Document:

Exhibit 4.14

 

EXECUTION VERSION

 

CO-LENDER AGREEMENT

 

Dated as of March 27, 2019

 

by and among

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-1 Holder)

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-2 Holder)

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-3 Holder)

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-4 Holder)

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-5 Holder)

 

     

     

    

 

EXECUTION VERSION

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-B Holder)

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note B-1 Holder)

 

and

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note B-2 Holder)

 

NEMA San Francisco

 

     

     

    

 

TABLE OF CONTENTS

  

	 	 	Page
	 	 	 
	Section 1.	Definitions; Conflicts	2
	Section 2.	Servicing	28
	Section 3.	Payments Prior to a Sequential Pay Event	31
	Section 4.	Payments Following a Sequential Pay Event	34
	Section 5.	Administration of the Mortgage Loan	37
	Section 6.	Appointment of the Controlling Noteholder Representative	46
	Section 7.	Special Servicer	47
	Section 8.	Payment Procedure	48
	Section 9.	Limitation on Liability of the Noteholders	49
	Section 10.	Bankruptcy	49
	Section 11.	Cure Rights of Subordinate Noteholders	50
	Section 12.	Purchase Rights of Subordinate Noteholders	52
	Section 13.	Representations of the Subordinate Noteholders	53
	Section 14.	Representations of the Senior Noteholders	54
	Section 15.	Independent Analysis of the	54
	Section 16.	No Creation of a Partnership or Exclusive Purchase Right	55
	Section 17.	Not a Security	55
	Section 18.	Other Business Activities of the Noteholders	55
	Section 19.	Sale of the Notes	55
	Section 20.	Registration of Transfer	59
	Section 21.	Registration of the Notes	60
	Section 22.	Statement of Intent	60
	Section 23.	No Pledge	60
	Section 24.	Governing Law; Waiver of Jury Trial	60
	Section 25.	Submission To Jurisdiction; Waivers	61
	Section 26.	Modifications; Amendment	61
	Section 27.	Successors and Assigns; Third Party Beneficiaries	61
	Section 28.	Counterparts	62
	Section 29.	Captions	62
	Section 30.	Severability	62
	Section 31.	Entire Agreement	62
	Section 32.	Withholding Taxes	62
	Section 33.	Custody of Mortgage Loan Documents	63
	Section 34.	Notices	63
	Section 35.	Broker	64
	Section 36.	Certain Matters Affecting the Agent	64
	Section 37.	Termination of Agent	64
	Section 38.	Servicing of the Loan	65
	Section 39.	Conflict	65
	Section 40.	Resizing	65

 

     -i-

     

    

 

THIS CO-LENDER AGREEMENT
(the “Agreement”), dated as of March 27, 2019, by and among NATIXIS REAL ESTATE CAPITAL LLC, a Delaware limited
liability company (“Natixis”), having an address at 1251 Avenue of the Americas, New York, New York 10020 (in
its capacity as the initial owner of Note A-1, the “Initial Note A-1 Holder”, and in its capacity as the initial
agent, the “Initial Agent”), Natixis, having an address at 1251 Avenue of the Americas, New York, New York 10020
(in its capacity as the initial owner of Note A-2, the “Initial Note A-2 Holder”), Natixis, having an address
at 1251 Avenue of the Americas, New York, New York 10020 (in its capacity as the initial owner of Note A-3, the “Initial
Note A-3 Holder”), Natixis, having an address at 1251 Avenue of the Americas, New York, New York 10020 (in its capacity
as the initial owner of Note A-4, the “Initial Note A-4 Holder”), Natixis, having an address at 1251 Avenue
of the Americas, New York, New York 10020 (in its capacity as the initial owner of Note A-5, the “Initial Note A-5 Holder”),
Natixis, having an address at 1251 Avenue of the Americas, New York, New York 10020 (in its capacity as the initial owner of Note
A-B, the “Initial Note A-B Holder”), Natixis, having an address at 1251 Avenue of the Americas, New York, New
York 10020 (in its capacity as the initial owner of Note B-1, the “Initial Note B-1 Holder”) and Natixis, having
an address at 1251 Avenue of the Americas, New York, New York 10020 (in its capacity as the initial owner of Note B-2, the “Initial
Note B-2 Holder”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Loan Agreement (as defined herein) Natixis originated a certain loan (the “Mortgage Loan”) described on
the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage loan borrower
described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which is (a) evidenced by (i) that certain
Promissory Note A in the principal amount of $284,000,000 dated as of February 8, 2019 (the “Original Note A”),
(ii) that certain Promissory Note B-1 in the principal amount of $50,000,000 dated as of February 8, 2019 (the “Original
Note B-1”) and (iii) that certain Promissory Note B-2 in the principal amount of $50,000,000 dated as of February 8,
2019 (the “Original Note B-2”), and (b) secured by a certain first deed of trust lien (as amended, modified
or supplemented, the “Mortgage”) on one or more parcels of, or estates in, real property located as described
on the Mortgage Loan Schedule (collectively, the “Mortgaged Property”);

 

WHEREAS, Natixis has
elected to amend and restate the Original Note A, the Original Note B-1 and the Original Note B-2 and split such notes into the
following eight (8) promissory notes:

 

(i)           the
Promissory Note A-1 in the original principal amount of $130,000,000 dated as of March 7, 2019 (as amended, modified or supplemented,
“Note A-1”) made by the Mortgage Loan Borrower in favor of the Initial Note A-1 Holder;

 

(ii)          the
Promissory Note A-2 in the original principal amount of $25,000,000 dated as of March 7, 2019 (as amended, modified or supplemented,
“Note A-2”) made by the Mortgage Loan Borrower in favor of the Initial Note A-2 Holder;

 

     

     

    

 

(iii)         the
Promissory Note A-3 in the original principal amount of $25,000,000 dated as of March 7, 2019 (as amended, modified or supplemented,
“Note A-3”) made by the Mortgage Loan Borrower in favor of the Initial Note A-3 Holder;

 

(iv)         the
Promissory Note A-4 in the original principal amount of $10,000,000 dated as of March 7, 2019 (as amended, modified or supplemented,
“Note A-4”) made by the Mortgage Loan Borrower in favor of the Initial Note A-4 Holder;

 

(v)          the
Promissory Note A-5 in the original principal amount of $15,000,000 dated as of March 7, 2019 (as amended, modified or supplemented,
“Note A-5”, together with Note A-1, Note A-2, Note A-3 and Note A-4, the “Senior Notes”)
made by the Mortgage Loan Borrower in favor of the Initial Note A-5 Holder;

 

(vi)         the
Promissory Note A-B in the original principal amount of $69,000,000 dated as of March 7, 2019 (as amended, modified or supplemented,
“Note A-B”) made by the Mortgage Loan Borrower in favor of the Initial Note A-B Holder;

 

(vii)        the
Promissory Note B-1 in the original principal amount of $60,000,000 dated as of March 7, 2019 (as amended, modified or supplemented,
“Note B-1”) made by the Mortgage Loan Borrower in favor of the Initial Note B-1 Holder; and

 

(viii)       the
Promissory Note B-2 in the original principal amount of $50,000,000 dated as of March 7, 2019 (as amended, modified or supplemented,
“Note B-2”) made by the Mortgage Loan Borrower in favor of the Initial Note B-2 Holder (Note A-1, Note A-2,
Note A-3, Note A-4, Note A-5, Note A-B, Note B-1 and Note B-2, respectively and individually, each, a “Note”
and collectively the “Notes”);

 

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

 

Section 1.             Definitions;
Conflicts. References to a “Section”, “preamble” or the “recitals” are, unless otherwise
specified, to a Section, preamble or the recitals of this Agreement. Capitalized terms used but not otherwise defined herein shall
have the meaning

 

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assigned to such term or an analogous term in (i) prior to the Securitization Date, the Model Servicing Agreement
and (ii) from and after the Securitization Date, the Securitization Servicing Agreement. To the extent of any inconsistency between
this Agreement and the Servicing Agreement, the terms of this Agreement shall control. Whenever used in this Agreement, the following
terms shall have the respective meanings set forth below unless the context clearly requires otherwise.

 

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

 

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

 

“Additional
Servicing Expenses” shall mean (a) all property protection advances, fees and/or expenses incurred by and reimbursable
to any Servicer, Trustee, Operating Advisor or Certificate Administrator with regard to the Mortgage Loan pursuant to the Servicing
Agreement, and (b) all interest accrued on Advances made by (x) any Servicer or Trustee with regard to the Mortgage Loan in accordance
with the terms of the Servicing Agreement or (y) any Non-Lead Servicer or Non-Lead Trustee with regard to a Non-Lead Note in accordance
with the terms of the related Non-Lead Securitization Servicing Agreement; provided that: (i) the aggregate special servicing
fee (which fee is payable solely during the period that the Mortgage Loan is specially serviced) shall not exceed 0.25% (subject
to industry standard monthly floor amounts, if so provided in the Servicing Agreement), (ii) the special servicing liquidation
fee (or equivalent) shall not exceed 1.00% of the collections made with respect to the Mortgage Loan or any sums received from
proceeds from the disposition of the Mortgaged Property or the Mortgage Loan, as the case may be; and (iii) the special servicing
workout fee (or equivalent) shall not exceed 1.00% of the collections made with respect to the Mortgage Loan while the Mortgage
Loan is a performing; and, provided further that the workout fee and the liquidation fee shall not be payable with respect
to the same payment or with respect to the same period of time, or otherwise simultaneously or duplicatively..

 

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

 

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

 

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

 

“Affiliate”
shall mean, with respect to any specified Person, any other Person Controlling, Controlled by or under common Control with such
specified Person.

 

“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and from and after the
Securitization Date shall mean the Master Servicer in its role as “Companion Paying Agent” (or equivalent term) under
the Securitization Servicing Agreement.

 

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“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office as of the date of this Agreement is located
at Natixis Real Estate Capital LLC, 1251 Avenue of the Americas, New York, New York 10020, and which is the address to which notices
to and correspondence with the Agent should be directed. The Agent may change the address of its designated office by notice to
the Noteholders sent in accordance with this Agreement.

 

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

 

“Appraisal”
shall have the meaning (i) prior to the Securitization Date, assigned to such term or an analogous term in the Model Servicing
Agreement and (ii) from and after the Securitization Date, assigned to such term or an analogous term in the Securitization Servicing
Agreement.

 

“Appraisal Reduction
Amount” shall mean:

 

(A)       prior
to the Securitization Date, after the occurrence of an Appraisal Trigger Event, an amount (calculated immediately following the
later of the date on which the Appraisal Trigger Event occurs and the date on which the applicable Appraisal was obtained) equal
to the excess, if any, of:

 

(a)       the
sum of, without duplication, (i) the outstanding Principal Balance of the Mortgage Loan as of the applicable date of determination,
(ii) to the extent not previously advanced by or on behalf of the Master Servicer or the Trustee, all unpaid interest on the Mortgage
Loan through the most recent Due Date prior to the date of determination (exclusive of any portion thereof that represents Default
Interest), (iii) all other amounts (excluding principal, default interest, late charges, penalty charges, exit fees, Prepayment
Premiums and any similar amounts) due and unpaid with respect to the Mortgage Loan, (iv) all related unreimbursed Advances made
by or on behalf of (plus all accrued and unpaid interest on such Advances (other than Unliquidated Advances) payable to) the Master
Servicer, the Special Servicer and/or the Trustee with respect to Mortgage Loan, (v) any other unpaid trust fund expenses (excluding
any costs that do not relate directly to the Mortgage Loan), and (vi) all currently due and unpaid real estate taxes and assessments,
insurance premiums and, if applicable, ground rents, and any unfunded improvement or other applicable reserves, in respect of the
related Mortgaged Property or REO Property, as the case may be (in each case, net of any amounts escrowed with the Master Servicer
or the Special Servicer for such items); over

 

(b)       an
amount equal to the sum of: (i) the excess, if any, of (x) 90% of the appraised value of the Mortgaged Property (or REO Property)
as determined by the applicable Appraisal or any letter update of such Appraisal, over (y) the amount of any obligations secured
by liens on such Mortgaged Property (or REO Property) that are prior to the lien of the Mortgage Loan; plus (ii) the amount
of any Escrow Payments and/or reserve funds held by the Master Servicer or the Special Servicer with respect to the Mortgage Loan,
the related Mortgaged Property or any related REO Property that are not being held in respect of any real estate taxes and assessments,
insurance premiums or, if applicable, ground rents; plus (iii) the amount of any letter of credit constituting additional
security for the Mortgage Loan and that may be applied

 

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towards the reduction of the principal balance of the Mortgage Loan; plus
(iv) the amount of any Threshold Event Collateral then held by the Servicer; and

 

(B)       from
and after the Securitization Date, the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Appraisal Review
Period” shall have the meaning assigned to such term in Section 5(h)(ii).

 

“Appraisal Trigger
Event” shall mean,

 

(i) prior to the Securitization
Date, the earliest of the date on which the Mortgage Loan: (a) becomes a modified Mortgage Loan following the occurrence of a Servicing
Transfer Event, (b) becomes an REO Loan, (c) with respect to which a receiver or similar official is appointed and continues for
thirty (30) days in such capacity in respect of the Mortgaged Property, (d) the Mortgage Loan Borrower becomes the subject of bankruptcy,
insolvency or similar proceedings or, if such proceedings are involuntary, such proceedings remain undismissed for sixty (60) days,
(e) any Monthly Payment (other than a Balloon Payment) becomes one hundred twenty (120) days or more delinquent, or (f) the Mortgage
Loan Borrower fails to make when due any Balloon Payment and the Mortgage Loan Borrower does not deliver to the Master Servicer
or the Special Servicer, on or before the due date of the Balloon Payment, a written and fully executed (subject only to customary
final closing conditions) refinancing commitment from an acceptable lender and reasonably satisfactory in form and substance to
the Master Servicer (and the Master Servicer shall promptly forward such commitment to the Special Servicer) which provides that
such refinancing will occur within ninety (90) days after the date on which the Balloon Payment will become due (provided that
if either such refinancing does not occur during that time or the Master Servicer is required during that time to make any P&I
Advance in respect of the Mortgage Loan, an Appraisal Trigger Event will occur immediately); and

 

(ii) from and after the
Securitization Date, the meaning assigned to such term or an analogous term in the Securitization Servicing Agreement.

 

“Appraised-Out
Holder” shall have the meaning assigned to such term in Section 5(h)(i).

 

“Appraised-Out
Note” shall mean any of Note A-B, Note B-1 and/or Note B-2 that is in a Control Appraisal Period.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Control”
shall mean 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, and the terms “Controlling”
and “Controlled” have meanings correlative to the foregoing.

 

“Control Appraisal
Period” means:

 

(a)       with
respect to Note A-B, a Note A-B Control Appraisal Period;

 

(b)       with
respect to Note B-1, a Note B-1 Control Appraisal Period; and

 

(c)       with
respect to Note B-2, a Note B-2 Control Appraisal Period.

 

“Controlling
Noteholder” shall mean as of the date of this Agreement, the Note B-2 Holder, and thereafter, as of any date of determination:

 

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(a)       if
a Note B-2 Control Appraisal Period is continuing, but a Note B-1 Control Appraisal Period is not continuing, the Note B-1 Holder;

 

(b)       if
a Note B-1 Control Appraisal Period is continuing, but a Note A-B Control Appraisal Period is not continuing, the Note A-B Holder;
and

 

(c)       if
a Note A-B Control Appraisal Period is continuing, the Note A-1 Holder.

 

At any time that a Note
held by the Controlling Noteholder is included in a Securitization the rights of the “Controlling Noteholder” may be
exercised by the holders of the majority of the class of securities issued in such Securitization designated as the “controlling
class” or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder”
hereunder, as and to the extent provided in the Servicing Agreement (and the applicable Servicing Agreement shall contain limitations
on the rights of the Controlling Noteholder that can be exercised by a certificate holder that is the Mortgage Loan Borrower or
has certain relationships with the Mortgage Loan Borrower).

 

“Controlling
Noteholder Representative” shall mean, with respect to the Mortgage Loan, the advisor appointed pursuant to Section 6(a).

 

“Credit Risk
Retention Rule” shall mean Section 15G of the Exchange Act as added by Section 941 of the Dodd-Frank Act and implemented
by Regulation RR (15 U.S.C. §78o-11).

 

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

 

“Curing Noteholder”
shall mean the Subordinate Noteholder(s) that elect to cure a Monetary Default (as set forth in Section 11(a)) or Non-Monetary
Default (as set forth in Section 11(d)).

 

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

 

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

 

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

 

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

 

“Defaulted Loan
Purchase Price” shall mean, with respect to the exercise of the right to purchase any of the Senior Notes and/or Note
A-B pursuant to Section 12, the sum, without duplication, of the following amounts with respect to each such purchased Note: (a)
the Note Principal Balance of the purchased Note, (b) accrued and unpaid interest on the purchased Note at the applicable Note
Rate, from the date as to which interest was last paid in full on the purchased Note by Mortgage Loan Borrower up to and including
the end of the interest accrual

 

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

 

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

 

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

 

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

 

“Event of Default”
shall have the meaning assigned to such term in the Loan Agreement.

 

“First Non-Lead
Note” shall mean the first Senior Note, other than Note A-1, that is included as part of the securitization of one or
more mortgage loans.

 

“First Non-Lead
Note Servicing Agreement” shall mean the “trust and servicing agreement” or the “pooling and servicing
agreement” entered into in connection with the First Non-Lead Senior Note Securitization.

 

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

 

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

 

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“First Non-Lead
Note Trust Fund” shall mean the trust formed pursuant to the First Non-Lead Note Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Insolvency
Proceeding” shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or
any other insolvency, liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action
for the dissolution of the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the application of the assets
of the Mortgage Loan Borrower for the benefit of its creditors, the appointment of or any proceeding seeking the appointment of
a trustee, receiver or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower or any
other action concerning the adjustment of the debts of the Mortgage Loan Borrower, the cessation of

 

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business by the Mortgage Loan
Borrower, except following a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage Loan
Borrower in a transaction permitted under the Mortgage Loan Documents; provided, however, that following any such
permitted transaction affecting the title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement
shall be defined to mean the successor owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage
Loan Documents; provided, further, however, that for the purposes of this definition, in the event that more
than one entity comprises the Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall refer to any such entity.

 

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

 

“Interest Rate”
shall have the meaning assigned to such term or an analogous term in the Mortgage Loan Documents.

 

“Interim Servicing
Agreement” shall mean: NOT APPLICABLE.

 

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

 

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

 

“Lead Securitization”
shall mean during the period (a) from and after the First Non-Lead Note Securitization and prior to the Note A-1 Securitization,
the trust established under the First Non-Lead Note Securitization and (b) from and after the Note A-1 Securitization, the trust
established under the Note A-1 Securitization.

 

“Lead Senior
Note” shall mean during the period (i) from and after the First Non-Lead Note Securitization, and prior to the Note A-1
Securitization, the First Non-Lead Note and (ii) from and after the Note A-1 Securitization, Note A-1.

 

“Lead Senior
Noteholder” shall mean the holder of the Lead Senior Note.

 

“Lead Servicer”
shall mean during the period (a) from and after the First Non-Lead Note Securitization and prior to the Note A-1 Securitization,
the servicer and/or special servicer designated under the First Non-Lead Note Servicing Agreement and (b) from and after the Note
A-1 Securitization, the servicer and/or special servicer designated under the Note A-1 Servicing Agreement.

 

“Lead Trustee”
shall mean during the period (a) from and after the First Non-Lead Note Securitization and prior to the Note A-1 Securitization,
the trustee designated under the First Non-Lead Note Securitization and (b) from and after the Note A-1 Securitization, the trustee
designated under the Note A-1 Securitization.

 

“Liquidation
Proceeds” shall mean (i) prior to the Securitization Date, the amount (other than insurance proceeds, condemnation awards
or amounts required to be paid to the

 

     10

     

    

 

Mortgage Loan Borrower or other Persons pursuant to the Mortgage Loan Documents or applicable
law) received in connection with (y) the liquidation of a Specially Serviced Mortgage Loan through a trustee’s sale, foreclosure
sale or otherwise or (z) a sale of the Mortgage Loan or an REO Property in accordance with this Agreement and (ii) from and after
the Securitization Date, the meaning assigned to such term or an analogous term in the Securitization Servicing Agreement.

 

“Loan Agreement”
shall mean that certain Loan Agreement, dated as of February 8, 2019, between Natixis, as lender, and Tenth and Market, LLC, as
borrower, as the same may be further amended, restated, renewed, extended, modified or supplemented from time to time, subject
to the terms hereof.

 

“Major Decision”
shall mean:

 

(i) prior to the Securitization
Date:

 

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

 

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

 

(c)       any
exercise of remedies under the Mortgage Loan, including the acceleration of the Mortgage Loan or initiation of any proceedings
under the Mortgage Loan Documents or any acquisition of the Mortgaged Property or any interest therein by foreclosure, deed-in-lieu
of foreclosure, settlement or otherwise;

 

(d)       any
sale of the Mortgage Loan or REO Property for less than “par”;

 

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

 

(f)       any
substitution or release of real property collateral for the Mortgage Loan (other than substitutions or releases of immaterial and
non-income producing real property collateral or in connection with a condemnation action) except, in each case, as expressly permitted
by the Mortgage Loan Documents;

 

(g)       any
determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause (unless such clause is not
exercisable under applicable law or such exercise is reasonably likely to result in successful legal action by the Mortgage Loan
Borrower);

 

(h)       any
transfer of the Mortgage Property or any portion of the Mortgage Property, or any transfer of any direct or indirect ownership
interest in the Mortgage

 

     11

     

    

 

Loan Borrower to the extent the lender’s consent under the Mortgage Loan Documents is required,
except in each case as expressly permitted by the Mortgage Loan Documents or in connection with a pending or threatened condemnation;

 

(i)      
 any consent to incurrence of additional debt by the Mortgage Loan Borrower or mezzanine debt by a direct or indirect
parent of the Mortgage Loan Borrower, including modification of the terms of any document evidencing or securing any such
additional debt and of any intercreditor or subordination agreement executed in connection therewith and any waiver of or
amendment or modification to the terms of any such document or agreement, in each case to the extent the lender’s
approval is required by the Mortgage Loan Documents;

 

(j)    
   releases of any escrow accounts, reserve accounts or letters of credit each if 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
lender discretion;

 

(k)       approval
of the termination, engagement or replacement of any property manager or parking manager, to the extent the lender’s approval
is required by the Mortgage Loan Documents;

 

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

 

(m)      any
determination of an Acceptable Insurance Default under the Mortgage Loan Documents;

 

(n)       any
proposed modification or waiver of any provision of the Mortgage Loan Documents with respect to the Mortgage Loan governing the
types, nature or amount of insurance coverage required to be obtained and maintained;

 

(o)       approval
of casualty/condemnation insurance settlements, any determination to apply casualty proceeds or condemnation awards to the reduction
of the debt evidenced by the Mortgage Loan rather than to the restoration of the Mortgaged Property other than pursuant to the
specific terms of the Mortgage Loan;

 

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

 

(q)       any
determination by the Servicer or the Special Servicer to transfer the Mortgage Loan to the Special Servicer with respect to any
Mortgage Loan default or Event of Default that is anticipated but has not yet occurred; and

 

(r)      
 any release of the Mortgage Loan Borrower or of any guarantor or indemnitor from liability under the Mortgage Loan
Documents.

 

     12

     

    

 

(ii) from and after
the Securitization Date, the meaning assigned to such term or an analogous term in the Securitization Servicing Agreement.

 

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

 

“Master Servicer
Remittance Date” shall mean:

 

(a)       with
respect to the Lead Senior Note and the Subordinate Notes, the “Remittance Date” (or analogous term) as defined in
the Servicing Agreement; and

 

(b)       with
respect to any Non-Lead Senior Note, the earlier of (a) the “Remittance Date” (or analogous term) as defined in the
Servicing Agreement or (b) the first Business Day after the “Determination Date” (or analogous term) as defined in
the Servicing Agreement, provided, however, that no remittance is required to be made until two Business Days after
receipt of the scheduled Monthly Payment with respect to the Mortgage Loan.

 

“Model Servicing
Agreement” shall mean the Trust and Servicing Agreement for the NCMS 2018-OSS transaction, among Natixis Commercial Mortgage
Securities, LLC, as depositor, KeyBank National Association, as master servicer, Key Bank, National Association, as special servicer,
Wells Fargo Bank, National Association, as certificate administrator, and Wells Fargo Bank, National Association, as trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Morningstar”
shall mean Morningstar Credit Ratings, LLC, or any of its successors in interest.

 

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

 

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

 

     13

     

    

 

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

 

“Mortgage Loan
Borrower Related Party” shall have the meaning (i) prior to the Securitization Date, assigned to such term or an analogous
term in the Model Servicing Agreement and (ii) from and after the Securitization Date, assigned to such term or an analogous term
in the Securitization Servicing Agreement.

 

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

 

“Mortgage Loan
Principal Balance” shall mean the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3
Principal Balance, the Note A-4 Principal Balance, the Note A-5 Principal Balance, the Note A-B Principal Balance, the Note B-1
Principal Balance and the Note B-2 Principal Balance.

 

“Mortgage Loan
Rate” shall mean, as of any date of determination, the weighted average of the Senior Note Rate, the Note A-B Rate, the
Note B-1 Rate, and the Note B-2 Rate.

 

“Mortgage Loan
Schedule” shall mean the Schedule 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 to such term in the recitals.

 

“Natixis”
shall mean Natixis Real Estate Capital LLC, and its successors in interest.

 

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

 

“Net Note B-1
Rate” shall mean the Note B-1 Rate minus the Servicing Fee Rate.

 

“Net Note B-2
Rate” shall mean the Note B-2 Rate minus the Servicing Fee Rate.

 

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

 

“New Notes”
shall have the meaning assigned to such term in Section 40.

 

“Non-Controlling
Senior Noteholder” shall mean each of the Note A-1 Holder (solely during such time as the Note A-B Holder, the Note B-1
Holder or the Note B-2 Holder is the Controlling Noteholder), the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and
the Note A-5 Holder.

 

“Non-Exempt
Person” shall mean any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with the Agent
for the relevant year such duly-executed

 

     14

     

    

 

form(s) or statement(s) which may, from time to time, be prescribed by law and which,
pursuant to applicable provisions of (A) any income tax treaty between the United States and the country of residence of such Person,
(B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit the Lead Senior Noteholder
to make such payments free of any obligation or liability for withholding.

 

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

 

“Non-Lead Securitization”
shall mean any Securitization of a Senior Note in a Securitization Trust that is not the Lead Securitization.

 

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

 

“Non-Lead Senior
Note” shall mean during the period (i) from and after the First Non-Lead Note Securitization Date and prior to the Note
A-1 Securitization Date, each of the Senior Notes that is not included in the First Non-Lead Note Securitization, and (ii) on and
after the Note A-1 Securitization Date, each of the Senior Notes that is not included in the Note A-1 Securitization.

 

“Non-Lead Senior
Noteholder” shall mean the holder of a Non-Lead Senior Note.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     15

     

    

 

“Note A-1 Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-1 Principal Balance
and the denominator of which is the Mortgage Loan Principal Balance.

 

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

 

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

 

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

 

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

 

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

 

“Note A-2 Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-2 Principal Balance
and the denominator of which is the Mortgage Loan Principal Balance.

 

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

 

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

 

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

 

“Note A-3 Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-3 Principal Balance
and the denominator of which is the Mortgage Loan Principal Balance.

 

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

 

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

 

     16

     

    

 

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

 

“Note A-4 Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-4 Principal Balance
and the denominator of which is the Mortgage Loan Principal Balance.

 

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

 

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

 

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

 

“Note A-5 Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-5 Principal Balance
and the denominator of which is the Mortgage Loan Principal Balance.

 

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

 

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

 

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

 

(a)       (I)
the sum of (1) the initial Note A-B Principal Balance minus (2) the sum (without duplication) of (x) any payments of principal
(whether as principal prepayments or otherwise) allocated to, and received on, Note A-B after the date of creation of Note A-B,
(y) any Appraisal Reduction Amount for the Mortgage Loan that is allocated to Note A-B and (z) any losses realized with respect
to the Mortgaged Property or the Mortgage Loan that are allocated to Note A-B, plus (3) the Threshold Event Collateral then
held by the Servicer, is less than (II) twenty-five percent (25%) of the remainder of the (x) initial Note A-B Principal Balance
less (y) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the Note A-B
Holder on Note A-B after the date of creation of Note A-B; or

 

(b)       any
interest in such Note is held by the Mortgage Borrower or Mortgage Loan Borrower Related Party, or the Mortgage Borrower or Mortgage
Loan Borrower Related Party would otherwise be entitled to exercise the rights of the Note A-B Holder as the Controlling Noteholder.

 

     17

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note B-1 Control
Appraisal Period” means any period, with respect to the Mortgage Loan, if and for so long as:

 

(a)       (I)
the sum of (1) the initial Note B-1 Principal Balance minus (2) the sum (without duplication) of (x) any payments of principal
(whether as principal prepayments or otherwise) allocated to, and received on, Note B-1 after the date of creation of Note B-1,
(y) any Appraisal Reduction Amount for the Mortgage Loan that is allocated to Note B-1 and (z) any losses realized with respect
to the Mortgaged Property or the Mortgage Loan that are allocated to Note B-1, plus (3) the Threshold Event Collateral then
held by the Servicer, is less than (II) twenty-five percent (25%) of the remainder of the (x) initial Note B-1 Principal Balance
less (y) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the Note B-1
Holder on Note B-1 after the date of creation of Note B-1; or

 

(b)       any
interest in such Note is held by the Mortgage Borrower or Mortgage Loan Borrower Related Party, or the Mortgage Borrower or Mortgage
Loan Borrower Related Party would otherwise be entitled to exercise the rights of the Note B-1 Holder as the Controlling Noteholder.

 

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

 

“Note B-1 Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note B-1 Principal Balance
and the denominator of which is the Mortgage Loan Principal Balance.

 

“Note B-1 Principal
Balance” shall mean, at any time of determination, the initial Note B-1 Principal Balance set forth on the Mortgage Loan
Schedule, less any payments of

 

     18

     

    

 

principal thereon received by the Note B-1 Holder or reductions in such amount pursuant to Section
3, 4 or 5, as applicable.

 

“Note B-1 Rate”
shall mean the Note B-1 Rate set forth on the Mortgage Loan Schedule.

 

“Note B-1 Relative
Spread” shall mean the ratio of the Note B-1 Rate to the Mortgage Loan Rate.

 

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

 

“Note B-2 Control
Appraisal Period” means any period, with respect to the Mortgage Loan, if and for so long as:

 

(a)       (I)
the sum of (1) the initial Note B-2 Principal Balance minus (2) the sum (without duplication) of (x) any payments of principal
(whether as principal prepayments or otherwise) allocated to, and received on, Note B-2 after the date of creation of Note B-2,
(y) any Appraisal Reduction Amount for the Mortgage Loan that is allocated to Note B-2 and (z) any losses realized with respect
to the Mortgaged Property or the Mortgage Loan that are allocated to Note B-2, plus (3) the Threshold Event Collateral then
held by the Servicer, is less than (II) twenty-five percent (25%) of the remainder of the (x) initial Note B-2 Principal Balance
less (y) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the Note B-2
Holder on Note B-2 after the date of creation of Note B-2;

 

(b)       any
interest in such Note is held by the Mortgage Borrower or Mortgage Loan Borrower Related Party, or the Mortgage Borrower or Mortgage
Loan Borrower Related Party would otherwise be entitled to exercise the rights of the Note B-2 Holder as the Controlling Noteholder.

 

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

 

“Note B-2 Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note B-2 Principal Balance
and the denominator of which is the Mortgage Loan Principal Balance.

 

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

 

“Note B-2 Rate”
shall mean the Note B-2 Rate set forth on the Mortgage Loan Schedule.

 

“Note B-2 Relative
Spread” shall mean the ratio of the Note B-2 Rate to the Mortgage Loan Rate.

 

     19

     

    

 

“Note Default
Interest Spread” shall mean the Note Default Interest Spread set forth on the Mortgage Loan Schedule.

 

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

 

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

 

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

 

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

 

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

 

“Original Entity”
shall have the meaning assigned to such term in Section 40.

 

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

 

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

 

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

 

“Owned Note”
shall have the meaning assigned to such term in Section 40.

 

“P&I Advance”
shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Percentage
Interest” shall mean, (i) with respect to the Note A-1 Holder, the Note A-1 Percentage Interest, (ii) with respect to
the Note A-2 Holder, the Note A-2 Percentage Interest, (iii) with respect to the Note A-3 Holder, the Note A-3 Percentage Interest,
(iv) with respect to the Note A-4 Holder, the Note A-4 Percentage Interest, (v) with respect to the Note A-5 Holder, the Note A-5
Percentage Interest, (vi) with respect to the Note A-B Holder, the Note A-B Percentage Interest, (vii) with respect to the Note
B-1 Holder, the Note B-1 Percentage Interest and (viii) with respect to the Note B-2 Holder, the Note B-2 Percentage Interest,
as each may be adjusted from time to time.

 

“Permitted Fund
Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached hereto
and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity interests relating
to commercial real estate, (ii) investing through a fund with committed capital of at least $100,000,000 and (iii) not subject
to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

 

     20

     

    

 

“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.

 

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

 

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

 

“Principal Balance”
shall mean any of the Note A-1 Principal Balance, the Note A-2 Principal Balance, the Note A-3 Principal Balance, the Note A-4
Principal Balance, the Note A-5 Principal Balance, the Note A-B Principal Balance, the Note B-1 Principal Balance and/or the Note
B-2 Principal Balance, as applicable.

 

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

 

“Qualified Transferee”
shall mean each of:

 

(a)  the
Initial Noteholders;

 

(b)  any
other Person that is an entity Controlled (as defined below) by, under common Control with or Controlling of any of the Initial
Noteholders; or

 

(c)  one
or more of the following:

 

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

 

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

 

(iii)        a
Qualified Trustee (or in the case of a CLO, a single purpose bankruptcy remote entity that contemporaneously assigns or pledges
the Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection with (a) a securitization
of, (b) the creation of collateralized debt obligations (“CLO”) secured by, or (c) a financing through an “owner
trust” of, a Note or any interest therein (any of the foregoing, a “Securitization Vehicle”); provided
that (1) one or more classes of securities issued by such Securitization Vehicle is initially rated at least investment grade by
two nationally recognized credit rating agencies; (2) the special servicer of such Securitization Vehicle has a

 

     21

     

    

 

Required Special
Servicer Rating or is otherwise acceptable to the Rating Agencies rating each Securitization (such entity, an “Approved
Servicer”) and such Approved Servicer is required to service and administer such Note or any interest therein in accordance
with servicing arrangements for the assets held by the Securitization Vehicle which require that such Approved Servicer act in
accordance with a servicing standard notwithstanding any contrary direction or instruction from any other Person; or (3) in the
case of a Securitization Vehicle that is a 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, are each a Qualified Transferee under clauses
(i), (ii), (iv) or (v) of this definition, or

 

(iv)        an
investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $100,000,000, in which (A) any Initial Noteholder, (B) a person that is otherwise a Qualified Transferee under clause
(i), (ii) or (v) (with respect to an institution substantially similar to the entities referred to in clause (i) or (ii) above)
or clause (d) below (with respect to an entity Controlled by an entity referred to in clause (i), (ii) or (v) (with respect to
an institution substantially similar to the entities referred to in clause (i) or (ii) above)), or (C) a Permitted Fund Manager,
acts as a general partner, managing member, or the fund manager responsible for the day-to-day management and operation of such
investment vehicle, or

 

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

 

(vi)        any
Person that is otherwise a Qualified Transferee but is acting in an agency capacity in connection with a lending syndicate, so
long as more than fifty percent (50%) of the lenders in the lending syndicate (by loan balance or committed loan amounts) are Qualified
Transferees, or

 

(vii)       a
private trust established and authorized under the laws of Korea (an “Acquiring Korean Trust”), so long as the
beneficiaries of, and owners of not less than 51% of the equity interest in, the Acquiring Korean Trust are, directly or indirectly,
Persons that (A) are otherwise Qualified Transferees and satisfy the capital surplus/equity and total asset requirements set forth
below or (B) are the National Agricultural Cooperative Federation of Korea or direct or indirect subsidiaries of the National Agricultural
Cooperative Federation of Korea, provided such entity satisfies the capital surplus/equity and total asset requirements set forth
below, and

 

in the case of any entity referred to in
clause (c)(i), (ii), (iv)(B) or (v) of this definition, (x) such entity or parent has at least $100,000,000 in capital/statutory
surplus or shareholders’ equity including uncalled capital commitments (except with respect to a pension advisory firm, asset
manager or similar fiduciary) and at least $250,000,000 in total assets including uncalled capital commitments (in name or under
management), and (y) is regularly engaged in the business of making or owning commercial real estate loans (or interests therein)
(or in the case of a pension advisory firm, asset manager or similar fiduciary, is regularly engaged in managing investments

 

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in
commercial real estate loans) similar to the Mortgage Loan (or mezzanine loans with respect thereto) or owning or operating commercial
real estate properties; provided that, in the case of the entity described in clause (iv)(B) above, the requirements of
this clause (y) may be satisfied by a general partner, managing member, or the fund manager responsible for the day-to-day management
and operation of such entity; or

 

(d)       any
entity Controlled by any of the entities described in clause (c) above or approved by the Rating Agencies hereunder as a
Qualified Transferee for purposes of this Agreement, or as to which the Rating Agencies have stated they would not review such
entity in connection with the subject transfer; and

 

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

 

“Qualified Trustee”
shall mean (i) a corporation, national bank, national banking association or a trust company, organized and doing business under
the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept
the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination by
federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose
long-term senior unsecured debt is then rated in one of the top two rating categories of each of the applicable Rating Agencies.

 

“Rating Agencies”
shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS, (e) Kroll and (f) Morningstar or, 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 designated by a Senior Noteholder; provided, however, that at any time during which a Senior Note is
an asset of a Securitization, “Rating Agencies” or “Rating Agency” shall have the meaning assigned to such
term in the Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

“REO Property”
shall mean any Mortgaged Property, title to which has been acquired by the Servicer on behalf of the Noteholders through foreclosure,
deed in lieu of foreclosure or otherwise.

 

“Required Special
Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer, (iii) in the case of Moody’s, within the twelve (12) month period prior to the date of determination, such special
servicer has acted as special servicer for one or more loans included in a commercial mortgage loan securitization that was rated
by Moody’s and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage
securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special
servicer of such commercial mortgage loans as a material reason for such downgrade or withdrawal, (iv) in the case of Morningstar,
either (a) the applicable replacement has a special servicer ranking of at least “MOR CS3” by Morningstar (if ranked
by Morningstar) or (b) if not ranked by Morningstar, is currently acting as a special servicer on a deal or transaction-level basis
for all or a significant portion of the related mortgage loans in other CMBS transactions rated by any of S&P, Moody’s,
Morningstar, Fitch, DBRS or Kroll and the trustee does not have actual knowledge that Morningstar has, and the replacement special
servicer certifies that Morningstar has not, with respect to any such other CMBS transaction, qualified, downgraded or withdrawn
its rating or ratings on one or more classes of such CMBS transaction citing servicing concerns of the applicable replacement as
the sole or material factor in such rating action, (v) in the case of Kroll, Kroll has not cited servicing concerns of such special
servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch
status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer
prior to the time of determination, and (vi) in the case of DBRS, within the twelve (12) month period prior to the date of determination,
such special servicer has acted as special servicer for one or more loans included in a commercial mortgage loan securitization
that was rated by DBRS and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities
or placed any class of commercial mortgage securities on “watch status” citing the continuation of such special servicer
as special servicer of such commercial mortgage loans as a material reason for such downgrade or withdrawal (or placement on “watch
status” in contemplation of a ratings downgrade or withdrawal).

 

“S&P”
shall mean S&P Global Ratings, and its successors in interest.

 

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

 

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

 

“Securitization
Servicing Agreement” shall mean during the period (i) from and after the First Non-Lead Note Securitization and prior
to the Note A-1 Securitization, the First Non-Lead Note Servicing Agreement and (ii) from and after the Note A-1 Securitization,
the Note A-1 Servicing Agreement; provided that in the event the Lead Senior Note is no longer an asset of the trust fund
created pursuant to the Securitization Servicing Agreement, the term “Securitization Servicing Agreement” shall refer
to the subsequent servicing agreement entered into pursuant to Section 2.

 

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

 

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

 

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

 

“Senior Noteholder”
shall mean the Initial Note A-1 Holder, the Initial Note A-2 Holder, the Initial Note A-3 Holder, the Initial Note A-4 Holder and
the Initial Note A-5 Holder or any subsequent holder of a Senior Note.

 

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

 

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

 

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

 

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

 

“Sequential
Pay Event” shall mean any Event of Default with respect to an obligation to pay money due under the Mortgage Loan or
any other Event of Default that causes the Mortgage Loan to become a Specially Serviced Mortgage Loan (other than as a result of
a foreseeable event) or any bankruptcy or insolvency event that constitutes an Event of Default. A Sequential Pay Event shall no
longer exist to the extent it has been cured (including any cure payment made in accordance with Section 11) and shall not commence
for so long as (1) the

 

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Cure Period set forth in Section 11 has not expired or (2) a Subordinate Noteholder is exercising its cure
rights under Section 11.

 

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

 

“Servicing Agreement”
shall mean (i) prior to the Securitization Date, the Interim Servicing Agreement, and (ii) from and after the Securitization Date,
the Securitization Servicing Agreement.

 

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

 

“Servicing Standard”
shall mean (I) prior to the Securitization Date, the procedures that the Master Servicer, as an independent contractor, follows
in order to service and administer the Mortgage Loan and administer REO Property solely on behalf of the Noteholders (as a collective
whole as if such Noteholders constituted one lender, it being understood that Note B-2 is subordinate to Note B-1, Note B-1 is
subordinate to Note A-B, and Note A-B is subordinate to the Senior Notes, subject to the terms and conditions of this Agreement)
(as determined by the Master Servicer in the exercise of its good faith and reasonable judgment), in accordance with applicable
law, the terms of this Agreement and the Mortgage Loan Documents and, to the extent consistent with the foregoing, the following
standards: (i) the higher of (a) the same manner in which and with the same care, skill, prudence and diligence with which the
Master Servicer services and administers similar loans and administers foreclosed properties for other third-party portfolios,
giving due consideration to customary and usual standards of practice of prudent institutional commercial mortgage lenders in servicing
their own loans and administering their own foreclosed properties, or (b) with the care, skill, prudence and diligence the Master
Servicer uses for loans which it owns or for foreclosed properties it owns and administers; (ii) with a view to the timely collection
of (a) all scheduled payments of principal and interest under the Mortgage Loan or, if the Mortgage Loan comes into and continues
in default and if no satisfactory arrangements can be made for the collection of the delinquent payments, the maximization of the
recovery on the Mortgage Loan to the Noteholders (as a collective whole as if such Noteholders constitute a single lender, it being
understood that Note B-2 is subordinate to Note B-1, Note B-1 is subordinate to Note A-B, and Note A-B is subordinate to the Senior
Notes, subject to the terms of this Agreement) on a net present value basis and (b) any reimbursable expenses and other amounts
due under the Mortgage Loan and (iii) without regard to:

 

		(A)	any relationship that the Master Servicer or its Affiliates
may have with the Mortgage Loan Borrower or any of its Affiliates;

 

		(B)	the ownership of any other mezzanine loan by the Master
Servicer or its Affiliates;

 

		(C)	its obligation to make Advances;

 

		(D)	the right of the Master Servicer or its Affiliates to receive reimbursement of costs, compensation
or other fees (other than Advances), or the 

 

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	 	 	sufficiency of any compensation payable to it under this Agreement or with respect
to any particular transaction; or

 

		(E)	the ownership, servicing or management for others of
any other loans or property by the Master Servicer; and

 

(II) from and after the
Securitization Date, the meaning assigned to such term in the Securitization Servicing Agreement.

 

“Servicing Transfer
Event” shall have the meaning (i) prior to the Securitization Date, assigned to such term or an analogous term in the
Model Servicing Agreement and (ii) from and after the Securitization Date, assigned to such term or an analogous term in the Securitization
Servicing Agreement, except that, as provided in Section 11(a)(iii), a Servicing Transfer Event shall be deemed not to have occurred
for so long as a Noteholder is exercising its cure rights hereunder.

 

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

 

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

 

“Subordinate
Notes” shall mean Note A-B, Note B-1 and Note B-2, as the context may require.

 

“Subordinate
Noteholder” shall mean each Initial Note A-B Holder, the Initial Note B-1 Holder and the Initial Note B-2 Holder or any
subsequent holder of a Subordinate Note.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.           Servicing.

 

(a)       Each
Noteholder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced prior to the
Securitization Date pursuant to the Interim Servicing Agreement and from and after the Securitization Date (except as otherwise
set forth in Section 2(e)), pursuant to the Securitization Servicing Agreement and, in each case, in accordance with this Agreement;
provided that the Master Servicer shall not be obligated to advance monthly payments of principal or interest in respect
of the Notes other than the Note(s) included in the Lead Securitization (and each Non-Lead Master Servicer shall not be required
to advance monthly payments of principal and interest in respect of the Notes other than the applicable Non-Lead Senior Note) if
such principal or interest is not paid by the Mortgage Loan Borrower but shall be obligated to advance delinquent real estate taxes,
insurance premiums and other expenses related to the maintenance of the Mortgaged Property and maintenance and enforcement of the
lien of the Mortgage thereon, subject to the terms of the Servicing Agreement. Each Noteholder acknowledges that a Senior Noteholder
or the Note A-B Holder may elect, in its sole discretion, to include its Senior Note or Note A-B in a Securitization and agrees
that it will reasonably cooperate with such Senior Noteholder or Note A-B Holder, at such Senior Noteholder’s or Note A-B
Holder’s sole cost and expense, to effect such Securitization. Subject
to the terms and conditions of this Agreement, each Noteholder hereby irrevocably and unconditionally consents to the appointment
of the Master Servicer, the Special Servicer and the Trustee under the Securitization Servicing Agreement and agrees to reasonably
cooperate with and consent with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan
in accordance with the Securitization Servicing Agreement and this Agreement. Each Noteholder hereby appoints the Master Servicer,
the Special Servicer and the Trustee in the Lead Securitization as such Noteholder’s attorney-in-fact to sign any documents
reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Securitization
Servicing Agreement (subject at all times to the rights of such Noteholder set forth herein and in the Servicing Agreement). In
no event shall the Servicer be required to enforce the rights of any Noteholder or limit the Servicer in enforcing the rights of

 

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one Noteholder against any other Noteholder; however, this statement shall not be construed to otherwise limit the rights of one
Noteholder with respect to any other Noteholder.

 

(b)       The
Controlling Noteholder (or any Controlling Noteholder Representative appointed by it acting on its behalf) shall exercise the rights
and powers granted to the “Controlling Holder”, “Directing Certificateholder” or “Directing Holder”
(or similar term) under the Servicing Agreement with respect to the Mortgage Loan.

 

(c)       The
Securitization Servicing Agreement shall contain the Servicing Standard (which shall require, among other things, that each Servicer,
in servicing the Mortgage Loan, must take into account the interests of each Noteholder, taking into account that (1) Note B-2
is junior to Note B-1, (2) Note B-1 is junior to Note A-B and (3) Note A-B is junior to the Senior Notes).). In no event may the
Securitization Servicing Agreement change the interest or principal allocable to, or the amount of any payments due to, any Noteholder
or materially increase any Noteholder’s obligations or materially decrease any Noteholder’s rights, remedies or protections
hereunder.

 

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

 

(i)        any
payments received on the Mortgage Loan shall be paid by the Master Servicer to each of the Noteholders in accordance with Sections
3 and 4 hereof on the Master Servicer Remittance Date;

 

(ii)       each
of the Noteholders shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide, any information
relating to the Mortgage Loan, the Mortgage Loan Borrower or the Mortgaged Property as a Noteholder may reasonably request and
would be customarily in the possession of, or collected or known by, the Master Servicer or Special Servicer of mortgage loans
similar to the Mortgage Loan and, in any event, all information that is required to be provided to holders of the securities issued
by the Securitization Trust that includes other Notes, including, but not limited to standard CREFC® reports, subject
to limitations on information that may be made available to a Noteholder that is a Mortgage Loan Borrower or a Mortgage Loan
Borrower Related Party;

 

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

 

(iv)       the
Securitization Servicing Agreement may not be amended without the consent of each of the Subordinate Noteholders (not to be unreasonably
withheld) if such amendment would materially and adversely affect the Mortgage Loan or the rights of such Subordinate Noteholder,
as applicable, with respect thereto;

 

(v)       the
Securitization Servicing Agreement shall contain, the additional provisions set forth on Schedule I;

 

     29

     

    

 

(vi)       provide
that any inconsistency between the Servicing Agreement and this Agreement shall be governed by and determined in accordance with
the terms of this Agreement; and

 

(vii)       recognize
the respective rights and obligations of the Noteholders hereunder, including with respect to the making of payment to the Noteholders
and the rights of the Noteholders to approve matters and make decisions hereunder.

 

(e)       Any
obligation of the Servicer pursuant to the terms hereof shall be performed by the Master Servicer or the Special Servicer, as applicable,
as set forth in the Servicing Agreement.

 

(f)       Each
Noteholder agrees to pay its Percentage Interest of (i) any servicing Advances and any interest accrued and payable on such Advances
at the Advance Rate and (ii) any trust fund expenses and any other fees, costs or expenses incurred in connection with the servicing
and administration of the Mortgage Loan (including, without limitation, any costs, fees and expenses related to obtaining any Rating
Agency Confirmation and 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 under the Securitization Servicing Agreement) in accordance with the Securitization Servicing Agreement and
this Agreement to the extent that such amounts remain unpaid or unreimbursed after funds received from the Mortgage Loan Borrower
for payment of such amounts and any principal and interest collections allocable to the Subordinate Notes has been applied to pay
such amounts.

 

(g)       At
any time after the Securitization Date that the Lead Senior Note is no longer subject to the provisions of the Securitization Servicing
Agreement, the Lead Senior Noteholder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement mutually agreeable
to the Non-Lead Senior Noteholders and the Subordinate Noteholders that contains servicing provisions which are the same as or
more favorable to the Subordinate Noteholders, in substance, to those in the Securitization Servicing Agreement and all references
herein to the “Securitization Servicing Agreement” shall mean such subsequent servicing agreement; provided,
however, that (1) if any Non-Lead Senior Note is in a Securitization, then Rating Agency Confirmation shall have been obtained
from each Rating Agency with respect to such subsequent servicing agreement and (2) until a replacement servicing agreement has
been entered into, (x) the Lead Senior Noteholder shall cause the Mortgage Loan to be serviced in accordance with the servicing
provisions set forth in the Securitization Servicing Agreement as if such agreement was still in full force and effect with respect
to the Mortgage Loan and (y) the actual servicing of the Mortgage Loan may be performed by any nationally recognized commercial
mortgage loan servicer appointed by the Lead Senior Noteholder with the consent of the Subordinate Noteholders and does not have
to be performed by the service providers set forth under the Securitization Servicing Agreement.

 

(h)       Upon
the occurrence of the Lead Securitization, the Lead Senior Noteholder shall give each other Noteholders (and the applicable servicer
and trustee, if any other Note is in a Securitization) notice of the Lead Securitization in writing (which may be by e-mail) prior
to or promptly following the related Securitization Date. Such notice shall contain

 

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contact information for each of the parties
to the related Securitization Servicing Agreement and the identity of the controlling class representative under such Securitization
Servicing Agreement. In addition, after the closing of the Lead Securitization, the Lead Senior Noteholder shall send a copy of
the Securitization Servicing Agreement to each of the other holders.

 

(i)       Each
Non-Lead Securitization Agreement shall contain the provisions set forth in Schedule II.

 

Section 3.           Payments
Prior to a Sequential Pay Event. Note B-2 and the right of the Note B-2 Holder to receive payments of interest, principal and
other amounts with respect to Note B-2 shall at all times be junior, subject and subordinate to Note B-1 and Note B-1 and the right
of the Note B-1 Holder to receive payments of interest, principal and other amounts with respect to Note B-1 shall at all times
be junior, subject and subordinate to Note A-B and the right of the Note A-B Holder to receive payments of interest, principal
and other amounts with respect to Note A-B as set forth herein and the rights of the Note A-B Holder to receive payments of interest,
principal and other amounts with respect to Note A-B, shall at all times be junior, subject and subordinate to the Senior Notes
and the right of the Senior Noteholders to receive payments of interest, principal and other amounts with respect to the Senior
Notes as set forth herein. If no Sequential Pay Event, as determined by the applicable Servicer, shall have occurred and be continuing,
all amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with
the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Monthly Payments,
the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing
the Mortgage Loan or Insurance Proceeds or Condemnation Proceeds (other than proceeds, awards or settlements to be applied to the
restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage
Loan Documents, to the extent permitted by the REMIC Provisions), but excluding (x) all amounts for required reserves or escrows
required by the Mortgage Loan Documents (to the extent, in accordance with the terms of the Mortgage Loan Documents) to be held
as reserves or escrows or received as reimbursements on account of recoveries in respect of Advances then due and payable or reimbursable
to the Servicer under the Servicing Agreement and (y) all amounts that are then due, payable or reimbursable to any Servicer, Operating
Advisor, Certificate Administrator or Trustee with respect to the Mortgage Loan pursuant to the Servicing Agreement, shall be applied
by the Lead Senior Noteholder (or its designee) and distributed by the Lead Senior Noteholder (or the Servicer on its behalf) for
payment in the following order of priority without duplication (and payments shall be made at such times as are set forth in the
Servicing Agreement):

 

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

 

(b)       second,
to the Senior Noteholders in an amount equal to the Senior Note Percentage Interest of principal payments (including all prepayment
proceeds relating to casualty or condemnation) received, if any, with respect to such Monthly Payment Date with respect to the
Mortgage Loan (including any Monthly Debt Service Payment Amount);

 

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(c)       third,
to each Senior Noteholder up to the amount of any unreimbursed costs and expenses paid by such Senior Noteholder with respect to
the Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs, to be allocated pro
rata based on the amounts due to each Senior Noteholder pursuant to this clause;

 

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

 

(e)       fifth,
to the extent the Note A-B Holder has made any payments or advances to cure defaults pursuant to Section 11 of this Agreement,
to reimburse the Note A-B Holder for all such cure payments, plus interest on such amount at the Net Note A-B Rate;

 

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

 

(g)       seventh,
to the Note A-B Holder in an amount equal to the Note A-B Percentage Interest of principal payments (including all prepayment proceeds
relating to casualty or condemnation) received, if any, with respect to such Monthly Payment Date with respect to the Mortgage
Loan (including any Monthly Debt Service Payment Amount);

 

(h)       eighth,
to the Note A-B Holder up to the amount of any unreimbursed costs and expenses paid by the Note A-B Holder with respect to the
Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

 

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

 

(j)       tenth,
to the extent the Note B-1 Holder has made any payments or advances to cure defaults pursuant to Section 11 of this Agreement,
to reimburse the Note B-1 Holder for all such cure payments, plus interest on such amount at the Net Note B-1 Rate;

 

(k)       eleventh,
to the Note B-1 Holder in an amount equal to the accrued and unpaid interest on the Note B-1 Principal Balance at the Net Note
B-1 Rate;

 

(l)       twelfth,
to the Note B-1 Holder in an amount equal to the Note B-1 Percentage Interest of principal payments (including all prepayment proceeds
relating to casualty or condemnation) received, if any, with respect to such Monthly Payment Date with respect to the Mortgage
Loan (including any Monthly Debt Service Payment Amount);

 

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(m)       thirteenth,
to the Note B-1 Holder up to the amount of any unreimbursed costs and expenses paid by the Note B-1 Holder with respect to the
Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

 

(n)       fourteenth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a) to (m) and, as a result of a Workout the Note B-1 Principal Balance
has been reduced, such excess amount shall be paid to the Note B-1 Holder in an amount up to the reduction, if any, of the Note
B-1 Principal Balance as a result of such Workout, plus interest on such amount at the Net Note B-1 Rate;

 

(o)       fifteenth,
to the extent the Note B-2 Holder has made any payments or advances to cure defaults pursuant to Section 11 of this Agreement,
to reimburse the Note B-2 Holder for all such cure payments, plus interest on such amount at the Net Note B-2 Rate;

 

(p)       sixteenth,
to the Note B-2 Holder in an amount equal to the accrued and unpaid interest on the Note B-2 Principal Balance at the Net Note
B-2 Rate;

 

(q)       seventeenth,
to the Note B-2 Holder in an amount equal to the Note B-2 Percentage Interest of principal payments (including all prepayment proceeds
relating to casualty or condemnation) received, if any, with respect to such Monthly Payment Date with respect to the Mortgage
Loan (including any Monthly Debt Service Payment Amount);

 

(r)       eighteenth,
to the Note B-2 Holder up to the amount of any unreimbursed costs and expenses paid by the Note B-2 Holder with respect to the
Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

 

(s)       nineteenth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a) to (r) and, as a result of a Workout the Note B-2 Principal Balance
has been reduced, such excess amount shall be paid to the Note B-2 Holder in an amount up to the reduction, if any, of the Note
B-2 Principal Balance as a result of such Workout, plus interest on such amount at the Net Note B-2 Rate;

 

(t)       twentieth,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Senior Noteholders in an amount
up to its pro rata interest therein, based on the product of the Senior Note Percentage Interest multiplied by the Senior
Note Relative Spread;

 

(u)       twenty-first,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note A-B Holder in an amount up
to its pro rata interest therein, based on the product of the Note A-B Percentage Interest multiplied by the Note A-B Relative
Spread;

 

(v)       twenty-second,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note B-1 Holder in an amount up
to its pro rata interest therein, based on the product of the Note B-1 Percentage Interest multiplied by the Note B-1 Relative
Spread;

 

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(w)       twenty-third,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note B-2 Holder in an amount up
to its pro rata interest therein, based on the product of the Note B-2 Percentage Interest multiplied by the Note B-2 Relative
Spread;

 

(x)       twenty-fourth,
to the extent default interest, late fees, assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required
to be otherwise applied under the Servicing Agreement, including, without limitation, to compensate a Servicer under the Servicing
Agreement, any such default interest, late fees, assumption or transfer fees, to the extent actually paid by the Mortgage Loan
Borrower, shall be paid to each Noteholder, pro rata, based on their respective Percentage Interests; and

 

(y)       twenty-fifth,
if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in accordance with
the foregoing clauses (a) to (x), any remaining amount shall be paid to each Noteholder, pro rata, in accordance with their
respective initial Percentage Interests.

 

As used in clauses (a)
through (y) above, payments to the Senior Noteholders shall be made to each of the Senior Noteholders, pro rata and pari
passu, based on their respective Principal Balance.

 

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

 

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

 

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(b)       second,
to the Senior Noteholders in an amount equal to all principal payments (or other amounts allocated to principal) received, if any,
with respect to the related Monthly Payment Date until the Senior Note Principal Balance has been reduced to zero;

 

(c)       third,
to each Senior Noteholder up to the amount of any unreimbursed costs and expenses paid by such Senior Noteholder with respect to
the Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs, to be allocated pro
rata based on the amounts due to each Senior Noteholder pursuant to this clause;

 

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

 

(e)       fifth,
to the Note A-B Holder in an amount equal to the accrued and unpaid interest on the Note A-B Principal Balance at the Net Note
A-B Rate;

 

(f)       sixth,
to the Senior Noteholders in an amount equal to all remaining amounts received with respect to the related Monthly Payment Date,
until the Senior Notes Principal Balance has been reduced to zero;

 

(g)       seventh,
to the extent the Note A-B Holder has made any payments or advances to cure defaults pursuant to Section 11 of this Agreement,
to reimburse the Note A-B Holder for all such cure payments, plus interest on such amount at the Net Note A-B Rate;

 

(h)       eighth,
to the Note A-B Holder in an amount equal to all remaining amounts received with respect to the related Monthly Payment Date, until
the Note A-B Principal Balance has been reduced to zero;

 

(i)       ninth,
to the Note A-B Holder up to the amount of any unreimbursed costs and expenses paid by the Note A-B Holder with respect to the
Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

 

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

 

(k)       eleventh,
to the extent the Note B-1 Holder has made any payments or advances to cure defaults pursuant to Section 11 of this Agreement,
to reimburse the Note B-1 Holder for all such cure payments, plus interest on such amount at the Net Note B-1 Rate;

 

(l)       twelfth,
to the Note B-1 Holder in an amount equal to the accrued and unpaid interest on the Note B-1 Principal Balance at the Net Note
B-1 Rate;

 

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(m)       thirteenth,
to the Note B-1 Holder in an amount equal to all remaining amounts received with respect to the related Monthly Payment Date, until
the Note B-1 Principal Balance has been reduced to zero;

 

(n)       fourteenth,
to the Note B-1 Holder up to the amount of any unreimbursed costs and expenses paid by the Note B-1 Holder with respect to the
Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

 

(o)       fifteenth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a) to (n) and, as a result of a Workout the Note B-1 Principal Balance
has been reduced, such excess amount shall be paid to the Note B-1 Holder in an amount up to the reduction, if any, of the Note
B-1 Principal Balance as a result of such Workout, plus interest on such amount at the Net Note B-1 Rate;

 

(p)       sixteenth,
to the extent the Note B-2 Holder has made any payments or advances to cure defaults pursuant to Section 11 of this Agreement,
to reimburse the Note B-2 Holder for all such cure payments, plus interest on such amount at the Net Note B-2 Rate;

 

(q)       seventeenth,
to the Note B-2 Holder in an amount equal to the accrued and unpaid interest on the Note B-2 Principal Balance at the Net Note
B-2 Rate;

 

(r)       eighteenth,
to the Note B-2 Holder in an amount equal to all remaining amounts received with respect to the related Monthly Payment Date, until
the Note B-2 Principal Balance has been reduced to zero;

 

(s)       nineteenth,
to the Note B-2 Holder up to the amount of any unreimbursed costs and expenses paid by the Note B-2 Holder with respect to the
Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

 

(t)       twentieth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a) to (s) and, as a result of a Workout the Note B-2 Principal Balance
has been reduced, such excess amount shall be paid to the Note B-2 Holder in an amount up to the reduction, if any, of the Note
B-2 Principal Balance as a result of such Workout, plus interest on such amount at the Net Note B-2 Rate;

 

(u)       twenty-first,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Senior Noteholders in an amount
up to its pro rata interest therein, based on the product of the Senior Note Percentage Interest multiplied by the Senior
Note Relative Spread;

 

(v)       twenty-second,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note A-B Holder in an amount up
to its pro rata interest therein, based on the product of the Note A-B Percentage Interest multiplied by the Note A-B Relative
Spread;

 

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(w)       twenty-third,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note B-1 Holder in an amount up
to its pro rata interest therein, based on the product of the Note B-1 Percentage Interest multiplied by the Note B-1 Relative
Spread;

 

(x)       twenty-fourth,
any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note B-2 Holder in an amount up
to its pro rata interest therein, based on the product of the Note B-2 Percentage Interest multiplied by the Note B-2 Relative
Spread;

 

(y)       twenty-fifth,
to the extent default interest, late fees, assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required
to be otherwise applied under the Servicing Agreement, including, without limitation, to compensate a Servicer under the Servicing
Agreement, any such default interest, late fees, assumption or transfer fees, to the extent actually paid by the Mortgage Loan
Borrower, shall be paid to each Noteholder, pro rata, based on their respective Percentage Interests; and

 

(z)       twenty-sixth,
if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in accordance with
the foregoing clauses (a) to (y), any remaining amount shall be paid to each Noteholder, pro rata, in accordance with their
respective initial Percentage Interests.

 

As used in clauses (a)
through (z) above, payments to the Senior Noteholders shall be made to each of the Senior Noteholders, pro rata and pari
passu, based on their respective Principal Balance.

 

Section 5.             Administration
of the Mortgage Loan.

 

(a)       Subject
to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement, the Lead Senior Noteholder (or
the Servicer acting on behalf of the Lead Senior Noteholder) shall have the sole and exclusive authority with respect to the administration
of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the sole authority to
modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or failure to act by the Mortgage Loan
Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default, accelerate the Mortgage Loan or
institute any foreclosure action or other remedy and the other Noteholders shall not have any voting, consent or other rights whatsoever
with respect to the Lead Senior Noteholder’s administration of, or exercise of its rights and remedies with respect to, the
Mortgage Loan. Subject to this Agreement and the Servicing Agreement (including, without limitation, Section 5(f) below), each
of the Non-Lead Senior Noteholders and the Subordinate Noteholders agree that it shall have no right to, and hereby presently and
irrevocably assigns and conveys to the Lead Senior Noteholder (or the Servicer acting on behalf of the Lead Senior Noteholder)
the rights, if any, that the other Noteholders have to, (i) call or cause the Lead Senior Noteholder to call an Event of Default
under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including,
without limitation, filing or causing the Lead Senior Noteholder to file any bankruptcy petition against the Mortgage Loan Borrower.
The Lead Senior Noteholder (or the Servicer

 

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acting on behalf of the Lead Senior Noteholder) shall not have any fiduciary duty to
any other Noteholder in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Senior
Noteholder from the obligation to make any disbursement of funds as set forth herein).

 

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

 

(c)       Notwithstanding
anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and this Agreement
(including, without limitation, Section 5(f) below), if the Lead Senior Noteholder in connection with a Workout of the Mortgage
Loan modifies the terms thereof such that (i) the unpaid principal balance of the Mortgage Loan is decreased, (ii) the Interest
Rate or scheduled amortization payments on the Mortgage Loan are reduced, (iii) payments of interest or principal on the Mortgage
Loan are waived, reduced or deferred or (iv) any other adjustment (other than an increase in the Interest Rate or increase in scheduled
amortization payments) is made to any of the terms of the Mortgage Loan (other than an extension of the Mortgage Loan maturity
date), all payments to the Senior Noteholders pursuant to Section 3 and Section 4, as applicable, shall be made as though such
Workout did not occur, with the payment terms of the Senior Notes remaining the same as they are on the date hereof, Note B-2,
Note B-1 and Note A-B, in that order, shall bear the full economic effect of all waivers, reductions or deferrals of amounts due
on the Mortgage Loan attributable to such Workout (up to the amount otherwise due on Note B-2, Note B-1 or Note A-B). Subject to
the Servicing Agreement and this Agreement (including without limitation Section 5(f) below), in the case of any modification or
amendment described above, the Lead Senior Noteholder will have the sole authority and ability to revise the payment provisions
set forth in Section 3 and Section 4 above in a manner that reflects the subordination of Note B-2 to Note B-1, Note B-1 to Note
A-B, and Note A-B, Note B-1 and Note B-2 to the Senior Notes with respect to the loss that is the result of such amendment or modification,
including: (i) the ability to increase the Senior Note Percentage Interest and to reduce the Percentage Interest of each Subordinate
Note in a manner that reflects a loss in principal as a result of such amendment or modification and (ii) the ability to change
the Senior Note Rate, the Note A-B Rate, the Note B-1 Rate and the Note B-2 Rate, as applicable, in order to reflect a reduction
in the Interest Rate of the Mortgage Loan but shall not be permitted to change the order of the clauses set forth in Sections 3
and 4 hereof. Notwithstanding the foregoing, if any

 

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Workout, modification or amendment of the Mortgage Loan extends the original
maturity date of the Mortgage Loan, for purposes of this paragraph, the Balloon Payment will be deemed not to be due on the original
maturity date of the Mortgage Loan but will be deemed due on the extended maturity date of the Mortgage Loan.

 

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

 

(e)       For
so long as any Senior Note or Note A-B is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding:
(i) the Mortgage Loan shall be administered such that the Senior Notes or Note A-B, as applicable, shall each qualify at all times
as (or as interests in) a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, (ii) any real
property (and related personal property) acquired by or on behalf of the Lead Senior Noteholder pursuant to a foreclosure, exercise
of a power of sale or delivery of a deed in lieu of foreclosure of the Mortgage or lien on such property following a default on
the Mortgage Loan shall be administered so that the interests of the Noteholders therein shall at all times qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code and (iii) no Servicer may modify, waive or amend any provision
of the Mortgage Loan, consent to or withhold consent from any action of the Mortgage Loan Borrower, or exercise or refrain from
exercising any powers or rights which the Noteholders may have under the Mortgage Loan Documents, if any such action would constitute
a “significant modification” of the Mortgage Loan, within the meaning of Section 1.860G 2(b) of the regulations of
the United States Department of the Treasury, more than three months after the earliest startup day of any REMIC which includes
a Senior Note (or any portion thereof). The Noteholders agree that the provisions of this Section 5(e) shall be effected by compliance
by the Lead Senior Noteholder or its assignees with this Agreement or the Servicing Agreement or any other agreement which governs
the administration of the Mortgage Loan or the Lead Senior Noteholder interests therein. All costs and expenses of compliance with
this Section 5(e), to the extent that such costs and expenses relate to administration of a REMIC or to any determination respecting
the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall
be borne by the applicable Senior Noteholder or Note A-B Holder without reimbursement under Sections 3 or 4 hereof.

 

(f)       If
any consent, modification, amendment or waiver under or other action in respect of the Mortgage Loan or the Mortgage Loan Documents
(whether or not a Servicing Transfer Event has occurred and is continuing) that would constitute a Major Decision has been requested
or proposed, at least ten (10) Business Days prior to taking action with respect to such Major Decision (or making a determination
not to take action with respect to such Major Decision), the Lead Senior Noteholder (or Servicer acting on its behalf) shall request
the written consent of the Controlling Noteholder (or its Controlling Noteholder Representative) before implementing a decision
with respect to such Major Decision.

 

If the Controlling
Noteholder (or its Controlling Noteholder Representative) fails to respond to the Lead Senior Noteholder (or Servicer acting on
its behalf) with respect to any such proposed action within ten (10) Business Days after receipt of such notice, the Controlling

 

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Noteholder (or its Controlling Noteholder Representative), as applicable, shall have no further consent rights with respect to
such action.

 

The Controlling Noteholder
(or its Controlling Noteholder Representative) acknowledges that, if the “retaining sponsor” in the Lead Securitization
has sold an “eligible horizontal interest” to a “third party purchaser” in accordance with Section 244.7
of the Credit Risk Retention Rule, then following the occurrence of an “Operating Advisor Consultation Event” (or similar
term) under the Servicing Agreement the Operating Advisor may have the right to consult with the Special Servicer with respect
to Major Decisions.

 

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

 

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

 

(g)       The
Controlling Noteholder shall be entitled to approve the Asset Status Report in accordance with the time frame provided in the Servicing
Agreement.

 

(h)       (i)
Each Subordinate Noteholder, if it is determined at any time of determination to no longer be the Controlling Noteholder (the “Appraised-Out
Holder”) as a result of the application of an Appraisal Reduction Amount, shall have the right, at its sole expense,
within thirty (30) days of receipt of notice of the Control Appraisal Period, to require the Special Servicer to order a second
Appraisal with respect to the Mortgage Loan. The Special Servicer shall use its reasonable efforts consistent with the Servicing
Standard to ensure that such second Appraisal is delivered within thirty (30) days from receipt of the Appraised-Out Holder’s
written request and shall ensure that such Appraisal is prepared on an “as-is” basis by an MAI appraiser (provided
that such MAI appraiser may not be the same MAI appraiser that provided

 

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the Appraisal in respect of which the Appraised-Out Holder
is requesting the Special Servicer to obtain an additional Appraisal).

 

(ii) Upon receipt of
any supplemental Appraisal pursuant to clause (i) above, the Special Servicer shall determine, in accordance with the Servicing
Standard, whether, based on its assessment of such supplemental Appraisal, any recalculation of the Appraisal Reduction Amount
is warranted, and if so warranted, the Special Servicer shall recalculate the Appraisal Reduction Amount based on such supplemental
Appraisal and any information received from the Master Servicer. If required by such recalculation, the Appraised-Out Holder shall
be reinstated as the Controlling Noteholder and, if applicable, shall have its respective Principal Balance notionally restored
to the extent required by such recalculation of the Appraisal Reduction Amount. The Appraised-Out Holder requesting any supplemental
Appraisal pursuant to clause (i) above shall refrain from exercising any direction, control, consent and/or similar rights of the
Controlling Noteholder until such time, if any, as the Appraised-Out Holder is reinstated as the Controlling Noteholder (such period
beginning upon receipt by the Special Servicer of any request to obtain a supplemental Appraisal pursuant to clause (i) above to
but excluding the date on which either (A) the Special Servicer determines that no recalculation of the Appraisal Reduction Amount
is warranted or (B) the Special Servicer recalculates the Appraisal Reduction Amount based on the supplemental Appraisal, the “Appraisal
Review Period”). The rights of the Controlling Noteholder during each Appraisal Review Period shall be exercised by the
Note A-1 Holder.

 

(i)       Each
Subordinate Noteholder shall be entitled to avoid a Control Appraisal Period caused by application of an Appraisal Reduction Amount
upon satisfaction of the following (which must be completed within thirty (30) days of the receipt of a third party Appraisal that
indicates such Control Appraisal Period has occurred): (i) such Noteholder shall have delivered as a supplement to the appraised
value of the Mortgaged Property, in the amount specified in clause (ii) below, to the Servicer, together with documentation
acceptable to the Servicer in accordance with the Servicing Standard to create and perfect a first priority security interest in
favor of the Lead Senior Noteholder in such collateral (a) cash collateral for the benefit of the Senior Notes and any more senior
Subordinate Note, and acceptable to, the Servicer or (b) an unconditional and irrevocable standby letter of credit for the benefit
of the Senior Notes and any more senior Subordinate Note, issued by a bank or other financial institutions the long term unsecured
debt obligations of which are at all times rated at least “AA” by S&P, “A” by Fitch and “Aa2”
by Moody’s or the short term obligations of which are rated at least “A-1+” by S&P, “F-1” by
Fitch and “P-1” by Moody’s (either (a) or (b), the “Threshold Event Collateral”),
and (ii) the Threshold Event Collateral shall be in an amount which, when added to the appraised value of the Mortgaged Property
as determined pursuant to the Servicing Agreement, would cause the applicable Control Appraisal Period not to occur. If the requirements
of this paragraph are satisfied by any of the Subordinate Noteholders (a “Threshold Event Cure”), no Control
Appraisal Period caused by application of an Appraisal Reduction Amount shall be deemed to have occurred. If a letter of credit
is furnished as Threshold Event Collateral, any of the Subordinate Noteholders, as applicable, shall be required to renew such
letter of credit not later than thirty (30) days prior to expiration thereof or to replace such letter of credit with a substitute
letter of credit or other Threshold Event Collateral with an expiration date that is greater than forty-five (45) days from the
date of substitution; provided, however, that, if a letter of credit is not renewed prior to thirty (30) days prior
to the expiration date of such letter of

 

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credit, the letter of credit shall provide that the Servicer may (and at the direction
of any of the Subordinate Noteholders, as applicable, shall) draw upon such letter of credit and hold the proceeds thereof as Threshold
Event Collateral. If a letter of credit is furnished as Threshold Event Collateral, any of the Subordinate Noteholders, as applicable,
shall be required to replace such letter of credit with other Threshold Event Collateral within thirty (30) days if the credit
ratings of the issuing entity are downgraded below the required ratings; provided, however, that, if such Threshold
Event Collateral is not so replaced, the Servicer shall draw upon such letter of credit and hold the proceeds thereof as Threshold
Event Collateral. The Threshold Event Cure shall continue until (i) the appraised value of the Mortgaged Property plus the value
of the Threshold Event Collateral would not be sufficient to prevent a Control Appraisal Period from occurring; or (ii) final liquidation
of the Mortgage Loan or REO Property. If the appraised value of the Mortgaged Property, upon any redetermination thereof, is sufficient
to avoid the occurrence of a Control Appraisal Period without taking into consideration any, or some portion of, Threshold Event
Collateral previously delivered by such Noteholder, any or such portion of Threshold Event Collateral held by the Servicer shall
promptly be returned to any of the Subordinate Noteholders, as applicable (at its sole expense). Upon final liquidation or repayment
of the Mortgage Loan or REO Property with respect to the Mortgage Loan, such Threshold Event Collateral shall be available to reimburse
each Noteholder for any realized loss pursuant to the priorities provided in Section 3 or 4, as applicable, with respect to the
Mortgage Loan after application of the net proceeds of liquidation, not in excess of each Principal Balance of the Notes, as the
case may be, plus accrued and unpaid interest thereon at the applicable interest rate and all other Additional Servicing Expenses
reimbursable under this Agreement and under the Servicing Agreement and any Threshold Event Collateral remaining after such reimbursement
and payments shall be returned to any of the Subordinate Noteholders, as applicable. The entire amount of Threshold Event Collateral,
without a haircut or other reduction, shall be considered in determining the sufficiency of such Threshold Event Collateral to
avoid a Control Appraisal Period.

 

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

 

(k)       If
the Mortgaged Property becomes an REO Property, the same shall be acquired, managed and operated in the manner provided in the
Servicing Agreement.

 

(l)       If
upon the Mortgage Loan becoming a Defaulted Loan the Lead Senior Noteholder (or the Special Servicer acting on its behalf) determines
to sell all or any portion of Note A-B, Note B-1 or Note B-2, the Lead Senior Noteholder (or the Special Servicer acting on its
behalf) may not sell such Notes unless either (1) it has received the prior consent of the applicable Noteholder or (2) the purchase
price for such Note is at least equal to the sum of the outstanding principal balance of such Note, interest accrued thereon and
all unreimbursed costs, expenses and cure amounts (with interest thereon) due to the related holder; except that with respect
to any Appraised-Out Note the Lead Noteholder (or the Special Servicer acting on its behalf) shall have the right to sell the Appraised-Out
Note(s), without the Appraised-Out Holder’s consent, subject to satisfaction of the following conditions:

 

(A)       the
Special Servicer has delivered to the Appraised-Out Holder: (a) at least fifteen (15) Business Days’ prior written notice
of any decision to

 

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attempt to sell the Mortgage Loan; (b) at least ten (10) days prior to the proposed sale date, a copy of each
bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with any
such proposed sale, (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage
Loan, and any documents in the servicing file reasonably requested by the Appraised-Out Holder that are material to the sale price
of the Mortgage Loan and (d) until the sale is completed and a reasonable period of time (but no less time than is afforded to
other offerors and the Controlling Class Representative (as such term is defined in the Servicing Agreement)) 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 any Servicer in connection with the proposed sale;

 

(B)       all
offers are to be submitted to the Trustee in writing;

 

(C)       whether
any cash offer constitutes a fair price for the Notes shall be determined by the Trustee; provided, that no offer from an Interested
Person (as defined in the Servicing Agreement) shall constitute a fair price unless (a) it is the highest offer received and (b)
at least two bona fide other offers are received from independent third parties;

 

(D)       in
determining whether any offer received represents a fair price for an Appraised-Out Note, the Trustee shall be supplied with and
shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with the Servicing Agreement within the preceding
nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal;

 

(E)       the
Trustee may conclusively rely on the opinion of an Independent (as defined in the Servicing Agreement) appraiser or other Independent
(as defined in the Servicing Agreement) expert in real estate matters retained by the Trustee at the expense of the Noteholders
in connection with making such determination; and

 

(F)       each
Appraised-Out Holder shall be permitted to submit an offer at any sale of the Mortgage Loan unless such Person is the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party.

 

The Subordinate Noteholders
hereby appoint the Lead Noteholder (or the Servicer acting on its behalf) as their agent, and grant to the Lead Noteholder an irrevocable
power of attorney coupled with an interest, and its proxy, for the purpose of soliciting and accepting offers for and consummating
the sale of the Subordinate Notes pursuant to this Section 5(l). The Subordinate Noteholders further agree that, upon the request
of the Lead Noteholder, they shall each execute and deliver to or at the direction of the Lead Noteholder (or the Servicer acting
on its behalf) such powers of attorney or other instruments as the Lead Noteholder may reasonably

 

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request to better assure and
evidence the foregoing appointment and grant, in each case promptly following request, and shall deliver originals of each Subordinate
Note, endorsed in blank, to or at the direction of the Lead Noteholder (or the Servicer acting on its behalf) in connection with
the consummation of any such sale.

 

In addition, if, upon
the Mortgage Loan becoming a Defaulted Loan, the Lead Senior Noteholder (or the Special Servicer acting on its behalf) determines
to sell the Defaulted Loan or the Lead Senior Note, it will be required to sell each Non-Lead Senior Note together with the Lead
Senior Note. Any such sale of a Non-Lead Note shall require the written consent of each Non-Controlling Senior Noteholder (provided
that such consent is not required if such Non-Controlling Senior Noteholder is the Mortgage Loan Borrower or a Mortgage Loan Borrower
Related Party) unless the Special Servicer has delivered to each Non-Controlling Senior Noteholder: (a) at least fifteen (15) Business
Days’ prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10) days prior to the
proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special
Servicer in connection with any such proposed sale, (c) at least ten (10) days prior to the proposed sale date, a copy of the most
recent Appraisal for the Mortgage Loan, and any documents in the servicing file reasonably requested by each Non-Controlling Senior
Noteholder that are material to the sale price of the Mortgage Loan and (d) until the sale is completed and a reasonable period
of time (but no less time than is afforded to other offerors and the Controlling Class Representative (as such term is defined
in the Servicing Agreement)) 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 any Servicer in connection with the proposed sale. A Non-Controlling Senior
Noteholder may waive any of the delivery or timing requirements set forth in this paragraph as to itself. Subject to the foregoing,
each of the Non-Controlling Senior Noteholders shall be permitted to submit an offer at any sale of the Mortgage Loan unless such
Person is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage Loan Borrower.

 

(m)       The
Servicing Agreement shall provide that during the continuation of a Note A-B Control Appraisal Period, the Lead Senior Noteholder
(or the Servicer acting on its behalf) shall be required: (i) to provide copies of any notice, information and report that it is
required to provide to the controlling class representative 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-Controlling
Senior Noteholder (or its controlling class representative), within the same time frame it is required to provide to the controlling
class representative (for this purpose, without regard to whether such items are actually required to be provided to the controlling
class representative in the Lead Securitization under the Servicing Agreement due to the termination of a “Subordinate Control
Period” or termination of a “Subordinate Consultation Period” (as such terms are defined in the Servicing Agreement));
and (ii) to consult with each Non-Controlling Senior Noteholder (or its controlling class representative) on a strictly non-binding
basis, to the extent having received such notices, information and reports, such Non-Controlling Senior Noteholder (or its controlling
class representative) requests consultation with respect to any such Major Decisions or the implementation of any recommended actions
outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by such Non-Controlling
Senior Noteholder (or its controlling class representative); provided that after the expiration of a period

 

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of ten (10) Business
Days from the delivery to the Non-Controlling Senior Noteholder (or its controlling class representative) by the Lead Senior Noteholder
of written notice of a proposed action, together with copies of the notice, information and report required to be provided to the
controlling class representative, the Lead Senior Noteholder (or the Servicer acting on its behalf) shall no longer be obligated
to consult with the Non-Controlling Senior Noteholder (or its controlling class representative), whether or not the Non-Controlling
Senior Noteholder (or its controlling class representative) have responded within such ten (10) Business Day period (unless, the
Lead Senior Noteholder (or the Servicer acting on its behalf) proposes a new course of action that is materially different from
the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date of
such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of the Non-Controlling
Senior Noteholder (or its controlling class representative) set forth in the immediately preceding sentence, the Lead Senior Noteholder
(or Servicer acting on its behalf) may make any Major Decision or take any action set forth in the Asset Status Report before the
expiration of the aforementioned ten (10) Business Day period if the Lead Senior Noteholder (or Servicer acting on its behalf)
determines that immediate action with respect thereto is necessary to protect the interests of the Noteholders. In no event shall
the Lead Senior Noteholder (or Servicer acting on its behalf) be obligated at any time to follow or take any alternative actions
recommended by a Non-Controlling Senior Noteholder (or its controlling class representative). In addition to the consultation rights
of the Non-Controlling Senior Noteholder (or its controlling class representatives), during the continuation of a Control Appraisal
Period the Non-Controlling Senior Noteholder shall have the right to attend annual meetings (either telephonically or in person,
in the discretion of the Servicer) with the Lead Senior Noteholder (or the Servicer acting on its behalf) at the offices of the
Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Servicer, as applicable, in which servicing
issues related to the Mortgage Loan are discussed.

 

(n)       The
Lead Senior Noteholder (or at any time when the Lead Senior Note is included in a Securitization, the Master Servicer) shall, within
thirty (30) days after receipt, provide each of the Subordinate Noteholders with copies of each financial statement and other report
delivered to the Lead Senior Noteholder or Master Servicer pursuant to the terms of the Mortgage Loan Documents. Subject to the
terms of the applicable Mortgage Loan Documents, the Lead Senior Noteholder shall also deliver copies of any other documents relating
to the Mortgage Loan, including, without limitation, property inspection reports and standard CREFC® reports, in
each case, to the extent in the possession of the Lead Senior Noteholder. In addition, the Subordinate Noteholders shall have the
right from time to time to request that the Lead Senior Noteholder request from the Mortgage Loan Borrower (and the Lead Senior
Noteholder shall so request from the Mortgage Loan Borrower) such other documents, reports, estoppels and/or certifications that
the Mortgage Loan Borrower is required to deliver under the Mortgage Loan Documents. At any time when the Lead Senior Note is included
in a Securitization, the Certificate Administrator shall also provide access to the Certificate Administrator’s website to
the Subordinate Noteholders (or any prospective purchaser of a Subordinate Note) to allow the Subordinate Noteholders (or any prospective
purchaser of a Subordinate Note) to access any financial statements and other documents and reports relating to the Mortgage Loan
on the Certificate Administrator’s website, subject to restrictions on information made available to Borrower Related Parties.
Any delivery required under this Section 5(n) may be provided by giving the Subordinate Noteholders access to a website that contains
such information.

 

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Section 6.             Appointment
of the Controlling Noteholder Representative.

 

(a)       The
Controlling Noteholder shall have the right at any time to appoint a representative (the “Controlling Noteholder Representative”)
to exercise its rights hereunder. The Controlling Noteholder shall have the right in its sole discretion at any time and from time
to time to remove and replace the Controlling Noteholder Representative. When exercising its various rights under Section 5 and
elsewhere in this Agreement, the Controlling Noteholder may, at its option, in each case, act through the Controlling Noteholder
Representative. The Controlling Noteholder Representative may be any Person (other than the Mortgage Loan Borrower, its principal
or any Affiliate of the Mortgage Loan Borrower), including, without limitation, the Controlling Noteholder, any officer or employee
of the Controlling Noteholder, any Affiliate of the Controlling Noteholder or any other unrelated third party. No such Controlling
Noteholder Representative shall owe any fiduciary duty or other duty to any other Person (other than the Controlling Noteholder).
All actions that are permitted to be taken by the Controlling Noteholder under this Agreement may be taken by the Controlling Noteholder
Representative acting on behalf of the Controlling Noteholder and the Lead Senior Noteholder will accept such actions of the Controlling
Noteholder Representative as actions of the Controlling Noteholder. The Lead Senior Noteholder (or any Servicer on its behalf)
shall not be required to recognize any Person as an Controlling Noteholder Representative until the Controlling Noteholder has
notified the Lead Senior Noteholder (and any Servicer) of such appointment and, if the Controlling Noteholder Representative is
not the same Person as the Controlling Noteholder, the Controlling Noteholder Representative provides the Lead Senior Noteholder
(and any Servicer) with written confirmation of its acceptance of such appointment, an address (including e-mail) and telecopy
number for the delivery of notices and other correspondence and a list of officers or employees of such person with whom the parties
to this Agreement may deal (including their names, titles, work addresses (including e-mail) and telecopy numbers). The Lead Senior
Noteholder shall promptly deliver such information to any Servicer.

 

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

 

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exercise
of its rights by reason of its having acted or refrained from acting solely in the interests of any Noteholder, as applicable.

 

(c)       If
the Lead Senior Noteholder is the Controlling Noteholder, each of the other Noteholders acknowledges and agrees all of the aforementioned
rights and obligations of the Controlling Noteholder and the Controlling Noteholder Representative set forth in Section 5(f) and
this Section 6 shall be exercisable by the Lead Senior Noteholder (or the applicable Person specified in the Servicing Agreement)
to the extent set forth in the Servicing Agreement.

 

Section 7.            Special
Servicer. Subject to the terms of the Servicing Agreement, the Controlling Noteholder (or its Controlling Noteholder Representative),
at its expense (including, without limitation, the reasonable costs and expenses of counsel to any third parties and costs and
expenses of the terminated Special Servicer), shall have the right to terminate the Special Servicer and appoint a replacement
Special Servicer under the Servicing Agreement, with or without cause, upon at least ten (10) Business Days’ prior notice
to the Special Servicer (provided, however, that the Controlling Noteholder (or its Controlling Noteholder Representative) shall
not be liable for any termination or similar fee in connection with the removal of the Special Servicer in accordance with this
Section 7); any such termination not to be effective unless and until (A)(i) the Senior Noteholders have consented to such appointment
or (ii) after a Securitization, each Rating Agency delivers Rating Agency Confirmation with respect to the identity of any such
replacement Special Servicer; (B) the successor Special Servicer has assumed in writing (from and after the date such successor
Special Servicer becomes the Special Servicer) all of the responsibilities, duties and liabilities of the Special Servicer under
the Servicing Agreement from and after the date it becomes the Special Servicer as they relate to such Mortgage Loan pursuant to
an assumption agreement reasonably satisfactory to the Trustee; and (C) the Senior Noteholders have or, after a Securitization,
the Trustee has received an opinion of counsel reasonably satisfactory to the Trustee to the effect that (x) such replacement will
be bound by the terms of the Servicing Agreement with respect to such Mortgage Loan and (y) subject to customary qualifications
and exceptions, the applicable servicing agreement will be enforceable against such replacement in accordance with its terms. The
Controlling Noteholder shall promptly provide copies to any terminated Special Servicer of the documents referred to in the preceding
sentence.

 

Notwithstanding the foregoing,
while NREC or one of its affiliates is the Controlling Noteholder, it shall not have the right to remove and appoint a replacement
Special Servicer.

 

Notwithstanding the foregoing,
after the Securitization Date, if the “retaining sponsor” in the Lead Securitization has sold an “eligible horizontal
interest” to a “third party purchaser” in accordance with Section 244.7 of the Credit Risk Retention Rule, each
Noteholder agrees that the Special Servicer may be replaced upon (a) the recommendation of the Operating Advisor appointed under
the Securitization Servicing Agreement if the Operating Advisor determines, in its sole discretion exercised in good faith, that
(1) the Special Servicer has failed to comply with the Servicing Standard and (2) a replacement of the Special Servicer would be
in the best interest of the holders of the certificates, and (b) the subsequent affirmative vote of “ABS interests”
(as defined in Section 244.2 of the Credit Risk Retention Rule). However, the Controlling Noteholder (or its controlling Noteholder
Representative) shall retain its right to

 

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subsequently remove and replace the Special Servicer, but the Controlling Noteholder
(or its Controlling Noteholder Representative) shall not restore a Special Servicer that has been replaced pursuant to the preceding
sentence.

 

Section 8.             Payment
Procedure.

 

(a)       The
Lead Senior Noteholder (or the Servicer on its behalf), in accordance with the priorities set forth in Section 3 or 4, as applicable,
and subject to the terms of the Servicing Agreement, shall deposit or cause to be deposited all payments and collections on the
Mortgage Loan allocable to the Notes to the Collection Account for the Notes established pursuant to the Servicing Agreement. The
Lead Senior Noteholder (or the Servicer on its behalf) shall establish a segregated sub-account for amounts due to the Noteholders.
The Lead Senior Noteholder (or the Servicer acting on its behalf) shall deposit such amounts to the applicable account within two
(2) Business Days of receipt of properly identified payments and collections by the Lead Senior Noteholder (or the Servicer acting
on its behalf) from or on behalf of the Mortgage Loan Borrower.

 

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

 

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

 

(d)       Each
Noteholder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan
in excess of its distributable share thereof, it will promptly remit such excess to the Lead Senior Noteholder (or the Servicer
on its behalf) subject to this Agreement and the Servicing Agreement. The Lead Senior Noteholder (or the Servicer on its behalf)
shall have the right to offset any amounts due hereunder from a Noteholder with respect to the Mortgage Loan against any future
payments due to such Noteholder under the Mortgage Loan, provided, that each Noteholder’s obligations under

 

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this Section
8 are separate and distinct obligations from one another and in no event shall the Lead Senior Noteholder (or the Servicer on its
behalf) enforce the obligations of one Noteholder against another Noteholder. Each Noteholder’s obligations under this Section
8 constitute absolute, unconditional and continuing obligations.

 

Section 9.            Limitation
on Liability of the Noteholders. Each Noteholder (including any Servicer, except as otherwise provided in the Servicing Agreement)
shall have no liability to any other Noteholder with respect to its Note except with respect to losses actually suffered due to
the gross negligence, willful misconduct or breach of this Agreement on the part of such Noteholder (or Servicer).

 

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

 

Each of the Noteholders
acknowledges that, subject to the terms and conditions hereof, any other Noteholder may exercise, or omit to exercise, any rights
that such Noteholder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to the interests
of the other Noteholders and that such Noteholder shall have no liability whatsoever to the other Noteholders in connection with
such Noteholder’s exercise of rights or any omission by such Noteholder to exercise such rights; provided, however,
that no Noteholder shall be protected against any liability to the other Noteholders that would otherwise be imposed by reason
of willful misfeasance, bad faith or negligence.

 

Section 10.           Bankruptcy.
Subject to the provisions of Section 5(f) hereof, each Non-Lead Senior Noteholder and each Subordinate Noteholder hereby covenant
and agree that only the Lead Senior Noteholder (or the Servicer on its behalf) has the right to institute, file, commence, acquiesce,
petition under Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any
other Person to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or
all or any part of its property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower.
Subject to the provisions of Section 5(f) hereof, each Non-Lead Senior Noteholder and each Subordinate Noteholder further agree
that only the Lead Senior Noteholder as a creditor, can make any election, give any consent, commence any action or file any motion,
claim, obligation, notice or application or take any other action in any case by or against the Mortgage Loan Borrower under the
Bankruptcy Code or in any other Insolvency Proceeding. Each Non-Lead Senior Noteholder

 

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and each Subordinate Noteholder hereby appoint
the Lead Senior Noteholder as their agent, and grants to the Lead Senior Noteholder an irrevocable power of attorney coupled with
an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all actions available to each Non-Lead
Senior Noteholder and each Subordinate Noteholder in connection with any case by or against the Mortgage Loan Borrower under the
Bankruptcy Code or in any other Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim,
vote to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage
Loan, and to file a motion to modify, lift or terminate the automatic stay with respect to the Mortgage Loan. Each Non-Lead Senior
Noteholder and each Subordinate Noteholder hereby agrees that, upon the request of the Lead Senior Noteholder, each Non-Lead Senior
Noteholder and each Subordinate Noteholder shall execute, acknowledge and deliver to the Lead Senior Noteholder all and every such
further deeds, conveyances and instruments as the Lead Senior Noteholder may reasonably request for the better assuring and evidencing
of the foregoing appointment and grant. All actions taken by the Servicer in connection with any Insolvency Proceeding are subject
to and must be in accordance with the Servicing Standard and this Agreement.

 

Section 11.           Cure
Rights of Subordinate Noteholders.

 

(a)       Subject
to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of principal or interest on the
Mortgage Loan by the end of the applicable grace period for such payment permitted under the applicable Mortgage Loan Documents
(a “Monetary Default”), the Lead Senior Noteholder shall promptly provide notice to the Subordinate Noteholders
and the Controlling Noteholder Representative of such default (the “Monetary Default Notice”). The Curing Noteholder
shall have the right, but not the obligation, to cure such Monetary Default within ten (10) Business Days after receiving the Monetary
Default Notice (the “Cure Period”). If one or more of the Subordinate Noteholders elect to cure such Monetary
Default, the most subordinate of such Note A-B Holder, Note B-1 Holder or Note B-2 Holder will be the “Curing Noteholder.”
At the time a payment is made to cure a Monetary Default, the Curing Noteholder shall pay or reimburse the Senior Noteholders (and
each more senior Noteholder) for all unreimbursed Advances (whether or not recoverable), Advance Interest Amounts, any unpaid fees
to any Servicer and any Additional Servicing Expenses. The Curing Noteholder shall not be required, in order to effect a cure hereunder,
to pay any default interest or late charges under the Mortgage Loan Documents. So long as a Monetary Default exists for which a
cure payment permitted hereunder is made or for which the Cure Period described above has not expired, such Monetary Default shall
not be treated as an Event of Default by the Lead Senior Noteholder (including for purposes of (i) the definition of “Sequential
Pay Event,” (ii) accelerating the Mortgage Loan, modifying, amending or waiving any provisions of the Mortgage Loan Documents
or commencing proceedings for foreclosure or the taking of title by deed-in-lieu of foreclosure or other similar legal proceedings
with respect to the Mortgaged Property, or (iii) treating the Mortgage Loan as a Specially Serviced Mortgage Loan); provided
that such limitation shall not prevent the Lead Senior Noteholder from collecting default interest or late charges from the Mortgage
Loan Borrower. Any amounts advanced by a Noteholder on behalf of the Mortgage Loan Borrower to effect any cure shall be reimbursable
to such Noteholder under Section 3 or Section 4, as applicable.

 

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(b)       Notwithstanding
anything to the contrary contained in Section 11(a), the Subordinate Noteholders collectively shall be limited to six (6) cures
of Monetary Defaults in any 12 month period, but in no event more than twelve (12) cures of Monetary Defaults over the term of
the Mortgage Loan, and six (6) cures of Non-Monetary Defaults over the term of the Mortgage Loan, it being understood that a Non-Monetary
Default Cure Period that may extend longer than one month in accordance with Section 11(d) shall be considered to be a single cure.
Additional Cure Periods shall only be permitted with the reasonable consent of the Lead Senior Noteholder, and in the case of any
cure made by (i) the Note B-2 Holder, the Note B-1 Holder and (ii) the Note B-1 Holder, the Note A-B Holder.

 

(c)       No
action taken by any Subordinate Noteholder in accordance with this Agreement shall excuse performance by the Mortgage Loan Borrower
of its obligations under the Mortgage Loan Documents and the Noteholders’ rights under the Mortgage Loan Documents shall
not be waived or prejudiced by virtue of any Subordinate Noteholder’s actions under this Agreement. Subject to the terms
of this Agreement, the Curing Noteholder shall be subrogated to the Senior Noteholders’ right and, in the case of a cure
by (i) the Note B-2 Holder, to the Note B-1 Holder’s and the Note A-B Holder’s rights and (ii) the Note B-1 Holder,
to the Note A-B Holder’s rights to any payment owing to the Senior Noteholders and, if applicable, to the Note A-B Holder
or the Note B-1 Holder, as applicable, for which the Curing Noteholder makes a cure payment as permitted under this Section 11
but such subrogation rights may not be exercised against the Mortgage Loan Borrower until 91 days after the Senior Notes (and in
the case of any subrogation rights held by (i) the Note B-2 Holder, Note B-1 and Note A-B or (ii) the Note B-1 Holder, Note A-B)
is paid in full.

 

(d)       If
an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary
Default”), the Lead Senior Noteholder (or the Servicer on its behalf) shall promptly provide notice to the Subordinate
Noteholders and the Controlling Noteholder Representative of such failure (the “Non-Monetary Default Notice”)
and the Subordinate Noteholders shall have the right, but not the obligation, to cure such Non-Monetary Default within ten (10)
days from the later of (i) the expiration of the cure period of the Mortgage Loan Borrower under the Mortgage Loan Documents and
(ii) receipt of the Non-Monetary Default Notice; provided, however, if such Non-Monetary Default is susceptible of
cure but cannot reasonably be cured within such period and if curative action was promptly commenced and is being diligently pursued
by the Curing Noteholder, such Curing Noteholder shall be given an additional period of time as is reasonably necessary to enable
such Curing Noteholder in the exercise of due diligence to cure such Non-Monetary Default for so long as (i) the Curing Noteholder
diligently and expeditiously proceeds to cure such Non-Monetary Default, (ii) the Curing Noteholder makes all cure payments that
it is permitted to make in accordance with the terms and provisions of Section 11(a) hereof, (iii) such additional period of time
does not exceed seventy-five (75) days, (iv) such Non-Monetary Default is not caused by an Insolvency Proceeding or during such
period of time that the Curing Noteholder has to cure a Non-Monetary Default in accordance with this Section 11(d) (the “Non-Monetary
Default Cure Period”), an Insolvency Proceeding does not occur and (v) during such Non-Monetary Default Cure Period,
there is no material adverse effect on the Mortgage Loan Borrower or the Mortgaged Property or the value of the Mortgage Loan as
a result of such Non-Monetary Default or the attempted cure. If one or more of the Subordinate Noteholders elect to cure such default,
the most subordinate of such Noteholders will be the “Curing Noteholder” so

 

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long as it is diligently pursuing such
non-monetary cure, and will have the exclusive right to effect such cure. So long as the Curing Noteholder is exercising its cure
rights or the Non-Monetary Default Cure Period has not expired, such Non-Monetary Default shall not be treated as an Event of Default
by the Lead Senior Noteholder (including for purposes of (i) the definition of “Sequential Pay Event,” (ii) accelerating
the Mortgage Loan, modifying, amending or waiving any provisions of the Mortgage Loan Documents or commencing proceedings for foreclosure
or the taking of title by deed-in-lieu of foreclosure or other similar legal proceedings with respect to the Mortgaged Property,
or (iii) treating the Mortgage Loan as a Specially Serviced Mortgage Loan); provided that such limitation shall not prevent
the Lead Senior Noteholder from collecting default interest or late charges from the Mortgage Loan Borrower.

 

Section 12.          Purchase
Rights of Subordinate Noteholders. The Subordinate Noteholders shall have the right, by written notice to the Noteholders of
the Notes senior thereto (a “Noteholder Purchase Notice”), delivered at any time an Event of Default under the
Mortgage Loan has occurred and is continuing, to purchase (such purchasing Noteholder, the “Purchasing Noteholder”),
in immediately available funds, each of the Notes that are senior to such Note, in whole but not in part at the applicable Defaulted
Loan Purchase Price. Upon the delivery of the Noteholder Purchase Notice to the applicable senior Noteholders, the applicable senior
Noteholders shall sell (and the Purchasing Noteholder shall purchase) the applicable senior Notes at the applicable Defaulted Loan
Purchase Price, on a date (the “Defaulted Note Purchase Date”) (i) not more than ten (10) Business Days after
the written exercise by the Purchasing Noteholder to purchase the applicable senior Notes or (ii) not more than thirty (30) days
after the written exercise by the Purchasing Noteholder to purchase the applicable senior Notes if such Purchasing Noteholder deposits
10% of the Defaulted Loan Purchase Price with the selling Noteholder(s) within ten (10) Business Days after the written exercise
of the Purchasing Noteholder to purchase the applicable senior Notes. Any Noteholder Purchase Notice shall contain a statement
that the Noteholder’s failure to purchase the applicable senior Note(s) on a Defaulted Note Purchase Date will result in
the termination of such Noteholder’s right. The Purchasing Noteholder agrees that the sale of the purchased Notes shall comply
with all requirements of the Servicing Agreement and that all costs and expenses related thereto shall be paid by the Purchasing
Noteholder. The Defaulted Loan Purchase Price shall be calculated by the Lead Senior Noteholder (or the Servicer on its behalf)
three (3) Business Days prior to the Defaulted Note Purchase Date (and such calculation shall be accompanied by a listing of all
amounts included in the Defaulted Loan Purchase Price and shall, absent manifest error, be binding upon the Purchasing Noteholder.
Concurrently with the payment to the Senior Noteholders and, if applicable, the Note A-B Holder in immediately available funds
of its respective portion of the applicable Defaulted Loan Purchase Price, the selling Noteholders shall execute at the sole cost
and expense of the Purchasing Noteholder in favor of such Purchasing Noteholder assignment documentation that will assign each
purchased Note and the Mortgage Loan Documents without recourse, representations or warranties (except that each selling Noteholder
shall represent and warrant as to the outstanding principal balance of the Note, that it had good and marketable title to, was
the sole owner and holder of, and had power and authority to deliver the Mortgage Loan or Note, as applicable, free and clear of
all liens and encumbrances). The right of the Subordinate Noteholders to purchase shall automatically terminate upon a foreclosure
sale, sale by power of sale or acceptance of a deed in lieu of foreclosure with respect to the Mortgaged Property (and the Lead
Senior Noteholder shall give the Subordinate Noteholders fifteen (15) days’ notice of its intent with respect to any such

 

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action). Notwithstanding the foregoing sentence, if title to the Mortgaged Property is transferred to the Lead Senior Noteholder
(or a designee on its behalf) less than fifteen (15) days after the acceleration of the Mortgage Loan, the Lead Senior Noteholder
shall notify the Subordinate Noteholders of such transfer and each of the Subordinate Noteholders shall have a fifteen (15) day
period from the date of such notice from the Lead Senior Noteholder to deliver the Noteholder Purchase Notice in accordance with
this Section 12, in which case the Purchasing Noteholder will be obligated to purchase the Mortgaged Property, in immediately
available funds, within such fifteen (15) day period at the applicable Defaulted Purchase Price for such Note(s).

 

In the event
one or more of the Subordinate Noteholders delivers a Noteholder Purchase Notice, the most subordinate Noteholder shall have the
right to exercise the purchase option set forth in this Section 12.

 

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

 

Each of the Subordinate
Noteholders acknowledges that the Senior Noteholders do not owe any of the Subordinate Noteholders any fiduciary duty with respect
to any action taken under the Mortgage Loan Documents and, except as provided herein, need not consult with

 

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any of the Subordinate
Noteholders with respect to any action taken by any Senior Noteholder in connection with the Mortgage Loan.

 

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

 

Section 14.          Representations
of the Senior Noteholders. Each of the Senior Noteholders represents and warrants that the execution, delivery and performance
of this Agreement is within its respective corporate powers, has been duly authorized by all necessary corporate action, and does
not contravene such Senior Noteholder’s charter or any law or contractual restriction binding upon such Senior Noteholder,
and that this Agreement is the legal, valid and binding obligation of such Senior Noteholder, enforceable against it in accordance
with its terms. Each of the Senior Noteholders represents and warrants that it is duly organized, validly existing, in good standing
and possession of all licenses and authorizations necessary to carry on its business. Each of the Senior Noteholders represents
and warrants that (a) this Agreement has been duly executed and delivered by such Senior Noteholder, (b) to such Senior Noteholder’s
actual knowledge, all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body,
if any, required for the execution, delivery and performance of this Agreement by such Senior Noteholder have been obtained or
made and (c) to each of the Senior Noteholder’s actual knowledge, there is no pending action, suit or proceeding, arbitration
or governmental investigation against such Senior Noteholder, an adverse outcome of which would materially and adversely affect
its performance under this Agreement.

 

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

 

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Section 16.          No
Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant hereto
shall be deemed to constitute the relationship created hereby among any of the Noteholders as a partnership, association, joint
venture or other entity. No Noteholder shall have any obligation whatsoever to offer to any other Noteholder the opportunity to
purchase a Note interest in any future loans originated by such Noteholder or its Affiliates and if any Noteholder chooses to offer
to any other Noteholder the opportunity to purchase a Note interest in any future mortgage loans originated by such Noteholder
or its Affiliates, such offer shall be at such purchase price and interest rate as such Noteholder chooses, in its sole and absolute
discretion. No Noteholder shall have any obligation whatsoever to purchase from any other Noteholder a Note interest in any future
loans originated by such Noteholder or its Affiliates.

 

Section 17.          Not
a Security. None of the Notes shall be deemed to be a security within the meaning of the Securities Act of 1933 or the Securities
Exchange Act of 1934.

 

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

 

Section 19.          Sale
of the Notes.

 

(a)       Each
of the Subordinate Noteholders agrees that it will not Transfer all or any portion of its Note except that each such Noteholder
shall have the right to Transfer its respective Note, or any portion thereof, without the consent of the Senior Noteholders or
any other Person (i) to a Qualified Transferee, or (ii) to an entity that is not a Qualified Transferee; provided that:

 

(A) in the
case of both clauses (i) and (ii) such transfer would not cause the applicable Note to be directly held by more than five (5) Persons,
and

 

(B) in the
case of clause (ii) such Noteholder obtains (1) prior to a Securitization, the consent of the Lead Senior Noteholder, which shall
not be unreasonably withheld, delayed or conditioned and (2) after a Securitization, Rating Agency Confirmation (and for avoidance
of doubt, no consent of the Lead Senior Noteholder shall be required after a Securitization).

 

If any of the Subordinate
Notes are held by more than one Noteholder at any time, the holders of a majority of the Principal Balance of such Subordinate
Notes, as applicable, shall immediately appoint a representative to exercise all of the rights allocated to the holder of such
Note hereunder.

 

Notwithstanding the foregoing,
without the Senior Noteholders’ prior consent, which may be withheld in their sole discretion, the Subordinate Noteholders
shall not Transfer all or any portion of its respective Note to the Mortgage Loan Borrower or a Mortgage Loan

 

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Borrower Related
Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee. The Subordinate
Noteholders agree that the transferring Noteholder will pay the reasonable documented expenses of the non-transferring Noteholder
(including all expenses of the Master Servicer and the Special Servicer) in connection with any such Transfer. The Agent shall
provide two (2) Business Days prior written notice to each Rating Agency of any Transfer of any Note.

 

(b)       Notwithstanding
the foregoing, the Subordinate Noteholders shall have the right, without the need to obtain the consent of the Senior Noteholders
or any other Person, to Transfer 49% or less (in the aggregate) of its interest in its Note to any Person; provided that
any such Transfer shall be made in accordance with the other terms of this Section 19.

 

(c)       All
Transfers of the Subordinate Notes, other than transfer of a participation interest in any such Note or a transfer of Note A-B
to a Securitization, under Sections 19(a) and (b) shall be made upon written notice to the Senior Noteholders not later than five
(5) days after the date of such Transfer, and each transferee shall (i) execute an assignment and assumption agreement whereby
such transferee represents that it is a Qualified Transferee (except in the case of a transfer of less than 49% of any Subordinate
Note) or that the applicable consent and/or confirmation described in Section 19(a) has been obtained and assumes all or a ratable
portion, as the case may be, of the obligations of the applicable Subordinate Noteholder hereunder with respect to the applicable
Note from and after the date of such assignment (or, in the case, of a pledge, collateral assignment or other encumbrance made
in accordance with Section 19(g) by the applicable Subordinate Noteholders solely as security for a loan to the applicable Subordinate
Noteholder made by a third-party lender whereby such Noteholder remains fully liable under this Agreement, on or before the date
on which such lender succeeds to the rights of any of the applicable Subordinate Noteholder by foreclosure or otherwise, such third-party
lender executes an agreement that such lender shall be bound by the terms and provisions of this Agreement and the obligations
of the applicable Subordinate Noteholder hereunder) and (ii) agree in writing to be bound by the Servicing Agreement.

 

(d)       Upon
the consummation of a Transfer of all or any portion of any Subordinate Note in accordance with this Agreement, the transferring
Person shall be released from all liability arising under this Agreement with respect to the transferred Note (or the portion thereof
that was the subject of such Transfer), for the period after the effective date of such Transfer (it being understood and agreed
that the foregoing release shall not apply in the case of a sale, assignment, transfer or other disposition of a participation
interest in a Note as described in clause (e) below). In connection with any such permitted transfer of a portion of a Subordinate
Note and for all purposes of this Agreement, the Senior Noteholders need only recognize the majority holder of any of the applicable
Subordinate Note for purposes of notices, consents and other communications between the Senior Noteholders and such majority holder
of the applicable Subordinate Note shall be the only Person authorized hereunder to exercise any rights of the applicable Subordinate
Noteholder under this Agreement; provided, however, the majority holder of each Subordinate Noteholder may from time
to time designate any other Person as an additional party entitled to receive notices, consents and other communications and/or
to exercise rights on behalf of such Noteholder hereunder by delivering written notice thereof to the Senior Noteholders, and,
from and after delivery of such notice, such designee

 

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shall be so authorized hereunder and shall be the only party entitled to
receive such notices, consents and such other communications and/or to exercise such rights.

 

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

 

(f)       Each
of the Senior Noteholders shall have the right to Transfer all or any portion of its Senior Note without the prior consent of any
Noteholder except that, no Senior Noteholder may Transfer all or any portion of its Senior Note to the Mortgage Loan Borrower or
a Mortgage Loan Borrower Related Party and any such Transfer to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related
Party shall be absolutely null and void and shall vest no rights in the purported transferee.

 

(g)       Notwithstanding
anything to the contrary contained herein, each Noteholder may pledge or transfer (a “Pledge”) its Note to any
entity (other than the Mortgage Loan Borrower or any Affiliate thereof) that has either extended a credit or repurchase facility
to, or is involved in the facilitation of a securities issuance program for, such Noteholder 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 19(g), it being further agreed that a financing provided by
a Note Pledgee to a Noteholder or any Affiliate that Controls such Noteholder that is secured by such Noteholder’s interest
in its respective Note and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder; provided
that a Note Pledgee that is not a Qualified Transferee may not take title to the pledged Note without (a) prior to Securitization,
the consent of each other Noteholder and (b) after Securitization, Rating Agency Confirmation. Upon written notice, if any, by
the pledging Noteholder to the other Noteholders and the Servicer that a Pledge has been effected (including the name and address
of the applicable Note Pledgee), each of the other Noteholders agrees to acknowledge receipt of such notice and thereafter agrees:
(i) to give such Note Pledgee written notice of any default by the pledging Noteholder in respect of its obligations under this
Agreement of which default such Noteholder has actual knowledge and which shall be given simultaneously with the giving of such
notice to the pledging Noteholder; (ii) to allow such Note Pledgee a period of ten (10) Business Days to cure a default by the
pledging Noteholders in respect of its obligations to the other Noteholders hereunder, but such Note Pledgee shall not be obligated
to cure any such default; (iii) that no amendment,

 

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modification, waiver or termination of this Agreement shall be effective against
such Note Pledgee without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned
or delayed 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 Business Days after request thereof; (iv) that such other Noteholders
shall accept any cure by such Note Pledgee of any default of the pledging Noteholder which such pledging Noteholder has the right
to effect hereunder, as if such cure were made by such pledging Noteholder; (v) that such other Noteholder or any 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 such other Noteholder; and (vi) that, upon written notice (a “Redirection
Notice”) to the other Noteholders and any Servicer by such Note Pledgee that the pledging Noteholder is in default, beyond
any applicable cure periods with respect to the pledging Noteholder’s obligations to such Note Pledgee pursuant to the applicable
credit agreement or other agreement relating to the Pledge between the pledging Noteholder and such Note Pledgee (which notice
need not be joined in or confirmed by the pledging Noteholder), and until such Redirection Notice is withdrawn or rescinded by
such Note Pledgee, Note Pledgee (or at any time that the pledging Noteholder otherwise directs that such payments be made to Note
Pledgee pursuant to a separate notice) shall be entitled to receive any payments that any Noteholder or Servicer would otherwise
be obligated to pay to the pledging Noteholder from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging
Noteholder hereby unconditionally and absolutely releases the other Noteholders and any Servicer from any liability to the pledging
Noteholder on account of any Noteholders’ or Servicer’s compliance with any Redirection Notice believed by any Servicer
or such other Noteholder 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 Noteholder (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 Noteholder
and the Note Pledgee and this Agreement. In such event, or if the pledging Noteholder otherwise assigns its interests to the Note
Pledgee, the other Noteholders and any Servicer shall recognize such Note Pledgee (and any transferee other than the Mortgage Loan
Borrower or any Affiliate thereof 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 its successor and assigns, as the successor to the pledging Noteholder’s rights,
remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Transferee shall assume in writing the obligations
of the pledging Noteholder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such
Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section
19(g) shall remain effective as to any Noteholder (and any Servicer) unless and until such Note Pledgee shall have notified any
such Noteholder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 21.          Registration
of the Notes. The Agent shall keep or cause to be kept at the Agent Office books (the “Note Register”) for
the registration and transfer of the Notes. The Agent shall serve as the initial Note registrar and the Agent hereby accepts such
appointment. The names and addresses of the holders of the Notes, the principal amount (and stated interest) of the Notes owing
to each Noteholder and the names and addresses of any

 

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transferee of any Note of which the Agent has received notice, in the form
of a copy of the assignment and assumption agreement referred to in Section 19(c), shall be registered in the Note Register. The
Person in whose name a Note is so registered shall be deemed and treated as the sole owner and holder thereof for all purposes
of this Agreement, except in the case of the Initial Noteholders who may hold their Notes through a nominee. Upon request of a
Noteholder, the Agent shall provide such party with the names and addresses of the Noteholders. To the extent another party is
appointed as Agent hereunder, each Noteholder hereby designates such person as its agent under this Section 21 solely for purposes
of maintaining the Note Register.

 

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

 

Section 23.          No
Pledge. This Agreement shall not be deemed to represent a pledge of any interest in any Mortgage Loan by any of the Noteholders.
Except as otherwise provided in this Agreement and the Servicing Agreement, none of the Noteholders, other than the Lead Note Holder,
shall have a direct ownership interest in any property taken as security for any Mortgage Loan, provided, however,
that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then each of such
Noteholders shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the
Servicing Agreement.

 

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

 

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

 

(a)       SUBMITS
FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF
ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL
COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

 

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

 

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

 

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

 

Section 26.          Modifications;
Amendment. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by the parties
hereto (other than as set forth in Section 5(c)) and, after Securitization, any modification that materially affects the rights
of the Senior Noteholders or the Note A-B Holder shall be subject to Rating Agency Confirmation, except that no Rating Agency Confirmation
shall be required in connection with a modification to cure any ambiguity or to correct or supplement any provision herein that
may be defective or inconsistent with any other provisions herein or with the Servicing Agreement.

 

Section 27.          Successors
and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and permitted assigns. Each of the Master Servicer, Special Servicer, and related Trustee is an
intended third-party beneficiary of this Agreement. Except as provided herein, none of the provisions of this Agreement shall be
for the benefit of or enforceable by any Person not a party hereto. Subject to Section 19, each Noteholder may assign or delegate
its rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights and benefits
of the assigning Noteholder, hereunder, including, without limitation, the right to make further assignments.

 

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

 

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

 

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

 

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

 

Section 32.          Withholding
Taxes.

 

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

 

(b)       Each
Non-Lead Senior Noteholder and each Subordinate Noteholder shall and hereby agrees to indemnify the Lead Senior Noteholder against
and hold the Lead Senior Noteholder harmless from and against any Taxes, interest, penalties and reasonable attorneys’ fees
and disbursements arising or resulting from any failure of the Lead Senior Noteholder (or the Servicer on its behalf) to withhold
Taxes from payment made to the Non-Lead Senior Noteholder or the Subordinate Noteholders in reliance upon any representation, certificate,
statement, document or instrument made or provided by any Non-Lead Senior Noteholder or Subordinate Noteholder to the Lead Senior
Noteholder in connection with the obligation of the Lead Senior Noteholder to withhold Taxes from payments made to the Non-Lead
Senior Noteholder or such Subordinate Noteholder, it being expressly understood and agreed that the Lead Senior Noteholder shall
be absolutely and unconditionally entitled to accept any such representation, certificate, statement, document or instrument as
being true and correct in all respects and to fully rely thereon without any obligation or responsibility to investigate or to
make any inquiries with respect to the accuracy, veracity, correctness or validity of the same.

 

(c)       Contemporaneously
with the execution of this Agreement and from time to time as reasonably requested by the Lead Senior Noteholder or Servicer during
the term of this Agreement, each Non-Lead Senior Noteholder and Subordinate Noteholder shall deliver to the Lead Senior Noteholder
or Servicer, as applicable, evidence satisfactory to the Lead Senior Noteholder substantiating whether such Noteholder is a Non-Exempt
Person and whether the Lead Senior Noteholder is obligated under applicable law to withhold Taxes on sums paid to it with respect
to the Mortgage Loan or otherwise under this Agreement. Without limiting the effect of the foregoing, (i) if a Non-Lead Senior
Noteholder or Subordinate Noteholder is created

 

     62

     

    

 

or organized under the laws of the United States, any state thereof or the District
of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the Lead Senior Noteholder an Internal
Revenue Service Form W-9 and (ii) if a Non-Lead Senior Noteholder or Subordinate Noteholder is not created or organized under the
laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or other amounts by the
Mortgage Loan Borrower is treated for United States income tax purposes as derived in whole or part from sources within the United
States, such Noteholder shall satisfy the requirements of the preceding sentence by furnishing to the Lead Senior Noteholder Internal
Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN or Form W-8BEN-E, as applicable, or successor
forms, as may be required from time to time, duly executed by such Noteholder. The Lead Senior Noteholder shall not be obligated
to make any payment hereunder to any Non-Lead Senior Noteholder or Subordinate Noteholder in respect of its Note or otherwise until
such Noteholder shall have furnished to the Lead Senior Noteholder the requested forms, certificates, statements or documents.

 

Section 33.          Custody
of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Non-Lead Senior Notes and any
Subordinate Notes) shall be held by the Lead Senior Noteholder (or a custodian acting on behalf of the Lead Senior Noteholder)
on behalf of the registered holders of the Notes. Notwithstanding anything to the contrary in this Agreement, upon a Securitization
of the Lead Senior Note, the originals of all of the Mortgage Loan Documents (other than the Non-Lead Senior Notes and any Subordinate
Notes held outside of such Securitization of the Lead Senior Note) shall be held by the custodian for the Lead Securitization.

 

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

 

All notices and reports
(including, without limitation, Asset Status Reports) required to be delivered hereunder by the Lead Senior Noteholder (or the
Servicer on its behalf) to the Controlling Noteholder (or its Controlling Noteholder Representative), or by the Controlling Noteholder
(or its Controlling Noteholder Representative) to the Lead Senior Noteholder (or the Servicer on its behalf), shall also be delivered
(or reports made available by access to a website) by the applicable party to the other Noteholders.

 

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

 

Section 36.          Certain
Matters Affecting the Agent.

 

     63

     

    

 

(a)       The
Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer’s certificate
or assignment and assumption agreement delivered to the Agent pursuant to Section 20;

 

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

 

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

 

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

 

(e)       The
Agent shall not be bound to make any investigation into the facts or matters stated in any officer’s certificate or assignment
and assumption agreement delivered to the Agent pursuant to Section 20; and

 

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

 

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

 

The Agent may resign
at any time upon ten (10) days’ prior notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has
agreed to be bound by this Agreement and perform the duties of the Agent hereunder. Natixis, as Initial Agent, may transfer its
rights and obligations to the Servicer, as successor Agent, at any time without the consent of any Noteholder. Natixis, as Initial
Agent, shall promptly and diligently attempt to cause such Servicer to act as successor Agent, and, if such Servicer declines to
act in such capacity, shall promptly and diligently attempt to cause a similar servicer to act as successor Agent. The termination
or resignation of such Servicer, as Servicer under the Servicing Agreement, shall be deemed a termination or resignation of such
Servicer as Agent under this Agreement.

 

Upon a Securitization
of the Lead Senior Note, the Certificate Administrator shall automatically become and be the Agent.

 

Section 38.          Servicing
of the Loan. Pursuant to the Servicing Agreement, the Master Servicer (whose identity may change from time to time as provided
in the Servicing

 

     64

     

    

 

Agreement) will be appointed as the servicer of the Mortgage Loan and the Special Servicer (whose identity may
change from time to time as provided in the Servicing Agreement) will be appointed as the special servicer of the Mortgage Loan,
and the parties agree that the Master Servicer and Special Servicer will service the Mortgage Loan on behalf of each Noteholder
pursuant to the Servicing Agreement and subject to the terms hereof. The Senior Noteholders shall not enter into any amendment
to any Servicing Agreement that would materially and adversely affect the rights or interests of the other Noteholders without
obtaining such other Noteholders’ prior written consent which shall not be unreasonably withheld, conditioned or delayed.

 

Section 39.          Conflict.
To the extent of any inconsistency between the Servicing Agreement, on one hand, and this Agreement (without regard to any references
in this Agreement to the effect that a given defined term shall have the meaning of such defined term or an analogous term in the
Servicing Agreement), on the other, this Agreement shall control.

 

Section 40.          Resizing.
Notwithstanding any other provision of this Agreement, for so long as Natixis or an Affiliate of Natixis (collectively, an “Original
Entity”) is the owner of any Note (the “Owned Note”), such Original Entity shall have the right, subject
to the terms of the Mortgage Loan Documents, to cause the Mortgage Loan Borrower to execute amended and restated notes or additional
notes (in either case, “New Notes”) reallocating the principal and/or interest of the Owned Note to such New
Notes; or severing the Owned Note into one or more further “component” notes in the aggregate principal amount equal
to the then outstanding principal balance of the Owned Note provided that (i) the aggregate principal balance of all outstanding
New Notes following such amendments is no greater than the aggregate principal of the Owned Note prior to such amendments, (ii)
immediately after giving effect to such amendment, the weighted average interest rate of the Notes will be equal to the initial
weighted average interest rate of the Notes immediately prior to such amendment, (iii) such reallocated or component notes shall
be automatically subject to the terms of this Agreement, and (iv) the Original Entity holding the New Notes shall notify the Senior
Noteholders, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in writing of such modified
allocations and principal amounts. A New Note may be structured as a pari passu or senior/subordinate note. If the Lead
Senior Noteholder so requests, the Original Entity holding the New Notes (and any subsequent holder of such Notes) shall execute
a confirmation of the continuing applicability of this Agreement to the New Notes, as so modified. Except for the foregoing reallocation
and for modifications pursuant to the Servicing Agreement (as discussed in Section 5), no Note may be modified or amended without
the consent of its holder and the consent of the related Noteholder. In connection with the foregoing (provided the conditions
set forth in (i) through (iv), as certified by the Original Entity, on which certification the Master Servicer can rely), the Master
Servicer is hereby authorized and directed to execute amendments to the Mortgage Loan Documents and this Agreement on behalf of
any or all of the Noteholders, as applicable, solely for the purpose of reflecting such reallocation of principal and/or interest.
If a New Note is created out of the Lead Senior Note, the Original Entity shall designate which Note will eligible for “control”
during a Control Appraisal Period and the holders of all other New Notes will be treated as “Non-Controlling Senior Noteholders.”
If a New Note is created out of the Lead Note, the Lead Senior Noteholder shall designate which Note will be in the Lead Securitization.

 

     65

     

    

 

[SIGNATURE PAGE FOLLOWS]

 

     66

     

    

 

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

 

	 	NATIXIS REAL ESTATE
    CAPITAL LLC, 

as Initial Note A-1 Holder and Initial Agent
	 	 	 
	 	By:	/s/ Matthew Feast
	 	 	Name:   Matthew Feast
	 	 	Title:     Director
	 	 	 
	 	By:	/s/ Matthew McGowan
	 	 	Name: Matthew McGowan
	 	 	Title:   Vice President

 

	 	NATIXIS REAL ESTATE
    CAPITAL LLC, 

as Initial Note A-2 Holder
	 	 	 
	 	By:	/s/ Matthew Feast
	 	 	Name:   Matthew Feast
	 	 	Title:     Director
	 	 	 
	 	By:	/s/ Matthew McGowan
	 	 	Name: Matthew McGowan
	 	 	Title:   Vice President

 

	 	NATIXIS REAL ESTATE
    CAPITAL LLC, 

as Initial Note A-3 Holder
	 	 	 
	 	By:	/s/ Matthew Feast
	 	 	Name:   Matthew Feast
	 	 	Title:     Director
	 	 	 
	 	By:	/s/ Matthew McGowan
	 	 	Name: Matthew McGowan
	 	 	Title:   Vice President

 

NCMS 2019-NEMA: CO-LENDER
AGREEMENT (A-1)

 

     

     

    

 

	 	NATIXIS REAL ESTATE
    CAPITAL LLC, 

as Initial Note A-4 Holder
	 	 	 
	 	By:	/s/ Matthew Feast
	 	 	Name:   Matthew Feast
	 	 	Title:     Director
	 	 	 
	 	By:	/s/ Matthew McGowan
	 	 	Name: Matthew McGowan
	 	 	Title:   Vice President

 

	 	NATIXIS REAL ESTATE
    CAPITAL LLC, 

as Initial Note A-5 Holder
	 	 	 
	 	By:	/s/ Matthew Feast
	 	 	Name:   Matthew Feast
	 	 	Title:     Director
	 	 	 
	 	By:	/s/ Matthew McGowan
	 	 	Name: Matthew McGowan
	 	 	Title:   Vice President

 

	 	NATIXIS REAL ESTATE
    CAPITAL LLC, 

as Initial Note A-B Holder
	 	 	 
	 	By:	/s/ Matthew Feast
	 	 	Name:   Matthew Feast
	 	 	Title:     Director
	 	 	 
	 	By:	/s/ Matthew McGowan
	 	 	Name: Matthew McGowan
	 	 	Title:   Vice President

 

NCMS 2019-NEMA: CO-LENDER AGREEMENT (A-1)

 

     

     

    

 

	 	NATIXIS REAL ESTATE
    CAPITAL LLC, 

as Initial Note B-1 Holder
	 	 	 
	 	By:	/s/ Matthew Feast
	 	 	Name:   Matthew Feast
	 	 	Title:     Director
	 	 	 
	 	By:	/s/ Matthew McGowan
	 	 	Name: Matthew McGowan
	 	 	Title:   Vice President

 

	 	NATIXIS REAL ESTATE
    CAPITAL LLC, 

as Initial Note B-2 Holder
	 	 	 
	 	By:	/s/ Matthew Feast
	 	 	Name:   Matthew Feast
	 	 	Title:     Director
	 	 	 
	 	By:	/s/ Matthew McGowan
	 	 	Name: Matthew McGowan
	 	 	Title:   Vice President

 

NCMS 2019-NEMA: CO-LENDER AGREEMENT (A-1)

 

     

     

    

  

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

A.       Description of
Mortgage Loan:

 

	Mortgage Loan:	NEMA San Francisco
	Mortgage Loan Borrower:	Tenth and Market, LLC
	Date of the Mortgage Loan and the Mortgage:	February 8, 2019
	Initial Principal Amount of Mortgage Loan:	$384,000,000
	Location of Mortgaged Property:	8 10th Street, San Francisco, California
	Initial Maturity Date:	February 10, 2029

 

B.       Description of
Notes:

 

	Initial Note A-1 Principal Balance:	$130,000,000
	Initial Note A-2 Principal Balance:	$25,000,000
	Initial Note A-3 Principal Balance:	$25,000,000
	Initial Note A-4 Principal Balance:	$10,000,000
	Initial Note A-5 Principal Balance:	$15,000,000
	Initial Note A-B Principal Balance:	$69,000,000
	Initial Note A-1 Principal Balance:	$60,000,000
	Initial Note B-2 Principal Balance:	$50,000,000
	Initial Note A-1 Percentage Interest:	33.85%

 

    A-1

     

    

 

	Initial Note A-2 Percentage Interest:	6.51%
	Initial Note A-3 Percentage Interest:	6.51%
	Initial Note A-4 Percentage Interest:	2.60%
	Initial Note A-5 Percentage Interest:	3.91%
	Initial Note A-B Percentage Interest:	17.97%
	Initial Note B-1 Percentage Interest:	15.63%
	Initial Note B-2 Percentage Interest:	13.02%
	Senior Note Rate:	4.43598540291971%
	Note A-B Rate:	4.43598540291971%
	Note B-1 Rate	4.8000%
	Note B-2 Rate:	5.9500%
	Note Default Interest Spread:	5.00%

 

    A-2

     

    

 

EXHIBIT B

 

Initial Noteholders:

NATIXIS REAL ESTATE CAPITAL LLC

Notice Address:

Natixis Real Estate Capital LLC

1251 Avenue of the Americas

New York, New York 10020

Attention: Real Estate Administration

Facsimile: (212) 891-5777

Email: USCIBSAFAssetManagementTeam@natixis.com

 

with a copy to:

Natixis North America LLC

Office of the General Counsel

1251 Avenue of the Americas

New York, New York 10020

 

for legal notices, with a copy to:

CMBSlegal.notices@natixis.com

  

    B-1

     

    

 

EXHIBIT C

PERMITTED FUND MANAGERS

 

Westbrook Partners

iStar Financial Inc.

Capital Trust

Archon Capital, L.P.

Whitehall Street Real Estate Fund, L.P.

The Blackstone Group

Normandy Real Estate Partners

Dune Real Estate Partners

AllianceBernstein

Rockwood

RREEF Funds

Hudson Advisors

Artemis Real Estate Partners

Apollo Real Estate Advisors

Colony Capital, Inc.

Praedium Group

Fortress Investment Group, LLC

Lonestar Opportunity Funds

Clarion Partners

Walton Street Capital, LLC

Starwood Financial Trust

BlackRock, Inc.

Eightfold Real Estate Capital, L.P.

Rialto Capital Management, LLC

Rialto Capital Advisors, LLC

Raith Capital Partners, LLC

 

    C-1

     

    

 

SCHEDULE I

 

The Securitization Servicing
Agreement shall provide that:

 

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

 

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

 

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

 

(iv)        the
Master Servicer agrees to make available to the master servicers under the Non-Lead Securitization Servicing Agreements the CREFC®
Investor Reporting Package® (as defined in the Servicing Agreement) pursuant to the terms of the Servicing Agreement
on a monthly basis on the applicable Master Servicer Remittance Date;

 

(v)         the
Master Servicer, any primary servicer, the Special Servicer and the Lead Trustee, certificate administrator or other party acting
as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other servicer and servicing
function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged by it to deliver),
to the parties to the Non-Lead Securitization Servicing Agreements, at its own expense, in a timely manner, the reports, certifications,
compliance statements, accountants’ assessments and attestations, information to be included in reports (including, without
limitation, Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the other Servicing Agreements as
the parties to the Non-Lead Securitizations may require in order to comply with their obligations under the Securities Act of 1933,
as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other applicable law.
Without limiting the generality of the foregoing, the Lead Senior Noteholder for a Lead Securitization shall provide in a timely
manner to the depositor and the trustee for any prior Securitization a copy of the Servicing Agreement and each Lead Servicer (at
the expense of the Lead Senior Noteholder) will be required, upon prior written request, to provide

 

    Schedule I-1

     

    

 

to the depositor and the trustee
for any prior Securitization any other information required to comply in a timely manner with applicable filing requirements under
Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB in a timely manner for inclusion
in any disclosure document (and, with respect to the Servicing Agreement, for filing under Form 8-K), and with respect to the Lead
Servicers, upon prior written request, market indemnification agreements, opinions and Regulation AB compliance letters as were
or are being delivered with respect to the Lead Securitization. As used in this Agreement, “Regulation AB” means Subpart
229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as such may be amended from
time to time, and subject to such clarification and interpretation as have been provided by the United States Securities and Exchange
Commission (the “Commission”) or by the staff of the Commission, or as may be provided by the Commission or its staff
from time to time, in each case as effective from time to time as of the compliance dates specified therein. The Master Servicer,
any primary servicer and the Special Servicer, upon prior written request, shall each be required to provide certification and
indemnification to each Certifying Person with respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms are
defined in the applicable Non-Lead Securitization Servicing Agreement;

 

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

 

(vii)       provide
that, with respect to the Non-Lead Senior Notes , the Master Servicer shall withdraw from the related Collection Account and remit
to the Holder of each Non-Lead Senior Note, within one (1) Business Day of receipt of properly identified funds, any amounts that
represent late collections or principal prepayments on such Non-Lead Senior Note or any successor REO Property with respect thereto
(exclusive of any portion of such amount payable or reimbursable to any third party in accordance with this Agreement), unless
such amount would otherwise be included in the monthly remittance to the Holder of such Non-Lead Senior Note for such month; 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 or principal prepayments to each Non-Lead Master
Servicer within one Business Day of receipt of properly identified funds but, in any event, the Master Servicer shall remit such
amounts within two Business Days of receipt of properly identified funds;

 

(viii)       each
Non-Lead Senior Noteholders and Subordinate Noteholder is an intended third-party beneficiary in respect of the rights afforded
it under the Servicing Agreement and each master servicer under a Non-Lead Securitization Servicing Agreement will be entitled
to enforce the rights of the related Trustee

 

    Schedule I-2

     

    

 

with respect to such Non-Lead Senior Note under this Agreement and the Servicing Agreement;
and

 

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

 

(x)          it
shall not be amended in a manner that materially and adversely affects the rights of a Non-Lead Senior Noteholder without its consent;
and

 

(xi)        satisfy
Moody’s rating methodology as of the closing date of the Lead Securitization related to permitted investments and eligible
accounts applicable to securities rated “Aaa” by Moody’s;

 

(xii)       provide
that, in connection with (A) any amendment of the Servicing Agreement, a party to such Servicing Agreement is required to provide
a copy of the executed amendment to the depositor under each Non-Lead Securitization Servicing Agreement and one or more parties
to the related Non-Lead Securitization Servicing Agreement (which may be by e-mail), together with a copy of such amendment in
electronic format, no later than the effective date of such amendment, and (B) the termination, resignation and/or replacement
of the Master Servicer or Special Servicer under the Servicing Agreement, the replacement “master servicer” or replacement
“special servicer”, as applicable, is required to provide to the depositor under each Non-Lead Securitization Servicing
Agreement and one or more parties to the related Non-Lead Securitization Servicing Agreement all disclosure about itself that is
required to be included in Form 8-K no later than the date of effectiveness thereof;

 

(xiii)       provide
that “servicer termination events” (or any analogous term under the Servicing Agreement) include customary market termination
events with respect to failure to make advances, failure to remit payments to a Non-Lead Senior Noteholder as required, failure
to deliver (or cause to be delivered) materials or information required in order for a Non-Lead Senior Noteholder or the depositor
under the Non-Lead Securitization Servicing Agreement to timely comply with its obligations under the Exchange Act, the Securities
Act or Form SF-3, and for rating agency triggers with respect to any Certificates, subject to customary grace periods (provided
that, in the case of failures related to the securities laws, such grace periods will not cause a depositor under the Non-Lead
Securitization Servicing Agreement to fail to comply with the applicable provisions of such securities laws);

 

(xiv)       provide
that if a Non-Lead Senior Note becomes the subject of an “asset review” under the Non-Lead Securitization Servicing
Agreement, the applicable parties to the Servicing Agreement are required to reasonably

 

    Schedule I-3

     

    

 

cooperate with the related asset representations
reviewer or other applicable party to the Non-Lead Securitization Servicing Agreement in connection with such asset review, including
with respect to providing access to related underlying documents to the extent the asset representations reviewer or such other
applicable party to the Non-Lead Securitization Servicing Agreement has not obtained such documents from a Non-Lead Senior Noteholder
and such documents are in the possession of the applicable party to the Servicing Agreement; and

 

(xv)       have
provisions materially consistent with those set forth in the Model Servicing Agreement with respect to:

 

(1)       servicing transfer events that would result in the transfer of the Mortgage Loan to special servicing status;

 

(2)       the
authority of the servicers in the Non-Lead Securitization to grant or agree or consent to material modifications, waivers and amendments
to the Mortgage Loan, or to approve material assignments and assumptions or material additional indebtedness in connection with
the Mortgage Loan;

 

(3)       requirements
to obtain an appraisal or appraisal update following a transfer of the Mortgage Loan to special servicing status and periodic updates
thereof;

 

(4)       duties
of the special servicer in respect of foreclosure and the management of REO property; and

 

(5)       subject
to various adjustments and caps provided for in the Lead Securitization Servicing Agreement (which shall be substantially similar
to those set forth in the Non-Lead Securitization Servicing Agreement), primary servicing, special servicing, workout and liquidation
fees,

 

provided, however,
that (1) this clause (xv) shall not be construed to prohibit differences in timing, control or consultation triggers or thresholds,
terminology, allocation of ministerial duties between multiple servicers or other service providers or certificate holder or investor
voting or consent thresholds, or to prohibit or restrict additional approval, consent, consultation, notice or rating agency confirmation
requirements; and (2) in the event of any conflict between this sentence and any other provision of this Agreement, such other
provision of the Agreement shall control.

  

    Schedule I-4

     

    

 

SCHEDULE II

 

If a Non-Lead Senior
Note is included in a Securitization, it shall cause its respective Non-Lead Securitization Servicing Agreement to contain provisions
to the effect that:

 

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

 

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

 

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

 

(iv)       each
of the Master Servicer and the Special Servicer shall be indemnified (as and to the extent the trust established under the Lead
Securitization is required to indemnify each such party) against any claims, losses, penalties, fines, forfeitures, legal fees
and related costs, judgments and any other costs, liabilities, fees and expenses, incurred in connection with any servicing agreement
that relate solely to its servicing of the Mortgage Loan, as applicable, and the master servicer under the Non-Lead Securitization
Servicing Agreement will be required to reimburse the Master Servicer, Special Servicer or Trustee, as applicable, out of general
funds in the collection account (or equivalent account) established under the Non-Lead Securitization Servicing Agreement for the
Non-Lead Noteholder’s proportionate share of such amounts;

 

(v)       each
of the trustee and the master servicer under a Non-Lead Securitization Servicing Agreement, as applicable, shall acknowledge that,

 

    Schedule II-1

     

    

 

(i) each of the Master Servicer and the Trustee will be a third party beneficiary under such Non-Lead Securitization Servicing
Agreement with respect to any provisions therein relating to (1) the reimbursement for such Non-Lead Noteholder’s proportionate
share of any nonrecoverable advances made with respect to such Non-Lead Senior Note by the Master Servicer or the Trustee and (2)
as to the Master Servicer only, the indemnification of the Master Servicer against the Non-Lead Noteholder’s proportionate
share of any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities,
fees and expenses, incurred in connection with any Servicing Agreement or Non-Lead Securitization Servicing Agreement and relating
to the Non-Lead Senior Note and (ii) the Special Servicer will be a third party beneficiary under such Non-Lead Securitization
Servicing Agreement with respect to any provisions therein relating to (1) the reimbursement for the Non-Lead Senior Noteholder’s
proportionate share of any nonrecoverable advances made with respect to such Non-Lead Senior Note by the Special Servicer (it being
understood that the Special Servicer is not required to make any Advances) and (2) the indemnification of the Special Servicer
against such Non-Lead Senior Noteholder’s proportionate share of any claims, losses, penalties, fines, forfeitures, legal
fees and related costs, judgments and any other costs, liabilities, fees and expenses, incurred in connection with any Servicing
Agreement or Non-Lead Securitization Servicing Agreement and relating to such Non-Lead Senior Note; and

 

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

 

    Schedule II-2Exhibit 4.15

 

AGREEMENT
BETWEEN NOTEHOLDERS

Dated
as of January 9, 2019

by and between

Societe Generale Financial Corporation

(Initial Note A-1A Holder)

 

Societe Generale Financial Corporation

(Initial Note A-1B Holder)

 

Societe Generale Financial Corporation

(Initial Note A-1C Holder)

 

Societe Generale Financial Corporation

(Initial Note A-1D Holder)

 

Societe Generale Financial Corporation

(Initial Note A-2 Holder)

 

Societe Generale Financial Corporation

(Initial Note B Holder)

 

787 Eleventh Avenue

    	 	 

     

    

THIS AGREEMENT BETWEEN NOTEHOLDERS
(“Agreement”), dated as of January 9, 2019, by and between SOCIETE GENERALE FINANCIAL CORPORATION (“SGFC”),
as initial owner of the Note A-1A (in such capacity, the “Initial Note A-1A Holder”) and as initial agent (in
such capacity, the “Initial Agent”), SOCIETE GENERALE FINANCIAL CORPORATION, as initial owner of Note A-1B (in
such capacity, the “Initial Note A-1B Holder”), SOCIETE GENERALE FINANCIAL CORPORATION, as initial owner of
Note A-1C (in such capacity, the “Initial Note A-1C Holder”), SOCIETE GENERALE FINANCIAL CORPORATION, as initial
owner of Note A-1D (in such capacity, the “Initial Note A-1D Holder”, and together with the Initial Note A-1A
Holder, the Initial Note A-1B Holder and the Initial Note A-1C Holder, the “Initial Note A-1 Holders”), SOCIETE
GENERALE FINANCIAL CORPORATION, as initial owner of Note A-2 (in such capacity, the “Initial Note A-2 Holder”),
and SOCIETE GENERALE FINANCIAL CORPORATION, as initial owner of Note B (the “Initial Note B Holder” and, together
with the Initial Note A-1 Holders and the Initial Note A-2 Holder, the “Initial Noteholders”).

W I T N E S S E T H:

WHEREAS, pursuant
to the Mortgage Loan Agreement (as defined herein), SGFC originated a certain loan (the “Mortgage Loan”) described
on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage loan borrower
described on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which was initially evidenced by an
Amended, Restated and Consolidated Promissory Note (the “Original Note”) in the aggregate amount of $410,000,000,
secured by a first mortgage on one or more parcels of real property located as described on the Mortgage Loan Schedule (the “Mortgaged
Property”), dated January 9, 2019.

WHEREAS, pursuant
to a Note Splitter Agreement, dated as of January 9, 2019, the Original Note has been split and the Mortgage Loan is presently
evidenced by the following six (6) notes:

 (i)    
Promissory Note A-1A in the principal amount of $70,000,000 (“Note A-1A”),

 (ii)    
Promissory Note A-1B in the principal amount of $45,000,000 (“Note A-1B”),

(iii)    
Promissory Note A-1C in the principal amount of $30,000,000 (“Note A-1C”),

(iv)    
Promissory Note A-1D in the principal amount of $30,000,000 (“Note A-1D”),

 (v)    
Promissory Note A-2 in the principal amount of $117,500,000 (“Note A-2”), and

(vi)    
Promissory Note B in the principal amount of $117,500,000 (“Note B”);

WHEREAS, SGFC intends
to sell, transfer and assign all of its right, title and interest in and to Note A-1A and Note A-2 to SGFC Commercial Mortgage
Securities, LLC (“SGCMS”), as depositor, pursuant to a Loan Purchase Agreement to be dated as of February 20,
2019, by and between SGCMS, as purchaser, and SGFC, as seller, and SGCMS intends to

    	 	2	 

     

    

transfer its right, title and interest
in and to Note A-1A and Note A-2 to Wilmington Trust, National Association, as trustee for the SG Commercial Mortgage Securities
Trust 2019-787E, Commercial Mortgage Pass-Through Certificates, Series 2019-787E under a trust and servicing agreement (the “SGCMS
2019-787E TSA”), dated as of February 20, 2019, among SGCMS, as depositor, Wells Fargo Bank, National Association, as
servicer, AEGON USA Realty Advisors, LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator
and as custodian, and Wilmington Trust, National Association, as trustee;

WHEREAS, SGFC intends,
but is not bound, to sell, transfer and assign all or a portion of its right, title and interest in and to Note A-1B, Note A-1C
and Note A-1D 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, each Initial
Noteholder desires to enter into this Agreement to memorialize the terms under which it will hold the Notes;

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

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

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

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

“Additional
Servicing Expenses” shall mean (a) all Property Protection Advances, fees and/or expenses incurred by and reimbursable
to any Servicer or Trustee pursuant to the Servicing Agreement, and (b) all interest accrued on Advances made by (x) any Servicer
or Trustee in accordance with the terms of the Servicing Agreement or (y) any Non-Lead Servicer or Non-Lead Trustee in accordance
with the terms of the related Non-Lead Servicing Agreement; provided that the aggregate special servicing administration
fee (which fee is payable solely during the period that the Mortgage Loan is a Specially Serviced Mortgage Loan) shall not exceed
an amount equal to 0.25% per annum of the outstanding principal balance of the Mortgage Loan, the special servicing liquidation
fee (or equivalent) shall not exceed 0.5% of the collections made with respect to the Mortgage Loan or any sums received from proceeds
from the disposition of the Mortgaged Property or the Mortgage Loan, as the case may be, and the special servicing workout fee
(or equivalent) shall not exceed 0.5% of the collections made with respect to the Mortgage Loan while the Mortgage Loan is a performing
or “corrected” loan (or such other analogous term pursuant to the Servicing Agreement), all subject to adjustments
and caps as set forth in the Servicing Agreement.

    	 	3	 

     

    

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

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

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

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

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

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

“Agent Office”
shall mean the designated office of the Agent, which office initially shall be the office of the Initial Note A-1A Holder listed
on Exhibit B hereto and, after the Securitization Date, shall be the offices of the Certificate Administrator. The Agent
Office is the address to which notices to and correspondence with the Agent should be directed. The Agent may change the address
of its designated office by notice to the Noteholders.

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

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

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

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

“Asset Representations
Reviewer” shall have the meaning assigned to such term in the Servicing Agreement, as applicable.

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

    	 	4	 

     

    

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

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

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

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

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

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

“Collection
Account” shall have the meaning assigned to such term (or equivalent term) in the Servicing Agreement.

“Companion
Distribution Account” shall have the meaning assigned to such term (or equivalent term) in the Servicing Agreement.

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

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

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

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

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

“Control
Appraisal Period” means:

(a)   with
respect to Note B, a Note B Control Appraisal Period; and

(b)   with
respect to Note A-2, a Note A-2 Control Appraisal Period.

    	 	5	 

     

    

“Controlling
Class Representative” shall have the meaning assigned to the term “Directing Holder” in the Servicing Agreement.

“Controlling
Noteholder” shall mean as of the Closing Date, the Note B Holder, and thereafter, as of any date of determination:

(a)      
if a Note B Control Appraisal Period has occurred and is continuing, but a Note A-2 Control Appraisal Period has not occurred
and is not continuing, the Note A-2 Holder; and

(b)     
if a Note A-2 Control Appraisal Period has occurred and is continuing, the Note A-1A Holder.

At any time that a
Note is included in a Securitization and the holder of such Note is the “Controlling Noteholder” pursuant to this definition,
the rights of the “Controlling Noteholder” herein may be exercised by the holders of the majority of the class of securities
issued in such Securitization designated as the “controlling class” or such other class(es) otherwise assigned the
rights to exercise the rights of the “Controlling Noteholder” hereunder, as and to the extent provided in the applicable
Servicing Agreement.

If at any time 50%
or more of Note A-1A is held by (or the majority “controlling class” holder or other party assigned the rights to exercise
the rights of the Controlling Noteholder (as described above) is) the Mortgage Loan Borrower or a Mortgage Loan Borrower Related
Party, the Note A-1A Holder shall not be entitled to exercise any rights of the Controlling Noteholder and neither the Note A-1A
Holder nor any other person (so long as a Note A-2 Control Appraisal Period has occurred and is continuing) shall be entitled to
exercise the rights of the Controlling Noteholder (and if Note A-1A is included in a Securitization, the applicable Pooling and
Servicing Agreement shall contain limitations on the rights of the Controlling Noteholder that can be exercised by a certificateholder
that is the Mortgage Loan Borrower or has certain relationships with the Mortgage Loan Borrower).

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

“CREFC®
Investor Reporting Package” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

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

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

“Defaulted
Mortgage Loan Purchase Price” shall mean, with respect to the exercise of the right to purchase of the Senior Notes pursuant
to Section 12, the sum, without duplication, of the following amounts with respect to each such purchased Note:

(a) the Principal
Balance of each Senior Note;

    	 	6	 

     

    

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

(c) any other amounts
due under the Mortgage Loan, other than Prepayment Premiums, default interest, late fees, exit fees and any other similar fees,
provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser, the Defaulted Mortgage
Loan Purchase Price shall include Prepayment Premiums, default interest, late fees, exit fees and any other similar fees;

(d) without duplication
of amounts under clause (c), any unreimbursed Property Protection Advances or Administrative Advances and any expenses incurred
in enforcing the Mortgage Loan Documents (including, without limitation, Property Protection Advances or Administrative Advances
payable or reimbursable to any Servicer, and earned and unreimbursed special servicing fees);

(e) without duplication
of amounts under clause (c), any accrued and unpaid Advance Interest Amount;

(f) any amounts payable
in respect of the Mortgage Loan to the Asset Representations Reviewer;

(g) if (i) the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser or (ii) the Mortgage Loan is purchased after ninety (90)
days after the first such option becomes exercisable pursuant to Section 12 of this Agreement, any liquidation or workout
fees payable under the Servicing Agreement with respect to the Mortgage Loan; and

(h) any Recovered
Costs not reimbursed previously to any Senior Note pursuant to this Agreement.

Notwithstanding the
foregoing, if the Note B Holder is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted
Mortgage Loan Purchase Price shall not include the amounts described under clauses (d) through (h) of this definition.
If the Mortgage Loan is converted into a Foreclosed Property, for purposes of determining the Defaulted Mortgage Loan Purchase
Price, interest will be deemed to continue to accrue on the Senior Notes at the applicable Note Rate, as if the Mortgage Loan were
not so converted. In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Note B Holder
under this Agreement.

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

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

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

    	 	7	 

     

    

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

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

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

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

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

“Indemnified
Items” shall mean, collectively, 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 Servicing Agreement.

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

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

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

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

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

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

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

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

    	 	8	 

     

    

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

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

“Initial
Senior Noteholders” shall mean, collectively, the Initial Note A-1A Holder, the Initial Note A-1B Holder, the Initial
Note A-1C Holder, the Initial Note A-1D Holder and the Initial Note A-2 Holder.

“Insolvency
Proceeding” shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or any other
insolvency, liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action for the dissolution
of the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the application of the assets of the Mortgage
Loan Borrower for the benefit of its creditors, the appointment of or any proceeding seeking the appointment of a trustee, receiver
or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower or any other action concerning
the adjustment of the debts of the Mortgage Loan Borrower, the cessation of business by the Mortgage Loan Borrower, except following
a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage Loan Borrower in a transaction
permitted under the Mortgage Loan Documents; provided, however, that following any such permitted transaction affecting
the title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement shall be defined to mean the successor
owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage Loan Documents; provided,
further, however, that for the purposes of this definition, in the event that more than one entity comprises the
Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall collectively refer to any such entity or entities.

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

“Interim
Servicing Agreement” shall mean that certain interim servicing agreement to be negotiated in good faith between the parties
hereto after the date hereof. Until such time as the parties hereto execute an Interim Servicing Agreement, the Noteholders shall
cause the Mortgage Loan to be serviced by Societe Generale Financial Corporation, who shall cause Wells Fargo Bank, N.A. to subservice
the Mortgage Loan in accordance with this Agreement and the customary and usual servicing practices of originators of commercial
mortgage loans intended to be securitized. The Servicing Fee Rate under the Interim Servicing Agreement will be one (1) basis point
per annum, paid monthly based on the outstanding principal balance of the Notes and calculated on the same basis as interest
on the Mortgage Loan.

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

    	 	9	 

     

    

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

“Lead Securitization”
shall mean (a) during the period from and after the Securitization Date and prior to the SGCMS 2019-787E Securitization Date, the
Securitization of the first Note or portion thereof and (b) on and after the SGCMS 2019-787E Securitization Date, the SGCMS 2019-787E
Securitization.

“Lead Securitization
Note” shall mean (a) during the period from and after the Securitization Date and prior to the SGCMS 2019-787E Securitization
Date, the related first Note or portion thereof contributed to a Securitization, and (b) on and after the SGCMS 2019-787E Securitization
Date, Note A-1A, except that for so long as Note A-1A and Note A-2 are included in the SGCMS 2019-787E Securitization, Lead Securitization
Note shall mean, collectively, Note A-1A and Note A-2.

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

“Lead Securitization
Servicing Agreement” shall mean the Pooling and Servicing Agreement to be entered into in connection with the Securitization
of the Lead Securitization Note.

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

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

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

“Major Decisions”
shall mean any of the following:

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

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

(iii)    
any sale of the defaulted Mortgage Loan or the Foreclosed Property for less than the applicable Defaulted Mortgage Loan
Purchase Price;

    	 	10	 

     

    

(iv)    
any determination to bring the Mortgaged Property or the Foreclosed Property into compliance with applicable environmental
laws or to otherwise address hazardous material located at the Foreclosed Property;

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

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

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

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

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

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

(xi)    
any determination of an Acceptable Insurance Default;

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

(xiii)  
any approval of any Material Lease (as defined in the Mortgage Loan Agreement);

    	 	11	 

     

    

(xiv)   
after a condominium conversion in accordance with the Mortgage Loan Agreement, any material modification, change, supplement,
alteration or amendment to, or termination of, any of the condominium documents;

(xv)    
following an Event of Default, any exercise of material remedies, including the acceleration of the Mortgage Loan or initiation
of any proceedings, judicial or otherwise, under the related Mortgage Loan Documents;

(xvi)   
the execution, renewal, extension, modification or termination of any Material Lease, to the extent lender approval is required
under the Mortgage Loan Documents;

(xvii)  
any adoption of a budget submitted by the Mortgage Loan Borrower during the continuance of a Cash Management Period (as
defined in the Mortgage Loan Agreement), to the extent lender approval is required under the Mortgage Loan Documents;

(xviii) 
voting (including the refraining from voting) on any plan of reorganization, restructuring or similar plan in the bankruptcy
of the Mortgage Loan Borrower; or

(xix)   
any approval or adoption of any material alteration at the Mortgaged Property, to the extent lender approval is required
under the Mortgage Loan Documents.

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

“Master Servicer
Remittance Date” shall mean:

(a) 
with respect to Note A-1A and Note A-2, the “Remittance Date” (or analogous term) as defined in the Servicing
Agreement; and

(b) 
with respect to each Non-Lead Securitization Note and Note B, the earlier of (a) the “Remittance Date” (or analogous
term) as defined in the Servicing Agreement or (b) the first Business Day after the “determination date,” as such term
or a similar term is defined in the applicable Pooling and Servicing Agreement, provided, however, that no remittance
is required to be made until two (2) Business Days after receipt of the scheduled monthly payment with respect to the Mortgage
Loan.

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

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

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

    	 	12	 

     

    

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

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

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

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

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

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

“Mortgage
Loan Agreement” shall mean the Loan Agreement, dated as of January 9, 2019, between the Mortgage Loan Borrower and SGFC,
as the same may be amended, restated, renewed, extended, modified or supplemented from time to time, subject to the terms hereof.

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

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

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

“Mortgage
Loan Rate” shall mean, as of any date of determination, the weighted average of the Note Rates of each of the Notes.

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

“Net Note
Rate” shall mean, with respect to each Note, the applicable Note Rate minus the Servicing Fee Rate.

“New Notes”
shall have the meaning assigned to such term in Section 40.

“Non-Controlling
Note” shall mean each of Note A-1A, Note A-1B, Note A-1C, Note A-1D and Note A-2, or any New Note(s) issued in respect
thereof; provided that any such Note shall be excluded from this definition for so long as the related Noteholder is the
Controlling Noteholder.

“Non-Controlling
Noteholder” means each holder of a Non-Controlling Note; provided that, at any time a Non-Controlling Note is
included in a Securitization, the

    	 	13	 

     

    

consultation and other rights of a “Non-Controlling
Noteholder” herein may be exercised by the Non-Lead Securitization Controlling Class Representative under the related Non-Lead
Securitization Servicing Agreement or any other party assigned the rights to exercise the rights of a Non-Controlling Noteholder
pursuant to the related Non-Lead Servicing Agreement and as to the identity of which the Master Servicer and the Special Servicer
has been given written notice; provided, further, that for so long as a Non-Controlling Note is held by (or the majority
“controlling class” holder or other party assigned the right to exercise the rights of such Non-Controlling Noteholder
(as described above) is) the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, such Non-Controlling Note (and
such party assigned the right to exercise the rights of such Non-Controlling Noteholder as described above) shall not be entitled
to exercise any right of such Non-Controlling Noteholder, and there shall be deemed to be no Non-Controlling Noteholder hereunder
with respect to such Non-Controlling Note.

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

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

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

“Non-Lead
Securitization Controlling Class Representative” shall mean the holders of the majority of the class of securities issued
in the Securitization of a Non-Lead Securitization Note designated as the “controlling class” pursuant to the related
Non-Lead Servicing Agreement or their duly appointed representative; provided that if any such majority “controlling
class” holder or representative is the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, no person shall
be entitled to exercise the rights of such Non-Lead Securitization Controlling Class Representative.

“Non-Lead
Securitization Note” shall mean each Note A-1 that is not included in the Lead Securitization.

“Non-Lead
Securitization Noteholder” shall mean any holder of a Non-Lead Securitization Note.

“Non-Lead
Securitization Trust” shall mean the Securitization Trust into which a Non-Lead Securitization Note is deposited.

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

    	 	14	 

     

    

“Non-Lead
Servicing Agreement” shall mean the Pooling and Servicing Agreement entered into in connection with the Securitization
of a Non-Lead Securitization Note.

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

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

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

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

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

“Nonrecoverable
Administrative Advance” shall mean any Administrative Advance that is determined to be a Nonrecoverable Advance (as defined
in the Servicing Agreement) in accordance with the Servicing Agreement.

“Nonrecoverable
Property Protection Advance” shall mean any Property Protection Advance that is determined to be a Nonrecoverable Advance
(as defined in the Servicing Agreement) in accordance with the Servicing Agreement.

“Note”
shall mean any of Note A-1A, Note A-1B, Note A-1C, Note A-1D, Note A-2 and Note B, and any New Note issued in respect thereof,
as applicable.

“Note A-1”
shall mean each of Note A-1A, Note A-1B, Note A-1C and Note A-1D or any New Note issued in connection with the resizing of any
such Note that is pari passu with each existing Note A-1 individually and/or collectively as the context may require.

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

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

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

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

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

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

    	 	15	 

     

    

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

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

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

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

“Note A-2
Control Appraisal Period” means any period, with respect to the Mortgage Loan, if and for so long as:

(a)      (I)     (1)
the initial Principal Balance of Note A-2 of minus (2) the sum (without duplication) of (x) any payments of principal
(whether as principal prepayments or otherwise) allocated to, and received on, Note A-2 after the date of creation of Note A-2,
(y) any Appraisal Reduction Amount for the Mortgage Loan that is allocated to the Note A-2 and (z) any losses realized with
respect to any Mortgaged Property or the Mortgage Loan that are allocated to Note A-2, plus (3) the Threshold Event Collateral
then held by the Servicer, is less than

(II)
      twenty-five percent (25%) of the remainder of the (i) initial Principal Balance of Note A-2 less (ii)
any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the Note A-2 Holder
on Note A-2 after the date of creation of Note A-2; or

(b)     any
interest in the such Note is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, or the Mortgage Loan
Borrower or Mortgage Loan Borrower Related Party would otherwise be entitled to exercise the rights of the Note A-2 Holder as the
Controlling Noteholder.

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

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

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

(A)          (I)       (1)
the initial Principal Balance of Note B minus (2) the sum (without duplication) of (x) any payments of principal (whether
as principal prepayments or otherwise) allocated to, and received on, Note B after the date of creation of Note B, (y)
any Appraisal Reduction Amount for the Mortgage Loan that is allocated to the Note B and (z) any losses realized with respect
to any Mortgaged Property or the Mortgage Loan that are allocated to Note B, plus (3) the Threshold Event Collateral
then held by the Servicer, is less than

    	 	16	 

     

    

(II)     twenty-five
percent (25%) of the remainder of the (i) initial Principal Balance of Note B less (ii) any payments of principal (whether
as principal prepayments or otherwise) allocated to, and received by, the Note B Holder on Note B after the date of creation of
Note B; or

(b)     any
interest in the such Note is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, or the Mortgage Loan
Borrower or Mortgage Loan Borrower Related Party would otherwise be entitled to exercise the rights of the Note B Holder as the
Controlling Noteholder.

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

“Note Default
Interest Spread” shall mean a rate per annum equal to the lesser of (i) the rate that, when added to the weighted
average of the Note Rates equals the maximum rate permitted by applicable law, or (ii) four percent (4%).

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

“Note Rate”
shall mean, with respect to each Note, the Note Rate set forth on the Mortgage Loan Schedule with respect to such Note.

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

“Noteholder”
shall mean, collectively, the Initial Noteholders or any subsequent holder of the Notes.

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

“Operating
Advisor” shall have the meaning assigned to such term in the Servicing Agreement, as applicable.

“P&I
Advance” shall mean an advance made by (a) a party to the Servicing Agreement in respect of a delinquent monthly debt
service payment on the Lead Securitization Note or (b) a party to any Non-Lead Servicing Agreement in respect of a delinquent monthly
debt service payment on the related Non-Lead Securitization Note.

“Penalty
Charges” shall mean any amounts actually collected on the Mortgage Loan from the Mortgage Loan Borrower that represent
default charges, penalty charges, late fees and/or Default Interest, and excluding any Prepayment Premium.

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

    	 	17	 

     

    

“Permitted
Fund Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C
attached hereto and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity
interests relating to commercial real estate, (ii) investing through a fund with committed capital of at least $100,000,000
and (iii) not subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

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

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

“Pooling
and Servicing Agreement” shall mean a “pooling and servicing agreement”, “trust and servicing agreement”
or similar agreement entered into in connection with a Securitization of a Note.

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

“Principal
Balance” shall mean, with respect to each Note, at any time of determination, the principal balance of such Note, as
set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued in substitution thereof)
received by the related Noteholder (or any holders of New Notes in substitution thereof) or reductions in such amount pursuant
to Section 3, 4 or 5, as applicable.

“Pro Rata
and Pari Passu Basis” shall mean with respect to each Note A-1 and the Note A-1 Holders, the allocation of any particular
payment, collection, cost, expense, liability or other amount between such Notes or such Noteholders, as the case may be, without
any priority of any such Note or any such Noteholder over another such Note or Noteholder, as the case may be, and in any event
such that each Note or Noteholder, as the case may be, is allocated its respective Percentage Interest of such particular payment,
collection, cost, expense, liability or other amount.

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

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

(a)      
an entity Controlled by, under common Control with or Controlling any of the Initial Senior Noteholders or the Initial Note
B Holder or their respective Affiliates; or

(b)     
one or more of the following:

    	 	18	 

     

    

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

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

(iii)    
a Qualified Trustee (or in the case of a CLO, a single purpose bankruptcy remote entity which contemporaneously assigns
or pledges its Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection with (a)
a securitization of, (b) the creation of collateralized loan obligations (“CLO”) secured by, or (c) a financing
through an “owner trust” of, any or all of a Note (any of the foregoing, a “Securitization Vehicle”),
provided that (1) one or more classes of securities issued by such Securitization Vehicle is initially rated at least investment
grade by each of the Rating Agencies which assigned a rating to one or more classes of securities issued in connection with such
securitization; (2) the special servicer of such Securitization Vehicle has a Required Special Servicer Rating (such entity, an
“Approved Servicer”) and such Approved Servicer is required to service and administer such Note in accordance
with servicing arrangements for the assets held by the Securitization Vehicle which require that such Approved Servicer act in
accordance with a servicing standard notwithstanding any contrary direction or instruction from any other Person; or (3) in the
case of a Securitization Vehicle that is a CLO, the CLO Asset Manager and, if applicable, each Intervening Trust Vehicle that is
not administered and managed by a CLO Asset Manager which is a Qualified Institutional Lender, are each a Qualified Institutional
Lender under clauses (i), (ii), (iii), (iv) or (v) of this definition;

(iv)    
an investment fund, limited liability company, limited partnership or general partnership having capital and/or capital
commitments of at least $200,000,000, in which (A) any Noteholder, as applicable, (B) a person that is otherwise a Qualified Institutional
Lender under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities
referred to in clause (i) or (ii) above) or clause (c) below (with respect to an entity Controlled by an entity
referred to in clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities
referred to in clause (i) or (ii) above)), or (C) a Permitted Fund Manager, acts as a general partner, managing member,
or the fund manager responsible for the day-to-day management and operation of such investment vehicle and provided that at least
50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise
Qualified Institutional Lenders (without regard to the capital surplus/equity and total asset requirements set forth below in the
definition);

    	 	19	 

     

    

(v)    
an institution substantially similar to any of the foregoing; or

(vi)    
a private real estate fund investment trust established and authorized under the laws of Korea (an “Acquiring Korean
Trust”), so long (x) the beneficiaries of, and owners of not less than 51% of the equity interest in the Acquiring Korean
Trust are, directly or indirectly, Persons that are otherwise Qualified Institutional Lenders and satisfy the capital surplus/equity
and total asset requirements set for the below; and

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

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

“Qualified
Trustee” means (i) a corporation, national bank, national banking association or a trust company, organized and doing
business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers
and to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to supervision or
examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an
institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the
applicable Rating Agencies.

“Rating Agencies”
shall mean 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 Noteholder to rate the securities issued in connection with the Securitization
of the related Note; provided, however, that, 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
from time to time to rate the securities issued in connection with the Securitization(s) of such Notes.

“Rating Agency
Confirmation” shall have the meaning given thereto or any analogous term in the Servicing Agreement or Non-Lead Securitization
Agreement, as applicable, including any deemed or waived Rating Agency Confirmation.

    	 	20	 

     

    

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

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

“Regulation
AB” shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100 –
229.1125, as such rules may be amended and are in effect from time to time, but only to the extent compliance is required as of
the applicable date of determination, and subject to such clarification and interpretation as have been provided by the SEC or
by the staff of the SEC, or as may be provided by the SEC or its staff from time to time.

“Relative
Spread” shall mean, with respect to each Note, the ratio of the Note Rate for the applicable Note to the Mortgage Loan
Rate.

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

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

“Required
Special Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage
Special Servicer, (iii) in the case of Moody’s, that (a) the servicer confirms in writing that it was appointed to act
as, and currently serves as, special servicer on a transaction-level basis on the closing date of a commercial mortgage loan securitization
with respect to which Moody’s rated one or more classes of certificates and one or more of such classes of certificates are
still outstanding and rated by Moody’s, and (b) Moody’s has not cited servicing concerns with respect to such servicer
as the sole or a 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 rated by Moody’s in any other commercial mortgage-backed
securities transaction serviced by such servicer prior to the time of determination, (iv) in the case of Morningstar, either (a)
the applicable replacement has a special servicer ranking of at least “MOR CS3” by Morningstar (if ranked by Morningstar)
or (b) if not ranked by Morningstar, is currently acting as a special servicer on a deal or transaction-level basis for all or
a significant portion of the related mortgage loans in other CMBS transactions rated by any of S&P, Moody’s, Fitch, DBRS
or KBRA and the trustee does not have actual knowledge that Morningstar has, and the replacement special servicer certifies that
Morningstar has not, with respect to any such other CMBS transaction, qualified, downgraded or withdrawn its rating or ratings
on one or more classes of such CMBS transaction citing servicing concerns of the applicable replacement as the sole or material
factor in such rating action, (v) in the case of KBRA, KBRA has not cited servicing

    	 	21	 

     

    

concerns of such special servicer as
the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to
the time of determination and (vi) in the case of DBRS, such special servicer is currently acting as special servicer for one or
more loans included in a commercial mortgage loan securitization that was rated by DBRS, and DBRS has not downgraded or withdrawn
the then current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on
watch citing the continuation of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal
of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities
in a transaction serviced by such special servicer prior to the time of determination.

“S&P”
shall mean S&P Global Ratings and its successors in interest.

“SEC”
shall mean the Securities and Exchange Commission.

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

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

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

“Senior Noteholders”
shall mean, collectively, the Initial Senior Noteholders or any subsequent holder of any Senior Note, as applicable.

“Senior Notes”
shall mean, collectively, each Note A-1 and Note A-2.

“Sequential
Pay Event” shall mean any Event of Default with respect to an obligation to pay money due under the Mortgage Loan, any
other Event of Default for which the Mortgage Loan is actually accelerated or any other Event of Default which causes the Mortgage
Loan to become a Specially Serviced Mortgage Loan, or any bankruptcy or insolvency event that constitutes an Event of Default;
provided, however, that unless the Servicer under the Servicing Agreement has notice or knowledge of such event at
least ten (10) Business Days prior to the applicable distribution date, distributions will be made sequentially beginning on the
subsequent distribution date; provided, further, that the aforementioned requirement of notice or knowledge will
not apply in the case of distribution of the final proceeds of a liquidation or final disposition of the Mortgage Loan. A Sequential
Pay Event shall no longer exist if (1) it has been cured, or (2) the Note B Holder is exercising its cure rights under Section
11.

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

“Servicer
Termination Event” shall have the meaning assigned to such term in the Servicing Agreement or at any time that the Mortgage
Loan is no longer subject to the provisions

    	 	22	 

     

    

of the Servicing Agreement, any analogous
concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this
Agreement.

“Servicing
Agreement” shall mean, with respect to the Mortgage Loan, (i) prior to the Securitization Date, the Interim Servicing
Agreement, and (ii) from and after the Securitization Date, the Lead Securitization Servicing Agreement.

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

“SGCMS 2019-787E
TSA” shall have the meaning assigned to such term in the preamble to this Agreement.

“SGCMS 2019-787E
Securitization” shall mean the Securitization of Note A-1 and Note A-6 pursuant to the Servicing Agreement in connection
with the issuance of the SG Commercial Mortgage Securities Trust 2019-787E, Commercial Mortgage Pass-Through Certificates, Series
2019-787E.

“SGCMS 2019-787E
Securitization Date” shall mean the closing date of the SGCMS 2019-787E Securitization.

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

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

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

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

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

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

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

“Trustee”
shall mean the bank or trust company as may be selected by the Depositor and approved by the Rating Agencies to act as trustee
or certificate administrator, as applicable, for the Lead Securitization.

    	 	23	 

     

    

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

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

Section 2.      
Servicing.

(a) 
Each Noteholder acknowledges and agrees that, as further provided in Section 5 of this this Agreement, the Mortgage
Loan shall be serviced pursuant to the Servicing Agreement. Each Noteholder acknowledges that each other Noteholder may elect,
in its sole discretion, to include its Note in a Securitization and agrees that it will, subject to Section 24, reasonably
cooperate with a securitizing Noteholder at the securitizing Noteholder’s expense, to effect such Securitization. Subject
to the terms and conditions of this Agreement, each Noteholder hereby irrevocably and unconditionally consents to the appointment
of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and
the Trustee under the Servicing Agreement by the Depositor and agrees to reasonably cooperate with the Master Servicer and the
Special Servicer with respect to the servicing of the Mortgage Loan in accordance with this Agreement and the Servicing Agreement.
Each Noteholder hereby irrevocably appoints the Master Servicer, the Special Servicer and the Trustee in the Securitization as
such Noteholder’s attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing
of the Mortgage Loan on its behalf under the Securitization Servicing Agreement (subject at all times to the rights of the Noteholder
set forth herein and in the Servicing Agreement). In no event shall the Servicing Agreement require the Servicer to enforce the
rights of any Noteholder against another Noteholder or limit the Servicer in enforcing the rights of one Noteholder against the
other Noteholder; however, this statement shall not be construed to otherwise limit the rights of one Noteholder with respect to
the other Noteholder.

(b) 
The then Controlling Noteholder shall be entitled to exercise any notice and consent rights of the “directing holder,”
“directing certificateholder,” “controlling class,” “controlling class representative” or any
analogous class or holder under the Servicing Agreement except to the extent such Noteholder is expressly prohibited from exercising
such rights under the terms of this Agreement in its capacity as the Controlling Noteholder. In no event shall the Note B Holder
be entitled to exercise any rights of the “directing holder”, consulting class or any analogous class or holder under
the Securitization Servicing Agreement except to the extent such Note B Holder is given such rights expressly under the terms of
this Agreement or the Servicing Agreement in its capacity as the Controlling Noteholder.

    	 	24	 

     

    

(c) 
The Master Servicer shall be the master servicer of the Mortgage Loan, and from time to time it (or the Trustee, to the
extent provided in the Servicing Agreement) (i) shall be required to make Property Protection Advances and Administrative Advances
with respect to the Mortgage Loan, subject to the terms of the Servicing Agreement and this Agreement, and (ii) may be required
to make P&I Advances on the Lead Securitization Note, if and to the extent provided in the Servicing Agreement and this Agreement.
The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to reimbursement for a Property Protection
Advance or Administrative Advance, first, from funds on deposit in the Collection Account or Companion Distribution Account
for the Mortgage Loan that (in any case) represent amounts received on or in respect of the Mortgage Loan, and, then, in
the case of Nonrecoverable Property Protection Advances or Nonrecoverable Administrative Advance, if such funds on deposit in the
Collection Account or Companion Distribution Account with respect to the Mortgage Loan are insufficient, from general collections
of the Lead Securitization as provided in the Servicing Agreement, as applicable, and from each Non-Lead Securitization Noteholder
as provided below. The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement
for Advance Interest Amounts on a Property Protection Advance, Administrative Advance, a Nonrecoverable Property Protection Advance
or Nonrecoverable Administrative Advance, in the manner and from the sources provided in the Servicing Agreement, including from
general collections of the Lead Securitization, as applicable, and, in the case of Property Protection Advances or Administrative
Advances, from general collections of each Non-Lead Securitization as provided herein. To the extent the Master Servicer, the Special
Servicer or the Trustee, as applicable, obtains funds from general collections of the Lead Securitization as a reimbursement for
a Nonrecoverable Property Protection Advance or Nonrecoverable Administrative Advance or any Advance Interest Amounts on a Property
Protection Advance, Administrative Advance, a Nonrecoverable Property Protection Advance or Nonrecoverable Administrative Advance,
each Non-Lead Securitization Noteholder (including from general collections or any other amounts from any Non-Lead Securitization
Trust) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization for its pro
rata share of such Nonrecoverable Property Protection Advance, Nonrecoverable Administrative Advance or Advance Interest Amounts
(it being understood that the pro rata share payable by each Non-Lead Securitization Noteholder under this paragraph would
be determined by allocating such Nonrecoverable Property Protection Advance, Nonrecoverable Administrative Advance or Advance Interest
Amount, as the case may be, first, to the Note B Holder, second, to the Note A-2 Holder and, then, to the
Note A-1 Holders, in that order).

A Non-Lead Master
Servicer may be required to make P&I Advances on the related Non-Lead Securitization Note, from time to time, subject to the
terms of the applicable Non-Lead Servicing Agreement, the Servicing Agreement and this Agreement. The Master Servicer, the Special
Servicer and the Trustee, as applicable, shall be entitled to make their own recoverability determination with respect to a P&I
Advance to be made on the Lead Securitization Note based on the information that they have on hand and in accordance with the Servicing
Agreement. Each Non-Lead Master Servicer, Non-Lead Special Servicer and Non-Lead Trustee, as applicable, shall be entitled to make
its own recoverability determination with respect to a P&I Advance to be made on the related Non-Lead Securitization Note based
on the information that it has on hand and in accordance with the related Non-Lead Servicing Agreement. The Master Servicer and
the Trustee, as applicable, and each Non-Lead Master

    	 	25	 

     

    

Servicer and Non-Lead Trustee, as applicable,
shall be required to notify the others of the amount of its P&I Advance within two (2) Business Days of making such advance.
If the Master Servicer, the Special Servicer or the Trustee, as applicable (with respect to the Lead Securitization Note) or a
Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee, as applicable (with respect to the related Non-Lead Securitization
Note), determines that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I Advance is or would
be non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines that
a proposed P&I Advance would be non-recoverable or an outstanding P&I Advance is or would be non-recoverable, then the
Master Servicer or the Trustee (as provided in the Servicing Agreement, in the case of a determination of non-recoverability by
the Master Servicer, the Special Servicer or the Trustee) or any Non-Lead Master Servicer or Non-Lead Trustee (as provided in the
related Non-Lead Servicing Agreement, in the case of the a determination of non-recoverability by such Non-Lead Master Servicer,
Non-Lead Special Servicer or Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or any Non-Lead Master Servicer
and any Non-Lead Trustee, as the case may be, of the other Securitizations within two (2) business days of making such determination.
Each of the Master Servicer, the Trustee, the related Non-Lead Master Servicer and the related Non-Lead Trustee, as applicable,
will only be entitled to reimbursement for a P&I Advance and advance interest thereon that becomes non-recoverable first from
the Collection Account or Companion Distribution Account from amounts allocable to the Note for which such P&I Advance was
made, and then, if funds are insufficient, (i) in the case of the Lead Securitization Note, from general collections of the Lead
Securitization Trust, pursuant to the terms of the Servicing Agreement and (ii) in the case of any Non-Lead Securitization Note,
from general collections of the related Securitization Trust, as and to the extent provided in the related Non-Lead Servicing Agreement.

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

(i)    
any payments received on the Mortgage Loan shall be paid by the Master Servicer to each of the other Noteholders on the
Master Servicer Remittance Date;

(ii)    
the Controlling Noteholder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide,
any information, relating to the Mortgage Loan, the Mortgage Loan Borrower or the Mortgaged Property as such Person may reasonably
request and in the possession of, or collected or known by, the Master Servicer or Special Servicer relating to the Mortgage Loan
and, in any event, all information that is required to be provided to the “Directing Certificateholder” or analogous
term under the Securitization Servicing Agreement but not limited to standard CREFC® reports, provided that if an
interest in Note B is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, then such Note B Holder shall
not be entitled to receive the Asset Status Report or any other information relating to the Special Servicer’s workout strategy
or any “Excluded Information” or analogous term under the Securitization Servicing Agreement;

    	 	26	 

     

    

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

(iv)    
the Securitization Servicing Agreement may not be amended without the consent of the Non-Lead Securitization Noteholders
or the Note B Holder if such amendment would materially and adversely affect the Mortgage Loan or the rights of the Non-Lead Securitization
Noteholders or the Note B Holder with respect thereto; and

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

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

(f) 
Each Servicer shall be required pursuant to the Servicing Agreement to service the Mortgage Loan in accordance with Accepted
Servicing Practices, the terms of the Mortgage Loan Documents, the Servicing Agreement, this Agreement and applicable law, shall
provide information to each Non-Lead Servicer to enable such Non-Lead Servicer to perform its servicing duties under the related
Non-Lead Servicing Agreement and shall not take any action or refrain from taking any action or follow any direction inconsistent
with the foregoing.

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

(h) 
If one or more Noteholders exercise their purchase option in accordance with Section 12 hereof, upon the Mortgage
Loan being transferred to such Noteholder(s), such Noteholder(s) shall be entitled to terminate the Servicing Agreement with respect
to the Mortgage Loan in their sole discretion, without payment of any termination fees, except that the Servicer shall have no
obligation to make any P&I Advances on the Lead Securitization Notes or Administrative Advances.

    	 	27	 

     

    

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

(i)    
the Non-Lead Securitization Noteholder shall be responsible for its pro rata share of any Property Protection Advances
and Administrative 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 such Non-Lead Securitization Noteholder’s respective Note are insufficient to cover such pro rata share of any
Property Protection Advances, Administrative Advances or additional trust fund expenses, (A) the Non-Lead Master Servicer will
be required to, promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee, or the Lead Securitization Trust, as applicable, out of general
funds in the collection account (or equivalent account) established under the Non-Lead Servicing Agreement for the Non-Lead Securitization
Noteholder’s pro rata share of any such Nonrecoverable Property Protection Advances or Nonrecoverable Administrative
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 Servicing Agreement permits the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee to reimburse itself from the Lead Securitization Trust’s general account, then the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, as applicable, may do so, and the Non-Lead Master Servicer will be required
to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee, reimburse the Lead Securitization
Trust out of general funds in the collection account (or equivalent account) established under the Non-Lead Servicing Agreement
for the Non-Lead Securitization Noteholder’s pro rata share of any such Nonrecoverable Property Protection Advances
or Nonrecoverable Administrative 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); provided that it being understood that the pro rata share payable by such
Non-Lead Securitization Noteholder under this paragraph would be determined by allocating such Property Protection Advances, Administrative
Advances, Nonrecoverable Property Protection Advance, Nonrecoverable Administrative Advances and/or additional trust fund expenses
(solely to the extent specifically related to the servicing and administration of the Mortgage Loan and Mortgaged Property and
not including compensation due to the Master Servicer and Special Servicer), as the case may be, first, to the Note B Holder,
second, to the Note A-2 Holder and, then, to the Note A-1 Holders, in that order, in that order; provided further
that the pro rata share payable by such Non-Lead Securitization Noteholder under this paragraph would be determined by allocating
additional trust expenses that represent compensation due to the Master Servicer or Special Servicer to the applicable Note A-1;

    	 	28	 

     

    

(ii)    
each of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required
to indemnify each of such Indemnified Parties in respect of the Mortgage Loan pursuant to the terms of Servicing Agreement and,
in the case of the Lead Securitization Trust, to the extent of any additional trust fund expenses with respect to the Mortgage
Loan) by the Non-Lead Securitization Trust, against any of the Indemnified Items to the extent of its pro rata share of
such Indemnified Items, and to the extent amounts on deposit in the Collection Account (as defined in the Servicing Agreement)
that are allocated to the Non-Lead Securitization Note are insufficient for reimbursement of such amounts, the Non-Lead Master
Servicer will be required to reimburse each of the applicable Indemnified Parties for the Non-Lead Securitization Note’s
pro rata share of the insufficiency out of general funds in the collection account (or equivalent account) established under
the Non-Lead Servicing Agreement (it being understood that the pro rata share payable by such Non-Lead Securitization Noteholder
under this paragraph would be determined by allocating such Indemnified Items, first, to the Note B Holder, second,
to the Note A-2 Holder and, then, to the Note A-1 Holders, in that order);

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

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

   (j)     
[Reserved]

   (k)     [Reserved]

    (l)     [Reserved]

    (m)    The Servicing Agreement shall contain the provisions as set forth in Schedule I to this Agreement.

     (n)    It is expressly understood and agreed that the Servicing Agreement shall not (A) allocate to the Note B Holder any negative
impact from other mortgage loans serviced pursuant to the Servicing Agreement or from the failure of the trust created pursuant
to the Servicing Agreement to qualify as a REMIC and (B) impose upon the Note B Holder any “Additional Trust Fund Expenses”
or other expenses with respect to any other mortgage loan included in the trust administered by the Trustee (including, without
limitation, expenses for the

    	 	29	 

     

    

administration or preservation of the
trust as a REMIC or any Rating Agency fees and expenses except for a Rating Agency Confirmation requested by the Note B Holder).

(o)     
Each Non-Lead Securitization Noteholder shall give each of the parties to the Servicing Agreement (that will not also be
a party to the applicable Non-Lead Servicing Agreement) notice (which may be by email) of the Securitization of the related Note
prior to the closing date for such Securitization. Such notice shall contain contact information for each of the parties to any
Non-Lead Servicing Agreement. In addition, after such Securitization, such Noteholders shall send a copy of the related Non-Lead
Servicing Agreement to each of the parties to the Servicing Agreement.

Section 3.      
Subordination of Certain Notes; Payments Prior to a Sequential Pay Event. Note B and the right of the Note B Holder
to receive payments of interest, principal and other amounts with respect to Note B shall at all times be junior, subject and subordinate
to Note A-2 and/or each Note A-1 and the right of the Note A-2 Holder and/or each Note A-1 Holder to receive payments of interest,
principal and other amounts with respect to each Note A-1 and/or Note A-2 as the case may be; and Note A-2 and the right of the
Note A-2 Holder to receive payments of interest, principal and other amounts with respect to Note A-2 shall at all times be junior,
subject and subordinate to each Note A-1 and the right of the Note A-1 Holders to receive payments of interest, principal and other
amounts with respect to each Note A-1, in each case, as set forth herein.

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

(a) 
first, to the Note A-1 Holders, on a Pro Rata and Pari Passu Basis, in an amount equal to the accrued and unpaid
interest (other than Default Interest) on the Principal Balance of the applicable Note A-1 at the applicable Net Note Rate;

    	 	30	 

     

    

(b) 
second, to the Note A-2 Holder, in an amount equal to the accrued and unpaid interest (other than Default Interest)
on the Principal Balance of Note A-2 at the applicable Net Note Rate;

(c) 
third, to the Note A-1 Holders, on a Pro Rata and Pari Passu Basis, in an amount equal to the Percentage Interest
of the related Note A-1 of principal payments received, if any, with respect to such Monthly Payment Date with respect to the Mortgage
Loan; provided, that with respect to any Insurance Proceeds or Condemnation Proceeds payable as principal to the Noteholders
pursuant to this Section 3, 100% of such Insurance Proceeds and/or Condemnation Proceeds shall be distributed to the Note
A-1 Holders, on a Pro Rata and Pari Passu Basis, until their Principal Balances have been reduced to zero;

(d) 
fourth, to the Note A-1 Holders, on a Pro Rata and Pari Passu Basis, up to the amount of any unreimbursed costs and
expenses paid by each Note A-1 Holder, including any Recovered Costs not previously reimbursed to such Noteholder (or paid or advanced
by any Servicer on its behalf and not previously paid or reimbursed) with respect to the Mortgage Loan pursuant to this Agreement
or the Servicing Agreement;

(e) 
fifth, if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or Mortgaged Property exceed
the amounts required to be applied in accordance with the foregoing clauses (a)-(d) and, as a result of a Workout, the Principal
Balance of each Note A-1 has been reduced, such excess amount shall be paid to the Note A-1 Holders, on a Pro Rata and Pari Passu
Basis, in an amount up to the reduction, if any, of the Principal Balance of the applicable Note A-1 as a result of such Workout,
plus interest on such amount at the related Net Note Rate;

(f) 
sixth, to the Note A-2 Holder, in an amount equal to the Percentage Interest of Note A-2 of the principal payments
received, if any, with respect to such Monthly Payment Date with respect to the Mortgage Loan; provided, that with respect
to any Insurance Proceeds or Condemnation Proceeds payable as principal to the Noteholders pursuant to this Section 3, the
portion of such Insurance Proceeds and/or Condemnation Proceeds remaining after distribution to each Note A-1 pursuant to Section
3(c) above shall be distributed to the Note A-2 Holder until its Principal Balance has been reduced to zero;

(g) 
seventh, to the Note A-2 Holder, up to the amount of any unreimbursed costs and expenses paid by the Note A-2 Holder,
including any Recovered Costs not previously reimbursed to such Noteholder (or paid or advanced by any Servicer on its behalf and
not previously paid or reimbursed) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

(h) 
eighth, if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or Mortgaged Property exceed
the amounts required to be applied in accordance with the foregoing clauses (a)-(g) and, as a result of a Workout, the Principal
Balance of Note A-2 has been reduced, such excess amount shall be paid to the Note A-2 Holder in an amount up to the reduction,
if any, of the Principal Balance of Note A-2 as a result of such Workout, plus interest on such amount at the applicable Net Note
Rate;

    	 	31	 

     

    

(i) 
ninth, to the Note A-1 Holders, on a Pro Rata and Pari Passu Basis, in an amount equal to the product of (i) the
Percentage Interest of the applicable Note A-1 multiplied by (ii) the applicable Relative Spread, and (iii) any Prepayment Premium
to the extent paid by the Mortgage Loan Borrower;

(j) 
tenth, to the Note A-2 Holder in an amount equal to the product of (i) the Percentage Interest of such Note multiplied
by (ii) the applicable Relative Spread, and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

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

(l) 
twelfth, to the Note B Holder in an amount equal to the accrued and unpaid interest (other than Default Interest)
on the Principal Balance of Note B at the applicable Net Note Rate;

(m)thirteenth,
to the Note B Holder in an amount equal to the Percentage Interest of the Note B of principal payments received, if any, with respect
to such Monthly Payment Date with respect to the Mortgage Loan; provided, that with respect to any Insurance Proceeds or
Condemnation Proceeds payable as principal to the Noteholders pursuant to this Section 3, the portion of such Insurance
Proceeds and/or Condemnation Proceeds remaining after distribution to each Note A-1 and Note A-2 pursuant to Section 3(c)
and (f) above shall be distributed to the Note B Holder until its Principal Balance has been reduced to zero;

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

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

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

(q) 
seventeenth, to pay Penalty Charges then due and owing under the Mortgage Loan, all of which will be applied in accordance
with the Lead Securitization Servicing Agreement; and

    	 	32	 

     

    

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

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

(a) 
first, to the Note A-1 Holders, on a Pro Rata and Pari Passu Basis, in an amount equal to the accrued and unpaid
interest (other than Default Interest) on the Principal Balance of the applicable Note A-1 at the applicable Net Note Rate;

(b) 
second, to the Note A-2 Holder, in an amount equal to the accrued and unpaid interest (other than Default Interest)
on the Principal Balance of Note A-2 at the applicable Net Note Rate;

(c) 
third, to the Note A-1 Holders, on a Pro Rata and Pari Passu Basis, until the Principal Balances of the related Notes
have been reduced to zero;

(d) 
fourth, to the Note A-1 Holders, on a Pro Rata and Pari Passu Basis, up to the amount of any unreimbursed costs and
expenses paid by each Note A-1 Holder, including any Recovered Costs not previously reimbursed to such Noteholder (or paid or advanced
by any Servicer on its behalf and not previously paid or reimbursed) with respect to the Mortgage Loan pursuant to this Agreement
or the Servicing Agreement;

    	 	33	 

     

    

(e) 
fifth, if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or Mortgaged Property exceed
the amounts required to be applied in accordance with the foregoing clauses (a)-(d) and, as a result of a Workout, the Principal
Balance of each Note A-1 has been reduced, such excess amount shall be paid to the Note A-1 Holders, on a Pro Rata and Pari Passu
Basis, in an amount up to the reduction, if any, of the Principal Balance of the applicable Note A-1 as a result of such Workout,
plus interest on such amount at the related Net Note Rate;

(f) 
sixth, to the Note A-2 Holder, until the Principal Balance of Note A-2 has been reduced to zero;

(g) 
seventh, to the Note A-2 Holder, up to the amount of any unreimbursed costs and expenses paid by the Note A-2 Holder,
including any Recovered Costs not previously reimbursed to such Noteholder (or paid or advanced by any Servicer on its behalf and
not previously paid or reimbursed) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

(h) 
eighth, if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or Mortgaged Property exceed
the amounts required to be applied in accordance with the foregoing clauses (a)-(g) and, as a result of a Workout, the Principal
Balance of Note A-2 has been reduced, such excess amount shall be paid to the Note A-2 Holder in an amount up to the reduction,
if any, of the related Principal Balance as a result of such Workout, plus interest on such amount at the applicable Net Note Rate;

(i) 
ninth, to the Note A-1 Holders, on a Pro Rata and Pari Passu Basis, in an amount equal to the product of (i) the
Percentage Interest of the applicable Note A-1 multiplied by (ii) the applicable Relative Spread, and (iii) any Prepayment Premium
to the extent paid by the Mortgage Loan Borrower;

(j) 
tenth, to the Note A-2 Holder in an amount equal to the product of (i) the Percentage Interest of such Note multiplied
by (ii) the applicable Relative Spread, and (iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

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

(l) 
twelfth, to the Note B Holder in an amount equal to the accrued and unpaid interest (other than Default Interest)
on the Principal Balance of Note B at the applicable Net Note Rate;

(m)thirteenth,
to the Note B Holder, until the Principal Balance of Note B has been reduced to zero;

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

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

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

(q) 
seventeenth, to pay Penalty Charges then due and owing under the Mortgage Loan, all of which will be applied in accordance
with the Lead Securitization Servicing Agreement; and

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

 

Section 5.      
Administration of the Mortgage Loan.

(a)      
Subject to this Agreement (including, without limitation, Section 5(g) below) and the Servicing Agreement, the Lead
Securitization Noteholder (or the Servicer acting on behalf of the Lead Securitization Noteholder) shall have the sole and exclusive
authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including,
without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents or consent to any action
or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default,
accelerate the Mortgage Loan or institute any foreclosure action or other remedy and no other Noteholder shall have any voting,
consent or other rights whatsoever with respect to the Lead Securitization Noteholder’s administration of, or exercise of
its rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement and the Servicing Agreement (including, without
limitation, Section 5(g) below), each of the Non-Lead Securitization Noteholders, the Note A-2 Holder and the Note B Holder
agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Lead Securitization Noteholder
(or the Servicer acting on behalf of the Lead Securitization Noteholder) the rights, if any, that the Non-Lead Securitization Noteholders,
the Note A-2 Holder and the Note B Holder have to, (i) call or cause the Lead Securitization Noteholder to call an Event of
Default under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower,
including, without limitation, filing or causing the Lead Securitization Noteholder to file any bankruptcy petition against the
Mortgage Loan Borrower. The Lead Securitization Noteholder (or the Servicer acting on behalf of the Lead Securitization

    	 	35	 

     

    

Noteholder) shall not have any fiduciary
duty to the Non-Lead Securitization Noteholders, the Note A-2 Holder and the Note B Holder in connection with the administration
of the Mortgage Loan (but the foregoing shall not relieve the Lead Securitization Noteholder from the obligation to make any disbursement
of funds as set forth herein).

Upon the Mortgage
Loan becoming a Specially Serviced Mortgage Loan and the determination by the Special Servicer to sell the Lead Securitization
Note in accordance with the Servicing Agreement, subject to the rights of the Note B Holder pursuant to Section 12 hereof,
each Noteholder hereby acknowledges the right and obligation of the Lead Securitization Noteholder (or the Special Servicer acting
on behalf of the Lead Securitization Noteholder) to sell the Non-Lead Securitization Notes and Note B together with the Lead Securitization
Note as notes evidencing one whole loan in accordance with the terms of the Servicing Agreement.

In connection
with any such sale, the Special Servicer shall sell the applicable Notes in the manner set forth in the Servicing Agreement and
shall require that all offers be submitted to the Trustee or Special Servicer, as applicable, in accordance with the terms of the
Servicing Agreement. Whether any cash offer constitutes a fair price for the applicable Notes shall be determined by the Trustee
or Special Servicer, as applicable, in accordance with the terms of the Servicing Agreement. The Lead Securitization Noteholder
(or the Special Servicer acting on behalf of the Lead Securitization Noteholder) shall not be permitted to sell the Mortgage Loan
if it becomes a Specially Serviced Mortgage Loan without the written consent of each Non-Lead Securitization Noteholder (provided
that such consent is not required if any Non-Lead Securitization Noteholder is the Mortgage Loan Borrower or an affiliate of the
Mortgage Loan Borrower) unless the Special Servicer has delivered to the Non-Lead Securitization Noteholders: (a) at least fifteen
(15) Business Days’ prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10) days
prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received
by the Special Servicer in connection with any such proposed sale, (c) at least ten (10) days prior to the proposed sale date,
a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the Mortgage File reasonably requested by any Non-Lead
Securitization Noteholder that are material to the sale price of the Mortgage Loan and (d) until the sale is completed and a reasonable
period of time (but no less time than is afforded to other offerors and the Controlling Class Representative (as such term is defined
in the Servicing Agreement)) 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 any Servicer in connection with the proposed sale; provided, however,
that any such Non-Lead Securitization Noteholder may waive any of the delivery or timing requirements set forth in this sentence
as to itself. Subject to the foregoing, any Non-Lead Securitization Noteholder, any Non-Lead Securitization Controlling Class Representative
and any B Noteholder shall be permitted to submit an offer at any sale of the Mortgage Loan unless such Person is the Mortgage
Loan Borrower or an agent or Affiliate of the Mortgage Loan Borrower.

Each Noteholder
hereby irrevocably appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Noteholder’s
attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the

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Mortgage Loan on its behalf under
the Servicing Agreement (subject at all times to the rights of the Noteholder set forth herein and in the Servicing Agreement).

Each Non-Lead
Securitization Noteholder, the Note A-2 Holder and the Note B Holder each hereby appoints the Lead Securitization Noteholder as
its agent, and grants to the Lead Securitization Noteholder an irrevocable power of attorney coupled with an interest, and its
proxy, for the purpose of soliciting and accepting offers for and consummating the sale of the Non-Lead Securitization Notes, Note
A-2 and Note B. Each Non-Lead Securitization Noteholder, the Note A-2 Holder and the Note B Holder each further agrees that, upon
the request of the Lead Securitization Noteholder, it shall execute and deliver to or at the direction of Lead Securitization Noteholder
such powers of attorney or other instruments as the Lead Securitization Noteholder may reasonably request to better assure and
evidence the foregoing appointment and grant, in each case promptly following request, and shall deliver the related original of
its Note, endorsed in blank, to or at the direction of the Lead Securitization Noteholder in connection with the consummation of
any such sale.

(b) 
The Controlling Noteholder (or its Controlling Noteholder Representative) shall have, with respect to the Mortgage Loan,
all of the same rights and powers the Controlling Class Representative has under the Servicing Agreement with respect to the Mortgage
Loan, including without limitation, the right to consent and/or consult regarding Major Decisions and other servicing matters,
the right to advise (1) the Special Servicer with respect to the Specially Serviced Mortgage Loan and (2) the Special Servicer
with respect to non-Specially Serviced Mortgage Loan as to all matters for which the Master Servicer must obtain the consent or
deemed consent of the Special Servicer, and the right to direct the Special Servicer to take, or to refrain from taking, such other
actions with respect to the Mortgage Loan as the Controlling Class Representative may deem advisable or as to which provision is
otherwise made therein, in each case subject to the terms and conditions of the Servicing Agreement.

(c) 
The administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement. Each Noteholder
agrees to be bound by the terms of the Servicing Agreement. The Servicer shall service the Mortgage Loan in accordance with the
terms of this Agreement, including without limitation the rights of the Note B Holder set forth in Section 5(g) below. Servicing
of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Mortgage Loan,
by the Special Servicer, in each case pursuant to the Servicing Agreement and this Agreement. Notwithstanding anything to the contrary
contained herein, in accordance with the Servicing Agreement, the Lead Securitization Noteholder shall cause the Master Servicer
and the Special Servicer to service and administer the Mortgage Loan in accordance with Accepted Servicing Practices, taking into
account the interests of the Note A-1 Holders, the Note A-2 Holder and the Note B Holder (it being understood that the interests
of each of the Note A-2 Holder and the Note B Holder is a junior Note interest, subject to the terms and conditions of this Agreement),
and any Non-Lead Securitization Noteholder or the Note B Holder who is not the Mortgage Loan Borrower or a Mortgage Loan Borrower
Related Party shall be deemed a third party beneficiary of such provisions of the Servicing Agreement. The foregoing provisions
of this Section 5(c) shall not limit or modify the rights of the Controlling Noteholder and/or the Controlling Noteholder
Representative to exercise their respective rights specifically set forth under this Agreement.

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(d) 
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement
and this Agreement (including, without limitation, Section 6), if the Servicer (on behalf of the Noteholders) in connection
with a Workout of the Mortgage Loan modifies the terms thereof such that (i) the unpaid principal balance of the Mortgage
Loan is decreased, (ii) the Mortgage Loan Rate or scheduled amortization payments on such Mortgage Loan are reduced, (iii) payments
of interest or principal on such Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment (other than an
increase in the Mortgage Loan Rate or increase in scheduled amortization payments) is made to any of the terms of the Mortgage
Loan, all payments to the Note A-1 Holders pursuant to Section 3 and Section 4, as applicable, shall be
made as though such Workout did not occur, with the payment terms of each Note A-1 remaining the same as they are on the date hereof,
and the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable to such Workout
shall be borne, first, by the Note B Holder (up to its Principal Balance, together with accrued interest thereon at the
applicable Note Rate and any other amounts due to the Note B Holder), second, by the Note A-2 Holder (up to its Principal
Balance, together with accrued interest thereon at the applicable Note Rate and any other amounts due to the Note A-2 Holder),
and then, by the Note A-1 Holders, on a Pro Rata and Pari Passu Basis (up to their respective Principal Balances, together
with accrued interest thereon at the applicable Note Rate and any other amounts due to each Note A-1 Holder, as applicable).
Any recoveries in connection with a workout of the Mortgage Loan will be allocated first, to the Note A-1 Holders, on a
Pro Rata and Pari Passu Basis, based on their respective Principal Balances (up to their respective Principal Balances, together
with accrued interest thereon at the applicable Note Rate and any other amounts due to each Note A-1 Holder, as applicable), second,
to the Note A-2 Holder (up to its Principal Balance, together with accrued interest thereon at the applicable Note Rate and any
other amounts due to the Note A-2 Holder), and then, to the Note B Holder (up to its Principal Balance, together with accrued
interest thereon at the applicable Note Rate and any other amounts due to the Note B Holder). Subject to the Servicing Agreement
and this Agreement (including without limitation Section 6), in the case of any modification or amendment described
above, the Servicer (on behalf of the Noteholders) shall have the sole authority and ability to revise the payment provisions set
forth in Section 3 and Section 4 above in a manner that reflects the subordination of Note B to each Note
A-1 and Note A-2, and the subordination of Note A-2 to each Note A-1, with respect to the loss that is the result of such amendment
or modification, including: (i) the ability to increase the aggregate Percentage Interests of each Note A-1 and to reduce
the Percentage Interests of Note A-2 and Note B in a manner that reflects a loss in principal as a result of such amendment or
modification and (ii) the ability to change the Note Rate with respect to any Note, in order to reflect a reduction in the
Mortgage Loan Rate of the Mortgage Loan but shall not be permitted to change the order of the clauses set forth in Section 3
and Section 4 hereof. Notwithstanding the foregoing, if any Workout, modification or amendment of the Mortgage Loan extends
the original maturity date of the Mortgage Loan, for purposes of this paragraph, the Balloon Payment shall be deemed not to be
due on the original maturity date of the Mortgage Loan but shall be deemed due on the extended maturity date of the Mortgage Loan.

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

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(f) 
If any Note is included as an asset of a REMIC, then, any provision of this Agreement to the contrary notwithstanding: (i)
the Mortgage Loan shall be administered such that the Notes shall each qualify at all times as (or as interests in) a “qualified
mortgage” within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired
by or on behalf of the Noteholders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure
of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interests of
the Noteholders therein shall at all times qualify as “foreclosure property” within the meaning of Section 860G(a)(8)
of the Code and (iii) the Lead Securitization Noteholder may not modify, waive or amend any provision of the Mortgage Loan, consent
to or withhold consent from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising any powers or rights
which the Lead Securitization Noteholder may have under the Mortgage Loan Documents, if any such action would constitute a “significant
modification” of the Mortgage Loan, within the meaning of Section 1.860G 2(b) of the regulations of the United States Department
of the Treasury, more than three months after the earliest startup day of any REMIC which includes any of the Notes (or any portion
thereof). The Noteholders agree that the provisions of this Section 5(f) shall be effected by compliance by the Lead Securitization
Noteholder or its assignees with this Agreement or the Servicing Agreement or any other agreement which governs the administration
of the Mortgage Loan or the Lead Securitization Noteholder’s interests therein. All costs and expenses of compliance with
this Section 5(f), to the extent that such costs and expenses relate to administration of a REMIC or to any determination
respecting the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense,
shall be borne solely by each Senior Note on a pro rata and pari passu basis.

A Noteholder shall
not be required to reimburse any other Noteholder or any other Person for the payment of the following items related to any REMIC
that does not include such Noteholder’s Note: (i) any taxes imposed on such REMIC, (ii) any costs or expenses relating to
the administration of such REMIC or to any determination respecting the amount, payment or avoidance of any tax under such REMIC
or (iii) any advances for any of the foregoing or any interest thereon or for deficits in other items of disbursement or income
resulting from the use of funds for payment of any such taxes, costs or expenses or advances, nor shall any disbursement or payment
otherwise distributable to the other Noteholders be reduced to offset or make-up any such payment or deficit.

(g) If any consent, modification, amendment or waiver under or other action in respect of the Mortgage Loan (whether or not
a Special Servicing Loan Event has occurred and is continuing) that would constitute a Major Decision has been requested or proposed,
prior to the occurrence of a Control Termination Event (as defined in the Servicing Agreement), the Special Servicer may not take
any action constituting a Major Decision (or consent to the taking of any such action by the Servicer) without providing at least
ten (10) Business Days’ prior notice of such action to the Directing Holder in accordance with the terms of the Servicing
Agreement and obtaining the consent of the Directing Holder (or its deemed consent, in the event the Directing Holder has not objected
to such action within such ten (10) Business Day period) in accordance with the terms of the Servicing Agreement.

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If the Servicer has
not received a response from the Controlling Noteholder (or its Controlling Noteholder Representative) with respect to such Major
Decision within five (5) Business Days after delivery of the notice of a Major Decision, the Servicer shall deliver an additional
copy of the notice of a Major Decision in all caps bold 14-point font: “This is a Second Notice. Failure to respond within
five (5) Business Days of this Second Notice will result in a loss of your right to consent with respect to this decision.”
and if the Controlling Noteholder (or its Controlling Noteholder Representative) fails to respond to the Servicer with respect
to any such proposed action within five (5) Business Days after receipt of such second notice, the Controlling Noteholder (or its
Controlling Noteholder Representative), as applicable, shall have no further consent rights with respect to such action.

Notwithstanding the
foregoing, if the Servicer or the Special Servicer, as applicable, in accordance with Accepted Servicing Practices, determines
that immediate action is necessary to protect the Mortgaged Property or the interests of the Noteholders (as a collective whole)
with respect to any Major Decision, the Servicer or the Special Servicer, as applicable, may take such action notwithstanding the
time periods set forth above, if the Servicer or the Special Servicer, as applicable, has first made a reasonable effort to contact
the Controlling Noteholder (or its Controlling Noteholder Representative).

Notwithstanding the
foregoing, the Servicer shall not follow any advice or consultation provided by the Controlling Noteholder (or its Controlling
Noteholder Representative) that would require or cause the Servicer to violate any applicable law, including the REMIC Provisions,
be inconsistent with Accepted Servicing Practices, require or cause the Servicer to violate provisions of this Agreement or the
Servicing Agreement, require or cause the Servicer to violate the terms of the Mortgage Loan, or materially expand the scope of
any Servicer’s responsibilities under this Agreement.

(h) 
Notwithstanding the foregoing, during the continuation of a Control Appraisal Period, the Lead Securitization Noteholder
(or the Servicer acting on its behalf) shall be required:

(i)  to
provide copies of any notice, information and report that it is required to provide to the Controlling Class Representative 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-Controlling Noteholder (or its controlling class representative),
within the same time frame it is required to provide to the Controlling Class Representative (for this purpose, without regard
to whether such items are actually required to be provided to the Controlling Class Representative under the Servicing Agreement
due to the occurrence of a Control Termination Event (as defined in the Servicing Agreement) or a Consultation Termination Event
(as defined in the Servicing Agreement)); and

(ii)  to
consult with each Non-Controlling Noteholder (or its controlling class representative) on a strictly non-binding basis, to the
extent having received such notices, information and reports, such Non-Controlling Noteholder (or its controlling class representative)
requests consultation with respect to any such Major Decisions or the implementation of any recommended actions outlined in an
Asset Status Report

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relating to the Mortgage Loan,
and consider alternative actions recommended by such Non-Controlling Noteholder (or its controlling class representative); provided
that after the expiration of a period of ten (10) Business Days from the delivery to the Non-Controlling Noteholders (or their
respective controlling class representatives) by the Lead Securitization Noteholder of written notice of a proposed action, together
with copies of the notice, information and report required to be provided to the Controlling Class Representative, the Lead Securitization
Noteholder (or the Servicer acting on its behalf) shall no longer be obligated to consult with the Non-Controlling Noteholders
(or their respective controlling class representatives), whether or not the Non-Controlling Noteholders (or their respective controlling
class representatives) have responded within such ten (10) Business Day period (unless, the Lead Securitization Noteholder (or
the Servicer acting on its behalf) proposes a new course of action that is materially different from the action previously proposed,
in which case such ten (10) Business Day period shall be deemed to begin anew from the date of such proposal and delivery of all
information relating thereto).

Notwithstanding the
consultation rights of the Non-Controlling Noteholders (or their respective controlling class representatives) set forth in the
immediately preceding sentence, the Lead Securitization Noteholder (or Servicer acting on its behalf) may make any Major Decision
or take any action set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period
if the Lead Securitization Noteholder (or Servicer acting on its behalf) determines that immediate action with respect thereto
is necessary to protect the interests of the Noteholders. In no event shall the Lead Securitization Noteholder (or Servicer acting
on its behalf) be obligated at any time to follow or take any alternative actions recommended by a Non-Controlling Noteholder (or
its controlling class representative).

In addition to the
consultation rights of the Non-Controlling Noteholders (or their respective controlling class representatives) during the continuation
of a Control Appraisal Period, as provided in the immediately preceding paragraph, the Non-Controlling Noteholders shall have the
right to attend annual meetings (either telephonically or in person, in the discretion of the Servicer) with the Lead Securitization
Noteholder (or the Servicer acting on its behalf) at the offices of the Servicer, as applicable, upon reasonable notice and at
times reasonably acceptable to the Servicer, as applicable, in which servicing issues related to the Mortgage Loan are discussed.

Notwithstanding the
foregoing, any Non-Controlling Noteholder that is the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower shall
not have or be entitled to exercise any information or consultation rights granted to a Non-Controlling Noteholder hereunder.

(i) 
The Note B Holder in its capacity as Controlling Noteholder shall be entitled to avoid a Control Appraisal Period caused
by application of an Appraisal Reduction Amount upon satisfaction of the following (which must be completed within thirty (30)
days of the receipt of a third party Appraisal that indicates such Control Appraisal Period has occurred): (i) such Controlling
Noteholder shall have delivered as a supplement to the appraised value of the Mortgaged Property, in the amount specified in clause
(ii) below, to the Servicer, together with documentation acceptable to the Servicer in accordance with Accepted Servicing Practices
to

    	 	41	 

     

    

create and perfect a first priority
security interest in favor of the Servicer on behalf of the Lead Securitization Noteholder in such collateral (a) cash collateral
for the benefit of, and acceptable to, the Servicer or (b) an unconditional and irrevocable standby letter of credit with the Servicer
as the beneficiary, issued by a bank or other financial institutions the long term unsecured debt obligations of which are at all
times rated at least “AA” by S&P, “A” by Fitch and “Aa2” by Moody’s or the short
term obligations of which are rated at least “A-1+” by S&P, “F-1” by Fitch and “P-1” by
Moody’s (either (a) or (b), the “Threshold Event Collateral”), and (ii) the Threshold Event
Collateral shall be in an amount which, when added to the appraised value of the Mortgaged Property as determined pursuant to the
Servicing Agreement, would cause the applicable Control Appraisal Period not to occur. If the requirements of this paragraph are
satisfied by the Note B Holder in its capacity as Controlling Noteholder (a “Threshold Event Cure”), no Control
Appraisal Period caused by application of an Appraisal Reduction Amount shall be deemed to have occurred. If a letter of credit
is furnished as Threshold Event Collateral, the applicable Controlling Noteholder shall be required to renew such letter of credit
not later than thirty (30) days prior to expiration thereof or to replace such letter of credit with a substitute letter of credit
or other Threshold Event Collateral with an expiration date that is greater than forty-five (45) days from the date of substitution;
provided, however, that, if a letter of credit is not renewed prior to thirty (30) days prior to the expiration date
of such letter of credit, the letter of credit shall provide that the Servicer may (and at the direction of the applicable Controlling
Noteholder, shall) draw upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. If a letter of
credit is furnished as Threshold Event Collateral, the Note B Holder as Controlling Noteholder shall be required to replace such
letter of credit with other Threshold Event Collateral within thirty (30) days if the credit ratings of the issuing entity are
downgraded below the required ratings; provided, however, that, if such Threshold Collateral is not so replaced,
the Servicer shall draw upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. The Threshold Event
Cure shall continue until (i) the appraised value of the Mortgaged Property plus the value of the Threshold Event Collateral would
not be sufficient to prevent a Control Appraisal Period from occurring; or (ii) final liquidation of the Mortgage Loan or Foreclosed
Property. If the appraised value of the Mortgaged Property, upon any redetermination thereof, is sufficient to avoid the occurrence
of a Control Appraisal Period without taking into consideration any, or some portion of, Threshold Event Collateral previously
delivered by the Note B Holder as Controlling Noteholder, any or such portion of Threshold Event Collateral held by the Servicer
shall promptly be returned to such Controlling Noteholder (at its sole expense). Upon final liquidation or repayment of the Mortgage
Loan or Foreclosed Property with respect to the Mortgage Loan, such Threshold Event Collateral shall be available to reimburse
each Noteholder for any realized loss pursuant to Section 3 or Section 4, as applicable, with respect to the Mortgage
Loan after application of the net proceeds of liquidation, not in excess of the Principal Balances of the Notes, plus accrued and
unpaid interest thereon at the applicable interest rate and all other Additional Servicing Expenses reimbursable under this Agreement
and under the Servicing Agreement. Any Threshold Event Collateral shall be treated as an “outside reserve fund” for
purposes of the REMIC Provisions and such property (and the right to reimbursement of any amounts with respect thereto from a REMIC)
shall be beneficially owned by the posting Noteholder who shall be taxed on all income with respect thereto. The entire amount
of Threshold Event Collateral, without a haircut or other reduction, shall be considered in determining the sufficiency of such
Threshold Event Collateral to avoid a Control Appraisal Period.

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

(k)     
Following Securitization of a Non-Lead Securitization Note, all notices, reports, information or other deliverables required
to be delivered to the related Non-Lead Securitization Noteholder or the related Non-Controlling Noteholder pursuant to this Agreement
or the Servicing Agreement by the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer acting on its
behalf) shall be delivered to the related Non-Lead Master Servicer and the Non-Lead Special Servicer (who then may forward such
items to the party entitled to receive such items as and to the extent provided in the related Non-Lead Servicing Agreement) and,
when so delivered to such Non-Lead Master Servicer and Non-Lead Special Servicer, the Lead Securitization Noteholder (or the Master
Servicer or the Special Servicer acting on its behalf) shall be deemed to have satisfied its delivery obligations with respect
to such items hereunder or under the Servicing Agreement.

Section 6.      
Appointment of Controlling Noteholder Representative.

(a) 
The Controlling Noteholder shall have the right at any time to appoint a representative in connection with the exercise
of its rights and obligations with respect to the Mortgage Loan (the “Controlling Noteholder Representative”).
The Controlling Noteholder shall have the right in its sole discretion at any time and from time to time to remove and replace
the Controlling Noteholder Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement,
the Controlling Noteholder may, at its option, in each case, act through the Controlling Noteholder Representative. The Controlling
Noteholder Representative may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage
Loan Borrower), including, without limitation, the Controlling Noteholder, any officer or employee of the Controlling Noteholder,
any Affiliate of the Controlling Noteholder or any other unrelated third party. No such Controlling Noteholder Representative shall
owe any fiduciary duty or other duty to any other Person (other than the Controlling Noteholder). All actions that are permitted
to be taken by the Controlling Noteholder under this Agreement may be taken by the Controlling Noteholder Representative acting
on behalf of the Controlling Noteholder. No Servicer, Operating Advisor, Asset Representations Reviewer, Trustee or Certificate
Administrator acting on behalf of the Lead Securitization Noteholder shall be required to recognize any Person as an Controlling
Noteholder Representative until the Controlling Noteholder has notified each Servicer, Operating Advisor, Asset Representations
Reviewer, Trustee and Certificate Administrator of such appointment and, if the Controlling Noteholder Representative is not the
same Person as the Controlling Noteholder, the Controlling Noteholder Representative provides each Servicer, Operating Advisor,
Asset Representations Reviewer, Trustee and Certificate Administrator with written confirmation of its acceptance of such appointment,
an address and facsimile number for the delivery of notices and other correspondence and a list of officers or employees of such
person with whom the parties to this Agreement may deal (including their names, titles, work addresses and facsimile numbers).
The Controlling Noteholder shall promptly deliver such information to each Servicer, Operating Advisor, Asset Representations Reviewer,
Trustee and Certificate Administrator. If the Lead Securitization Noteholder is the Controlling Noteholder, no Controlling Noteholder
Representative shall be appointed and the rights of the Lead Securitization Noteholder exercisable by the Controlling Class Representative
shall be as set forth in the Servicing

    	 	43	 

     

    

Agreement. Similarly, if the Lead Securitization
Noteholder is the Controlling Noteholder, the rights of each Non-Lead Securitization Noteholder shall be exercisable by a controlling
class representative or directing holder as set forth in the related Non-Lead Servicing Agreement.

(b) 
Neither the Controlling Noteholder Representative nor the Controlling Noteholder shall have any liability to the other Noteholders
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 Noteholders agree that the Controlling
Noteholder Representative and the Controlling Noteholder (whether acting in place of the Controlling Noteholder Representative
when no Controlling Noteholder Representative shall have been appointed hereunder or otherwise exercising any right, power or privilege
granted to the Controlling Noteholder hereunder) may take or refrain from taking actions, or give or refrain from giving consents,
that favor the interests of one Noteholder over the other Noteholder, and that the Controlling Noteholder Representative may have
special relationships and interests that conflict with the interests of a Noteholder and, absent willful misfeasance, bad faith
or gross negligence on the part of the Controlling Noteholder Representative or the Controlling Noteholder, as the case may be,
agree to take no action against the Controlling Noteholder Representative, the Controlling Noteholder or any of their respective
officers, directors, employees, principals or agents as a result of such special relationships or interests, and that neither the
Controlling Noteholder Representative nor the Controlling Noteholder will be deemed to have been grossly negligent or reckless,
or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded any exercise of its rights by
reason of its having acted or refrained from acting, or having given any consent or having failed to give any consent, solely in
the interests of any Noteholder.

(c)  If the Lead Securitization Noteholder is the Controlling Noteholder, the Non-Lead Securitization Noteholders and the Note
B Holder acknowledge and agree (i) all of the aforementioned rights and obligations of the Controlling Noteholder and the Controlling
Noteholder Representative set forth in Section 5(g) and 5(h) and this Section 6 shall be exercisable
by the Lead Securitization Noteholder (or the applicable Person specified in the Servicing Agreement) to the extent set forth in
the Servicing Agreement and (ii) the Controlling Class Representative may exercise all rights with respect to the Mortgage Loan
and any decisions or consents or other powers with respect thereto as are set forth in the Servicing Agreement.

    (d)  With respect to any Non-Controlling Note, the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer
acting on its behalf) shall not be required at any time to deal with more than one party exercising the rights of any particular
“Non-Controlling Noteholder” herein or under the Servicing Agreement and, (x) to the extent that the related Non-Lead
Servicing Agreement assigns such rights to more than one party, or (y) to the extent a Non-Controlling Note is split into two or
more New Notes pursuant to Section 40, for purposes of this Agreement, the Non-Lead Servicing Agreement or the holders of
such New Notes shall designate one party to deal with the Lead Securitization Noteholder (or the Master Servicer or the Special
Servicer acting on its behalf) and provide written notice of such designation to the Lead Securitization Noteholder (and the Master
Servicer and the Special

    	 	44	 

     

    

Servicer acting on its behalf);
provided that, in the absence of such designation and notice, the Lead Securitization Noteholder (or the Master Servicer
or the Special Servicer acting on its behalf) shall be entitled to treat the last party as to which it has received written notice
as having been designated as the Non-Controlling Noteholder with respect to such Non-Controlling Note, as the Non-Controlling Noteholder
for such Non-Controlling Note for all purposes of this Agreement. As of the date hereof and until further notice from a Non-Lead
Securitization Noteholder (or the Non-Lead Master Servicer or another party acting on its behalf), the Note A-1A Holder is the
Non-Controlling Noteholder with respect to Note A-1A, the Note A-1B Holder is the Non-Controlling Noteholder with respect to Note
A-1B, the Note A-1C Holder is the Non-Controlling Noteholder with respect to Note A-1C, the Note A-1D Holder is the Non-Controlling
Noteholder with respect to Note A-1D and the Note A-2 Holder is the Non-Controlling Noteholder with respect to Note A-2.

Section 7.      
Special Servicer. The Controlling Noteholder (or its Controlling Noteholder Representative), at its expense (including,
without limitation, the reasonable costs and expenses of counsel to any third parties and costs and expenses of the terminated
Special Servicer), shall have the right to appoint the Special Servicer with respect to the Mortgage Loan; provided that
either (x) any Special Servicer appointed by the Controlling Noteholder (or its Controlling Noteholder Representative) shall have
the Required Special Servicer Rating or (y) the Controlling Noteholder (or its Controlling Noteholder Representative) shall have
received Rating Agency Confirmation with respect to the appointment of such Special Servicer from each Rating Agency then rating
a Securitization. The Controlling Noteholder (or its Controlling Noteholder Representative) shall be entitled to terminate the
rights and obligations of the Special Servicer under the Servicing Agreement, with or without cause, upon at least ten (10) Business
Days’ prior notice to the Special Servicer (provided, however, that the Controlling Noteholder and/or Controlling
Noteholder Representative shall not be liable for any termination or similar fee in connection with the removal of the Special
Servicer in accordance with this Section 7) and satisfaction of the other conditions to such replacement as set forth in
the Servicing Agreement.

If a Servicer Termination
Event on the part of the Special Servicer has occurred that affects a Non-Controlling Noteholder, such Non-Controlling Noteholder
shall have the right to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust,
the Controlling Noteholder) to terminate the Special Servicer under the Servicing Agreement (or at any time that the Mortgage Loan
is no longer subject to the provisions of the Servicing Agreement, the successor servicing agreement pursuant to which the Mortgage
Loan is being serviced) solely with respect to the Mortgage Loan pursuant to and in accordance with the terms of the Servicing
Agreement (or at any time that the Mortgage Loan is no longer subject to the provisions of the Servicing Agreement, the successor
servicing agreement pursuant to which the Mortgage Loan is being serviced). The Controlling Noteholder shall be entitled to appoint
a replacement special servicer in connection with a termination of the Special Servicer at the direction of a Non-Controlling Noteholder,
subject to the satisfaction of the requirements of the Servicing Agreement and this Agreement. The Controlling Noteholder and the
Non-Controlling Noteholders acknowledge and agree that any successor special servicer appointed to replace the Special Servicer
with respect to the Mortgage Loan that was terminated for cause at a Non-Controlling Noteholder’s direction cannot at any
time be the person (or an Affiliate thereof) that was so terminated without the prior written consent of such Non-Controlling Noteholder.
The Non-Controlling Noteholder that directs the Trustee to terminate

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the Special Servicer shall be solely
responsible for reimbursing the Trustee’s or the Controlling Noteholder’s, as applicable, costs and expenses for such
termination and replacement, if not paid within a reasonable time by the terminated special servicer and, in the case of the Trustee,
that would otherwise be reimbursed to the Trustee from amounts on deposit in the Collection Account or Companion Distribution Account.

For the avoidance
of doubt, in no event will the rights of the Non-Controlling Noteholders set forth in the immediately preceding paragraph in any
way limit or diminish the rights of the Controlling Noteholder otherwise set forth in this Section 7.

Section 8.      
Payment Procedure.

(a)      
The Lead Securitization Noteholder (or the Servicer on its behalf), in accordance with the priorities set forth in Section
3 or Section 4, as applicable, and subject to the terms of the Servicing Agreement, shall deposit or cause to be deposited
all payments allocable to the Notes to the Collection Account or Companion Distribution Account for the Notes established pursuant
to the Servicing Agreement. The Lead Securitization Noteholder (or the Servicer acting on its behalf) shall deposit such amounts
to the applicable account within two (2) Business Days following receipt of properly identified and available funds by the Lead
Securitization Noteholder (or the Servicer acting on its behalf) from or on behalf of the Mortgage Loan Borrower.

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

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

    	 	46	 

     

    

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

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

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

The Noteholders acknowledge
that, subject to the terms and conditions hereof and the obligations of the Non-Lead Securitization Noteholders (including any
Non-Lead Servicer) to comply with, and except as otherwise required by, Accepted Servicing Practices, the Non-Lead Securitization
Noteholders (including any Non-Lead Servicer) may exercise, or omit to exercise, any rights that a Non-Lead Securitization Noteholder
may have under this Agreement and the applicable Non-Lead Servicing Agreement in a manner that may be adverse to the interests
of the other Noteholders and that each Non-Lead Securitization Noteholder (including any Non-Lead Servicer) shall have no liability
whatsoever to the other Noteholders in connection with such Non-Lead Securitization Noteholders’ exercise of rights or any
omission by the Non-Lead Securitization Noteholders to exercise such rights other than as described above; provided, however,
that the Non-Lead Servicer must act in accordance with Accepted Servicing Practices.

The Lead Securitization
Noteholder and the Non-Lead Securitization Noteholders acknowledge that, subject to the terms and conditions hereof, the Note B
Holder may exercise, or omit to exercise, any rights that the Note B Holder may have under this Agreement and the Servicing Agreement
in a manner that may be adverse to the interests of the Lead Securitization

    	 	47	 

     

    

Noteholder or the Non-Lead Securitization
Noteholders and that the Note B Holder shall have no liability whatsoever to the Lead Securitization Noteholder and the Non-Lead
Securitization Noteholders in connection with the Note B Holder’s exercise of rights or any omission by the Note B Holder
to exercise such rights; provided, however, that the Note B Holder shall not be protected against any liability to
the Lead Securitization Noteholder and the Non-Lead Securitization Noteholders that would otherwise be imposed by reason of willful
misfeasance, bad faith or negligence.

Section 10.    
Bankruptcy. Subject to the provisions of Section 5(g) hereof, each of the Non-Lead Securitization Noteholders
and the Note B Holder hereby covenants and agrees that only the Lead Securitization Noteholder (or the Servicer on its behalf)
has the right to institute, file, commence, acquiesce, petition under Bankruptcy Code Section 303 or otherwise or join any Person
in any such petition or otherwise invoke or cause any other Person to invoke an Insolvency Proceeding with respect to or against
the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official with respect to the Mortgage Loan Borrower or all or any part of its property or assets or ordering the winding-up or
liquidation of the affairs of the Mortgage Loan Borrower. Subject to the provisions of Section 5(g) hereof, each of the
Non-Lead Securitization Noteholders and the Note B Holder further agrees that only the Lead Securitization Noteholder, as a creditor,
can make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take
any other action in any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding.
Each of the Non-Lead Securitization Noteholders and the Note B Holder hereby appoints the Lead Securitization Noteholder as its
agent, and grants to the Lead Securitization Noteholder an irrevocable power of attorney coupled with an interest, and its proxy,
for the purpose of exercising any and all rights and taking any and all actions available to each of the Non-Lead Securitization
Noteholders and the Note B Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code
or in any other Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept
or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file
a motion to modify, lift or terminate the automatic stay with respect to the Mortgage Loan. Each of the Non-Lead Securitization
Noteholders and the Note B Holder in its capacity as such, hereby agrees that, upon the request of the Lead Securitization Noteholder,
such Non-Lead Securitization Noteholder or Note B Holder, as applicable, shall execute, acknowledge and deliver to the Lead Securitization
Noteholder all and every such further deeds, conveyances and instruments as the Lead Securitization Noteholder may reasonably request
for the better assuring and evidencing of the foregoing appointment and grant. All actions taken by the Servicer in connection
with any Insolvency Proceeding are subject to and must be in accordance with Accepted Servicing Practices.

Section 11.    
Cure Rights of the Note B Holder.

(a)      
Subject to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of principal
or interest on the Mortgage Loan by the end of the applicable grace period (the “Grace Period”) for such payment
permitted under the applicable Mortgage Loan Documents (a “Monetary Default”), the Lead Securitization Noteholder
shall provide notice to the Note B Holder and the Controlling Noteholder Representative (in each

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case, unless a Control Appraisal Period
has occurred and is continuing) of such default (the “Monetary Default Notice”). If the Note B Holder or the
Controlling Noteholder Representative (in each case, unless a Control Appraisal Period has occurred and is continuing) has not
cured such Monetary Default within ten (10) Business Days after receiving the Monetary Default Notice, the Lead Securitization
Noteholder shall deliver an additional copy of the Monetary Default Notice that contains a statement in boldface font that this
is a second notice and that the Note B Holder’s or the Controlling Noteholder Representative’s failure to cure such
Monetary Default within ten (10) Business Days after receiving such second notice will result in the termination of the right to
cure such Monetary Default. The Note B Holder (unless a Control Appraisal Period has occurred and is continuing) shall have the
right, but not the obligation, to cure such Monetary Default after receiving the first Monetary Default Notice and until the period
ending ten (10) Business Days after receiving the second Monetary Default Notice (the “Cure Period”) and at
no other times. At the time a payment is made to cure a Monetary Default, the Note B Holder (unless a Control Appraisal Period
has occurred and is continuing) shall pay or reimburse the Lead Securitization Noteholder for all unreimbursed Advances (whether
or not recoverable with respect to the Lead Securitization Note and each Non-Lead Securitization Note, including principal and
interest advances made with respect to such Non-Lead Securitization Note under the related Non-Lead Servicing Agreement), Advance
Interest Amounts, any unpaid fees to any Servicer specifically provided for in the Servicing Agreement and any Additional Servicing
Expenses. The Note B Holder shall not be required, in order to effect a cure hereunder, to pay any default interest or late charges
under the Mortgage Loan Documents. So long as a Monetary Default exists for which a cure payment permitted hereunder is made, such
Monetary Default shall not be treated as an Event of Default by the Lead Securitization Noteholder (including for purposes of (i) the
definition of “Sequential Pay Event,” (ii) accelerating the Mortgage Loan, modifying, amending or waiving any provisions
of the Mortgage Loan Documents or commencing proceedings for foreclosure or the taking of title by deed-in-lieu of foreclosure
or other similar legal proceedings with respect to the Mortgaged Property; or (iii) treating the Mortgage Loan as a Specially Serviced
Mortgage Loan); provided that such limitation shall not prevent the Lead Securitization Noteholder from collecting Default
Interest or late charges from the Mortgage Loan Borrower to be applied in accordance with this Agreement and the Lead Securitization
Servicing Agreement. Any amounts advanced by a Noteholder on behalf of the Mortgage Loan Borrower to effect any cure shall be reimbursable
to such Noteholder under Section 3 or Section 4, as applicable.

(b)     
Notwithstanding anything to the contrary contained in Section 11(a), the Note B Holder shall be limited to a combined
total of six (6) cures of Monetary Defaults, no more than three (3) of which may be consecutive, or Non-Monetary Defaults over
the term of the Mortgage Loan. Additional Cure Periods shall only be permitted with the consent of the Lead Securitization Noteholder
(or, if the Lead Securitization Note is included in a Securitization, the Special Servicer on its behalf) which may be withheld
in its sole and absolute discretion.

(c)      
No action taken by the Note B Holder in accordance with this Agreement shall excuse performance by the Mortgage Loan Borrower
of its obligations under the Mortgage Loan Documents and the Lead Securitization Noteholder’s and the Non-Lead Securitization
Noteholders’ rights under the Mortgage Loan Documents shall not be waived or prejudiced by virtue of such Note B Holder’s
actions under this Agreement. Subject to the terms of this Agreement, the Note B Holder shall be subrogated to the Lead Securitization
Noteholder’s and

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the Non-Lead Securitization Noteholders’
rights to any payment owing to the Lead Securitization Noteholder and the Non-Lead Securitization Noteholders for which the Note
B Holder makes a cure payment as permitted under this Section 11 but such subrogation rights may not be exercised against
the Mortgage Loan Borrower until 91 days after the Note is paid in full.

(d)     
If an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary
Default”), the Lead Securitization Noteholder shall promptly provide notice to the Note B Holder and the Controlling
Noteholder Representative (in each case, unless a Control Appraisal Period has occurred and is continuing) of such failure (the
“Non-Monetary Default Notice”) and the Note B Holder (unless a Control Appraisal Period has occurred and is
continuing) shall have the right, but not the obligation, to cure such Non-Monetary Default within the same period of time as the
Mortgage Loan Borrower under the Mortgage Loan Documents, without regard for the date of receipt by the Note B Holder and the Controlling
Noteholder Representative of the Non-Monetary Default Notice, or in any event, up to thirty (30) days, to cure such Non-Monetary
Default; provided, however, if such Non-Monetary Default is susceptible of cure but cannot reasonably be cured within
such period and if curative action was promptly commenced and is being diligently pursued by the Note B Holder, the Note B Holder
(unless a Control Appraisal Period has occurred and is continuing) shall be given an additional period of time as is reasonably
necessary to enable the Note B Holder in the exercise of due diligence to cure such Non-Monetary Default for so long as (i) the
Note B Holder diligently and expeditiously proceed to cure such Non-Monetary Default, (ii) the Note B Holder s make all cure payments
that it is permitted to make in accordance with the terms and provisions of Section 11(a) hereof, (iii) such additional
period of time does not exceed ninety (90) days, (iv) such Non-Monetary Default is not caused by an Insolvency Proceeding or during
such period of time that the Note B Holder have to cure a Non-Monetary Default in accordance with this Section 11(d) (the
“Non-Monetary Default Cure Period”), an Insolvency Proceeding does not occur and (v) during such Non-Monetary
Default Cure Period, there is no material adverse effect on the Mortgage Loan Borrower or the Mortgaged Property or the value of
the Mortgage Loan as a result of such Non-Monetary Default or the attempted cure. The Non-Monetary Default Notice shall contain
a statement in boldface font that the Note B Holder’s and the Controlling Noteholder Representative’s failure to cure
such Non-Monetary Default within the applicable Non-Monetary Default Cure Period after receiving such notice will result in the
termination of the right to cure such Non-Monetary Default. The Note B Holder and the Controlling Noteholder Representative shall
not contact the Mortgage Loan Borrower in order to effect any cures under Sections 11(a) or this 11(d) unless it
is in conjunction with the Special Servicer or the Note B Holder has obtained the prior written consent of the Lead Securitization
Noteholder.

Section 12.    
Purchase Rights of the Note B Holder. The Note B Holder shall have the right, by written notice to the Senior Noteholders
(a “Noteholder Purchase Notice”), delivered at any time an Event of Default under the Mortgage Loan has occurred
and is continuing, to purchase, in immediately available funds, the Senior Notes in whole but not in part at the applicable Defaulted
Mortgage Loan Purchase Price. For avoidance of doubt, if the Note B Holder elects to exercise its right to purchase a Note pursuant
to this Section 12, it must purchase each of Senior Notes. Upon the delivery of the Noteholder Purchase Notice to the Senior
Noteholders, Senior Noteholders shall sell (and the Note B Holder shall purchase) the Senior Notes (including, without limitation,
any interests therein) at the applicable Defaulted Mortgage

    	 	50	 

     

    

Loan Purchase Price, on a date (the
“Defaulted Note Purchase Date”) not less than ten (10) and not more than thirty (30) days after the date of
the Noteholder Purchase Notice, as shall be established by the Lead Securitization Noteholder. The Note B Holder agrees that the
sale of the Senior Notes shall comply with all requirements of the Servicing Agreement and that all costs and expenses related
thereto shall be paid by the Note B Holder. The Defaulted Mortgage Loan Purchase Price shall be calculated by the Lead Securitization
Noteholder (or the Servicer on its behalf) three (3) Business Days prior to the Defaulted Note Purchase Date (and such calculation
shall be accompanied by a listing of all amounts included in the Defaulted Mortgage Loan Purchase Price), and shall, absent manifest
error, be binding upon the Note B Holder. Concurrently with the payment to the Senior Noteholders in immediately available funds
of its respective portion of the applicable Defaulted Mortgage Loan Purchase Price, the Senior Noteholders shall execute at the
sole cost and expense of the Note B Holder in favor of the Note B Holder assignment documentation which will assign the Senior
Notes, as applicable, and the Mortgage Loan Documents without recourse, representations or warranties (except the Senior Noteholders,
as applicable, shall represent and warrant that it had good and marketable title to, was the sole owner and holder of, and had
power and authority to deliver the Mortgage Loan or Note, as applicable, free and clear of all liens and encumbrances (other than
the interest created by the Note B Holder)). The right of the Note B Holder to purchase the Senior Notes shall automatically terminate
upon a foreclosure sale, sale by power of sale or delivery of a deed in lieu of foreclosure with respect to the Mortgaged Property
(and the Lead Securitization Noteholder shall give the Note B Holder ten (10) days’ notice of its intent with respect to
such action). Notwithstanding the foregoing sentence, if title to the Mortgaged Property is transferred to the Servicer (or other
nominee on behalf of the Noteholders) less than ten (10) days after the acceleration of the Mortgage Loan, the Lead Securitization
Noteholder shall notify the Note B Holder of such transfer and the Note B Holder shall have a ten (10) day period from the date
of such notice from the Lead Securitization Noteholder to deliver the Noteholder Purchase Notice to the Senior Noteholders, in
which case the Note B Holder will be obligated to purchase the Mortgaged Property, in immediately available funds, within such
thirty (30) day period at the applicable Defaulted Mortgage Loan Purchase Price. Any such purchase of the Senior Notes by the Note
B Holder shall be free and clear of any liens.

Section 13.    
Representations of the Note B Holder. The Note B Holder represents, and it is specifically understood and agreed,
that it is acquiring Note B for its own account in the ordinary course of its business and the Senior Noteholders shall otherwise
have no liability or responsibility to the Note B Holder except as expressly provided herein or for actions that are taken or omitted
to be taken by the Senior Noteholders that constitute gross negligence or willful misconduct or that constitute a breach of this
Agreement. The Note B Holder represents and warrants that the execution, delivery and performance of this Agreement is within its
corporate powers, has been duly authorized by all necessary corporate action, and does not contravene its charter or any law or
contractual restriction binding upon the Note B Holder, and that this Agreement is the legal, valid and binding obligation of the
Note B Holder enforceable against the Note B Holder in accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally,
and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law),
and except that the enforcement of rights with respect to indemnification and contribution obligations may be limited by applicable
law. The Note B Holder represents and warrants that it is duly organized,

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

The Note B Holder
acknowledges that the Senior Noteholders do not owe the Note B Holder any fiduciary duty with respect to any action taken under
the Mortgage Loan Documents and, except as provided herein, need not consult with the Note B Holder with respect to any action
taken by the Senior Noteholders in connection with the Mortgage Loan.

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

Section 14.    
Representations of the Initial Senior Noteholders. Each of the Senior Noteholders represents and warrants that the
execution, delivery and performance of this Agreement is within its corporate powers, has been duly authorized by all necessary
corporate action, and does not contravene the applicable Senior Noteholder’s charter or any law or contractual restriction
binding upon such Senior Noteholder, and that this Agreement is the legal, valid and binding obligation of each Senior Noteholder,
enforceable against each of them in accordance with its terms. Each of the Senior Noteholders represents and warrants that it is
duly organized, validly existing, in good standing and possession of all licenses and authorizations necessary to carry on its
business. Each of the Senior Noteholders represents and warrants that (a) this Agreement has been duly executed and delivered
by the applicable Senior Noteholder, (b) to each Senior Noteholder’s actual knowledge, all consents, approvals, authorizations,
orders or filings of or with any court or governmental agency or body, if any, required for the execution, delivery and performance
of this Agreement by the applicable Senior Noteholder have been obtained or made and (c) to each Senior Noteholder’s
actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation against the applicable
Senior Noteholder, an adverse outcome of which would materially and adversely affect its performance under this Agreement.

Section 15.    
Independent Analysis of the Note B Holder. The Note B Holder acknowledges that it has, independently and without
reliance upon the Initial Senior Noteholders, except with respect to the representations and warranties provided by the Initial
Senior Noteholders herein, and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to purchase the Note B Holder and the Note B Holder accepts responsibility therefor. The Note B Holder hereby acknowledges
that, other than the representations and warranties provided herein, the Senior Noteholders have made no representations or warranties
with respect to the Mortgage Loan, subject to such representations

    	 	52	 

     

    

and warranties as provided by the Senior
Noteholders herein, and that the Senior Noteholders shall have no responsibility for (i) the collectibility of the Mortgage Loan,
(ii) the validity, enforceability or legal effect of any of the Mortgage Loan Documents or the title insurance policy or policies
or any survey furnished or to be furnished to the Senior Noteholders in connection with the origination of the Mortgage Loan, (iii)
the validity, sufficiency or effectiveness of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial
condition of the Mortgage Loan Borrower. The Note B Holder assumes all risk of loss in connection with Note B except as specifically
set forth herein.

Section 16.    
No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken
pursuant hereto shall be deemed to constitute the relationship created hereby among any of the Noteholders as a partnership, association,
joint venture or other entity. No Noteholder shall have no obligation whatsoever to offer to the other Noteholders the opportunity
to purchase a participation interest in any future loans originated by such Noteholder or their Affiliates and if any Noteholder
chooses to offer to the other Noteholders the opportunity to purchase a participation interest in any future loans originated by
such Noteholder or their Affiliates, such offer shall be at such purchase price and interest rate as such Noteholder chooses, in
its sole and absolute discretion. No Noteholder shall have any obligation whatsoever to purchase from the other Noteholders a Note
interest in any future loans originated by such Noteholders or their Affiliates.

Section 17.    
Not a Security. Note B shall not be deemed to be a security within the meaning of the Securities Act of 1933, as
amended or the Securities Exchange Act of 1934, as amended.

Section 18.    
Other Business Activities of the Noteholders. Each Noteholder acknowledges that the other Noteholders or their Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, the Mortgage Loan Borrower or
any direct or indirect parent or Affiliate thereof, any entity that is a holder of debt secured by direct or indirect ownership
interests in the Mortgage Loan Borrower or any Affiliate thereof or any entity that is a holder of a preferred equity interest
in the Mortgage Loan Borrower, any principal thereof or any Affiliate thereof (each, a “Mortgage Loan Borrower
Related Party”), and receive payments on such other loans or extensions of credit to Mortgage Loan Borrower Related Parties
and otherwise act with respect thereto freely and without accountability in the same manner as if this Agreement and the transactions
contemplated hereby were not in effect.

Section 19.    
Sale of the Notes.

(a) 
The Note B Holder agrees that it will not Transfer all or any portion of Note B without the prior written consent of the
other Noteholders, which consent shall not be unreasonably withheld, conditioned or delayed, provided that (i) the Note
B Holder shall have the right to Transfer Note B, or any portion thereof, to a Qualified Institutional Lender without obtaining
such prior written consent, provided that promptly after the Transfer, (x) the other Noteholders are provided with (I) a
representation from a transferee or the Note B Holder certifying that such transferee is a Qualified Institutional Lender and (II)
a copy of the assignment and assumption agreement referred to in Section 20 and (y) such transfer would not cause Note B
to be held by more than five persons nor cause there to be no one Person owning a

    	 	53	 

     

    

majority of Note B and (ii) if the Note
B Holder wishes to Transfer its Note B, or any portion thereof, to an entity that is not a Qualified Institutional Lender after
a Securitization, no consent of the other Noteholders shall be required, but the Note B Holder shall first obtain (and deliver
to the other Noteholders) Rating Agency Confirmation with respect to each Securitization. If Note B is held by more than one holder
at any time, the holders of a majority of the Principal Balance of Note B shall immediately appoint a representative to exercise
all rights of the Note B Holder hereunder. Notwithstanding the foregoing, without the prior consent of the Senior Noteholders,
which may be withheld in such Noteholders’ sole discretion, the Note B Holder shall not Transfer all or any portion of Note
B to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party without obtaining Rating Agency Confirmation with respect
to each Securitization and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee.
The Note B Holder agrees it will pay the expenses of the other Noteholders (including all expenses of the Master Servicer and the
Special Servicer) in connection with any such Transfer. The Agent shall provide two (2) Business Days prior written notice to each
Rating Agency of any Transfer.

(b)     
Notwithstanding the foregoing, the Note B Holder shall have the right, without the need to obtain the consent of the other
Noteholders or any other Person, to Transfer 49% or less (in the aggregate) of its interest in Note B to a Person that has no direct
rights with respect to Note B or to a Qualified Institutional Lender; provided that any such Transfer shall be made in accordance
with the terms of this Section 19. Notwithstanding anything herein to the contrary, the Note B Holder shall not Transfer
all or any portion of Note B to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer shall
be absolutely null and void and shall vest no rights in the purported transferee. All Transfers under Section 19(a) and
(b) shall be made upon written notice to the other Noteholders not later than the date of such Transfer, and each transferee
shall (i) execute an assignment and assumption agreement whereby such transferee assumes all or a ratable portion, as the
case may be, of the obligations of the Note B Holder hereunder with respect to Note B first arising from and after the date of
such assignment (or, in the case, of a pledge, collateral assignment or other encumbrance made in accordance with Section 19(e)
by the Note B Holder of Note B solely as security for a loan to the Note B Holder made by a third-party lender whereby the Note
B Holder remains fully liable under this Agreement, on or before the date on which such lender succeeds to the rights of the Note
B Holder by foreclosure or otherwise, such third-party lender executes an agreement that such lender shall be bound by the terms
and provisions of this Agreement and the obligations of the Note B Holder hereunder) and (ii) agree in writing to be bound
by the Servicing Agreement, unless the Servicing Agreement is not then in effect with respect to the Mortgage Loan, in which event
the parties will enter into or agree to be bound by any replacement servicing agreement therefor in accordance with the provisions
hereof. Upon the consummation of a Transfer of all or any portion of Note B in accordance with this Agreement, the transferring
Person shall be released from all liability arising under this Agreement with respect to Note B (or the portion thereof that was
the subject of such Transfer), for the period after the effective date of such Transfer (it being understood and agreed that the
foregoing release shall not apply in the case of a sale, assignment, transfer or other disposition of a participation interest
in Note B as described in clause (c) below). In connection with any such permitted Transfer of a portion of Note B
and for all purposes of this Agreement, the other Noteholders need only recognize the majority holder of Note B for purposes of
notices, consents and other communications between Noteholders, and such majority holder of Note B shall be the only Person authorized
hereunder

    	 	54	 

     

    

to exercise any rights of the Note B
Holder under this Agreement; provided, however, the majority holder of Note B may from time to time designate any
other Person as an additional party entitled to receive notices, consents and other communications and/or to exercise rights on
behalf of the Note B Holder hereunder by delivering written notice thereof to the other Noteholders, and, from and after delivery
of such notice, such designee shall be so authorized hereunder and shall be the only party entitled to receive such notices, consents
and such other communications and/or to exercise such rights.

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

(d)     
The Senior Noteholders shall each have the right to Transfer all or any portion of its respective Note without the prior
consent of any other Noteholder to (i) the depositor for a Securitization of all or any portion of such Note and the related Securitization
Trust, (ii) prior to the occurrence of a Securitization of all or any portion of such Note, a Qualified Institutional Lender (provided
that any Transferee in connection with the Securitization of such Note shall not be required to be a Qualified Institutional Lender)
and (iii) after the occurrence of a Securitization of all or any portion of such Note, to any party in accordance with the applicable
Pooling and Servicing Agreement, except that such Noteholder shall not Transfer all or any portion of such Note to the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party without obtaining Rating Agency Confirmation with respect to each Securitization
and any such Transfer to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party shall be absolutely null and void
and shall vest no rights in the purported transferee; provided that, after a Securitization, if a Senior Noteholder intends
to transfer its Note to an entity that is not a Qualified Institutional Lender it must first obtain Rating Agency Confirmation
from each Rating Agency rating a Securitization.

(e)      
Notwithstanding any other provision hereof, any Noteholder may pledge (a “Pledge”) its Note to any entity
(other than the Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit or repurchase facility to such Noteholder
and that is either a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least
“A” (or the equivalent) or better by each Rating Agency (a “Note Pledgee”), on terms and conditions
set forth in this Section 19(e), it being further agreed that a financing provided by a Note Pledgee to a Noteholder
or any person which Controls such Noteholder that is secured by such Noteholder’s interest in the applicable Note and is
structured as a repurchase arrangement,

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shall qualify as a “Pledge”
hereunder, provided that a Note Pledgee which is not a Qualified Institutional Lender may not take title to the pledged
Note without (a) prior to a Securitization, the consent of each other Noteholder and, (b) after a Securitization, Rating Agency
Confirmation. Upon written notice by the applicable Noteholder to the other Noteholders and any Servicer that a Pledge has been
effected (including the name and address of the applicable Note Pledgee), each of the other Noteholders agrees to acknowledge receipt
of such notice and thereafter agrees: (i) to give the Note Pledgee written notice of any default by the pledging Noteholder
in respect of its obligations under this Agreement of which default such Noteholder has actual knowledge; (ii) to allow such
Note Pledgee a period of ten (10) days to cure a default by the pledging Noteholder in respect of its obligations to the other
Noteholder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification,
waiver or termination of this Agreement shall be effective against such Note Pledgee without the written consent of such Note Pledgee,
which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other Noteholder shall give to such
Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving of same to the pledging Noteholder
and accept any cure thereof by such Note Pledgee which such pledging Noteholder has the right (but not the obligation) to effect
hereunder, as if such cure were made by such pledging Noteholder; (v) that such other Noteholder shall deliver to Note Pledgee
such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in
a form reasonably satisfactory to such other Noteholder; and (vi) that, upon written notice (a “Redirection Notice”)
to the other Noteholders and any Servicer by such Note Pledgee that the pledging Noteholder is in default, beyond any applicable
cure periods, under the pledging Noteholder’s obligations to such Note Pledgee pursuant to the applicable credit agreement
between the pledging Noteholder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Noteholder),
and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any
payments that any Noteholder or Servicer would otherwise be obligated to pay to the pledging Noteholder from time to time pursuant
to this Agreement or any Servicing Agreement. Any pledging Noteholder hereby unconditionally and absolutely releases the other
Noteholders and any Servicer from any liability to the pledging Noteholder on account of any Noteholder’s or Servicer’s
compliance with any Redirection Notice believed in good faith by any Servicer or any such other Noteholder to have been delivered
by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Noteholder to
such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and
this Agreement. In such event, the Noteholders and any Servicer shall recognize such Note Pledgee (and any transferee other than
the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure or similar
sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the
pledging Noteholder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional
Lender shall assume in writing the obligations of the pledging Noteholder hereunder accruing from and after such Transfer (i.e.,
realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The
rights of a Note Pledgee under this Section 19(e) shall remain effective as to any Noteholder (and any Servicer) unless
and until such Note Pledgee shall have notified any such Noteholder (and any Servicer, as applicable) in writing that its interest
in the pledged Note has terminated.

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

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

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

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

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

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

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

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

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

Section 23.    
No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in any Mortgage Loan by any Noteholder
to another Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Note B Holder shall not
have any interest in any property taken as security for any Mortgage Loan, provided, however, that if any such property
or the proceeds of any sale, lease or other disposition thereof shall be received, then the Note B Holder shall be entitled to
receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

Section 24.    
Cooperation in Securitization.

(a) 
Each Noteholder acknowledges that any Noteholder may elect, in its sole discretion, and at its sole cost and expense, to
include its Note in a Securitization. In connection with a Securitization and subject to the terms of the preceding sentence, (x)
at the request of the securitizing Noteholder, each non-securitizing Noteholder shall use commercially reasonable efforts, at the
securitizing Noteholder’s expense, to satisfy, and to cooperate with the securitizing Noteholder in attempting to cause the
Mortgage Loan Borrower to satisfy, the market standards to which such securitizing Noteholder customarily adheres or which may
be reasonably required in the marketplace or by the Rating Agencies in connection with the Securitization, including, entering
into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with
the securitizing Noteholder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan
Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect the Securitization; provided,
however, that no non-securitizing Noteholder shall be required to modify or amend this Agreement or any Mortgage Loan Documents
(or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the
interest allocable to, or the amount of any payments due to or priority of such payments, such Noteholder or (ii) increase such
Noteholder’s obligations (other than to an

    	 	58	 

     

    

immaterial extent) or decrease such
Noteholder’s rights, remedies or protections (other than to an immaterial extent). In connection with the Securitization,
each non-securitizing Noteholder shall, at the sole cost and expense of the securitizing Noteholder, to provide for inclusion in
any disclosure document relating to the related Securitization such information concerning such non-securitizing Noteholder and
the other Notes as the securitizing Noteholder reasonably determines to be necessary or appropriate; and (y) each non-securitizing
Noteholder shall cooperate, at the sole cost and expense of the securitizing Noteholder, with the reasonable requests of each Rating
Agency and the securitizing Noteholder in connection with the Securitization, as well as in connection with all other matters and
the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information
relating to it and the other Notes in any Securitization document. Each Noteholder acknowledges that any information provided by
it to a securitizing Noteholder may be incorporated into the offering documents for a Securitization. Each securitizing Noteholder
and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, the non-securitizing Noteholders.

(b) 
A securitizing Noteholder may, at its election, deliver to the other Noteholders drafts of the preliminary and final Securitization
offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the servicing agreement
at such time as it deems necessary or appropriate in connection with the Securitization of the related Note. Each of the non-securitizing
Noteholders may, at its election, review and comment thereon insofar as it relates to such Noteholder or its Note, and, if such
non-securitizing Noteholder elects to review and comment, such non-securitizing Noteholder shall review and comment thereon as
soon as possible but in no event later than two (2) Business Days of its receipt thereof (or five (5) Business Days after receipt,
in the case of the first draft thereof delivered to such non-securitizing Noteholder) and if such non-securitizing Noteholder fails
to respond within such time, such non-securitizing Noteholder shall be deemed to have elected to not comment thereon, provided
that if such non-securitizing Noteholder elects to review and comment, any such review and comments with respect to the final draft
distributed in connection with the preparation of the preliminary and final offering memoranda for printing shall be made no later
than 9:00 am, New York City time, on the Business Day following its receipt thereof and if such non-Securitizing Noteholder fails
to respond by such time, such non-Securitizing Noteholder shall be deemed to have elected to not comment thereon. In the event
of any disagreement between such non-Securitizing Noteholder with respect to the preliminary and final offering memoranda, prospectus
supplement, free writing prospectus or any other disclosure documents the Securitizing Noteholder’s determination shall control.
A non-Securitizing Noteholder has no obligation and shall have no liability with respect to any such offering documents other than
the accuracy of any comments it elects to make or refrain from making, regarding itself.

(c) 
Notwithstanding anything herein to the contrary, each Senior Noteholder acknowledge and agree that (i) the Note B Holder
shall not be required to incur any out-of-pocket expenses in connection with a Securitization of the Senior Notes and (ii) the
Note B Holder shall not be required to disclose any beneficial owner of a managed account on behalf of which it is holding Note
B.

Section 25.    
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

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THE INTERPRETATION AND ENFORCEMENT OF
THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

Section 26.    
Submission To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

(a)      
SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND
ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK,
THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

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

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

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

Section 27.    
Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed
by the parties hereto (other than as set forth in Section 5(b)). Additionally, from and after a Securitization, this Agreement
may not be modified in any manner that is materially adverse to the Senior Noteholders unless a Rating Agency Confirmation has
been delivered with respect to each Securitization, except that no Rating Agency Confirmation shall be required in connection with
a modification pursuant to Section 40 or to cure any ambiguity or to correct or supplement any provision herein that may
be defective or inconsistent with any other provisions herein or with the Servicing Agreement.

Section 28.    
Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their

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respective successors and assigns. Except
as provided herein, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party
hereto. Subject to Section 19, each Noteholder may assign or delegate its rights or obligations under this Agreement. Upon
any such assignment, the assignee shall be entitled to all rights and benefits of the Senior Noteholders or the Note B Holder,
as applicable, hereunder, including, without limitation, the right to make further assignments and grant additional Notes.

Section 29.    
Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together
constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart of this Agreement.

Section 30.    
Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference
only and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration
in the construction of this Agreement.

Section 31.    
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

Section 32.    
Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject
matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

Section 33.    
Withholding Taxes.

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

(b)     
Each Non-Lead Securitization Noteholder (to the extent it is not the same entity as the Lead Securitization Noteholder)
and the Note B Holder shall and hereby agree to indemnify the Lead Securitization Noteholder against and hold the Lead Securitization

    	 	61	 

     

    

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

(c)      
Each Non-Lead Securitization Noteholder (to the extent it is not the same entity as the Lead Securitization Noteholder)
and the Note B Holder represents to the Lead Securitization Noteholder (for the benefit of the Mortgage Loan Borrower) that it
is not a Non-Exempt Person. Contemporaneously with the execution of this Agreement and from time to time as necessary during the
term of this Agreement, the Non-Lead Securitization Noteholders (to the extent it is not the same entity as the Lead Securitization
Noteholder) and the Note B Holder shall deliver to the Lead Securitization Noteholder or Servicer, as applicable, evidence satisfactory
to the Lead Securitization Noteholder substantiating that such Noteholder is not a Non-Exempt Person and that the Lead Securitization
Noteholder is not obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise
under this Agreement. Without limiting the effect of the foregoing, (i) if such Noteholder is created or organized under the laws
of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence
by furnishing to the Lead Securitization Noteholder an Internal Revenue Service Form W-9 and (ii) if such Noteholder is not created
or organized under the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest
or other amounts by the Mortgage Loan Borrower is treated for United States income tax purposes as derived in whole or part from
sources within the United States, such Noteholder shall satisfy the requirements of the preceding sentence by furnishing to the
Lead Securitization Noteholder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN,
or successor forms, as may be required from time to time, duly executed by such Noteholder, as evidence of such Noteholder’s
exemption from the withholding of United States tax with respect thereto. The Lead Securitization Noteholder shall not be obligated
to make any payment hereunder to any Non-Lead Securitization Noteholders or the Note B Holder in respect of their respective Notes
or otherwise until such Noteholder shall have furnished to the Lead Securitization Noteholder the requested forms, certificates,
statements or documents.

Section 34.    
Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the Non-Lead
Securitization Notes and Note B) will be

    	 	62	 

     

    

held by the Lead Securitization Noteholder
(or a custodian acting on behalf of the Lead Securitization Noteholder) on behalf of the registered holders of the Notes.

Section 35.    
[Reserved]

Section 36.    
Notices. All notices required hereunder shall be given by (i) telephone (confirmed promptly in writing) or shall
be in writing and personally delivered, (ii) sent by facsimile transmission (during business hours) if the sender on the same day
sends a confirming copy of such notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery
service (charges prepaid) or (iv) certified United States mail, postage prepaid return receipt requested, and addressed to the
respective parties at their addresses set forth on Exhibit B hereto, or at such other address as any party shall hereafter
inform the other party by written notice given as aforesaid. All written notices so given shall be deemed effective upon receipt.

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

Section 37.    
Broker. Each Noteholder represents to each other Noteholder that no broker was responsible for bringing about this
transaction.

Section 38.    
Certain Matters Affecting the Agent.

(a)      
The Initial Agent is hereby appointed to serve as the Agent in accordance with the terms of this Agreement and shall serve
in such capacity until a successor Agent is appointed in accordance with the terms of this Agreement;

(b)     
The Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer’s
certificate or assignment and assumption agreement delivered to the Agent pursuant to Section 20;

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

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

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

    	 	63	 

     

    

(f)      
The Agent shall not be bound to make any investigation into the facts or matters stated in any officer’s certificate
or assignment and assumption agreement delivered to the Agent pursuant to Section 20; and

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

Section 39.    
Termination of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Lead
Securitization Noteholder. In the event that the Agent is terminated pursuant to this Section 39, all of its rights and
obligations under this Agreement shall be terminated, other than any rights or obligations that accrued prior to the date of such
termination.

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

Section 40.    
Resizing. For so long as any Non-Lead Securitization Note is not in a Securitization, the related Noteholder shall
have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes
or additional notes (in either case, “New Notes”), reallocating the principal of such Note among New Notes;
reducing the Interest Rates of such New Notes or severing such Note into one or more further “component” notes
in an 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 such New Notes continue to have the same or a lower interest rate as such Note prior to
such amendments, (iii) all such 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 Noteholder holding such New Notes shall notify
the parties to the Servicing Agreement 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 Mortgage Loan Agreement and this Agreement (or to amend
and restate the Mortgage Loan Agreement and this Agreement) on behalf of any or all of the Holders solely for the purpose of reflecting
such reallocation of principal, reduction of Interest Rates or such

    	 	64	 

     

    

severing of such Note, (2) if such Note
is severed into “component” notes, such component notes shall each have their same rights as the respective original
Note and (3) the definition of the term “Securitization” and all of the related defined terms may be amended (and new
terms added, as 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 Section 40.

 

[SIGNATURE PAGE FOLLOWS]

    	 	65	 

     

    

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

	 	SOCIETE GENERALE FINANCIAL CORPORATION, as Initial Note A-1A Holder and Initial Agent
	 	 	 
	 	By:   	/s/ Kevin Kelley
	 	 	Name: Kevin Kelley
	 	 	Title: Vice President
	 	 	 
	 	SOCIETE GENERALE FINANCIAL CORPORATION, as Initial Note A-1B Holder
	 	 	 
	 	By:   	/s/ Kevin Kelley
	 	 	Name: Kevin Kelley
	 	 	Title: Vice President
	 	 	 
	 	SOCIETE GENERALE FINANCIAL CORPORATION, as Initial Note A-1C Holder
	 	 	 
	 	By:   	/s/ Kevin Kelley
	 	 	Name: Kevin Kelley
	 	 	Title: Vice President
	 	 	 
	 	SOCIETE GENERALE FINANCIAL CORPORATION, as Initial Note A-1D Holder
	 	 	 
	 	By:   	/s/ Kevin Kelley
	 	 	Name: Kevin Kelley
	 	 	Title: Vice President
	 	 	 

 

SGCMS 2019 787E – CO-LENDER
AGREEMENT

 

    	 	 	 

     

    

 

	 	SOCIETE GENERALE FINANCIAL CORPORATION, as Initial Note A-2 Holder
	 	 	 
	 	By:   	/s/ Kevin Kelley
	 	 	Name: Kevin Kelley
	 	 	Title: Vice President
	 	 	 
	 	SOCIETE GENERALE FINANCIAL CORPORATION, as Initial Note B Holder
	 	 	 
	 	By:   	/s/ Kevin Kelley
	 	 	Name: Kevin Kelley
	 	 	Title: Vice President
	 	 	 

 

SGCMS 2019 787E – CO-LENDER
AGREEMENT

    	 	 	 

     

    

EXHIBIT A

MORTGAGE LOAN SCHEDULE

A.   Description
of Mortgage Loan:

	Mortgage Loan Agreement:	Loan Agreement, dated as of January 9, 2019, between the Lender and the Mortgage Loan Borrower
	Mortgage Loan Borrower:	Georgetown Eleventh Avenue Owners, LLC
	Date of the Mortgage Loan Agreement and the Mortgage: 	January 9, 2019
	Initial Principal Amount of Mortgage Loan:	$410,000,000
	Location of Mortgaged Property:	New York, New York
	Initial Maturity Date:	February 8, 2029

B.   Description
of Note Interests:

	Initial Note A-1A Principal Balance:	$70,000,000
	Initial Note A-1B Principal Balance:	$45,000,000
	Initial Note A-1C Principal Balance:	$30,000,000
	Initial Note A-1D Principal Balance:	$30,000,000
	Initial Principal Balance of Note A-2:	$117,500,000
	Initial Principal Balance of Note B:	$117,500,000
	Initial Note A-1A Rate:	4.53031685470085%
	Initial Note A-1B Rate:	4.53031685470085%
	Initial Note A-1C Rate:	4.53031685470085%
	Initial Note A-1D Rate:	4.53031685470085%

    	 	A-1	 

     

    

 

	Initial Note A-2 Rate:	4.53031685470085%
	Initial Note B Rate:	6.09942400000000%

    	 	A-2	 

     

    

EXHIBIT B

 

Initial Note A-1A Holder:

Societe Generale Financial Corporation

Notice Address:

Societe Generale Financial Corporation

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

with a copy to:

Societe Generale Financial Corporation

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

 

Initial Note A-1B Holder:

Societe Generale Financial Corporation

Notice Address:

Societe Generale Financial Corporation

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

with a copy to:

Societe Generale Financial Corporation

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

 

Initial Note A-1C Holder:

Societe Generale Financial Corporation

Notice Address:

Societe Generale Financial Corporation

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

with a copy to:

    	 	B-1	 

     

    

Societe Generale Financial Corporation

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

Initial Note A-1D Holder:

Societe Generale Financial Corporation

Notice Address:

Societe Generale Financial Corporation

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

with a copy to:

Societe Generale Financial Corporation

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

 

Initial Note A-2 Holder:

Societe Generale Financial Corporation

Notice Address:

Societe Generale Financial Corporation

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

with a copy to:

Societe Generale Financial Corporation

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

Initial Note B Holder:

Societe Generale Financial Corporation

Notice Address:

Societe Generale Financial Corporation

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

    	 	B-2	 

     

    

with a copy to:

Societe Generale Financial Corporation

245 Park Avenue, 11th Floor

New York, New York 10167

Attention: General Counsel

 

 

    	 	B-3	 

     

    

EXHIBIT C

PERMITTED FUND MANAGERS

 

1.      Alliance Bernstein

2.      Annaly Capital Management

3.      Apollo Global Real Estate

4.      Archon Capital, L.P.

5.      AREA Property Partners

6.      Artemis Real Estate Partners

7.      BlackRock, Inc.

8.      The Blackstone Group International Ltd.

9.      Capital Trust, Inc.

10.     
Capstone Asset Management

11.     
The Carlyle Group

12.     
Clarion Partners

13.     
Colony Capital, Inc. / Colony Financial, Inc.

14.     
CreXus Investment Corporation/Annaly Capital Management

15.     
DLJ Real Estate Capital Partners

16.     
Dune Real Estate Partners

17.     
Eightfold Real Estate Capital, L.P.

18.     
Five Mile Capital Partners

19.     
Fortress Investment Group LLC

20.     
Garrison Investment Group

21.     
Goldman, Sachs & Co.

22.     
H/2 Capital Partners LLC

    	 	C-1	 

     

    

23.     
Hudson Advisors

24.     
Investcorp International

25.     
iStar Financial Inc.

26.     
J.E. Roberts Companies

27.     
J.P. Morgan Investment Management Inc.

28.     
JER Partners

29.     
Libermax Capital LLC

30.     
LoanCore Capital

31.     
Lonestar Funds

32.     
Lowe Enterprises

33.     
Normandy Real Estate Partners

34.     
Och-Ziff Capital Management Group/ OZ Management, L.P./ OZ Management II., L.P.

35.     
One William Street Capital Management, L.P.

36.     
Praedium Group

37.     
Raith Capital Partners, LLC

38.     
Rialto Capital Management, LLC

39.     
Rialto Capital Partners LLC

40.     
Rimrock Capital Management LLC

41.     
Rockpoint Group

42.     
Rockwood

43.     
RREEF Funds

44.     
Square Mile Capital Management LLC

45.     
Starwood Capital/Starwood Financial Trust

46.     
Torchlight Investors

47.     
Walton Street Capital, LLC

    	 	C-2	 

     

    

48.     
Westbrook Partners

49.     
WestRiver Capital

50.     
Wheelock Street Capital

51.     
Whitehall Street Real Estate Fund, L.P.

52.     
USAA Real Estate Company

53.     
Teachers Insurance and Annuity Association of America

 

    	 	C-3	 

     

    

SCHEDULE I

 

The Servicing
Agreement shall:

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

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

(iii)    
provide that the Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Securitization
Note, net of its Servicing Fee and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer
and the Trustee, to the applicable Non-Lead Securitization Noteholder on the applicable Master Servicer Remittance Date; provided
that, for the avoidance of doubt, any late collections received by the Master Servicer after the related due date under the Mortgage
Loan shall be remitted in accordance with clause (vii) below;

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

(v)    
provide that the Master Servicer, any primary servicer, the Special Servicer and the Trustee, 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), to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely manner, the reports,
certifications, compliance statements, accountants’ assessments and attestations, information to be included in reports (including,
without limitation, Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the Non-Lead Servicing Agreements
as the parties to each other Securitization may require in order to comply with their obligations under the Securities Act of 1933,
as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other applicable law.
Without limiting the generality of the foregoing, if applicable, the Lead Securitization Noteholder shall provide in a timely manner
to the depositor and the trustee for any prior Securitization a copy of the Servicing Agreement and each Servicer (at the expense
of the Lead Securitization Noteholder) will be required, upon prior written request, to provide to the depositor and the trustee
for any prior Securitization any other information required to comply in a timely manner with applicable filing requirements under
Items 1.01 and 6.02 of Form 8-K, any other

    	 	I-1	 

     

    

disclosure information required
pursuant to Regulation AB in a timely manner for inclusion in any disclosure document (and, with respect to the Servicing Agreement,
for filing under Form 8-K), and with respect to the Servicers, upon prior written request, market indemnification agreements, opinions
and Regulation AB compliance letters as were or are being delivered with respect to the Lead Securitization. As used in this Agreement,
“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100
229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided
by the United States Securities and Exchange Commission (the “Commission”) or by the staff of the Commission,
or as may be provided by the Commission or its staff from time to time, in each case as effective from time to time as of the compliance
dates specified therein. The Master Servicer, any primary servicer and the Special Servicer, upon prior written request, shall
each be required to provide certification and indemnification to each Certifying Person with respect to the Sarbanes-Oxley Certification
(or analogous terms) as such terms are defined in the related Non-Lead Servicing Agreements;

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

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

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

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

    	 	I-2	 

     

    

(x)    
provide that it shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Securitization
Noteholders without their consent;

(xi)    
satisfy Moody’s rating methodology as of the Securitization Date related to permitted investments and eligible accounts
applicable to securities rated “Aaa” by Moody’s;

(xii)    
provide that, in connection with (A) any amendment of the Servicing Agreement, a party to such Servicing Agreement is required
to provide a copy of the executed amendment to the depositor under each related Non-Lead Servicing Agreement and one or more parties
to the related Non-Lead Servicing Agreement (which may be by e-mail), together with a copy of such amendment in electronic format,
no later than one Business Day following the effective date of such amendment, and (B) the termination, resignation and/or replacement
of the Master Servicer or Special Servicer under the Servicing Agreement, the replacement “master servicer” or replacement
“special servicer”, as applicable, is required to provide to the depositor under each related Non-Lead Servicing Agreement
and one or more parties to the related Non-Lead Servicing Agreement all disclosure about itself that is required to be included
in Form 8-K no later than the date of effectiveness thereof;

(xiii)    
provide that “servicer termination events” (or any analogous term under the Servicing Agreement) include customary
market termination events with respect to failure to make advances, failure to remit payments to the Non-Lead Securitization Noteholders
as required, failure to deliver (or cause to be delivered) materials or information required in order for the Non-Lead Securitization
Noteholders or the depositor under a related Non-Lead Servicing Agreement to timely comply with its obligations under the Exchange
Act, the Securities Act or Form SF-3, and for rating agency triggers with respect to any certificates, subject to customary grace
periods (provided that, in the case of failures related to the securities laws, such grace periods will not cause a depositor
under a Non-Lead Servicing Agreement to fail to comply with the applicable provisions of such securities laws); and

(xiv)    
provide that if a Non-Lead Securitization Note becomes the subject of an “asset review” under a Non-Lead Servicing
Agreement, the applicable parties to the Servicing Agreement are required to reasonably cooperate with the related asset representations
reviewer or other applicable party to such Non-Lead Servicing Agreement in connection with such asset review, including with respect
to providing access to related underlying documents to the extent the asset representations reviewer or such other applicable party
to the Non-Lead Servicing Agreement has not obtained such documents from the related Non-Lead Securitization Noteholder and such
documents are in the possession of the applicable party to the Servicing Agreement.

 

 

    	 	I-3

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