Exhibit 4.8 


 


EXECUTION
VERSION


 


AGREEMENT
BETWEEN NOTE HOLDERS




 


Dated
as of December 23, 2015



by and between


 


SociÉtÉ
GÉnÉrale

(Initial Note A-1 Holder)


 


and


 


SociÉtÉ
GÉnÉrale

(Initial Note A-2 Holder)


 


and


 


SociÉtÉ
GÉnÉrale

(Initial Note A-3 Holder)


 


and


 


SociÉtÉ
GÉnÉrale

(Initial Note A-4 Holder)


 


and


 


SociÉtÉ
GÉnÉrale

(Initial Note A-5 Holder)


 


EMPIRE
MALL


 



    	 



    	 



    




 





TABLE
OF CONTENTS


 


	 	 	 	Page
	 	 	 	 
	Section 1	 	Definitions	2
	Section 2	 	Servicing of the Mortgage Loan	16
	Section 3	 	Priority of Payments	22
	Section 4	 	Workout	23
	Section 5	 	Administration of the Mortgage Loan	23
	Section 6	 	Rights of the Controlling Note Holder	28
	Section 7	 	Appointment of Special Servicer	31
	Section 8	 	Payment Procedure	31
	Section 9	 	Limitation on Liability of the Note Holders	32
	Section 10	 	Bankruptcy	33
	Section 11	 	Representations of the Note Holders	33
	Section 12	 	No Creation of a Partnership or Exclusive Purchase Right	34
	Section 13	 	Other Business Activities of the Note Holders	34
	Section 14	 	Sale of the Notes	34
	Section 15	 	Registration of the Notes and Each Note Holder	37
	Section 16	 	Governing Law; Waiver of Jury Trial	38
	Section 17	 	Submission To Jurisdiction; Waivers	38
	Section 18	 	Modifications	39
	Section 19	 	Successors and Assigns; Third Party Beneficiaries	39
	Section 20	 	Counterparts	39
	Section 21	 	Captions	39
	Section 22	 	Severability	39
	Section 23	 	Entire Agreement	40
	Section 24	 	Withholding Taxes	40
	Section 25	 	Custody of Mortgage Loan Documents	41
	Section 26	 	Cooperation in Securitization	41
	Section 27	 	Notices	42
	Section 28	 	Broker	42
	Section 29	 	Certain Matters Affecting the Agent	43
	Section 30	 	Agency	43
	Section 31	 	Resignation of Agent	43
	Section 32	 	Resizing	43


  



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THIS
AGREEMENT BETWEEN NOTE HOLDERS (“Agreement”), dated as of December 23, 2015 by and among Société
Générale (“SG” and together with its successors and assigns in interest, in its capacity as initial
owner of the Note A-1, the “Initial Note A-1 Holder”, and in its capacity as the initial agent, the
“Initial Agent”), SG (together with its successors and assigns in interest, in its capacity as initial owner
of the Note A-2, the “Initial Note A-2 Holder”), SG (together with its successors and assigns in
interest, in its capacity as initial owner of the Note A-3 the “Initial Note A-3 Holder”), SG (together
with its successors and assigns in interest, in its capacity as initial owner of the Note A-4 the “Initial Note A-4
Holder”) and SG (together with its successors and assigns in interest, in its capacity as initial owner of the Note A-4
the “Initial Note A-5 Holder” and, together with the Initial Note A-1 Holder, the Initial A-2 Holder,
the Initial A-3 Note Holder and the Initial A-4 Note Holder, the “Initial Note Holders”).


 


W I T N E S S E T H:


 


WHEREAS,
pursuant to the Mortgage Loan Agreement (as defined herein), SG originated a certain loan (the “Mortgage Loan”)
described on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage loan
borrower described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which was evidenced, inter
alia, by (i) one promissory note in the original principal amount of $40,000,000 (as amended, modified or supplemented, “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 $75,000,000 (as amended, modified or supplemented, “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 $40,000,000 (as amended,
modified or supplemented, “Note A-3”), (iv) one promissory note in the original principal amount of $25,000,000
(as amended, modified or supplemented, “Note A-4”) made by the Mortgage Loan Borrower in favor of the
Initial Note A-4 Holder; and (v) one promissory note in the original principal amount of $10,000,000 (as amended, modified or
supplemented, “Note A-5” and together with Note A-1, Note A-2, Note A-3 and Note A-4, the “Notes”))
made by the Mortgage Loan Borrower in favor of the Initial Note A-5 Holder and secured by a first mortgage (as amended, modified
or supplemented, the “Mortgage”) on certain real property located as described on the Mortgage Loan Schedule
and commonly known as “Empire Mall” (the “Mortgaged Property”);


 


WHEREAS,
the Initial Note A-2 Holder intends to sell, transfer and assign its right, title and interest in and to Note A-2 to
Wells Fargo Commercial Mortgage Securities Inc. (“WFCM”), as depositor, pursuant to a Mortgage Loan Purchase Agreement
to be dated as of December 8, 2015, by and between WFCM, as purchaser, and Initial Note A-2 Holder, as seller, and WFCM
intends to transfer its right, title and interest in and to Note A-2 to Wilmington Trust, National Association, as trustee
for Wells Fargo Commercial Mortgage Trust 2015-P2 under a pooling and servicing agreement, dated as of December 1, 2015 (the “Note A-2
PSA”), among WFCM, as depositor, Wells Fargo Bank, National Association, as master servicer, C-III Asset Management
LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator, Pentalpha Surveillance LLC, as asset representations reviewer and Pentalpha Surveillance LLC, as operating advisor;


 






    	 



    	 



    

 


WHEREAS,
the Initial Note A-1 Holder intends but is not bound, to retain all or a portion of its right, title and interest in and
to Note A-1 to a depositor who will in turn transfer the same to a trust as part of the securitization of one or more mortgage
loans;


 


WHEREAS,
the Initial Note A-3 Holder intends, but is not bound, to sell, transfer and assign all or a portion of its right, title and interest
in and to Note A-3 to a depositor who will in turn transfer the same to a trust as part of the securitization of one or more
mortgage loans;


 


WHEREAS,
the Initial Note A-4 Holder intends, but is not bound, to sell, transfer and assign all or a portion of its right, title and interest
in and to Note A-4 to a depositor who will in turn transfer the same to a trust as part of the securitization of one or more
mortgage loans; and


 


WHEREAS,
the Initial Note A-5 Holder intends, but is not bound, to sell, transfer and assign all or a portion of its right, title and interest
in and to Note A-5 to a depositor who will in turn transfer the same to a trust as part of the securitization of one or more
mortgage loans;


 


WHEREAS,
the Initial Note A-1 Holder, the Initial A-2 Holder, the Initial Note A-3 Holder, the Initial A-4 Holder and the Initial
A-5 Holder desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall
hold Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5 respectively;


 


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


 


 Section
1.           Definitions. References to a “Section” or the “recitals” are, unless otherwise specified, to
a Section or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed
thereto in the Lead Securitization Servicing Agreement. Whenever used in this Agreement, the following terms shall have the respective
meanings set forth below unless the context clearly requires otherwise.


 


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


 


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


 


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


 


“Agent
Office” shall mean the designated office of the Agent, which office at the date of this Agreement is located at Société
Générale, 245 Park Avenue, New York, New York 10167, Attention: Jim Barnard, Facsimile number: (212) 278-2074, Email
address: Jim.Barnard@sgcib.com, and which is the address to which notices to and correspondence with the Agent should be directed.
The Agent may change the address of its designated office by notice to the Note Holders.


 






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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


“Controlling
Note Holder” shall mean the Note A-1 Holder; provided that at any time Note A-1 is included in a Securitization,
references to the “Controlling Note Holder” herein shall mean the holders of the majority of the class of securities
issued in such Securitization designated as the “controlling class” or such other class(es) otherwise assigned the
rights to exercise the rights of the “Controlling Note Holder” hereunder, as and to the extent provided in the related
Securitization Servicing Agreement; provided that if at any time 50% or more of Note A-1 (or class of securities issued
in the Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned the rights
to exercise the rights of the “Controlling Note Holder”) is held by the Mortgage Loan Borrower or an Affiliate of
the Mortgage Loan Borrower, Note A-1 (or the class of securities issued in the Lead Securitization designated as the “controlling
class” or such other class(es) otherwise assigned the rights to exercise the rights of


 






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the “Controlling Note Holder”)
shall not be entitled to exercise any rights of the Controlling Note Holder.


 


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


 


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


 


“Depositor”
shall mean (i) with respect to the Note A-2 Securitization, Wells Fargo Commercial Mortgage Securities Inc., (ii) with respect
to the Note A-1 Securitization, the depositor under the Note A-1 PSA; (iii) with respect to the Note A-3 Securitization,
the depositor under the Note A-3 PSA; (iv) with respect to the Note A-4 Securitization, the depositor under the Note A-4
PSA; and (v) with respect to the Note A-5 Securitization, the depositor under the Note A-5 PSA.


 


“Directing
Certificateholder” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 






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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.


 


“Interest
Rate” shall mean the Interest Rate (as defined in the Mortgage Loan Documents).


 


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


 


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


 


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


 


“Lead
Securitization” shall mean:


 


(a)          during
the period from and after the Note A-2 Securitization Date and prior to the Note A-1 Securitization Date, the Note A-2
Securitization, and


 


(b)          on
and after the Note A-1 Securitization Date, the Note A-1 Securitization.


 


“Lead
Securitization Note” shall mean:


 


(a)          during
the period from and after the Note A-2 Securitization Date and prior to the Note A-1 Securitization Date, Note A-2;
and


 


(b)          on
and after the Note A-1 Securitization Date, Note A-1.


 


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


 






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“Lead
Securitization Servicing Agreement” shall mean (a) during the period from and after the Note A-2 Securitization
Date and prior to the Note A-1 Securitization Date, the Note A-2 PSA, (b) on and after the Note A-1 Securitization
Date, the Note A-1 PSA, and (c)  on and after the date on which 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 Directing Certificateholder” shall mean the “Directing Certificateholder” as defined in the
Lead Securitization Servicing Agreement.


 


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


 


“Major
Decisions” shall have the meaning given to such term or one or more analogous terms in the Lead Securitization Servicing
Agreement; provided that at any time none of the Notes are included in a Securitization, “Major Decision” shall
mean:


 


(i)          any
proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions of any REO 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 late fees and default interest) or material
non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of the Mortgage
Loan or any extension of the maturity date of the Mortgage Loan;


 


(iii)        following
a default or an event of default with respect to the Mortgage Loan, 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 Defaulted Mortgage Loan) or REO Property for less than the applicable Purchase Price (as
defined in the Lead Securitization Servicing Agreement);


 


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


 


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


 






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(vii)       any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan or any consent
to such a waiver or consent to a transfer of the Mortgaged Property or interests in the borrower;


 


(viii)      any
incurrence of additional debt by a borrower or any mezzanine financing by any beneficial owner of a borrower (to the extent that
the lender has consent rights pursuant to the Mortgage Loan Documents);


 


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


 


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


 


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


 


(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 described in
paragraph (c) of the definition of “Specially Serviced Loan” (as defined in the Lead Securitization Servicing Agreement);
or


 


(xv)        any
modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination and nondisturbance
or attornment agreement in connection with any lease, at the Mortgaged Property if (a) the lease involves a ground lease or lease
of an outparcel or affects an area greater than or equal to the lesser of (1) 30% of the net rentable area of the improvements
at the Mortgaged Property and (2) 30,000 square feet of the improvements at the Mortgaged Property and (b) either approval of
such transaction by the Master Servicer is not expressly permitted under the Lead Securitization Servicing Agreement or the Mortgage
Loan is a Specially Serviced Mortgage Loan.


 






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


 


“Monthly
Payment Date” shall mean the Scheduled Payment Date (as defined in the Mortgage Loan Documents).


 


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


 


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


 


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


 


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


 


“Mortgage
Loan Agreement” shall mean the Loan Agreement, dated as of November 24, 2015, between SM Empire Mall, LLC, as Borrower,
and SG, as Lender, as amended by that certain Note Splitter and Loan Modification Agreement, dated as of November 30, 2015, between
SM Empire Mall, LLC, as Borrower, and SG, as Lender.


 


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


 


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


 


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


 


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


 


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


 


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


 


“New
Notes” shall have the meaning assigned to such term in Section 32.


 


“Non-Controlling
Note Holder” shall mean each of the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder;
provided that at any time such holder’s Note is included in a Securitization, references to the “Non-Controlling
Note Holder” herein shall mean the Directing Certificateholder or any other party assigned the rights to exercise the rights
of the “Non-Controlling Note Holder” hereunder, as and to the extent provided in the related Securitization Servicing
Agreement and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer)
has been


 






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given written notice; provided that if at any time 50% or more of Note A-1 is held by the Mortgage Loan Borrower
or an Affiliate of the Mortgage Loan Borrower, Note A-1 shall not be entitled to exercise any rights of the Controlling Note Holder
and the Note A-2 Holder shall be the Controlling Note Holder unless 50% or more of Note A-2 is held by the Mortgage Loan Borrower
or an Affiliate of the Mortgage Loan Borrower; provided, further that if at any time 50% or more of each of Note
A-1 and Note A-2 is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, neither Note A-1 nor Note
A-2 shall be entitled to exercise any rights of the Controlling Note Holder and the Note A-3 Holder shall be the Controlling Note
Holder unless 50% or more of Note A-3 is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower; provided,
further that if at any time 50% or more of each of Note A-1, Note A-2 and Note A-3 is held by the Mortgage Loan Borrower
or an Affiliate of the Mortgage Loan Borrower, none of Note A-1, Note A-2 and Note A-3 shall be entitled to exercise any rights
of the Controlling Note Holder and the Note A-4 Holder shall be the Controlling Note Holder unless 50% or more of Note A-4 is
held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower; and provided, further that if
at any time 50% or more of each of Note A-1, Note A-2, Note A-3 and Note A-4 is held by the Mortgage Loan Borrower or an Affiliate
of the Mortgage Loan Borrower, none of Note A-1, Note A-2, Note A-3 and Note A-4 shall be entitled to exercise any rights of the
Controlling Note Holder and the Note A-5 Holder shall be the Controlling Note Holder unless 50% or more of Note A-5 is held by
the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower. If 50% or more of each of Note A-1, Note A-2, Note A-3,
Note A-4 and Note A-5 is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, no person shall be
entitled to exercise the rights of the Controlling Note Holder. The Lead Securitization Note Holder (or the Master Servicer or
the Special Servicer acting on its behalf) shall not be required at any time to deal with more than one party exercising the rights
of each “Non-Controlling Note Holder” herein or under the Lead Securitization Servicing Agreement and, (x) to the
extent that the related Securitization Servicing Agreement assigns such rights to more than one party or (y) to the extent any
Note is split into two or more New Notes pursuant to Section 32, for purposes of this Agreement, the applicable Securitization
Servicing Agreement or the holders of such New Notes shall designate one party to deal with the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) and provide written notice of such designation to the Lead
Securitization Note Holder (and the Master Servicer and the Special Servicer acting on its behalf); provided that, in the
absence of such designation and notice, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf) shall be entitled to treat the last party as to which it has received written notice as having been designated
as the applicable Non-Controlling Note Holder, as the applicable Non-Controlling Note Holder for all purposes of this Agreement.
As of the date hereof and until further notice from the Non-Lead Securitization Note Holder (or the Non-Lead Master Servicer or
another party acting on its behalf), the Initial Note A-2 Holder, the Initial Note A-3 Holder, the Initial Note A-4 Holder
and the Initial Note A-5 Holder are Non-Controlling Note Holders.


 


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


 


“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


 






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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 Note Holders to make such payments free of any obligation or liability for withholding.


 


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


 


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


 


“Non-Lead
Securitization Note” shall mean:


 


(1)          during
the period from and after the Note A-2 Securitization Date and prior to the Note A-1 Securitization Date, Note A-1,
Note A-3, Note A-4 and Note A-5, and


 


(2)          on
and after the Note A-1 Securitization Date, Note A-2, Note A-3, Note A-4 and Note A-5.


 


“Non-Lead
Securitization Note Holder” shall mean the holders of a Non-Lead Securitization Note.


 


“Non-Lead
Securitization Servicing Agreement” shall mean, after the Note A-1 Securitization Date, the Note A-2 PSA,
the Note A-3 PSA, the Note A-4 PSA and the Note A-5 PSA.


 


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


 


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


 


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


 


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


 


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


 


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


 


“Note A-1
Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the 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 Section 3 or 4, as applicable.


 






    	-10-



    	 



    

 


“Note A-1
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-1
Securitization.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


“Note A-2
Principal Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the 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 Section 3 or 4, as applicable.


 


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


 


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


 


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


 


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


 


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


 


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


 






    	-11-



    	 



    

 


“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 Section 3 or 4, as applicable.


 


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


 


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


 


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


 


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


 


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


 


“Note A-4
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 Section 3 or 4, as applicable.


 


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


 


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


 


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


 


“Note A-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, as applicable.


 


“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 Section 3 or 4, as applicable.


 


“Note A-5
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-2
Securitization.


 






    	-12-



    	 



    

 


“Note A-5
Securitization” shall mean the first sale by the Note A-5 Holder of all or a portion of Note A-5 to a depositor,
who will in turn include such portion of Note A-5 as part of the securitization of one or more mortgage loans.


 


“Note A-5
Securitization Date” shall mean the closing date of the Note A-5 Securitization.


 


“Note
Holder Representative” shall mean a Controlling Note Holder Representative or a Non-Controlling Note Holder Representative.


 


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


 


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


 


“Notes”
shall mean, collectively, Note A-1, Note A-2, Note A-3, Note A-4 and Note A-5.


 


“Operating
Advisor” shall mean the operating advisor or its successor in interest, or any successor appointed as provided in the
Lead Securitization Servicing Agreement.


 


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


 


“Percentage
Interest” shall mean, (a) with respect to the Note A-1 Holder, a fraction, expressed as a percentage, the numerator
of which is the Note A-1 Principal Balance and the denominator of which is the sum of the aggregate Principal Balance of
the Notes, (b) with respect to the Note A-2 Holder, a fraction, expressed as a percentage, the numerator of which is the
Note A-2 Principal Balance and the denominator of which is the sum of the aggregate Principal Balance of the Notes, (c) with
respect to the Note A-3 Holder, a fraction, expressed as a percentage, the numerator of which is the Note A-3 Principal
Balance and the denominator of which is the sum of the aggregate Principal Balance of the Notes, (d) with respect to the Note A-4
Holder, a fraction, expressed as a percentage, the numerator of which is the Note A-4 Principal Balance and the denominator
of which is the sum of the aggregate Principal Balance of the Notes, and (e) with respect to the Note A-5 Holder, a fraction,
expressed as a percentage, the numerator of which is the Note A-5 Principal Balance and the denominator of which is the sum
of the aggregate Principal Balance of the Notes.


 


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


 






    	-13-



    	 



    

 


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


 


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


 


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


 


(a)          an
entity Controlled (as defined below) by any of the Initial Note Holders, or


 


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


 


(c)          one
or more of the following:


 


(i)          an
insurance company, bank, savings and loan association, investment bank, trust company, commercial credit corporation, pension
plan, pension fund, pension fund advisory firm, mutual fund, real estate investment trust, governmental entity or plan, or


 


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


 


(iii)        a
Qualified Trustee in connection with (a) a securitization of, (b) the creation of collateralized debt obligations (“CDO”)
secured by, or (c) a financing through an “owner trust” of, a Note or any interest therein (any of the foregoing,
a “Securitization Vehicle”), provided that (1) one or more classes of securities issued by such
Securitization Vehicle is initially rated at least investment grade by each of the Rating Agencies that assigned a rating to one
or more classes of securities issued in connection with a Securitization (it being understood that with respect to any Rating
Agency that assigned such a rating to the securities issued by such Securitization Vehicle, a Rating Agency Confirmation will
not be required in connection with a transfer of such Note or any interest therein to such Securitization Vehicle); (2) in
the case of a Securitization Vehicle that is not a


 



    	-14-



    	 



    

 


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 or any interest therein in accordance
with servicing arrangements for the assets held by the Securitization Vehicle which require that such Approved Servicer act in
accordance with a servicing standard notwithstanding any contrary direction or instruction from any other Person; or (3) in
the case of a Securitization Vehicle that is a CDO, the CDO Asset Manager and, if applicable, each Intervening Trust Vehicle that
is not administered and managed by a CDO Asset Manager which is a Qualified Institutional Lender, are each a Qualified Institutional
Lender under clauses (i), (ii), (iv) or (v) of this definition, or


 


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


 


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


 


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


 


(d)          any
entity Controlled by any of the entities described in clause (b) above or approved by the Rating Agencies hereunder as a
Qualified Institutional Lender for purposes of this Agreement.


 


“Qualified
Trustee” shall mean (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 $100,000,000 and subject to
supervision or examination by federal or state authority, (ii) an institution insured by 


  



    	-15-



    	 



    

 


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


 


“Rating
Agency Confirmation” shall mean prior to a Securitization with respect to any matter, confirmation in writing (which
may be in electronic form) by each applicable Rating Agency that a proposed action, failure to act or other event so specified
will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class
of certificates (if then rated by the Rating Agency); provided that a written waiver or other acknowledgment from the Rating
Agency indicating its decision not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to
satisfy the requirement for the Rating Agency Confirmation from each Rating Agency with respect to such matter and after a Securitization,
the meaning given thereto or any analogous term in the Lead Securitization Servicing Agreement or Non-Lead Securitization Servicing
Agreement, as applicable, including any deemed Rating Agency Confirmation.


 


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


 


“Regulation
AB” shall mean subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100–229.1125,
as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the SEC
or by the staff of the SEC, or as may be provided by the SEC or its staff from time to time.


 


“REMIC”
shall have the meaning assigned to such term in Section 5(d).


 


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


 



    	-16-



    	 



    

 


loans in other CMBS transactions rated by any of 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 securities or placed any class of commercial mortgage 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.


 


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


 


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


 


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


 


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


 


“Securitization”
shall mean the Note A-1 Securitization, the Note A-2 Securitization, the Note A-3 Securitization, the Note A-4 Securitization
or the Note A-5 Securitization, as applicable.


 


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


 


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


 


“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which Note A-1, Note A-2, Note A-3,
Note A-4 or Note A-5 is held.


 


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


 


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


 



    	-17-



    	 



    

 


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


 


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


 


“Special
Servicer” shall mean the special servicer or its successor in interest, or any successor appointed as provided in the
Lead Securitization Servicing Agreement.


 


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


 


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


 


“Trustee”
shall mean the trustee or its successor in interest, or any successor Trustee appointed as provided in 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 of such trust (or, to the extent provided in applicable Treasury Regulations, a trust in
existence on August 20, 1996 which has elected to be treated as a U.S. Person).


 


Section
2.          Servicing of the Mortgage Loan.


 


(a)          Each
Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced as follows:
(i) from and after the Note A-2 Securitization Date, but prior to the Note A-1 Securitization Date, by the Note A-2 Master Servicer
and the Note A-2 Special Servicer pursuant to the terms of this Agreement and the Note A-2 PSA; and (ii) from and after the Note
A-1 Securitization Date, by the Note A-1 Master Servicer and the Note A-1 Special Servicer pursuant to the terms of this Agreement
and the Note A-1 PSA; provided that the Master Servicer shall not be obligated to advance monthly payments of principal
or interest in respect of any Note other than the Lead Securitization Note if such principal or interest is not paid by the Mortgage
Loan Borrower but shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to
the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the
terms of the Lead Securitization Servicing Agreement. Each Note Holder acknowledges that any other Note Holder may elect, in its
sole discretion, to 


 



    	-18-



    	 



    

 


include its Note in a Securitization and agrees that it will, subject to Section 26, reasonably cooperate
with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization. Subject to the terms and
conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the appointment of the Master
Servicer and the Trustee under the Lead Securitization Servicing Agreement by the Depositor and the appointment of the Special
Servicer by the Controlling Note Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with
respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization Servicing Agreement. Each Note Holder
hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note Holder’s
attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan
on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of the Note Holder set forth
herein and in the Lead Securitization Servicing Agreement). In no event shall the Lead Securitization Servicing Agreement require
the Servicer to enforce the rights of any Note Holder or limit the Servicer in enforcing the rights of one Note Holder against
any other Note Holder; however, this statement shall not be construed to otherwise limit the rights of one Note Holder with respect
to any other Note Holder. Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement to service the
Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization Servicing
Agreement and applicable law, and shall not take any action or refrain from taking any action or follow any direction inconsistent
with the foregoing.


 


If,
at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the
Note Holders agree to cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the
Note Holders, pursuant to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing
Agreement and all references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing
agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a written confirmation
shall have been obtained from each Rating Agency that the appointment of the servicer(s) pursuant to such servicing agreement
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 such Securitization; provided, further, however, that until a replacement servicing
agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to
the provisions of the Lead Securitization Servicing Agreement as if such agreement were still in full force and effect with respect
to the Mortgage Loan, by the Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder
that is a qualified servicer meeting the requirements of the Lead Securitization Servicing Agreement.


 


(b)          The
Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to the extent
provided in the Lead Securitization Servicing Agreement) shall make the following advances, subject to the terms of the Lead Securitization
Servicing Agreement and this Agreement: (i) Servicing Advances on the Mortgage Loan and (ii) P&I Advances on the Lead Securitization
Note. The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement for a Servicing
Advance, first from funds on deposit in the Collection Account (as defined in the Lead Securitization Servicing Agreement)
and/or the Serviced Pari Passu Companion Loan


 



    	-19-



    	 



    

 


Custodial Account (as defined in the Lead Securitization Servicing Agreement) for
the Mortgage Loan that (in any case) represent amounts received on or in respect of the Mortgage Loan, and then, in the
case of Nonrecoverable Servicing Advances, if such funds on deposit in the Serviced Pari Passu Companion Loan Custodial Account
are insufficient, from general collections of the Lead Securitization as provided in the Lead Securitization Servicing Agreement
and from general collections of any Non-Lead Securitization as provided below. The Master Servicer, the Special Servicer and the
Trustee, as applicable, will be entitled to reimbursement for advance interest on a Servicing Advance or a Nonrecoverable Servicing
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 Servicing Advances, from general collections of any Non-Lead Securitization 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 Servicing Advance or
any advance interest on a Servicing Advance or a Nonrecoverable Servicing Advance, each Non-Lead Securitization Note Holder (including
any Securitization Trust into which such Non-Lead Securitization Note is deposited) shall be required to, promptly following notice
from the Master Servicer, reimburse the Lead Securitization for its pro rata share of such Nonrecoverable Servicing Advance
or advance interest.


 


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


 



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Non-Lead Securitization
Note Holder shall be required to, promptly following notice from the Master Servicer, reimburse each of the applicable Indemnified
Parties for its pro rata share of the insufficiency; provided, however, that each Non-Lead Securitization
Note Holder’s duty to pay Indemnified Items to the Operating Advisor shall be subject to any limitations and conditions
(including limitations and conditions with respect to the timing of such payments and the sources of funds for such payments)
as may be set forth from time to time in the related Non-Lead Securitization Servicing Agreement.


 


Any
Non-Lead Master Servicer may be required to make P&I Advances on the respective Non-Lead Securitization Note, from time to
time, subject to the terms of the related Non-Lead Securitization Servicing Agreement, the Lead Securitization Servicing Agreement
and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to make their
own recoverability determination with respect to a P&I Advance to be made on the Lead Securitization Note based on the information
that they have on hand and in accordance with the Lead Securitization Servicing Agreement. Any Non-Lead Master Servicer, Non-Lead
Special Servicer or Non-Lead Trustee under any Non-Lead Securitization Servicing Agreement, as applicable, shall be entitled to
make its own recoverability determination with respect to a P&I Advance to be made on the related Non-Lead Securitization
Note based on the information that they have on hand and in accordance with the related Non-Lead Securitization Servicing Agreement.
The Master Servicer and the Trustee, as applicable, and any Non-Lead Master Servicer or the Non-Lead Trustee, as applicable, shall
be required to notify the other of the amount of its P&I Advance within two Business Days of making such advance. If the Master
Servicer, the Special Servicer or the Trustee, as applicable (with respect to the Lead Securitization Note) or a Non-Lead Master
Servicer, Non-Lead Special Servicer or the Non-Lead Trustee, as applicable (with respect to the Non-Lead Securitization Note),
determines that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I Advance is or would be
non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines that a
proposed Servicing Advance would be non-recoverable or an outstanding Servicing Advance is or would be non-recoverable, then the
Master Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the case of a determination of
non-recoverability by the Master Servicer, the Special Servicer or the Trustee) or such Non-Lead Master Servicer or Non-Lead Trustee
(as provided in the related Non-Lead Securitization Servicing Agreement, in the case of the a determination of non-recoverability
by a Non-Lead Master Servicer, a Non-Lead Special Servicer or a Non-Lead Trustee) shall notify the Master Servicer and the Trustee,
or the related Non-Lead Master Servicer and the related Non-Lead Trustee, as the case may be, of such other Securitization within
one business day of making such determination. Each of the Master Servicer and the Trustee, the related Non-Lead Master Servicer
and the related Non-Lead Trustee, as applicable, shall only be entitled to reimbursement for a P&I Advance and advance interest
thereon that becomes non-recoverable first from the Serviced Pari Passu Companion Loan Custodial Account from amounts allocable
to the Note for which such P&I Advance was made, and then, if funds are insufficient, (i) in the case of the Lead Securitization
Note, from general collections of the Lead Securitization Trust, pursuant to the terms of the Lead Securitization Servicing Agreement
and (ii) in the case of each Non-Lead Securitization Note, from general collections of the related Securitization Trust, as and
to the extent provided in the related Non-Lead Securitization Servicing Agreement.


 



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


 


(i)          such
Non-Lead Securitization Note Holder shall be responsible for its pro rata share of any Nonrecoverable Servicing 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, including without limitation, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees
relating to the Notes, and that in the event that the funds received with respect to each respective Note are insufficient to
cover such Servicing Advances or Additional Trust Fund Expenses, (i) the related Non-Lead Master Servicer will be required to,
promptly following notice from the Master Servicer, reimburse the Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor or the Trustee, as applicable, out of general funds in the collection account (or equivalent account) established
under such Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization Note Holder’s pro rata share
of any such Nonrecoverable Servicing 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, and (ii) if the Lead Securitization Servicing Agreement permits the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor or the Trustee to reimburse itself from the Lead Securitization
Trust’s general account, then the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor
or the Trustee, as applicable, may do so and the related Non-Lead Master Servicer will be required to, promptly following notice
from the Master Servicer, reimburse the Lead Securitization Trust out of general funds in the collection account (or equivalent
account) established under such Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization Note Holder’s
pro rata share of any such Nonrecoverable Servicing 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
Lead Securitization Servicing Agreement) by the Securitization Trust holding such Non-Lead Securitization Note, against any of
the Indemnified Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit
in the “Serviced Pari Passu Companion Loan Custodial Account” that are allocated to the related Non-Lead Securitization
Note are insufficient for reimbursement of such amounts, the related Non-Lead Master Servicer will be required to reimburse each
of the applicable Indemnified Parties for its pro rata share of the insufficiency out of general funds in the collection
account (or equivalent account) established under such Non-Lead Securitization Servicing Agreement; provided, however,
that the Non-Lead Securitization Servicing Agreement may include limitations and conditions on the payment or reimbursement of
Indemnified Items to the Operating Advisor (including limitations and


 



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conditions with respect to the timing of such payments or
reimbursements and the sources of funds for such payments or reimbursements).


 


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


 


(iv)          Any
matter affecting the servicing and administration of the Mortgage Loan that requires delivery of a Rating Agency Confirmation
pursuant to the Lead Securitization Servicing Agreement shall also require delivery of a Rating Agency Confirmation under the
related Non-Lead Securitization and Servicing Agreement; and


 


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


 


(d)          Following
the Securitization of one Note but prior to the Securitization of any other particular Note (including any New Note), all notices,
reports, information or other deliverables required to be delivered to a Note Holder pursuant to this Agreement by the Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) only need to be delivered to the related Note
Holder (or its Note Holder Representative) and, when so delivered to such Note Holder (or Note Holder Representative, as applicable),
the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have
satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing Agreement.
Following the Securitization of any Note (including any New Note), as applicable, all notices, reports, information or other deliverables
required to be delivered to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be delivered to the master
servicer and the special servicer with respect to such Securitization (who then may forward such items to the party entitled to
receive such items as and to the extent provided in the related Securitization Servicing Agreement or with respect to a Note that
has not been securitized, the related Note Holder) and, when so delivered to such master servicer and the special servicer, the
Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have
satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing Agreement.


 


(e)          The
Note A-1 PSA shall contain terms and conditions that are customary for securitization transactions involving assets similar
to the Mortgage Loan and that are


 



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otherwise (i) required by the Code relating to the tax elections of the Note A-1 Trust
Fund, (ii) required by law or changes in any law, rule or regulation or (iii) requested by the Rating Agencies rating the Note A-1
Securitization. The Note A-1 PSA shall also satisfy Moody’s requirements for eligible accounts and permitted investments
for a “AAA”-rated securitization. The Note A-1 Holder shall have the right to designate the Note A-1 Master
Servicer and Note A-1 Special Servicer as long as each such party satisfies the conditions for such Servicer set forth in
the Note A-2 PSA. Prior to the Note A-1 Securitization Date, the Note A-1 Holder shall also have the right to designate
the Note A-2 Special Servicer for the Mortgage Loan. Without limiting the generality of any provision set forth above, for
purposes of the Mortgage Loan, the Note A-1 PSA shall contain (a) provisions requiring the Note A-1 Master Servicer
and the Note A-1 Special Servicer to maintain, or subjecting them to possible termination for not maintaining, compliance
with customary servicer rating criteria (but the rating agencies need not be the same) and (b) provisions substantially similar
in all material respects to or materially consistent with those set forth in Note A-2 PSA with respect to (i) periodic
reporting and periodic delivery of service provider compliance documents under Regulation AB (and, in any event, the Note A-1
PSA shall require such reporting and delivery so long as the Note A-2 Securitization, Note A-3 Securitization, Note A-4 Securitization
or Note A-5 Securitization is required to file periodic reports under the Securities Exchange Act of 1934, as amended), (ii) servicing
transfer events that would result in the transfer of the Mortgage Loan to special servicing status, (iii) the authority of
the servicers in the Note A-2 Securitization to grant or agree or consent to material modifications, waivers and amendments
to the Mortgage Loan, or to approve material assignments and assumptions or material additional indebtedness in connection with
the Mortgage Loan, (iv) the potential termination of the master servicer and special servicer following a Servicer Termination
Event, (v) requirements to obtain an appraisal or appraisal update following a transfer of the Mortgage Loan to special servicing
status and periodic updates thereof, (vi) duties of the special servicer in respect of foreclosure and the management of
REO property, (vii) special servicing, workout and liquidation fees (and, in any event, the fees at which such compensation
accrue or are determined shall not exceed 0.25%, 1.00% and 1.00%, respectively) and (viii) control, consultation and other rights
of the directing certificateholder and senior trust advisor and any other material servicing and administrative provisions and
(ix) indemnification of the Depositor under the Note A-2 PSA, the Note A-2 Master Servicer, the Note A-2 Special
Servicer, the certificate administrator under the Note A-2 PSA, the Operating Advisor under the Note A-2 PSA and the
Note A-2 Trustee (and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified
as indemnified parties in the Note A-2 PSA in respect of other mortgage loans), for the pro rata share allocable to
Note A-1, against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs,
liabilities, fees and expenses incurred in connection with servicing and administration of the Mortgage Loan (or, with respect
to the Operating Advisor under the Note A-2 PSA, incurred in connection with the provision of services for the Mortgage Loan)
to the same extent that the Note A-2 PSA indemnifies the Indemnified Parties against the Indemnified Items for the time period
during which the Note A-2 PSA acts as the Lead Securitization Servicing Agreement; provided, however, that (A) this
statement shall not be construed to prohibit differences in timing, control or consultation triggers or thresholds, terminology,
allocation of ministerial duties between multiple servicers or other service providers or certificateholder or investor voting
or consent thresholds, or to prohibit or restrict additional approval, consent, consultation, notice or rating 


 



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agency confirmation
requirements; and (B) in the event of any conflict between this sentence and any other provision of this Agreement, such
other provision of this Agreement shall control.


 


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


 


(g)          The
Note A-1 Holder shall give each of the parties to the Note A-2 PSA, Note A-3 PSA, Note A-4 PSA and Note A-5 PSA (that
will not also be a party to the Note A-1 PSA), as applicable, notice of the Note A-1 Securitization in writing (which
may be by e-mail) not less than five (5) Business Days prior to the Note A-1 Securitization Date. Such notice shall contain
contact information for each of the parties to the Note A-1 PSA. In addition, after the Note A-1 Securitization Date,
the Note A-1 Holder shall send a copy of the Note A-1 PSA to each of the parties to the Note A-2 PSA, Note A-3
PSA, Note A-4 PSA and Note A-5 PSA.


 


(h)          The
Lead Securitization Servicing Agreement shall provide that compensating interest payments as defined therein with respect to Note
A-1, Note A-2, Note A-3, Note A-4 and Note A-5 will be allocated by the Master Servicer among Note A-1, Note A-2, Note A-3, Note
A-4 and Note A-5, pro rata, in accordance with their respective principal amounts. The Master Servicer shall remit any
compensating interest payment in respect of a Non-Lead Securitization Note to the related Non-Lead Securitization Note Holder.


 


Section 3.          Priority
of Payments. Each Note shall be of equal priority, and no portion of any Note shall have priority or preference over any
portion of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for
payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as
proceeds thereof, whether received in the form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under
any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan, Condemnation Proceeds, or
Insurance Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged
Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents), 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 property protection expenses or Servicing Advances then due and payable or reimbursable
to the Trustee or any Servicer under the Lead Securitization Servicing Agreement and (y) all amounts that are then due,
payable or reimbursable (except for (i) any P&I Advances (and interest thereon) made with respect to Note A-1, Note A-2,
Note A-3, Note A-4 or Note A-5 which may only be reimbursed out of payments and collections allocable to Note A-1, Note A-2,
Note A-3, Note A-4 or Note A-5, as applicable, and (ii) any Servicing Fees due to the Master Servicer in excess of the
Non-Lead Securitization Note’s pro rata share of that portion of such Servicing Fees calculated at the
“primary servicing fee rate” applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing
Agreement) to any Servicer, with respect to the Mortgage Loan pursuant to the Lead


 



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Securitization Servicing
Agreement (including without limitation, any Additional Trust Fund Expenses relating to the Mortgage Loan (but subject to
second paragraph of Section 5(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees,
Liquidation Fees, Workout Fees, Default Charges (to the extent provided in the immediately following paragraph) and any other
additional compensation payable pursuant to the Lead Securitization Servicing Agreement), shall be applied by the Lead
Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis.


 


For
clarification purposes, Default Charges (as defined in the Lead Securitization Servicing Agreement) paid on each Note shall be
allocated to the Notes on a Pro Rata and Pari Passu Basis and applied first, be used to reduce, on a pro rata basis,
the amounts payable on each Note by the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any
interest accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead
Securitization Servicing Agreement, second, be used to reduce the respective amounts payable on each Note by the
amount necessary to pay the Master Servicer, Trustee, any Non-Lead Master Servicer or any Non-Lead Trustee, as applicable, for
any interest accrued on any P&I Advance made with respect to such Note by such party (if and as specified in the Lead Securitization
Servicing Agreement or applicable Non-Lead Securitization Servicing Agreement, as applicable), third, be used to reduce,
on a pro rata basis, the amounts payable on each Note by the amount necessary to pay Additional Trust Fund Expenses (other
than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified
in the Lead Securitization Servicing Agreement) and finally, (i) in the case of the remaining amount of Default Charges
allocable to the Lead Securitization Note, be paid to the Master Servicer and/or the Special Servicer as additional servicing
compensation as provided in the Lead Securitization Servicing Agreement and (ii) in the case of the remaining amount of Default
Charges allocable to each Non-Lead Securitization Note, be paid, (x) prior to the securitization of such Note, to the related
Note Holder and (y) following the securitization of such Note, to the Master Servicer and/or the Special Servicer as additional
servicing compensation as provided in the Lead Securitization Servicing Agreement.


 


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


 


Section
5.          Administration of the Mortgage Loan.


 


(a)          Subject
to this Agreement (including but not limited to Section 5(c)) and the Lead Securitization Servicing Agreement and subject
to the rights and consents, where required, of the Controlling Note Holder Representative, the Lead Securitization Note Holder


 



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(or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) 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 the Non-Lead
Securitization Note Holders shall have no voting, consent or other rights whatsoever except as explicitly set forth herein with
respect to the Lead Securitization Note Holder’s administration of, or exercise of its rights and remedies with respect
to, the Mortgage Loan. Subject to this Agreement and the Lead Securitization Servicing Agreement, each Non-Lead Securitization
Note Holder agrees that it shall have no right to, and the Note A-1 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note
A-5 Holder hereby presently and irrevocably assigns and conveys to the Note A-1 Holder (or the Master Servicer, the Special
Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) the rights, if any, that such Note Holder has
prior to the Note A-1 Securitization Date to, and the Note A-2 Holder, Note A-3 Holder, Note A-4 Holder and Note A-5
Holder each hereby presently and irrevocably assigns and conveys to the Note A-1 Holder (or the Master Servicer, the Special
Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder from and after the Note A-1 Securitization
Date) the rights, if any, that such Note Holder has from and after the Note A-1 Securitization Date to, (i) call or
cause the Lead Securitization Note Holder to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies
with respect to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the Lead Securitization
Note Holder to file any bankruptcy petition against the Mortgage Loan Borrower. The Lead Securitization Note Holder (or the Master
Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall not have any fiduciary
duty to any Non-Lead Securitization Note Holder in connection with the administration of the Mortgage Loan (but the foregoing
shall not relieve the Lead Securitization Note Holder from the obligation to make any disbursement of funds as set forth herein
or its obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special Servicer) or any liability
for failure to do so).


 


Each
Note Holder hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting
on behalf of the Lead Securitization Note Holder) upon the Mortgage Loan becoming a Defaulted Mortgage Loan, to sell the Notes
together as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement. In connection
with any such sale, the Special Servicer shall be required to sell the Notes together as notes evidencing one whole loan and shall
require that all offers be submitted to the Certificate Administrator or Special Servicer, as applicable, in accordance with the
terms of the Lead Securitization Servicing Agreement in writing and be accompanied by a refundable deposit of cash in an amount
equal to 5% of the offer amount (subject to a cap of $2,500,000). Whether any cash offer constitutes a fair price for the Mortgage
Loan shall be determined by the Trustee or Special Servicer, as applicable, in accordance with the terms of the Lead Securitization
Servicing Agreement; provided, that no offer from an Interested Person shall constitute a fair price unless (i) it is the
highest offer received and (ii) at least two bona fide other offers are received from independent third parties. In determining
whether any offer received represents a fair price for the Mortgage Loan, the 


 



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Trustee shall be supplied with and shall rely on
the most recent Appraisal or updated Appraisal conducted in accordance with the Lead Securitization Servicing Agreement within
the preceding nine (9)-month period or, in the absence of any such Appraisal, on a new Appraisal. The Trustee shall select the
Appraiser conducting any such new Appraisal. In determining whether any such offer constitutes a fair price for the Mortgage Loan,
the Trustee shall instruct the Appraiser to take into account (in addition to the results of any Appraisal or updated Appraisal
that it may have obtained pursuant to the Lead Securitization Servicing Agreement), as applicable, among other factors, the period
and amount of any delinquency on the affected Mortgage Loan, the occupancy level and physical condition of the related Mortgaged
Property and the state of the local economy. The Trustee may conclusively rely on the opinion of an Independent appraiser or other
Independent expert in real estate matters retained by the Trustee at the expense of the Holders in connection with making such
determination. Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Special Servicer acting on behalf of
the Lead Securitization Note Holder) shall not be permitted to sell the Mortgage Loan without the written consent of each Non-Lead
Securitization Note Holder (unless 50% or more of Note A-2, Note A-3, Note A-4 or Note A-5, as applicable, (or the class of securities
issued in the related Non-Lead Securitization designated as the “controlling class” or such other class(es) otherwise
assigned the rights to exercise the rights of the “Controlling Note Holder”) is held by the Mortgage Loan Borrower
or an Affiliate of the Mortgage Loan Borrower) unless the Special Servicer has delivered to such Non- Lead Securitization Note
Holder: (a) at least fifteen (15) Business Days prior written notice of any decision to attempt to sell the Mortgage Loan; (b)
at least ten (10) days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages)
received by the Special Servicer in connection with any such proposed sale, (c) at least ten (10) days prior to the proposed sale
date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the Servicing File requested by such Non-Lead
Securitization Note Holder and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded
to other offerors and the related “Subordinate Class Representative” (or other similar term)) prior to the proposed
sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved
by the Master Servicer or the Special Servicer in connection with the proposed sale; provided that any majority holder of a Non-Lead
Securitization Note or the related Subordinate Class Representative may waive any of the delivery or timing requirements set forth
in this sentence. Subject to the foregoing, each of the Controlling Note Holder, the Controlling Note Holder Representative, the
Non-Controlling Note Holders and any Non-Controlling Note Holder Representatives shall be permitted to bid at any sale of the
Mortgage Loan.


 


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


 



    	-28-



    	 



    

 


direction
of the Lead Securitization Note Holder in connection with the consummation of any such sale.


 


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


 


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


 


(c)          Notwithstanding
the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be required (i) to provide copies of any notice, information and report that it is required to provide to the Lead Securitization
Directing Certificateholder pursuant to the Lead Securitization Servicing Agreement with respect to any Major Decisions or the
implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to each Non-Lead


 






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Securitization
Note Holder (or its related Note Holder Representative), within the same time frame it is required to provide to the Lead Securitization
Directing Certificateholder (for this purpose, without regard to whether such items are actually required to be provided to the
Lead Securitization Directing Certificateholder under the Lead Securitization Servicing Agreement due to the expiration of the
Subordinate Control Period or the Collective Consultation Period) and (ii) to consult with the Non-Controlling Note Holders (or
their Non-Controlling Note Holder Representatives) on a strictly non-binding basis, to the extent having received such notices,
information and reports, such Non-Controlling Note Holder (or their Non-Controlling Note Holder Representatives) request consultation
with respect to any such Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating
to the Mortgage Loan, and consider alternative actions recommended by any Non-Controlling Note Holder (or its Non-Controlling
Note Holder Representative); provided that after the expiration of a period of ten (10) Business Days from the delivery
to such Non-Controlling Note Holders (or its Non-Controlling Note Holder Representative) by the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) of written notice of a proposed action, together with copies
of the notice, information and report required to be provided to the Lead Securitization Directing Certificateholder, the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall no longer be obligated
to consult with such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative), whether or not such Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative) has responded within such ten (10) Business Day period (unless,
the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) proposes a new course
of action that is materially different from the action previously proposed, in which case such ten (10) Business Day period shall
be deemed to begin anew from the date of such proposal and delivery of all information relating thereto). Notwithstanding the
consultation rights of such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) set forth in the immediately
preceding sentence, the Lead Securitization Note Holder (or Master Servicer or Special Servicer, acting on its behalf) may take
any Major Decision or any action set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business
Day period if the Lead Securitization Note Holder (or Master Servicer or Special Servicer, as applicable) determines that immediate
action with respect thereto is necessary to protect the interests of the Note Holders. In no event shall the Lead Securitization
Note Holder (or Master Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or take any alternative
actions recommended by such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative).


 


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


 


(d)          If
any Note is included as an asset of a real estate mortgage investment conduit (a “REMIC”), within the meaning
of Section 860D(a) of the Code, then, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall qualify at all times as (or as interests in) a “qualified


 






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mortgage”
within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired
by or on behalf of the Note Holders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure
of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interest of
the pro rata share of each Note Holder therein shall at all times qualify as “foreclosure property” within
the meaning of Section 860G(a)(8) of the Code and (iii) no Servicer may modify, waive or amend any provision of the
Mortgage Loan, consent to or withhold consent from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising
any powers or rights which the Note Holders may have under the Mortgage Loan Documents, if any such action would constitute a
“significant modification” of the Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations
of the United States Department of the Treasury, more than three (3) months after the startup day of the REMIC which includes
the Notes (or any portion thereof). Each Note Holder agrees that the provisions of this paragraph shall be effected by compliance
with any REMIC provisions in the Lead Securitization Servicing Agreement relating to the administration of the Mortgage Loan.


 


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


 


Section
6.     Rights of the Controlling Note Holder.


 


(a)          The
Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights
and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling
Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling
Note Holder Representative in accordance with the terms of the Lead Securitization Servicing Agreement. When exercising its various
rights under Section 5 and elsewhere in this Agreement, the Controlling Note Holder may, at its option, in each case, act
through the Controlling Note Holder Representative. The Controlling Note Holder Representative may be any Person (other than the
Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage Loan Borrower), including, without limitation, the Controlling
Note Holder, any officer or employee of the Controlling Note Holder, any affiliate of the Controlling Note Holder or any other
unrelated third party. No such Controlling Note Holder Representative shall owe any fiduciary duty or other duty to any other
Person (other than the Controlling Note Holder). All actions that are permitted to be taken by the Controlling Note Holder under
this Agreement may be taken by the Controlling Note Holder Representative acting on behalf of the Controlling Note Holder. Any
Servicer acting on behalf of the Lead Securitization Note Holder shall not be required to recognize any Person as a Controlling
Note Holder Representative until the Controlling Note Holder has notified the Servicer or Trustee of


 






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such
appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling Note Holder, the Controlling
Note Holder Representative provides any Servicer or Trustee with written confirmation of its acceptance of such appointment, an
address and telecopy number for the delivery of notices and other correspondence and a list of officers or employees of such person
with whom the parties to this Agreement may deal (including their names, titles, work addresses and telecopy numbers). The Controlling
Note Holder shall promptly deliver such information to any Servicer. None of the Servicers, Operating Advisor and Trustee shall
be required to recognize any person as a Controlling Note Holder Representative until they receive such information from the Controlling
Note Holder. The Controlling Note Holder agrees to inform each such Servicer, Operating Advisor or Trustee of the then-current
Controlling Note Holder Representative.


 


Neither
the Controlling Note Holder Representative nor the Controlling Note Holder will have any liability to any other Note Holder or
any other Person for any action taken, or for refraining from the taking of any action or the giving of any consent or the failure
to give any consent pursuant to this Agreement or the Lead Securitization Servicing Agreement, or errors in judgment, absent any
loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross negligence. The Note Holders agree
that the Controlling Note Holder Representative and the Controlling Note Holder (whether acting in place of the Controlling Note
Holder Representative when no Controlling Note Holder Representative shall have been appointed hereunder or otherwise exercising
any right, power or privilege granted to the Controlling Note Holder hereunder) may take or refrain from taking actions, or give
or refrain from giving consents, that favor the interests of one Note Holder over any other Note Holder, and that the Controlling
Note Holder Representative may have special relationships and interests that conflict with the interests of a Note Holder and,
absent willful misfeasance, bad faith or gross negligence on the part of the Controlling Note Holder Representative or the Controlling
Note Holder, as the case may be, agree to take no action against the Controlling Note Holder Representative, the Controlling Note
Holder or any of their respective officers, directors, employees, principals or agents as a result of such special relationships
or interests, and that neither the Controlling Note Holder Representative nor the Controlling Note Holder 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, or having given any consent or having failed
to give any consent, solely in the interests of any Note Holder.


 


(b)          Each
Non-Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its
rights and obligations with respect to the Mortgage Loan (with respect to such Note Holder, the “Non-Controlling Note
Holder Representative”). All of the provisions relating to Controlling Note Holders and the Controlling Note Holder
Representatives set forth in the first paragraph of this Section 6(a) (except those contained in the last sentence thereof)
and the second paragraph of this Section 6(a) shall apply to the related Non-Controlling Note Holder and its Non-Controlling
Note Holder Representative mutatis mutandis.


 


The
Controlling Note Holder shall be entitled to exercise the rights and powers granted to the Controlling Note hereunder and the
rights and powers granted to the “Subordinate Class Representative” or similar party under, and as defined in, the
Lead Securitization Servicing


 






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Agreement
with respect to the Mortgage Loan (and prior to the Note A-1 Securitization Date, assuming that a Subordinate Control Period
(as defined under the Note A-2 PSA) is in effect at all times). In addition, the Controlling Note Holder shall be entitled
to advise (1) the Special Servicer with respect to all matters related to a “Specially Serviced Mortgage Loan” (as
defined in the Lead Securitization Servicing Agreement) and (2) the Special Servicer with respect to all matters for which the
Master Servicer must obtain the consent or deemed consent of the Special Servicer, and, except as set forth below (i) the Master
Servicer shall not be permitted to implement any Major Decision unless it has obtained the prior written consent of the Special
Servicer and (ii) the Special Servicer shall not be permitted to consent to the Master Servicer’s implementing any Major
Decision nor will the Special Servicer itself be permitted to implement any Major Decision as to which the Controlling Note Holder
has objected in writing within ten (10) Business Days (or thirty (30) days with respect to an Acceptable Insurance Default) after
receipt of the written recommendation and analysis and such additional information requested by the Controlling Note Holder as
may be necessary in the reasonable judgment of the Controlling Note Holder in order to make a judgment with respect to such Major
Decision. The Controlling Note Holder may also direct the Special Servicer to take, or to refrain from taking, such other actions
with respect to the Mortgage Loan as the Controlling Note Holder may deem advisable.


 


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


 


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


 


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


 






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The
Controlling Note Holder shall have no liability to the other Note Holders or any other party for any action taken, or for refraining
from the taking of any action or the giving of any consent or the failure to give any consent pursuant to this Agreement or the
Lead Securitization Servicing Agreement, or errors in judgment, absent any loss, liability or expense incurred by reason of its
willful misfeasance, bad faith or gross negligence. The Note Holders agree that the Controlling Note Holder may take or refrain
from taking actions, or give or refrain from giving consents, that favor the interests of one Note Holder over the other Note
Holders, and that the Controlling Note Holder may have special relationships and interests that conflict with the interests of
another Note Holder and, absent willful misfeasance, bad faith or gross negligence on the part of the Controlling Note Holder
agree to take no action against the Controlling Note Holder or any of its officers, directors, employees, principals or agents
as a result of such special relationships or interests, and that the Controlling Note Holder shall not 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, or having given any consent or having failed
to give any consent, solely in the interests of any Note Holder.


 


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


 






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


 


Section
8.     Payment Procedure.


 


(a)          The
Lead Securitization Note Holder, in accordance with the priorities set forth in Section 3 and subject to the terms of the
Lead Securitization Servicing Agreement, will deposit or cause to be deposited all payments allocable to the Notes to the Collection
Account and/or Serviced Pari Passu Companion Loan Custodial Account (each as defined in the Lead Securitization Servicing Agreement)
pursuant to and in accordance with the Lead Securitization Servicing Agreement. The Lead Securitization Note Holder (or the Master
Servicer acting on its behalf) shall deposit such amounts to the applicable account within one Business Day after such payment
was received by the Lead Securitization Note Holder (or the Master Servicer acting on its behalf) from or on behalf of the Mortgage
Loan Borrower.


 


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


 


(c)          If,
for any reason, the Lead Securitization Note Holder makes any payment to either Non-Lead Securitization Note Holder before the
Lead Securitization Note Holder has received the corresponding payment (it being understood that the Lead Securitization Note
Holder is under no obligation to do so), and the Lead Securitization Note Holder does not receive the corresponding payment within
five (5) Business Days of its payment to such Non-Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall,
at the Lead Securitization Note Holder’s request, promptly return that payment to the Lead Securitization Note Holder.


 


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


 






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Securitization
Note Holder’s obligations under this Section 8 constitute absolute, unconditional and continuing obligations.


 


Section
9.     Limitation on Liability of the Note Holders. Each Note Holder shall have no liability to
any other Note Holder with respect to its Note except with respect to losses actually suffered due to the gross negligence, willful
misconduct or breach of this Agreement on the part of such Note Holder.


 


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


 


Section
10.     Bankruptcy. Subject to Section 5(c), each Note Holder hereby covenants and agrees
that only the Lead Securitization Note Holder has the right to institute, file, commence, acquiesce, petition under Bankruptcy
Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other Person to invoke
an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any part of its
property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Each Note Holder further
agrees that only the Lead Securitization Note Holder, and not the Non-Lead Securitization Note Holders, can make any election,
give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action in
any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders
hereby appoint the Lead Securitization Note Holder as their agent, and grant to the Lead Securitization Note Holder an irrevocable
power of attorney coupled with an interest, and their proxy, for the purpose of exercising any and all rights and taking any and
all actions available to the Non-Lead Securitization Note Holders in connection with any case by or against the Mortgage Loan
Borrower under the Bankruptcy Code or in any other Insolvency Proceeding, including, without limitation, the right to file and/or
prosecute any claim, vote to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code with
respect to the Mortgage Loan, and to file a motion to modify, lift or terminate the automatic stay with respect to the Mortgage
Loan. The Note Holders hereby agree that, upon the request of the Lead Securitization Note Holder, the Non-Lead Securitization
Note Holders shall execute, acknowledge and deliver to the Lead Securitization Note Holder all and every such further deeds, conveyances
and instruments as the Lead Securitization Note Holder may reasonably request for the better assuring and evidencing of the foregoing
appointment and grant. All actions taken by the Servicer in connection with any Insolvency Proceeding are subject to and must
be in accordance with the Servicing Standard.


 






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


 


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


 


Section
13.     Other Business Activities of the Note Holders. Each Note Holder acknowledges that each
other Note Holder or its Affiliates may make loans or otherwise extend credit to, and generally engage in any kind of business
with, the Mortgage Loan Borrower or any Affiliate thereof, any entity that is a holder of debt secured by direct or indirect ownership
interests in the Mortgage Loan Borrower or any entity that is a holder of a preferred equity interest in the Mortgage Loan Borrower
(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.


 






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Section
14.          Sale of the Notes.


 


(a)          Each
Note Holder agrees that it will not sell, assign, transfer, pledge, syndicate, hypothecate, contribute, encumber or otherwise
dispose of all or any portion of its respective Note (a “Transfer”) except to a Qualified Institutional Lender.
Promptly after the Transfer, the non-transferring Note Holder shall be provided with (x) a representation from a transferee
or the applicable Note Holder certifying that such transferee is a Qualified Institutional Lender (except in the case of a Transfer
(and the related pooling and servicing or similar agreement requires the parties thereto to comply with this Agreement) in accordance
with the immediately following sentence) and (y) a copy of the assignment and assumption agreement referred to in Section 15.
If a Note Holder intends to Transfer its respective Note, or any portion thereof, to an entity that is not a Qualified Institutional
Lender, it must first obtain (1) prior to a Securitization, the consent of the related non-transferring Note Holder or, (2) after
a Securitization of such non-transferring Note Holder’s Note, Rating Agency Confirmation. Notwithstanding the foregoing,
without each non-transferring Note Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring
Note Holder’s Note is held in a Securitization Trust, without a confirmation in writing from each Rating Agency that such
Transfer will not result in a qualification, downgrade or withdrawal of its then current rating of the securities issued pursuant
to the related Securitization, no Note Holder shall Transfer all or any portion of its Note (or a participation interest in such
Note) to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and
void and shall vest no rights in the purported transferee. The transferring Note Holder agrees that it will pay the expenses of
each non-transferring Note Holder (including all expenses of the Master Servicer, the Special Servicer and the Trustee) and all
expenses relating to the confirmation from the Rating Agencies in connection with any such Transfer. Notwithstanding the foregoing,
each Note Holder shall have the right, without the need to obtain the consent of any other Note Holder, the Rating Agencies or
any other Person, to Transfer 49% or less (in the aggregate) of its Note or any beneficial interest in a Note. None of the provisions
of this Section 14(a) shall apply in the case of (1) a sale of Note A-1 together with Note A-2, Note A-3, Note
A-4 and Note A-5, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement or (2) a transfer
by the Special Servicer, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement, of the Mortgage
Loan or the Mortgaged Property, upon the Mortgage Loan becoming a Defaulted Loan, to a single member limited liability or limited
partnership, 100% of the equity interest in which is owned directly or indirectly, through one or more single member limited liability
companies or limited partnerships, by the Lead Securitization Trust.


 


For
the purposes of this Agreement, if any Rating Agency shall, in writing, waive, decline or refuse to review or otherwise engage
any request for a confirmation hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade
or withdrawal of its then current rating of the securities issued pursuant to the related Securitization, such waiver, declination,
or refusal shall be deemed to eliminate, for such request only, the condition that such confirmation by such Rating Agency (only)
be obtained for purposes of this Agreement. For purposes of clarity, any such waiver, declination or refusal to review or otherwise
engage in any request for such confirmation hereunder shall not be deemed a waiver, declination or refusal to review or otherwise
engage in any subsequent request for such Rating Agency confirmation hereunder and the condition for such Rating


 






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Agency confirmation
pursuant to this Agreement for any subsequent request shall apply regardless of any previous waiver, declination or refusal to
review or otherwise engage in such prior request.


 


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


 


(c)          Notwithstanding
any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than the
Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit facility to such Note Holder and that is either a
Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or
the equivalent) or better by each Rating Agency (a “Note Pledgee”), on terms and conditions set forth in this
Section 14(c), it being further agreed that a financing provided by a Note Pledgee to a Note Holder or any person which Controls
such Note that is secured by its Note and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder,
provided that a Note Pledgee which is not a Qualified Institutional Lender may not take title to the pledged Note without
a Rating Agency Confirmation. Upon written notice by the applicable Note Holder to each other Note Holder and any Servicer that
a Pledge has been effected (including the name and address of the applicable Note Pledgee), each other Note Holder agrees to acknowledge
receipt of such notice and thereafter agrees: (i) to give Note Pledgee written notice of any default by the pledging Note
Holder in respect of its obligations under this Agreement of which default such Note Holder has actual knowledge; (ii) to
allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Note Holder in respect of its obligations
to each other Note Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no
amendment, modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without the written
consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other
Note Holder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving
of same to the pledging Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s)
as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory
to such other Note Holder; and (vi) that, upon written notice (a “Redirection Notice”) to each other Note
Holder and any Servicer by such Note Pledgee that the pledging Note Holder is in default, beyond any applicable cure periods,
under the pledging Note Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement between the
pledging Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Note Holder), and
until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments
that any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder from time to time pursuant to
this Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally and absolutely
releases each


 



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other Note Holder and any Servicer from any liability to the pledging Note Holder on account of such other Note
Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to
have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging
Note Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable
law and this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee
other than the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure
or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor
to the pledging Note Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified
Institutional Lender shall assume in writing the obligations of the pledging Note Holder hereunder accruing from and after such
Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions
of this Agreement. The rights of a Note Pledgee under this Section 14(c) shall remain effective as to any Note Holder (and
any Servicer) unless and until such Note Pledgee shall have notified any such Note Holder (and any Servicer, as applicable) in
writing that its interest in the pledged Note has terminated.


 


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


 


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


 


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


 


(iii)       Such
Note Holder pledges its interest in its Note to the Conduit as collateral for the Conduit Inventory Loan;


 


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


 


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


 






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


 


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


 


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


 


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


 


(a)          SUBMITS
FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF
ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE


 



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STATE OF NEW YORK, THE FEDERAL
COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;


 


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


 


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


 


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


 


Section
18.      Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in
writing signed by each Note Holder. Additionally, for as long as any Note is contained in a Securitization Trust, the Note
Holders shall not amend or modify this Agreement without first receiving a written confirmation from each Rating Agency that
such amendment or modification will not result in a qualification, withdrawal or downgrade of its then current ratings of the
securities issued in connection with a Securitization; provided that no such confirmation from the Rating Agencies
shall be required in connection with a modification (i) to cure any ambiguity, to correct or supplement any provisions herein
that may be defective or inconsistent with any other provisions herein or with the Lead Securitization Servicing Agreement,
(ii) to make other provisions with respect to matters or questions arising under this Agreement, which shall not be
inconsistent with the provisions of this Agreement, and (iii) if and to the extent that it would be deemed given or not
required pursuant to the definition of Rating Agency Confirmation in the Lead Securitization Servicing Agreement and/or the
Non-Lead Securitization Servicing Agreement, as applicable..


 


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


 






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


 


Section
21.       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 22.       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
23.      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
24.     Withholding Taxes. (a)  If the Lead Securitization Note Holder or the Mortgage Loan Borrower shall be
required by law to deduct and withhold Taxes from interest, fees or other amounts payable to a Non-Lead Securitization Note
Holder with respect to the Mortgage Loan as a result of such Non-Lead Securitization Note Holder constituting a Non-Exempt
Person, the Lead Securitization Note Holder, in its capacity as servicer, shall be entitled to do so with respect to the
applicable Non-Lead Securitization Note Holder’s interest in such payment (all withheld amounts being deemed paid to
such Note Holder), provided that the Lead Securitization Note Holder shall furnish such Non-Lead Securitization Note
Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information which may
reasonably be requested for purposes of assisting such Note Holder to seek any allowable credits or deductions for the Taxes
so withheld in each jurisdiction in which such Note Holder is subject to tax.


 


(b)          Each
Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall and hereby agrees to indemnify
the Lead Securitization Note Holder against and hold the Lead Securitization Note Holder harmless from and against any Taxes,
interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Lead Securitization
Note Holder to withhold Taxes from payment made to such Note Holder in reliance upon any representation, certificate, statement,
document or instrument made or provided by such Note Holder to the Lead Securitization Note Holder in connection with the obligation
of the Lead Securitization Note Holder to withhold Taxes from payments made to such Note Holder, it being expressly understood
and agreed that (i) the Lead Securitization Note Holder shall be absolutely and unconditionally entitled to accept any such
representation, certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon
without any obligation or responsibility to investigate or to


 



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make any inquiries with respect
to the accuracy, veracity, correctness or validity of the same and (ii) such Note Holder, upon request of the Lead Securitization
Note Holder and at its sole cost and expense, shall defend any claim or action relating to the foregoing indemnification using
counsel selected by the Lead Securitization Note Holder.


 


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


 


Section
25.       Custody of Mortgage Loan Documents. Prior to the Note A-2 Securitization Date, the originals of all of the
Mortgage Loan Documents will be held by the Initial Agent on behalf of the registered holders of the Notes. On and after the
Note A-2 Securitization Date but prior to the Note A-1 Securitization Date, the originals of all of the Mortgage
Loan Documents (other than Note A-1, Note A-3, Note A-4 and Note A-5) shall be held in the name of the trustee (and held
by a duly appointed custodian therefor) under the Note A-2 PSA, on behalf of the registered holders of the Notes. On and
after the Note A-1 Securitization Date, the originals of all of the Mortgage Loan Documents (other than Note A-2,
Note A-3, Note A-4 and Note A-5) will be transferred to and held in the name of the trustee (and held by a duly appointed
custodian therefor) under the Note A-1 PSA, on behalf of the registered holders of the Notes.


 






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Section
26.       Cooperation in Securitization.


 


(a)          Each
Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection
with a Securitization and subject to the terms of the preceding sentence, at the request of the Lead Securitization Note Holder,
each Non-Lead Securitization Note Holder shall use reasonable efforts, at the Lead Securitization Note Holder’s expense,
to satisfy, and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy,
the market standards to which the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the
marketplace or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to, as applicable)
any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization Note Holder in
attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case,
as may be reasonably requested by the Rating Agencies to effect the Securitization; provided, however, that either
in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Lead Securitization
Note Holders shall not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification,
as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or
the amount of any payments due to or priority of such payments to, the Non-Lead Securitization Note Holders or (ii) materially
increase the Non-Lead Securitization Note Holders’ obligations or materially decrease the Non-Lead Securitization Note Holders’
rights, remedies or protections. In connection with the Lead Securitization, each Non-Lead Securitization Note Holder shall provide
for inclusion in any disclosure document relating to the Lead Securitization such information concerning such Non-Lead Securitization
Note Holder and its Non-Lead Securitization Note as the Lead Securitization Note Holder reasonably determines to be necessary
or appropriate, and such Non-Lead Securitization Note Holder shall, at the Lead Securitization Note Holder’s expense, cooperate
with the reasonable requests of each Rating Agency and Lead Securitization Note Holder in connection with the Lead Securitization
(including, without limitation, reasonably cooperating with the Lead Securitization Note Holder (without any obligation to make
additional representations and warranties) to enable the Lead Securitization Note Holder to make all necessary certifications
and deliver all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and the
Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and
to review and respond reasonably promptly with respect to any information relating to such Non-Lead Securitization Note Holder
and its Non-Lead Securitization Note in any Securitization document. Each Note Holder acknowledges that the information provided
by it to the Lead Securitization Note Holder may be incorporated into the offering documents for the Lead Securitization. The
Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf
of, any Note Holder. The Lead Securitization Note Holder will reasonably cooperate with the Non-Lead Securitization Note Holder
by providing all information reasonably requested that is in the Lead Securitization Note Holder’s possession in connection
with the Non-Lead Securitization Note Holders’ preparation of disclosure materials in connection with a Securitization.


 






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Upon
request, the Lead Securitization Note Holder shall deliver to the Non-Lead Securitization Note Holders drafts of the preliminary
and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents
and the Lead Securitization Servicing Agreement and provide reasonable opportunity to review and comment on such documents.


 


Section
27.      Notices. All notices required hereunder shall be given by (i)  facsimile
transmission (during business hours) if the sender on the same day sends a confirming copy of such notice by reputable
overnight delivery service (charges prepaid), (ii) reputable overnight delivery service (charges prepaid) or
(iii) 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.


 


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


 


Section
29.       Certain Matters Affecting the Agent.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 






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Section
30.       Agency. RESERVED.


 


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


 


Section
32.       Resizing. Notwithstanding any other provision of this Agreement, for so long as SG or an affiliate thereof (a
“SG Entity”) is the owner of either Non-Lead Securitization Note (the “Owned Note”),
such SG Entity shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Mortgage Loan Borrower
to execute amended and restated notes or additional notes (in either case “New Notes”) reallocating the
principal of the Owned Note to such New Notes; or severing the Owned Note into one or more further “component”
notes in the aggregate principal amount equal to the then outstanding principal balance of the Owned Note provided that (i)
the aggregate principal balance of all outstanding New Notes following such amendments is no greater than the aggregate
principal of the Owned Note prior to such amendments, (ii) all Notes continue to have the same weighted average interest rate
as the Notes prior to such amendments, (iii) all Notes pay pro rata and on a pari passu basis and such reallocated or
component notes shall be automatically subject to the terms of this Agreement, (iv) the SG Entity holding the New Notes shall
notify the Lead Securitization Note Holder, the Master Servicer, the Special Servicer, the Certificate Administrator and the
Trustee in writing of such modified allocations and principal amounts, and (v) the execution of such amendments and New Notes
does not violate the Servicing Standard. To the extent that the Owned Note is Note A-1, the SG Entity shall be entitled to
designate one of the New Notes to be treated as Note A-1 for purposes of the determining the Controlling Note Holder, Lead
Securitization, Lead Securitization Note, Note A-1 PSA, Note A-1 Securitization and Note A-1 Securitization Date hereunder.
If the Lead Securitization Note Holder so requests, the SG Entity holding the New Notes (and any subsequent holder of such
Notes) shall execute a confirmation of the continuing applicability of this Agreement to the New Notes, as so modified.
Except for the foregoing reallocation and for modifications pursuant to the Lead Securitization Servicing Agreement (as
discussed in Section 5), no Note may be modified or amended without the consent of its holder and the consent of
the holder of the other Note. In connection with the foregoing (provided the conditions set forth in (i) through (v) above
are satisfied, with respect to (i) through (iv), as certified by the SG Entity, on which certification the Master Servicer
can rely), the Master Servicer is hereby authorized and directed to execute amendments to the Mortgage Loan Documents and
this Agreement on behalf of any or all of the Note Holders, as applicable, solely for the purpose of reflecting such
reallocation of principal. If more than one


 



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New Note is created hereunder, for purposes of exercising the rights of the
Non-Controlling Note Holder hereunder, the Non-Controlling Note Holder of such New Notes shall be as provided in the
definition of such term in this Agreement.


 


[SIGNATURE
PAGE FOLLOWS]


 






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


	 	 	 
	 	SOCIÉTÉ
    GÉNÉRALE

    as Initial Note A-1 Holder
	 	 	 
	 	By:	/s/ Jim Barnard
	 	 	Name: Jim Barnard
	 	 	Title: Director
	 	 	 
	 	SOCIÉTÉ
    GÉNÉRALE

    as Initial Note A-2 Holder
	 	 	 
	 	By:	/s/ Jim
    Barnard
	 	 	Name: Jim Barnard
	 	 	Title: Director
	 	 	 
	 	SOCIÉTÉ
    GÉNÉRALE

    as Initial Note A-3 Holder
	 	 	 
	 	By:	/s/ Jim
    Barnard
	 	 	Name: Jim Barnard
	 	 	Title: Director
	 	 	 
	 	SOCIÉTÉ
                                         GÉNÉRALE



       as Initial Note A-4 Holder
	 	 	 
	 	By:	/s/ Jim
    Barnard
	 	 	Name: Jim Barnard
	 	 	Title: Director



 


(Agreement Between Note Holders
– EMPIRE MALL)


 






    	 



    	 



    

 


	 	 	 
	 	SOCIÉTÉ GÉNÉRALE



       as Initial Note A-5 Holder
	 	 	 
	 	By:	/s/ Jim Barnard
	 	Name:
	 	Title: 




 





(Agreement
Between Note Holders – EMPIRE MALL)
















    	 



    	 



    




 


EXHIBIT
A



MORTGAGE LOAN SCHEDULE


 


Description
of Mortgage Loan


 


	Mortgage
    Loan Borrower:	SM
    Empire Mall, LLC
	Date
    of Mortgage Loan:	November
    24, 2015
	Date
    of Notes:	November
    30, 2015
	Original
    Principal Amount of Mortgage Loan:	$190,000,000
	Principal
    Amount of Mortgage Loan as of the date hereof:	$190,000,000
	Initial
    Note A-1 Principal Balance:	$40,000,000
	Initial
    Note A-2 Principal Balance:	$75,000,000
	Initial
    Note A-3 Principal Balance:	$40,000,000
	Initial
    Note A-4 Principal Balance	$25,000,000
	Initial
    Note A-5 Principal Balance	$10,000,000
	Location
    of Mortgaged Property:	Sioux
    Falls, SD
	Initial
    Maturity Date:	12/01/2025


 






    	A-1



    	 



    

  


EXHIBIT
B


 


1.Initial
Note A-1 Holder:


 


(Prior
to Securitization of Note A-1):


 


Société
Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard



with a copy to:



Société Générale

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel


 


Following
Securitization of Note A-1:


 


(i)Depositor:


 


To be
provided following the securitization of Note A-1.


 


(ii)Master
Servicer:


 


To be
provided following the securitization of Note A-1.


 


(iii)
Special Servicer:



To be provided following the securitization of Note A-1.


 


(iv)
Trustee:



To be provided following the securitization of Note A-1. 


 


2.Initial
Note A-2 Holder:


 






    	B-1



    	 



    

 


(Prior
to Securitization of Note A-2):


 


Société
Générale

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: Jim Barnard



with a copy to:



Société Générale

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel


 


(Following
Securitization of Note A-2):


 


(i)      Depositor:


 


Wells
Fargo Securities, Inc.

c/o Wells Fargo Securities, LLC

375 Park Avenue

2nd Floor, J0127-023

New York, New York 10152

Attention: A.J. Sfarra



with a copy to:


 


Wells
Fargo Law Department

D1053-300

301 South College St.

Charlotte, North Carolina 28288


 


Attention:
Jeff D. Blake, Esq., 


 


(ii)     Master
Servicer: 


 


Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2015 P2 Asset Manager


 


with
a copy to:


 



    	B-2



    	 



    

 


Wells
Fargo Bank, National Association Legal Department

301 S. College St., TW-30

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

Reference: WFCM 2015 P2 


 


(iii)    Special
Servicer:


 


C-III
Asset Management LLC

221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Fax number: (972) 868-5490

Attention: Lindsey Wright 


 


with
a copy to:


 


C-III
Asset Management LLC

221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Fax number: (972) 868-5490

Attention: Jenna Unell 


 


		(iv)	Trustee:

                                         

                                         Wilmington Trust, National Association

                                         1100 North Market Street

                                         Wilmington, Delaware, 19890

                                         Attention: CMBS Trustee WFCM 2015-P2



  


(v)     Certificate
Administrator:


 


Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services WFCM 2015-P2


 


3.
Initial Note A-3 Holder:


 


(Prior
to Securitization of Note A-3):


 






    	B-3



    	 



    

 


Société
Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard



with a copy to:



Société Générale

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel


 


(Following
Securitization of Note A-3):


 


(i)Depositor:


 


To be
provided following the securitization of Note A-3.


 


(ii)Master
Servicer:


 


To be
provided following the securitization of Note A-3.


 


(iii)
Special Servicer:



To be provided following the securitization of Note A-3.


 






    	B-4



    	 



    

 


(iv)     Trustee:



To be provided following the securitization of Note A-3.


 


4.
Initial Note A-4 Holder:


 


(Prior
to Securitization of Note A-4):


 


Société
Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard



with a copy to:



Société Générale

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel


 


(Following
Securitization of Note A-4):


 


(i)Depositor:


 


To be
provided following the securitization of Note A-4.


 


(ii)Master
Servicer:


 


To be
provided following the securitization of Note A-4.


 


(iii)
Special Servicer:



To be provided following the securitization of Note A-4. 


 






    	B-5



    	 



    

 


(iv)
     Trustee:



To be provided following the securitization of Note A-4.





 


5.
Initial Note A-5 Holder:


 


(Prior
to Securitization of Note A-5):


 


Société
Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard



with a copy to:



Société Générale

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel


 


(Following
Securitization of Note A-5):


 


(i)Depositor:


 


To be
provided following the securitization of Note A-5.


 


(ii)Master
Servicer:


 


To be
provided following the securitization of Note A-5.


 


(iii)
Special Servicer:



To be provided following the securitization of Note A-5. 


 


(iv)
Trustee:



To be provided following the securitization of Note A-5.


 






    	B-6



    	 



    

  


EXHIBIT
C



PERMITTED FUND MANAGERS


 


		1.	Westbrook
                                         Partners






		2.	DLJ
                                         Real Estate Capital Partners






		3.	iStar
                                         Financial Inc.






		4.	Capital
                                         Trust, Inc.






		5.	Lend-Lease
                                         Real Estate Investments






		6.	Archon
                                         Capital, L.P.






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






		8.	The
                                         Blackstone Group International Ltd.






		9.	Apollo
                                         Real Estate Advisors






		10.	Colony
                                         Capital, Inc.






		11.	Praedium
                                         Group






		12.	J.E.
                                         Roberts Companies






		13.	Fortress
                                         Investment Group, LLC






		14.	Lonestar
                                         Opportunity Fund






		15.	Clarion
                                         Partners






		16.	Walton
                                         Street Capital, LLC






		17.	Starwood
                                         Financial Trust






		18.	BlackRock,
                                         Inc.






		19.	Raith
                                         Capital Partners, LLC



 






    	C-1