Document:

Exhibit 4.8

 

 

EXECUTION VERSION 

	 

 

FedEx Brooklyn

 

CO-LENDER AGREEMENT

 

Dated as of February 9, 2016

 

between

 

JEFFERIES LOANCORE LLC

(Note A-1 Holder) 

and 

JEFFERIES LOANCORE LLC

(Note A-2 Holder)

	 

 

     

    	 

    

  

TABLE OF CONTENTS 

 

	 	Page
	 	 
	1.          Definitions; Conflicts	2
	2.          Servicing of the Mortgage Loan	12
	3.          Priority of  Notes	13
	4.          Workout	14
	5.          Accounts; Payment Procedure	14
	6.          Limitation on Liability	15
	7.          Representations of the Holders	15
	8.          Independent Analyses of each Holder	16
	9.          No Creation of a Partnership or Exclusive Purchase Right	16
	10.        Not a Security	16
	11.        Other Business Activities of the Holders	16
	12.        Transfer of Notes	17
	13.        Exercise of Remedies by the Servicer	19
	14.        Rights of the Directing Holder	20
	15.        Appointment of Special Servicer	22
	16.        Rights of the Non-Directing Holders	22
	17.        Advances; Reimbursement of Advances	23
	18.        Provisions Relating to Securitization	24
	19.        Governing Law; Waiver of Jury Trial	28
	20.        Modifications	28
	21.        Successors and Assigns; Third Party Beneficiaries	28
	22.        Counterparts	28
	23.        Captions	29
	24.        Notices	29
	25.        Custody of Mortgage Loan Documents	29

 

    -i- 

    	 

    

 

THIS CO-LENDER AGREEMENT
(the “Agreement”), dated as of February 9, 2016, is between JEFFERIES LOANCORE LLC, a Delaware limited
liability company (“JLC”), having an address at 55 Railroad Avenue, Suite 100, Greenwich, Connecticut 06830,
as the holder of Note A-1, and JEFFERIES LOANCORE LLC, a Delaware limited liability company, having an address at 55 Railroad
Avenue, Suite 100, Greenwich, Connecticut 06830, as the holder of Note A-2.

 

W I T N E
S S E T H:

 

WHEREAS, Jefferies LoanCore
LLC has made a mortgage loan in the original principal amount of $130,000,000 (the “Mortgage Loan”) to Fountain
Avenue Investments, LLC, a Delaware limited liability company (the “Borrower”) pursuant to a loan agreement
between the Borrower, as borrower, and JLC, as lender, dated as of October 22, 2015 (the “Loan Agreement”);

 

WHEREAS, the Mortgage
Loan is evidenced by two notes, Promissory Note A-1 in the original principal amount of $87,000,000 and Promissory Note A-2 in
the original principal amount of $43,000,000 (“Note A-1” and “Note A-2” respectively, and
individually, each, a “Note” and collectively the “Notes”); 

 

WHEREAS, the Mortgage
Loan is secured by a Consolidated, Amended and Restated Mortgage, Assignment of Leases and Rent and Security Agreement dated as
of October 22, 2015 (the “Security Instrument”) encumbering the Borrower’s fee simple interest in the
property located at 830 Fountain Avenue, Brooklyn, New York 11208 (the “Mortgaged Property”);

 

WHEREAS, Note A-1 Holder
intends to sell, transfer and assign its right, title and interest in and to Note A-1 to Credit Suisse Commercial Mortgage Securities
Corp. (“CSCMSC”), as depositor, pursuant to a Mortgage Loan Purchase Agreement to be dated as of February 1,
2016, by and between CSCMSC, as purchaser, and Note A-1 Holder as seller, and CSCMSC intends to transfer its right, title and interest
in and to Note A-1 to Wells Fargo Bank, National Association, as trustee for the CSAIL 2016-C5 Mortgage Trust under a pooling and
servicing agreement, dated as of February 1, 2016 (the “Note A-1 PSA”), between CSCMSC, as depositor, KeyBank
National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Wells Fargo Bank, National Association,
as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, and Pentalpha Surveillance
LLC, as operating advisor and asset representations reviewer (the “Note A-1 Securitization”);

 

WHEREAS, Note A-2 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-2 to
one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization of one or more mortgage
loans; and

 

     

    	 

    

 

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

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto mutually agree as follows:

 

1.          Definitions; Conflicts.
References to a “Section” or the “recitals” are, unless otherwise specified, to a Section or the recitals
of this Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Servicing
Agreement. To the extent of any inconsistency between terms defined in this Agreement and the Servicing Agreement, the terms of
this Agreement shall control. 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 assigned to such term or analogous term in the Servicing Agreement.

 

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to the Note A-1 PSA or the Note A-2 PSA.

 

“Affiliate”
shall mean, with respect to any specified Person, (a) any other Person controlling or controlled by or under common control
with such specified Person (each, a “Common Control Party”), (b) any other Person owning, directly or indirectly,
ten percent (10%) or more of the beneficial interests in such Person or (c) any other Person in which such Person or a Common
Control Party owns, directly or indirectly, ten percent (10%) or more of the beneficial interests. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract, relation to individuals or otherwise,
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

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

 

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

 

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

 

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

 

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“Certificates”
shall mean any securities issued in connection with the Note A-1 Securitization or the Note A-2 Securitization.

 

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

 

“Collection
Account” shall mean the “collection account” or sub-account thereof, established under the Servicing Agreement
for the purpose of servicing the Mortgage Loan.

 

“Consultation
Termination Event” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“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. “controlled by,”
“controlling” and “under common control with” shall have the respective correlative meaning thereto.

 

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

 

“Defaulted Mortgage
Loan” shall mean the Mortgage Loan in the event that the Mortgage Loan is delinquent at least 60 days in respect of its
Monthly Payments or more than 60 days in respect of its balloon payment, in either case to be determined without giving effect
to any grace period permitted by the Mortgage Loan Documents and without regard to any acceleration of payments under the Mortgage
Loan Documents.

 

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

 

“Directing Holder”
shall mean the holders of Certificates representing the specified interest in the class of Certificates designated as the “controlling
class” or the duly appointed representative of the holders of such Certificates or such other party that the Note A-1 Holder
grants the right to exercise the rights granted to the Directing Holder in this Agreement; provided, that no Borrower, property
manager or affiliate thereof shall be entitled to act as Directing Holder.

 

“Event of Default”
shall mean an “Event of Default” as defined in the Loan Agreement.

 

“Excluded Amounts”
shall mean:

 

(i)          proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the
Borrower in accordance with the terms of the Mortgage Loan Documents;

 

(ii)         amounts required to be deposited in reserve or escrow pursuant to the Mortgage Loan Documents; and

 

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(iii)        amounts that are then due and payable pursuant to the Servicing Agreement to the parties to the Servicing Agreement, including,
without limitation, Servicing Fees, Special Servicing Fees, Liquidation Fees, Workout Fees, as applicable, reimbursement of costs
and expenses, reimbursement of Property Advances and interest thereon at the Reimbursement Rate;

 

but shall not include (A) any amounts
received in respect of any P&I Advances (and interest thereon), (B) any Servicing Fees due to the Master Servicer in excess
of the Servicing Fee calculated at the “primary servicing fee rate” set forth in the Servicing Agreement and (C) any
Trustee Fees.

 

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

 

“Hazardous Materials”
shall mean any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without limitation, those
so identified pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. § 9601
et seq., or any other environmental laws now existing, and specifically including, without limitation, asbestos and
asbestos-containing materials, polychlorinated biphenyls (“PCBs”), radon gas, petroleum and petroleum products,
urea formaldehyde and any substances classified as being “in inventory,” “usable work in process” or similar
classification which would, if classified as unusable, be included in the foregoing definition.

 

“Holder”
shall mean the Note A-1 Holder and the Note A-2 Holder.

 

“Intervening
Trust Vehicle” shall mean, with respect to any Securitization Vehicle that is a CLO, a trust vehicle or entity which
holds Note A-1 or Note A-2 as collateral securing (in whole or in part) any obligation or security held by such Securitization
Vehicle as collateral for the CLO.

 

“JLC”
shall mean Jefferies LoanCore LLC and its successors in interest.

 

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

 

“Lead Note”
shall mean Note A-1.

 

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

 

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

 

“Lead Securitization
Trust” shall mean the trust established under the Note A-1 PSA.

 

“Lead Servicer”
shall mean the servicer designated under the Note A-1 PSA.

 

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

 

     -4-

    	 

    

 

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

 

“Major Action”
shall have the meaning assigned to the term “Material Action,” “Major Action,” “Major Decision”
or any equivalent term in the Servicing Agreement.

 

“Master Servicer”
shall mean the master servicer under the Servicing Agreement and any successor thereunder.

 

“Master Servicer
Remittance Date” shall mean:

 

(i)          with respect to Note A-1, the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing
Agreement; and

 

(ii)         with respect to Note A-2, the earlier of (a) the “Master Servicer Remittance Date” (or analogous term) as defined
in the Servicing Agreement or (b) the first Business Day after the “determination date,” as such term or a similar
term is defined in the Note A-2 PSA (provided, however, that in no event may any such “determination date”
occur prior to (and any such otherwise earlier “determination date” shall, for purposes of this definition, be deemed
to occur on) the sixth day of each month or, if such sixth day is not a Business Day, the next succeeding Business Day).

 

“Maturity Date”
shall have the meaning assigned to such term in Exhibit A.

 

“Monthly Payment”
with respect to any period shall mean all amounts due and payable to any Holder or Holders during such period in accordance with
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 Interest
Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each of Note A-1
and Note A-2.

 

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

 

“Mortgage Loan
Documents” shall mean the Mortgage, the Loan Agreement, the Notes, and all other documents evidencing or securing the
Mortgage Loan.

 

“Mortgage Loan
Principal Balance” shall mean, at any date of determination, the aggregate principal balance of the Notes evidencing
the Mortgage Loan.

 

     -5-

    	 

    

 

“Mortgage Loan
Schedule” shall mean the schedule in the form attached hereto as Exhibit A, which schedule sets forth certain
information regarding the Mortgage Loan and the Notes.

 

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

 

“Non-Directing
Holders” shall mean the holders of Certificates representing the specified interest in the class of Certificates designated
as the “controlling class” or the duly appointed representative of the holders of such Certificates or such other party
otherwise entitled under the Note A-2 PSA to exercise the rights granted to the Non-Directing Holders in this Agreement. If Note
A-2 has not been included in a Securitization, the Non-Directing Holder with respect to such Note will be the then-current Holder
of such Note.

 

“Non-Lead Master
Servicer” shall mean, with respect to Note A-2 and the Note A-2 PSA, the master servicer designated under the Note A-2
PSA.

 

“Non-Lead Note”
shall mean Note A-2.

 

“Non-Lead Note
Holders” shall mean the holders of the Non-Lead Note.

 

“Non-Lead Servicing
Agreement” shall mean the Note A-2 PSA.

 

“Nonrecoverable
Advance” shall have the meaning ascribed to such term in the Servicing Agreement.

 

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

 

“Note A-1 Holder”
shall mean JLC or any subsequent holder of Note A-1.

 

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

 

“Note A-1 Principal
Balance” shall mean at any time of determination, the initial Note A-1 Principal Balance as set forth in the Mortgage
Loan Schedule less any payments of principal thereon received by the Note A-1 Holder and any reductions in such amount pursuant
to Section 4.

 

“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 first sale by the Note A-1 Holder of all or any portion of Note A-1 to a depositor who will in turn include all
or such portion (as applicable) 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 Trustee”
shall mean the trustee under the Note A-1 PSA.

 

     -6-

    	 

    

 

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

 

“Note A-2 Holder”
shall mean JLC or any subsequent holder of Note A-2.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“P&I Advance”
shall mean an advance made by a party to the Note A-1 PSA or the Note A-2 PSA, as applicable, with respect to a delinquent monthly
debt service payment on the Notes included in the related Securitization.

 

“Penalty Charges”
shall mean any amounts collected from the Borrower that represent default charges, penalty charges, late fees and/or default interest,
but excluding any yield maintenance charge or prepayment premium and excluding Excess Interest accrued on an ARD Mortgage Loan
after the related Anticipated Repayment Date.

 

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

 

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

 

“Property Advance”
shall mean an advance made in respect of property protection expenses or expenses incurred to protect, preserve and enforce the
security for the Mortgage Loan or to pay taxes and assessments or insurance premiums with respect to the Mortgaged Property.

 

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“Pro Rata and
Pari Passu Basis” shall mean with respect to the Notes and each Holder, (i) for purposes of allocating payments of interest
among the Notes, each Note or Holder, as the case may be, is allocated its respective pro rata share based on the interest accrued
on such Note at the respective Interest Rate of such Note based on the outstanding principal balance of the such Note and (ii)
for all other purposes, the allocation of any particular payment, collection, cost, expense, liability or other amount between
such Notes or such Holders, as the case may be, without any priority of any such Note or any such Holder over another Note or Holder,
as the case may be, and in any event such that each Note or Holder, as the case may be, is allocated its respective pro rata share
based on the principal balance of its Note in relation to the principal balance of the entire Mortgage Loan of such particular
payment, collection, cost, expense, liability or other amount.

 

“Qualified Servicer”
shall mean (i) Wells Fargo Bank, National Association, (ii) Midland Loan Services, a Division of PNC Bank, National Association,
(iii) KeyBank National Association, (iv) in the case of the Special Servicer, Rialto Capital Advisors, LLC, or (v) any
nationally recognized commercial mortgage loan servicer (1) rated at least “CSS3,” in the case of a special servicer,
or at least “CMS2,” in the case of a master servicer, by Fitch, (2) on the S&P Select Servicer List as a U.S.
Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, (3) as to which neither
Moody’s nor KBRA has cited servicing concerns of such 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 any CMBS transaction rated by Moody’s or KBRA, as applicable, and serviced by such servicer prior to the
time of determination, (4) a servicer that (i) during the 12-month period prior to the date of determination, acted as master servicer
or special servicer, as applicable, in a commercial mortgage loan securitization rated by Morningstar and (ii) Morningstar has
not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of such certificates citing servicing
concerns with the servicer or special servicer, as applicable, as the sole or material factor in such rating action and (5) in
the case of DBRS, that such special servicer is acting as special servicer in a commercial mortgage loan securitization that was
rated by DBRS within the twelve (12) month period prior to the date of determination and DBRS has not downgraded or withdrawn the
then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch
citing the continuation of such special servicer as special servicer of such commercial mortgage securities as a material reason
for such downgrade or withdrawal. For purposes of this definition, for so long as any Note is included in a Securitization, the
ratings or actions of any Rating Agency that is not rating any such Securitization(s) shall not be considered.

 

“Qualified Transferee”
shall mean an Affiliate of the initial Note A-1 Holder or the initial Note A-2 Holder or one or more of the following (other than
the Borrower or any entity which is an Affiliate of the Borrower):

 

(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 or governmental entity or plan;
or

 

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(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, which regularly engages in the business of making or owning investments of
types similar to the Mortgage Loan; or

 

(iii)        an institution substantially similar to any of the foregoing entities described in clauses (i) or (ii) above; or

 

(iv)        any entity Controlled by or under common Control or Controlling any of the entities described in clauses (i), (ii)
or (iii) above; or

 

(v)         a Qualified Trustee (or, in the case of a CLO, a single purpose bankruptcy-remote entity that contemporaneously pledges
its interest in a Note to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized
debt obligations (“CLO”) secured by, or (C) a financing through an “owner trust” of, any interest
in a Note (any of the foregoing, a “Securitization Vehicle”), provided that either (1) one or more
classes of securities issued by such Securitization Vehicle is initially rated at least investment grade by at least two of the
Rating Agencies that also assigned a rating to one or more classes of securities issued in connection with the Securitization
of a Note; (2) in the case of a Securitization Vehicle that is not a CLO, the special servicer for the Securitization Vehicle
is a Qualified Servicer at the time of transfer; or (3) in the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager
and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CLO Asset Manager that is a Qualified
Transferee, is a Qualified Transferee under clause (i), (ii), (iii) or (iv) of this definition; or

 

(vi)        an investment fund, limited liability company, limited partnership or general partnership in which a Permitted Fund Manager
acts as the general partner, managing member, or the fund manager responsible for the day to day management and operation of such
investment vehicle, provided that greater than fifty percent (50%) of the equity interests in such investment vehicle are
owned, directly or indirectly, by one or more entities that are otherwise Qualified Transferees,

 

which, in the case of each of clauses (i),
(ii), and (iii) of this definition, has at least $650,000,000 in total assets (in name or under management) and (except with respect
to a pension advisory firm or similar fiduciary) at least $250,000,000 in capital/statutory surplus or shareholders’ equity,
and is regularly engaged in the business of making or owning commercial real estate loans or commercial loans similar to the Mortgage
Loan.

 

“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 the Federal Deposit Insurance Corporation or (iii) an institution
whose long-term senior

 

     -9-

    	 

    

 

unsecured debt is then rated in one of the top two rating categories of each of the Rating Agencies.

 

“Rating Agencies”
shall mean DBRS, Moody’s, Fitch, KBRA, 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 Holder to rate the securities issued in connection with the Securitization
of the related Note; provided, however, that, unless specified otherwise, at any time during which any Note is an
asset of a Securitization, “Rating Agencies” or “Rating Agency” shall mean only those rating
agencies that are engaged by the applicable Depositor from time to time to rate the securities issued in connection with such Securitization.

 

“Rating Agency
Confirmation” shall mean each of the applicable Rating Agencies shall have confirmed in writing that the occurrence of
the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal
of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In the event that
no Certificates are outstanding or Note A-1 is not part of a Securitization, any action that would otherwise require a Rating Agency
Confirmation shall require the consent of the Note A-1 Holder, which consent shall not be unreasonably withheld, conditioned or
delayed.

 

For the purposes of this
Agreement, if any Rating Agency (1) waives, declines or refuses, in writing, 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, or (2) does not reply to such request or responds
in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency
Confirmation and the related timing, notice and other applicable provisions set forth in the Servicing Agreement and the Note A-2
PSA, as applicable, have been satisfied, then for such request only, the condition that such confirmation by such Rating Agency
(only) be obtained will be deemed not to apply for purposes of this Agreement. For purposes of clarity, any such waiver, declination
or refusal to review or otherwise engage in any request for such confirmation hereunder shall not be deemed a waiver, declination
or refusal to review or otherwise engage in any subsequent request for such Rating Agency Confirmation hereunder and the condition
for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless of any previous
waiver, declination or refusal to review or otherwise engage in such prior request.

 

“Reimbursement
Rate” shall have the meaning assigned to such term or the term “Advance Rate” or an analogous term in the
Servicing Agreement.

 

“REO Property”
shall mean the Mortgaged Property, title to which has been acquired by the Servicer on behalf of (or other Person designated by)
the Holders through foreclosure, deed in lieu of foreclosure or otherwise.

 

“S&P”
shall mean Standard & Poor’s Ratings Services, a Division of The McGraw-Hill Companies, Inc., and its successors in interest.

 

     -10-

    	 

    

 

“Securitization”
shall mean the Note A-1 Securitization and the Note A-2 Securitization, as applicable.

 

“Servicer”
shall mean (i) the Master Servicer with respect to a non-Specially Serviced Mortgage Loan and the Special Servicer with respect
to a Specially Serviced Mortgage Loan, or (ii) with respect to a specific function, right or obligation as to which the Servicing
Agreement designates the Master Servicer or the Special Servicer, the party so designated, as applicable, pursuant to the Servicing
Agreement.

 

“Servicing Agreement”
shall mean the Note A-1 PSA, provided that in the event that Lead Note is no longer an asset of the trust fund created pursuant
to the Servicing Agreement, the term “Servicing Agreement” shall refer to the subsequent servicing agreement entered
into pursuant to Section 2.

 

“Servicing Fee”
shall mean the fee of the Master Servicer pursuant to the terms of the Servicing Agreement, which will generally be calculated
as the product of (i) the Servicing Fee Rate and (ii) the outstanding principal balance of the Mortgage Loan as of the date of
determination.

 

“Servicing Fee
Rate” shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum which, when applied
to the Mortgage Loan Principal Balance (which may be a different rate with respect to each of the Notes), will determine the servicing
fee payable to the Master Servicer under the Servicing Agreement.

 

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

 

“Servicing Transfer
Event” shall mean any of the events specified in the Servicing Agreement, whereby the servicing of the Mortgage Loan
is required to be transferred to the Special Servicer from the Master Servicer.

 

“Special Servicer”
shall mean the special servicer of the Mortgage Loan as appointed under the terms of this Agreement and the Servicing Agreement,
or any successor special servicer appointed as provided hereunder and thereunder.

 

“Special Servicing
Fee” shall have the meaning given to such term in the Servicing Agreement.

 

“Specially Serviced
Mortgage Loan” shall mean the Mortgage Loan during the period it is serviced by the Special Servicer following a Servicing
Transfer Event.

 

“Transfer”
shall mean any assignment, pledge, conveyance, sale, transfer, mortgage, encumbrance, grant of a security interest, issuance of
a participation interest, or other disposition, either directly or indirectly, by operation of law or otherwise.

 

“Trustee”
shall mean the trustee under Note A-1 PSA or the Note A-2 PSA, as the context requires.

 

     -11-

    	 

    

 

“Trustee Fee”
shall have the meaning given to such term in the Note A-1 PSA or an analogous term in the Note A-2 PSA, as the context requires.

 

2.          Servicing of the
Mortgage Loan. (a) Each Holder acknowledges and agrees that, subject in
each case to the specific terms of this Agreement, the Mortgage Loan shall be serviced from and after the Note A-1 Securitization
Date, by the Note A-1 Master Servicer and the Special Servicer pursuant to the terms of this Agreement and the Note A-1 PSA.

 

(b)        Subject to the terms and conditions of this Agreement, each Holder hereby irrevocably and unconditionally consents to the
appointment of the Master Servicer and the Trustee under the Servicing Agreement by the Depositor and the appointment of the Special
Servicer by the Directing 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 Servicing Agreement. Each Holder hereby appoints the Master Servicer,
the Special Servicer and the Trustee under the Servicing Agreement as such 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 Servicing Agreement
(subject at all times to the rights of the Holders as set forth herein and in such Servicing Agreement).

 

(c)        If, at any time the Lead Note is no longer in a Securitization, the Note A-1 Holder shall cause the Mortgage Loan to be
serviced pursuant to a servicing agreement that is substantially similar to the Servicing Agreement (and, if any Non-Lead Note
is in a Securitization, a Rating Agency Confirmation from the Rating Agencies that were engaged by the Depositor to rate such Securitization)
and all references herein to the “Servicing Agreement” shall mean such subsequent Servicing Agreement; provided,
however, that until a replacement Servicing Agreement has been entered into (and such written confirmation has been obtained),
the Note A-1 Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Servicing Agreement as if such
agreement was still in full force and effect with respect to the Mortgage Loan; provided, further, however,
that until a replacement Servicing Agreement is in place, the actual servicing of the Mortgage Loan may be performed by any Qualified
Servicer appointed by the Note A-1 Holder and does not have to be performed by the service providers set forth under the Servicing
Agreement that was previously in effect.

 

(d)        Notwithstanding anything to the contrary contained herein (including Sections 4 and 13(a)), each Servicing
Agreement shall provide that the Servicer shall be required to service and administer the Mortgage Loan in accordance with the
Servicing Standard as set forth in such Servicing Agreement, and any Holder who is not a Borrower or an Affiliate of a Borrower
shall be deemed a third-party beneficiary of such provisions of the Servicing Agreement. It is understood that any Non-Lead Note
Holder may separately appoint a servicer for its Non-Lead Note, by itself or together with other assets, but any such servicer
will have no responsibility hereunder and shall be compensated solely by the applicable Non-Lead Note Holder from funds payable
to it hereunder or otherwise.

 

(e)        The Holders acknowledge that the Servicer is to comply with this Agreement and the Mortgage Loan Documents in connection
with the servicing of the Mortgage Loan.

 

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(f)         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 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 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 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 Borrower, or exercise or refrain from exercising any powers or rights that
the 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 that includes any Note (or any portion thereof). Each Holder
agrees that the provisions of this paragraph shall be effected by compliance with any REMIC provisions in the Servicing Agreement
relating to the administration of the Mortgage Loan.

 

(g)        In the event that one of the Notes is included in a REMIC, the other Holders shall not be required to reimburse such Holder
or any other Person for payment of any taxes imposed on such REMIC or Advances therefor or for any interest on such Advance or
for deficits in other items of disbursement or income resulting from the use of funds for payment of any such taxes, nor shall
any disbursement or payment otherwise distributable to the other Holders be reduced to offset or make-up any such payment or deficit.

 

3.          Priority of Notes. Note A-1 and Note A-2 shall be of equal priority, and no portion of any of Note A-1 or Note A-2
shall have priority or preference over any portion of the other Note or security therefor. Except for the Excluded Amounts, all
amounts tendered by the Borrower or otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly
Payments, a balloon payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as
security on the Mortgage Loan, proceeds under title, hazard or other insurance policies or awards or settlements in respect of
condemnation proceedings or similar exercise of the power of eminent domain shall be distributed by the Master Servicer and applied
to the Note A-1 and Note A-2 on a Pro Rata and Pari Passu Basis.

 

The Servicing Agreement
may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay the Master Servicer,
the Trustee or the Special Servicer for interest accrued on any Property Advances, (ii) to pay the parties to any Securitization
for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect to the Mortgage Loan
and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation, except that, for
so long as Note A-1 is not included in a Securitization, any Penalty Charges allocated to Note A-1 that are not applied pursuant
to clauses (i)-(iii) above shall be remitted to the respective Holder and shall not be paid to the Master Servicer and/or the Special
Servicer without the express consent of such Holder.

 

     -13-

    	 

    

 

4.          Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the
Servicing Agreement and Section 13 of this Agreement, and the obligation to act in accordance with the Servicing Standard,
if the Lead 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 Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments
of interest or principal on Note A-1 or Note A-2 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 Note A-1 and Note A-2 as described in Section 3.

 

5.          Accounts; Payment Procedure. The Servicing Agreement shall provide that the Master Servicer shall establish and maintain
the Collection Account or Collection Accounts, as applicable. Each of the Note A-1 Holder and the Note A-2 Holder hereby directs
the Master Servicer, in accordance with the priorities set forth in Section 3 hereof, and subject to the terms of the
Servicing Agreement, (i) to deposit into the applicable Collection Account within the time period specified in the Servicing Agreement
all payments received with respect to the Mortgage Loan and (ii) to remit from the applicable Collection Account for deposit or
credit on the applicable Master Servicer Remittance Date all payments received with respect to and allocable to Note A-1 and Note
A-2 by wire transfer to accounts maintained by the Note A-1 Holder and the Note A-2 Holder, respectively; provided that
delinquent payments received by the Master Servicer after the related Master Servicer Remittance Date shall be remitted by the
Master Servicer to such accounts within the time period specified in the Servicing Agreement.

 

If any Servicer holding
or having distributed any amount received or collected in respect of Note A-1 or Note A-2 determines, or a court of competent jurisdiction
orders, at any time that any amount received or collected in respect of Note A-1 or Note A-2 must, pursuant to any insolvency,
bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to the Note A-1 Holder or the
Note A-2 Holder, or any Servicer or paid to any other Person, then, notwithstanding any other provision of this Agreement, no Servicer
shall be required to distribute any portion thereof to the Note A-1 Holder or the Note A-2 Holder, as applicable, and the Note
A-1 Holder or the Note A-2 Holder, as applicable, shall promptly on demand repay to such Servicer the portion thereof which shall
have been theretofore distributed to the Note A-1 Holder or the Note A-2 Holder, as applicable, together with interest thereon
at such rate, if any, as such Servicer shall have been required to pay to the Borrower, the Note A-1 Holder, the Note A-2 Holder,
any Servicer or such other person or entity with respect thereto. Each of the Note A-1 Holder and the Note A-2 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 will promptly remit such excess to the Master Servicer. The Master Servicer shall have the right to offset any
amounts due hereunder from the Note A-1 Holder or the Note A-2 Holder, as applicable, with respect to the Mortgage Loan against
any future payments due to the Note A-1 Holder or the Note A-2 Holder, as applicable, under the Mortgage Loan, provided,
that the obligations of the Note A-1 Holder and the Note A-2 Holder under this Section 5 are separate and distinct
obligations from one another and in no event shall any Servicer enforce the obligations of any Holder against any other Holder.
The obligations of the Note A-1 Holder and the Note A-2 Holder under this Section 5 constitute absolute, unconditional

 

     -14-

    	 

    

 

and continuing obligations and each Servicer shall be deemed a third-party beneficiary of these provisions.

 

6.          Limitation on Liability. Subject to the terms of the Servicing Agreement, no Holder (including the Master Servicer
or the Special Servicer on its behalf) shall have any liability to any other Holder with respect to any Note, except (1) with
respect to the Advance reimbursement provisions set forth in Section 17 and (2) with respect to losses actually
suffered due to the gross negligence, willful misconduct or material breach of this Agreement on the part of such Holder (including
the Master Servicer or the Special Servicer on its behalf, and the Master Servicer’s or Special Servicer’s liability
is further limited as set forth in the Servicing Agreement).

 

7.          Representations of the Holders. (a)  Each of the initial
Holders hereby represents and warrants to, and covenants with each other Holder that, as of the date hereof:

 

(i)         It is duly organized, validly existing and in good standing under the laws of the State under which it is organized.

 

(ii)        The execution and delivery of this Agreement by such Holder, and performance of, and compliance with, the terms of this
Agreement by such Holder, will not violate its organizational documents or constitute a default (or an event which, with notice
or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other instrument
to which it is a party or that is applicable to it or any of its assets, in each case which materially and adversely affect its
ability to carry out the transactions contemplated by this Agreement.

 

(iii)       Such Holder has the full power and authority to enter into and consummate all transactions contemplated by this Agreement,
has duly authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement.

 

(iv)       This Agreement is the legal, valid and binding obligation of such Holder enforceable against such 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.

 

(v)        It has the right to enter into this Agreement without the consent of any third party.

 

(vi)       It
is the holder of the respective Note for its own account in the ordinary course of its business. 

 

     -15-

    	 

    

 

(vii)      It has not dealt with any broker, investment banker, agent or other person, that may be entitled to any commission or compensation
in connection with the consummation of any of the transactions contemplated hereby.

 

(viii)     It is a Qualified Transferee.

 

8.          Independent Analyses of each Holder. Each Holder acknowledges that, except for the representations made in Section 7,
it has, independently and without reliance upon any other Holders and based on such documents and information as such Holder has
deemed appropriate, made its own credit analysis and decision to purchase its respective Note. Each Holder hereby acknowledges
that the other Holders shall have no responsibility for (i) the collectability of the Mortgage Loan, (ii) the validity,
enforceability or legal effect of any of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished
or to be furnished in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness
of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Borrower. Each
Holder assumes all risk of loss in connection with its respective Note for reasons other than gross negligence, willful misconduct
or breach of this Agreement by any other Holder or gross negligence, willful misconduct or bad faith by any Servicer.

 

9.          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 among any Holder (or the Master Servicer, Special Servicer or Trustee on its behalf)
and any other Holder a partnership, association, joint venture or other entity. Each Holder (or the Master Servicer, Special Servicer
or Trustee on its behalf) shall have no obligation whatsoever to offer to the other Holders the opportunity to purchase notes or
interests relating to any future loans originated by such Holder or any of its Affiliates, and if any Holder chooses to offer to
any of the other Holders, the opportunity to purchase notes or interests in any future mortgage loans originated by such Holder
or its Affiliates, such offer shall be at such purchase price and interest rate as such Holder chooses, in its sole and absolute
discretion. None of the Holders shall have any obligation whatsoever to purchase from any other Holder any notes or interests in
any future loans originated by any other Holder or any of its Affiliates.

 

10.        Not a Security. Neither of Note A-1 nor Note A-2 shall be deemed to be a security within the meaning of the Securities
Act of 1933 or the Securities Exchange Act of 1934.

 

11.        Other Business Activities of the Holders. Each Holder acknowledges that the other Holders may make loans or otherwise
extend credit to, and generally engage in any kind of business with, any Affiliate of the Borrower, and receive payments on such
other loans or extensions of credit to any Affiliate of the Borrower and otherwise act with respect thereto freely and without
accountability, but only if none of the foregoing violate the Mortgage Loan Documents, in the same manner as if this Agreement
and the transactions contemplated hereby were not in effect.

 

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12.        Transfer of Notes. (a)  Each Holder may Transfer up
to 49% in the aggregate of its beneficial interest in its Note whether or not the related transferee is a Qualified Transferee
without a Rating Agency Confirmation. Each Holder shall not Transfer more than 49% in the aggregate of its beneficial interest
in its Note unless (i) prior to a Securitization of any Note, the other Holder has consented to such Transfer, in which case
the related transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes under this Agreement,
(ii) after a Securitization of any Note, a Rating Agency Confirmation has been received with respect to such Transfer, in
which case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes under
this Agreement, or (iii) such Transfer is to a Qualified Transferee. Any such transferee must assume in writing the obligations
of the transferring Holder hereunder and agree to be bound by the terms and provisions of this Agreement and the Servicing Agreement.
Such proposed transferee (except in the case of Transfers that are made in connection with a Securitization) shall also remake
each of the representations and warranties contained herein for the benefit of the other Holder. Notwithstanding the foregoing,
without the non-transferring Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring
Holder’s Note is in a Securitization, without a Rating Agency Confirmation from each Rating Agency that has been engaged
by the Depositor to rate the securities issued in connection with such Securitization, no Holder shall Transfer all or any portion
of its Note to the Borrower or an Affiliate of a Borrower and any such Transfer shall be absolutely null and void and shall vest
no rights in the purported transferee.

 

(b)        Except for a Transfer made in connection with a Securitization, or a Transfer made by an initial Holder to an Affiliate,
at least five (5) days prior to a transfer of any Note, the transferring Holder shall provide to the other Holders and, if any
Certificates are outstanding, to the Rating Agencies, a certification that such transfer will be made in accordance with this Section 12,
such certification to include (1) the name and contact information of the transferee and (2) if applicable, a certification
by the transferee that it is a Qualified Transferee.

 

(c)        The Holders acknowledge that any Rating Agency Confirmation may be granted or denied by the Rating Agencies in their sole
and absolute discretion and that such Rating Agencies may charge the transferring Holder customary fees in connection with providing
such Rating Agency Confirmation.

 

(d)        Notwithstanding anything to the contrary contained herein, each Holder may pledge or transfer (a “Pledge”)
its Note to any entity (other than the Borrower or any Affiliate of the Borrower) that has extended a credit facility to such Holder
or has entered into a repurchase agreement with such Holder and that, in each case, is either a Qualified Transferee 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”), or to a Person with respect to which a Rating Agency Confirmation has been obtained, on
terms and conditions set forth in this Section 12(d), it being further agreed that a financing provided by a Note Pledgee
to any Holder or any Affiliate that controls such Holder that is secured by such Holder’s interest in its respective Note
and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder on the condition that all applicable
terms and conditions of this Section 12 are complied with. A Note Pledgee that is not a Qualified Transferee may not
take title to a Note without a Rating Agency Confirmation. Upon written notice, if any, by the pledging Holder to the other Holders
and the Servicer that a Pledge has been effected (including the name and address of the applicable Note

 

     -17-

    	 

    

 

Pledgee), the other Holders
agree to acknowledge receipt of such notice and thereafter agree: (i) to give such Note Pledgee written notice of any default
by the pledging Holder in respect of its obligations under this Agreement of which default such Holder has actual knowledge and
which notice shall be given simultaneously with the giving of such notice to the pledging Holder; (ii) to allow such Note
Pledgee a period of ten (10) Business Days to cure a default by the pledging Holder in respect of its obligations to the other
Holders 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 or the Servicing Agreement (if the pledging Holder had the right to consent to such amendment,
modification, waiver or termination pursuant to the terms hereof) 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 and which consent shall
be deemed to be given if Note Pledgee shall fail to respond to any request for consent to any such amendment, modification, waiver
or termination within 10 days after request therefor; (iv) that the other Holders shall accept any cure by such Note Pledgee
of any default of the pledging Holder which such pledging Holder has the right to effect hereunder, as if such cure were made by
such pledging Holder; (v) that the other Holders or Servicer 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 the other Holders; and (vi) that, upon written notice (a “Redirection Notice”) to the Servicer by such
Note Pledgee that the pledging Holder is in default beyond any applicable cure periods with respect to the pledging Holder’s
obligations to such Note Pledgee pursuant to the applicable credit agreement or other agreements relating to the Pledge between
the pledging Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Holder), and until such
Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee (or at any time that pledging Holder otherwise
directs that such payment be made to Note Pledgee pursuant to a separate notice) shall be entitled to receive any payments that
any Servicer would otherwise be obligated to make to the pledging Holder from time to time pursuant to this Agreement or any Servicing
Agreement. Any pledging Holder hereby unconditionally and absolutely releases the other Holders and any Servicer from any liability
to the pledging Holder on account of any Holder’s or Servicer’s compliance with any Redirection Notice believed by
any Servicer or other Holders in good faith to have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise
fully its rights and remedies against the pledging Holder (and accept an assignment in lieu of foreclosure as to such collateral),
in accordance with applicable law, the pledge agreement, repurchase agreement or similar agreement between the pledging Holder
and the Note Pledgee and this Agreement. In such event, or if the pledging holder otherwise assigns its interests to the Note Pledgee,
the other Holders and the Servicer shall recognize such Note Pledgee (and any transferee (other than the Borrower or any Affiliate
of the Borrower) that is also a Qualified Transferee at any foreclosure or similar sale held by such Note Pledgee or any transfer
in lieu of foreclosure), and such Person’s successor and assigns, as the successor to the pledging Holder’s rights,
remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Transferee shall assume in writing the obligations
of the pledging 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 12(d)
shall remain effective as to any Holder (and any Servicer) unless and until such Note Pledgee shall have notified such Holder (and
any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

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13.           Exercise of Remedies by the Servicer. (a)  Subject
to the terms of this Agreement and the Servicing Agreement and subject to the rights and consents, where required, of the Directing
Holder, the Servicer 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 and exclusive authority to (i) modify
or waive any of the terms of the Mortgage Loan Documents, (ii) consent to any action or failure to act by the Borrower or
any party to the Mortgage Loan Documents, (iii) vote all claims with respect to the Mortgage Loan in any bankruptcy, insolvency
or other similar proceedings and (iv) to take legal action to enforce or protect the Holders’ interests with respect
to the Mortgage Loan or to refrain from exercising any powers or rights under the Mortgage Loan Documents, including the right
at any time to call or waive any Events of Default, or accelerate or refrain from accelerating the Mortgage Loan or institute any
foreclosure action, and the Holders shall have no voting, consent or other rights whatsoever with respect to the Servicer’s
administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan other than as provided in the Servicing
Agreement. Subject to the terms and conditions of the Servicing Agreement, the Servicer shall have the sole and exclusive authority
to make Property Advances with respect to the Mortgage Loan. Except as otherwise provided in this Agreement, each Holder agrees
that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Servicer the rights, if any, that
such Holder has to (A) call or cause the Servicer to call an Event of Default under the Mortgage Loan, or (B) exercise
any remedies with respect to the Mortgage Loan or the Borrower, including, without limitation, filing or causing the Lead Note
Holder or such Servicer to file any bankruptcy petition against the Borrower. Each Holder shall, from time to time, execute such
documents as any Servicer shall reasonably require to evidence such assignment with respect to the rights described in clause (iii)
of the first sentence in this Section 13(a).

 

(b)           The Lead Servicer and the related Trustee shall not have any fiduciary duty to the Non-Lead Note Holders in connection with
the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Servicer and the related Trustee from their
respective obligation under the Servicing Agreement to make any disbursement of funds as set forth herein).

 

(c)           The Holders hereby acknowledge that the Servicing Agreement shall provide that, subject to the satisfaction of the conditions
set forth in the next sentence, upon the Mortgage Loan becoming a Defaulted Mortgage Loan, if the Special Servicer determines to
sell the Defaulted Mortgage Loan (or the Lead Note), it will be required to sell the entire Defaulted Mortgage Loan as a single
whole loan (i.e., both the Lead Note and Non-Lead Note). Any such sale of the entire Defaulted Mortgage Loan is subject to the
satisfaction of the following two conditions:

 

(i)            Each Non-Lead Note Holder has provided written consent to such sale; or

 

(ii)           The Special Servicer has delivered the following notices and information to each Non-Lead Note Holder:

 

(1)           at least 15 Business Days prior written notice of any decision to attempt to sell the Defaulted Mortgage Loan;

 

     -19-

    	 

    

 

(2)          
at least 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;

 

(3)         
at least 10 days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents
in the Servicing File requested by a Non-Lead Note Holder; and

 

(4)          
until the sale is completed and a reasonable period of time (but no less time than is afforded to other offerors and the
Directing Holder) 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.

 

Any Non-Lead Note Holder
may waive any delivery or timing requirements set forth above only for itself. Subject to the foregoing, each of the Lead Note
Holder, the Directing Holder, the Non-Lead Note Holders and the Non-Directing Holders shall be permitted to submit an offer at
any sale of the Defaulted Mortgage Loan (unless such Person is the Borrower or an agent or Affiliate of the Borrower).

 

The Non-Lead Note Holders
hereby appoint the Lead Note Holder as their agent, and grant to the Lead 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 the Non-Lead
Notes. Each Non-Lead Note Holder further agrees that, upon the request of the Lead Note Holder, such Non-Lead Note Holder shall
execute and deliver to or at the direction of Lead Note Holder such powers of attorney or other instruments as the Lead Note Holder
may reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following request,
and shall deliver the related original Non-Lead Note, endorsed in blank, to or at the direction of the Lead Note Holder in connection
with the consummation of any such sale.

 

(d)          Notwithstanding anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its
rights under this Section 13 shall be subject in all respects to any section of the Servicing Agreement governing REMIC
administration, and in no event shall the Servicer be permitted to take any action or refrain from taking any action if taking
or failing to take such action, as the case may be, would violate the laws of any applicable jurisdiction, breach the Mortgage
Loan Documents or be inconsistent with the Servicing Standard or violate any other provisions of the Servicing Agreement or violate
the REMIC provisions of the Code or any regulations promulgated thereunder, including, without limitation, the provisions of Section
2(f) of this Agreement.

 

14.           Rights of the Directing Holder. The Directing Holder shall be entitled to exercise the rights and powers granted
to the Directing Holder hereunder and the rights and powers granted to the “Directing Holder,” “Controlling Class
Certificateholder,” “Controlling Class Representative” or similar party under, and as defined in, the Servicing
Agreement with

 

     -20-

    	 

    

 

respect to the Mortgage Loan. In addition, the Directing Holder shall be entitled to advise (1) the Special
Servicer with respect to all matters related to a Specially Serviced Mortgage Loan and (2) the Special Servicer with respect
to all matters for which the Master Servicer must obtain the consent or deemed consent of the Special Servicer, and (3) the Special
Servicer with respect to a Mortgage Loan for which an extension of maturity is being considered by the Special Servicer or by the
Master Servicer subject to the consent or deemed consent of the Special Servicer, and, except as set forth below (i) the Master
Servicer shall not be permitted to take any Major Action 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 taking any Major Action nor
will the Special Servicer itself be permitted to take any Major Action as to which the Directing Holder has objected in writing
within ten (10) Business Days (or 30 days with respect to an Acceptable Insurance Default) after receipt of the written recommendation
and analysis and such additional information requested by the Directing Holder as may be necessary in the reasonable judgment of
the Directing Holder in order to make a judgment with respect to such Major Action. The Directing 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 Directing Holder may deem
advisable.

 

If the Directing Holder
fails to notify the Special Servicer of its approval or disapproval of any proposed Major Action within ten (10) Business Days
(or 30 days with respect to an Acceptable Insurance Default) after delivery to the Directing Holder by the applicable Servicer
of written notice of a proposed Major Action together with any information requested by the Directing Holder as may be necessary
in the reasonable judgment of the Directing Holder in order to make a judgment, then upon the expiration of such ten (10) Business
Day (or 30 days with respect to an Acceptable Insurance Default) period, such Major Action shall be deemed to have been approved
by the Directing Holder.

 

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

 

No objection, direction
or advice contemplated by the preceding paragraphs may require or cause the Master Servicer or the Special Servicer, as applicable,
to violate any provision of the Mortgage Loan Documents, applicable law, the 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 or expose
the Master Servicer or the Special Servicer to liability, or materially expand the scope of the Master Servicer’s or the
Special Servicer’s responsibilities under the Servicing Agreement.

 

The Directing Holder
shall have no liability to the other Holders 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 Servicing Agreement, or
errors in judgment, absent any loss, liability or expense incurred by reason of its

 

     -21-

    	 

    

 

willful misfeasance, bad faith or gross negligence.
The Holders agree that the Directing Holder may take or refrain from taking actions, or give or refrain from giving consents, that
favor the interests of one Holder over the other Holder, and that the Directing Holder may have special relationships and interests
that conflict with the interests of another Holder and, absent willful misfeasance, bad faith or gross negligence on the part of
the Directing Holder agree to take no action against the Directing Holder or any of its officers, directors, employees, principals
or agents as a result of such special relationships or interests, and that the Directing Holder will 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 Holder.

 

15.           Appointment of Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder (or such other
party permitted to exercise such right under the Servicing Agreement) 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 Qualified Servicer
as the replacement Special Servicer in lieu thereof. The Directing Holder shall designate a Person to serve as Special Servicer
by delivering to the other Holders and the parties to the Note A-1 PSA and the Note A-2 PSA a written notice stating such designation
and by satisfying the other conditions required under the Servicing Agreement (including, without limitation, a Rating Agency Confirmation,
if required by the terms of the Servicing Agreement), if any.

 

16.           Rights of the Non-Directing Holders. (a) The Note A-1 PSA shall
provide that the Servicer shall be required:

 

(i)           
to provide copies of the same notices, information and reports that it is required to provide to the Directing Holder pursuant
to the Servicing Agreement with respect to any Major Actions or the implementation of any recommended actions outlined in an Asset
Status Report relating to the Mortgage Loan to the Non-Directing Holders (but without regard to whether or not the Directing Holder
actually has lost any rights to receive such information as a result of a Consultation Termination Event), within the same time
frame as specified with respect to the Directing Holder (but without regard to whether or not the Directing Holder actually has
lost any rights to receive such information as a result of a Consultation Termination Event), provided, however,
that if Note A-2 has been included in a Securitization transaction, then for any information for which the Special Servicer would
be required to provide to such Non-Directing Holder, the Special Servicer shall provide such notice to the master servicer of
the other Securitization transaction, who shall forward such notice as and when required under the terms of the related Securitization
documents; and

 

(ii)          
to consult with each Non-Directing Holder on a strictly non-binding basis, if, having received such notices, information
and reports, such Non-Directing Holder requests consultation with respect to any such Major Action or the implementation of any
recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended
by such Non-Directing Holder; provided

 

     -22-

    	 

    

 

that after the expiration of a period of ten (10) Business Days from the delivery
to each Non-Directing Holder of written notice of a proposed action, together with copies of the notice, information and report
required to be provided to the Directing Holder, the Servicer shall no longer be obligated to consult with the Non-Directing Holders,
whether or not the Non-Directing Holders have responded within such ten (10) Business Day period (unless the Servicer proposes
a new course of action that is materially different from the action previously proposed, in which case such ten (10) Business
Day period shall be begin anew from the date of such proposal and delivery of all information relating thereto).

 

(b)          
Notwithstanding the foregoing non-binding consultation rights of the Non-Directing Holders, the Servicer may take any Major
Action or any action set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period
if the Servicer determines that immediate action with respect thereto is necessary to protect the interests of the Holders.

 

(c)           In addition to the foregoing non-binding consultation rights, the Non-Directing Holders shall have the right to annual conference
calls with the Master Servicer or the Special Servicer 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)           In no event shall the Servicer be obligated at any time to follow or take any alternative actions recommended by any of
the Non-Directing Holders.

 

(e)           Any Non-Directing Holder that is the Borrower or an Affiliate of the Borrower shall not be entitled to any of the rights
set forth in this Section 16.

 

17.           Advances;
Reimbursement of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead
Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the
Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the terms of a Non-Lead
Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make P&I Advances
with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any P&I Advance
with respect to any Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee will not be required to
make any P&I Advance with respect to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, each
Non-Lead Master Servicer and any Trustee will be entitled to interest on any Advance made in the manner and from the sources provided
in the Note A-1 PSA or the Note A-2 PSA, as applicable.

 

(b)          The Lead Servicer and the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first
from the Collection Account established with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable
Advance, if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization
as provided in the Servicing Agreement.

 

     -23-

    	 

    

 

(c)           To the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse
the Lead Servicer for any Property Advance and/or interest thereon and the Lead Servicer or the related Trustee, as applicable,
obtains funds from general collections of the Lead Securitization as a reimbursement for a Property Advance or interest thereon,
each Non-Lead Note Holder (including any Securitization into which any Non-Lead Note is deposited) shall be required to, promptly
following notice from the Lead Servicer, pay to the Lead Securitization for its pro rata share of such Property Advance
and/or interest thereon at the Reimbursement Rate. In addition, each Non-Lead Note Holder (including any Securitization into which
any Non-Lead Note is deposited) shall promptly reimburse the Lead Servicer or the related Trustee for such Non-Lead 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 Lead Securitization or any of the parties thereto are entitled to be reimbursed pursuant to the terms of the
Servicing Agreement (to the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient
for reimbursement of such amounts).

 

(d)           The parties to each of the Note A-1 PSA and the Note A-2 PSA shall each be entitled to make their own recoverability determination
with respect to a P&I Advance based on the information that they have on hand and in accordance with the Note A-1 PSA or the
Note A-2 PSA, as applicable.

 

(e)           If the Lead Servicer or the related Trustee elects to defer the reimbursement of a Property Advance in accordance with the
terms of the Servicing Agreement, the Lead Servicer or the related Trustee shall also defer its reimbursement of each Non-Lead
Note share from the Non-Lead Note Holders.

 

18.           Provisions
Relating to Securitization. (a)  For so long as Note A-2 is not in a securitization, the Note A-2 Holder shall have
the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes or
additional notes (in either case “New A-2 Notes”) reallocating the principal of Note A-2 among other New A-2
Notes; reducing the Interest Rates of such New A-2 Notes or severing the Note A-2 into one or more further “component”
notes in the aggregate principal amount equal to the then outstanding principal balance of Note A-2, provided that (i) the
aggregate principal balance of the New A-2 Notes following such amendments is no greater than the principal balance of Note A-2
prior to such amendments, (ii) all New A-2 Notes continue to have the same or a lower interest rate as the Note A-2 prior
to such amendments, (iii) all New A-2 Notes pay pro rata and on a pari passu basis and such reallocated or
component notes shall be automatically subject to the terms of this Agreement and (iv) the Initial Note A-2 Holder holding
the New A-2 Notes shall notify the parties to the Note A-1 PSA in writing of such modified allocations and principal amounts.
In connection with the foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the Loan Agreement and
this Agreement (or to amend and restate the Loan Agreement and this Agreement) on behalf of any or all of the Holders solely for
the purpose of reflecting such reallocation of principal, reduction of Interest Rates or such severing of Note A-2, (2) if Note
A-2 is severed into “component” notes, such component notes shall each have their same rights as the respective original
Note and (3) the definition of the term “Securitization” and all of the related defined terms may be amended (and
new terms added, as

 

     -24-

    	 

    

 

necessary) to reflect the New A-2 Notes. Rating Agency Confirmation
shall not be required for any amendments to this Agreement required to facilitate the terms of this paragraph 18(a).

 

(b)           Each Non-Lead Servicing Agreement shall provide that:

 

(i)            the applicable master servicer or Trustee for such Securitization shall be required to notify the master servicer, special
servicer and Trustee of each other Securitization of the amount of any P&I Advance it has made with respect to the Note included
in such Securitization within two Business Days of making such advance;

 

(ii)          
if the applicable master servicer, special servicer or Trustee determines that a proposed P&I Advance, if made, or
any outstanding P&I Advance previously made, would be, or is, as applicable, a nonrecoverable advance, the master servicer
shall provide the other servicers written notice of such determination within 2 Business Days after such determination was made;

 

(iii)         
in the event such Non-Lead Note Holder is responsible for its proportionate share of any Nonrecoverable Advances (or any
other portion of a Nonrecoverable Advance) (and advance interest thereon) or other fee or expense pursuant to Section 17,
and that in the event that the funds received with respect to such Non-Lead Note are insufficient to cover such amounts, (x) the
related master servicer will be required to pay the Master Servicer, Special Servicer or Trustee under the Servicing Agreement,
as applicable, out of general funds in the collection account (or equivalent account) established under the related Non-Lead Servicing
Agreement and (y) if the Lead Servicing Agreement permits the Master Servicer, Special Servicer or Trustee under the Servicing
Agreement to pay itself from the Lead Securitization Trust’s general account then the master servicer under the related
Non-Lead Servicing Agreement will be required to reimburse the Lead Securitization Trust Fund out of general funds in the collection
account (or equivalent account) established under the related Non-Lead Servicing Agreement;

 

(iv)         each of the Master Servicer and the Special Servicer shall be indemnified (as and to the same extent the Lead Securitization
Trust is required to indemnify each such party) 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 any PSA that relate solely to
its servicing of the Mortgage Loan, as applicable, and the master servicer under the related Non-Lead Servicing Agreement will
be required to reimburse the Master Servicer, Special Servicer or Trustee under the Servicing Agreement, as applicable, out of
general funds in the collection account (or equivalent account) established under the related Non-Lead Servicing Agreement;

 

(v)          each of Trustee and the master servicer under the Non-Lead Servicing Agreement, as applicable, shall acknowledge that,
(i) each of the Master Servicer and the Trustee under the Servicing Agreement will be a third party beneficiary under the Non-Lead
Servicing Agreement with respect to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made
with respect to such Non-Lead Note by the Master Servicer or the Trustee under the Servicing Agreement and (2) as to

 

     -25-

    	 

    

 

the Master
Servicer only, the indemnification of the Master Servicer 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 any PSA and relating
to such Non-Lead Note and (ii) the Special Servicer will be a third party beneficiary under the related Non-Lead Servicing Agreement
with respect to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made with respect to such
Non-Lead Note by the Special Servicer (it being understood that the Special Servicer is not required to make any Advances) and
(2) the indemnification of the Special Servicer 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 any PSA and relating to such
Non-Lead Note; and

 

(vi)         the Master Servicer and the Special Servicer shall be third party beneficiaries of the foregoing provisions.

 

(c)          
The Note A-2 Holder shall give the Depositor, the Servicer, and the Special Servicer under the Note A-1 PSA (provided that
is not also a party to the Note A-2 PSA) notice of the Note A-2 Securitization in writing (which may be by email) prior to or promptly
following the Note A-2 Securitization Date. Such notice shall contain contact information for each of the parties of the Note A-2
PSA and the identity of the Controlling Class Representative under such Note A-2 PSA. In addition, after the Note A-2 Securitization
Date, the Note A-2 Holder shall send a copy of the Note A-2 PSA to the Depositor, the Servicer, and the Special Servicer under
the Note A-1 PSA (provided such party is not also a party to the Note A-2 PSA).

 

(d)          The
Note A-1 PSA shall provide that:

 

(i)          
the Master Servicer and Trustee for such Securitization shall be required to notify the servicer, special servicer and
Trustee of each other Securitization of the amount of any P&I Advance it has made with respect to the Note included in such
Securitization within two Business Days of making such advance;

 

(ii)         
if the Master Servicer or Trustee determines that a proposed P&I Advance, if made, or any outstanding P&I Advance
previously made, would be, or is, as applicable, a nonrecoverable advance, the Master Servicer shall provide the other servicers
written notice of such determination within two Business Days after such determination was made;

 

(iii)        
the Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note, net of its Servicing
Fee and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to
the Non-Lead Holder on the applicable Master Servicer Remittance Date;

 

(iv)        
the Master Servicer agrees to deliver to each master servicer under a Non-Lead Servicing Agreement CREFC®
Investor Reporting Package® pursuant to the terms of the Servicing Agreement on a monthly basis;

 

(v)         
the Master Servicer, any primary servicer, the Special Servicer and the Lead Trustee, certificate administrator or other
party acting as custodian for the Lead

 

     -26-

    	 

    

 

Securitization shall be required to deliver (and shall be required to cause each other
servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained
or engaged by it to deliver), to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely manner, the
reports, certifications, compliance statements, accountants’ assessments and attestations, information to be included in
reports (including, without limitation, Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the other
Servicing Agreements as the parties to each Non-Lead Securitization may require in order to comply with their obligations under
the Securities Act of 1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB,
and any other applicable law. Without limiting the generality of the foregoing, each Lead Note Holder for a Lead Securitization
shall provide in a timely manner to the depositor and the Trustee for any prior Securitization a copy of the Lead Securitization
Servicing Agreement and each Lead Servicer will be required, upon prior written request and at the expense of the requesting party,
to provide to the depositor and the Trustee for any prior Securitization any other information required to comply in a timely
manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant
to Regulation AB in a timely manner for inclusion in any disclosure document (and, with respect to the Servicing Agreement, for
filing under Form 8-K), and with respect to the Lead Servicers, upon prior written request and at the expense of the requesting
party, market indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered with respect
to the Lead Securitization. As used in this Agreement, “Regulation AB” means 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 United States Securities and Exchange Commission (the “Commission”)
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective
from time to time as of the compliance dates specified therein. The Master Servicer, any primary servicer and the Special Servicer,
upon prior written request, shall each be required to provide certification and indemnification to each Certifying Person with
respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms are defined in the related Non-Lead Servicing Agreements;

 

(vi)         
the servicing duties of each of the Master Servicer and Special Servicer under the Servicing Agreement shall include the
duty to service each Non-Lead Note on behalf of the related Trustees and related Certificate holders in accordance with the terms
and provisions of this Agreement and in accordance with the Servicing Standard;

 

(vii)        
any late collections received by the Master Servicer from the Borrower for which a P&I Advance has already been paid
by a master servicer or Trustee under a Non-Lead Servicing Agreement shall be remitted by the Master Servicer to such master servicer
or Trustee under a Non-Lead Servicing Agreement, as applicable, within one Business Day of receipt of properly identified funds;
provided, however, that to the extent any such amounts are received after 3:00 p.m. Eastern time on any given Business
Day, the Master Servicer shall use commercially reasonable efforts to remit such later collections to the Non-Lead Master Servicer
within one Business Day of receipt of 

 

     -27-

    	 

    

 

properly
identified funds but, in any event, the Master Servicer shall remit such amounts within two Business Days of receipt of properly
identified funds;

 

(viii)      
the Non-Lead Note Holders are intended third-party beneficiaries in respect of the rights afforded it under the Servicing
Agreement and each master servicer under a Non-Lead Servicing Agreement will be entitled to enforce the rights of the related
Trustee with respect to such Non-Lead Note under this Agreement and the Servicing Agreement; and

 

(ix)        
each master servicer and special servicer under any Non-Lead Servicing Agreement shall be a third-party beneficiary of
the Servicing Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or indemnification
of such master servicer or special servicer, as the case may be, and the provisions regarding coordination of Advances.

 

19.         
Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND
DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

20.         
Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed
by the parties hereto. Additionally, from and after a Securitization, except to cure any ambiguity or to correct any error or as
set forth in Section 18(a), this Agreement may not be modified unless a Rating Agency Confirmation has been delivered with respect
to each Securitization.

 

21.         
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. Each of the Master Servicer, Special Servicer, Non-Lead Master
Servicer, Non-Lead Special Servicer and related Trustee is an intended third-party beneficiary of this Agreement. Except as provided
in Section 5 and the preceding sentence, none of the provisions of this Agreement shall be for the benefit of or enforceable
by any Person not a party hereto.

 

22.         
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 as effective as delivery of a manually executed original counterpart
of this Agreement

 

     -28-

    	 

    

 

23.           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.

 

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

 

25.           Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than Note A-1) will
be held by the Note A-2 Trustee (or by a custodian on its behalf) under the terms of the Note A-2 PSA on behalf of all of the Holders
until the Note A-1 Securitization Date, at which time the originals of all of the Mortgage Loan Documents (other than Note A-2)
will be transferred to and held by the Note A-1 Trustee (or by a custodian on its behalf) on behalf of all of the Holders.

 

[NO FURTHER TEXT ON THIS PAGE]

 

     -29-

    	 

    

 

IN WITNESS WHEREOF,
each of the Note A-1 Holder and the Note A-2 Holder has caused this Agreement to be duly executed as of the day and year first
above written.

	 	 	 
	 	Note A-1 Holder:
	 	 
	 	JEFFERIES LOANCORE LLC
	 	 	 
	 	By:	/s/ Dan Bennett
	 	 	Name: Dan Bennett
	 	 	Title: Head of Capital Markets

 

FedEx
Brooklyn Co-Lender Agreement Signature Page

 

    	 

    	 

    

 

	 	Note A-2 Holder:
	 	 
	 	JEFFERIES LOANCORE LLC
	 	 	 
	 	By:	/s/ Dan Bennett
	 	 	Name: Dan Bennett
	 	 	Title: Head of Capital Markets

 

FedEx
Brooklyn Co-Lender Agreement Signature Page

 

    	 

    	 

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

		A.	Description of Mortgage Loan

 

	Borrower:	Fountain Avenue Investments, LLC
	Mortgage Loan Origination Date:  	October 22, 2015
	Initial Principal Amount of Mortgage Loan:	$130,000,000
	Co-Lender Closing Date Mortgage Loan Principal Balance:	$130,000,000
	Location of Mortgaged Property:	Brooklyn, New York
	Current Use of Mortgaged Property:	Warehouse and distribution center
	Mortgage Interest Rate:	Note A-1 and Note A-2:  4.28% prior to the Anticipated Repayment Date and 7.88% on and after the Anticipated Repayment Date
	Anticipated Repayment Date	November 6, 2025
	Maturity Date:	May 6, 2030

 

     A-1

    	 

    

 

		B.	Description of Notes

 

	Mortgage Loan Origination Date:	October 22, 2015
	Initial Note A-1 Principal Balance:	$87,000,000
	Initial Note A-2 Principal Balance:	$43,000,000
	Initial Note A-1 Percentage Interest:	66.92%
	Initial Note A-2 Percentage Interest:	33.08%
	Note A-1 Interest Rate:	4.28% prior to the Anticipated Repayment Date and 7.88% on and after the Anticipated Repayment Date
	Note A-2 Interest Rate:	4.28% prior to the Anticipated Repayment Date and 7.88% on and after the Anticipated Repayment Date
	Note A-1 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-2 Default Interest Rate:  	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate

 

     A-2

    	 

    

 

EXHIBIT B

 

Note A-1 Holder and Note A-2 Holder:

 

JEFFERIES LOANCORE LLC,

55 Railroad Avenue, Suite 100,

Greenwich, Connecticut 06830

Facsimile: (203) 861-6006

 

with a copy to:

 

Cadwalader, Wickersham & Taft

200 Liberty Street,

New York, New York 10281

Facsimile: (212) 504-6666

Attn: Anna Glick

 

     B-1

    	 

    

 

EXHIBIT C

 

PERMITTED FUND MANAGERS

 

Westbrook Partners 

iStar Financial Inc. 

Capital Trust 

Archon Capital, L.P. 

Whitehall Street Real Estate Fund, L.P. 

The Blackstone Group 

Normandy Real Estate Partners 

Dune Real Estate Partners 

AllianceBernstein 

Rockwood 

RREEF Funds 

Hudson Advisors 

Artemis Real Estate Partners 

Apollo Real Estate Advisors 

Colony Capital, Inc. 

Praedium Group 

Fortress Investment Group, LLC 

Lonestar Opportunity Funds 

Clarion Partners 

Walton Street Capital, LLC 

Starwood Financial Trust 

BlackRock, Inc. 

Eightfold Real Estate Capital, L.P. 

Rialto Capital Management, LLC 

Loan Core Capital LLC 

KKR Real Estate Finance Manager LLC 

 

     C-1Exhibit 4.9

 

 

EXECUTION VERSION

 

AGREEMENT BETWEEN NOTEHOLDERS

 

Dated as of February 9, 2016

 

by and between

 

RIALTO MORTGAGE FINANCE, LLC

(Senior Noteholder)

 

and

 

RIALTO MORTGAGE INVESTMENTS, LLC

(Junior Noteholder)

 

Avalon Apartments

 

     

    	 

    

 

THIS AGREEMENT BETWEEN NOTEHOLDERS (“Agreement”),
dated as of February 9, 2016 by and between RIALTO MORTGAGE FINANCE, LLC, a Delaware limited liability company, having an address
of 600 Madison Avenue, 12th Floor, New York, New York 10022 (together with its successors and assigns in interest, in
its capacity as initial owner of the Senior Note, the “Initial Senior Noteholder”, and in its capacity as the
initial agent, the “Initial Agent”) and RIALTO MORTGAGE INVESTMENTS, LLC, a Delaware limited liability company,
having an address of 600 Madison Avenue, 12th Floor, New York, New York 10022 (together with its successors and assigns
in interest, in its capacity as initial owner of the Junior Note, the “Initial Junior Noteholder”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Loan Agreement (as defined herein) the Initial Senior Noteholder originated a certain loan described on the schedule attached
hereto as Exhibit A (the “Mortgage Loan Schedule”) (the “Mortgage Loan”) to the mortgage
loan borrower(s) described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which is evidenced,
inter alia, by two promissory notes (as amended, modified or supplemented, the “Notes”), each
dated January 5, 2016, with the first such note in the original principal amount of $4,850,000.00 (the “Senior Note”)
made by the Mortgage Loan Borrower in favor of the Initial Senior Noteholder, and the second such note in the original principal
amount of $1,500,000.00 (the “Junior Note”) made by the Mortgage Loan Borrower in favor of Rialto Mortgage Finance,
LLC and subsequently transferred to the Initial Junior Noteholder, and secured by certain first mortgages or deeds of trust lien
(as amended, modified or supplemented, the “Mortgage”) on one or more parcels of, or estates in, real property
located as described on the Mortgage Loan Schedule (collectively, the “Mortgaged Property”); and

 

WHEREAS, the Initial
Senior Noteholder and the Initial Junior Noteholder desire to enter into this Agreement to memorialize the terms under which the
Initial Senior Noteholder and the Initial Junior Noteholder are holding the Senior Note and the Junior Note, respectively, in the
Mortgage Loan.

 

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

 

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

 

“Additional
Servicing Expenses” shall mean (a) all property protection advances, fees and/or expenses incurred by and reimbursable
to any Servicer, Trustee, Securitization Operating Advisor, certificate administrator or fiscal agent pursuant to the Servicing
Agreement, and (b) all interest accrued on Advances made by any Servicer or Trustee in accordance with the terms of the Servicing
Agreement.

 

     

    	 

    

 

“Advance Interest
Amount” shall mean interest payable on Advances, as specified in the Servicing Agreement.

 

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

 

“Affiliate”
shall mean with respect to any specified Person (i) any other Person controlling or controlled by or under common control
with such specified Person (each a “Common Control Party”), (ii) any other Person owning, directly or indirectly,
ten percent (10%) or more of the beneficial interests in such Person or (iii) any other Person in which such Person or a Common
Control Party owns, directly or indirectly, ten percent (10%) or more of the beneficial interests. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract, relation to individuals or otherwise,
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

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

 

“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is located at
Rialto Mortgage Finance, LLC, 600 Madison Avenue, 12th Floor, New York, New York 10022, and which is the address to which notices
to and correspondence with the Agent should be directed. The Agent may change the address of its designated office by notice to
the Noteholders.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    2 

    	 

    

 

as an underlying asset of such Securitization Vehicle or, if applicable, as an asset of any Intervening Trust Vehicle
(including, without limitation, the right to exercise any consent and control rights available to the holder of the Junior Note).

 

“Certificate
Administrator” shall mean the certificate administrator under the Securitization Servicing Agreement, if any.

 

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

 

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

 

“Condemnation
Proceeds” shall have the meaning assigned to such term or any one or more analogous terms in the Servicing Agreement.

 

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

 

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

 

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

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an
entity, whether through the ability to exercise voting power, by contract or otherwise.

 

“Controlling
Noteholder” shall mean as of any date of determination, the “Directing Holder” (or similar term as used in
the PSA).

 

“Control Appraisal
Period” means any period, with respect to the Mortgage Loan, if and for so long as:

 

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

 

25% of the remainder
of the (i) initial Junior Note Principal Balance less (ii) any payments of principal (whether as principal prepayments or otherwise)
allocated to, and received by, the Junior Noteholder on the Junior Note after the date of creation of the Junior Note.

 

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

 

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

 

    3 

    	 

    

 

“Defaulted Mortgage
Loan Purchase Price” shall mean the sum, without duplication, of (a) the Principal Balance of the Senior Note, (b) accrued
and unpaid interest thereon at the Senior Note Rate, from the date as to which interest was last paid in full by Mortgage Loan
Borrower up to and including the end of the interest accrual period relating to the Monthly Payment Date next following the date
the purchase occurred, (c) any other amounts due under the Mortgage Loan, other than Prepayment Premiums, default interest, late
fees, exit fees and any other similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related
Party is the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, default interest, late fees,
exit fees and any other similar fees, (d) any unreimbursed property protection or servicing Advances and any expenses incurred
in enforcing the Mortgage Loan Documents (including, without limitation, servicing Advances payable or reimbursable to any Servicer,
and earned and unpaid special servicing fees), (e) any accrued and unpaid Advance Interest Amount, (f) (i) if the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser or (ii) if the Senior Note is purchased after ninety (90)
days after such option first becomes exercisable pursuant to Section 12 of this Agreement, any liquidation or workout fees payable
under the Securitization Servicing Agreement with respect to the Senior Note and (g)  any Recovered Costs not reimbursed previously
to the Senior Note pursuant to this Agreement. Notwithstanding the foregoing, if the Junior Noteholder is purchasing from the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted Mortgage Loan Purchase Price shall not include the amounts
described under clauses (d) through (f) of this definition. If the Mortgage Loan is converted into a REO Property, for purposes
of determining the Defaulted Mortgage Loan Purchase Price, interest will be deemed to continue to accrue at the Senior Note Rate
on the Senior Note Principal Balance, as if the Mortgage Loan were not so converted. In no event shall the Defaulted Mortgage Loan
Purchase Price include amounts due or payable to the Junior Noteholder under this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    4 

    	 

    

 

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

 

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

 

“Initial Noteholders”
shall mean, collectively, the Initial Junior Noteholder and the Initial Senior Noteholder.

 

“Initial Senior
Noteholder” 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 or Guarantor, any action
for the dissolution of the Mortgage Loan Borrower or Guarantor, any proceeding (judicial or otherwise) concerning the application
of the assets of the Mortgage Loan Borrower or Guarantor 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 Guarantor or any other action concerning the adjustment of the debts of the Mortgage Loan Borrower or
Guarantor, the cessation of business by the Mortgage Loan Borrower or Guarantor, except following a sale, transfer or other disposition
of all or substantially all of the assets of the Mortgage Loan Borrower or Guarantor in a transaction permitted under the Mortgage
Loan Documents; provided, however, that following any such permitted transaction affecting the title to the Mortgaged
Property, the Mortgage Loan Borrower for purposes of this Agreement shall be defined to mean the successor owner of the Mortgaged
Property from time to time as may be permitted pursuant to the Mortgage Loan Documents; provided, further, however,
that for the purposes of this definition, in the event that more than one entity comprises the Mortgage Loan Borrower, the term
“Mortgage Loan Borrower” shall refer to any such entity.

 

“Insurance Proceeds”
shall have the meaning assigned to such term or any one or more analogous terms in the Servicing Agreement.

 

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

 

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

 

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

 

“Junior Noteholder”
shall mean the Initial Junior Noteholder, and its successors in interest, or any subsequent holder of the Junior Note.

 

    5 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Liquidation
Proceeds” shall have the meaning assigned to such term in the Servicing Agreement or any one or more analogous terms
in the Servicing Agreement.

 

“Loan Agreement”
shall mean the Loan Agreement, dated as of September 16, 2015 among Rialto Mortgage Finance, LLC, a Delaware limited liability
company, as lender, NB Avalon, DST, a Delaware statutory trust, as borrower, and NB Avalon Leaseco, LLC, a Delaware limited liability
company, as master lessee.

 

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

 

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

 

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

 

“Monthly Debt
Service Payment Amount” shall have the meaning assigned to such term in the Loan Agreement.

 

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

 

    6 

    	 

    

 

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

 

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

 

“Morningstar”:
Morningstar Credit Ratings, LLC, or any of its successors in interest, assigns, and/or changed entity name or designation resulting
from any acquisition by Morningstar, Inc. or other similar entity of Realpoint LLC.

 

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

 

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

 

“Mortgage Loan
Borrower Related Party” shall have the meaning assigned to such term in Section 18.

 

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

 

“Mortgage Loan
Schedule” shall mean the Schedule attached hereto as Exhibit A.

 

“Mortgage Loan
Rate” shall mean, as of any date of determination, the weighted average of the Senior Note Rate and the Junior Note Rate.

 

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

 

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

 

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

 

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

 

    7 

    	 

    

 

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

 

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

 

“Noteholder”
shall mean either of the Senior Noteholder and the Junior Noteholder, as applicable.

 

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

 

“Note”
shall mean either of the Senior Note and the Junior Note, as applicable.

 

“Note A Scheduled
Amortization Payment” shall have the meaning assigned to such term in the Mortgage Loan Documents.

 

“Note B Scheduled
Amortization Payment” shall have the meaning assigned to such term in the Mortgage Loan Documents.

 

“Note Default
Interest Spread” shall mean a rate per annum equal to five percent (5%); provided, however, that if the
weighted average of the Senior Note Default Rate and the Junior Note Default Rate would exceed the maximum rate permitted by applicable
law, the note default interest spread shall equal (i) the rate at which the weighted average of the Senior Note Default Rate and
the Junior Note Default Rate equals the maximum rate permitted by applicable law minus (ii) the Interest Rate.

 

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

 

“Note Rate”
shall mean either of the Senior Note Rate and the Junior Note Rate, as applicable.

 

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

 

“Percentage
Interest” shall mean, with respect to the Senior Noteholder, the Senior Note Percentage Interest, and with respect to
the Junior Noteholder, the Junior Note Percentage Interest, as each may be adjusted from time to time.

 

“Permitted Fund
Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached
hereto and made a part hereof or any other a nationally-recognized manager of investment funds investing in debt or equity interests
relating to commercial real estate, (ii) investing through a fund 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.

 

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

 

    8 

    	 

    

 

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

 

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

 

“Principal Balance”
shall mean either of the Senior Note Principal Balance and the Junior Note Principal Balance, as applicable.

 

“PSA”
shall mean the Securitization Servicing Agreement.

 

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

 

(a)       
  an entity Controlled (as defined below) by, under Common Control with or Controlling either the
Initial Senior Noteholder or the Initial Junior Noteholder, or 

 

(b)          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 “institutional accredited investor” within the meaning of
Regulation D under the Securities Act of 1933, as amended, or

 

(iii)       
a Qualified Trustee (or in the case of a CDO, a single purpose bankruptcy remote entity which contemporaneously assigns
or pledges its Junior Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection
with (a) a securitization of, (b) the creation of collateralized debt obligations (“CDO”) secured by, or (c)
a financing through an “owner trust” of, any or all of the Junior Note (any of the foregoing, a “Securitization
Vehicle”), provided that (1) one or more classes of securities issued by such Securitization Vehicle is initially rated
at least investment grade by each of the Rating Agencies which assigned a rating to one or more classes of securities issued in
connection with 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 a Junior Note to such Securitization Vehicle); (2) in the case of a Securitization Vehicle that is not a CDO, the special servicer
of such Securitization Vehicle has a Required Special Servicer Rating (such entity, an “Approved Servicer”)
and such Approved Servicer is required to service and administer such Junior Note in accordance with servicing arrangements for
the assets held by the Securitization Vehicle which require that

 

    9 

    	 

    

 

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

 

(iv)      
an investment fund, limited liability company, limited partnership or general partnership having capital and/or capital
commitments of at least $250,000,000, in which (A) the Senior Noteholder or the Junior Noteholder, as applicable, (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 (b)(i), (ii), (iii)(a), (iv)(B) or (v) of this definition, such entity (x) has either at least $125,000,000 in capital/statutory
surplus or shareholders’ equity including uncalled capital commitments (except with respect to a pension advisory firm or
similar fiduciary) or market capitalization (including uncalled capital commitments) of at least $325,000,000 and at least $300,000,000
in total assets including uncalled capital commitments (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

 

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

 

For purposes of this
definition only, “Control” means the ownership, directly or indirectly, in the aggregate of more than fifty
percent (50%) of the beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power, by contract
or otherwise (“Controlled” has the meaning correlative thereto).

 

“Qualified Trustee”
means (i) a corporation, national bank, national banking association or a trust company, organized and doing business under the
laws of any state or the

 

    10 

    	 

    

 

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 the Federal Deposit Insurance Corporation or (iii) an institution whose
long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the applicable Rating
Agencies.

 

“Rating Agencies”
shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS, (e) Kroll and (f) Morningstar or, (e) if any of such entities
shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized statistical
rating agency reasonably designated by the Senior Noteholder and, in the case of each of clauses (a) through (f) engaged by the
Senior Noteholder or an Affiliate to rate the Securitization.

 

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

 

“Recovered Costs”
shall mean any amounts referred to in clauses (d) and/or (e) of the definition of “Defaulted Mortgage Loan Purchase Price”
that, at the time of determination, had been previously paid or reimbursed to any Servicer from sources other than collections
on or in respect of the Mortgage Loan or the Mortgaged Property (including, without limitation, from collections on or in respect
of loans other than the Mortgage Loan).

 

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

 

“Relative Spread”
shall mean Senior Note Relative Spread or Junior Note Relative Spread, as the context may require.

 

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

 

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

 

“Required Special
Servicer Rating” shall mean (i) a rating of “CSS3” in the case of Fitch, (ii) being on S&P’s Select
Servicer List as a U.S. Commercial Mortgage Special Servicer in the case of S&P and (iii) in the case of Moody’s or Morningstar,
as applicable, 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 or Morningstar, as applicable, within the twelve (12) month period prior to the
date of determination, and Moody’s or Morningstar, as applicable, 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.

 

    11 

    	 

    

 

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

 

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

 

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

 

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

 

“Securitization
Operating Advisor” shall mean the operating advisor under the Securitization Servicing Agreement, if any.

 

“Securitization
Servicing Agreement” shall mean the Servicing Agreement, dated as of December 1, 2015, among Credit Suisse First Boston
Mortgage Securities Corp., as depositor, KeyBank National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special
Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Wells Fargo Bank, National Association, as Certificate Administrator,
and Wells Fargo Bank, National Association, as Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    12 

    	 

    

 

“Sequential
Pay Event” shall mean any Event of Default with respect to an obligation to pay money due under the Mortgage Loan, any
other Event of Default for which the Mortgage Loan is actually accelerated or any other Event of Default which causes the Mortgage
Loan to become a Specially Serviced Mortgage Loan, or any bankruptcy or insolvency event that constitutes an Event of Default.
A Sequential Pay Event shall no longer exist to the extent it has been cured (including any cure payment made by the Junior Noteholder
in accordance with Section 11) and shall not be deemed to exist to the extent any Junior Noteholder is exercising its cure rights
within the Cure Period under Section 11.

 

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

 

“Servicing Agreement”
shall mean the Securitization Servicing Agreement or any replacement servicing agreement entered into pursuant to Section 2(f).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Trustee”
shall mean the bank or trust company as may be selected by the Depositor and approved by the Rating Agencies to act as trustee
for the Securitization, and shall include any fiscal agent and/or paying agent appointed for such Securitization.

 

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

 

“Workout”
shall mean any written modification, waiver, amendment or restructuring relating to a workout of the Mortgage Loan or the Note
in connection with a Mortgage Loan default or a likely default.

 

Section 2.          Servicing.

 

(a)          Each Noteholder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced
from and after the Securitization Date (except as otherwise set forth in Section 2(f)), pursuant to the Securitization Servicing
Agreement, in each case, in accordance with this Agreement; provided that the Master Servicer shall not be obligated to
advance monthly payments of principal or interest in respect of the Notes other than the Senior 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 Securitization Servicing Agreement. The Junior Noteholder acknowledges that the Senior Noteholder
may elect, in its sole discretion, to include the Senior Note in a Securitization and agrees that it will reasonably cooperate
with the Senior Noteholder, at the Senior Noteholder’s expense, to effect such Securitization. Subject to the terms and conditions
of this Agreement, each Noteholder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer, Special
Servicer and the Trustee under the Securitization Servicing Agreement by the Depositor and agrees to reasonably cooperate
with and consent with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance
with the Securitization Servicing Agreement and this Agreement. Each Noteholder hereby appoints the Master Servicer and the Trustee
in the Securitization as such Noteholder’s attorney-in-fact to sign any documents reasonably required with respect to the
administration and servicing of the Mortgage Loan on its behalf under the Securitization Servicing Agreement (subject at all times
to the rights of the Noteholder set forth herein and in the Servicing Agreement). In no event shall the Servicing Agreement require
the Servicer to enforce the rights of any Noteholder or limit the Servicer in enforcing the rights of one Noteholder against the
other Noteholder; however, this statement shall not be construed to otherwise limit the rights of one Noteholder with respect to
the other Noteholder.

 

(b)          [Reserved]

 

(c)          In no event may the Securitization Servicing Agreement change the interest or principal allocable to, or the amount
of any payments due to, the Junior Noteholder

 

    14 

    	 

    

 

or materially increase the Junior Noteholder’s obligations or materially
decrease the Junior Noteholder’s rights, remedies or protections hereunder.

 

(d)         The Securitization Servicing Agreement shall contain provisions to the effect that:

 

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

 

(ii)        
any payments received on the Mortgage Loan shall be paid by the Master Servicer to each of the Noteholders in accordance
with Sections 3 and 4 hereof on the “master servicer remittance date” under the Securitization Servicing Agreement;

 

(iii)       
the Junior Noteholder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide, any
information relating to the Mortgage Loan, the borrower or the Mortgaged Property as the Junior Noteholder may reasonably request
and would be customarily in the possession of, or collected or known by, the Master Servicer or Special Servicer of mortgage loans
similar to the Mortgage Loan and, in any event, all information that is required to be provided to holders of the securities issued
by the Securitization Trust that includes other Notes but not limited to standard CREFC® reports, provided that
if an interest in the Junior Note or the Junior Noteholder is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related
Party, then the Junior Noteholder shall not be entitled to receive the Asset Status Report or any other information relating to
the Special Servicer’s workout strategy;

 

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

 

(v)        
the Securitization Servicing Agreement may not be amended without the consent of the Junior Noteholder if such amendment
would materially and adversely affect the Mortgage Loan or the Junior Noteholder’s rights with respect thereto (as determined
by the Junior Noteholder).

 

    15 

    	 

    

 

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

 

(f)         
At any time after the Securitization Date that the Senior Note is no longer subject to the provisions of the Securitization
Servicing Agreement, the Senior Noteholder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement mutually
agreeable to the Senior Noteholder and the Junior Noteholder that contains servicing provisions which are the same as or more favorable
to Junior Noteholder, in substance, to those in the Securitization Servicing Agreement and all references herein to the “Securitization
Servicing Agreement” shall mean such subsequent servicing agreement; provided, however, that until a replacement servicing
agreement has been entered into, the Senior Noteholder shall cause the Mortgage Loan to be serviced in accordance with the servicing
provisions set forth in the Securitization Servicing Agreement as if such agreement was still in full force and effect with respect
to the Mortgage Loan; provided, further, however, that until a replacement servicing agreement is in place, the actual servicing
of the Mortgage Loan may be performed by any nationally recognized commercial mortgage loan servicer appointed by the Senior Noteholder
with the consent of the Junior Noteholder, which consent shall not be unreasonably withheld, conditioned or delayed, and does not
have to be performed by the service providers set forth under the Securitization Servicing Agreement.

 

Section 3.          Payments
Prior to a Sequential Pay Event. The Junior Note and the right of the Junior Noteholder to receive payments of interest, principal
and other amounts with respect to such Junior Note shall at all times be junior, subject and subordinate to the Senior Note and
the right of the Senior Noteholder to receive payments of interest, principal and other amounts with respect to the Senior Note
as set forth herein. If no Sequential Pay Event, as determined by the applicable Servicer, shall have occurred and be continuing,
all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with
the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Monthly Payments,
the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing
the Mortgage Loan or Insurance Proceeds or Condemnation Proceeds (other than proceeds, awards or settlements to be applied to
the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of
the Mortgage Loan Documents, to the extent permitted by the REMIC Provisions), but excluding (x) all amounts for required reserves
or escrows required by the Mortgage Loan Documents (to the extent, in accordance with the terms of the Mortgage Loan Documents)
to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of Advances then due and payable
or reimbursable to the Servicer under the Servicing Agreement and (y) all amounts that are then due, payable or reimbursable to
any Servicer, Securitization Operating Advisor, Certificate Administrator or Trustee with respect to this Mortgage Loan pursuant
to the Servicing Agreement, shall be applied by the Senior Noteholder (or its designee) and distributed by the Senior Noteholder
(or the Servicer on its behalf) for payment in the following order of priority without duplication (and payments shall be made
at such times as are set forth in the Servicing Agreement):

 

    16 

    	 

    

 

(a)          first, to the Senior Noteholder in an amount equal to the accrued and unpaid interest on the Senior Note Principal Balance
at the Net Senior Note Rate;

 

(b)          second, to the Senior Noteholder in an amount equal to the Senior Note Percentage Interest of principal payments received,
if any, with respect to such Monthly Payment Date with respect to the Mortgage Loan;

 

(c)          third, to the Senior Noteholder up to the amount of any unreimbursed costs and expenses paid by the Senior Noteholder including
any Recovered Costs not previously reimbursed to the Senior Noteholder (or paid or advanced by any Servicer on its behalf and not
previously paid or reimbursed) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

 

(d)          fourth, if, as a result of a Workout the Principal Balance of the Senior Note has been reduced, to the Senior Noteholder
in an amount up to the reduction of the Senior Note Principal Balance as a result of such Workout, plus interest on such amount
at the related Senior Note Rate;

 

(e)          fifth, to the Senior Noteholder in an amount equal to the Senior Note Percentage Interest of any Prepayment Premium to the
extent paid by the Mortgage Loan Borrower;

 

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

 

(g)          seventh, to the Junior Noteholder in an amount equal to the Junior Principal Portion of principal payments received, if
any, with respect to such Monthly Payment Date with respect to the Mortgage Loan, until the Junior Note Principal Balance has been
reduced to zero;

 

(h)          eighth, to the Junior Noteholder in an amount equal to the Junior Note Percentage Interest of any Prepayment Premium to
the extent paid by the Mortgage Loan Borrower;

 

(i)           ninth, to the extent the Junior Noteholder has made any payments or advances to cure defaults pursuant to Section 11, to
reimburse the Junior Noteholder for all such cure payments;

 

(j)           tenth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts
required to be applied in accordance with the foregoing clauses (a)-(i) and, as a result of a Workout the Principal Balance of
the Junior Note has been reduced, such excess amount shall be paid to the Junior Noteholder in an amount up to the reduction, if
any, of the Junior Note Principal Balance as a result of such Workout, plus interest on such amount at the related Junior Note
Rate;

 

(k)          eleventh, to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required to be otherwise
applied under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on any

 

    17 

    	 

    

 

Advances, to
pay any Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements or payments relate
to the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan Borrower, shall be
paid to the Senior Noteholder and the Junior Noteholder, pro rata, based on their respective Percentage Interests;

 

(l)           twelfth, to the Senior Noteholder in an amount equal to the Senior Note Percentage Interest of any Accrued Interest to the
extent paid by the Mortgage Loan Borrower;

 

(m)         thirteenth,
to the Junior Noteholder in an amount equal to the Junior Note Percentage Interest of any Accrued Interest to the extent paid
by the Mortgage Loan Borrower; and

 

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

 

Section 4.          Payments
Following a Sequential Pay Event. Payments of interest and principal shall be made to the Noteholders in accordance with Section
3 of this Agreement; except, if a Sequential Pay Event, as determined by the applicable Servicer and as set forth in the Servicing
Agreement, shall have occurred and be continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise available for
payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds
thereof (including without limitation amounts received by the Master Servicer or Special Servicer pursuant to the Servicing Agreement
as reimbursements on account of recoveries in respect of Advances), whether received in the form of Monthly Payments, any proceeds
from the sale or distribution of any REO Property, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter
of credit or other collateral or instrument securing the Mortgage Loan or Insurance Proceeds or Condemnation Proceeds (other than
proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage
Loan Borrower in accordance with the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC Provisions), but
excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to continue to be held as reserves
or escrows or received as reimbursements on account of recoveries in respect of Advances then due and payable or reimbursable
to the Servicer under Servicing Agreement and (y) all amounts that are then due, payable or reimbursable to any Servicer, Securitization
Operating Advisor, Certificate Administrator or Trustee with respect to this Mortgage Loan pursuant to the Servicing Agreement
with respect to the Mortgage Loan, shall be distributed by the Servicer in the following order of priority without duplication
(and payments shall be made at such times as are set forth in the Servicing Agreement):

 

(a)         
first, to the Senior Noteholder in an amount equal to the accrued and unpaid interest on the Senior Note Principal Balance
at the Net Senior Note Rate;

 

(b)          second, to the Senior Noteholder in an amount equal to the Senior Note Principal Balance, until the Senior Note Principal
has been reduced to zero;

 

    18 

    	 

    

 

(c)        
third, up to the amount of any unreimbursed costs and expenses paid by the Senior Noteholder, including any Recovered Costs
not previously reimbursed to such Noteholder (or paid or advanced by any Servicer on its behalf and not previously paid or reimbursed)
with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

 

(d)         fourth, if, as a result of a Workout the Principal Balance of the Senior Note has been reduced, to the Senior Noteholder
in an amount up to the reduction of the Senior Note Principal Balance as a result of such Workout, plus interest on such amount
at the related Senior Note Rate;

 

(e)        
fifth, to the Senior Noteholder in an amount equal to the Senior Note Percentage Interest of any Prepayment Premium to the
extent paid by the Mortgage Loan Borrower;

 

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

 

(g)        
seventh, to the Junior Noteholder in an amount equal to the Junior Note Principal Balance, until the Junior Note Principal
Balance has been reduced to zero;

 

(h)         eighth, to the Junior Noteholder in an amount equal to the Junior Note Percentage Interest of any Prepayment Premium to
the extent paid by the Mortgage Loan Borrower;

 

(i)          
ninth, to the extent the Junior Noteholder has made any payments or advances to cure defaults pursuant to Section 11, to
reimburse the Junior Noteholder for all such cure payments;

 

(j)         
tenth, if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts
required to be applied in accordance with the foregoing clauses (a)-(i) and, as a result of a Workout the Principal Balance of
the Junior Note has been reduced, such excess amount shall be paid to the Junior Noteholder in an amount up to the reduction, if
any, of the Junior Note Principal Balance as a result of such Workout, plus interest on such amount at the related Junior Note
Rate;

 

(k)         
eleventh, to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required to be otherwise
applied under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on any Advances, to
pay any Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements or payments relate
to the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan Borrower, shall be
paid to the Senior Noteholder and the Junior Noteholder, pro rata, based on their respective Percentage Interests;

 

(l)          
twelfth, to the Senior Noteholder in an amount equal to the Senior Note Percentage Interest of any Accrued Interest to the
extent paid by the Mortgage Loan Borrower;

 

    19 

    	 

    

 

(m)        
thirteenth, to the Junior Noteholder in an amount equal to the Junior Note Percentage Interest of any Accrued Interest to
the extent paid by the Mortgage Loan Borrower; and

 

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

 

Section 5.            Administration of the Mortgage Loan.

 

(a)          Subject to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement, the Senior Noteholder
(or the Servicer acting on behalf of the Senior Noteholder) shall have the sole and exclusive authority with respect to the administration
of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the sole authority to
modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or failure to act by the Mortgage Loan
Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default, accelerate the Mortgage Loan or
institute any foreclosure action or other remedy and the Junior Noteholder shall not have any voting, consent or other rights whatsoever
with respect to the Senior Noteholder’s administration of, or exercise of its rights and remedies with respect to, the Mortgage
Loan. Subject to this Agreement and the Servicing Agreement (including, without limitation, Section 5(f) below), the Junior Noteholder
agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Senior Noteholder (or the
Servicer acting on behalf of the Senior Noteholder) the rights, if any, that the Junior Noteholder has to, (i) call or cause
the Senior Noteholder to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect to the
Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the Senior Noteholder to file any
bankruptcy petition against the Mortgage Loan Borrower. The Senior Noteholder (or the Servicer acting on behalf of the Senior Noteholder)
shall not have any fiduciary duty to the Junior Noteholder in connection with the administration of the Mortgage Loan (but the
foregoing shall not relieve the Senior Noteholder from the obligation to make any disbursement of funds as set forth herein).

 

(b)          The administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement. Each Noteholder
agrees to be bound by the terms of the Servicing Agreement. Servicing of the Mortgage Loan shall be carried out by the Master Servicer
and, if the Mortgage Loan is a Specially Serviced Mortgage Loan, by the Special Servicer, in each case pursuant to the Servicing
Agreement. Notwithstanding anything to the contrary contained herein, in accordance with the Servicing Agreement, the Senior Noteholder
shall cause the Master Servicer and the Special Servicer to service and administer the Mortgage Loan in accordance with the Servicing
Standard, taking into account the interests of the Senior Noteholder and the Junior Noteholder (it being understood that the interest
of the Junior Noteholder is a junior Note interest, subject to the terms and conditions of this Agreement), and any Junior Noteholder
who is not the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party shall be deemed a third party beneficiary of such
provisions of the Servicing Agreement. The foregoing provisions of this Section 5(b) shall not limit or modify the rights
of

 

    20 

    	 

    

 

the Junior Noteholder to exercise their respective rights specifically set forth under this Agreement.

 

(c)         
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement
and this Agreement (including, without limitation, Section 5(f) below), if the Senior Noteholder in connection with a Workout
of the Mortgage Loan modifies the terms thereof such that (i) the unpaid principal balance of the Mortgage Loan is decreased,
(ii) the Interest Rate or scheduled amortization payments on the Mortgage Loan are reduced, (iii) payments of interest
or principal on the Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment (other than an increase in
the Interest Rate or increase in scheduled amortization payments) is made to any of the terms of the Mortgage Loan, all payments
to the Senior Noteholder pursuant to Section 3 and Section 4, as applicable, shall be made as though such Workout did
not occur, with the payment terms of the Senior Note remaining the same as they are on the date hereof, the Junior Note shall bear
the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable to such Workout
(up to the amount otherwise due on the Junior Note). Subject to the Servicing Agreement and this Agreement (including without limitation
Section 5(f) below), in the case of any modification or amendment described above, the Senior Noteholder will have the sole
authority and ability to revise the payment provisions set forth in Section 3 and Section 4 above in a manner that reflects
the subordination of the Junior Note to the Senior Note with respect to the loss that is the result of such amendment or modification,
including: (i) the ability to increase the Senior Note Percentage Interest and to reduce the Junior Note Percentage Interest
in a manner that reflects a loss in principal as a result of such amendment or modification and (ii) the ability to change
the Senior Note Rate and the Junior Note Rate, as applicable, in order to reflect a reduction in the Interest Rate of the Mortgage
Loan but shall not be permitted to change the order of the clauses set forth in Sections 3 and 4 hereof. Notwithstanding the foregoing,
if any Workout, modification or amendment of the Mortgage Loan extends the original maturity date of the Mortgage Loan, for purposes
of this paragraph, the Balloon Payment will be deemed not to be due on the original maturity date of the Mortgage Loan but will
be deemed due on the extended maturity date of the Mortgage Loan.

 

(d)         
All rights and obligations of the Senior Noteholder described hereunder may be exercised by the Servicer on behalf of the
Senior Noteholder in accordance with the Servicing Agreement and this Agreement.

 

(e)         
For so long as the Senior Note is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding:
(i) the Mortgage Loan shall be administered such that the Senior Note and the Junior Note shall each qualify at all times as (or
as interests in) a “qualified mortgage” within the meaning of Sections 860G(a)(3) of the Code, (ii) any real property
(and related personal property) acquired by or on behalf of the Senior Noteholder pursuant to a foreclosure, exercise of a power
of sale or delivery of a deed in lieu of foreclosure of the Mortgage or lien on such property following a default on the Mortgage
Loan shall be administered so that the interests of the Noteholders therein shall at all times qualify as “foreclosure property”
within the meaning of Sections 860G(a)(8) of the Code and (iii) the Senior Noteholder may not 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 Senior Noteholder may have under the

 

    21 

    	 

    

 

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 Stated Department of the Treasury, more than three months after the earliest startup day of any REMIC which includes
the Senior Note (or any portion thereof). The Noteholders agree that the provisions of this Section 5(e) shall be effected by compliance
by the Senior Noteholder or its assignees with this Agreement or the Servicing Agreement or any other agreement which governs the
administration of the Mortgage Loan or the Senior Noteholder’s interests therein. All costs and expenses of compliance with
this Section 5(e), to the extent that such costs and expenses relate to administration of a REMIC or to any determination respecting
the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall
be borne by the Senior Noteholder.

 

(f)         
Reserved.

 

(g)         
Reserved.

 

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

 

Section 6.          
Reserved.

 

Section 7.          
Reserved.

 

Section 8.          
Payment Procedure.

 

(a)          The Senior Noteholder (or the Servicer on its behalf), in accordance with the priorities set forth in Section 3 or 4, as
applicable, and subject to the terms of the Servicing Agreement, will deposit or cause to be deposited all payments allocable to
the Notes to the Collection Account for the Notes established pursuant to the Servicing Agreement. The Senior Noteholder (or the
Servicer on its behalf) shall establish a segregated sub-account for amounts due to the Senior Noteholder and the Junior Noteholder.
The Senior Noteholder (or the Servicer acting on its behalf) shall deposit such amounts to the applicable account on the Business
Day next following the date such payment was received by the Senior Noteholder (or the Servicer acting on its behalf) from or on
behalf of the Mortgage Loan Borrower.

 

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

 

    22 

    	 

    

 

Mortgage Loan Borrower, the Senior Noteholder, Master
Servicer, Special Servicer or such other Person with respect thereto.

 

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

 

(d)          Each of the Senior Noteholder and the Junior Noteholder agrees that if at any time it shall receive from any sources whatsoever
any payment on account of the Mortgage Loan in excess of its distributable share thereof, it will promptly remit such excess to
the Senior Noteholder (or the Servicer on its behalf) or the Junior Noteholder, as applicable, subject to this Agreement and the
Servicing Agreement. The Senior Noteholder (or the Servicer on its behalf) shall have the right to offset any amounts due hereunder
from the Junior Noteholder with respect to the Mortgage Loan against any future payments due to the Junior Noteholder under the
Mortgage Loan, provided, that the Senior Noteholder’s and the Junior Noteholder’s obligations under this Section
8 are separate and distinct obligations from one another and in no event shall Senior Noteholder (or the Servicer on its behalf)
enforce the obligations of the Senior Noteholder against the Junior Noteholder or the obligations of the Junior Noteholder against
the Senior Noteholder. The Senior Noteholder’s and the Junior Noteholder’s obligations under this Section 8 constitute
absolute, unconditional and continuing obligations.

 

Section 9.           Limitation
on Liability of the Noteholders. The Senior Noteholder (including any Servicer) shall have no liability to the Junior Noteholder
with respect to the Junior Note except with respect to losses actually suffered due to the gross negligence, willful misconduct
or breach of this Agreement on the part of the Senior Noteholder. The Junior Noteholder shall have no liability to the Senior
Noteholder with respect to the Senior Note except with respect to losses actually suffered due to the gross negligence, willful
misconduct or breach of this Agreement on the part of the Junior Noteholder.

 

The Junior Noteholder
acknowledges that, subject to the terms and conditions hereof and the obligation of the Senior Noteholder (including any Servicer)
to comply with, and except as otherwise required by, the Servicing Standard, the Senior Noteholder (including any Servicer) may
exercise, or omit to exercise, any rights that the Senior Noteholder may have under this Agreement and the Servicing Agreement
in a manner that may be adverse to the interests of the Junior Noteholder and that the Senior Noteholder (including any Servicer)
shall have no liability whatsoever to the Junior Noteholder in connection with the Senior Noteholder’s exercise of rights
or any omission by the Senior Noteholder to exercise such rights other than as described above; provided, however,
that the Servicer must act in accordance with the Servicing Standard and the Senior Noteholder shall not be protected against any
liability to the Junior Noteholder that would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence.

 

    23 

    	 

    

 

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

 

Section 10.         Bankruptcy.
Subject to the provisions of Section 5(f) hereof, the Junior Noteholder hereby covenants and agrees that only the
Senior Noteholder (or the Servicer on its behalf) has the right to institute, file, commence, acquiesce, petition under
Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other
Person to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or Guarantor or seek to
appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official with respect to the
Mortgage Loan Borrower or Guarantor 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 or Guarantor. Subject to the provisions of Section 5(f) hereof, the Junior
Noteholder further agrees that only the Senior Noteholder, as a creditor, can make any election, give any consent, commence
any action or file any motion, claim, obligation, notice or application or take any other action in any case by or against
the Mortgage Loan Borrower or Guarantor under the Bankruptcy Code or in any other Insolvency Proceeding. The Junior
Noteholder hereby appoints the Senior Noteholder as its agent, and grants to the Senior Noteholder an irrevocable power of
attorney coupled with an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all
actions available to the Junior Noteholder in connection with any case by or against the Mortgage Loan Borrower or Guarantor
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 Junior Noteholder in its capacity as such, hereby agrees that, upon the request of the Senior Noteholder,
such Junior Noteholder shall execute, acknowledge and deliver to the Senior Noteholder all and every such further deeds,
conveyances and instruments as the Senior Noteholder 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.

 

Section 11.        
Cure Rights of Junior Noteholder.

 

(a)          Subject to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of principal or interest
on the Mortgage Loan by the end of the applicable grace period (the “Grace Period”) for such payment permitted
under the applicable Mortgage Loan Documents (a “Monetary Default”), the Senior Noteholder shall promptly provide
notice to the Junior Noteholder of such default (the “Monetary Default Notice”). The Junior Noteholder shall
have the right, but not the obligation, to cure such Monetary Default within ten (10) Business Days after receiving the Monetary
Default Notice (the “Cure Period”) and at no other times. At the time a payment is made to cure a Monetary Default,
the Junior

 

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Noteholder shall pay or reimburse the Senior Noteholder for all unreimbursed Advances (whether or not recoverable),
Advance Interest Amounts, any unpaid fees to any Servicer and any Additional Servicing Expenses. The Junior Noteholder shall not
be required, in order to effect a cure hereunder, to pay any default interest or late charges under the Loan Documents. So long
as a Monetary Default exists for which a cure payment permitted hereunder is made, such Monetary Default shall not be treated as
an Event of Default by the Senior Noteholder (including for purposes of (i) the definition of “Sequential Pay Event,”
(ii) accelerating the Mortgage Loan, modifying, amending or waiving any provisions of the Mortgage Loan Documents or commencing
proceedings for foreclosure or the taking of title by deed-in-lieu of foreclosure or other similar legal proceedings with respect
to the Mortgaged Property; or (iii) treating the Mortgage Loan as a Specially Serviced Mortgage Loan); provided that such
limitation shall not prevent the Senior Noteholder from collecting Default Interest or late charges from the Mortgage Loan Borrower.
Any amounts advanced by a Noteholder on behalf of the Mortgage Loan Borrower to effect any cure shall be reimbursable to such Noteholder
under Section 3 or Section 4, as applicable.

 

(b)         
Notwithstanding anything to the contrary contained in Section 11(a), the Junior Noteholder shall be limited to a combined
total of six (6) cures of Monetary Defaults, no more than three (3) of which may be consecutive, or Non-Monetary Defaults over
the term of the Mortgage Loan. Additional Cure Periods shall only be permitted with the consent of the Senior Noteholder.

 

(c)         
No action taken by the Junior Noteholder in accordance with this Agreement shall excuse performance by the Mortgage Loan
Borrower of its obligations under the Mortgage Loan Documents and Senior Noteholder’s rights under the Mortgage Loan Documents
shall not be waived or prejudiced by virtue of the Junior Noteholder’s actions under this Agreement. Subject to the terms
of this Agreement, the Junior Noteholder shall be subrogated to the Senior Noteholder’s rights to any payment owing to the
Senior Noteholder for which the Junior Noteholder makes a cure payment as permitted under this Section 11 but such subrogation
rights may not be exercised against the Mortgage Loan Borrower until 91 days after the Note is paid in full.

 

(d)         
If an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary
Default”), the Senior Noteholder shall promptly provide notice to the Junior Noteholder of such failure (the “Non-Monetary
Default Notice”) and the Junior Noteholder shall have the right, but not the obligation, to cure such Non-Monetary Default
within 10 days from the later of (i) the expiration of the cure period of the Mortgage Loan Borrower under the Mortgage Loan Document
and (ii) receipt of the Non-Monetary Default Notice, to cure such Non-Monetary Default; provided, however, if such
Non-Monetary Default is susceptible of cure but cannot reasonably be cured within such period and if curative action was promptly
commenced and is being diligently pursued by the Junior Noteholder, the Junior Noteholder shall be given an additional period of
time as is reasonably necessary to enable the Junior Noteholder in the exercise of due diligence to cure such Non-Monetary Default
for so long as (i) the Junior Noteholder diligently and expeditiously proceeds to cure such Non-Monetary Default, (ii) the Junior
Noteholder makes all cure payments that it is permitted to make in accordance with the terms and provisions of Section 11(a) hereof,
(iii) such additional period of time does not exceed sixty (60) days, (iv) such Non-Monetary

 

    25 

    	 

    

 

Default is not caused by an Insolvency
Proceeding or during such period of time that the Junior Noteholder has to cure a Non-Monetary Default in accordance with this
Section 11(d) (the “Non-Monetary Default Cure Period”), an Insolvency Proceeding does not occur and (v) during
such Non-Monetary Default Cure Period, there is no material adverse effect on the Mortgage Loan Borrower or the Mortgaged Property
or the value of the Mortgage Loan as a result of such Non-Monetary Default or the attempted cure. The Non-Monetary Default Notice
shall contain a statement in boldface font that the Junior Noteholder’s failure to cure such Non-Monetary Default within
the applicable Non-Monetary Default Cure Period after receiving such notice will result in the termination of the right to cure
such Non-Monetary Default.

 

Section 12.       
Purchase of Senior Note By Junior Noteholder. The Junior Noteholder shall have the right, by written notice to the
Senior Noteholder (a “Noteholder Purchase Notice”), delivered at any time an Event of Default under the Mortgage
Loan has occurred and is continuing, to purchase, in immediately available funds, the Senior Note in whole but not in part at the
applicable Defaulted Mortgage Loan Purchase Price. Upon the delivery of the Noteholder Purchase Notice to the Senior Noteholder,
the Senior Noteholder shall sell (and the Junior Noteholder shall purchase) the Senior Note (including, without limitation, any
Notes therein) at the applicable Defaulted Mortgage Loan Purchase Price, on a date (the “Defaulted Note Purchase Date”)
not more than ten (10) Business Day after the written exercise of the Junior Noteholder to purchase the Senior Note. The Noteholder
Purchase Notice shall contain a statement in boldface font that the Junior Noteholder’s failure to purchase the Senior Notes
on a Defaulted Note Purchase Date will result in the termination of such right. The Junior Noteholder agrees that the sale of the
Senior Note shall comply with all requirements of the Servicing Agreement and that all costs and expenses related thereto shall
be paid by the Junior Noteholder. The Defaulted Mortgage Loan Purchase Price shall be calculated by the Senior Noteholder (or the
Servicer on its behalf) three (3) Business Days prior to the Defaulted Note Purchase Date (and such calculation shall be accompanied
by a listing of all amounts included in the Defaulted Mortgage Loan Purchase Price), and shall, absent manifest error, be binding
upon the Junior Noteholder. Concurrently with the payment to the Senior Noteholder in immediately available funds of its respective
portion of the applicable Defaulted Mortgage Loan Purchase Price, the Senior Noteholder will execute at the sole cost and expense
of the Junior Noteholder in favor of the Junior Noteholder assignment documentation which will assign the Senior Note and the Mortgage
Loan Documents without recourse, representations or warranties (except the Senior Noteholder, and the Junior Noteholder, as applicable,
will represent and warrant that it had good and marketable title to, was the sole owner and holder of, and had power and authority
to deliver the Mortgage Loan or Note, as applicable, free and clear of all liens and encumbrances (other than the interest created
by the Junior Note)). The right of the Junior Noteholder to purchase the Senior Note shall automatically terminate upon a foreclosure
sale, sale by power of sale or delivery of a deed in lieu of foreclosure with respect to the Mortgaged Property (and the Senior
Noteholder shall give the Junior Noteholder ten (10) days notice of its intent with respect to such action). Notwithstanding the
foregoing sentence, if title to the Mortgaged Property is transferred to the Senior Noteholder (or a designee on its behalf) less
than ten (10) days after the acceleration of the Mortgage Loan, the Senior Noteholder shall notify the Junior Noteholder of
such transfer and the Junior Noteholder shall have a fifteen (15) day period from the date of such notice from the Senior
Noteholder to deliver the Noteholder Purchase Notice to the Senior Noteholder, in which case the Junior Noteholder will be obligated
to purchase the Mortgaged

 

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Property, in immediately available funds, within such fifteen (15) day period at the applicable
Defaulted Mortgage Loan Purchase Price.

 

Section 13.        
Representations of Junior Noteholder. The Junior Noteholder represents, and it is specifically understood and agreed,
that it is acquiring its Junior Note for its own account in the ordinary course of its business and the Senior Noteholder shall
otherwise have no liability or responsibility to the Junior Noteholder except as expressly provided herein (including, Section
9). The Junior Noteholder 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 its charter or any law or
contractual restriction binding upon the Junior Noteholder, and that this Agreement is the legal, valid and binding obligation
of the Junior Noteholder enforceable against the Junior Noteholder in accordance with its terms, except as such enforcement may
be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’
rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law), and except that the enforcement of rights with respect to indemnification and contribution obligations may
be limited by applicable law. The Junior Noteholder represents and warrants that it is duly organized, validly existing, in good
standing and possesses of all licenses and authorizations necessary to carry on its business. The Junior Noteholder represents
and warrants that (a) this Agreement has been duly executed and delivered by the Junior Noteholder, (b) to the Junior Noteholder’s
actual knowledge, all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body,
if any, required for the execution, delivery and performance of this Agreement by the Junior Noteholder have been obtained or made,
(c) to the Junior Noteholder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental
investigation against the Junior Noteholder, an adverse outcome of which would materially and adversely affect its performance
under this Agreement and (d) the acquisition and holding of the Junior Note will not result in a non-exempt violation of any applicable
federal, state or local law that is materially similar to Section 406 of ERISA or Section 4975 of the Code.

 

The Junior Noteholder
acknowledges that the Senior Noteholder does not owe the Junior Noteholder any fiduciary duty with respect to any action taken
under the Mortgage Loan Documents and, except as provided herein, need not consult with the Junior Noteholder with respect to any
action taken by the Senior Noteholder in connection with the Mortgage Loan.

 

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

 

Section 14.         Representations of the Initial Senior Noteholder. The Initial Senior Noteholder 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 the Initial Senior Noteholder’s charter or any law or contractual restriction binding
upon the Initial Senior Noteholder, and that this Agreement is the legal, valid and binding obligation of the Initial Senior Noteholder
enforceable against the Initial Senior

 

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Noteholder in accordance with its terms. The Initial Senior Noteholder represents and warrants
that it is duly organized, validly existing, in good standing and possession of all licenses and authorizations necessary to carry
on its business. The Initial Senior Noteholder represents and warrants that (a) this Agreement has been duly executed and
delivered by the Initial Senior Noteholder, (b) to the Initial Senior Noteholder’s actual knowledge, all consents, approvals,
authorizations, orders or filings of or with any court or governmental agency or body, if any, required for the execution, delivery
and performance of this Agreement by the Initial Senior Noteholder has been obtained or made and (c) to the Initial Senior
Noteholder’s actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation
against the Initial Senior Noteholder, an adverse outcome of which would materially and adversely affect its performance under
this Agreement.

 

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

 

Section 16.         No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken
pursuant hereto shall be deemed to constitute the relationship created hereby among any of the Noteholders as a partnership, association,
joint venture or other entity. The Senior Noteholder shall have no obligation whatsoever to offer to the Junior Noteholder the
opportunity to purchase a Note interest in any future loans originated by the Senior Noteholder or its Affiliates and if the Senior
Noteholder chooses to offer to the Junior Noteholder the opportunity to purchase a Note interest in any future mortgage loans originated
by the Senior Noteholder or its Affiliates, such offer shall be at such purchase price and interest rate as the Senior Noteholder
chooses, in its sole and absolute discretion. The Junior Noteholder shall not have any obligation whatsoever to purchase from the
Senior Noteholder a Note interest in any future loans originated by the Senior Noteholder or its Affiliates.

 

Section 17.        
Not a Security. The Junior Note shall not be deemed to be a security within the meaning of the Securities Act of
1933 or the Securities Exchange Act of 1934.

 

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Section 18.        
Other Business Activities of the Noteholders. Each Noteholder acknowledges that any Noteholder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, any Affiliate of the Mortgage
Loan Borrower (each such Affiliate, a “Mortgage Loan Borrower Related Party”), and receive payments on
such other loans or extensions of credit to Mortgage Loan Borrower Related Parties and otherwise act with respect thereto freely
and without accountability in the same manner as if this Agreement and the transactions contemplated hereby were not in effect.

 

Section 19.        
Sale of the Junior Note and the Senior Note.

 

(a)         
The Junior Noteholder agrees that it will not Transfer all or any portion of the Junior Note except that the Junior Noteholder
shall have the right to Transfer its respective Note, or any portion thereof, (i) to a Qualified Institutional Lender, provided,
that promptly after the Transfer (x) the Senior Noteholder is provided with a representation from a transferee or the Junior Noteholder
certifying that such transferee is a Qualified Institutional Lender, (y) the Senior Noteholder is provided with a copy of the assignment
and assumption agreement referred to in Section 20 and (z) such transfer would not cause the Junior Note to be held by more than
five persons nor cause there to be no one person owning a majority of the Junior Note and (ii) to an entity that is not a Qualified
Institutional Lender; provided that the Junior Noteholder obtains with respect to a Transfer in accordance with this clause
(a)(ii), the consent of the Senior Noteholder, which shall not be unreasonably withheld, delayed or conditioned; provided that
(x) promptly after the Transfer the Senior Noteholder is provided with a copy of the assignment and assumption agreement referred
to in Section 20 and (y) such transfer would not cause the Junior Note to be held by more than five persons nor cause there to
be no one person owning a majority of the Junior Note. If the Junior Note is held by more than one Junior Noteholder at any time,
the holders of a majority of the Principal Balance of the Junior Note shall immediately appoint a representative to exercise all
rights of the Junior Note hereunder. Notwithstanding the foregoing, without the Senior Noteholder’s prior consent, which
may be withheld in the Senior Noteholder’s sole discretion, the Junior Noteholder shall not Transfer all or any portion of
the Junior 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 Junior Noteholder agrees it will pay the reasonable documented
expenses of the Senior Noteholder (including all expenses of the Master Servicer and the Special Servicer) in connection with any
such Transfer by the Junior Noteholder.

 

(b)         
Notwithstanding the foregoing, the Junior Noteholder shall have the right, without the need to obtain the consent of the
Senior Noteholder or any other Person, to Transfer 49% or less (in the aggregate) of its interest in the Junior Note to a Person
that has no direct rights with respect to the Junior Note or to a Qualified Institutional Lender; provided that any such
Transfer shall be made in accordance with the terms of this Section 19; provided, further that the Junior Noteholder
shall not Transfer all or any portion of the Junior Note to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party
and any such Transfer shall be void ab initio, absolutely null and void and shall vest no rights in the purported transferee. All
Transfers under Section 19(a) and (b) shall be made upon written notice to the Senior Noteholder not later than the date of such
Transfer, and each transferee shall (i) execute an assignment and assumption agreement whereby such transferee assumes all
or a ratable portion, as the case may be, of the obligations of the Junior Noteholder hereunder with respect to

 

    29 

    	 

    

 

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

 

(c)          In the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) such
Noteholder’s obligations under this Agreement shall remain unchanged, (ii) such Noteholder shall remain solely responsible
for the performance of such obligations, (iii) the other Noteholder and any Persons acting on its behalf shall continue to
deal solely and directly with such Noteholder in connection with such Noteholder’s rights and obligations under this Agreement
and the Servicing Agreement, and (iv) all amounts payable hereunder shall be determined as if such Noteholder had not sold such
participation interest; provided, however, that if the applicable participant is a Qualified Institutional Lender
(and delivers to the other Noteholder a certification from an authorized officer confirming its status as a Qualified Institutional
Lender), such Noteholder, by written notice to the other Noteholder, may delegate to such participant such Noteholder’s right
to exercise the rights of the Junior Noteholder hereunder and under the Servicing Agreement.

 

(d)          When no Control Appraisal Period exists, the Senior Noteholder shall not be permitted to transfer all or any portion of
the Junior Note without the prior consent of the Junior Noteholder. If a Control Appraisal Period has occurred and is continuing,
the Senior Noteholder (or the Special Servicer acting on its behalf) shall have the right to sell the Junior Note, subject to the
provisions of the Servicing Agreement, without the Junior Noteholder’s consent, provided, however, that following
any Transfer of the Senior Note, the Mortgage Loan

 

    30 

    	 

    

 

continues to be serviced in its entirety pursuant to the Servicing Agreement
by a Servicer unaffiliated with Mortgage Loan Borrower.

 

(e)          Notwithstanding any other provision hereof, any Noteholder may pledge (a “Pledge”) its Note to any entity
(other than the Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit or repurchase facility to such Noteholder
and that is either a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least
“A” (or the equivalent) or better by each Rating Agency (a “Note Pledgee”), on terms and conditions
set forth in this Section 19(e), it being further agreed that a financing provided by a Note Pledgee to a Noteholder or any
person which Controls such Noteholder that is secured by such Noteholder’s interest in the applicable Note and is structured
as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided that a Note Pledgee which is not
a Qualified Institutional Lender may not take title to the pledged Note without (a) while the Senior Note is included in a Securitization,
the consent of each other Noteholder and (b) while the Senior Note is not included in a Securitization, Rating Agency Confirmation.
Upon written notice by the applicable Noteholder to the other Noteholders and any Servicer that a Pledge has been effected (including
the name and address of the applicable Note Pledgee), each of the other holders agrees to acknowledge receipt of such notice and
thereafter agrees: (i) to give Note Pledgee written notice of any default by the pledging Noteholder in respect of its obligations
under this Agreement of which default such Noteholder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10)
days to cure a default by the pledging Noteholder in respect of its obligations to the other Noteholder hereunder, but such Note
Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination of this
Agreement shall be effective against such Note Pledgee without the written consent of such Note Pledgee, which consent shall not
be unreasonably withheld, conditioned or delayed; (iv) that such other Noteholder shall give to such Note Pledgee copies of
any notice of default under this Agreement simultaneously with the giving of same to the pledging Noteholder and accept any cure
thereof by such Note Pledgee which such pledging Noteholder has the right (but not the obligation) to effect hereunder, as if such
cure were made by such pledging Noteholder; (v) that such other Noteholder shall deliver to Note Pledgee such estoppel certificate(s)
as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory
to such other Noteholder; and (vi) that, upon written notice (a “Redirection Notice”) to the other Noteholders
and any Servicer by such Note Pledgee that the pledging Noteholder is in default, beyond any applicable cure periods, under the
pledging Noteholder’s obligations to such Note Pledgee pursuant to the applicable credit agreement between the pledging Noteholder
and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Noteholder), and until such Redirection
Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that any Noteholder
or Servicer would otherwise be obligated to pay to the pledging Noteholder from time to time pursuant to this Agreement or any
Servicing Agreement. Any pledging Noteholder hereby unconditionally and absolutely releases the other Noteholders and any Servicer
from any liability to the pledging Noteholder on account of any Noteholder’s or Servicer’s compliance with any Redirection
Notice believed by any Servicer or any such other Noteholder to have been delivered by a Note Pledgee. Note Pledgee shall be permitted
to exercise fully its rights and remedies against the pledging Noteholder to such Note Pledgee (and accept an assignment in lieu
of foreclosure as to such collateral), in accordance with applicable law and this Agreement. In such event, the Noteholders and
any Servicer shall recognize such Note Pledgee (and any transferee other than

 

    31 

    	 

    

 

the Mortgage Loan Borrower or any Affiliate thereof
which is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Note Pledgee or any transfer in
lieu of foreclosure), and its successor and assigns, as the successor to the pledging Noteholder’s rights, remedies and obligations
under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the
pledging Noteholder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee)
and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 19(e)
shall remain effective as to any Noteholder (and any Servicer) unless and until such Note Pledgee shall have notified any such
Noteholder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)         
 The Senior Noteholder may Transfer or pledge the Senior Note or portions thereof to any Person, from time to time, in its
sole discretion provided, that the Senior Noteholder shall not Transfer all or any portion of the Senior Note to any Mortgage Loan
Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee.
In addition, Senior Noteholder may split the Senior Note into multiple participations without the consent of Junior Noteholder
or any other Person.

 

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Notwithstanding the foregoing, Senior Noteholder shall be permitted to Transfer the Senior Note to any Mortgage
Loan Borrower Related Party, if and only if, immediately following such Transfer, the Senior Note is retired and cancelled in its
entirety, and, as a result, the transferee of the Senior Note shall have absolutely no right, title or interest in any portion
of the Mortgage Loan.

 

Section 20.         Registration
of Transfer. In connection with any Transfer of a Note (but excluding any Note Pledgee unless and until it realizes on its
Pledge), a transferee shall execute an assignment and assumption agreement whereby such transferee assumes all of the obligations
of the applicable Noteholder hereunder with respect to such Note thereafter accruing and agrees to be bound by the terms of this
Agreement, including the restriction on Transfers set forth in Section 19, from and after the date of such assignment. Notwithstanding
the preceding sentence, a Trustee shall not be required to execute an assignment and assumption agreement in connection with any
Transfer of a Note if the obligations are assumed pursuant to the Securitization Servicing Agreement. 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 19 and this Section 20. Any such purported transfer shall be absolutely
null and void and shall vest no rights in the purported transferee. Each Noteholder desiring to effect such transfer shall, and
does hereby agree to, indemnify the Agent and any other Noteholder against any liability that may result if the transfer is not
made in accordance with the provisions of this Agreement. Upon a Securitization of the Senior Note, the Certificate Administrator
shall automatically become and be the Agent.

 

Section 21.       
Registration of the Senior Note and the Junior Note. The Agent shall keep or cause to be kept at the Agent Office
books (the “Note Register”) for the registration and transfer of the Notes. The Agent shall serve as the initial
Note registrar and the Agent hereby accepts such appointment. The names and addresses of the holders of the Notes and the names
and addresses of any transferee of any Note of which the Agent has received notice, in the form of a copy of the assignment and
assumption agreement referred to in Section 20, shall be registered in the Note Register. The Person in whose name a Note is so
registered shall be deemed and treated as the sole owner and holder thereof for all purposes of this Agreement, except in the case
of the Initial Senior Noteholder and the Initial Junior Noteholder who may hold their Notes through a nominee. Upon request of
a Noteholder, the Agent shall provide such party with the names and addresses of the Noteholders. To the extent another party is
appointed as Agent hereunder, the Senior Noteholder and the Junior Noteholder hereby designates such person as its agent under
this Section 21 solely for purposes of maintaining the Note Register.

 

Section 22.       
Statement of Intent. The Agent and each Noteholder intend that the Notes be classified and maintained as a grantor
trust under subpart E, part I of subchapter J of chapter 1 of the Code that is a fixed investment trust within the meaning of Treasury
Regulation §301.7701-4(c), and the parties will not take any action inconsistent with such classification. It is neither the
purpose nor the intent of this Agreement to create a partnership, joint venture, “taxable mortgage pool” or association
taxable as a corporation among the parties.

 

Section 23.       
No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in any Mortgage Loan by the Senior
Noteholder to the Junior Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior

 

    33 

    	 

    

 

Noteholder
shall not have any interest in any property taken as security for any Mortgage Loan, provided, however, that if any
such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder shall
be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

 

Section 24.        
Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND
DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

Section 25.        
Submission To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

(a)          SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND
ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK,
THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE 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 26.        Modifications; Amendment. Except as set forth in Section 38, this Agreement shall not be modified, cancelled or terminated
except by an instrument in writing

 

    34 

    	 

    

 

signed by the parties hereto (other than as set forth in Section 5(b)) and, after Securitization,
Rating Agency Confirmation, except that no Rating Agency Confirmation shall be required in connection with a modification (x) to
cure any ambiguity, to correct or supplement any provision herein that may be defective or inconsistent with any other provisions
herein or with the Servicing Agreement or (y) 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; provided, however, if such modification, cancellation
or termination would adversely affect the rights or materially affect the duties of any Servicer or Trustee, the written consent
of such affected party.

 

Section 27.      
Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and permitted assigns. Except as provided herein, none of the provisions of
this Agreement shall be for the benefit of or enforceable by any Person not a party hereto. Subject to Section 19, each Noteholder
may assign or delegate its rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled
to all rights and benefits of the Senior Noteholder or the Junior Noteholder, as applicable, hereunder, including, without limitation,
the right to make further assignments and grant additional Notes.

 

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

 

Section 29.       
Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference
only and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration
in the construction of this Agreement.

 

Section 30.       
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

 

Section 31.      
Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject
matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

 

Section 32.       
Withholding Taxes.

 

(a)          If the Senior Noteholder or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest,
fees or other amounts payable to the Junior Noteholder with respect to the Mortgage Loan as a result of the Junior Noteholder constituting
a Non-Exempt Person, the Senior Noteholder, in its capacity as servicer, shall be entitled to do so

 

    35 

    	 

    

 

with respect to the Junior
Noteholder’s interest in such payment (all withheld amounts being deemed paid to the Junior Noteholder), provided
that Senior Noteholder shall furnish such Junior Noteholder with a statement setting forth the amount of Taxes withheld, the applicable
rate and other information which may reasonably be requested for purposes of assisting such Junior Noteholder to seek any allowable
credits or deductions for the Taxes so withheld in each jurisdiction in which the Junior Noteholder is subject to tax.

 

(b)          The Junior Noteholder shall and hereby agrees to indemnify the Senior Noteholder against and hold the Senior Noteholder
harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from
any failure of the Senior Noteholder (or the Servicer on its behalf) to withhold Taxes from payment made to the Junior Noteholder
in reliance upon any representation, certificate, statement, document or instrument made or provided by the Junior Noteholder to
the Senior Noteholder in connection with the obligation of the Senior Noteholder to withhold Taxes from payments made to the Junior
Noteholder, it being expressly understood and agreed that (i) the Senior Noteholder shall be absolutely and unconditionally entitled
to accept any such representation, certificate, statement, document or instrument as being true and correct in all respects and
to fully rely thereon without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy,
veracity, correctness or validity of the same and (ii) the Junior Noteholder shall, upon request of the Senior Noteholder and at
its sole cost and expense, defend any claim or action relating to the foregoing indemnification using counsel selected by the Senior
Noteholder.

 

(c)          The Junior Noteholder represents to the Senior Noteholder (for the benefit of the Mortgage Loan Borrower) that it is not
a Non-Exempt Person and that neither the Senior Noteholder 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, the Junior Noteholder
shall deliver to the Senior Noteholder or Servicer, as applicable, evidence satisfactory to the Senior Noteholder substantiating
that the Junior Noteholder is not a Non-Exempt Person and that the Senior Noteholder is not obligated under applicable law to withhold
Taxes on sums paid to it with respect to the Mortgage Loan or otherwise under this Agreement. Without limiting the effect of the
foregoing, (i) if the Junior Noteholder is created or organized under the laws of the United States, any state thereof or the District
of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the Senior Noteholder an Internal Revenue
Service Form W-9 and (ii) if the Junior Noteholder is not created or organized under the laws of the United States, any state thereof
or the District of Columbia, and if the payment of interest or other amounts by the Mortgage Loan Borrower is treated for United
States income tax purposes as derived in whole or part from sources within the United States, the Junior Noteholder shall satisfy
the requirements of the preceding sentence by furnishing to the Senior Noteholder 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 the Junior
Noteholder, as evidence of the Junior Noteholder’s exemption from the withholding of United States tax with respect thereto.
The Senior Noteholder shall not be obligated to make any payment hereunder to the Junior Noteholder in respect of its Junior Note
or otherwise until the Junior Noteholder shall

 

    36 

    	 

    

 

have furnished to the Senior Noteholder the requested forms, certificates, statements
or documents.

 

Section 33.        
Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Junior Note)
shall be held by the Senior Noteholder (or a custodian acting on behalf of the Senior Noteholder) on behalf of the registered holders
of the Notes. Notwithstanding the to the contrary in this Agreement, upon a Securitization of the Senior Note, the originals of
all of the Mortgage Loan Documents (other than the Junior Note) shall be held by the Custodian (as defined in the Securitization
Servicing Agreement).

 

Section 34.        
Notices. All notices required hereunder shall be given by (i) telephone (confirmed promptly in writing) or shall
be in writing and personally delivered, (ii) sent by facsimile transmission (during business hours) if the sender on the same day
sends a confirming copy of such notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery
service (charges prepaid) or (iv) certified United States mail, postage prepaid return receipt requested, and addressed to the
respective parties at their addresses set forth on Exhibit B hereto, or at such other address as any party shall hereafter
inform the other party by written notice given as aforesaid. All written notices so given shall be deemed effective upon receipt.

 

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

 

Section 35.        
Broker. The Junior Noteholder and the Senior Noteholder represent to each other that no broker was responsible for
bringing about this transaction.

 

Section 36.        
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 20;

 

(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 of the Noteholders 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;

 

    37 

    	 

    

 

(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 20; and

 

(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.

 

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

 

The Agent may resign
at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this
Agreement and perform the duties of the Agent hereunder. Rialto Mortgage Finance, LLC, as Initial Agent, may transfer its rights
and obligations to the Servicer, as successor Agent, at any time without the consent of any Noteholder. Rialto Mortgage Finance,
LLC, as Initial Agent, shall promptly and diligently attempt to cause such Servicer to act as successor Agent, and, if such Servicer
declines to act in such capacity, shall promptly and diligently attempt to cause a similar servicer to act as successor Agent.
The termination or resignation of such Servicer, as Servicer under the Servicing Agreement, shall be deemed a termination or resignation
of such Servicer as Agent under this Agreement. Notwithstanding the to the contrary in this Agreement, upon a Securitization of
the Senior Note, the Certificate Administrator shall automatically become and be the Agent.

 

Section 38.         Resizing. Notwithstanding any other provision of this Agreement, for so long as Rialto Mortgage Finance, LLC or an
affiliate thereof (a “Rialto Entity”) is the owner of the Senior Note, such Rialto Entity shall have the right,
subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes or additional
notes (in either case, “New Notes”) reallocating the principal of the Senior Note to such New Notes; or severing
the Senior Note into one or more further “component” notes in the aggregate principal amount equal to the then outstanding
principal balance of the Senior 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 Senior Note prior to such amendments, (ii) all New Notes continue
to have the same weighted average interest rate as the Senior Note prior to such amendments, (iii) all New 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 Rialto Entity holding the New Notes shall notify the Junior Noteholder 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. If the Junior Noteholder
so requests, the Rialto 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 Servicing Agreement, no Note may be modified or amended without the consent of its holder and the
consent of the holder of the other Note(s). In connection with the foregoing (provided

 

    38 

    	 

    

 

the conditions set forth in (i) through
(v) above are satisfied, with respect to (i) through (iv), as certified by the Rialto 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.

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    39 

    	 

    

 

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

	 	 	 
	 	RIALTO MORTGAGE FINANCE, LLC,
as Initial Senior Noteholder and Initial Agent
	 	 	 
	 	By:	/s/ Liat Heller
	 	 	Name: Liat Heller
	 	 	Title: Authorized Signatory
	 	 	 
	 	RIALTO MORTGAGE INVESTMENTS, LLC,
                    as Initial Junior Noteholder

	 	 	 
	 	By:	/s/ Liat Heller
	 	 	Name: Liat Heller
	 	 	Title: General Counsel

 

     

    	 

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

		A.	Description of Mortgage Loan:

  

	Mortgage Loan:	Loan Agreement, dated as of September 16, 2015 among Rialto Mortgage Finance, LLC, a Delaware limited liability company, as lender (together with its successors and assigns “Lender”), NB Avalon DST, a Delaware statutory trust, as borrower (together with its permitted successors and assigns, “Borrower”), and NB Avalon Leaseco, LLC, a Delaware limited liability company, as master lessee
	Mortgage Loan Borrower:	NB Avalon DST (together with its permitted successors and assigns, “Borrower”)
	Date of the Mortgage Loan, the Mortgage and Notes:	September 16, 2015
	Initial Principal Amount of Mortgage Loan:	$6,350,000
	Location of Mortgaged Property:	333 South 1000 East, St. George, Utah
	Initial Maturity Date:	October 6, 2025

 

		B.	Description of Note Interests:

 

	Initial Senior Note Principal Balance:	$4,850,000.00
	Initial Junior Note Principal Balance:	$1,500,000.00
	Initial Senior Note Percentage Interest:	76.38%
	Initial Junior Note Percentage Interest:	23.62%
	Senior Note Rate:	4.99%  
	Junior Note Rate:	4.99%

 

     A-1

    	 

    

 

EXHIBIT B

 

Initial Senior Noteholder:

RIALTO MORTGAGE FINANCE, LLC

Notice Address:

 

Rialto Mortgage Finance, LLC 

600 Madison Avenue 

12th Floor 

New York, New York 10022

 

with copies to:

 

Cadwalader, Wickersham & Taft LLP 

One World Financial Center 

New York, New York 10281 

Attention: Frank Polverino 

Facsimile No: (212) 504-6666

 

Initial Junior Noteholder:

RIALTO MORTGAGE INVESTMENTS, LLC

 

 

Notice Address:

Rialto Capital Management, LLC 

790 NW 107th Avenue 

Suite 400 

Miami, Florida 33172

 

with copies to:

 

Cadwalader, Wickersham & Taft LLP

One World Financial Center 

New York, New York 10281 

Attention: Frank Polverino 

Facsimile No: (212) 504-6666

 

    B-1

    	 

    

 

EXHIBIT C

PERMITTED FUND MANAGERS

 

		1.	Westbrook Partners

		2.	DLJ Real Estate Capital Partners

		3.	iStar Financial Inc.

		4.	Capital Trust, Inc.

		5.	Lend-Lease Real Estate Investments

		6.	Archon Capital, L.P.

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

		8.	The Blackstone Group International Ltd.

		9.	Apollo Real Estate Advisors

		10.	Colony Capital, Inc.

		11.	Praedium Group

		12.	J.E. Roberts Companies

		13.	Fortress Investment Group, LLC

		14.	Lonestar Opportunity Fund

		15.	Clarion Partners

		16.	Walton Street Capital, LLC

		17.	Starwood Financial Trust

		18.	BlackRock, Inc.

		19.	Gramercy Capital Corp.

		20.	North Star Realty Finance Corp.

		21.	Brascan Real Estate Financials Partners LLC

		22.	Prima Capital Advisor LLC

		23.	Rialto Capital Management, LLC

		24.	KKR Real Estate Finance Manager LLC

 

    C-1

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