Document:

Exhibit 4.6 

 

 

EXECUTION VERSION 

 

AMENDED AND RESTATED CO-LENDER AGREEMENT

 

Dated as of April 18, 2017

 

by and between

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-1 Holder)

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-2 Holder)

 

and

 

HANGANG US REAL ESTATE FUND NO. 1, HANGANG US REAL
ESTATE

FUND NO. 1-1 and HANGANG US REAL ESTATE FUND NO. 1-2

(Junior Noteholder)

 

Amazon Urban Union 

 

     

     

    

 

THIS AMENDED AND RESTATED CO-LENDER AGREEMENT (“Agreement”),
dated as of April 18, 2017 by and between 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 (together with its successors and assigns in interest,
in its capacity as initial owner of the Senior Notes, the “Initial Senior Noteholders” and in its capacity as
the initial agent the “Initial Agent”) and HANGANG US REAL ESTATE FUND NO. 1, HANGANG US REAL ESTATE FUND NO.
1-1 and HANGANG US REAL ESTATE FUND NO. 1-2 (collectively, “Hangang”), having an address at 650 Fifth Avenue,
Suite 1400, New York, New York 10019 in its capacity as the holder of the Junior Note.

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Loan
Agreement (as defined herein) Natixis originated a certain loan described on the schedule attached hereto as Exhibit A (the
“Mortgage Loan Schedule”) (the “Mortgage Loan”) to the mortgage loan borrower(s) described
on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which was evidenced by the Promissory Note in
the principal amount of $149,207,361 (the “Original Note”), dated January 13, 2017, and 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”);
and

 

WHEREAS, pursuant to a Note Splitter
and Modification Agreement dated as of February 2, 2017, between the Mortgage Loan Borrower and Natixis, the Original Note was
split into two (2) promissory notes as follows: the Amended and Restated Promissory Note A in the principal amount of $62,231,428
(the “Initial Note A”) and Promissory Note B in the original principal amount of $86,975,933 (as amended, modified
or supplemented, the “Note B” or the “Junior Note”);

 

WHEREAS, Natixis, in its capacity
as holder of the Initial Note A and the Note B entered into a Co-Lender Agreement (the “Original Co-Lender Agreement”)
dated as of February 3, 2017, to memorialize the terms under which the holders of the Initial Note A and the Note B would hold
such notes;

 

WHEREAS, pursuant to an Assignment
and Assumption Agreement, made effective as of February 8, 2017, Natixis sold, transferred and assigned all of its right, title
and interest in and to Note B to Hangang;

 

WHEREAS, pursuant to a Note Splitter
and Modification Agreement dated on or about February 2, 2017, between the Mortgage Loan Borrower and Natixis, in its capacity
as holder of the Initial Note A, the Initial Note A was split into two notes as follows: the Amended and Restated Promissory Note
A-1 in the principal amount of $38,231,428 (as amended, modified or supplemented, “Note A-1”) and the Amended
and Restated Promissory Note A-2 in the principal amount of $24,000,000 (as amended, modified or supplemented, “Note A-2”
and, together with Note A-1, each a “Senior Note” and collectively the “Senior Notes” and,
together with Note A-1 and Note B, the “Notes”);

 

    

     

    

 

WHEREAS, Natixis, as holder of
the Note A-2 intends, but is not bound, to sell, transfer and assign all or a portion of its right, title and interest in and to
Note A-2 to Citigroup Commercial Mortgage Securities Inc. (“CGCMT”), as depositor, pursuant to a Mortgage Loan
Purchase Agreement to be dated as of April 1, 2017, by and between CGCMT, as purchaser, and Natixis, as seller, and CGCMT intends
to transfer its right, title and interest in Note A-2 to Deutsche Bank Trust Company Americas, as trustee for the CGCMT 2017-P7
Commercial Mortgage Trust under the CGCMT 2017-P7 pooling and servicing agreement, to be dated as of April 1, 2017 (the “Note
A-2 PSA), among CGCMT, as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital Advisors, LLC,
as special servicer, Citibank, N.A., as certificate administrator, Park Bridge Lender Services LLC, as operating advisor and asset
representations reviewer and Deutsche Bank Trust Company Americas, as trustee (such sale, transfer and assignment, the “Note
A-2 Securitization”);

 

WHEREAS, Natixis, as holder of
the Note A-1 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-1 to one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization of one
or more mortgage loans;

 

WHEREAS, the Initial Senior Noteholders
and the Junior Noteholder desire to enter into this Agreement to (i) memorialize the terms under which the Initial Senior Noteholders
and the Junior Noteholder are holding the Senior Notes and the Junior Note, respectively, in the Mortgage Loan and (ii) amend,
restate and supersede the terms of the Original Co-Lender Agreement;

 

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

 

“Additional Servicing
Expenses” shall mean (a) all property protection advances, fees and/or expenses incurred by and reimbursable to any Servicer,
Trustee, Securitization Operating Advisor, certificate administrator or fiscal agent pursuant to the Servicing Agreement, and (b)
all interest accrued on Advances made by (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 Non-Lead Securitization Servicing Agreement;
provided that: (i) the aggregate special servicing fee (which fee is payable solely during the period that the

 

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Mortgage Loan is
specially serviced) shall not exceed 0.25% (or, if such rate would result in a special servicing fee that would be less than $3,500
in any given month, then the special servicing fee rate shall be such higher rate as would result in a special servicing fee equal
to (x) $3,500 or (y) if the Risk Retention Consultation Party is entitled to consult with the Special Servicer, so long as the
Mortgage Loan is specially serviced and during the occurrence of a consultation termination event, $5,000), (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 (or, if such rate would result
in an aggregate liquidation fee less than $25,000, then the liquidation fee rate may not exceed the lesser of (x) 3.00% and (y)
such lower rate as would result in an aggregate liquidation fee equal to $25,000); and (iii) the special servicing workout fee
(or equivalent) shall be equal to the greater of (x) 1.00% of the collections made with respect to the Mortgage Loan while the
Mortgage Loan is a performing or Corrected Mortgage Loan and (y) $25,000.

 

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

 

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

 

“Affiliate”
shall mean, with respect to any specified Person any other Person controlling or controlled by or under common control with such
specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative
to the foregoing.

 

“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 Servicing
Agreement.

 

“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is located at
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.

 

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

 

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

 

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“Appraisal Reduction
Amount” shall mean:

 

(A)          prior
to the Securitization Date, after the occurrence of an Appraisal Trigger Event, an amount (calculated initially as of the Determination
Date 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 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

 

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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 Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Controlling Noteholder”
shall mean as of any date of determination (i) the Junior Noteholder, unless a Control Appraisal Period has occurred and is continuing
or (ii) if a Control Appraisal Period has occurred and is continuing, the Note A-1 Noteholder; provided that, if the Junior
Noteholder would be the Controlling Noteholder pursuant to the terms hereof, but any interest in the Note of the Junior Noteholder
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 Controlling Noteholder, a Control Appraisal Period
shall be deemed to have occurred with respect to such Junior Noteholder. As of the Closing Date, the Controlling Noteholder will
be the Junior

 

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Noteholder. At any time that the Note A-1 Noteholder is the Controlling Noteholder and Note A-1 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).

 

“Corrected Mortgage
Loan” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA or such other
analogous term used in the Model PSA and (ii) from and after the Securitization Date, shall have the meaning assigned to such term
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Credit Risk Retention
Rule”: The final rule promulgated to implement the credit risk retention requirements under Section 15G of the Exchange
Act, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (79 F.R. 77601; Pages: 77740-77766),
as such rule may be amended from time to time, and subject to such clarification and interpretation as have been provided by the
Department of Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency,
the Securities and Exchange Commission and the Department of Housing and Urban Development in the adopting release (79 FR 77601
et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to time, in each case,
as effective from time to time as of the applicable compliance date specified therein.

 

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

 

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

 

“Defaulted Mortgage
Loan Purchase Price” shall mean the sum, without duplication, of (a) the Principal Balance of the Senior Notes, (b) accrued
and unpaid interest thereon at the Senior Note Rate from the date as to which interest was last paid in full by Mortgage Loan Borrower
up to and including the end of the interest accrual period relating to the Monthly Payment Date next following the date the purchase
occurred, (c) any other amounts due under the Mortgage Loan, other than Prepayment Premiums, default interest, late fees, exit
fees and any other similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is
the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, default interest, late fees, exit
fees and any other similar fees, (d) any unreimbursed property protection or servicing Advances and any expenses incurred in enforcing
the Mortgage Loan Documents (including, without limitation, servicing Advances

 

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payable or reimbursable to any Servicer, and earned
and unpaid special servicing fees), (e) any accrued and unpaid Advance Interest Amount, (f) (i) if the Mortgage Loan Borrower or
a Mortgage Loan Borrower Related Party is the purchaser or (ii) if the Senior Notes are purchased after ninety (90) days after
such option first becomes exercisable pursuant to Section 12 of this Agreement, any liquidation or workout fees payable under the
Securitization Servicing Agreement with respect to the Senior Notes and (g) any Recovered Costs not reimbursed previously to the
Senior Notes pursuant to this Agreement. If the Mortgage Loan is converted into a REO Property, for purposes of determining the
Defaulted Mortgage Loan Purchase Price, interest will be deemed to continue to accrue at the Senior Note Rate on the Senior Note
Principal Balance, as if the Mortgage Loan were not so converted. In no event shall the Defaulted Mortgage Loan Purchase Price
include amounts due or payable to the Junior Noteholder under this Agreement.

 

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

 

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

 

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

 

“Excluded Information”
(i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA or such other analogous term
used in the Model PSA and (ii) from and after the Securitization Date, shall have the meaning assigned to such term or such other
analogous term used in the 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.

 

“Holder” shall
mean the Note A-1 Holder, the Note A-2 Holder or the Junior Noteholder, as the context indicates.

 

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

 

“Initial Noteholders”
shall mean Natixis, in its capacity as the initial holder of Note A-1 and Note A-2, and Hangang, as the initial holder of Note
B.

 

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

 

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

 

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

 

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

 

“Interim Servicing
Agreement” shall mean at such time that the Mortgage Loan is not serviced pursuant to the Securitization Servicing Agreement,
that certain Servicing Agreement, dated as of March 5, 2003, between Natixis (formerly known as CDC Mortgage Capital Inc.), as
owner, and Midland Loan Services, Inc., as servicer; provided that, in the event that a Securitization of a Senior
Note has not occurred within sixty (60) days after February 8, 2017, then the Noteholders will negotiate in good faith and enter
into a standalone servicing agreement reasonably acceptable to the Noteholders. The Senior Noteholders shall not, without the
consent of the Junior Noteholder, consent to any amendment or modification to such Interim Servicing Agreement to the extent such
amendment or modification would materially and adversely affect the Mortgage Loan or the Junior Noteholder’s rights with
respect thereto (as reasonably determined by the Junior Noteholder).

 

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

 

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

 

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“Junior Noteholder”
shall mean Hangang or any subsequent holder of the Junior Note.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Lead Securitization”
shall mean during the period (a) from and after the Note A-2 Securitization Date and prior to the Note A-1 Securitization Date,
the Note A-2 Securitization and (b) from and after the Note A-1 Securitization Date, the Note A-1 Securitization.

 

“Lead Securitization
Trust” shall mean during the period (a) from and after the Note A-2 Securitization Date and prior to the Note A-1 Securitization
Date, the trust established under the Note A-2 PSA and, (b) from and after the Note A-1 Securitization Date, the trust established
under the Note A-1 Securitization.

 

“Lead Senior Note”
shall mean (i) during the period from and after the Note A-2 Securitization Date, Note A-2 and prior to the Note A-1 Securitization
Date; and (ii) from and after the Note A-1 Securitization Date, Note A-1.

 

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

 

“Lead Servicer”
shall mean (a) during the period from and after the Note A-2 Securitization Date and prior to the Note A-1 Securitization Date,
the servicer and/or special servicer designated under the Note A-2 PSA and, (b) from and after the Note A-1 Securitization Date,
the servicer and/or special servicer designated under the Note A-1 PSA.

 

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“Lead Trustee”
shall mean (a) during the period from and after the Note A-2 Securitization Date and prior to the Note A-1 Securitization Date,
the Note A-2 Trustee and, (b) from and after the Note A-1 Securitization Date, the trustee designated under the Note A-1 Securitization.

 

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

 

“Liquidation Proceeds”
(i) prior to the Securitization Date, shall mean the amount (other than insurance proceeds, condemnation awards or amounts required
to be paid to the 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, shall have the meaning assigned to such term in the Servicing Agreement or any one or more analogous terms in the Servicing
Agreement.

 

“Loan Agreement”
shall mean that certain Loan Agreement, dated as of January 13, 2017, between Natixis, as lender, and Urbansea Holding 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 shall include acquisitions of any 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;

 

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

 

(d)       any
sale of a Defaulted Mortgage Loan or REO Property for less than the applicable Purchase Price;

 

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

 

(f)       any
release of material collateral or any acceptance of substitute or additional collateral for the Mortgage Loan or any consent to
either of the foregoing,

 

    11

     

    

 

other than if required pursuant to the specific terms of the Mortgage Loan Documents and for which there
is no lender discretion;

 

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

 

(h)       any
amendment, modification or termination of any Management Agreement (as defined in the Loan Agreement) and any property management
company changes, including, without limitation, approval of the termination of the existing property manager and appointment of
a new property manager, or franchise changes with respect to a Mortgage Loan, in each case for which the lender is required to
consent or approve such changes under the Mortgage Loan Documents;

 

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

 

(j)        any
acceptance of an assumption agreement or any other agreement permitting a transfer of interests in the Mortgage Loan Borrower,
Guarantor or other guarantor, indemnitor or obligor releasing the Mortgage Loan Borrower, Guarantor or other guarantor, indemnitor
or obligor from liability under the Mortgage Loan other than pursuant to the specific terms of the Mortgage Loan and for which
there is no lender discretion;

 

(k)       any
determination of an Acceptable Insurance Default;

 

(l)        any
proposed modification or waiver of the types, nature or amount of insurance coverage required to be obtained by the Mortgage Borrower;

 

(m)       the
execution, termination, modification, waiver or amendment of any ground lease or any Material Lease (as defined in the Loan Agreement)
or the granting of a subordination and non-disturbance or attornment agreement in connection with any ground lease or Material
Lease, in each case to the extent Lender approval is required under the Mortgage Loan Documents;

 

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

 

(o)       any
material modification, waiver or amendment of an intercreditor agreement, co-lender agreement or similar agreement with any mezzanine
lender or

 

    12

     

    

 

subordinate debt holder related to the Mortgage Loan, or any action to enforce rights (or decision not to enforce rights)
with respect thereto, or any material modification, waiver or amendment thereof;

 

(p)       approval
of the Annual Budget (as defined in the Loan Agreement) to the extent the Lender’s consent is required under the Loan Agreement;

 

(q)       approval
of (1) any replacement or substitution of a “Key Principal” (as defined in the Loan Agreement), and (2) any “Successor
Guarantor” (as defined in the Loan Agreement);

 

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

 

(s)       approval
of any replacement Special Servicer, other than under Section 7; or

 

(t)        any
incurrence of additional debt by the Mortgage Loan Borrower or any mezzanine financing by any beneficial owner of the Mortgage
Loan Borrower (to the extent that the lender has consent rights pursuant to the Mortgage Loan Documents (for purposes of the determination
whether a lender has such consent rights pursuant to the Mortgage Loan Documents, any Mortgage Loan Document provision that requires
that an intercreditor agreement be reasonably or otherwise acceptable to the lender shall constitute such consent rights)); and

 

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

 

For avoidance of doubt, any lender
approval or modification of any Mortgage Loan Document that is required in order to implement a “Permitted TIC Transfer”
as defined in the Loan Agreement (without modifying or waiving any requirement set forth in the Loan Agreement) will not be considered
a Major Decision under this Agreement or the Servicing Agreement.

 

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

 

“Master Servicer Remittance
Date” shall mean:

 

(i)            during
the period after the Note A-2 Securitization Date but prior to the Note A-1 Securitization Date:

 

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

 

(b)       with
respect to Note A-1 and Note B, one Business Day after the Determination Date (as defined in the Note A-2 PSA); and

 

    13

     

    

 

(ii)          after
the Note A-1 Securitization Date:

 

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

 

(b)       with
respect to Note A-2, the earlier of the “Master Servicer Remittance Date” (or analogous term) as defined in the Note
A-1 PSA and the Business Day after the “Determination Date” (or analogous term) as defined in the Note A-2 PSA; 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; and

 

(c)       with
respect to Note B, the Business Day after the “Determination Date” (or analogous term) as defined in the Note A-1 PSA;
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 PSA”
shall mean the Pooling and Servicing Agreement for the Wells Fargo Commercial Mortgage Trust 2016-LC25 transaction, among Wells
Fargo Commercial Securities, Inc., as depositor, CWCapital Asset Management LLC, as general special servicer, Wells Fargo Bank,
National Association, as certificate administrator, Wilmington Trust, National Association, as trustee, and Pentalpha Surveillance
LLC, as operating advisor and as asset representations reviewer, a copy of which is attached hereto as Exhibit D.

 

“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 mean have the meaning assigned to such term or an analogous term in the Servicing 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”:
Morningstar Credit Ratings, LLC, or any of its successors in interest, assigns, and/or changed entity name or designation resulting
from any acquisition by Morningstar, Inc. or other similar entity of Realpoint LLC.

 

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

 

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

 

    14

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Non-Controlling Senior
Noteholder” shall mean each of Note A-1 (solely during such time as the Junior Noteholder is the Controlling Noteholder)
and Note A-2.

 

“Non-Lead Master Servicer”
shall mean, from and after the Note A-1 Securitization Date, the master servicer designated under the Note A-2 PSA.

 

“Non-Lead Securitization”
shall mean any Securitization of the Note A-2 in a Securitization Trust that is not the Lead Securitization.

 

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

 

    15

     

    

 

“Non-Lead Senior Note”
shall mean during the period (i) from and after the Note A-2 Securitization Date and prior to the Note A-1 Securitization Date,
Note A-1 and (ii) from and after the Note A-1 Securitization Date, Note A-2.

 

“Non-Lead Senior Noteholder”
shall mean the holder of the 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, from and after the Note A-1 Securitization Date, the special servicer designated under the Note A-2 PSA.

 

“Non-Lead Trustee”
shall mean, from and after the Note A-1 Securitization Date, the trustee designated under the Note A-2 PSA.

 

“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).

 

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

 

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

 

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

 

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

 

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

 

“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 sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance and the Junior Note Principal
Balance.

 

“Note A-1 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the 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.

 

    16

     

    

 

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

 

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

 

“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 Natixis or any subsequent holder of Note A-2.

 

“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 sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance and the Junior Note Principal
Balance.

 

“Note A-2 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the 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-2 PSA”
shall mean the “pooling and servicing agreement” entered into in connection with the Note A-2 Securitization.

 

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

 

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

 

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

 

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

 

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

 

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

 

    17

     

    

 

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

 

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

 

“Percentage Interest”
shall mean, with respect to the Note A-1 Holder, the Note A-1 Percentage Interest, with respect to the Note A-2 Holder, the Note
A-2 Percentage Interest and with respect to the Junior Noteholder, the Junior Note Percentage Interest, as each may be adjusted
from time to time.

 

“Permitted Fund Manager”
shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached hereto and made a part
hereof or any other 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(f).

 

“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 and the Junior Note Principal Balance, as applicable.

 

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

 

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

 

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

 

(a)           an
entity Controlled (as defined below) by, under common Control with or Controlling any of the Initial Senior Noteholders or Hangang,
or

 

(b)       
   one or more of the following:

 

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

 

    18

     

    

 

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

 

(iii)      a
Qualified Trustee (or in the case of a CLO, a single purpose bankruptcy remote entity which contemporaneously assigns or pledges
its Junior Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection with (a) a
securitization of, (b) the creation of collateralized debt obligations (“CLO”) secured by, or (c) a financing
through an “owner trust” of, any or all of the Junior Note (any of the foregoing, a “Securitization Vehicle”),
provided that (1) one or more classes of securities issued by such Securitization Vehicle is initially rated at least investment
grade by each of the Rating Agencies which assigned a rating to one or more classes of securities issued in connection with a securitization
(it being understood that with respect to any Rating Agency that assigned such a rating to the securities issued by such Securitization
Vehicle, a Rating Agency Confirmation will not be required in connection with a transfer of a Junior Note to such Securitization
Vehicle); (2) in the case of a Securitization Vehicle that is not a CLO, the special servicer of such Securitization Vehicle has
a Required Special Servicer Rating (such entity, an “Approved Servicer”) and such Approved Servicer is required
to service and administer such Junior Note in accordance with servicing arrangements for the assets held by the Securitization
Vehicle which require that 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,
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) a Senior Noteholder or the Junior Noteholder, as applicable, (B) a person that is otherwise
a Qualified Institutional Lender under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities
referred to in clause (i) or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or the fund
manager responsible for the day-to-day management and operation of such investment vehicle and provided that at least 50% of the
equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise either
(a) Qualified Institutional Lenders (without regard to the capital surplus/equity and total asset requirements set forth below
in the definition), or (b) meet the capital surplus/equity and total asset requirements set forth below in the definition, or

 

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

 

    19

     

    

 

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 $100,000,000 in capital/statutory
surplus or shareholders’ equity including uncalled capital commitments (except with respect to a pension advisory firm 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) similar to
the Mortgage Loan (or mezzanine loans with respect thereto) or owning or operating commercial real estate properties; provided
that, in the case of the entity described in clause (iv) (B) above, the requirements of this clause (y) may be satisfied by a general
partner, managing member, or the fund manager responsible for the day-to-day management and operation of such entity, or

 

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

 

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

 

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

 

“Rating Agencies”
shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS, (e) Kroll and (f) Morningstar or, 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 mean prior to a Securitization with respect to any matter, confirmation in writing (which may be in electronic form) by each
applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then-current rating assigned to any class of certificates (if then rated by
the Rating Agency); provided that a written waiver or other acknowledgment from the Rating Agency indicating its decision
not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the
Rating Agency Confirmation from each Rating Agency with respect to such matter and

 

    20

     

    

 

after a Securitization, the meaning given thereto
or any analogous term in the Securitization Servicing Agreement including any deemed Rating Agency Confirmation.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“REO Property”
(i) prior to the Securitization Date, shall mean any Mortgaged Property title to which has been acquired by a Servicer on behalf
of the Noteholders through foreclosure, deed in lieu of foreclosure or otherwise and (ii) from and after the Securitization Date,
shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

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

 

    21

     

    

 

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

 

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

 

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

 

“Securitization Servicing
Agreement” shall mean a pooling and servicing agreement, substantially in the form of the Model PSA (and where such pooling
and servicing agreement is not substantially the same as the Model PSA, and the changes would materially and adversely affect the
Mortgage Loan or the Junior Noteholder’s rights with respect thereto (as reasonably determined by the Junior Noteholder),
the changes are reasonably acceptable to the Junior Noteholder), to be entered into in connection with the Securitization, by and
among (a) the Trustee, (b) the Person who serves as master servicer from and after the Securitization Date, (c) the Person which
serves as special servicer from and after the Securitization Date, (d) the Person who services as operating advisor from and after
the Securitization Date and (e) the Lead Depositor, and any other additional Persons that may be party to such pooling and servicing
agreement; provided that it is acknowledged that such agreement is subject in all respects to changes (i) required by the
Code relating to the tax elections of the related Securitization Trust, (ii) required by law or changes in any law, rule or regulation
and (iii) requested by the Rating Agencies or any purchaser of subordinate certificates. The Servicing Standard in the Securitization
Servicing Agreement 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 the Junior Note is junior to the Senior Notes).

 

During the period (i) from and
after the Note A-2 Securitization Date and prior to the Note A-1 Securitization Date, the Securitization Servicing Agreement shall
be the Note A-2 PSA and (ii) from and after the Note A-1 Securitization Date, the Securitization Servicing Agreement shall be the
Note A-1 PSA; 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 pursuant to which the Junior Note or a Senior Note is held.

 

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

 

“Senior Noteholder”
shall mean Natixis, or any subsequent holder of a Senior Note.

 

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

 

    22

     

    

 

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

 

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

 

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

 

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

 

“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
which causes the Mortgage Loan to become a Specially Serviced Mortgage Loan (other than as a result of clause (iii) or clause (ix)
of the definition of Servicing Transfer Event in the Model PSA), or any bankruptcy or insolvency event that constitutes an Event
of Default. A Sequential Pay Event shall no longer exist to the extent it has been cured (including any cure payment made by the
Controlling Noteholder in accordance with Section 11) and shall not be deemed to exist to the extent any Junior Noteholder 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” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA or such other
analogous term used in the Model PSA and (ii) from and after the Securitization Date, shall have the meaning assigned to such term
in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

 

“Servicing Agreement”
shall mean, with respect to the Mortgage Loan, prior to the Securitization Date, the Interim Servicing Agreement, and, 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; provided that the portion of the Servicing Fee
Rate that constitutes the “primary servicing fee” relating to the Senior Notes shall not exceed one-quarter basis point
(0.0025%) per annum and the Servicing Fee Rate relating to the Junior Note shall not exceed one-half basis point (0.005%) per annum.

 

“Servicing Standard”
(i) prior to the Securitization Date, shall refer to 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 the Junior Note is subordinate to the Senior Notes,
subject to the terms and conditions of this

 

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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 the Junior Note 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 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 shall have the meaning assigned to such term in the Servicing Agreement.

 

“Servicing Transfer
Event” (i) prior to the Securitization Date, shall have the meaning assigned to such term in the Model PSA or such other
analogous term used in the Model PSA and (ii) from and after the Securitization Date, shall have the meaning assigned to such term
in the Servicing Agreement or such other analogous term used in the 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 the Junior Noteholder is exercising its cure right
hereunder.

 

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

 

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“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(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(f)).

 

“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.

 

“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, 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 Lead

 

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Senior Note (and the Non-Lead Master Servicer shall not be required to advance monthly payments
of principal and interest in respect of the Notes other than the 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 Securitization Servicing Agreement. The Junior Noteholder acknowledges that a Senior Noteholder may elect,
in its sole discretion, to include its applicable Senior Note in a Securitization and agrees that it will reasonably cooperate
with such Senior Noteholder, at such Senior Noteholder’s expense, to effect such Securitization. Subject to the terms and
conditions of this Agreement, each Noteholder hereby irrevocably and unconditionally consents to the appointment of the Master
Servicer, Special Servicer and the Trustee under the Securitization Servicing Agreement by the Lead Depositor and agrees to reasonably
cooperate with and consent with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan
in accordance with the Securitization Servicing Agreement and this Agreement. Each Noteholder hereby appoints the Master Servicer
and the Trustee in the 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 the Noteholder set forth herein and in the Servicing Agreement). In no event shall the Servicing
Agreement require the Servicer to enforce the rights of any Noteholder or limit the Servicer in enforcing the rights of one Noteholder
against 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 Junior Operating Advisor 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. In no event may the Securitization Servicing Agreement
change the interest or principal allocable to, or the amount of any payments due to, the Junior Noteholder or materially increase
the Junior Noteholder’s obligations or materially decrease the Junior Noteholder’s rights, remedies or protections
hereunder.

 

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

 

(i)        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)        the
Junior Noteholder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide, any information
relating to the Mortgage Loan, the borrower or the Mortgaged Property as the Junior Noteholder may reasonably request and would
be customarily in the possession of, or collected or known by, the Master Servicer or Special Servicer of mortgage loans similar
to the Mortgage Loan and, in any

 

    26

     

    

 

event, all information that is required to be provided to holders of the securities issued by
the Securitization Trust that includes other Notes but not limited to standard CREFC® reports, provided that if
an interest in the Junior Note or the Junior Noteholder is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related
Party, then the Junior Noteholder shall not be entitled to receive any Excluded Information;

 

(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 Junior Noteholder if such amendment would materially
and adversely affect the Mortgage Loan or the Junior Noteholder’s rights with respect thereto (as determined by the Junior
Noteholder);

 

(v)       the
additional provisions set forth on Schedule I; and

 

(vi)      if
the Securitization Servicing Agreement is the Note A-1 PSA, the additional provisions set forth on Schedule II.

 

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

 

(f)        At
any time after the Securitization Date that the 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 Senior Noteholders and the Junior Noteholder that contains servicing provisions which are the same as or more favorable
to Junior Noteholder, in substance, to those in the Securitization Servicing Agreement and all references herein to the “Securitization
Servicing Agreement” shall mean such subsequent servicing agreement; provided, however, that if a Non-Lead
Senior Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each Rating Agency with respect
to such subsequent servicing agreement; provided, further, that until a replacement servicing agreement has been
entered into, 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; provided, further, however, that until a replacement servicing agreement is in place, the actual servicing of the
Mortgage Loan may be performed by any nationally recognized commercial mortgage loan servicer appointed by the Lead Senior Noteholder
with the consent of the Junior Noteholder and does not have to be performed by the service providers set forth under the Securitization
Servicing Agreement.

 

(g)       Upon
the occurrence of the Note A-1 Securitization, the Lead Senior Noteholder shall give each other holder (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 contact information for each of the parties
to the related Securitization Servicing Agreement and the

 

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identity of the controlling class representative under such Securitization
Servicing Agreement. In addition, after the closing of the Note A-1 Securitization, the related Lead Senior Noteholder shall send
a copy of the related Securitization Servicing Agreement to each of the other holders.

 

(h)       The
Non-Lead Securitization Servicing Agreement shall contain the provisions set forth in Schedule III.

 

Section
3.     Payments Prior to a Sequential Pay Event. The Junior Note and the right of the Junior
Noteholder to receive payments of interest, principal and other amounts with respect to such Junior Note shall at all times
be junior, subject and subordinate to the Senior 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, Securitization Operating Advisor, Certificate Administrator or Trustee with respect
to this 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 received, if any, with
respect to such Monthly Payment Date with respect to the Mortgage Loan (including any Monthly Debt Service Payment Amount);

 

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

 

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

 

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(e)        fifth,
to the Junior Noteholder in an amount equal to the Junior Note Percentage Interest of principal payments received, if any, with
respect to such Monthly Payment Date with respect to the Mortgage Loan (including any Monthly Debt Service Payment Amount);

 

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

 

(g)       seventh,
to the Junior Noteholder up to the amount of any unreimbursed costs and expenses paid by the Junior Noteholder including any Recovered
Costs not previously reimbursed to the Junior Noteholder with respect to the Mortgage Loan pursuant to this Agreement or the Servicing
Agreement;

 

(h)       eighth,
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 its Relative Spread;

 

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

 

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

 

(k)        eleventh,
to the extent 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 the Senior Noteholders and the Junior Noteholder, pro rata, based on their respective Percentage Interests;
and

 

(l)         twelfth,
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)-(k), any remaining amount shall be paid pro rata to the Senior Noteholders and the Junior Noteholder
in accordance with their respective initial Percentage Interests.

 

Payments to the Senior Noteholders
set forth above shall be made to each of the Note A-1 Holder and the Note A-2 Holder, pro rata and pari passu, based on their respective
Principal Balances.

 

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

 

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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 (including without limitation amounts received by the Master Servicer or Special Servicer pursuant to the Servicing
Agreement as reimbursements on account of recoveries in respect of Advances), whether received in the form of Monthly Payments,
any proceeds from the sale or distribution of any REO Property, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty,
letter of credit or other collateral or instrument securing the Mortgage Loan or Insurance Proceeds or Condemnation Proceeds (other
than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage
Loan Borrower in accordance with the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC Provisions), but
excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to continue to be held as reserves
or escrows or received as reimbursements on account of recoveries in respect of Advances then due and payable or reimbursable to
the Servicer under the Servicing Agreement and (y) all amounts that are then due, payable or reimbursable to any Servicer, Lead
Securitization 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,;

 

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

 

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

 

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

 

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

 

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

 

(g)       seventh,
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

 

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therein, based on the product of the Senior Note Percentage Interest multiplied by its Relative Spread;

 

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

 

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

 

(j)         tenth,
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 the Senior Noteholders and the Junior Noteholder, pro rata, based on their respective Percentage Interests;
and

 

(k)       eleventh,
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)-(j), any remaining amount shall be paid pro rata to the Senior Noteholders and the Junior Noteholder
in accordance with their respective initial Percentage Interests.

 

Payments to the Senior Noteholders
set forth above shall be made to each of the Note A-1 Holder and the Note A-2 Holder, pro rata and pari passu, based on their respective
Principal Balances.

 

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 Noteholder and the Junior Noteholder agrees 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

 

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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 acting on behalf of the Lead Senior Noteholder) shall not have any fiduciary duty to the
Non-Lead Senior Noteholder or the Junior 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 the Senior Noteholders and the
Junior Noteholder (it being understood that the interest of the Junior Noteholder is a junior Note interest, subject to the terms
and conditions of this Agreement), and any Non-Lead Senior Noteholder or Junior Noteholder who is not the Mortgage Loan Borrower
or a Mortgage Loan Borrower Related Party shall be deemed a third party beneficiary of such provisions of the Servicing Agreement.
The foregoing provisions of this Section 5(b) shall not limit or modify the rights of the Controlling Noteholder and/or the Junior
Operating Advisor 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 Lead Senior Noteholder pursuant to Section 3 and Section 4, as applicable, shall be made as though such
Workout did not occur, with the payment terms of the Senior Notes remaining the same as they are on the date hereof, the Junior
Note shall bear the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable
to such Workout (up to the amount otherwise due on the Junior Note). Subject to the Servicing Agreement and this Agreement (including
without limitation Section 5(f) below), in the case of any modification or amendment described above, the 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 the Junior Note 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 Junior Note Percentage
Interest in a manner that reflects a loss in principal as a result of such amendment or modification and (ii) the

 

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ability to change
the Senior Note Rate and the Junior Note Rate, as applicable, in order to reflect a reduction in the Interest Rate of the Mortgage
Loan but shall not be permitted to change the order of the clauses set forth in Sections 3 and 4 hereof. Notwithstanding the foregoing,
if any Workout, modification or amendment of the Mortgage Loan extends the original maturity date of the Mortgage Loan, for purposes
of this paragraph, the Balloon Payment will be deemed not to be due on the original maturity date of the Mortgage Loan but will
be deemed due on the extended maturity date of the Mortgage Loan.

 

(d)       All
rights and obligations of the 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 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 and the Junior Note 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) the Lead Senior Noteholder may not modify, waive
or amend any provision of the Mortgage Loan, consent to or withhold consent from any action of the Mortgage Loan Borrower, or exercise
or refrain from exercising any powers or rights which the Senior 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’s interests therein.
All costs and expenses of compliance with this Section 5(e), to the extent that such costs and expenses relate to administration
of a REMIC or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or the actual
payment of any REMIC tax or expense, shall be borne by the applicable Senior Noteholder 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 Junior Operating Advisor) before implementing a decision with respect
to such Major Decision.

 

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If the Controlling Noteholder
(or its Junior Operating Advisor) 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 Noteholder (or its Junior
Operating Advisor), as applicable, shall have no further consent rights with respect to such action.

 

If the “retaining sponsor”
in the Lead Securitization Trust has sold an “eligible horizontal residual interest” to a “third party purchaser”
in accordance with Section _.7 of the Credit Risk Retention Rule, following the occurrence of an “Operating Advisor Consultation
Trigger Event” (or similar term) under the Servicing Agreement, the Controlling Noteholder (or its Junior Operating Advisor)
acknowledges that a Securitization Operating Advisor shall 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 Junior
Operating Advisor) 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 Junior Operating Advisor). 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 or consultation provided by the Controlling
Noteholder (or its Junior Operating Advisor) 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 any Lead Senior Noteholder’s (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)
The Junior 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,
to require the Special Servicer to order a second Appraisal with respect to the Mortgage Loan. The Special Servicer shall use its
reasonable best efforts 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 the Appraisal in respect of

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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 Junior Note 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 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
Lead Senior Noteholder.

 

(i)            The
Junior 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) the Junior 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 acceptable
to, the Servicer or (b) an unconditional and irrevocable standby letter of credit with the Lead Senior Noteholder 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 Junior 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 Junior 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

 

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credit, the letter of credit shall provide that the Servicer may (and
at the direction of the Junior 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 Junior 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 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 the Junior Noteholder, any or such portion of Threshold Event Collateral held by the Servicer shall promptly be returned
to the Junior Noteholder (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 Section 3 or 4, as applicable, with respect to the Mortgage Loan after application of the net proceeds of liquidation,
not in excess of the Senior Note Principal Balance and the Junior Note Principal Balance, as the case may be, plus accrued and
unpaid interest thereon at the applicable interest rate and all other Additional Servicing Expenses reimbursable under this Agreement
and under the Servicing Agreement. 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 Securitization 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.

 

Section 6.     Appointment
of Junior Operating Advisor.

 

(a)       The
Controlling Noteholder shall have the right at any time to appoint a representative (the “Junior Operating Advisor”)
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 Junior Operating Advisor. 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 Junior Operating Advisor. The Junior
Operating Advisor 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 Junior Operating Advisor 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 Junior Operating Advisor acting on behalf of the Controlling Noteholder
and the Lead Senior Noteholder will

 

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accept such actions of the Junior Operating Advisor 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 Junior Operating
Advisor until the Controlling Noteholder has notified the Lead Senior Noteholder (and any Servicer) of such appointment and, if
the Junior Operating Advisor is not the same Person as the Controlling Noteholder, the Junior Operating Advisor 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 Junior Operating Advisor nor the Controlling Noteholder will have any liability to the Lead Senior Noteholder or any other
Person for any action taken, or for refraining from the taking of any action pursuant to this Agreement or the Servicing Agreement,
or errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross
negligence. The Senior Noteholders and the Junior Noteholder agree that the Junior Operating Advisor and any Controlling Noteholder
(whether acting in place of the Junior Operating Advisor when no Junior Operating Advisor 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 other Noteholders, and that the Junior Operating Advisor 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 Junior Operating Advisor or such Controlling Noteholder, as the case may be, agree to take no action
against the Junior Operating Advisor, 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 Junior Operating Advisor nor such Controlling
Noteholder will be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance
or to have recklessly disregarded any exercise of its rights by reason of its having acted or refrained from acting solely in the
interests of any Senior Noteholder or the Junior Noteholder, as applicable.

 

(c)       If
the Lead Senior Noteholder is the Controlling Noteholder, the Junior Noteholder acknowledges and agrees all of the aforementioned
rights and obligations of the Controlling Noteholder and the Junior Operating Advisor 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 Junior Operating Advisor), 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 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 Junior Operating Advisor) 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) each Rating Agency delivers Rating

 

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Agency Confirmation with respect to the identity of any such replacement Special
Servicer (to the extent the Mortgage Loan has been transferred in connection with a Securitization); (B) the initial or 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 Trustee shall have 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,
after the Securitization Date, if the “retaining sponsor” in the Lead Securitization Trust has sold an “eligible
horizontal residual interest” to a “third party purchaser” in accordance with Section _.7 of the Credit Risk
Retention Rule, each Noteholder agrees that the Special Servicer may be replaced upon the recommendation of the operating advisor
appointed under the Securitization Servicing Agreement, if any, and subsequent affirmative vote of “ABS interests”
(as defined in Section _.2 of the Credit Risk Retention Rule). However, the Controlling Noteholder shall retain its right to subsequently
remove and replace the Special Servicer, but the Controlling Noteholder shall not restore a Special Servicer that has been replaced
pursuant to the preceding sentence.

 

Prior to a Securitization, if
the Mortgage Loan becomes a Specially Serviced Mortgage Loan, and if not later than thirty (30) days after the Mortgage Loan becomes
a Specially Serviced Mortgage Loan the Controlling Noteholder (or its Junior Operating Advisor) elects to replace the Special Servicer,
then each Noteholder agrees that no liquidation fees or workout fees shall be payable to the Special Servicer being replaced, unless
such Special Servicer shall have either successfully completed a workout or a liquidation, in which case such fees shall be payable
as provided herein.

 

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, will deposit or cause to be deposited all payments allocable to the Notes
to the Collection Account for the Notes established pursuant to the Servicing Agreement. The Lead Senior Noteholder (or the Servicer
on its behalf) shall establish a segregated sub-account for amounts due to the Senior Noteholders and the Junior Noteholder. The
Lead Senior Noteholder (or the Servicer acting on its behalf) shall deposit such amounts to the applicable account on the Business
Day next following the date such payment was received by the 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,

 

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

 

The Junior Noteholder acknowledges
that, subject to the terms and conditions hereof and the obligation of the Senior Noteholders (including any Servicer) to comply
with, and except as otherwise required by, the Servicing Standard, the Senior Noteholders (including any Servicer) may exercise,
or omit to exercise, any rights that the Senior Noteholders may have under this Agreement and the Servicing Agreement in a manner
that may be adverse to the interests of the Junior Noteholder and that the Senior Noteholders (including any Servicer) shall have
no liability whatsoever to the Junior Noteholder in connection with the Senior Noteholders’

 

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exercise of rights or any omission
by the Senior Noteholders to exercise such rights other than as described above; provided, however, that the Servicer
must act in accordance with the Servicing Standard and the Senior Noteholders shall not be protected against any liability to the
Junior Noteholder that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence.

 

Each of the Senior Noteholders
acknowledges that, subject to the terms and conditions hereof, the Junior Noteholder may exercise, or omit to exercise, any rights
that the Junior Noteholder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to the interests
of the Senior Noteholders and that the Junior Noteholder shall have no liability whatsoever to any Senior Noteholder in connection
with the Junior Noteholder’s exercise of rights or any omission by the Junior Noteholder to exercise such rights; provided,
however, that the Junior Noteholder shall not be protected against any liability to the Senior 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, the Junior Noteholder hereby covenants and agrees 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, the Junior Noteholder further agrees 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. The Junior
Noteholder hereby appoints the Lead Senior Noteholder as its 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 the Junior 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. The Junior Noteholder in its
capacity as such, hereby agrees that, upon the request of the Lead Senior Noteholder, such Junior 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.

 

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Section 11.     Cure Rights of
the Junior Noteholder.

 

(a)       Subject
to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of principal or interest on the
Mortgage Loan by the end of the applicable grace period for such payment permitted under the applicable Mortgage Loan Documents
(a “Monetary Default”), the Lead Senior Noteholder shall promptly provide notice to the Junior Noteholder and
the Junior Operating Advisor of such default (the “Monetary Default Notice”). The Junior Noteholder shall have
the right, but not the obligation, to cure such Monetary Default within ten (10) Business Days after receiving the Monetary Default
Notice (the “Cure Period”). At the time a payment is made to cure a Monetary Default, the Junior Noteholder
shall pay or reimburse the Senior Noteholders for all unreimbursed Advances (whether or not recoverable), Advance Interest Amounts,
any unpaid fees to any Servicer and any Additional Servicing Expenses. The Junior Noteholder shall not be required, in order to
effect a cure hereunder, to pay any default interest or late charges under the 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 Senior Noteholders (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.

 

(b)       Notwithstanding
anything to the contrary contained in Section 11(a), the Junior Noteholder shall be limited to six (6) cures of Monetary Defaults
in a 12 month period, 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 consent of the Lead Senior Noteholder.

 

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

 

(d)       If
an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary
Default”), the Senior Noteholders shall promptly provide notice to the Junior Noteholder and the Junior Operating Advisor
of such failure (the “Non-Monetary Default Notice”) and the Junior Noteholder shall

 

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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 Junior Noteholder, the Junior Noteholder shall be given an
additional period of time as is reasonably necessary to enable the Junior Noteholder in the exercise of due diligence to cure such
Non-Monetary Default for so long as (i) the Junior Noteholder diligently and expeditiously proceeds to cure such Non-Monetary Default,
(ii) the Junior Noteholder makes all cure payments that it is permitted to make in accordance with the terms and provisions of
Section 11(a) hereof, (iii) such additional period of time does not exceed sixty (60) days, (iv) such Non-Monetary Default is not
caused by an Insolvency Proceeding or during such period of time that the Junior Noteholder has to cure a Non-Monetary Default
in accordance with this Section 11(d) (the “Non-Monetary Default Cure Period”), an Insolvency Proceeding does
not occur and (v) during such Non-Monetary Default Cure Period, there is no material adverse effect on the Mortgage Loan Borrower
or the Mortgaged Property or the value of the Mortgage Loan as a result of such Non-Monetary Default or the attempted cure.

 

Section 12.     Purchase of Senior
Notes By Junior Noteholder. The Junior Noteholder 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, both of the Senior Notes in whole but not in part at the applicable Defaulted Mortgage
Loan Purchase Price. Upon the delivery of the Noteholder Purchase Notice to the Senior Noteholders, the Senior Noteholders shall
sell (and the Junior Noteholder shall purchase) the Senior Notes (including, without limitation, any Notes therein) at the applicable
Defaulted Mortgage 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 Junior Noteholder to purchase the Senior Notes or (ii) not more than thirty
(30) days after the written exercise by the Junior Noteholder to purchase the Senior Notes if the Junior Noteholder deposits 10%
of the Defaulted Mortgage Loan Purchase Price with the Senior Noteholders within ten (10) Business Days after the written exercise
of the Junior Noteholder to purchase the Senior Notes. The Noteholder Purchase Notice shall contain a statement that the Junior
Noteholder’s failure to purchase the Senior Notes on a Defaulted Note Purchase Date will result in the termination of such
right. The Junior Noteholder agrees that the sale of the Senior Notes shall comply with all requirements of the Servicing Agreement
and that all costs and expenses related thereto shall be paid by the Junior Noteholder. The Defaulted Mortgage Loan Purchase Price
shall be calculated by the 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 Mortgage Loan
Purchase Price), and shall, absent manifest error, be binding upon the Junior Noteholder. 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 will execute at the sole cost and expense of the Junior Noteholder in favor of the Junior Noteholder
assignment documentation which will assign the Senior Notes and the Mortgage Loan Documents without recourse, representations
or warranties (except each of the Senior Noteholders will represent and warrant that it had good and marketable title to, was
the sole owner and holder of, and had power and authority to deliver the Mortgage Loan or Note, as

 

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applicable, free and clear
of all liens and encumbrances). The right of the Junior Noteholder 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 Senior Noteholder shall give the Junior Noteholder fifteen (15) days notice of its intent with respect to any such
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 Junior Noteholder of such transfer and the Junior Noteholder shall have a fifteen (15) day period from the date
of such notice from the Lead Senior Noteholder to deliver the Noteholder Purchase Notice to the Senior Noteholders, in which case
the Junior Noteholder will be obligated to purchase the Mortgaged Property, in immediately available funds, within such fifteen
(15) day period at the applicable Defaulted Mortgage Loan Purchase Price.

 

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

 

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

 

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

 

Section 14.     Representations
of the Initial Senior Noteholders. Each of the Senior Noteholders represents and warrant 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 Initial Senior Noteholder’s charter or any law or contractual restriction binding upon such Initial Senior
Noteholder, and that this Agreement is the legal, valid and binding obligation of such Initial Senior Noteholder, enforceable against
it in accordance with its terms. Each of the Initial Senior Noteholders represents and warrants that it is duly organized, validly
existing, in good standing and possession of all Initial licenses and authorizations necessary to carry on its business. Each of
the Initial Senior Noteholders represents and warrants that (a) this Agreement has been duly executed and delivered by such Initial
Senior Noteholder, (b) to such Initial Senior Noteholder’s actual knowledge, all consents, approvals, authorizations, orders
or filings of or with any court or governmental agency or body, if any, required for the execution, delivery and performance of
this Agreement by such Initial Senior Noteholder have been obtained or made and (c) to each of the Initial Senior Noteholder’s
actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation against such Initial
Senior Noteholder, an adverse outcome of which would materially and adversely affect its performance under this Agreement.

 

Section 15.     Independent Analysis
of the Junior Noteholder. The Junior Noteholder acknowledges that it has, independently and without reliance upon 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 the Junior
Note and the Junior Noteholder accepts responsibility therefor. The Junior Noteholder hereby acknowledges that, other than the
representations and warranties provided herein, the Senior 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 Noteholder assumes all risk of loss in connection with its Note except as specifically set forth herein. The
Junior Noteholder assumes all risk of loss in connection with the Junior Note except as specifically set forth herein.

 

Section 16.     No Creation of
a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant hereto shall
be deemed to constitute the relationship created hereby among any of the Noteholders as a partnership, association, joint venture
or other entity. The Senior Noteholders shall have no obligation whatsoever to offer to the Junior Noteholder the opportunity
to purchase a Note interest in any

 

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future loans originated by any Senior Noteholder or its Affiliates and if any Senior Noteholder
chooses to offer to the Junior Noteholder the opportunity to purchase a Note interest in any future mortgage loans originated
by such Senior Noteholder or its Affiliates, such offer shall be at such purchase price and interest rate as such Senior Noteholder
chooses, in its sole and absolute discretion. The Junior Noteholder shall not have any obligation whatsoever to purchase from
any Senior Noteholder a Note interest in any future loans originated by such Senior Noteholder or its Affiliates.

 

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

 

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

 

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

 

(a)       The
Junior Noteholder agrees that it will not Transfer all or any portion of the Junior Note except that the Junior Noteholder shall
have the right to Transfer its respective Note, or any portion thereof, without the consent of the Senior Noteholders or any other
Person (i) to a Qualified Institutional Lender, provided, that promptly after the Transfer (x) the Senior Noteholders are provided
with a representation from a transferee or the Junior Noteholder certifying that such transferee is a Qualified Institutional
Lender, (y) the Senior Noteholders are provided with a copy of the assignment and assumption agreement referred to in Section
20 and (z) such transfer would not cause the Junior Note to be directly held by more than five (5) Persons, and (ii) to an entity
that is not a Qualified Institutional Lender, provided that the Junior Noteholder obtains (1) prior to a Securitization and with
respect to a Transfer in accordance with this clause (a)(ii), 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); provided that
in each of case (1) and (2), promptly after the Transfer the Lead Senior Noteholder is provided with a copy of the assignment
and assumption agreement referred to in Section 20. If the Junior Note is held by more than one Junior Noteholder at any time,
the holders of a majority of the Junior Note Principal Balance shall immediately appoint a representative to exercise all rights
of the Junior Note hereunder. Notwithstanding the foregoing, without the Senior Noteholders’ prior consent, which may be
withheld in their sole discretion, the Junior Noteholder shall not Transfer all or any portion of the Junior Note to the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest
no rights in the purported transferee. The Junior Noteholder agrees it will pay the reasonable documented expenses of the Senior
Noteholders (including all expenses of the Master Servicer and the Special Servicer) in connection with any

 

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such Transfer by the Junior Noteholder. The Agent shall provide two (2)
Business Days prior written notice to each Rating Agency of any Transfer of the Junior Note.

 

(b)       Notwithstanding
the foregoing, the Junior Noteholder 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 the Junior Note to any Person; provided
that any such Transfer shall be made in accordance with the terms of this Section 19; provided, further that the
Junior Noteholder shall not Transfer all or any portion of the Junior Note to the Mortgage Loan Borrower or a Mortgage Loan Borrower
Related Party and any such Transfer shall be void ab initio, absolutely null and void and shall vest no rights in the purported
transferee. All Transfers of the Junior Note, other than transfer of a participation interest in the Junior Note, under Sections
19(a) and (b) shall be made upon written notice to the Senior 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 Junior Noteholder hereunder with respect to the Junior Note from and after the date of such assignment
(or, in the case, of a pledge, collateral assignment or other encumbrance made in accordance with Section 19(e) by the Junior Noteholder
of the Junior Note solely as security for a loan to the Junior Noteholder made by a third-party lender whereby the Junior Noteholder
remains fully liable under this Agreement, on or before the date on which such lender succeeds to the rights of the Junior Noteholder
by foreclosure or otherwise, such third-party lender executes an agreement that such lender shall be bound by the terms and provisions
of this Agreement and the obligations of the Junior Noteholder hereunder) and (ii) agree in writing to be bound by the Servicing
Agreement, unless the Servicing Agreement is not then in effect with respect to the Mortgage Loan, in which event the parties will
enter into or agree to be bound by any replacement servicing agreement therefor in accordance with the provisions hereof. Upon
the consummation of a Transfer of all or any portion of the Junior Note in accordance with this Agreement, the transferring Person
shall be released from all liability arising under this Agreement with respect to the Junior Note (or the portion thereof that
was the subject of such Transfer), for the period after the effective date of such Transfer (it being understood and agreed that
the foregoing release shall not apply in the case of a sale, assignment, transfer or other disposition of a participation interest
in the Junior Note as described in clause (c) below). In connection with any such permitted transfer of a portion of the Junior
Note and for all purposes of this Agreement, the Lead Senior Noteholder need only recognize the majority holder of the Junior Note
for purposes of notices, consents and other communications between the Lead Senior Noteholder and such majority holder of the Junior
Note shall be the only Person authorized hereunder to exercise any rights of the Junior Noteholder under this Agreement; provided,
however, the majority holder of the Junior Note may from time to time designate any other Person as an additional party
entitled to receive notices, consents and other communications and/or to exercise rights on behalf of the Junior Noteholder hereunder
by delivering written notice thereof to the Lead Senior Noteholder, and, from and after delivery of such notice, such designee
shall be so authorized hereunder and shall be the only party entitled to receive such notices, consents and such other communications
and/or to exercise such rights.

 

(c)       In
the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) such Noteholder’s
obligations under this Agreement shall remain unchanged, (ii) such Noteholder shall remain solely responsible for the performance
of

 

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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 the Junior Note, the aforesaid delegation of rights shall terminate and be of no
further force and effect.

 

(d)       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 to (i) a depositor for a Securitization of all or any portion of its Senior Note and the related Securitization Trust,
(ii) prior to the occurrence of a Securitization of all or any portion of its Senior Note, a Qualified Institutional Lender (provided
that any Transferee in connection with the Securitization of the Senior 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 its Senior Note, to any party in accordance
with the Servicing Agreement, 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.

 

(e)         Prior
to a Control Appraisal Period, the Lead Senior Noteholder shall not be permitted to transfer all or any portion of the Junior Note
without the prior consent of the Junior Noteholder. If a Control Appraisal Period has occurred and is continuing, if the Mortgage
Loan is a Defaulted Mortgage Loan, the Lead Senior Noteholder (or the Special Servicer acting on its behalf) shall have the right
to sell the Junior Note together with the Senior Notes, without the Junior Noteholder’s consent, subject to satisfaction
of the following conditions:

 

(1)        the
Special Servicer has delivered to the Junior 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 the Junior 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” (or similar term, 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;

 

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

 

(3)        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;

 

(4)        in
determining whether any offer received represents a fair price for the Notes, 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;

 

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

 

(6)        the
Junior Noteholder 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.

 

In addition, Lead Senior
Noteholder (or the Special Servicer acting on its behalf) shall not be permitted to sell the Mortgage Loan if it becomes a Defaulted
Mortgage Loan without the written consent of the Non-Controlling Senior Noteholder (provided that such consent is not required
if the Non-Controlling Note Holder is the Mortgage Loan Borrower or an affiliate of the Mortgage Loan Borrower) unless the Special
Servicer has delivered to the 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 the 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 Subordinate 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 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.

 

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(f)         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(f), it being further agreed that a financing provided by a Note Pledgee to a Noteholder or any person which Controls
such Noteholder that is secured by such Noteholder’s interest in the applicable Note and is structured as a repurchase arrangement,
shall qualify as a “Pledge” hereunder, provided that a Note Pledgee which is not a Qualified Institutional Lender
may not take title to the pledged Note without (a) prior to Securitization, the consent of each other Noteholder and (b) after
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 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 Noteholders hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment,
modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without the written consent
of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other Noteholder
shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving of same to
the pledging Noteholder and accept any cure thereof by such Note Pledgee which such pledging Noteholder has the right (but not
the obligation) to effect hereunder, as if such cure were made by such pledging Noteholder; (v) that such other Noteholder shall
deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s)
shall be in a form reasonably satisfactory to such other Noteholder; and (vi) that, upon written notice (a “Redirection
Notice”) to the other Noteholders and any Servicer by such Note Pledgee that the pledging Noteholder is in default, beyond
any applicable cure periods, under the pledging Noteholder’s obligations to such Note Pledgee pursuant to the applicable
credit agreement between the pledging Noteholder and such Note Pledgee (which notice need not be joined in or confirmed by the
pledging Noteholder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled
to receive any payments that any Noteholder or Servicer would otherwise be obligated to pay to the pledging Noteholder from time
to time pursuant to this Agreement or any Servicing Agreement. Any pledging Noteholder hereby unconditionally and absolutely releases
the other Noteholders and any Servicer from any liability to the pledging Noteholder on account of any Noteholder’s or Servicer’s
compliance with any Redirection Notice believed by any Servicer or any such other Noteholder to have been delivered by a Note Pledgee.
Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Noteholder to such Note Pledgee
(and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and this Agreement.
In such event, the Noteholders and any Servicer shall recognize such Note Pledgee (and any transferee other than 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

 

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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(f) 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.

 

(g)        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 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 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

 

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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 Senior Note,
the Certificate Administrator shall automatically become and be the Agent.

 

Section 21.     Registration
of the Senior Notes and the Junior Note. The Agent shall keep or cause to be kept at the Agent Office books (the “Note
Register”) for the registration and transfer of the Notes. The Agent shall serve as the initial Note registrar and the
Agent hereby accepts such appointment. The names and addresses of the holders of the Notes and the names and addresses of any transferee
of any Note of which the Agent has received notice, in the form of a copy of the assignment and assumption agreement referred to
in Section 20, shall be registered in the Note Register. The Person in whose name a Note is so registered shall be deemed and treated
as the sole owner and holder thereof for all purposes of this Agreement, except in the case of the Initial Senior Noteholders and
the Junior Noteholder who may hold their Notes through a nominee. Upon request of a Noteholder, the Agent shall provide such party
with the names and addresses of the Noteholders. To the extent another party is appointed as Agent hereunder, the Senior Noteholders
and the Junior Noteholder 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 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 the Senior Noteholders to the
Junior Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder shall not
have any interest in any property taken as security for any Mortgage Loan, provided, however, that if any such property
or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder shall be entitled
to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

 

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

 

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OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

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

 

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

 

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

 

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

 

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

 

Section 26.     Modifications;
Amendment. 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 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. 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

 

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the Senior Noteholders or the Junior Noteholder, as applicable, including, without limitation, the right to make further assignments
and grant additional Notes.

 

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

 

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

 

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

 

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

 

Section 32.     Withholding
Taxes.

 

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

 

(b)       The
Non-Lead Senior Noteholder and Junior 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 Junior Noteholder, as applicable, in reliance upon any representation,

 

    53

     

    

 

certificate,
statement, document or instrument made or provided by such Non-Lead Senior Noteholder or Junior 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 Junior 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, the Non-Lead Senior Noteholder or Junior Noteholder shall deliver to the Lead Senior Noteholder or
Servicer, as applicable, evidence satisfactory to the Lead Senior Noteholder substantiating whether the Non-Lead Senior Noteholder
or Junior Noteholder, as applicable, 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 the Non-Lead Senior Noteholder or Junior Noteholder is created or organized under the laws
of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence
by furnishing to the Lead Senior Noteholder an Internal Revenue Service Form W-9 and (ii) if the Non-Lead Senior Noteholder or
Junior Noteholder is not created or organized under the laws of the United States, any state thereof or the District of Columbia,
and if the payment of interest or other amounts by the Mortgage Loan Borrower is treated for United States income tax purposes
as derived in whole or part from sources within the United States, the Non-Lead Senior Noteholder or Junior Noteholder, as applicable,
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 the Non-Lead Senior Noteholder or Junior Noteholder, as applicable. The Lead Senior
Noteholder shall not be obligated to make any payment hereunder to the Non-Lead Senior Noteholder or Junior 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 Note and the Junior Note)
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 Note and the Junior Note) shall be held by
the Custodian (as defined in the Securitization Servicing Agreement).

 

Section 34.     Notices.
All notices required hereunder shall be given by (i) telephone (confirmed promptly in writing) or shall be in writing and personally
delivered, (ii) sent by facsimile transmission (during business hours) if the sender on the same day sends a confirming copy of
such notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery service (charges prepaid)
or (iv) certified United States mail, postage prepaid return receipt requested, and addressed to the respective parties at their
addresses

 

    54

     

    

 

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 Junior Operating Advisor), or by the Controlling Noteholder (or its Junior Operating
Advisor) to the Lead Senior Noteholder (or the Servicer on its behalf), shall also be delivered by the applicable party to the
Junior Noteholder.

 

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

 

Section 36.     Certain Matters
Affecting the Agent.

 

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

 

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

 

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

 

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

 

(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.

 

    55

     

    

 

The Agent may resign at any time
upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this Agreement
and perform the duties of the Agent hereunder. 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.
Notwithstanding the to the contrary in 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 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 Junior Noteholder without obtaining the Junior
Noteholder’s 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.

 

[SIGNATURE PAGE FOLLOWS]

 

    56

     

    

 

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

	 	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC,
    as Initial Senior Note A-1 Noteholder and Initial Agent
	 	 	 
	 	By:	/s/ Khaled
    Mohiuddin
	 	 	Name: Khaled Mohiuddin
	 	 	Title: Director
	 	 	 
	 	By:	/s/ Delphine
    Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title: Vice President

   

(Amazon
Urban Union Amended and Restated Co-Lender Agreement)

 

     

     

    

 

	 	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC,
as Senior Note A-2 Holder
	 	 	 
	 	By:	/s/ Khaled Mohiuddin
	 	 	Name: Khaled Mohiuddin
	 	 	Title: Director
	 	 	 
	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title: Vice President

 

(Amazon
Urban Union Amended and Restated Co-Lender Agreement)

 

     

     

    

 

	 	 	 
	 	HANGANG US REAL ESTATE FUND NO. 1,
HANGANG US REAL ESTATE FUND NO. 1-1 AND HANGANG US REAL ESTATE FUND NO 1-2
	 	 
	 	By: NH Bank, as trustee
	 	 	 
	 	By:	/s/ Kyung Seob, Lee
	 	 	Name:  Kyung Seob, Lee
	 	 	Title: CEO

 

(Amazon
Urban Union Amended and Restated Co-Lender Agreement)

 

     

     

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

A.       Description of Mortgage
Loan:

 

	Mortgage Loan:	Amazon Urban Union
	Mortgage Loan Borrower:	Urbansea Holding LLC
	Date of the Mortgage Loan and the Mortgage:	January 13, 2017
	Initial Principal Amount of Mortgage Loan:	$149,207,361
	Location of Mortgaged Property:	501 Fairview Avenue North, Seattle, Washington 98109
	Initial Maturity Date:	February 7, 2022

 

B.       Description of Note Interests:

 

	Initial Note A-1 Principal Balance:	$38,231,428
	Note A-2 Principal Balance:	$24,000,000
	Initial Note B Principal Balance:	$86,975,933
	Initial Note A-1 Percentage Interest:	25.623%
	Note A-2 Percentage Interest:	16.085%
	Note B Percentage Interest:	58.291%
	Senior Note Rate:	3.3812%
	Junior Note Rate:	4.2000%

 

    A-1 

     

    

 

EXHIBIT B

 

Initial Senior Noteholder:

NATIXIS REAL ESTATE CAPITAL LLC

Notice Address:

Natixis Real Estate Capital LLC

1251 Avenue of the Americas

New York, New York 10020

Attention: Khaled Mohiuddin

Facsimile: (212) 891-5777

 

with a copy to:

Natixis Real Estate Capital LLC

Office of Chief Operating Officer

1251 Avenue of the Americas

New York, New York 10020

Facsimile: (212) 891-6288

 

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:

legal.notices@us.natixis.com

 

Note B Noteholder:

[HANGANG U.S. REAL ESTATE FUND NO. 1]

Notice Address:

Hangang US Real Estate Fund No. 1

c/o Hangang Asset Management Company

650 Fifth Avenue, Suite 1400

New York, NY 10019

Attn: Thomas Yoo

 

    B-1 

     

    

 

with a copy to:

Hangang Asset Management

6Fl. Two IFC,

10 Gukjegeumyung-ro

Youngdeungpo-gu

Seoul 150-876 Korea

Attn: James Yoohoon Jeon

 

    B-2 

     

    

 

EXHIBIT C

PERMITTED FUND MANAGERS

 

		1.	Westbrook Partners

		2.	DLJ Real Estate Capital Partners

		3.	iStar Financial Inc.

		4.	Capital Trust, Inc.

		5.	Lend-Lease Real Estate Investments

		6.	Archon Capital, L.P.

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

		8.	The Blackstone Group International Ltd.

		9.	Apollo Real Estate Advisors

		10.	Colony Capital, Inc.

		11.	Praedium Group

		12.	J.E. Roberts Companies

		13.	Fortress Investment Group, LLC

		14.	Lonestar Opportunity Fund

		15.	Clarion Partners

		16.	Walton Street Capital, LLC

		17.	Starwood Financial Trust

		18.	BlackRock, Inc.

		19.	Gramercy Capital Corp.

		20.	North Star Realty Finance Corp.

		21.	Brascan Real Estate Financials Partners LLC

		22.	Prima Capital Advisor LLC

		23.	Rialto Capital Management, LLC

 

    C-1 

     

    

 

EXHIBIT D

 

MODEL PSA

 

     

     

    

 

SCHEDULE I

  

The Securitization Servicing
Agreement shall provide that during the continuation of a 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 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 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 of ten (10) Business
Days from the delivery to the Non-Controlling Control 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 Noteholders 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.

 

     

     

    

 

SCHEDULE II

 

The Note A-1 PSA shall
provide that:

 

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

 

(ii)       if
the Master Servicer or Trustee determines that a proposed P&I Advance, if made, or any outstanding P&I Advance previously
made, would be, or is, as applicable, a nonrecoverable advance, the Master Servicer shall provide the other servicers written notice
of such determination within 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 Note, net of its Servicing
Fee and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the
Non-Lead Senior Noteholder on the applicable Master Servicer Remittance Date;

 

(iv)      the
Master Servicer agrees to make available to the master servicer under the Non-Lead Securitization Servicing Agreement 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 Agreement, at its own expense, in a timely manner, the reports, certifications,
compliance statements, accountants’ assessments and attestations, information to be included in reports (including, without
limitation, Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the other Servicing Agreements as
the parties to the Non-Lead Securitization may require in order to comply with their obligations under the Securities Act of 1933,
as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other applicable law.
Without limiting the generality of the foregoing, 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 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

 

    C-1 

     

    

 

 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 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 Junior Note on behalf of the Junior Noteholder and to service the Non-Lead Senior Note 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 Note , the Master Servicer shall withdraw from the related Collection Account and remit
to the Holder of the 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 the 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)    the
Non-Lead Senior Noteholder and Junior 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 with respect to such Non-Lead Senior Note under this Agreement and the Servicing Agreement; and

 

(ix)       each
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 the Non-Lead Senior Noteholder without their
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 the 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 the 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 the Non-Lead Senior Noteholder as required, failure
to deliver (or cause to be delivered) materials or information required in order for the 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 the 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 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 the 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 PSA 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 Note A-2 Securitization to grant or agree or consent to material modifications, waivers and
amendments to the Mortgage Loan, or to approve material assignments and assumptions or material additional indebtedness in connection
with the Mortgage Loan;

 

(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 Note A-1 PSA (which shall be substantially similar to those set forth
in the Note A-2 PSA), 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 III

 

If Note A-2 is included in a
Securitization, it shall cause the applicable 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 the 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 pursuant to Section 17, and funds received
with respect to the 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 Lead 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 Lead Servicing Agreement permits
the Master Servicer, Special Servicer or Lead Trustee to pay itself from the Lead Securitization Trust’s general account
then the master servicer under the Non-Lead Securitization Servicing Agreement will be required to reimburse the Lead Securitization
Trust 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 Lead Securitization Trust is required
to indemnify each such party) against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments
and any other costs, liabilities, fees and expenses, incurred in connection with any PSA that relate solely to its servicing of
the Mortgage Loan, as applicable, and the master servicer under the Non-Lead Securitization Servicing Agreement will be required
to reimburse the Master Servicer, Special Servicer or Lead 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 the Non-Lead Securitization Servicing Agreement, as applicable, shall acknowledge
that, (i) each of the Master Servicer and the Lead Trustee will be a third party beneficiary under the Non-Lead Securitization
Servicing Agreement with respect to any provisions therein relating to (1) the reimbursement for the 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
Lead 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 the Non-Lead
Securitization Servicing Agreement with respect to any provisions therein relating to (1) the reimbursement for the Non-Lead Noteholder’s
proportionate share of any nonrecoverable advances made with respect to the 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 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 such Non-Lead Senior Note; and

 

(vi)      the
Master Servicer and the Special Servicer shall be third party beneficiaries of the foregoing provisions.Exhibit 4.7 

 

EXECUTION VERSION 

	 

 

Broadway Portfolio

 

CO-LENDER AGREEMENT

 

Dated as of April 18, 2017

 

between

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-1 Holder)

 

and

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A-2 Holder)

	 

 

     

     

    

 

TABLE OF CONTENTS

 

 

	 	Page
	 	 
	1.            Definitions; Conflicts	2
	2.            Servicing of the Mortgage Loan	15
	3.            Priority of  Notes	17
	4.            Workout	17
	5.            Accounts; Payment Procedure	17
	6.            Limitation on Liability	18
	7.            Representations of the Holders	18
	8.            Independent Analyses of each Holder	19
	9.            No Creation of a Partnership or Exclusive Purchase Right	20
	10.          Not a Security	20
	11.          Other Business Activities of the Holders	20
	12.          Transfer of Notes	20
	13.          Exercise of Remedies by the Servicer	22
	14.          Rights of the Directing Holder	24
	15.          Appointment of Special Servicer	25
	16.          Rights of the Non-Directing Holders	26
	17.          Advances; Reimbursement of Advances	27
	18.          Provisions Relating to Securitization	28
	19.          Governing Law; Waiver of Jury Trial	33
	20.          Modifications	33
	21.          Successors and Assigns; Third Party Beneficiaries	33
	22.          Counterparts	34
	23.          Captions	34
	24.          Notices	34
	25.          Custody of Mortgage Loan Documents	34

 

    -i-

     

    

 

THIS CO-LENDER AGREEMENT (the
“Agreement”), dated as of April 18, 2017, 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, as
the holder of Note A-1 and Natixis, as the holder of Note A-2.

 

W I T N E S S E T H:

 

WHEREAS, Natixis has made a mortgage
loan in the original principal amount of $58,000,000.00 (the “Mortgage Loan”) to 1204 Broadway DE LLC, 1212
Broadway DE LLC and 1214-1216 Broadway LLC (collectively, the “Borrower”) pursuant to a loan agreement between
the Borrower, as borrower, and Natixis, as lender, dated as of November 18, 2016 (the “Loan Agreement”), which
Mortgage Loan was evidenced by a single promissory note in the original principal amount of $58,000,000.00 (the “Original
Promissory Note”);

 

WHEREAS, the Mortgage Loan is
secured by a first mortgage lien (the “Mortgage”) on the Borrower’s fee interest in the portfolio of properties
known as Broadway Portfolio, located at 1204 Broadway, 1212 Broadway and 1214-1216 Broadway, New York, New York (the “Mortgaged
Properties”);

 

WHEREAS, on or about February
15, 2017, the Original Promissory Note was split into two notes pursuant to a Note Splitter and Loan Document Modification Agreement
between the Borrower and Natixis;

 

WHEREAS, the Mortgage Loan is
presently evidenced by the following notes: Promissory Note A-1 in the original principal amount of $38,000,000.00 and Promissory
Note A-2 in the original principal amount of $20,000,000.00 (“Note A-1” and “Note A-2”
respectively and individually, each, a “Note” and collectively the “Notes”);

 

WHEREAS, Natixis intends to sell,
transfer and assign all of its right, title and interest in and to Note A-2 to Citigroup Commercial Mortgage Securities Inc. (“CCMS”),
as depositor, pursuant to a Mortgage Loan Purchase Agreement dated as of April 1, 2017, by and between CCMS, as purchaser, and
Natixis, as seller, and CCMS, as purchaser, intends to transfer its right, title and interest in and to Note A-2 to Deutsche Bank
Trust Company Americas, as trustee for the Citigroup Commercial Mortgage Trust 2017-P7 under a pooling and servicing agreement,
dated as of April 1, 2017 (the “CGCMT 2017-P7 PSA”), among CCMS, as depositor, Wells Fargo Bank, National Association,
as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor and
as asset representations reviewer and Citibank, N.A., as certificate administrator;

 

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

 

     

     

    

 

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

 

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

 

1.            Definitions; Conflicts. References to a “Section” or the “recitals” are, unless otherwise
specified, to a Section or the recitals of this Agreement. Capitalized terms used but not otherwise defined herein shall have
the meanings ascribed thereto in the Servicing Agreement. To the extent of any inconsistency between this Agreement and the Servicing
Agreement, this Agreement shall control. Whenever used in this Agreement, the following terms shall have the respective meanings
set forth below unless the context clearly requires otherwise.

 

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

 

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Properties
pursuant to the Note A-1 PSA or the CGCMT 2017-P7 PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

    -2- 

     

    

 

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

 

“Certificates”
shall mean any securities issued in connection with the Note A-1 Securitization or the CGCMT 2017-P7 Securitization.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, the depositor under the Note A-1 PSA and (ii) with respect
to the CGCMT 2017-P7 Securitization, CCMS.

 

“Directing Holder”
shall mean (i) during the period prior to the Note A-1 Securitization Date, the Note A-1 Holder or such other
party that the Note A-1 Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement and
(ii) after the Note A-1 Securitization Date, the holders of Certificates representing the specified interest in the class
of Certificates designated as the “controlling class” under the Note A-1 Securitization or the duly appointed
representative of the holders of such Certificates; provided, that no Borrower Party, as defined in the applicable Servicing
Agreement, thereof shall be entitled to act as Directing Holder.

 

    -3- 

     

    

 

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

 

“Excluded Amounts”
shall mean:

 

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

 

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

 

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

 

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

 

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

 

“Holder” shall
mean the Note A-1 Holder or the Note A-2 Holder, as the context indicates.

 

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

 

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

 

“Lead Note”
shall mean (i) during the period from and after the Note A-2 Securitization Date and prior to the Note A-1 Securitization
Date, Note A-2; and (ii) on and after the Note A-1 Securitization Date, Note A-1.

 

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

 

“Lead Securitization”
shall mean (a) during the period from and after the CGCMT 2017-P7 Securitization Date and prior to the Note A-1 Securitization
Date, the CGCMT 2017-P7 Securitization and (b) from and after the Note A-1 Securitization Date, the Lead Securitization
established under the Note A-1 Securitization.

 

    -4- 

     

    

 

“Lead Securitization
Trust” shall mean (a) during the period from and after the CGCMT 2017-P7 Securitization Date and prior to the Note
A-1 Securitization Date, the trust established under the CGCMT 2017-P7 PSA in connection with the CGCMT 2017-P7 Securitization
and, (b) from and after the Note A-1 Securitization Date, the trust established under the Note A-1 Securitization.

 

“Lead Servicer”
shall mean (a) during the period from and after the CGCMT 2017-P7 Securitization Date and prior to the Note A-1 Securitization
Date, the servicer and/or special servicer designated under the CGCMT 2017-P7 PSA and, (b) from and after the Note A-1 Securitization
Date, the servicer and/or special servicer designated under the Note A-1 PSA.

 

“Lead Trustee”
shall mean (a) during the period from and after the CGCMT 2017-P7 Securitization Date and prior to the Note A-1 Securitization
Date, the CGCMT 2017-P7 Trustee and, (b) from and after the Note A-1 Securitization Date, the trustee designated under the
Note A-1 Securitization.

 

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

 

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

 

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

 

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

 

“Master Servicer Remittance
Date” shall mean:

 

(a)          during the period after the CGCMT 2017-P7 Securitization Date but prior to the Note A-1 Securitization Date:

 

(i)          
with respect to Note A-2, the “Master Servicer Remittance Date” (or analogous term) as defined in the
CGCMT 2017-P7 PSA; and

 

(ii)         
with respect to Note A-1, one Business Day after the Determination Date (as defined in the CGCMT 2017-P7 PSA); and

 

(b)          after the Note A-1 Securitization Date:

 

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

 

(ii)         
with respect to Note A-2, two Business Days prior to the Master Servicer Remittance Date (or analogous term) as defined
in the CGCMT 2017-P7 PSA (as long as such date is at least two Business Days after receipt of the Monthly Payment).

 

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

 

    -5- 

     

    

 

“Monthly Payment”
with respect to any period shall mean all amounts due and payable to any Holder or Holders during such period in accordance with
the Mortgage Loan Documents.

 

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

 

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

 

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

 

“Mortgage Interest Rate”
shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each of Note A-1 and Note A-2.

 

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

 

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

 

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

 

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

 

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

 

“CGCMT 2017-P7 PSA”
shall mean the “pooling and servicing agreement” entered into in connection with the CGCMT 2017-P7 Securitization.

 

“CGCMT 2017-P7 Securitization”
shall mean the first sale by the Note A-2 Holder of all or any portion of Note A-2 to a depositor who will in turn include all
or such portion (as applicable) of Note A-2 as part of the securitization of one or more mortgage loans.

 

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

 

“Non-Directing Holder”
shall mean the Note A-2 Holder or, if Note A-2 is included in a Securitization, the holders of Certificates representing the specified
interest in the class of Certificates designated as the “controlling class” or the duly appointed representative of
the holders of such Certificates or such other party otherwise entitled under the CGCMT 2017-P7 PSA, to exercise the rights granted
to the Non-Directing Holder in this Agreement. If Note A-2 is no longer in a Securitization, the Non-Directing Holder with
respect to such Note will be the then-current Holder of such Note.

 

    -6- 

     

    

 

“Non-Lead Master Servicer”
shall mean, from and after the Note A-1 Securitization Date, the master servicer designated under the CGCMT 2017-P7 PSA.

 

“Non-Lead Note”
shall mean (i) during the period from and after the Note A-2 Securitization Date and prior to the Note A-1 Securitization Date,
Note A-1, and (ii) on and after the Note A-1 Securitization Date, Note A-2.

 

“Non-Lead Note Holder”
shall mean the holder of the Non-Lead Note.

 

“Non-Lead Servicing
Agreement” shall mean from and after the Note A-1 Securitization Date, the CGCMT 2017-P7 PSA.

 

“Non-Lead Special Servicer”
shall mean, from and after the Note A-1 Securitization Date, the special servicer designated under the CGCMT 2017-P7 PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -7- 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“P&I Advance”
shall mean an advance made by a party to the Note A-1 PSA or the CGCMT 2017-P7 PSA, as applicable, with respect to a delinquent
monthly debt service payment on the Notes included in the related Securitization.

 

“Penalty Charges”
shall mean any amounts collected from the Borrower that represent default charges, penalty charges, late fees and/or default interest,
but excluding any yield maintenance charge or prepayment premium.

 

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

 

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

 

    -8- 

     

    

 

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

 

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

 

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

 

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

 

    -9- 

     

    

 

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

 

(ii)          an investment company, money management firm or a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, as amended, which regularly engages in the business of making or owning investments of types
similar to the Mortgage Loan; or

 

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

 

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

 

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

 

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

 

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

 

    -10- 

     

    

 

“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 Rating Agencies.

 

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

 

“Rating Agency Confirmation”
shall mean each of the applicable Rating Agencies for each Securitization shall have confirmed in writing that the occurrence of
the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal
of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In the event that
no Certificates are outstanding or none of the Notes are included in a Securitization, any action that would otherwise require
a Rating Agency Confirmation shall require the consent of the Note A-1 Holder, which consent shall not be unreasonably withheld,
conditioned or delayed.

 

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

 

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

 

    -11- 

     

    

 

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

 

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

 

“Securitization”
shall mean the Note A-1 Securitization and the CGCMT 2017-P7 Securitization, as the context requires.

 

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

 

“Servicing Agreement”
shall mean (a) during the period from and after the CGCMT 2017-P7 Securitization Date and prior to the Note A-1 Securitization
Date, the CGCMT 2017-P7 PSA and, (b) after the Note A-1 Securitization Date, the Note A-1 PSA; provided that in the event
the Lead Note is no longer an asset of the trust fund created pursuant to the Servicing Agreement, the term “Servicing Agreement”
shall refer to the subsequent servicing agreement entered into pursuant to Section 2.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -12- 

     

    

 

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

 

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

 

“Trustee”
shall mean the trustee under the Note A-1 PSA or the CGCMT 2017-P7 PSA, as the context requires.

 

2.           
Servicing of the Mortgage Loan. (a)  Each Holder acknowledges and agrees that, subject in each case to
the specific terms of this Agreement, the Mortgage Loan shall be serviced as follows:

 

(i)          
from and after the CGCMT 2017-P7 Securitization Date, but prior to the Note A-1 Securitization Date, by the CGCMT 2017-P7
Master Servicer and the CGCMT 2017-P7 Special Servicer pursuant to the terms of this Agreement and the CGCMT 2017-P7 PSA; and

 

(ii)         
from and after the Note A-1 Securitization Date, by the Note A-1 Master Servicer and the Note A-1 Special Servicer
pursuant to the terms of this Agreement and the Note A-1 PSA.

 

Each Holder agrees to reasonably
cooperate with each Servicer with respect to its exercise of its rights and obligations under the Servicing Agreement.

 

(b)         
The Note A-1 PSA and CGCMT 2017-P7 PSA shall contain terms and conditions that are customary for securitization transactions
involving assets similar to the Mortgage Loan and that are otherwise (i) required by the Code relating to the tax elections
of the Note A-1 Trust Fund and the CGCMT 2017-P7 Trust Fund, (ii) required by law or changes in any law, rule or regulation
or (iii) requested by the Rating Agencies rating the Note A-1 Securitization or the CGCMT 2017-P7 Securitization. In addition,
the Note A-1 PSA and CGCMT 2017-P7 PSA shall have such additional provisions as are set forth in Section 18. The
Note A-1 Holder shall have the right to designate the Master Servicer and Special Servicer for the Note A-1 Securitization
as long as each such party is a Qualified Servicer.

 

(c)         
Subject to the terms and conditions of this Agreement, each Holder hereby irrevocably and unconditionally consents to the
appointment of the Master Servicer and the Trustee under the Servicing Agreement by the Depositor and the appointment of the Special
Servicer by the Directing Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect
to the servicing of the Mortgage Loan in accordance with the Servicing Agreement. Each Holder hereby appoints the Master Servicer,
the Special Servicer and the Trustee under the Servicing Agreement as such Holder’s attorney-in-fact to sign any documents
reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Servicing Agreement
(subject at all times to the rights of the Holders as set forth herein and in such Servicing Agreement).

 

    -13- 

     

    

 

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

 

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

 

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

 

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

 

    -14- 

     

    

 

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

 

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

 

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

 

4.            Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the
Servicing Agreement and Section 13 of this Agreement, and the obligation to act in accordance with the Servicing Standard,
if the Lead Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms
thereof such that (i) the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments
of interest or principal on Note A-1 or Note A-2 are waived, reduced or deferred or (iv) any other adjustment is
made to any of the payment terms of the Mortgage Loan, such modification shall not alter, and any modification of the Mortgage
Loan Documents shall be structured to preserve, the equal priorities of Note A-1 and Note A-2 as described in Section 3.

 

5.            Accounts; Payment Procedure. The Servicing Agreement shall provide that the Master Servicer shall establish and maintain
the Collection Account or Collection Accounts, as applicable. Each of the Note A-1 Holder and the Note A-2 Holder hereby
directs the Master Servicer, in accordance with the priorities set forth in Section 3 hereof, and subject to the terms
of the Servicing Agreement, (i) to deposit into the applicable Collection Account within the time period specified in the
Servicing Agreement all payments received with respect to the Mortgage Loan and (ii) to remit from the applicable Collection
Account for deposit or

 

    -15- 

     

    

 

credit on the applicable Master Servicer Remittance Date all payments received with respect to and allocable
to Note A-1 and Note A-2, by wire transfer to accounts maintained by the Note A-1 Holder and the Note A-2 Holder,
respectively; provided that delinquent payments received by the Master Servicer after the related Master Servicer Remittance Date
shall be remitted by the Master Servicer to such accounts within the time period specified in the Servicing Agreement.

 

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

 

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

 

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

 

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

 

    -16- 

     

    

 

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

 

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

 

(iv)        
This Agreement is the legal, valid and binding obligation of such Holder enforceable against such Holder in accordance
with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law), and except that the enforcement of rights with respect
to indemnification and contribution obligations may be limited by applicable law.

 

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

 

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

 

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

 

(viii)      
It is a Qualified Transferee.

 

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

 

    -17- 

     

    

 

9.            No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken
pursuant hereto, shall be deemed to constitute among any Holder (or the Master Servicer, Special Servicer or Trustee on its behalf)
and any other Holder a partnership, association, joint venture or other entity. Each Holder (or the Master Servicer, Special Servicer
or Trustee on its behalf) shall have no obligation whatsoever to offer to the other Holder the opportunity to purchase notes or
interests relating to any future loans originated by such Holder or any of its Affiliates, and if any Holder chooses to offer to
the other Holder, the opportunity to purchase notes or interests in any future mortgage loans originated by such Holder or its
Affiliates, such offer shall be at such purchase price and interest rate as such Holder chooses, in its sole and absolute discretion.
Neither Holder shall have any obligation whatsoever to purchase from the other Holder any notes or interests in any future loans
originated by the other Holder or any of its Affiliates.

 

10.          Not a Security. Neither of Note A-1 or Note A-2 shall be deemed to be a security within the meaning of
the Securities Act of 1933 or the Securities Exchange Act of 1934.

 

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

 

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

 

    -18- 

     

    

 

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

 

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

 

(d)          Notwithstanding anything to the contrary contained herein, each Holder may pledge or transfer (a “Pledge”)
its Note to any entity (other than the Borrower or any Affiliate of the Borrower) that has extended a credit facility to such Holder
or has entered into a repurchase agreement with such Holder and that, in each case, is either a Qualified Transferee or a financial
institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency
(a “Note Pledgee”), or to a Person with respect to which a Rating Agency Confirmation has been obtained, on
terms and conditions set forth in this Section 12(d), it being further agreed that a financing provided by a Note Pledgee
to any Holder or any Affiliate that controls such Holder that is secured by such Holder’s interest in its respective Note
and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder on the condition that all applicable
terms and conditions of this Section 12 are complied with. A Note Pledgee that is not a Qualified Transferee may not
take title to a Note without a Rating Agency Confirmation. Upon written notice, if any, by the pledging Holder to the other Holder
and the Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee), the other Holder
agrees to acknowledge receipt of such notice and thereafter agree: (i) to give such Note Pledgee written notice of any default
by the pledging Holder in respect of its obligations under this Agreement of which default such Holder has actual knowledge and
which notice shall be given simultaneously with the giving of such notice to the pledging Holder; (ii) to allow such Note
Pledgee a period of ten (10) Business Days to cure a default by the pledging Holder in respect of its obligations to the other
Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification,
waiver or termination of this Agreement or the Servicing Agreement (if the pledging Holder had the right to consent to such amendment,
modification, waiver or termination pursuant to the terms hereof) shall be effective against such Note Pledgee without the written
consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and which consent shall
be deemed to be given if Note Pledgee shall fail to respond to any request for consent to any such amendment, modification, waiver
or termination within 10 days after request therefor; (iv) that the other Holder shall accept any cure by such Note Pledgee
of any default of the pledging Holder which such pledging Holder has the right to effect hereunder, as if such cure were made by
such pledging Holder; (v) that the other Holder or Servicer shall deliver to Note Pledgee such estoppel certificate(s) as
Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory
to the other Holder; and (vi) that, upon written notice (a “Redirection Notice”) to the Servicer by such
Note Pledgee that the pledging Holder is in default beyond any applicable cure periods with respect to the pledging Holder’s
obligations to such Note Pledgee pursuant to the applicable credit agreement or other

 

    -19- 

     

    

 

agreements relating to the Pledge between
the pledging Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Holder), and until such
Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee (or at any time that pledging Holder otherwise
directs that such payment be made to Note Pledgee pursuant to a separate notice) shall be entitled to receive any payments that
any Servicer would otherwise be obligated to make to the pledging Holder from time to time pursuant to this Agreement or any Servicing
Agreement. Any pledging Holder hereby unconditionally and absolutely releases the other Holder and any Servicer from any liability
to the pledging Holder on account of any Holder’s or Servicer’s compliance with any Redirection Notice believed by
any Servicer or other Holder in good faith to have been delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise
fully its rights and remedies against the pledging Holder (and accept an assignment in lieu of foreclosure as to such collateral),
in accordance with applicable law, the pledge agreement, repurchase agreement or similar agreement between the pledging Holder
and the Note Pledgee and this Agreement. In such event, or if the pledging holder otherwise assigns its interests to the Note Pledgee,
the other Holder and the Servicer shall recognize such Note Pledgee (and any transferee (other than the Borrower or any Affiliate
of the Borrower) that is also a Qualified Transferee at any foreclosure or similar sale held by such Note Pledgee or any transfer
in lieu of foreclosure), and such Person’s successor and assigns, as the successor to the pledging Holder’s rights,
remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Transferee shall assume in writing the obligations
of the pledging Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note
Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 12(d) shall
remain effective as to any Holder (and any Servicer) unless and until such Note Pledgee shall have notified such Holder (and any
Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

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

 

    -20- 

     

    

 

Borrower,
including, without limitation, filing or causing the Lead Note Holder or such Servicer to file any bankruptcy petition against
the Borrower. Each Holder shall, from time to time, execute such documents as any Servicer shall reasonably require to evidence
such assignment with respect to the rights described in clause (iii) of the first sentence in this Section 13(a).

 

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

 

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

 

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

 

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

 

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

 

(2)           at least 10 days prior to the proposed sale date, a copy of each bid package (together with any amendments to such
bid packages) received by the Special Servicer in connection with any such proposed sale;

 

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

 

(4)           until the sale is completed and a reasonable period of time (but no less time than is afforded to other offerors and the
Directing Holder) prior to the proposed sale date, all information and other documents being provided to other offerors and all
leases or other documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale.

 

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

 

    -21- 

     

    

 

The Non-Lead Note Holder hereby
appoints the Lead Note Holder as their agent, and grant to the Lead Note Holder an irrevocable power of attorney coupled with an
interest, and its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of the Non-Lead Note.
The Non-Lead Note Holder further agrees that, upon the request of the Lead Note Holder, the Non-Lead Note Holder shall execute
and deliver to or at the direction of Lead Note Holder such powers of attorney or other instruments as the Lead Note Holder may
reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following such request,
and shall deliver the related original Non-Lead Note, endorsed in blank, to or at the direction of the Lead Note Holder in connection
with the consummation of any such sale.

 

The authority of the Lead Note
Holder to sell the Non-Lead Note, and the obligations of the Non-Lead Note Holder to execute and deliver instruments or deliver
the Non-Lead Note upon request of the Lead Note Holder, shall terminate and cease to be of any further force or effect upon the
date, if any, upon which the Lead Securitization Note is repurchased by Natixis, as the initial Note A-1 Holder from the trust
fund established under the Servicing Agreement in connection with a material breach of representation or warranty made by Natixis,
as the initial Note A-1 Holder with respect to the Lead Securitization Note or material document defect with respect to the
documents delivered by Natixis, as the initial Note A-1 Holder with respect to the Lead Securitization Note upon the consummation
of the Lead Securitization.

 

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

 

14.           Rights of the Directing Holder. The Directing Holder shall be entitled to exercise the rights and powers granted
to the Directing Holder hereunder and the rights and powers granted to the “Directing Holder,” “Controlling Class Certificateholder,”
“Controlling Class Representative” or similar party under, and as defined in, the Servicing Agreement with respect
to the Mortgage Loan. In addition, the Directing Holder shall be entitled to advise (1) the Special Servicer with respect
to all matters related to a Specially Serviced Mortgage Loan and (2) the Special Servicer with respect to all matters for
which the Master Servicer must obtain the consent or deemed consent of the Special Servicer, and, except as set forth below (i) the
Master Servicer shall not be permitted to take any Major Action unless it has obtained the prior written consent of the Special
Servicer and (ii) the Special Servicer shall not be permitted to consent to the Master Servicer’s taking any Major Action
nor will the Special Servicer itself be permitted to take any Major Action as to which the Directing Holder has objected in writing
within ten (10) Business Days (or 30 days with respect to an Acceptable Insurance Default) after receipt of the written recommendation
and analysis and such additional information requested by the Directing Holder as may be necessary in the reasonable judgment of
the Directing Holder in order to make

 

    -22- 

     

    

 

a judgment with respect to such Major Action. The Directing Holder may also direct the Special
Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Directing Holder may deem
advisable, subject to the terms of the Servicing Agreement.

 

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

 

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

 

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

 

The Directing Holder shall have
no liability to the other Holder or any other Person for any action taken, or for refraining from the taking of any action or the
giving of any consent or the failure to give any consent pursuant to this Agreement or the Servicing Agreement, or errors in judgment,
absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross negligence. The Holders
agree that the Directing Holder may take or refrain from taking actions, or give or refrain from giving consents, that favor the
interests of one Holder over the other Holder, and that the Directing Holder may have special relationships and interests that
conflict with the interests of another Holder and, absent willful misfeasance, bad faith or gross negligence on the part of the
Directing Holder agree to take no action against the Directing Holder or any of its officers, directors, employees, principals
or agents as a result of such special relationships or interests, and that the Directing Holder will not be deemed to have been
grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded
any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed
to give any consent, solely in the interests of any Holder.

 

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The Holders acknowledge that
the Servicing Agreement may contain certain provisions that give an operating advisor certain non-binding consultation rights with
respect to Major Actions.

 

15.           Appointment of Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have
the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to
the Mortgage Loan and appoint a Qualified Servicer as the replacement Special Servicer in lieu thereof. The Directing Holder shall
designate a Person to serve as Special Servicer by delivering to the other Holder and the parties to the Note A-1 PSA and
the CGCMT 2017-P7 PSA a written notice stating such designation and by satisfying the other conditions required under the Servicing
Agreement (including, without limitation, a Rating Agency Confirmation, if required by the terms of the Servicing Agreement), if
any.

 

The Directing Holder agrees and
acknowledges that prior to the Note A-1 Securitization, the Special Servicer could be terminated under the CGCMT 2017-P7 PSA in
connection with a “servicer termination event” thereunder, or otherwise based on a recommendation by the operating
advisor under the CGCMT 2017-P7 PSA if (1) the operating advisor determines, in its sole discretion exercised in good faith, that
(a) the Special Servicer has failed to comply with the Servicing Standard and (b) a replacement of the Special Servicer would be
in the best interest of the holders of Certificates issued under CGCMT 2017-P7 PSA (as a collective whole) and (2) the affirmative
vote of the requisite certificate holders is obtained. The Directing Holder will retain its right to remove and replace the Special
Servicer, but the Directing Holder may not restore a Special Servicer that has been removed in accordance with the preceding sentence.

 

16.           Rights of the Non-Directing Holder. (a)  The Servicing Agreement shall provide that the Servicer shall
be required:

 

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

 

(ii)          
to consult with the Non-Directing Holder on a strictly non-binding basis, if, having received such notices, information
and reports, such Non-Directing Holder

 

    -24- 

     

    

 

requests consultation with respect to any such Major Action or the implementation of any
recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended
by the Non-Directing Holder; provided that after the expiration of a period of ten (10) Business Days from the delivery
to the Non-Directing Holder of written notice of a proposed action, together with copies of the notice, information and report
required to be provided to the Directing Holder, the Servicer shall no longer be obligated to consult with the Non-Directing Holder,
whether or not the Non-Directing Holder has responded within such ten (10) Business Day period (unless the Servicer proposes a
new course of action that is materially different from the action previously proposed, in which case such ten (10) Business Day
period shall be begin anew from the date of such proposal and delivery of all information relating thereto).

 

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

 

(c)           In addition to the foregoing non-binding consultation rights, the Non-Directing Holder shall have the right to annual conference
calls with the Master Servicer or the Special Servicer, upon reasonable notice and at times reasonably acceptable to the Master
Servicer or the Special Servicer, as applicable, in which servicing issues related to the Mortgage Loan are discussed.

 

(d)           In no event shall the Servicer be obligated at any time to follow or take any alternative actions recommended by the Non-Directing
Holder.

 

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

 

17.           Advances; Reimbursement of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing
Agreement, the Lead Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the
Mortgage Loan or the Mortgaged Properties and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to
the terms of the Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated
to make P&I Advances with respect to the Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to
make any P&I Advance with respect to the Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee
will not be required to make any P&I Advance with respect to any Lead Note or any Property Advance. The Lead Servicer, the
Non-Lead Master Servicer and any Trustee will be entitled to interest on any Advance made in the manner and from the sources provided
in the Note A-1 PSA and the CGCMT 2017-P7 PSA, as applicable.

 

(b)           The Lead Servicer and the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first
from the Collection Account established with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable
Advance,

 

    -25- 

     

    

 

if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization
as provided in the Servicing Agreement.

 

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

 

(d)           The parties to each of the Note A-1 PSA and the CGCMT 2017-P7 PSA shall each be entitled to make their own recoverability
determination with respect to a P&I Advance based on the information that they have on hand and in accordance with the Note A-1
PSA and the CGCMT 2017-P7 PSA, as applicable.

 

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

 

18.           Provisions Relating to Securitization. (a) New Notes. For so long as Natixis or an Affiliate of Natixis (an “Initial
Note A-1 Holder”) is the owner of Note A-1, such Initial Note A-1 Holder shall have the right, subject to the terms of
the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes or additional notes (in either case, the
“New A-1 Notes”) reallocating the principal of Note A-1 among other New A-1 Notes; reducing the Interest Rates
of such New A-1 Notes or severing the Note A-1 into one or more further “component” notes in the aggregate principal
amount equal to the then outstanding principal balance of Note A-1, provided that (i) the aggregate principal balance of
the Amended A-1 Notes and New A-1 Notes following such amendments is no greater than the principal balance of Note A-1 prior to
such amendments, (ii) all New A-1 Notes continue to have the same interest rate as the Note A-1 prior to such amendments, (iii)
all New A-1 Notes pay pro rata and on a pari passu basis and such reallocated or component notes shall be automatically
subject to the terms of this Agreement and (iv) the Initial Note A-1 Holder holding the New A-1 Notes shall notify the parties
to the CGCMT 2017-P7 PSA in writing of such modified allocations and principal amounts. In connection with the foregoing, (1) the
Master Servicer is hereby authorized to execute amendments to the Loan Agreement and this Agreement (or to amend and restate the
Loan Agreement and this Agreement) on behalf of either of the Holders solely for the purpose of reflecting such reallocation of
principal or such severing of Note A-1, (2) if a Note A-

 

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1 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 A-1 Notes. Rating Agency
Confirmation shall not be required for any amendments to this Agreement required to facilitate the terms of this Section 18(a).
The Initial Note A-1 Holder whose Note is being reallocated or split pursuant to this Section 18(a) shall reimburse the
other Holder for all costs and expenses incurred by the other Holder in connection with the reallocation or split.

 

(b)          The Non-Lead Note Holder agrees that (if the Non-Lead Note is included in a Securitization other than the Lead Securitization)
it shall cause the Non-Lead Servicing Agreement to provide as follows:

 

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

 

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

 

    -27- 

     

    

 

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

 

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

 

(c)           The Note A-1 Holder shall provide the Depositor, the Servicer and the Special Servicer under the Note A-1 PSA (as of the
Note A-1 Securitization Date) (provided such party is not also a party to the Note A-1 PSA) notice of the Note A-1 Securitization
in writing (which may be by email) prior to or promptly following the Note A-1 Securitization Date. Such notice shall contain contact
information for each of the parties to the Note A-1 PSA and the identity of the Controlling Class Representative under such Note
A-1 PSA. In addition, after the Note A-1 Securitization Date, the Note A-1 Holder shall send a copy of the Note A-1 PSA to the
Depositor, the Servicer and the Special Servicer under the CGCMT 2017-P7 PSA (as of the Note A-1 Securitization Date) provided
such party is not also a party to the Note A-1 PSA.

 

The Note A-1 PSA
shall provide that:

 

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

 

(ii)          
if the Master Servicer or Trustee determines that a proposed P&I Advance, if made, or any outstanding P&I Advance
previously made, would be, or is, as applicable, a nonrecoverable advance, the Master Servicer shall provide the other servicers
written notice of such determination within 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 Note, net of its Servicing
Fee and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to
the Non-Lead Note Holder on the applicable Master Servicer Remittance Date;

 

    -28- 

     

    

 

(iv)        
the Master Servicer agrees to make available to the master servicer under the Non-Lead Servicing Agreement the CREFC®
Investor Reporting Package® 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 Servicing Agreement, at its own expense, in a timely manner, the
reports, certifications, compliance statements, accountants’ assessments and attestations, information to be included in
reports (including, without limitation, Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the other
Servicing Agreements as the parties to the Non-Lead Securitization may require in order to comply with their obligations under
the Securities Act of 1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation
AB, and any other applicable law. Without limiting the generality of the foregoing, the Lead Note Holder for a Lead Securitization
shall provide in a timely manner to the depositor and the trustee for any prior Securitization a copy of the Servicing Agreement
and each Lead Servicer (at the expense of the Lead Note Holder) 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 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 Non-Lead 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 Non-Lead Note 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 Note , the Master Servicer shall withdraw from the related Collection Account
and remit to the Holder of the Non-Lead

 

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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 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 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 the 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)       the Non-Lead Note Holder 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 Servicing Agreement will be entitled to enforce the rights of the related
Trustee with respect to such Non-Lead Note under this Agreement and the Servicing Agreement; and

 

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

 

(x)          
it shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Note Holder without
their 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 the 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 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 the 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 Note Holder as required,
failure to deliver (or cause to be delivered) materials or information required in

 

    -30- 

     

    

 

order for the Non-Lead Note Holder or the depositor
under the 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 the Non-Lead Servicing Agreement
to fail to comply with the applicable provisions of such securities laws);

 

(xiv)        provide that if the Non-Lead Note becomes the subject of an “asset review” under the 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 the 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 Non-Lead Note Holder 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 CGCMT 2017-P7 PSA with respect to:

 

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

 

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

 

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

 

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

 

(E) 
 subject to various adjustments and caps provided for in the Note A-1 PSA (which shall be substantially similar to those
set forth in the CGCMT 2017-P7 PSA), primary servicing, special servicing, workout and liquidation fees (and, in any event, the
fees at which such compensation accrue or are determined shall not exceed 0.0025% per annum, 0.25% per annum, 1.00%
and 1.00%, respectively),

 

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

 

    -31- 

     

    

 

(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.

 

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

 

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

 

21.           Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns. Each of the Master Servicer, Special Servicer, Non-Lead Master
Servicer, Non-Lead Special Servicer and related Trustee is an intended third-party beneficiary of this Agreement. Except as provided
in Section 5 and the preceding sentence, none of the provisions of this Agreement shall be for the benefit of or enforceable
by any Person not a party hereto.

 

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

 

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

 

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

 

    -32- 

     

    

 

other address as any party shall hereafter inform the
other party by written notice given as aforesaid. All written notices so given shall be deemed effective upon receipt.

 

25.           Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than Note A-1)
will be held by the CGCMT 2017-P7 Trustee (or by a custodian on its behalf) under the terms of the CGCMT 2017-P7 PSA on behalf
of both of the Holders until the Note A-1 Securitization Date, at which time the originals of all of the Mortgage Loan Documents
(other than Note A-2) will be transferred to and held by the Note A-1 Trustee (or by a custodian on its behalf) on behalf
of both of the Holders.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    -33- 

     

    

 

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

 

	 	Note A-1
                                         Holder:
	 	 	 
	 	NATIXIS
                                         REAL ESTATE CAPITAL LLC
	 	 	 
	 	By:	/s/
                                         Jerry Tang
	 	 	Name:
                                         Jerry Tang
	 	 	Title:   Executive Director

 

	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title:   Vice President

 

	 	Note A-2 Holder:
	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC
	 	 	 
	 	By:	/s/  Jerry Tang
	 	 	Name: Jerry Tang
	 	 	Title:   Executive Director

 

	 	By:	/s/ Delphine Clerjaud
	 	 	Name: Delphine Clerjaud
	 	 	Title:   Vice President

 

BROADWAY
PORTFOLIO CO-LENDER AGREEMENT

 

     

     

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

		A.	Description of Mortgage Loan

 

	Borrower:	1204 Broadway DE LLC, 1212 Broadway DE LLC and 1214-1216 Broadway DE LLC
	Mortgage Loan Origination Date:  	November 18, 2016
	Initial Principal Amount of Mortgage Loan:	$58,000,000
	Co-Lender Closing Date Mortgage Loan Principal Balance:	$58,000,000
	Location of Mortgaged Properties:	New York, New York
	Current Use of Mortgaged Properties:	Mixed Use Retail/Office
	Mortgage Interest Rate:	4.61% per annum
	Maturity Date:	December 5, 2026

 

    A-1

     

    

 

		B.	Description of Notes

 

	Mortgage Loan Origination Date:	November 18, 2016
	Initial Note A-1 Principal Balance:	$38,000,000
	Initial Note A-2 Principal Balance:	$20,000,000
	Initial Note A-1 Percentage Interest:	65.51%
	Initial Note A-2 Percentage Interest:	34.48%
	Note A-1 Interest Rate:	4.61% per annum
	Note A-2 Interest Rate:	4.61% per annum
	Note A-1 Default Interest Rate:	Lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Note A-1 Interest Rate, compounded monthly
	Note A-2 Default Interest Rate:  	Lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Note A-2 Interest Rate, compounded monthly

 

    A-2

     

    

 

EXHIBIT B

 

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

 

Natixis Real Estate Capital LLC

1251 Avenue of the Americas

New York, New York 10020

Attention: Real Estate Administration

Email: USCIBSAFAssetManagementTeam@us.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:

 

legal.notices@us.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

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