percentage Interest in a manner that reflects a loss in principal as a result of such amendment or modification
and (ii) the ability to change the Note A Rate and the Note B Rate, as applicable, in order to reflect a reduction in the
Mortgage Loan Rate of the Mortgage Loan but shall not be permitted to change the order of the clauses set forth in Sections
3 and 4 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.


(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 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 all or a portion of any A Note. 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 (without reimbursement
under Section 3) by each Noteholder with respect to the REMIC containing the Note owned by such Noteholder.






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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, if 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 has been requested or proposed or any fact or circumstance has occurred requiring that a Major Decision be made,
or if the Master Servicer or Special Servicer otherwise intends to make a Major Decision, then the Master Servicer or Special Servicer,
as applicable, shall deliver prompt written notice thereof and a Major Decision Reporting Package to the Controlling Noteholder
and its Controlling Noteholder Representative, if any, at least ten (10) Business Days (30 days with respect to any proposed modification
or waiver of any material provision in the related Mortgage Loan Documents governing the type, nature or amount of insurance coverage
required to be obtained and maintained by the Mortgage Loan Borrower) prior to taking action with respect to such Major Decision
(or making a determination not to take action with respect to such Major Decision), and none of the Master Servicer, the Special
Servicer or any other Person shall implement any decision with respect to such Major Decision (or make a determination not to take
action with respect to such Major Decision) unless and until the Master Servicer or the Special Servicer, as applicable, has received
the written consent of the Controlling Noteholder (or its Controlling Noteholder Representative).


(ii)       If
the Master Servicer or Special Servicer, as applicable, has not received a response from the Controlling Noteholder (or its Controlling
Noteholder Representative) with respect to such Major Decision within ten (10) Business Days (30 days with respect to any proposed
modification or waiver of any material provision in the related Mortgage Loan Documents governing the type, nature or amount of
insurance coverage required to be obtained and maintained by the Mortgage Loan Borrower) after delivery of the notice of such Major
Decision and the Major Decision Reporting Package, then the Controlling Noteholder (or its Controlling Noteholder Representative)
will be deemed to have approved such action. Notwithstanding the provisions set forth in subsection (i), in the event that the
Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by this Agreement or the Servicing
Agreement to take such action), as applicable, determines that immediate action, with respect to the foregoing matters, or any
other matter requiring consent of the Controlling Noteholder (or its Controlling Noteholder Representative) in this Agreement or
the Servicing Agreement, is necessary to protect the interests of the Noteholders (as a collective whole (taking into account the
subordinate nature of Note B and the pari passu nature of the A Notes)), the Special Servicer or Master Servicer, as applicable
may take any such action without waiting for the response of the Controlling Noteholder (or its Controlling Noteholder Representative),
provided that the Special Servicer or Master Servicer, as applicable provides the Controlling



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 Noteholder with prompt written notice
following such action including a reasonably detailed explanation of the basis therefor. Similarly, following the occurrence of
an extraordinary event with respect to any Mortgaged Property, 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 the Mortgaged Property before obtaining the consent
of the Controlling Noteholder (or its Controlling Noteholder Representative) 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.


(iii)       Notwithstanding
the foregoing, the Lead Securitization Noteholder (or any Servicer acting on its behalf) shall not follow any advice, direction,
objection or consultation provided by the Controlling Noteholder (or its Controlling Noteholder Representative) 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
the 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 Note A Holder 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 Report within the same time frame such notice, information and report is
required to be provided to the Controlling Noteholder, and the Special Servicer shall be required to consult with each Non-Controlling
Note A Holder on a strictly non-binding basis, to the extent having received such notices, information and reports, any Non-Controlling
Note A Holder 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 Note A Holder; provided
that after the expiration of a period of ten (10) Business Days from the delivery to any Non-Controlling Note A Holder 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 Note A Holder, whether or not such Non-Controlling Note A Holder
has responded within such ten (10) Business Day period (unless, the Special Servicer proposes a new course of action that is materially
different from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from
the date of such proposal and delivery of all information relating thereto). No consultation of the Non-Controlling Note A Holder
shall (a) require or cause the Master Servicer or the Special Servicer to violate the terms of the Mortgage Loan, applicable law
or any provision of this Agreement or the Servicing Agreement, including the Master Servicer’s or the Special Servicer’s
obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of each Trust REMIC and the grantor
trust status of the Grantor Trust, (b) result in a breach of Section 5(e) or (c) materially expand the scope of the Special
Servicer’s, Trustee’s, the



    		45	 



     


    

 Certificate Administrator’s or the Master Servicer’s responsibilities under
this Agreement or the Servicing Agreement. Notwithstanding the consultation rights of the related Non-Controlling Note A Holder
set forth above, the Master Servicer or Special Servicer may make any Major Decision or take any action set forth in the Asset
Status Report before the expiration of the aforementioned ten (10) Business Day period if such Master Servicer or Special Servicer
determines that immediate action with respect thereto is necessary to protect the interests of the Noteholders. After a Securitization
of any A Note, references in this paragraph to a Non-Controlling Note A Holder as such term relates to such A Note shall mean the
related Non-Controlling Note A Subordinate Class Representative.


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


The Noteholders acknowledge
that the Lead Securitization Servicing Agreement may contain certain provisions that give the Operating Advisor or Risk Retention
Consultation Party certain non-binding consultation rights with respect to Major Decisions and other events related to compliance
with the Risk Retention Rules applicable to the Lead Securitization.


(g)  
Notwithstanding anything to the contrary in this Agreement, for so long as Note B is included in the Lead Securitization,
the provisions of this subsection (g) shall not have any force or effect.


The Note B Holder
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 receipt of a third party Appraisal ordered by the Master Servicer
or the Special Servicer that indicates such Control Appraisal Period has occurred (which such Appraisal the Special Servicer will
be required to deliver to the Note B Holder within two Business Days of receipt by the Special Servicer of such third party Appraisal)
together with the Master Servicer’s calculation of the Appraisal Reduction Amount applicable to Note B): (i) the Note B Holder
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 Lead Securitization
Noteholder in (a) cash collateral for the benefit of, and acceptable to, the Servicer or (b) an unconditional and irrevocable standby
letter of credit with the Lead Securitization Noteholder (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



    		46	 



     


    

 pursuant to the Servicing Agreement, would cause the applicable Control Appraisal Period not to occur. If the requirements
of this paragraph are satisfied by the Note B Holder (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 Note B Holder. If a
letter of credit is furnished as Threshold Event Collateral, the Note B Holder 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 applicable Controlling Noteholder,
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 Note B Holder 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 applicable 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 Note B Holder, any or such portion of Threshold Event Collateral held by the Servicer shall promptly
be returned to the Note B Holder (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 Sections 3
or 4, as applicable, with respect to the Mortgage Loan after application of the net proceeds of liquidation, not in excess
of the Note A Principal Balance and the Note B Principal Balance, as the case may be, 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)  
Regardless of whether a Control Appraisal Period is in effect with respect to Note B, each of the Master Servicer and the
Special Servicer shall provide to the Note B Holder copies of all notices, reports and information that the Servicing Agreement
requires such Master Servicer or Special Servicer, as the case may be, to provide to the Controlling Noteholder during such time
as no Control Appraisal Period is in effect.


(i)    
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.






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(j)    
Notwithstanding anything to the contrary contained herein or in the Servicing Agreement, if at any time a Borrower 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) or as a Non-Controlling Note A Holder (or a Non-Controlling
Note A Subordinate 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.


(k)  
If an Event of Default under the Mortgage Loan has occurred and is continuing, the Special Servicer may, in accordance with
the terms and provisions of the Servicing Agreement and subject to the Servicing Standard, elect to sell (1) if no Control Appraisal
Period has occurred and is continuing, the Mortgage Loan, subject to obtaining the consent (or deemed consent) of the Note B Holder
under Section 5(f), in which case such sale would include each of the A Notes and Note B, or (2) if a Control Appraisal
Period has occurred and is continuing, each of the A Notes and Note B, subject to obtaining the consent (or deemed consent) of
the Controlling Noteholder under Section 5(f), unless a Control Termination Event has occurred and is continuing, and without
obtaining the consent (or deemed consent) of the Note B Holder.


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 its proxy, for the purpose of soliciting and accepting offers for and consummating
the sale of its respective Non-Lead Note. Each Non-Lead Noteholder further agrees that, upon the request of the Lead Securitization
Noteholder, the Non-Lead Noteholder shall execute and deliver to or at the direction of the 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 respective 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. For the avoidance of doubt, this paragraph is subject to the consent right of the Controlling Noteholder in the immediately
preceding paragraph.


The authority of the
Lead Securitization Noteholder to sell a Non-Lead Note, and the obligations of a Non-Lead Noteholder to execute and deliver instruments
or deliver the 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 the Lead Securitization Note is repurchased by the Person that sold such Lead
Securitization Note into the Lead Securitization from the Lead Securitization Trust in connection with a material breach of representation
or warranty made by such Person with respect to the Lead Securitization Note or material document defect with respect to the documents
delivered by such Person with respect to the Lead Securitization Note upon the consummation of the Lead Securitization. The preceding
sentence shall not be construed to grant to any Non-Lead Noteholder the benefit of any representation or warranty made by the Person
that sold such Lead Securitization Note into the Lead Securitization



    		48	 



     


    

 or any document delivery obligation imposed on such Person
under any mortgage loan purchase and sale agreement, instrument of transfer or other document or instrument that may be executed
or delivered by such Person in connection with the Lead Securitization.


Section 6.               
Appointment of Controlling Noteholder Representative.


(a)   
The Controlling Noteholder shall have the right at any time to appoint a controlling noteholder representative to exercise
its rights hereunder (the “Controlling Noteholder Representative”). The Controlling Noteholder shall have the
right in its sole discretion at any time and from time to time to remove and replace the Controlling Noteholder Representative.
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 Controlling Noteholder Representative. The Controlling Noteholder Representative may be any
Person (other than a Borrower Party), 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 Controlling Noteholder
Representative 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 Controlling Noteholder Representative
acting on behalf of the Controlling Noteholder and other Noteholders (and any Servicer) will accept such actions of the Controlling
Noteholder Representative 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 Controlling Noteholder Representative until the Controlling Noteholder
has notified the Lead Securitization Noteholder (and any Servicer) of such appointment and, if the Controlling Noteholder Representative
is not the same Person as the Controlling Noteholder, the Controlling Noteholder Representative 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 Controlling Noteholder Representative until they receive such
information from the Controlling Noteholder. The Controlling Noteholder agrees to inform each such Servicer or Trustee of the then-current
Controlling Noteholder Representative.


(b)  
Neither the Controlling Noteholder Representative 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 Controlling Noteholder Representative 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 Controlling
Noteholder Representative 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 Controlling Noteholder Representative or such Controlling
Noteholder, as the case may be, agree to take no action against the Controlling Noteholder Representative, such Controlling Noteholder
or any of their respective officers, directors, employees, principals or agents as a result



    		49	 



     


    

 of such special relationships or interests,
and that neither the Controlling Noteholder Representative 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.


(c)   
If one or more Note A Holders are collectively the Controlling Noteholder pursuant to the definition of “Controlling
Noteholder”, each of the other Noteholders acknowledges and agrees all of the aforementioned rights and obligations of the
Controlling Noteholder and the Controlling Noteholder Representative set forth in Section 5(f) and 5(g) and this
Section 6 shall be exercisable by the Controlling Class Representative (or the applicable Person specified in the Lead
Securitization Servicing Agreement) to the extent set forth in the Lead Securitization Servicing Agreement.


Section 7.               
Special Servicer. The Controlling Noteholder (or its Controlling Noteholder Representative), 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 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 Controlling Noteholder Representative) shall be entitled to terminate
the rights and obligations of any 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 Controlling
Noteholder Representative 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 to 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 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.


The Controlling Noteholder
agrees and acknowledges that the Lead Securitization Servicing Agreement may contain provisions to the effect that any Special
Servicer is subject to termination under the Lead Securitization Servicing Agreement based on a recommendation by the Operating
Advisor if (A) the Operating Advisor determines, in its sole discretion exercised in good faith, that (1) the Special Servicer
has failed to comply with the Servicing Standard and (2) a replacement of the Special Servicer would be in the best interest of
the holders of securities



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 issued under the Lead Securitization Servicing Agreement (as a collective whole) and (B) an affirmative
vote of requisite certificateholders is obtained. The Controlling Noteholder will retain its right to remove and replace the Special
Servicer, but the Controlling Noteholder may not restore a Special Servicer that has been removed in accordance with the preceding
sentence.


Section 8.               
Payment Procedure.


(a)   
The Lead Securitization Noteholder (or the Master Servicer on its behalf), in accordance with the priorities set forth in
Section 3 or 4, 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 established pursuant to the Servicing Agreement. The Lead Securitization Noteholder
(or the Master Servicer on its behalf) shall establish sub-accounts of the Collection Account for amounts due to each Noteholder.
The Lead Securitization Noteholder (or the Master 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 Master Servicer’s acting on its
behalf) receipt of properly identified funds from or on behalf of the Mortgage Loan Borrower; provided, however,
that in the event the Master Servicer (when otherwise required to remit) is in receipt of properly identified funds that are not
available to the Master Servicer, the Master Servicer may instead deposit such amounts into the Collection Account on the same
Business Day that such properly identified funds become available to the Master Servicer.


(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 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 



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thereof, it will promptly remit such excess to the Lead Securitization Noteholder (or
the Servicer on its behalf) for application subject to and in accordance with this Agreement and the Servicing. 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.


The Note B Holder
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 the Note B Holder and that the Lead Securitization
Noteholder (including any Servicer) shall have no liability whatsoever to the Note B Holder 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 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 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



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 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) hereof and the
Servicing Standard, 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 one or more of such Noteholders 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 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 the Note B Holder.


Notwithstanding
anything to the contrary in this Agreement, for so long as Note B is included in the Lead Securitization, the provisions of this
Section 11 shall not have any force or effect. 


(a)   
Subject to Section 11(b) below, and prior to a Control Appraisal Period, 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 for such payment
permitted under the applicable Mortgage Loan Documents (a “Monetary Default”), the Lead Securitization Noteholder
shall provide written notice to the Note B Holder and the Controlling Noteholder Representative of such default (the “Monetary
Default Notice”). The Note B Holder 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 Note B Holder’s or the Controlling Noteholder Representative’s
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 Note B Holder to cure a Monetary Default, the
Note B Holder shall pay or reimburse the Note A Holder 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. The Note B Holder shall
not 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) the definition of “Sequential
Pay Event,” (ii) 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 



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legal proceedings
with respect to the Mortgaged Property; or (iii) treating the Mortgage Loan as a Specially Serviced 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 or Section 4,
as applicable.


(b)  
Notwithstanding anything to the contrary contained in Section 11(a), the Note B Holder’s right to cure a Monetary
Default or Non-Monetary Default 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 four (4) 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 the Note B Holder in accordance with this Agreement shall excuse performance by the Mortgage Loan Borrower
of its obligations under 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 the Note B Holder’s actions under this Agreement. Subject to the terms of
this Agreement, the Note B Holder shall be subrogated to the Note A Holders’ respective rights to any payment owing to such
Note A Holders for which the Note B Holder 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)  
Prior to a Control Appraisal Period, 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 the Note B Holder and the Controlling Noteholder Representative of such Non-Monetary Default (the
“Non-Monetary Default Notice”) and the Note B Holder shall 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 the Note B Holder of the Non-Monetary Default Notice, and
(b) the date which is thirty (30) days from the date of receipt by the Note B Holder 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 Note B Holder,
the Note B Holder (unless a Control Appraisal Period has occurred and is continuing with respect to the Note B Holder) shall be
given an additional period of time as is reasonably necessary to enable the Note B Holder in the exercise of due diligence to cure
such Non-Monetary Default for so long as (i) the Note B Holder diligently and expeditiously proceeds to cure such Non-Monetary
Default, (ii) the Note B Holder makes 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 Note B Holder has 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 



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Mortgaged Property taken as whole. The Non-Monetary Default Notice shall contain a statement that the Note
B Holder’s or the Controlling Noteholder Representative’s 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. The Note B Holder shall not 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 the Note B Holder.


Notwithstanding
anything to the contrary in this Agreement, for so long as Note B is included in the Lead Securitization, the provisions of this
Section 12 shall not have any force or effect. 


The Note B Holder
shall have the right, by written notice to (x) the Note A Holder (a “Noteholder Purchase Notice”; the sender(s)
of such notice, the “Purchasing Noteholder”; and each recipient of such notice, a “Selling Noteholder”),
delivered at any time an Event of Default under the Mortgage Loan or a Servicing Transfer Event has occurred and is continuing,
to purchase, in immediately available funds, Note A (for the purposes of this Section 12, the “Purchased Note”),
in whole but not in part at the applicable Defaulted Mortgage Loan Purchase Price. For avoidance of doubt, if the Note B 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 sixty (60) 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. The
Note B Holder agrees that the sale of any Purchased Notes to it shall comply with all requirements of the Servicing Agreement and
that all actual 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



    		55	 



     


    

 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
Holder 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 Note B Holder ten (10) Business Days’ prior written notice of its intent with respect to such
action (which such action shall be subject to Section 5 hereof)). 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 the Note B Holder of
such transfer and the Note B Holder shall have a fifteen (15) Business Day period from the date of such notice from the Lead
Securitization Noteholder to deliver the Noteholder Purchase Notice to the Lead Securitization Noteholder, in which case the Note
B Holder 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 the Note B Holder. The Note B Holder represents, solely as to itself and Note B, and it is specifically
understood and agreed, that it is acquiring Note B for its own account in the ordinary course of its business and none of the Note
A Holder shall have any liability or responsibility to the Note B Holder except (i) as expressly provided herein or (ii) for actions
that are taken or omitted to be taken by the Note A Holder that constitute gross negligence or willful misconduct or that constitute
a breach of this Agreement. The Note B Holder 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 the Note B Holder, and that this Agreement is the legal, valid and
binding obligation of the Note B Holder enforceable against the Note B Holder in accordance with its terms, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’
rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law), and except that the enforcement of rights with respect to indemnification and contribution obligations may
be limited by applicable law. The Note B Holder 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. The
Note B Holder represents and warrants as to itself that (a) this Agreement has been duly executed and delivered by the Note B Holder,
(b) to the Note B Holder’s actual knowledge, all consents, approvals, authorizations, orders or filings of or with any court
or governmental agency or body, if any, required for the execution, delivery and performance of this Agreement by the Note B Holder
have been obtained or made and (c) to the Note B Holder’s actual knowledge, there is no pending action, suit or proceeding,
arbitration or governmental investigation against the Note B Holder, an adverse outcome of which would materially and adversely
affect its performance under this Agreement.






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The Note B Holder
acknowledges that none of the Note A Holders any fiduciary duty with respect to any action taken under the Mortgage Loan Documents
and, except as provided herein, need not consult with the Note B Holder with respect to any action taken by such Note A Holder
in connection with the Mortgage Loan.


The Note B Holder
expressly and irrevocably waives for itself and any Person claiming through or under the Note B Holder 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.


Section 14.           
Representations of the Note A Holders. Each of the Note A Holders 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 of the Note A Holders 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 of the Note A Holders
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.


Section 15.           
Independent Analysis of the Note B Holder. The Note B Holder acknowledges that it has, independently and without
reliance upon the Initial Note A Holders, except with respect to the representations and warranties provided by the Initial
Note A Holders herein and in any documents or instruments executed and delivered by the Note A Holders in connection
herewith (including the representations and warranties provided in the agreement pursuant to which it acquired Note B), and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to purchase Note B and
the Note B Holder accepts responsibility therefor. The Note B Holder hereby acknowledges that, other than the representations and
warranties provided herein and in such other documents or instruments, none of the Note A Holders has made any representations
or warranties with respect to the Mortgage Loan, subject to such representations and warranties as provided by the Note A
Holders herein and in such other documents and instruments, and that none of the Note A Holders 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 the Note A Holders 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. The Note B Holder assumes all risk
of loss in connection with its Note except as specifically set forth herein.






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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 constitute the relationship created hereby between any of the Noteholders as a partnership,
association, joint venture or other entity. No Noteholder shall have any obligation whatsoever to offer to any other Noteholder
the opportunity to purchase any future loan originated by such Noteholder or its Affiliates and if any Noteholder chooses to offer
to any other Noteholder the opportunity to purchase any future mortgage loan originated by such Noteholder or its Affiliates, such
offer shall be at such purchase price and interest rate as such Noteholder chooses, in its sole and absolute discretion. No Noteholder
shall have any obligation whatsoever to purchase from any other Noteholder any future loans originated by such Noteholder or its
Affiliates.


Section 17.           
Not a Security. None of the Notes shall be deemed to be a security within the meaning of the Securities Act or the
Exchange Act.


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, or (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 (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)   
The Note B Holder agrees that it will not Transfer all or any portion of its Note except in accordance with this Section
19. The Note B Holder shall have the right, without the need to obtain the consent of any Note A Holder 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. The Note B Holder shall have the right to Transfer its entire
Note or any portion thereof exceeding 49%, (i) to a Qualified Institutional Lender, provided, that promptly after the Transfer
the Note A Holders are provided with (x) a representation from a transferee or the Note B Holder 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 (ii) to an entity that is not a Qualified Institutional Lender, provided that with
respect to this clause (ii), the Note B Holder obtains (1) prior to the Lead Securitization Date, the consent of the Note A-1
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 Noteholder shall be required after
the closing of the Lead Securitization); provided that in each of case (1) and (2), (x) promptly after the Transfer the
Note A Holders are each provided with a copy of the assignment and assumption agreement referred to in 



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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. If the subject Note is held by more than one Noteholder at any time, the holders of a majority of the Note
B Principal Balance shall immediately appoint a representative to exercise all rights of the Note B Holder hereunder. 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, the Note B Holder shall not Transfer all or any portion of its Note to a Borrower
Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee. The Note B
Holder 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 Note A Holders (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 Note B Holder 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 the Note B Holder of its Note solely as security for a loan to the Note B Holder made by a third-party
lender whereby the Note B Holder remains fully liable under this Agreement, on or before the date on which such third-party lender
succeeds to the rights of the Note B Holder 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 the Note B Holder 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 Note B in accordance with this Agreement,
the transferring Person shall be released from all liability arising under this Agreement with respect to Note B (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 Note B as described in clause (c) below). In connection with any such permitted transfer of a portion of Note
B and for all purposes of this Agreement, the Note A Holders need only recognize the majority holder of Note B for purposes
of notices, consents and other communications between a Note A Holder and such majority holder of Note B shall be the only Person
authorized hereunder to exercise any rights of the Note B Holder under this Agreement; provided, however, the majority
holder of Note B 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 the Note B Holder hereunder by delivering written notice thereof
to the Note A Holders, 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.






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(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.


(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) prior to an Event of Default, to any party other than a Borrower Party and (ii) after an Event of Default,
to any party, including a Borrower Party; provided, however, that following any Event of Default under the Mortgage
Loan, a Note A Holder may only transfer all or any portion of its Note to a Borrower Party with the prior written consent
of the Controlling Noteholder at any time when such Note A Holder is not the Controlling Noteholder; provided further,
however, that following any 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. Notwithstanding
the foregoing, without each non-transferring Note A Holder’s prior consent, and, if any such non-transferring Note A Holder’s
Note or any portion thereof is held in a Securitization Trust, without a Rating Agency Confirmation with respect to the related
Securitization, no Noteholder shall Transfer its Note or any portion thereof (or a participation interest in such Note) to a Borrower
Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee.


(e)   
Notwithstanding any other provision hereof, any Noteholder may pledge (a “Pledge”) its Note to any entity
(other than a Borrower Party) which has extended a credit or repurchase facility to such Noteholder and that is (x) 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 or (y) to any Federal Reserve Bank or Federal Home Loan Bank to secure any obligation of such Noteholder
to such bank and such pledge shall be enforceable in accordance with the terms thereof (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 notice of any default by the pledging Noteholder in respect



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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 



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notwithstanding that such Conduit is
not a Qualified Institutional Lender, if the following conditions are satisfied:


(i)           
The loan made by the Conduit (the “Conduit Inventory Loan”) 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.           
Assignment and Assumption Upon Transfer. In connection with any Transfer of a Note to any entity (but excluding (x)
any participant and (y) any 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 restrictions on Transfers set forth in
Section 19, from and after the date of such assignment. Notwithstanding the preceding sentence, neither the Trustee nor
any Non-Lead Trustee shall 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 Lead Securitization Servicing Agreement or a Non-Lead Securitization Servicing Agreement,
as the case may be. 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.


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



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 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 (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 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 their agent under this Section
21 solely for purposes of maintaining the Note Register. The parties intend for the Mortgage Loan 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 between the parties.


Section 23.           
No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by any one
or more Noteholders to any one or more other 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 the application thereof 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 (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW). EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING
OUT OF OR RELATING TO THIS AGREEMENT.


Section 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




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ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK,
THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, AND
APPELLATE COURTS FROM ANY THEREOF;


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


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


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


Section 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, or (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 or the Servicing 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.


Section 28.           
Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together
constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart of this Agreement.






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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 between the parties hereto with respect to the
subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.


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


(b)  
The Note B Holder 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 the Note B Holder in reliance upon any representation, certificate, statement, document or instrument made or provided
by the Note B Holder to the Lead Securitization Noteholder in connection with the obligation of the Lead Securitization Noteholder
to withhold Taxes from payments made to the Note B Holder, 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) the Note B Holder
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)   
The Note B Holder (to the extent it is not the same entity as the Lead Securitization Noteholder) represents (for the benefit
of the Mortgage Loan Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Noteholder nor the Mortgage



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Loan Borrower is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise
pursuant to this Agreement. Contemporaneously with the execution of this Agreement, and from time to time as reasonably requested
by the Lead Securitization Noteholder or Servicer during the term of this Agreement, the Note B Holder shall deliver to the Lead
Securitization Noteholder or Servicer, as applicable, evidence satisfactory to the Lead Securitization Noteholder substantiating
that the Note B Holder 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 the Note B Holder is not a Non-Exempt Person. Without limiting the effect of the foregoing, (i) if the Note B Holder (or,
if the Note B Holder is disregarded for U.S. federal income tax purposes, the owner of the Note B Holder) is created or organized
under the laws of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding
sentence by furnishing to the Lead Securitization Noteholder an Internal Revenue Service Form W-9 and (ii) if the Note B Holder
(or, if the Note B Holder is disregarded for U.S. federal income tax purposes, the owner of the Note B Holder) is not created or
organized under the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or
other amounts by the Mortgage Loan Borrower is treated for United States income tax purposes as derived in whole or part from sources
within the United States, the Note B Holder 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 the Note B Holder; provided
that the Note B Holder, without request, shall deliver a new, appropriately completed Form W-8 if the Note B Holder’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 the Note B Holder in respect of Note B or otherwise until the Note B Holder shall
have furnished to the Lead Securitization Noteholder the requested forms, certificates, statements or documents.


Section 33.           
Custody of Mortgage Loan Documents. Prior to the Note A-1 Securitization Date, the originals of all of the Mortgage
Loan Documents (other than the Notes) will be held by the Initial Agent (or its designee) on behalf of the registered holders of
the Notes. On and after the Note A-1 Securitization Date, the originals of all of the Mortgage Loan Documents (other than the Non-Lead
Securitization Notes at such time) shall be held by a custodian appointed under the Note A-1 Securitization Servicing Agreement,
on behalf of the registered holders of the Notes. On and after the Note A/B Securitization Date, the originals of all of the Mortgage
Loan Documents (other than the Non-Lead Securitization Notes at such time) shall be held in the name of the Trustee (and held by
a duly appointed custodian therefor) under the Note A/B Securitization Servicing Agreement, on behalf of the registered holders
of the Notes. 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



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 has provided
an electronic mail address and only if such electronic mail is promptly followed by a written notice or (iv) certified United States
mail, postage prepaid return receipt requested, and addressed to the respective parties at their addresses set forth on Exhibit
B hereto, or at such other address as any party shall hereafter inform the 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 Controlling Noteholder Representative), or by the Controlling
Noteholder (or its Controlling Noteholder Representative) to the Lead Securitization Noteholder as
a Non-Controlling Note A Holder (or any Servicer on its behalf), shall also be delivered by the applicable party to each other
Noteholder (including to the Note B Holder regardless of whether a Control Appraisal Period is continuing).


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 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;


(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.






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Section 37.           
Termination of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Note
A-1 Holder. 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. DB, as Initial Agent, may transfer its rights and obligations to a Servicer,
as successor Agent, at any time without the consent of any Noteholder. DB, 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 Master Servicer 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 upon such Securitization without
any further notice or other action. The termination or resignation of the Master Servicer, as Master Servicer under the Servicing
Agreement, shall be deemed a termination or resignation of such Master Servicer as Agent under this Agreement without any further
notice or other action, in which case the appointment of a successor Master Servicer under the Servicing Agreement shall be deemed
an appointment of such successor Master Servicer as successor Agent under this Agreement without any further notice or other action.


Section 38.           
Resizing. In connection with the Mortgage Loan, each Noteholder agrees, subject to clause (iii)(y) below, that if
any 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 any A Note, the related Noteholder may allocate its rights hereunder
among the New Notes in any manner in its sole discretion.


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 each Noteholder may elect, in its sole discretion, to include its Note in a Securitization.
In connection with a Securitization of any A Note, each other Noteholder, at the request of the related securitizing Noteholder,
shall use commercially reasonable efforts, at the requesting Noteholder’s expense, to satisfy, and to



    		68	 



     


    

 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
such 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
such Securitization; provided, however, that either in connection with such Securitization or otherwise at any time prior to such
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 materially adversely 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 such 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 such 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 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 



    		69	 



     


    

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 Note A Holder acknowledges and agrees that (i) no other Noteholder
shall be required to incur any out-of-pocket expenses in connection with such Note A Holder’s respective Securitization of
such Note A Holder’s A Note, and (ii) each 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 such Note A Holder’s respective Securitization.


[SIGNATURE PAGE FOLLOWS]




    		70	 



     


    

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





	 	INITIAL NOTE A-1 HOLDER AND INITIAL AGENT:
	 	 
	 	DBR INVESTMENTS CO. LIMITED
	 	 
	 	 
	 	By:	/s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title: Director
	 	 	 
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title: Director
	 	 	 



 


(Co-Lender Agreement – 180 Water)






    			 



     


    

 


	 	 	 
	 	INITIAL NOTE A-2 HOLDER:
	 	 
	 	DBR INVESTMENTS CO. LIMITED
	 	 
	 	 
	 	 
	 	By:	/s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title: Director
	 	 	 
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title: Director
	 	 	 



 


 





(Co-Lender Agreement – 180 Water)






    			 



     


    

 


	 	INITIAL NOTE A-3 HOLDER:
	 	 
	 	DBR INVESTMENTS CO. LIMITED
	 	 
	 	 
	 	 
	 	By:	/s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title: Director
	 	 	 
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title: Director
	 	 	 


 


(Co-Lender Agreement – 180 Water)



    			 



     


    







	 	INITIAL NOTE A-4 HOLDER:
	 	 
	 	DBR INVESTMENTS CO. LIMITED
	 	 
	 	 
	 	 
	 	By:	/s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title: Director
	 	 	 
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title: Director


 


 


(Co-Lender Agreement – 180 Water)



    			 



     


    

 


	 	INITIAL NOTE A-5 HOLDER:
	 	 
	 	DBR INVESTMENTS CO. LIMITED
	 	 
	 	 
	 	 
	 	By:	/s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title: Director
	 	 	 
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title: Director



 


 


(Co-Lender Agreement – 180 Water)



    			 



     


    




	 	INITIAL NOTE B HOLDER:
	 	 
	 	DBR INVESTMENTS CO. LIMITED
	 	 
	 	 
	 	 
	 	By:	/s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title: Director
	 	 	 
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title: Director






(Co-Lender Agreement – 180 Water)



    			 



     


    

EXHIBIT A



MORTGAGE LOAN SCHEDULE


A.       Description
of Mortgage Loan:


 


	Mortgage Loan Agreement:	Loan Agreement, dated as of October 18, 2019 (as amended, restated, replaced, supplemented or otherwise modified from time to time), between DBR Investments Co. Limited, as lender, and 180 Water LLC, as borrower.
	Location of Mortgaged Property:	180 Water Street, New York, New York
	Date of the Mortgage Loan:	October 18, 2019
	Date of Note A-1:	October 18, 2019
	Date of Note A-2:	October 18, 2019
	Date of Note A-3:	October 18, 2019
	Date of Note A-4:	October 18, 2019
	Date of Note A-5:	October 18, 2019
	Initial Principal Amount of Mortgage Loan:	$265,000,000
	Stated Maturity Date:	November 6, 2024






    		A-1	 



     


    

B.       Description
of Note Interests:


	Initial Note A-1 Principal Balance:	$50,000,000
	Initial Note A-2 Principal Balance:	$40,000,000
	Initial Note A-3 Principal Balance:	$25,000,000
	Initial Note A-4 Principal Balance:	$15,000,000
	Initial Note A-5 Principal Balance:	$7,500,000
	Initial Note B Principal Balance:	$127,500,000
	Initial Note A Percentage Interest:	51.886792%
	Initial Note B Percentage Interest:	48.113208%
	Note A Rate:	3.4103777% per annum
	Note B Rate:	3.4103777% per annum


 




    		A-2	 



     


    

EXHIBIT B


Initial Note A-1 Holder, Initial Note A-2 Holder, Initial
Note A-3 Holder, Initial Note A-4 Holder, Initial Note A-5 Holder and Initial Note B Holder:


DBR Investments Co. Limited

60 Wall Street, 10th Floor

New York, New York 10005

Attention: Robert W. Pettinato, Jr.

Facsimile No.: (212) 797-4489

E-mail: Robert.Pettinato@db.com


with a copy to:


DBR Investments Co. Limited

60 Wall Street, 10th Floor

New York, New York 10005

Attention: General Counsel

Facsimile No. (646) 736-5721




    		B-1	 



     


    

EXHIBIT C



PERMITTED FUND MANAGERS


		1.	Alliance Bernstein



		2.	Annaly Capital Management



		3.	Apollo Real Estate Advisors



		4.	Archon Capital, L.P.



		5.	BlackRock, Inc.



		6.	Clarion Partners



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



		8.	Dune Real Estate Partners



		9.	Eightfold Real Estate Capital, L.P.



		10.	Fortress Investment Group, LLC



		11.	Garrison Investment Group



		12.	Goldman, Sachs & Co.



		13.	H/2 Capital Partners LLC



		14.	iStar Financial Inc.



		15.	J.P. Morgan Investment Management Inc.



		16.	LoanCore Capital



		17.	Lone Star Funds



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



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



		20.	Praedium Group



		21.	Rialto Capital Management, LLC



		22.	Rialto Capital Advisors LLC



		23.	Rockpoint Group



		24.	Rockwood



		25.	RREEF Funds



		26.	Square Mile Capital Management



		27.	Starwood Capital Group/Starwood Financial Trust



		28.	Teachers Insurance and Annuity Association of America



		29.	The Blackstone Group



		30.	The Carlyle Group



		31.	Walton Street Capital, L.L.C.



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





    		C-1	 



     


    

EXHIBIT D


PORTFOLIO INTEREST CERTIFICATION


Reference is hereby
made to the Agreement Between Noteholders, dated as of November 21, 2019 (as amended, supplemented or otherwise modified from time
to time, the “Agreement”), by and between DBR Investments Co. Limited, and each lender from time to time a 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 B 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 [Agent][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 NOTEHOLDER]


By:____________________________________

Name:

Title:


Date: ________ __, 20[ ]




 






    		D-1