Document:

Exhibit 4.17

 

EXECUTION
VERSION 

	 

 Two
Harbor Point Square

 

AMENDED
AND RESTATED CO-LENDER AGREEMENT

 

Dated
as of January 22, 2018

 

between

 

CITI
REAL ESTATE FUNDING INC.

(Note A-1-A Holder)

 

and

 

CITI
REAL ESTATE FUNDING INC.

(Note A-1-B Holder)

 

and

 

DEUTSCHE
BANK AG, NEW YORK BRANCH

(Note A-2 Holder)

	 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	Definitions; Conflicts	2
	2.	Servicing of the Mortgage
    Loan	16
	3.	Priority of Notes	18
	4.	Workout	19
	5.	Accounts; Payment
    Procedure	19
	6.	Limitation on Liability	20
	7.	Representations of
    the Holders	20
	8.	Independent Analyses
    of each Holder	21
	9.	No Creation of a Partnership
    or Exclusive Purchase Right	21
	10.	Not a Security	21
	11.	Other Business Activities
    of the Holders	21
	12.	Transfer of Notes	21
	13.	Exercise of Remedies
    by the Servicer	23
	14.	Rights of the Directing
    Holder	25
	15.	Appointment of Special
    Servicer	27
	16.	Rights of the Non-Directing
    Holders	27
	17.	Advances; Reimbursement
    of Advances	28
	18.	Provisions Relating
    to Securitization	29
	19.	Governing Law; Waiver
    of Jury Trial	37
	20.	Modifications	37
	21.	Successors and Assigns;
    Third Party Beneficiaries	37
	22.	Counterparts	37
	23.	Captions	37
	24.	Notices	37
	25.	Custody of Mortgage
    Loan Documents/ Mortgagee of Record	38

 

     -i-

     

    

 

THIS
AMENDED AND RESTATED CO-LENDER AGREEMENT (the “Agreement”), dated as of January 22, 2018, is between CITI REAL
ESTATE FUNDING INC., a New York corporation (“CREFI”), having an address at 388-390 Greenwich Street, 7th Floor,
New York, New York, as Note A-1-A Holder, CREFI, as Note A-1-B Holder, and DEUTSCHE BANK AG, NEW YORK BRANCH, a German bank,
authorized by the New York Department of Financial Services (“DB-AG”), having an address at 60 Wall Street,
10th Floor, New York, New York 10005, as Note A-2 Holder.

 

W I T N E S S E T H:

 

WHEREAS,
CREFI has made a mortgage loan in the original principal amount of $49,500,000 (the “Mortgage Loan”) to Two
Harbor Point Square LLC, a Delaware limited liability company (the “Borrower”), pursuant to a loan agreement
between the Borrower, as borrower, and CREFI, as lender, dated as of November 17, 2017 (the “Loan Agreement”);

 

WHEREAS,
the Mortgage Loan is secured by a first mortgage lien (the “Mortgage”) on the real property known as Two Harbor
Point Square, located in Stamford, Connecticut (the “Mortgaged Property”);

 

WHEREAS,
the Mortgage Loan was evidenced by two promissory notes, Promissory Note A-1 in the original principal amount of $24,750,000
and Promissory Note A-2 in the original principal amount of $24,750,000 (“Original Note A-1” and
“Note A-2”);

 

WHEREAS,
CREFI sold Note A-2 to DB-AG;

 

WHEREAS,
CREFI and DB-AG executed that certain Co-Lender Agreement, dated as of December 4, 2017 (the “Original Co-Lender Agreement”),
to memorialize the terms under which they, and their successors and assigns, would hold Original Note A-1 and Note A-2;

 

WHEREAS,
CREFI and the Borrower have agreed, pursuant to that certain Note A-1 Splitter and Loan Agreement Modification Agreement dated
as of January 22, 2018 between such parties, to split Original Note A-1 into two promissory notes and the Borrower has executed
and delivered to CREFI (i) one promissory note in the original principal amount of $10,000,000 (“Note A-1-A”)
made by the Borrower in favor of the Initial Note A-1-A Holder, and (ii) one promissory note in the original principal amount
of $14,750,000 (“Note A-1-B” and, together with Note A-1-A and Note A-2, the “Notes”) made
by the Borrower in favor of the Initial Note A-1-B Holder;

 

WHEREAS,
CREFI and DB-AG wish to amend and restate the Original Co-Lender Agreement;

 

WHEREAS,
each Initial Note Holder intends, but is not bound, to sell transfer and assign all or a portion of its right, title and interest
in and to its Note 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;

 

     

     

    

 

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-A, Note A-1-B 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 this Agreement and the Servicing Agreement, 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.

 

“Accelerated
Mezzanine Loan” shall mean any mezzanine loan (secured by a pledge of the direct (or indirect) equity interests in the
Mortgagor) related to the Mortgage Loan if such mezzanine loan either (i) has been accelerated, or (ii) is the subject of foreclosure
proceedings against the related collateral for such mezzanine loan.

 

“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 and the Note A-2 PSA.

 

“Affiliate”
shall mean, (i) prior to the occurrence of the Lead Securitization, 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 (and, for the purposes of the definition in this clause (i), “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), and (ii) following the occurrence of the Lead Securitization,
shall have the meaning assigned thereto in the Lead Securitization Servicing Agreement. For the avoidance doubt, German American
Capital Corporation shall be deemed an “Affiliate” of DB-AG.

 

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

 

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

 

    -2-

     

    

 

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

 

“Borrower
Party” shall mean (i) prior to the occurrence of the Lead Securitization, either (a) the Borrower, the Mortgagor or
the manager of the Mortgaged Property or any Affiliate of any of the foregoing or (b) a holder or beneficial owner of any Accelerated
Mezzanine Loan or any Affiliate of any of the foregoing, and (ii) following the occurrence of the Lead Securitization, shall have
the meaning assigned to the term “Borrower Restricted Party” or “Borrower Party”, as applicable, in the
Lead Securitization Servicing Agreement.

 

“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).

 

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

 

“Certificate
Administrator Fees” shall have the meaning given to such term or an analogous term in the Note A-1-A PSA, the Note A-1-B
PSA or the Note A-2 PSA.

 

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

 

“CREFI”
shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“CLO”
shall have the meaning assigned to such term in the definition of Qualified Transferee.

 

“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.

 

“Commission”
shall have the meaning assigned to such term in Section 18(b)(ix).

 

“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.

 

    -3-

     

    

 

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

 

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

 

“Defaulted
Mortgage Loan” shall mean (i) prior to the occurrence of the Lead Securitization, 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, and (ii) following the occurrence of the
Lead Securitization, the meaning assigned to such term or analogous term in the Lead Securitization Servicing Agreement.

 

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

 

“Directing
Holder” shall mean the Holder of Note A-1-A or, if Note A-1-A is included in a Securitization, the holders of Certificates
issued in connection with such Securitization 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-A Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement; provided,
that no Borrower Party shall be entitled to act as Directing Holder.

 

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

 

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

 

“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

 

(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, if applicable, reimbursement of costs and expenses, reimbursement of Property
Advances and interest thereon at the Reimbursement Rate;

 

    -4-

     

    

 

provided,
however, that Excluded Amounts 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, Certificate Administrator Fees or
Operating Advisor 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”
or “Note Holder” shall mean each of the Note A-1-A Holder, the Note A-1-B Holder and the Note A-2 Holder.

 

“Initial
Note A-1-A Holder” shall mean CREFI in its capacity as Note A-1-A Holder.

 

“Initial
Note A-1-B Holder” shall mean CREFI in its capacity as Note A-1-B Holder.

 

“Initial
Note A-2 Holder” shall mean DB-AG in its capacity as Note A-2 Holder.

 

“Initial
Note Holder” shall mean each of the Initial Note A-1-A Holder, the Note A-1-B Holder and the Initial 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-A, Note A-1-B 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.

 

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

 

“Lead
Note” shall mean shall mean a Note held by the Lead Securitization.

 

“Lead
Note Holder” shall mean the Holder of the Lead Note(s).

 

“Lead
Securitization” shall mean:

 

(i)
during the period from and after the Securitization of any Note other than Note A-1-A and prior to the Note A-1-A Securitization,
the Securitization with the earliest Securitization Date; provided that, prior to the Securitization of Note A-1-A, if
two or

 

    -5-

     

    

 

more
Notes other than Note A-1-A have both the earliest Securitization Date and the same Securitization Date but are included in different
Securitizations, then the Securitization including the Note(s) with the larger (aggregate) Note Principal Balance shall be the
Lead Securitization; and

 

(ii)
immediately upon the occurrence of and following the Securitization of Note A-1-A, the Note A-1-A Securitization.

 

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

 

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

 

“Lead
Securitization Servicing Agreement” shall mean the PSA executed and delivered in connection with the Lead Securitization.

 

“Lead
Servicer” shall mean the servicer and/or special servicer designated under the Lead Securitization Servicing Agreement.

 

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

 

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

 

“Loan
Combination Custodial Account” shall mean the “Loan Combination Custodial Account” or analogous account
established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

 

“Major
Decision” shall have the meaning given to such term or any analogous term in the Lead Securitization Servicing Agreement;
provided that, at any time that neither Note A-1-A, Note A-1-B or Note A-2 is included in the Lead Securitization, “Major
Decision” shall mean, any of the following,

 

(i)          any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of an REO Property) of the ownership
of properties securing the Mortgage Loan as come into and continue in default;

 

(ii)         any
modification, consent to a modification or waiver of a monetary term or material non-monetary term (including, without limitation,
the timing of payments and acceptance of discounted payoffs but excluding Penalty Charges) of the Mortgage Loan or any extension
of the Maturity Date of the Mortgage Loan;

 

(iii)        any
sale of the Defaulted Mortgage Loan or REO Property (other than in connection with the termination of the Lead Securitization
Trust) for less than the applicable Repurchase Price (as defined in the Servicing Agreement);

 

    -6-

     

    

 

(iv)       any
determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address Hazardous Materials
located at an REO Property;

 

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

 

(vi)       any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan or any consent
to such waiver or consent to a transfer of the Mortgaged Property or interests in the Borrower or consent to the incurrence of
additional debt, other than any such transfer or incurrence of debt as may be effected without the consent of the lender under
the Loan Agreement;

 

(vii)      any
property management company changes (with respect to the Mortgage Loan (i) with an unpaid principal balance greater than $2,500,000
or (ii) where the successor property manager is affiliated with the Borrower) or franchise changes with respect to the Mortgage
Loan for which the lender is required to consent or approve under the Mortgage Loan Documents;

 

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

 

(ix)        any
acceptance of an assumption agreement releasing the Borrower from liability under the Mortgage Loan other than pursuant to the
specific terms of the Mortgage Loan Documents and for which there is no lender discretion;

 

(x)         any
determination of an Acceptable Insurance Default;

 

(xi)        the
determination of the Special Servicer to transfer the Mortgage Loan to special servicing due to an imminent default;

 

(xii)       any
acceleration of the Mortgage Loan following a default or an event of default or any initiation of judicial, bankruptcy or similar
proceedings under the Mortgage Loan Documents or with respect to the Borrower or Mortgaged Property; and

 

(xiii)      any
modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or similar agreement
with any mezzanine lender, holder of a Note or other subordinate debt holder related to the Mortgage Loan, or an action to enforce
rights with respect thereto, in each case, in a manner that materially and adversely affects the holders of any Note.

 

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

 

    -7-

     

    

 

“Master
Servicer Remittance Date” shall mean, with respect to each Non-Lead Note, (i) prior to the related Non-Lead Securitization,
the “master servicer remittance date” as such term is defined in the applicable Servicing Agreement, and (ii) from
and after the related Non-Lead Securitization, the earlier of (x) the “master servicer remittance date” as such term
is defined in the Lead Securitization Servicing Agreement, and (y) the business day following the related Non-Lead Securitization
Determination Date, in each case above in this definition as long as such date is at least one Business Day after receipt of the
scheduled Monthly Payment and no sooner than the sixth calendar day of the month.

 

“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 outstanding principal balance of the
Notes evidencing the Mortgage Loan.

 

“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
Holder” shall mean a Holder of more than a fifty percent (50%) percentage interest of a Non-Lead Note, and if a Non-Lead
Note has been included in a Securitization, 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 related Non-Lead Securitization Servicing Agreement to exercise the rights granted
to a Non-Directing Holder in this Agreement. If a Non-Lead Note is not in a Securitization, the Non-Directing Holder with respect
to such Non-Lead Note will be the then-current Holder of such Non-Lead Note.

    -8-

     

    

 

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

 

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

 

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

 

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

 

“Non-Lead Note”
shall mean any Note that is not a Lead Note.

 

“Non-Lead Note
Holder” shall mean any Holder of a Non-Lead Note.

 

“Non-Lead Securitization”
shall mean any Securitization that is not the Lead Securitization.

 

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

 

“Non-Lead Securitization
Servicing Agreement” shall mean a PSA that is not the Lead Securitization Servicing Agreement.

 

“Non-Lead Securitization
Trust” shall mean any Securitization Trust that holds a Non-Lead Note.

 

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

 

“Non-Lead Sponsor”
shall mean, with respect to a Non-Lead Note, the Holder that acts as the sponsor with respect to such Non-Lead Note in connection
with the related Non-Lead Securitization.

 

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

 

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

 

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

 

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

 

    -9-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“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.

 

    -10-

     

    

 

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

 

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

 

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

 

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

 

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

 

“Operating Advisor”
shall mean each operating advisor under the Lead Securitization Servicing Agreement.

 

“Operating Advisor
Fees” shall have the meaning given to such term or an analogous term in each of the Note A-1-A PSA, the Note A-1-B PSA
and the Note A-2 PSA.

 

“P&I Advance”
shall mean an advance made by a party to the Note A-1-A PSA, the Note A-1-B PSA and 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 or with respect to the Mortgage Loan or the Mortgaged Property that represent
default charges, penalty charges, late fees and/or default interest, but excluding any yield maintenance charge or prepayment premium.

 

“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.

 

“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,

 

    -11-

     

    

 

as the case may be, is allocated its respective pro rata share based on the interest
accrued on such Note at the respective Mortgage Interest Rate of such Note based on the outstanding principal balance of 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 outstanding principal balance of its Note in relation to the outstanding principal balance of
the entire Mortgage Loan of such particular payment, collection, cost, expense, liability or other amount.

 

“PSA”
shall mean each of the Note A-1-A PSA, Note A-1-B PSA and Note A-2 PSA.

 

“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 or (iv) 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) 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) 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 DBRS and (ii) as to which DBRS has not 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 any securities issued in such transaction that are rated
by DBRS. 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 such Securitization(s) shall not be considered.

 

“Qualified Transferee”
shall mean an Affiliate of CREFI or DB-AG, or one or more of the following (other than any Borrower Party):

 

(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

 

(ii)      an
investment company, money management firm or a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of

 

    -12-

     

    

 

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 loan (or 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 (2) of the Rating
Agencies engaged to assign ratings to classes of securities issued in connection with the applicable Securitization of the applicable
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 or (ii) an institution whose long-term senior unsecured debt is then rated in one of the top three rating
categories of each of the Rating Agencies.

 

    -13-

     

    

 

“Rating Agencies”
shall mean DBRS, Fitch, KBRA, Moody’s, Morningstar and S&P and their respective successors in interest or, if any of
such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized
statistical rating agency reasonably designated by any 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, any action that would otherwise require a Rating Agency Confirmation shall require the consent
of the Directing Holder (unless it is a Borrower Party), 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 Note A-1-A PSA, Note A-1-B PSA and
Note A-2 PSA 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.

 

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

 

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

 

“REMIC”
shall have the meaning assigned to such term in Section 2(g).

 

    -14-

     

    

 

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

 

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

 

“Securitization
Date” shall mean, with respect to a Securitization, the effective date on which such Securitization is consummated.

 

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

 

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization.

 

“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.

 

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

 

“Servicing Agreement”
shall mean (a) prior to the occurrence of the Lead Securitization, that certain Interim Servicing Agreement, dated as of February
26, 2004 and as amended as of the date hereof, between Citigroup, as owner, and Wells Fargo Bank, National Association (as successor
to Wachovia Bank, National Association), as servicer, and any replacement servicing agreement entered into with any successor interim
servicer appointed by the Note A-1-A Holder, and (b) following the occurrence of the Lead Securitization, the applicable Lead Securitization
Servicing Agreement; provided that in the event the Lead Note(s) are 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 Note A-1-A Principal Balance, the Note A-1-B Principal Balance and the
Note A-2 Principal Balance, as applicable, as of the date of determination.

 

    -15-

     

    

 

“Servicing Fee
Rate” shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum (which shall consist
of the primary servicing fee rate) which, when applied to the Note A-1-A Principal Balance, the Note A-1-B Principal Balance and
the Note A-2 Principal Balance, as applicable, will determine the primary 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 thereunder.

 

“Special Servicing
Fee” shall have the meaning given to such term or an analogous term in the Servicing Agreement; provided that
under no circumstances shall the Special Servicing Fee exceed 0.2500% per annum (25 basis points) of the outstanding principal
balance of the Mortgage Loan, subject to any applicable minimum Special Servicing Fee set forth in the Lead Securitization 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.

 

“Trust Fund”
shall mean each of the Note A-1-A Trust Fund, the Note A-1-B Trust Fund and the Note A-2 Trust Fund.

 

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

 

“Trustee Fee”
shall have the meaning given to such term or an analogous term in each of the Note A-1-A PSA, the Note A-1-B PSA and the Note A-2
PSA.

 

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 pursuant to the terms of this Agreement and the applicable Servicing
Agreement.

 

(b)       Prior
to the closing of the Lead Securitization, all servicing and other decisions regarding the Mortgage Loan shall be made: (i) with
respect to matters set forth on Exhibit D hereto, by unanimous consent of the Holders and (ii) with respect to all other
matters, except as otherwise expressly set forth in this Agreement or in the Servicing Agreement

 

    -16-

     

    

 

(provided that any conflict between
the Servicing Agreement and this Agreement shall be resolved in favor of this Agreement), by the Directing Holder. Each PSA shall
contain terms and conditions that are customary for securitization transactions involving assets similar to the Mortgage Loan and
that are otherwise (A) required by the Code relating to the tax elections of any Trust Fund, (B) required by law or changes in
any law, rule or regulation or (C) requested by the Rating Agencies rating any Securitization.

 

(c)        Subject
to the terms and conditions of this Agreement, each Holder hereby irrevocably and unconditionally consents, effective upon the
Lead Securitization, 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, effective upon the Lead Securitization, 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).

 

(d)       If,
at any time the Lead Note(s) are no longer in a Securitization, the Lead Note Holder shall cause the Mortgage Loan to be serviced
pursuant to a servicing agreement that is substantially similar to the Servicing Agreement (and, if a 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 shall be obtained)
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 Rating Agency Confirmation has been
obtained), the Lead Note Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Servicing Agreement
to which the Lead Note(s) were subject, as if such Servicing 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 Lead Note Holder and does not have to be performed
by the service providers set forth under the Servicing Agreement that was previously in effect.

 

(e)       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 Party 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 such Non-Lead Note Holder from funds payable to it hereunder or otherwise.

 

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

 

    -17-

     

    

 

(g)       If
either 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 either 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.

 

(h)       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 any other Holder be reduced to offset or make-up any such payment or deficit.

 

3.         Priority
of Notes. Each Note shall be of equal priority, and no portion of either Note shall have priority or preference over any
portion of any 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 Servicer and applied to the Notes
on a Pro Rata and Pari Passu Basis.

 

The Servicing Agreement
shall provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used (i) to pay the Master Servicer,
the Trustee or the Special Servicer for interest accrued on any Property Advances and reimbursement of 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 a Note is not included in a Securitization, any Penalty Charges allocated to such Note 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.

 

    -18-

     

    

 

Upon the occurrence of
the Lead Securitization as to which any such proceeds are received, any proceeds received from the sale of the primary servicing
rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the then-current Holders on a Pro
Rata and Pari Passu Basis. Any proceeds received by any Holder from the sale of master servicing rights with respect to its Note
shall be for its own account.

 

4.       Workout.
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement
and Section 13 and (prior to the occurrence of a Lead Securitization) Exhibit D 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 any Note are waived,
reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such modification
shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve, the equal priorities of
the Notes 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. The Note A-1-A Holder, the Note A-1-B Holder and the Note A-2
Holder hereby direct 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 each Non-Lead Note, by wire transfer to the account maintained by the related Non-Lead Note
Holder; 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 a Note determines, or a court of competent jurisdiction orders,
at any time that any amount received or collected in respect of such Note must, pursuant to any insolvency, bankruptcy, fraudulent
conveyance, preference or similar law, be returned to the Borrower or paid to the related 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 such Holder, and such Holder shall promptly on demand repay to such Servicer the portion thereof which shall have been
theretofore distributed to such Holder together with interest thereon at such rate, if any, as such Servicer shall have been required
to pay to the Borrower, the other Holders, any Servicer or such other person or entity with respect thereto. Each 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 a Holder with respect to the Mortgage Loan against any future payments due to such Holder under the
Mortgage Loan, provided, that the obligations of each Holder under this Section 5 are separate and distinct obligations
from one another and in no event shall any

 

    -19-

     

    

 

Servicer enforce the obligations of any Holder against any other Holder. The obligations
of the Holders under this Section 5 constitute absolute, unconditional 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
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; which, for the avoidance of doubt, shall not reduce the obligation of such
parties to act in accordance with the Servicing Standard).

 

7.       Representations
of the Holders. (a) Each Initial Note Holder hereby represents and warrants to, and covenants with, each other Initial
Note 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 its respective Note for its own account in the ordinary course of its business.

 

    -20-

     

    

 

(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 Holder 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 each other Holder 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.

 

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 between any Holder (or any servicer or trustee on its behalf) and any other Holder a
partnership, association, joint venture or other entity. Each Holder (or any servicer or trustee on its behalf) shall have no
obligation whatsoever to offer to any other Holder 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 other Holder, 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. None of the Notes 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 Holder may make loans or otherwise extend
credit to, and generally engage in any kind of business with, any Borrower Party, and receive payments on such other loans or
extensions of credit to any Borrower Party 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.

 

12.       Transfer
of Notes. (a) Each Holder may Transfer up to 49% 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% of
its beneficial interest in its Note unless (i) prior to a Securitization of any Note, each other Holder has consented to such
Transfer, in which case the related transferee shall thereafter be deemed to

 

    -21-

     

    

 

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 (unless such transferee is a Securitization Trust and the related PSA requires the
parties thereto to be bound by the terms of this 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 each other Holder. Notwithstanding the foregoing, without the non-transferring Holders’ prior consent (which
will not be unreasonably withheld), and, if any 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 any Borrower Party 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 Note Holder to an Affiliate, at least
five (5) days prior to a transfer of any Note, the transferring Holder shall provide to each other Holder 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 any Borrower Party) 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 each other Holder and the Master Servicer that a Pledge has been effected
(including the name and address of the applicable Note Pledgee), each other Holder agrees to acknowledge receipt of such notice
and thereafter agrees: (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

 

    -22-

     

    

 

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 each other Holder hereunder, but such Note Pledgee shall not be obligated
to cure any such default; (iii) that no amendment, modification, waiver or termination of this Agreement 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 each other
Holder 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 each other Holder 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 each other Holder; and (vi) that, upon written notice (a “Redirection Notice”)
to the Master 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 each other Holder
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 Holder 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, each other Holder and the Master Servicer shall recognize such Note Pledgee (and any transferee (other than
any Borrower Party) 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.

 

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

 

    -23-

     

    

 

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 each Holder’s 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. 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 Trustee for the Lead Securitization shall not have any fiduciary duty to any Non-Lead Note Holder in connection
with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Servicer and such Trustee from their
respective obligation under this Agreement and 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(s)), it will be required to sell the entire Defaulted Mortgage Loan as a single whole
loan (i.e., both the Lead Note(s) and Non-Lead Note(s)). Any such sale of the entire Defaulted Mortgage Loan is subject to the
satisfaction of one 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 fifteen (15) Business Days prior written notice of any decision to attempt to sell the Defaulted Mortgage Loan;

 

(2)       at
least ten (10) days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages)

 

    -24-

     

    

 

received by the Special Servicer in connection with any such proposed sale;

 

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

 

Each 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, each Non-Lead Note Holder and each Non-Directing Holder shall be permitted to submit an offer
at any sale of the Defaulted Mortgage Loan (unless such Person is a Borrower Party).

 

Subject to the conditions
set forth in this Section 13(c), each Non-Lead Note Holder hereby appoints the Lead Note Holder as its agent, and grants
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 its Non-Lead Note. Subject to the conditions set forth in this Section
13(c), 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 its 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(g) 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 respect to the Mortgage Loan. In addition, the Directing Holder shall be entitled to advise (1)
the

 

    -25-

     

    

 

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, except as set forth below (i) the Master Servicer shall not be permitted to take any Major Decision
unless it has obtained the prior written consent of the Special Servicer and (ii) the Special Servicer shall not be permitted to
consent to the Master Servicer’s taking any Major Decision nor will the Special Servicer itself be permitted to take any
Major Decision as to which the Directing Holder has objected in writing within ten (10) Business Days (or thirty (30) days with
respect to an Acceptable Insurance Default) after receipt of the written recommendation and analysis and such additional information
requested by the 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 Decision. 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 Decision within ten (10) Business Days
(or thirty (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 Decision, 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 thirty (30) days with respect to an Acceptable Insurance Default) period, such Major Decision 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, the Special Servicer, the Certificate Administrator, the Lead Securitization Trust or the Trustee 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 any other Holder or any other Person for any action taken, or for refraining from the taking of any
action or the giving of any consent or the failure to give any consent pursuant to this Agreement or the Servicing Agreement, or
errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross negligence.
The 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 Holders, and that the Directing Holder may have special

 

    -26-

     

    

 

relationships and interests
that conflict with the interests of the other 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 Lead Securitization Servicing Agreement for so long as the Lead Note(s)
are included in the Lead Securitization, the Directing Holder 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 each other Holder and the parties to each 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 Lead Securitization Servicing Agreement shall provide that the Servicer shall be
required:

 

(i)       to
provide copies of any notice, information and report that it is required to provide to the Directing Holder pursuant to the Servicing
Agreement with respect to any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report
relating to the Mortgage Loan to each Non-Directing Holder, within the same time frame it is required to provide to the Directing
Holder; 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 Decision or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by each
Non-Directing Holder; provided that after the expiration of a period of ten (10) Business Days (or in connection with an Acceptable
Insurance Default, thirty (30) days) from the delivery to any Non-Directing Holder of written notice of a proposed action, together
with copies of the notices, information and reports required to be provided to, or requested by, the Directing Holder, the Servicer
shall no longer be obligated to consult with such Non-Directing Holder (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 (or in connection
with an Acceptable Insurance Default, thirty (30) 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 each Non-Directing Holder, the Servicer may take any Major Decision or any action
set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period (or

 

    -27-

     

    

 

thirty (30) day
period with respect to an Acceptable Insurance Default) if the Servicer determines, in accordance with the Servicing Standard,
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, each Non-Directing Holder 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 Non-Directing
Holder.

 

(e)       If
any Non-Directing Holder is a Borrower Party, it shall not be entitled to any of the rights set forth in this Section 16.

 

17.       Advances;
Reimbursement of Advances. (a) (i) Pursuant to terms of the Servicing Agreement, the Lead Servicer and/or the related
Trustee shall be obligated (subject to customary determinations of non-recoverability) 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(s) and (ii)
pursuant to the terms of a Non-Lead Securitization Servicing Agreement, the related Non-Lead Master Servicer and/or the
related Non-Lead Trustee may be obligated to make P&I Advances with respect to the related 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 Non-Lead Trustee will not be required to make any P&I Advance
with respect to any Lead Note, any other Non-Lead Note (other than any Non-Lead Note included in the same Non-Lead
Securitization) or any Property Advance. The Lead Servicer, each Non-Lead Master Servicer, the Trustee and each Non-Lead
Trustee will be entitled to interest on any Advance (at a rate not to exceed the Prime Rate) made in the manner and from the
sources provided in the Note A-1-A PSA, the Note A-1-B PSA and 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 (and any interest
thereon at the Reimbursement Rate), 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.

 

(c)       To
the extent amounts on deposit in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse the Lead
Servicer or the related Trustee, as applicable, 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 such Property
Advance or interest thereon, each Non-Lead Note Holder (including any Securitization into which the related 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 and Pari
Passu Basis share of such Property Advance and/or interest thereon at the

 

    -28-

     

    

 

Reimbursement Rate so reimbursed from general collections
(to the extent amounts on deposit in the Collection Account are insufficient for reimbursement of such amounts). In addition, each
Non-Lead Note Holder (including any Securitization into which the related Non-Lead Note is deposited) shall promptly reimburse
the Lead Servicer or the related Trustee for such Non-Lead Note Holder’s Pro Rata and Pari Passu Basis 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 are insufficient for reimbursement of such amounts).

 

(d)       The
parties to each of the Note A-1-A PSA, the Note A-1-B 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-A, the Note A-1-B PSA and 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’s
pro rata share from the respective Non-Lead Note Holders.

 

18.       Provisions
Relating to Securitization. (a) Any Note Holder shall have the right, subject to the terms of the Mortgage Loan Documents
and so long as the related Note is not held by a Securitization Trust, to cause the Borrower to execute amended and restated notes
or additional notes (in either case “New Notes”) reallocating the principal of such Note among the New Notes;
reducing the Mortgage Interest Rates of such New Notes or severing such Note into one or more further “component”
notes in the aggregate principal amount equal to the then outstanding principal balance of such Note, provided that (i)
the aggregate principal balance of the New Notes following such amendments is no greater than the principal balance of such Note
prior to such amendments, (ii) all New Notes continue to have the same or a lower interest rate as such 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 and (iv) the Note Holder holding the New Notes shall notify the other Note Holders 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, any reduction of Mortgage
Interest Rates or such severing of the subject Note, (2) if the subject Note is severed into “component” notes, such
component notes shall each have their same rights as the respective original Note (except that only one such Note may be named
in place of Note A-1-A in the definitions of “Directing Holder”, “Lead Securitization” and “Servicing
Agreement”) and (3) the definition of the term “Securitization” and all of the related defined terms may be
amended (and new terms added, as necessary) to reflect the New 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)       The
Lead Note Holder agrees that it shall cause the Lead Securitization Servicing Agreement to provide as follows (and to the extent
such following provisions are not

 

    -29-

     

    

 

included in the Lead Securitization Servicing Agreement, they shall be deemed incorporated therein
and made a part thereof):

 

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

 

(ii)         if
the Master Servicer determines that a proposed P&I Advance with respect to the Lead Note(s) or Property Advance with respect
to the Mortgage Loan, if made, or any outstanding P&I Advance or Property Advance previously made, would be, or is, as applicable,
a Nonrecoverable Advance, the Master Servicer shall provide each Non-Lead Master Servicer written notice of such determination
promptly after such determination was made together with such reports that the Master Servicer delivered to the Special Servicer
or Trustee in connection with notification of its determination of nonrecoverability;

 

(iii)       the
Master Servicer shall remit all payments received with respect to each Non-Lead Note, net of the Servicing Fees payable to the
Master Servicer and Special Servicer with respect to such Non-Lead Note, and any other applicable fees and reimbursements payable
to the Master Servicer, the Special Servicer and the Trustee, to the related Non-Lead Note Holder by the Master Servicer Remittance
Date for such Non-Lead Note;

 

(iv)       with
respect to each Non-Lead Note that is held by a Securitization, the Master Servicer agrees to deliver or cause to be delivered
or to make available to the related Non-Lead Master Servicer all reports required to be delivered by the Master Servicer to the
Certificate Administrator under the Lead Securitization Servicing Agreement (which shall include all loan-level reports constituting
the CREFC® Investor Reporting Package (IRP)) pursuant to the terms of the Lead Securitization Servicing Agreement to the extent
related to the Mortgage Loan, the Mortgaged Property, such Non-Lead Note, the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee by the Business Day following the Master Servicer Remittance Date for such Non-Lead Note;

 

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

 

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

 

    -30-

     

    

 

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

 

(viii)      with
respect to each Non-Lead Securitization that is subject to reporting requirements under the Securities Act, the Exchange Act (including
Rule 15Ga-1), and Regulation AB, (a) the Master Servicer, any primary servicer, the Special Servicer, the Trustee, the Certificate
Administrator or other party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required
to cause each other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation
AB) retained or engaged by it to deliver; provided that such party shall only be required to use commercially reasonable efforts
to cause a Mortgage Loan Seller Sub-Servicer to deliver), in a timely manner (i) the reports, certifications, compliance statements,
accountants’ assessments and attestations, and information to be included in reports (including, without limitation, Form
ABS-15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified in the related Non-Lead Securitization
Servicing Agreement, in the case of clauses (i) and (ii), as the related Non-Lead Depositor or the related Non-Lead Trustee reasonably
believes, in good faith, are required in order for such Non-Lead Depositor or such Non-Lead Trustee to comply with its obligations
under the Securities Act, the Exchange Act (including Rule 15Ga-1), Regulation AB and Form SF-3, (b) without limiting the generality
of the foregoing (x) the Depositor or the related Holder shall provide or cause to be provided to each Non-Lead Depositor and each
Non-Lead Trustee (1) written notice (which may be by e-mail) in a timely manner (but no later than three (3) Business Days prior
to closing) of the occurrence of such Securitization, and (2) no later than one (1) business day following the closing date of
such Securitization, a copy of the Lead Securitization Servicing Agreement in an EDGAR-compatible format, and (y) the Master Servicer
and Special Servicer (or any replacement Master Servicer or Special Servicer, as applicable) shall, upon reasonable prior written
request, and subject to the right of the Master Servicer or the Special Servicer, as the case may be, to review and approve such
disclosure materials, permit a Holder of any Non-Lead Note to use such party’s description contained in the Lead Securitization
prospectus (updated as appropriate by the Master Servicer or Special

 

    -31-

     

    

 

Servicer, as applicable, at the cost of the related Non-Lead
Sponsor) (or, in the case of a replacement Special Servicer, contained in a Lead Securitization Form 8-K), for inclusion in the
disclosure materials (or, in the case of a replacement Special Servicer, for inclusion in a Form 8-K) relating to any securitization
of such Non-Lead Note, and (z) the Master Servicer and the Special Servicer (or any replacement Master Servicer or Special Servicer,
as applicable), shall provide indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered
with respect to the Lead Securitization (in each case, at the cost of the related Non-Lead Sponsor), and (c) in connection with
any amendment of the Lead Securitization Servicing Agreement, the party requesting such amendment shall provide written notice
(which may be by e-mail) of such proposed amendment to each Non-Lead Depositor and each Non-Lead Trustee no later than three (3)
Business Days prior to the date of effectiveness of such amendment, and, on the date of effectiveness of such amendment to the
Lead Securitization Servicing Agreement, provide a copy of such amendment in an EDGAR-compatible format to each Non-Lead Depositor
and each Non-Lead Trustee. The Master Servicer and the Special Servicer shall each be required to provide certification and indemnification
to any “certifying party” with respect to any applicable Sarbanes-Oxley Certification with respect to any Non-Lead
Securitization;

 

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

 

(x)         any
late collections received by the Master Servicer from the Borrower that are allocable to any Non-Lead Note or reimbursable to the
related Non-Lead Master Servicer or the related Non-Lead Trustee shall be remitted by the Master Servicer to the related Non-Lead
Master Servicer within one (1) Business Day of receipt and identification thereof; 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 late collections to the related Non-Lead Master Servicer within one (1) Business Day of receipt of properly
identified

 

    -32-

     

    

 

funds but, in any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly
identified funds;

 

(xi)        each
Non-Lead Note Holder is an intended third-party beneficiary in respect of the rights afforded it under the Lead Securitization
Servicing Agreement and the related Non-Lead Master Servicer will be entitled to enforce the rights of such Non-Lead Note Holder
under this Agreement and the Lead Securitization Servicing Agreement;

 

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

 

(xiii)      the
Lead Securitization Servicing Agreement shall provide for the sale of all of the Notes as one whole loan as described in Section
13(c) hereof;

 

(xiv)      the
Lead Securitization Servicing Agreement shall not be amended in any manner that materially and adversely affects any Non-Lead Note
Holder without the consent of such Non-Lead Note Holder;

 

(xv)       to
the extent related to the Mortgage Loan, the Master Servicer or the Special Servicer, Rating Agency Confirmation shall be provided
with respect to the Certificates issued in connection with each Non-Lead Securitization to the same extent a Rating Agency Confirmation
is provided with respect to the Certificates issued in connection with the Lead Securitization;

 

(xvi)      Servicer
Termination Events with respect to the Master Servicer and the Special Servicer shall include (i) solely with respect to the Master
Servicer, the failure to timely remit payments to any Non-Lead Note Holder, which failure continues unremedied for one (1) Business
Day following the date on which such payment was to be made; (ii) solely with respect to the Special Servicer, the failure to deposit
into any REO Account any amount required to be so deposited within two (2) Business Days after the date such deposit was to be
made, or the failure to remit to the Master Servicer for deposit into the Collection Account or the related Loan Combination Custodial
Account, as applicable, any amount required to be so remitted by the Special Servicer within one (1) Business Day after the date
such remittance was to be made; (iii) the qualification, downgrade or withdrawal, or placing on “watch status” in contemplation
of a rating downgrade or withdrawal of the ratings of any class of certificates issued in connection with any Non-Lead Securitization
by the rating agencies rating such securities (and such qualification, downgrade, withdrawal or “watch status” placement
shall not have been withdrawn by such rating agencies within sixty (60) days of actual knowledge of such event by the Master Servicer
or the Special Servicer, as the case may be), and publicly citing servicing concerns with the Master Servicer or Special Servicer,
as applicable, as the sole or a material factor in such rating action; and (iv) the failure to provide to any Non-Lead Note Holder
(if and to the extent required under the related Non-Lead

 

    -33-

     

    

 

Securitization) reports required under the Exchange Act, and the rules
and regulations thereunder, in a timely fashion. Upon the occurrence of such a Servicer Termination Event with respect to the Master
Servicer affecting any Non-Lead Note Holder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization
Servicing Agreement, the Trustee shall, upon the direction of such Non-Lead Note Holder, require the appointment of a subservicer
with respect to the related Non-Lead Note. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer
affecting any Non-Lead Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing
Agreement, the Trustee shall, upon direction of such Non-Lead Note Holder, terminate the Special Servicer with respect to, but
only with respect to, the Mortgage Loan;

 

(xvii)     upon
any resignation of the Master Servicer or the Special Servicer, any replacement of the Special Servicer, any termination of the
Master Servicer or Special Servicer and/or any replacement thereof, any appointment of a successor to the Master Servicer or Special
Servicer, or the effectiveness of any designation of a new Special Servicer, the Trustee or Certificate Administrator shall promptly
(and in any event no later than three (3) Business Days prior to the effective date of such resignation, termination, replacement
and/or appointment of a Master Servicer or Special Servicer) provide written notice thereof to each Non-Lead Trustee, each Non-Lead
Master Servicer and each Non-Lead Depositor, together with any information reasonably required (including, without limitation,
any disclosure required under Item 1108 of Regulation AB) for each related Non-Lead Securitization to comply with any applicable
reporting obligations under the Exchange Act; provided, that such notice shall not be deemed to be provided unless receipt thereof
has been confirmed in writing (which may be by e-mail) from the related Non-Lead Depositor;

 

(xviii)    if
a Non-Lead Note becomes the subject of an Asset Review pursuant to the related Non-Lead Securitization Servicing Agreement, the
Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the related Non-Lead Asset
Representations Reviewer in connection with such Asset Review by providing such Non-Lead Asset Representations Reviewer with any
documents reasonably requested by such Non-Lead Asset Representations Reviewer, but only to the extent (x) such documents are in
the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and (y) such Non-Lead
Asset Representations Reviewer has not been able to obtain such documents from the related mortgage loan seller; and

 

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

 

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

 

    -34-

     

    

 

(i)            such
Non-Lead Note Holder shall be responsible for its Pro Rata and Pari Passu Basis share of any Property Advances (and advance interest
thereon) and any Additional Trust Fund Expenses, but only to the extent that they relate to servicing and administration of the
Notes and the Mortgaged Property, including without limitation, any unpaid Special Servicing Fees, liquidation fees and workout
fees relating to the Notes, and that in the event that the funds received with respect to each respective Note are insufficient
to cover such Property Advances or Additional Trust Fund Expenses, (A) the related Non-Lead Master Servicer will be required to,
promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee or the Lead Securitization Trust (such parties and the Lead Securitization Trust, collectively,
the “Indemnified Parties”), as applicable, out of general funds in the collection account (or equivalent account)
established under the related Non-Lead Securitization Servicing Agreement for such Non-Lead Note Holder’s Pro Rata and Pari
Passu Basis share of any such Nonrecoverable Property Advances (together with advance interest thereon) and/or Additional Trust
Fund Expenses (including compensation due to the Master Servicer and the Special Servicer to the extent related to the servicing
and administration of the Mortgage Loan and the Mortgaged Property), and (B) if the Lead Securitization Servicing Agreement permits
the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee to reimburse itself from the Lead Securitization
Trust’s general account, then the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as
applicable, may do so, and the related Non-Lead Master Servicer will be required to, promptly following notice from the Master
Servicer, the Special Servicer or the Trustee, reimburse the Lead Securitization Trust out of general funds in the collection account
(or equivalent account) established under the related Non-Lead Securitization Servicing Agreement for such Non-Lead Note Holder’s
Pro Rata and Pari Passu Basis share of any such Nonrecoverable Property Advances (together with advance interest thereon) and/or
Additional Trust Fund Expenses (including compensation due to the Master Servicer and the Special Servicer to the extent related
to the servicing and administration of the Mortgage Loan and the Mortgaged Property);

 

(ii)           each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties pursuant to the terms of the Lead Securitization Servicing Agreement and, in the case of the
Lead Securitization Trust, to the extent of any Additional Trust Fund Expenses with respect to the Mortgage Loan) by each Non-Lead
Securitization Trust, against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any
other costs, liabilities, fees and expenses incurred in connection with the servicing and administration of the Mortgage Loan
and the Mortgaged Property (or, with respect to the Operating Advisor, incurred in connection with the provision of services for
the Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified Items”)
to the extent of its Pro Rata and Pari Passu Basis share of such Indemnified Items, and to the extent amounts on deposit in the
Loan Combination Custodial Account that are allocated to the related Non-Lead Note are insufficient for reimbursement of such
amounts, the related Non-Lead Master Servicer will be required to reimburse each of the applicable Indemnified Parties for such
Non-Lead Note’s Pro Rata and Pari Passu Basis share of the insufficiency out of general funds

 

    -35-

     

    

 

in
the collection account (or equivalent account) established under the related Non-Lead Securitization Servicing Agreement;

 

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

 

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

 

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

 

(d)           The
Holder of any Note that, upon the closing of the Securitization of such Note, will constitute a Lead Note under this Agreement
shall:

 

(i)             give
each other Holder (except any Holder of any other Note included in such Securitization) notice of such Securitization in writing
(which may be by e-mail) on or before the applicable closing date for such Securitization, together with contact information for
each of the parties to the related PSA;

 

(ii)            on
the closing date of such Securitization, send a copy (in EDGAR-compatible format) of such PSA to the other Holders (except any
Holder of any other Note included in such Securitization); and

 

(iii)           give
the other Holders (except any Holder of any other Note included in such Securitization) written notice in a timely manner (but
no later than one (1) Business Day after prior to the applicable filing date) of any 8-K/A to be made by the Depositor regarding
the related PSA if such filing contains revisions or changes to such PSA that are material to the other Note Holders.

 

(e)            Each
Non-Lead Note Holder shall provide, or cause to be provided, the Depositor, the Trustee, the Servicer, and the Special Servicer
under the Lead Securitization Servicing Agreement (as of the related Securitization Date) (provided such party is not also a party
to the Lead Securitization Servicing Agreement) notice of the related Securitization in writing (which may be by email) prior to
or promptly following such Securitization Date. Such

 

    -36-

     

    

 

notice
shall contain contact information for each of the parties to the related PSA and the identity of the “Controlling Class
Representative” or similar party under such PSA. In addition, after the Securitization Date for any other Note, the related
Note Holder shall provide, or cause to be provided, a copy of the related PSA to the Depositor, the Servicer, and the Special
Servicer under the Lead Securitization Servicing Agreement (as of the related Securitization Date) (provided such party is not
also a party to the Lead Securitization Servicing Agreement).

 

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, each Non-Lead Master Servicer, the Trustee and each
Non-Lead 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.

 

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

 

    -37-

     

    

 

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/ Mortgagee of Record. The originals of all of the Mortgage Loan Documents (other than Non-Lead
Notes) will be held (i) prior to the Lead Securitization, by Wells Fargo Bank, National Association, as interim custodian and
(ii) on and after the Lead Securitization, by the Trustee for the Lead Securitization (or by a custodian on its behalf) under
the terms of the Lead Securitization Servicing Agreement on behalf of all of the Holders. The Trustee of the Lead Securitization
shall at all times be the mortgagee of record with respect to the Mortgage Loan.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    -38-

     

    

 

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

 

	 	Note A-1-A Holder:
	 	 
	 	CITI REAL ESTATE FUNDING INC.
	 	 	 
	 	By: 	/s/ Ana Rosu Marmann
	 	 	Name: Ana Rosu Marmann
	 	 	Title:   Authorized Signatory
	 	 	 
	 	Note A-1-B Holder:
	 	 
	 	CITI REAL ESTATE FUNDING INC.
	 	 	 
	 	By:	/s/ Ana Rosu Marmann
	 	 	Name: Ana Rosu Marmann
	 	 	Title:   Authorized Signatory
	 	 	 
	 	Note A-2 Holder:
	 	 	 
	 	DEUTSCHE BANK AG, NEW YORK BRANCH
	 	 	 
	 	By:	/s/ Kevin Pivnick
	 	 	Name: Kevin Pivnick
	 	 	Title:   Managing Director
	 	 	 
	 	 	 
	 	By:	/s/ Peter Castro
	 	 	Name: Peter Castro
	 	 	Title:   Director

 

Signature Page

Two Harbor Point Square Amended and Restated Co-Lender Agreement

 

     

     

    

 

 EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

A.       Description of Mortgage
Loan

 

	Borrower:	Two Harbor Point Square LLC
	Mortgage Loan Origination Date:	November 17, 2017
	Initial Principal Amount of Mortgage Loan:	$49,500,000
	Co-Lender Closing Date Mortgage Loan Principal Balance:	$49,500,000
	Location of Mortgaged Property:	Two Harbor Point Square, Stamford Connecticut
	Current Use of Mortgaged Property:	Office and Retail
	Mortgage Interest Rate:	
        Note A-1-A:   4.2169% 

        Note A-1-B:    4.2169% 

        Note A-2:        4.2169% 

	Maturity Date:	December 6, 2027

 

    A-1 

     

    
 

B.       Description of Notes

 

	Mortgage Loan Origination Date:	November 17, 2017
	Initial Note A-1-A Principal Balance:	$10,000,000
	Initial Note A-1-B Principal Balance:	$14,750,000
	Initial Note A-2 Principal Balance:	$24,750,000
	Initial Note A-1-A Percentage Interest:	20.202020%
	Initial Note A-1-B Percentage Interest:	29.797980%
	Initial Note A-2 Percentage Interest:	50.0%
	Note A-1-A Interest Rate:	4.2169%
	Note A-1-B Interest Rate:	4.2169%
	Note A-2 Interest Rate:	4.2169%
	Note A-1-A Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1-A Interest Rate
	Note A-1-B Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1-B 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-2 Interest Rate

 

    A-2 

     

    

 

EXHIBIT B

 

Note A-1-A Holder and Note A-1-B Holder:

 

Citi Real Estate Funding Inc.

390 Greenwich Street

7th Floor

New York, New York 10013

Attention: Ana Rosu Marmann

Facsimile No.: (646) 328-2938

 

with a copy to: 

Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Telecopier: (212) 723-8599

paul.t.vanderslice@citi.com 

 

Citi Real Estate Funding Inc. 

388 Greenwich Street, 19th Floor 

New York, New York 10013 

Attention: Richard Simpson 

Telecopier: (646) 328-2943 

E-mail: richard.simpson@citi.com

 

Ryan M. O’Connor 

Telecopier: (646) 328-2943

E-mail: ryan.m.oconnor@citi.com 

 

Sidley Austin LLP 

787 Seventh Avenue 

New York, New York 10019 

Attention: Charles Schrank and Joseph Kelly 

Telecopier: (212) 839-5599 

E-mail: cschrank@sidley.com and jkelly@sidley.com

 

Note A-2 Holder:

 

Deutsche Bank AG, New York Branch

60 Wall Street

New York, New York 10005

Attention: Robert Pettinato

Telecopier: (212) 797-4488

E-mail: Robert.Pettinato@db.com

 

    B-1 

     

    

 

with a copy to:

 

Deutsche Bank AG, New York Branch

60 Wall Street

New York, New York 10005

Attention: General Counsel

 

with a copy to:

 

Cadwalader, Wickersham & Taft
LLP

200 Liberty Street

New York, New York 10281

Attention: Robert Kim

 

    B-2 

     

    

 

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. 

DLJ Real Estate Capital Partners 

Land-Lease Real Estate Investments 

JER Partners 

Rialto Capital Management 

Raith Capital Partners 

Torchlight Investors, LLC 

KKR Real Estate Finance Manager LLC

 

    C-1 

     

    

 

EXHIBIT D

 

UNANIMOUS DECISIONS

 

Unanimous Decisions:

 

		(i)	Any increase or decrease of the maximum term of the Mortgage Loan, other than as permitted in the
Mortgage Loan Documents.

 

		(ii)	Any increase in the aggregate Mortgage Loan amount, other than as permitted in the Mortgage Loan
Documents.

 

		(iii)	Any waiver, reduction, deferral or forgiveness of principal or interest for any portion of the
Mortgage Loan.

 

		(iv)	Any increase or decrease in the interest rate for the Mortgage Loan, other than as permitted in
the Mortgage Loan Documents.

 

		(v)	Any sale, transfer or encumbrance of any collateral for the Mortgage Loan or the underlying property,
other than as permitted under the Mortgage Loan Documents.

 

		(vi)	Any release of the borrower or guarantor from any material liability or obligation under the Mortgage
Loan Documents.

 

		(vii)	A release of material collateral for the Mortgage Loan, to the extent the lender has a consent
right under the applicable Mortgage Loan Documents.

 

		(viii)	Any substitution of any property serving as collateral for the Mortgage Loan.

 

    D-1Exhibit 10.1

 

EMPLOYMENT AGREEMENT

(DAVID ROBEY)

 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made as of March 15, 2018 (the “Effective Date”), by and among QTS Realty Trust, Inc., a Maryland corporation (together with any successor general partner of the Operating Partnership, (the “Company”), QualityTech, LP, a Delaware limited partnership (the “Operating Partnership”), Quality Technology Services, LLC, a Delaware limited liability company and an affiliate of the Company (the “Employer”) and David Robey an individual (“Executive”), with respect to the following facts and circumstances:

 

RECITALS

 

WHEREAS, Executive has been employed by Employer as an executive of the Company, the Operating Partnership and the Employer since 2013;

 

WHEREAS, the Employer and Executive desire to continue their employment relationship, with the Employer employing Executive to serve as the Company’s, the Operating Partnership’s and the Employer’s Chief Operating Officer (“COO”) and Executive accepting such employment and appointments, on the terms set forth below; and

 

NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth herein, the parties hereto agree as follows:

 

ARTICLE 1
 EMPLOYMENT, TERM AND DUTIES

 

1.1          Employment.  During the Term (defined below), the Employer shall employ Executive to serve as, and the Company shall appoint or cause to be appointed the Executive to the position of, the COO of the Company, upon the terms and conditions set forth in this Agreement, and Executive shall report directly to the Chief Executive Officer of the Company (the “CEO”), unless otherwise determined by the Board of Directors of the Company (the “Board”).  In addition, during the Term, Executive shall serve as the COO of the Operating Partnership and the Employer and shall report to the CEO, unless determined otherwise by the Board.  For the avoidance of doubt, Executive shall be an employee of the Employer.

 

1.2          Term.  The Employer shall employ Executive, and Executive shall serve as the COO of the Company, commencing upon the Effective Date and continuing thereafter for a two (2)-year term (the “Term”), unless earlier terminated under Article 4; provided that the Term shall automatically renew for additional two (2)-year periods unless the Employer or Executive gives notice of non-renewal at least thirty (30) days prior to expiration of the Term (as it may have been extended by any renewal period).

 

1.3          Duties.  Executive shall perform all the duties and obligations reasonably associated with the position of COO and consistent with the Bylaws or other governing documents of the Company or the Operating Partnership as in effect from time to time, subject to the supervision of

 

 

the CEO, and shall perform such other duties of an executive, managerial or administrative nature as shall be specified and designated from time to time by the CEO (including the performance of services for any subsidiary or affiliate of the Company (each, including the Company, a “QTS Company”) without any additional compensation).  Executive shall perform the duties contemplated herein faithfully and diligently.

 

Executive shall devote substantially all of  his business time and effort to the performance of Executive’s duties hereunder and to the business affairs of the QTS Companies; provided that in no event shall this provision prohibit Executive from (i) performing social, civic, charitable and religious activities, (ii) managing personal investments and affairs, (iii) participating in educational or professional associations, or (iv) any other activities approved by the CEO, so long as the activities set forth in clauses (i) through (iv) above do not materially and adversely interfere with Executive’s duties and obligations hereunder or to the business affairs of the Company.

 

ARTICLE 2
 COMPENSATION

 

2.1          Salary and Bonus.  In consideration for Executive’s services hereunder, the Employer shall pay Executive as follows:

 

(a)           Employer shall pay Executive an annual salary at the rate of $300,000 (“Base Pay”), payable in accordance with the Employer’s regular payroll schedule from time to time (less any deductions required for Social Security, state, federal and local withholding taxes, and any other authorized or mandated similar withholdings).  The Base Pay shall be reviewed by the Compensation Committee of the Board (the “Compensation Committee”), no less frequently than annually.

 

(b)           Executive will have the opportunity to earn a bonus to be paid in accordance with the Employer’s regular bonus payment schedule beginning in 2018 (to be paid in 2019).  Executive is eligible for a target bonus (a “Target Bonus”) equal to 50% of his Base Pay for threshold performance and additional amounts paid for exceptional performance as determined by the Compensation Committee.  Executive’s Target Bonus will be earned based upon Executive’s performance and the performance of the Company or such other factors and criteria that may be established from time to time for the calculation of bonus awards by the Compensation Committee, or, if there is none, the Board.  The Employer may award discretionary bonuses in addition to performance bonuses.

 

2

 

2.2          Equity Awards.  Equity awards may be made pursuant to the QTS Realty Trust, Inc. 2013 Equity Incentive Plan, or any successor equity incentive plan adopted by the Company or other QTS Companies, in accordance with the Company’s policies and as deemed appropriate by the Compensation Committee (the “Equity Awards”).  The Equity Awards will be comprised of a target grant valued at 100% of your Base Salary beginning in calendar year 2018 (to be awarded in 2019), to be awarded based upon Executive’s performance and the performance of the Company or such other factors and criteria that may be established from time to time by the Compensation Committee, or, if there is none, the Board.  These Equity Awards typically will be subject to a three (3)-year vesting schedule (33% one-year vesting following grant and 8.375% vesting per quarter following the first year), however, a performance-based component may be included with a different vesting schedule.  Additional equity awards may be made in accordance with the Company’s policies and as deemed appropriate by the Compensation Committee.

 

ARTICLE 3
 EXECUTIVE BENEFITS

 

3.1          Vacation.  Executive shall be entitled to four (4) weeks paid vacation each calendar year in accordance with the general policies of the Company and the Employer applicable generally to other senior executives of the Company.

 

3.2          Employee Benefits.  Executive shall receive all group insurance and retirement plan benefits and any other benefits on the same basis as are available to other senior executives of the Company under the personnel policies in effect from time-to-time.  Executive shall receive all other such fringe benefits as the Company and the Employer may offer to other senior executives under personnel policies in effect from time-to-time, such as health and disability insurance coverage, paid sick leave and financial planning/tax services.

 

3.3          Reimbursement for Expenses.  Executive shall be reimbursed for all documented reasonable expenses incurred by Executive in the performance of his duties or otherwise in furtherance of the business of the Company, the Operating Partnership or the Employer in accordance with the reimbursement policies in effect from time-to-time. Any reimbursement under this Section 3.3 that is taxable to Executive shall be made by December 31 of the calendar year following the calendar year in which Executive incurred the expense.

 

ARTICLE 4

TERMINATION

 

4.1          Grounds for Termination.

 

4.1.1       Death or Disability.  Executive’s employment shall terminate immediately in the event of Executive’s death or Disability.  “Disability” means any: (i) physical disability or impairment, (ii) mental disability or impairment, (iii) illness, or (iv) injury, that, in the good-faith judgment of the Board, substantially prevents or would prevent Executive from performing his duties and obligations under this Agreement or participating effectively and actively in the management of the Company for more than three consecutive months or for more than 90 days in

 

3

 

any 180-day period.

 

4.1.2       Cause.  The Employer shall have the right to terminate Executive’s employment by giving written notice of such termination to Executive upon the occurrence of any one or more of the following events (which, for purposes of this Agreement, shall constitute “Cause”):

 

(a)                                 Executive’s conviction of, or pleading guilty or nolo contendere to, a crime that constitutes a felony or any lesser criminal offense involving dishonesty or moral turpitude;

 

(b)                                 any commission by Executive of an act of dishonesty, theft, fraud, or embezzlement; or

 

(c)                                  any willful act by Executive that has a significant adverse effect on the reputation of the Company or any of the QTS Companies;

 

4.1.3       Good Reason.  Executive may terminate his employment under this Agreement by giving written notice to the Employer upon the occurrence of any one or more of the following events (which, for purposes of this Agreement, shall constitute “Good Reason”):

 

(a)                                 A material diminution in Executive’s authority, duties or responsibilities (including reporting responsibilities), or any significant adverse change in Executive’s title as COO of the Company;

 

(b)                                 A material diminution in Executive’s Base Pay, as in effect from time to time;

 

(c)                                  The Executive’s place of employment is moved more than fifty (50) miles from his/her assigned location; or

 

(d)                                 The failure of a successor to the assets or business of the Company and the Operating Partnership to assume the obligations of the Company and the Operating Partnership under this Agreement.

 

It shall be a condition precedent to Executive’s right to terminate his employment for Good Reason that (a) he shall have first given the Employer written notice stating with reasonable specificity the act(s) on which such termination is premised within forty-five (45) days after Executive becomes aware of such act(s), (b) if such act(s) is susceptible of cure or remedy, it has not been cured or remedied within thirty (30) days after receipt of such notice, and (c) Executive has terminated his employment within twelve (12) months after so notifying the Employer.

 

4.1.4       Any Other Reason.  Notwithstanding anything to the contrary herein, the Employer shall have the right to terminate Executive’s employment under this Agreement at any time without Cause by giving written notice of such termination to Executive, and Executive shall have the right to terminate Executive’s employment under this Agreement at any time without Good

 

4

 

Reason by giving written notice of such termination to the Employer.  Any notice by Executive hereunder shall be given at least sixty (60) days in advance of such termination.

 

4.2          Termination Date.  Any termination under Section 4.1 shall be effective (i) in the case of a termination pursuant to 4.1.1, immediately upon death or such Disability, and (ii) in the case of any other termination, upon receipt of notice by Executive or the Employer, as the case may be, of such termination or upon such other later date as may be provided herein or specified by the Employer or Executive in the notice (the “Termination Date”).

 

4.3          Effect of Termination.

 

4.3.1       Termination with Cause or without Good Reason.  In the event that Executive’s employment is terminated by the Employer with Cause or by Executive without Good Reason, the Employer shall pay all Accrued Obligations to Executive in a lump sum in cash within twenty (20) days after the Termination Date or on such earlier date required by applicable law. “Accrued Obligations” means the sum of (a) Executive’s Base Pay hereunder through the Termination Date to the extent not theretofore paid, (b) the amount of any accrued but unused vacation pay, (c) any business expense reimbursements incurred by Executive as of the Termination Date and submitted for reimbursement, and (d) any performance bonus or discretionary bonus under Section 2.1 that has been earned or declared for a bonus period ending before the Termination Date but not paid before the Termination Date, in each case, consistent with the policy for such reimbursements, within ten (10) days following the Termination Date.

 

4.3.2       Termination without Cause, with Good Reason or Due to Company Non-Renewal.  In the event that Executive’s employment is terminated by the Employer without Cause, by Executive for Good Reason or due to the Employer’s non-renewal  of any Term:

 

(a)         the Employer shall pay all Accrued Obligations to Executive in a lump sum in cash within twenty (20) days after the Termination Date or on such earlier date required by law;

 

(b)         the Employer shall pay to Executive, in a lump sum in cash on the first payroll date following sixty (60) days after the Termination Date, an amount equal to one (1) year of Executive’s Base Pay plus the Target Bonus as in effect on the Termination Date;

 

(c)          Employer shall pay to Executive, in a lump sum in cash on the first payroll date following sixty (60) days after the Termination Date all bonus amounts earned but not yet paid for the year prior to the year in which the Termination Date occurs;

 

(d)         If not previously vested in full, the Equity Awards and any other equity awards granted to Executive that otherwise would vest during the then-current term of this Agreement (whether the initial term or any renewal term) shall fully vest as of the Termination Date;

 

(e)          If Executive elects COBRA coverage, the Employer shall reimburse Executive for his premiums for such coverage for a period of eighteen (18) months following the Termination Date; and

 

5

 

(f)           the Employer shall provide to Executive, at the Employer’s expense, outplacement services and support, the scope and provider of which will be selected by Executive, for a period of one (1) year follow the Termination Date.

 

The Employer’s delivery of any notice under Section 1.2 of this Agreement that the Agreement will not be renewed and any subsequent termination of Executive’s employment at the expiration of such Term of the Agreement shall be considered a termination without Cause, and Executive shall be entitled to any payments and benefits under this Section 4.3.2 under such circumstance.

 

4.3.3                     Termination due to Death or Disability.  In the event that Executive’s employment is terminated due to Executive’s death or Disability, the Employer shall pay all Accrued Obligations to Executive or his estate in a lump sum in cash within thirty (30) business days after the Termination Date.  If not previously vested in full, all equity awards granted to Executive shall fully vest as of the Termination Date.

 

4.3.4                     Termination upon Change in Control.  In the event that Executive’s employment is terminated following a Change in Control, the following provisions shall apply:

 

(a)         Upon the occurrence of a Triggering Event:

 

(1)                                 the Employer shall pay all Accrued Obligations to Executive in a lump sum in cash within twenty (20) days after the Termination Date or on such earlier date required by law;

 

(2)                                 the Employer shall pay to Executive a lump sum severance benefit in cash on the first payroll date following sixty (60) days after the Termination Date, which will be in addition to any other compensation or remuneration to which Executive is or becomes entitled to receive from the Employer, in an amount equal to the sum of (i) two (2) times Executive’s Annual Bonus (as defined below) plus (ii) two (2) times Executive’s Base Pay as in effect on the date of the Triggering Event or on the date on which the Change of Control occurs, whichever is higher;

 

(3)                                 the Employer shall pay or reimburse the cost of health, disability and accidental death, and dismemberment insurance in an amount not less than that provided at the time of the Triggering Event or, if greater, on the date on which the Change in Control occurred, until the earlier of (x) in the event that Executive shall become employed by another employer after a Triggering Event, the date on which Executive shall be eligible to receive benefits from such employer which are substantially equivalent to or greater than the benefits Executive and Executive’s family received from Company or (y) the second anniversary of the date of the Triggering Event.  Any reimbursement under this Section 4.3.4(a)(3) that is taxable to Executive or any of his

 

6

 

Family Members shall be made (subject to the provisions of such health care plans that may require earlier payment) by December 31 of the calendar year following the calendar year in which Executive or such Family Member incurred the expense; and

 

(4)                                 the Employer shall provide Executive, at Employer’s expense, with outplacement services and support, the scope and provider of which will be selected by Executive, for a period of one (1) year following the date of the Triggering Event.

 

(b)         “Change in Control” means:

 

(1)         any transaction (including without limitation a merger or reorganization in which the Company is the surviving entity) that results in any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than persons who are stockholders of the Company or their affiliates immediately prior to the transaction), becoming the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the then- combined voting power of the Company’s then outstanding voting securities;

 

(2)         during any period of twelve (12) consecutive months, individuals who at the beginning of such period constitute the Board and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (a), (b) or (c) hereof) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or actual threatened solicitation of proxies or consents by or on behalf of a person other than the Board, cease for any reason to constitute at least a majority of the Board;

 

(3)         the merger or consolidation of the Company with one or more other entities, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) more than 75% of the combined voting power of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no “person” (as defined above) is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 25% or more of the then combined voting power of the Company’s then outstanding voting securities; or

 

7

 

(4)         the consummation of the sale or disposition by the Company or the Operating Partnership of all or substantially all of its respective assets (or any transaction or series of transactions within a period of twelve months ending on the date of the last sale or disposition having a similar effect).

 

(c)          “Code” means the Internal Revenue Code of 1986, as amended.

 

(d)         “Triggering Event” will be deemed to have occurred if:  (i) within two (2) years from the date on which the Change in Control occurred, Employer terminates the employment of Executive other than in the case of a Termination for Cause or (ii) within two (2) years from the date on which the Change in Control occurred, the Executive terminates his employment for Good Reason.

 

(e)          “Executive’s Annual Bonus” means Executive’s Target Bonus at the time of a Triggering Event or on the date on which the Change in Control occurred, whichever is higher, calculated on the basis of the maximum bonus available to Executive and the assumption that all performance goals are satisfied at a 100% achievement level by Company and Executive in the year in which such Triggering Event or such Change in Control, as the case may be, occurred.

 

(f)           “Executive’s Annual Salary” means Executive’s annual Base Pay at the time of a Triggering Event or on the date on which the Change in Control occurred, whichever is higher.

 

For the avoidance of doubt, in the event of a change of Control and a Triggering Event under circumstances entitling Executive to payments and benefits under this Section 4.3.4, such payments and benefits shall be in lieu of payments and benefits under Section 4.3.2, and Executive shall not be entitled to any compensation or benefits under Section 4.3.2.

 

4.3.5       Waiver and Release Agreement.  In consideration of the severance payments and other benefits described in Section 4.3.2 and Section 4.3.4, to which severance payments and benefits Executive would not otherwise be entitled, and as a precondition to Executive becoming entitled to such severance payments and other benefits under this Agreement, Executive agrees to execute and deliver to the Employer on or before the sixtieth (60th) day after the applicable Termination Date a waiver and general release of claims in favor of the Company and each of the QTS Companies, their respective predecessors and successors, and all of the respective current or former directors, officers, employees, shareholders, partners, members, agents or representatives of any of the foregoing, in a form reasonably satisfactory to the Employer, that has become effective in accordance with its terms, and for which any revocation periods applicable to such release shall have expired on or prior to the sixtieth (60th) day following Executive’s Termination Date.  If Executive fails to execute and deliver such release agreement on or before the sixtieth (60th) day following the applicable Termination Date, if any revocation period applicable to such release has not expired on or before the sixtieth (60th) day following Executive’s Termination Date or if Executive revokes such release as provided therein, the

 

8

 

Employer shall have no obligation to provide any of the severance payments and other benefits described in Section 4.3.2 or Section 4.3.4 other than any Accrued Obligations.

 

4.5          Required Delay For Certain Deferred Compensation and Section 409A.  In the event that any compensation with respect to Executive’s termination is “deferred compensation” within the meaning of Section 409A of the Code and the regulations promulgated thereunder (“Section 409A”), and Executive is determined to be a “specified employee,” as defined in Section 409A (a)(2)(B)(i) of the Code, payment of such compensation shall be delayed as required by Section 409A.  Such delay shall last six (6) months from the date of Executive’s termination, except in the event of Executive’s death.  Within twenty (20) business days following the end of such six (6)-month period, or, if earlier, Executive’s death, the Employer shall make a catch-up payment to Executive equal to the total amount of such payments that would have been made during the six (6)-month period but for this Section 4.4.  Such catch-up payment shall bear simple interest at the prime rate of interest as published by the Wall Street Journal’s bank survey as of the first day of the six (6)-month period, which such interest shall be paid with the catch-up payment.  Wherever payments under this Agreement are to be made in installments, each such installment shall be deemed to be a separate payment for purposes of Section 409A.  The Executive will be deemed to have a Termination Date for purposes of determining the timing of any payments or benefits hereunder that are classified as deferred compensation only upon a “separation from service” within the meaning of Section 409A.  Any amount that the Executive is entitled to be reimbursed under this Agreement will be reimbursed to the Executive as promptly as practical and in any event not later than the last day of the calendar year after the calendar year in which the expenses are incurred and any right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for another benefit.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Employer.

 

4.6          Non-Exclusivity of Rights.  Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any plan, program, policy or practice provided by the Employer, the Company or any of the QTS Companies and for which Executive may qualify, nor shall anything herein limit or otherwise affect such rights as Executive may have under any other contract or agreement with the Employer, the Company any of the QTS Companies at or subsequent to the Termination Date, which shall be payable in accordance with such plan, policy, practice or program or contract or agreement, except as explicitly modified by this Agreement.

 

4.7          No Set-Off or Mitigation.  The Employer’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any setoff, counterclaim, recoupment, defense, or other claim, right or action that  the Employer may have against Executive or others, except to the extent of the mitigation and setoff provisions provided for in this Agreement.  In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not Executive obtains other employment.

 

9

 

4.8          Excise Tax-Related Provisions.  The payments and benefits that Executive may be entitled to receive under this Agreement and other payments and benefits that Executive is or may be entitled to receive under other plans, agreements and arrangements (which, together with the benefits provided under this Agreement, are referred to as “Payments”), may constitute Parachute Payments (as defined below) that are subject to Sections 280G and 4999 of the Code.  As provided in this Section 4.8, the Parachute Payments will be reduced if, and only to the extent that, a reduction will allow Executive to receive a greater Net After Tax Amount (as defined below) than Executive would receive absent a reduction.

 

4.8.1                     The Accounting Firm (as defined below) will first determine the amount of any Parachute Payments that are payable to the Executive.  The Accounting Firm also will determine the Net After Tax Amount attributable to the Executive’s total Parachute Payments.

 

4.8.2                     The Accounting Firm will next determine the largest amount of Payments that may be made to the Executive without subjecting Executive to tax under Section 4999 of the Code (the “Capped Payments”).  Thereafter, the Accounting firm will determine the Net After Tax Amount attributable to the Capped Payments.

 

4.8.3                     Executive will receive the total Parachute Payments or the Capped Payments, whichever provides Executive with the higher Net After Tax Amount.  If Executive will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of any cash benefits under this Agreement or any other plan, agreement or arrangement (with the source of the reduction to be directed by the Company) and then by reducing the amount of any noncash benefits under this Agreement or any other plan, agreement or arrangement (with the source of the reduction to be directed by the Company).  The Accounting Firm will notify Executive and the Company if it determines that the Parachute Payments must be reduced to the Capped Payments and will send Executive and the Company a copy of its detailed calculations supporting that determination.

 

4.8.4                     As a result of the uncertainty in the application of Sections 280G and 4999 of the Code at the time that the Accounting Firm makes its determinations under this Section 4.8, it is possible that amounts will have been paid or distributed to Executive that should not have been paid or distributed under this Section 4.8 (“Overpayments”), or that additional amounts should be paid or distributed to the Executive under this Section 4.8 (“Underpayments”).  If the Accounting Firm determines, based on either the assertion of a deficiency by the Internal Revenue Service against the Company or the Executive, which assertion the Accounting Firm believes has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been made, the Executive must repay to the Company, without interest, the amount of the Overpayment; provided, however, that no amount will be payable by the Executive to the Company unless, and then only to the extent that, the payment would either reduce the amount on which the Executive is subject to tax under Section 4999 of the Code or generate a refund of tax imposed under Section 4999 of the Code.  If the Accounting Firm determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the Executive and the Company of that determination and

 

10

 

the amount of that Underpayment will be paid to the Executive promptly by the Company.

 

For purposes of this Section 4.8, the term “Accounting Firm” means the independent accounting firm engaged by the Company immediately before a Change in Control.  For purposes of this Section 4.8, the term “Net After Tax Amount” means the amount of any Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Sections 1, 3101(b) and 4999 of the Code and any State or local income taxes applicable to Executive on the date of payment.  The determination of the Net After Tax Amount shall be made using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment.  For purposes of this Section 4.8, the term “Parachute Payment” means a payment that is described in Section 280G(b)(2) of the Code, determined in accordance with Section 280G of the Code and the regulations promulgated or proposed thereunder.

 

ARTICLE 5
 RESTRICTIVE COVENANTS

 

5.1          Confidential Information.

 

5.1.1       Obligation to Maintain Confidentiality.  Executive acknowledges that, by reason of Executive’s employment by the Employer, the Executive will have access to confidential information (collectively, “Confidential Information”) of the Company and the other QTS Companies.  Executive acknowledges that such Confidential Information is a valuable and unique asset of the QTS Companies and covenants that, both during and after the Term, Executive shall not disclose any Confidential Information to any individual, firm, corporation, partnership, company, limited liability company, trust, joint venture, association or other entity (“Person”) (except as Executive’s duties as a manager, officer or employee of the Company, the Operating Partnership, the Employer or any related entity require) without the prior written authorization of the CEO of the Company.  The obligation of confidentiality imposed by this Section 5.1 shall not apply to Confidential Information that otherwise becomes known to the public through no act of Executive in breach of this Agreement or which is required to be disclosed by court order, applicable law or regulatory requirements, nor shall it apply to Executive’s disclosure of Confidential Information to his attorneys and advisors in connection with a dispute between Executive and a QTS Company.

 

5.1.2       Company Property.  All records, designs, business plans, financial statements, customer lists, manuals, memoranda, lists, research and development plans, Intellectual Property and other property delivered to or compiled by Executive by or on behalf of any QTS Company or its providers, clients or customers that pertain to the business of any QTS Company shall be and remain the property of such QTS Company and be subject at all times to its discretion and control.  Likewise, all correspondence, reports, records, charts, advertising materials and other similar data pertaining to the business, activities, research and development, Intellectual Property or future plans of a QTS Company that is collected by the Executive shall be delivered promptly to such QTS Company without request by it upon termination of Executive’s employment for any reason.  For purposes of this Section “Intellectual Property” shall mean patents, copyrights, trademarks, trade dress, trade secrets, other such rights, and any applications therefor.

 

11

 

5.2          Inventions.  Executive is hereby retained in a capacity such that Executive’s responsibilities may include the making of technical and managerial contributions of value to the QTS Companies.  Executive hereby assigns to the applicable QTS Company all rights, title and interest in such contributions and inventions made or conceived by Executive alone or jointly with others during the Term that relate to the business of such company. This assignment shall include (a) the right to file and prosecute patent applications on such inventions in any and all countries, (b) the patent applications filed and patents issuing thereon, and (c) the right to obtain copyright, trademark or trade name protection for any such work product.  Executive shall promptly and fully disclose all such contributions and inventions to the Company, the Operating Partnership and the Employer and assist the Company, the Operating Partnership and the Employer or any other related entity, as the case may be, in obtaining and protecting the rights therein (including patents thereon), in any and all countries; provided, however, that said contributions and inventions shall be the property of the applicable QTS Company, whether or not patented or registered for copyright, trademark or trade name protection, as the case may be.  Notwithstanding the foregoing, no QTS Company shall have any right, title or interest in any work product or copyrightable work developed outside of work hours and without the use of any QTS Company’s resources that does not relate to the business of any QTS Company and does not result from any work performed by Executive for any QTS Company.

 

5.3          Non-Disparagement.

 

(a)           Executive agrees that he will not talk about or otherwise communicate to any third parties in a malicious, disparaging, or defamatory manner regarding the Company, the Operating Partnership, the Employer or any related entity, their respective owners or their past or present employees, directors, officers or other representatives and will not make or authorize to be made any written or oral statement that may disparage or damage the reputation of the Company, the Operating Partnership, the Employer or any related entity, their respective owners or their past or present employees, directors, officers or other representatives or their past or present employees, officers or other representatives.

 

(b)           The Company, the Operating Partnership and the Employer agree that they will not talk about or otherwise communicate to any third parties in a malicious, disparaging, or defamatory manner regarding Executive and will not make or authorize to be made any written or oral statement that may disparage or damage the reputation of Executive.  For purposes of this non-disparagement provision, the Company, the Operating Partnership and the Employer are defined to mean the Company’s executive team and the Board.

 

5.4          Non-Compete.   The Executive agrees that for the period during which the Executive is employed by, or serving as an officer or manager or director of, the Company, the Operating Partnership, the Employer or any related entity and for one (1) year thereafter (the “Restricted Period”), the Executive will not, (a) directly or indirectly, engage in any business involving the development, construction, acquisition, ownership or operation of data center properties, colocation facilities and/or the provision of managed or cloud services, whether such business is conducted by the Executive individually or as a principal, partner, member, stockholder, joint venturer, director, trustee, officer, employee, consultant, advisor or independent contractor of any Person or (b) own any interests in any data center facilities, colocation facilities or managed or cloud service providers,

 

12

 

in each case in the United States of America as of the Termination Date; provided, however, that this Section 5.4 shall not be deemed to prohibit the direct or indirect ownership by the Executive of up to five (5) percent of the outstanding equity interests of any public company.

 

5.5          Non-Solicitation.  The Executive agrees that during the Term or otherwise for the period during which the Executive is employed by, or serving as an officer or manager or director of, the Company, the Operating Partnership, the Employer or any related entity and for one (1) year thereafter, such Executive will not directly or indirectly (a) solicit, induce or encourage any employee (other than clerical employees) or independent contractor to terminate their employment or engagement with the Company, the Operating Partnership, the Employer or any other QTS Company or to cease rendering services to the Company, the Operating Partnership, the Employer or any other QTS Company, and the Executive shall not initiate discussions with any such Person for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other Person, or (b) solicit, recruit, induce for employment or hire (on behalf of the Executive or any other person or entity) any employee (other than clerical employees) or independent contractor who has left the employment or other service of the Company, the Operating Partnership, the Employer  or any QTS Company within one (1) year of the termination of such employee’s or independent contractor’s employment or other service with the Company, the Operating Partnership, the Employer or any other QTS Company, or (c) solicit any tenants of the Company, the Operating Partnership, the Employer or any other QTS Company to lease, purchase or otherwise occupy data center space in the United States of America or encourage any of the tenants of the Company, the Operating Partnership, the Employer or any other QTS Company to reduce its patronage of the Company, the Operating Partnership, the Employer or any other QTS Company.

 

5.6          Reasonable and Necessary Restrictions.  Executive acknowledges that the restrictions, prohibitions and other provisions hereof, including, without limitation, the Restricted Period set forth in Section 5.4, are reasonable, fair and equitable in terms of duration, scope and geographic area, as are necessary to protect the legitimate business interests of the Company, the Operating Partnership and the Employer, and are a material inducement to the Company, the Operating Partnership and the Employer to enter into this Agreement.

 

5.7          Breach of Restrictive Covenants.  The parties agree that a breach or violation of any provision of this Article 5 will result in immediate and irreparable injury and harm to the business of the Company, the Operating Partnership, the Employer and each other related entity shall have, in addition to any and all remedies of law and other consequences under this Agreement, the right to seek an injunction, specific performance or other equitable relief to prevent the violation of the obligations hereunder, including without limitation, to address any threatened breach or violation, and to enjoin and restrain Executive and each and every person, firm, company or corporation concerned therewith, from the violation or continuance of such violation or breach.  In addition thereto, Executive shall be responsible for all damages, including reasonable attorneys’ fees, sustained by the Company, the Operating Partnership, the Employer and any other related entity by reason of said violation.  In addition to any other remedy which may be available at law or in equity, or pursuant to any other provision of this Agreement, the payments by the Employer of any severance to which Executive may otherwise be entitled under this Agreement will cease as of the date on which such violation first occurs.

 

13

 

5.8          Cooperation.  At all times during Executive’s employment and after the date of Executive’s termination of employment, Executive agrees to reasonably cooperate (if occurring after termination of employment, to the extent not interfering with Executive’s other full-time business endeavors) (i) with the Company, the Operating Partnership and the Employer in the defense of any legal matter involving any matter that arose during Executive’s employment in the business of the Company, the Operating Partnership and the Employer, and (ii) with all government authorities on matters pertaining to any investigation, litigation or administrative proceeding pertaining to the business of the Company, the Operating Partnership or the Employer.  The Company, the Operating Partnership or the Employer, as applicable, will reimburse Executive for reasonable travel and out-of-pocket expenses incurred by Executive in providing such cooperation.

 

5.9          Permitted Disclosure.  Nothing in this Agreement, in any other agreement between Executive and the Company, the Operating Partnership or the Employer, or in any policy of the Company, Operating Partnership or the Employer, restricts or prohibits Executive from reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with, a self-regulatory authority or a government agency or entity, including without limitation the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation, whether Executive does so as a result of Executive initiating communications directly with or responding to any inquiries from such government agency or entity.  Executive does not need the prior authorization of the Company, the Operating Partnership or the Employer to engage in such conduct, and Executive does not need to notify the Company, the Operating Partnership or the Employer that Executive has engaged in such conduct.  For additional clarity, such conduct shall not be deemed a breach of any provision of this Agreement or any other agreement with or policy of the Company, the Operating Partnership or the Employer.

 

ARTICLE 6
 GOVERNING LAW

 

6.1          Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF KANSAS APPLICABLE TO AGREEMENTS MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS OR THE CONFLICT OF LAWS PROVISIONS OF ANY OTHER JURISDICTION WHICH WOULD CAUSE THE APPLICATION OF ANY LAW OTHER THAN THAT OF THE STATE OF KANSAS.

 

6.2          Waiver of Jury Trial.  Each party hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect to any litigation, directly or indirectly, arising out of or relating to this Agreement or any transaction contemplated hereby.  Each party (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 6.2.

 

14

 

ARTICLE 7
 MISCELLANEOUS

 

7.1          Amendments.  The provisions of this Agreement may not be waived, altered, amended or repealed in whole or in part except by the signed written consent of the parties sought to be bound by such waiver, alteration, amendment or repeal.

 

7.2          Entire Agreement.  This Agreement constitutes the total and complete agreement of the parties with respect to the subject matter hereof and thereof and supersedes all prior and contemporaneous understandings and agreements heretofore made, and there are no other representations, understandings or agreements.

 

7.3          Counterparts.  This Agreement may be executed in one of more counterparts, each of which shall be deemed and original, but all of which shall together constitute one and the same instrument.

 

7.4          Severability.  Each term, covenant, condition or provision of this Agreement shall be viewed as separate and distinct, and in the event that any such term, covenant, condition or provision shall be deemed by an arbitrator or a court of competent jurisdiction to be invalid or unenforceable, the court or arbitrator finding such invalidity or unenforceability shall modify or reform this Agreement to give as much effect as possible to the terms and provisions of this Agreement. Any term or provision which cannot be so modified or reformed shall be deleted and the remaining terms and provisions shall continue in full force and effect.

 

7.5          Waiver or Delay.  The failure or delay on the part of the Company, the Operating Partnership, the Employer or Executive to exercise any right or remedy, power or privilege hereunder shall not operate as a waiver thereof.  A waiver, to be effective, must be in writing and signed by the party making the waiver. A written waiver of default shall not operate as a waiver of any other default or of the same type of default on a future occasion.

 

7.6          Successors and Assigns.  This Agreement shall be binding on and shall inure to the benefit of the parties to it and their respective heirs, legal representatives, successors and assigns, except as otherwise provided herein. Neither this Agreement nor any of the rights, benefits, obligations or duties hereunder may be assigned or transferred by Executive except by operation of law. The Company, the Operating Partnership and the Employer may assign this Agreement to any affiliate or successor.  The Company, the Operating Partnership and the Employer shall require any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, the Operating Partnership or the Employer to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company, the Operating Partnership and the Employer would be required to perform if no such succession had taken place.

 

7.7          Necessary Acts.  Each party to this Agreement shall perform any further acts and execute and deliver any additional agreements, assignments or documents that may be reasonably necessary to carry out the provisions or to effectuate the purpose of this Agreement.

 

15

 

7.8          Notices.  All notices, requests, demands and other communications to be given under this Agreement shall be in writing and shall be deemed to have been duly given on the date of service, if personally served on the party to whom notice is to be given, or 48 hours after mailing, if mailed to the party to whom notice is to be given by certified or registered mail, return receipt requested, postage prepaid, and properly addressed to the party at his address set forth as follows or any other address that any party may designate by written notice to the other parties:

 

	
To Executive:
    	
David Robey

Address on File With the Company
    
	
 
    	
 
    
	
To the Company, the Employer or the Operating Partnership:
    	
Quality Technology Services, LLC

12851 Foster Street, Suite 205

Overland Park, Kansas 66213

Attention: CEO

Facsimile: (913) 814-7766
    

 

7.9          Headings and Captions.  The headings and captions used herein are solely for the purpose of reference only and are not to be considered as construing or interpreting the provisions of this Agreement.

 

7.10        Construction.  All terms and definitions contained herein shall be construed in such a manner that shall give effect to the fullest extent possible to the express or implied intent of the parties hereby.

 

7.11        Counsel.  Executive has been advised by the Company, the Operating Partnership and the Employer that he should consider seeking the advice of counsel in connection with the execution of this Agreement and the other agreements contemplated hereby and Executive has had an opportunity to do so. Executive has read and understands this Agreement, and has sought the advice of counsel to the extent he has determined appropriate.

 

7.12        Withholding of Compensation.  Executive hereby agrees that the Employer may deduct and withhold from the compensation or other amounts payable to Executive hereunder or otherwise in connection with Executive’s employment any amounts required to be deducted and withheld by the Employer under the provisions of any applicable Federal, state and local statute, law, regulation, ordinance or order.

 

7.13        Executive Representation.  Executive acknowledges that by entering into or complying with any provision of this Agreement he is not breaching or acting in contravention of any other agreement or commitment he has to any other firm, corporation, partnership, organization, person or any other individual or entity.

 

7.14        D & O Insurance.  The Company, the Operating Partner and/or the Employer will maintain directors’ and officers’ liability insurance during the Term and for a period of not less than

 

16

 

six (6) years thereafter, covering acts and omissions of Executive during the Term, on terms substantially no less favorable than those in effect on the date of this Agreement.  During the Term and for a period of not less than six (6) years thereafter, Executive shall receive the same benefits provided to any of the Company’s or the Employer’s officers and directors under any additional D&O insurance or similar policy, any indemnification agreement, Company policies or the articles of organization or bylaws of the Company, the Operating Partnership or the Employer as in effect as of the date hereof, provided, however, that in the event that the benefits provided to any of the Company’s or Employer’s officers and directors under any of the foregoing documents or policies are enlarged after the date hereof, Executive shall receive such enlarged benefits.

 

7.15        Arbitration.  Any dispute or controversy arising under or in connection with this Agreement other than a dispute pursuant to Section 5.4 and Section 5.5, shall be settled exclusively by arbitration in the State of Kansas by three arbitrators in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association in effect at the time of submission to arbitration.  Judgment may be entered on the arbitrators’ award in any court having jurisdiction.  For purposes of entering any judgment upon an award rendered by the arbitrators, Employer and Executive each hereby consent to the jurisdiction of any or all of the following courts: (i) the United States District Court for the State of Kansas, (ii) any of the courts of the State of Kansas, or (iii) any other court having jurisdiction. Employer and Executive further agree that any service of process or notice requirements in any such proceeding shall be satisfied if the rules of such court relating thereto have been substantially satisfied.  Employer and Executive hereby waive, to the fullest extent permitted by applicable law, any objection which it or he may now or hereafter have to such jurisdiction and any defense of inconvenient forum.  Employer and Executive hereby agree that a judgment upon an award rendered by the arbitrators may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Each party shall bear its or his costs and expenses arising in connection with any arbitration proceeding pursuant to this Section 7.16; provided, however, that the party that substantially prevails in an arbitration shall be reimbursed by the other party for all reasonable costs, including reasonable attorneys’ fees and costs, incurred by such prevailing party in connection with the arbitration.  Notwithstanding any provision in this Section 7.16, Executive shall be paid all compensation due and owing under this Agreement during the pendency of any dispute or controversy arising under or in connection with this Agreement.

 

[SIGNATURES APPEAR ON FOLLOWING PAGE]

 

17

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the date first above written.

 

	
 
    	
COMPANY
    
	
 
    	
 
    
	
 
    	
QTS Realty Trust, Inc.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Chad L. Williams
    
	
 
    	
Name:
    	
Chad L. Williams
    
	
 
    	
Title:
    	
Chairman, President and Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
OPERATING PARTNERSHIP
    
	
 
    	
 
    
	
 
    	
QUALITYTECH, LP
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
QTS Realty Trust, Inc.,
    
	
 
    	
 
    	
General Partner
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Chad L. Williams
    
	
 
    	
 
    	
Name:
    	
Chad L. Williams
    
	
 
    	
 
    	
Title:
    	
Chairman, President and Chief Executive   Officer
    
	
 
    	
 
    
	
 
    	
EMPLOYER
    
	
 
    	
 
    
	
 
    	
QUALITY TECHNOLOGY SERVICES, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Chad L. Williams
    
	
 
    	
Name:
    	
Chad L. Williams
    
	
 
    	
Title:
    	
Chairman, President and Chief Executive   Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EXECUTIVE
    
	
 
    	
 
    
	
 
    	
/s/ David Robey
    
	
 
    	
David Robey
    

 

18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00281-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00281-of-00352.parquet"}]]