Document:

Exhibit 4.11

 

 

EXECUTION VERSION

 

Herndon Square

CO-LENDER AGREEMENT

Dated as of May 5, 2021

between

BSPRT CMBS Finance, LLC

(Note A-1 Holder)

 

and

 

BSPRT Finance Sub-Lender I, LLC

(Note A-2 Holder)

 

and

 

BSPRT Finance Sub-Lender I, LLC

(Note A-3 Holder)

     

    	 

    

TABLE OF CONTENTS

Page

	1.   Definitions; Conflicts.	2
	2.   Servicing of the Mortgage Loan.	13
	3.   Priority of  Notes.	15
	4.   Workout.	15
	5.   Accounts; Payment Procedure.	16
	6.   Limitation on Liability.	16
	7.   Representations of the Holders.	17
	8.   Independent Analyses of each Holder.	17
	9.   No Creation of a Partnership or Exclusive Purchase Right.	18
	10.   Not a Security.	18
	11.   Other Business Activities of the Holders.	18
	12.   Transfer of Notes.	18
	13.   Registration of Transfer.	20
	14.   Registration of Note A-1, Note A-2 and Note A-3.	21
	15.   Statement of Intent.	21
	16.   Exercise of Remedies by the Servicer	21
	17.   Rights of the Directing Holder.	23
	18.   Appointment of Special Servicer.	25
	19.   Rights of the Non-Directing Holders.	25
	20.   Advances; Reimbursement of Advances.	26
	21.   Provisions Relating to Securitization.	27
	22.   Governing Law; Waiver of Jury Trial.	33
	23.   Submission To Jurisdiction; Waivers.	33
	24.   Modifications.	34
	25.   Successors and Assigns; Third Party Beneficiaries.	34
	26.   Counterparts.	34
	27.   Captions.	34
	28.   Notices.	35
	29.   Severability.	35
	30.   Entire Agreement.	35
	31.   Withholding Taxes.	35
	32.   Custody of Mortgage Loan Documents.	36
	33.   Certain Matters Affecting the Agent.	36
	34.   Termination of Agent.	37

 

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THIS CO-LENDER
AGREEMENT (the “Agreement”), dated as of May 5, 2021, is between BSPRT CMBS Finance, LLC, a Delaware
limited liability company (“BSP”), having an address at 1345 Avenue of the Americas, Suite 32A, New York, New
York 10105, as the holder of Note A-1, BSP in its capacity as initial agent, the “Initial Agent”, BSPRT
Finance Sub-Lender I, LLC, a Delaware limited liability company (“BSP Sub-Lender”) as the holder of Note A-2,
and BSP Sub-Lender, as the holder of Note A-3.

W I T N E S S E T H:

WHEREAS, BSP has
made a mortgage loan in the original principal amount of $30,500,000 (the “Mortgage Loan”) to BRIT-BECO Park
Herndon LLC (the “Borrower”) pursuant to a loan agreement between the Borrower, as borrower, and BSP, as lender,
dated as of March 24, 2021 (the “Loan Agreement”), which Mortgage Loan was evidenced by a single promissory
note in the original principal amount of $30,500,000 (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 property
known as Herndon Square, 500, 505, 510, 520, 530 and 540 Huntmar Park Drive, Herndon, Virginia (the “Mortgaged Property”);

WHEREAS, the Mortgage
Loan is presently evidenced by the following three notes: Promissory Note A-1 in the original principal amount of $15,500,000,
Promissory Note A-2 in the original principal amount of $10,000,000 and Promissory Note A-3 in the original principal amount
of $5,000,000 (“Note A-1,” “Note A-2” and “Note A-3” respectively
and individually, each, a “Note” and collectively the “Notes”);

WHEREAS, each of Note
A-2 and Note A-3 is in favor of BSP Sub-Lender as successor by assignment from BSP;

WHEREAS, BSP intends
to sell, transfer and assign all of its right, title and interest in and to Note A-1 to Wells Fargo Commercial Mortgage Securities,
Inc. (“WFCM”), as depositor, pursuant to a Mortgage Loan Purchase Agreement dated as of April 22, 2021, among
WFCM, as purchaser, Benefit Street Partners Realty Trust, Inc. and BSP, as seller, and WFCM, as purchaser, intends to transfer
its right, title and interest in and to Note A-1 to Wilmington Trust, National Association, as trustee for the Wells Fargo
Commercial Mortgage Trust 2021-C59 under a pooling and servicing agreement, dated as of May 1, 2021 (the “Note A-1 PSA”),
between WFCM, as depositor, Wells Fargo Bank, National Association, as master servicer, Argentic Services Company LP, as 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 (such sales, transfers and assignments,
the “Note A-1 Securitization”);

WHEREAS, the Note
A-2 Holder intends, but is not bound, to sell transfer and assign all or a portion of its right, title and interest in and to Note
A-2 to one or more depositors

     

    	 

    

who will in turn transfer the same
to one or more trusts as part of the securitization of one or more mortgage loans;

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

WHEREAS, the parties
hereto desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold
Note A-1, Note A-2 and Note A-3, 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 assigned or an analogous term in the Servicing Agreement. To the extent of any inconsistency between this Agreement and
the Servicing Agreement, the terms of this Agreement shall control. Whenever used in this Agreement, the following terms shall
have the respective meanings set forth below unless the context clearly requires otherwise.

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

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to the Servicing Agreement, the Note A-2 PSA or the Note A-3 PSA, 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.“Agent” shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate
its duties hereunder, and from and after the Note A-1 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
1345 Avenue of the Americas, Suite 32A, New York, New York 10105, 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 Holders.

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

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“Appraisal”
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.

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

“BSP”
shall mean BSPRT CMBS Finance LLC and its successors in interest.

“BSP Sub-Lender”
shall mean BSPRT Finance Sub-Lender I, LLC and its successors in interest.

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

“Certificates”
shall mean any securities issued in connection with the Note A-1 Securitization, the Note A-2 Securitization or the Note A-3 Securitization.

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

“CLO Asset
Manager” shall mean, with respect to any Securitization Vehicle that is a CLO, the entity that is responsible for managing
or administering 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).

“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 possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of an entity, whether through the ability to exercise voting power, by contract or otherwise, and the terms “Controlling”
and “Controlled” have meanings correlative to the foregoing.

“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

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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, (ii) with respect to the
Note A-2 Securitization, the depositor under the Note A-2 PSA and (iii) with respect to the Note A-3 Securitization, the depositor
under the Note A-3 PSA.

“Directing
Holder” shall mean the Note A-1 Holder or, if Note A-1 is included in a Securitization, 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 or such other party that the Note A-1
Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement; provided, that no Borrower
Party, as defined in the applicable Servicing Agreement, thereof shall be entitled to act as Directing Holder.

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

“Excluded
Amounts” shall mean:

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

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

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

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

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

“Holder”
shall mean the Note A-1 Holder, the Note A-2 Holder and/or the Note A-3 Holder, as the context indicates.

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

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“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 Note A-1.

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

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

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

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

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

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

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

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

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

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

“Master Servicer
Remittance Date” shall mean:

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

(ii)               
with respect to Note A-2 and Note A-3, the earlier of (a) the “Master Servicer Remittance Date” (or analogous
term) as defined in the Servicing Agreement or (b) the first Business Day after the “determination date,” as such term
or a similar term is defined in the Note A-2 or Note A-3 PSA, as applicable, 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.

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

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

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

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

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

“Mortgage
Interest Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each of
Note A-1, Note A-2 and Note A-3.

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

“Mortgage
Loan Documents” shall mean the Mortgage, the Loan Agreement, the Notes, and all other documents now or hereafter evidencing,
securing or guaranteeing 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 attached hereto as Exhibit A, which schedule sets forth certain information
regarding the Mortgage Loan and the Notes.

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

“Non-Directing
Holders” shall mean the Holders of any Note other than Note A-1, and if any of such Notes have been included in a Securitization,
the holders of Certificates representing the specified interest in the class of Certificates designated as the “controlling
class” or the duly appointed representative of the holders of such Certificates or such other party otherwise entitled under
the Note A-2 PSA or the Note A-3 PSA to exercise the rights granted to the Non-Directing Holders in this Agreement. If Note A-2
or Note A-3 is no longer in a Securitization, the Non-Directing Holder with respect to such Note will be the then-current Holder
of such Note.

“Non-Exempt
Person” shall mean any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with the Agent
for the relevant year such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which,
pursuant to applicable provisions of (A) any income tax treaty between the United States and the country of residence of such Person,
(B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit Note A-1 Holder to
make such payments free of any obligation or liability for withholding.

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“Non-Lead
Master Servicer” shall mean, (i) with respect to Note A-2 and the Note A-2 PSA, the master servicer designated under
the Note A-3 PSA and (ii) with respect to Note A-3 and the Note A-3 PSA, the master servicer designated under the Note A-3 PSA.

“Non-Lead
Note” shall mean each of Note A-2 and Note A-3.

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

“Non-Lead
Servicing Agreements” shall mean the Note A-2 PSA and the Note A-3 PSA.

“Nonrecoverable
Advance” shall have the meaning assigned 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 BSP 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 have the meaning assigned such term in the recitals.

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

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

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

“Note A-2
Holder” shall mean BSP Sub-Lender or any subsequent holder of Note A-2.

“Note A-2
Principal Balance” shall mean at any time of determination, the initial Note A-2 Principal Balance as set forth in the
Mortgage Loan Schedule less any payments of

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principal thereon received by the Note
A-2 Holder and any reductions in such amount pursuant to Section 4.

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

“Note A-3
Holder” shall mean BSP Sub-Lender or any subsequent holder of Note A-3.

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

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

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

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

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

“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, the Note A-2 PSA or the Note A-3 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 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 $100,000,000 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.

“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,

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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.

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

“Qualified
Servicer” shall mean 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:

(a)               
an Affiliate of BSP, Rialto Real Estate Fund III Debt, LP or an Affiliate, Natixis, New York Branch, or one or more of the
following (other than the Borrower or any entity which is an Affiliate of the Borrower):

(i)               
a real estate investment bank, an insurance company, bank, savings and loan association, investment bank, trust company,
commercial credit

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corporation, pension plan, pension
fund, pension fund advisory firm, mutual fund, real estate investment trust, governmental entity or plan, or

(ii)               
an investment company, money management firm or a “qualified institutional buyer” within the meaning of Rule
144A under the Securities Act of 1933, as amended, or an “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) of Regulation D under the Securities Act of 1933, as amended, that regularly engages in the business of making
or owning investments of types similar to the Mortgage Loan, or

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

(iv)               
a Qualified Trustee (or, in the case of a CLO, a single purpose bankruptcy remote entity that contemporaneously assigns
or pledges a Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in connection with (a) a
securitization of, (b) the creation of collateralized loan obligations (“CLO”) secured by, or (c) a
financing through an “owner trust” of, a Note or any interest therein (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 nationally recognized credit rating agencies; (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, are each a Qualified Transferee under clauses (i), (ii) or (iii) of
this definition, or

(v)               
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, or

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

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

which, in the case of each of clauses (i),
(ii), and (iii) of this definition, has at least $400,000,000 in total assets (in name or under management) and (except with respect
to a pension advisory firm or similar fiduciary) at least $150,000,000 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.

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

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

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

“Rating Agencies”
shall mean 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,
the Note A-2 PSA and the Note A-3 PSA, as applicable, have been satisfied, then for such request only, the condition that such
confirmation by such Rating Agency (only) be obtained will be deemed not to apply for purposes of this Agreement. For purposes
of

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clarity, any such waiver, declination
or refusal to review or otherwise engage in any request for such confirmation hereunder shall not be deemed a waiver, declination
or refusal to review or otherwise engage in any subsequent request for such Rating Agency Confirmation hereunder and the condition
for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless of any previous
waiver, declination or refusal to review or otherwise engage in such prior request.

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

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

“REO Property”
shall mean any Mortgaged Property, title to which has been acquired by the Servicer on behalf of (or other Person designated by)
the Holders 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, the Note A-2 Securitization and/or the Note A-3 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 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 Note A-1 PSA, 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, the term “Accepted Servicing Practices” or an analogous
term in the Servicing Agreement.

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

“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.

“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, the Note A-2 PSA or the Note A-3 PSA, as the context requires.

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

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 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, the Note A-2 PSA and the Note A-3 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, the Note A-2 Trust Fund and the Note A-2 Trust Fund, (ii) required
by law or changes in any law, rule or regulation or (iii) requested by the Rating Agencies rating the Note A-1 Securitization,
the Note A-2 Securitization or the Note A-3 Securitization. In addition, the Note A-1 PSA, the Note A-2 PSA and the Note
A-3 PSA shall have such additional provisions as are set forth in Section 21. 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, if applicable, 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, if applicable, the Trustee under the Servicing Agreement as such Holder’s

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attorney-in-fact to sign any documents
reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Servicing Agreement
(subject at all times to the rights of the Holders as set forth herein and in such Servicing Agreement).

(d)              
If, at any time the Lead Note 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 16(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 any Non-Lead Note Holder may separately appoint a servicer for its Non-Lead Note, by itself or together with
other assets, but any such servicer will have no responsibility hereunder and shall be compensated solely by the applicable Non-Lead
Note Holder from funds payable to it hereunder or otherwise.

(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

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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.

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

3.                 
Priority of Notes. Note A-1, Note A-2 and Note A-3 shall be of equal priority, and no portion of any of
Note A-1, Note A-2 or Note A-3 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, Note A-2 and Note A-3 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-2 or Note A-3 is not included in a Securitization, any Penalty Charges allocated to Note A-2 or Note A-3 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 16 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, Note A-2 or Note A-3 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, Note A-2 and Note A-3 as described in
Section 3.

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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, the Note A-2 Holder
and the Note A-3 Holder hereby directs the Master Servicer, in accordance with the priorities set forth in Section 3
hereof, and subject to the terms of the Servicing Agreement, (i) to deposit into the applicable Collection Account within the time
period specified in the Servicing Agreement all payments received with respect to the Mortgage Loan and (ii) to remit from the
applicable Collection Account for deposit or credit on the applicable Master Servicer Remittance Date all payments received with
respect to and allocable to Note A-1, Note A-2 and Note A-3 by wire transfer to accounts maintained by the Note A-1
Holder, the Note A-2 Holder and the Note A-3 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, Note A-2 or Note A-3 determines, or a court
of competent jurisdiction orders, at any time that any amount received or collected in respect of Note A-1, Note A-2 or
Note A-3 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, the Note A-3 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, the Note A-2 Holder or the Note A-3 Holder, as applicable, and the Note A-1 Holder, the
Note A-2 Holder or the Note A-3 Holder, as applicable, shall promptly on demand repay to such Servicer the portion thereof which
shall have been theretofore distributed to the Note A-1 Holder, the Note A-2 Holder or the Note A-3 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, the Note A-3 Holder, any Servicer or such other person or entity with respect thereto. Each
of the Note A-1 Holder, the Note A-2 Holder and the Note A-3 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, the Note A-2 Holder or the Note A-3 Holder, as applicable, with respect to the Mortgage Loan against any future payments
due to the Note A-1 Holder, the Note A-2 Holder or the Note A-3 Holder, as applicable, under the Mortgage Loan, provided,
that the obligations of the Note A-1 Holder, the Note A-2 Holder and the Note A-3 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, the Note A-2 Holder and the Note A-3 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 20 and (2) with respect to losses actually
suffered due to the gross negligence, willful misconduct or material breach of this Agreement on the part

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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 may
be 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.

(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 Holders and based on such documents and information as such Holder has
deemed appropriate, made its own credit analysis and decision to purchase its respective Note. Each

    -17- 

    	 

    

Holder hereby acknowledges that the
other Holders shall have no responsibility for (i) the collectability of the Mortgage Loan, (ii) the validity, enforceability
or legal effect of any of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to be
furnished in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness of the
lien created or to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Borrower. Each Holder
assumes all risk of loss in connection with its respective Note for reasons other than gross negligence, willful misconduct or
breach of this Agreement by any other Holder or negligence, willful misconduct or bad faith by any Servicer.

9.                 
No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken
pursuant hereto, shall be deemed to constitute among any Holder (or the Master Servicer, Special Servicer or Trustee on its behalf)
and any other Holder a partnership, association, joint venture or other entity. Each Holder (or the Master Servicer, Special Servicer
or Trustee on its behalf) shall have no obligation whatsoever to offer to the other Holders the opportunity to purchase notes or
interests relating to any future loans originated by such Holder or any of its Affiliates, and if any Holder chooses to offer to
any of the other Holders, the opportunity to purchase notes or interests in any future mortgage loans originated by such Holder
or its Affiliates, such offer shall be at such purchase price and interest rate as such Holder chooses, in its sole and absolute
discretion. None of the Holders shall have any obligation whatsoever to purchase from any other Holder any notes or interests in
any future loans originated by any other Holder or any of its Affiliates.

10.             
Not a Security. None of Note A-1, Note A-2 or Note A-3 shall be deemed to be a security within the meaning
of the Securities Act of 1933 or the Securities Exchange Act of 1934.

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

12.             
Transfer of Notes. (a)  Each Holder may Transfer up to 49% (in the aggregate) of its beneficial interest
in its Note whether or not the related transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall
not Transfer more than 49% (in the aggregate) of its beneficial interest in its Note unless (i) prior to a Securitization
of any Note, the other Holder has consented to such Transfer, in which case the related transferee shall thereafter be deemed to
be a “Qualified Transferee” for all purposes under this Agreement, (ii) after a Securitization of any Note, a
Rating Agency Confirmation has been received with respect to such Transfer, in which case the related transferee shall thereafter
be deemed to be a “Qualified Transferee” for all purposes under this Agreement, (iii) such Transfer is to a Qualified
Transferee, or (iv) such Transfer is in connection with a sale by a Securitization trust. Any such

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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.

(b)              
Except for a Transfer made in connection with a Securitization, or a Transfer made by an initial Holder to (i) an Affiliate
or (ii) Rialto Real Estate Fund III Debt, LP or an Affiliate, the transferring Holder shall provide to the other Holders and, if
any Certificates are outstanding, to the Rating Agencies, a certification that such transfer will be made in accordance with this
Section 12, such certification to include (1) the name and contact information of the transferee and (2) if
applicable, a certification by the transferee that it is a Qualified Transferee.

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

(d)              
Notwithstanding anything to the contrary contained herein, each Holder may pledge or transfer (a “Pledge”)
its Note to any entity (other than the Borrower or any Affiliate thereof) that has extended a credit or repurchase facility to
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, provided that a Note Pledgee that is not a Qualified Transferee may not take title to the
pledged Note without a Rating Agency Confirmation. Upon written notice, if any, by the pledging Holder to the other Holders and
the Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee), the other Holders
agree to acknowledge receipt of such notice and thereafter agree: (i) to give such Note Pledgee written notice of any default
by the pledging Holder in respect of its obligations under this Agreement of which default such Holder has actual knowledge and
which notice shall be given simultaneously with the giving of such notice to the pledging Holder; (ii) to allow such Note
Pledgee a period of ten (10) Business Days to cure a default by the pledging Holder in respect of its obligations to the other
Holders hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification,
waiver or termination of this Agreement or the Servicing Agreement (if the pledging Holder had the right to consent to such amendment,
modification, waiver or termination pursuant to the terms hereof) shall be effective

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against such Note Pledgee without the
written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and which consent
shall be deemed to be given if Note Pledgee shall fail to respond to any request for consent to any such amendment, modification,
waiver or termination within 10 Business Days after request therefor; (iv) that the other Holders shall accept any cure
by such Note Pledgee of any default of the pledging Holder which such pledging Holder has the right to effect hereunder, as if
such cure were made by such pledging Holder; (v) that the other Holders or Servicer shall deliver to Note Pledgee such
estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form
reasonably satisfactory to the other Holders; and (vi) that, upon written notice (a “Redirection Notice”)
to the Servicer by such Note Pledgee that the pledging Holder is in default beyond any applicable cure periods with respect to
the pledging Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement or other agreements relating
to the Pledge between the pledging Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging
Holder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee (or at any time that pledging
Holder otherwise directs that such payment be made to Note Pledgee pursuant to a separate notice) shall be entitled to receive
any payments that any Servicer would otherwise be obligated to pay to the pledging Holder from time to time pursuant to this Agreement
or any Servicing Agreement. Any pledging Holder hereby unconditionally and absolutely releases the other Holders and any Servicer
from any liability to the pledging Holder on account of any Holder’s or Servicer’s compliance with any Redirection
Notice believed by any Servicer or other Holders in good faith to have been delivered by a Note Pledgee. Note Pledgee shall be
permitted to exercise fully its rights and remedies against the pledging Holder (and accept an assignment in lieu of foreclosure
as to such collateral), in accordance with applicable law, the pledge agreement, repurchase agreement or similar agreement between
the pledging Holder and the Note Pledgee and this Agreement. In such event, or if the pledging holder otherwise assigns its interests
to the Note Pledgee, the other Holders and the Servicer shall recognize such Note Pledgee (and any transferee (other than the
Borrower or any Affiliate thereof) that is also a Qualified Transferee at any foreclosure or similar sale held by such Note Pledgee
or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the pledging 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.             
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 Holder 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
12, 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

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obligations are assumed pursuant to
the Servicing Agreement. No transfer of a Note may be made unless it is registered on the Note Register, and the Agent shall not
recognize any attempted or purported transfer of any Note in violation of the provisions of Section 12 and this Section 13.
Any such purported transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Each Holder
desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and any other Holder against any liability
that may result if the transfer is not made in accordance with the provisions of this Agreement. Upon a Securitization of Note
A-1, the Certificate Administrator shall automatically become and be the Agent.

14.             
Registration of Note A-1, Note A-2 and Note A-3. The Agent shall keep or cause to be kept at the Agent Office books
(the “Note Register”) for the registration and transfer of the Notes. The Agent shall serve as the initial Note
registrar and the Agent hereby accepts such appointment. The names and addresses of the holders of the Notes, the principal amount
(and stated interest) of the Notes owing to each Holder 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 13, 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 Note A-1 Holder, the initial Note A-2
Holder and the initial Note A-3 Holder who may hold their Notes through a nominee. Upon request of a Holder, the Agent shall provide
such party with the names and addresses of the Holders. To the extent another party is appointed as Agent hereunder, the Note A-1
Holder, the Note A-2 Holder and the Note A-3 Holder hereby designates such person as its agent under this Section 14 solely
for purposes of maintaining the Note Register.

15.             
Statement of Intent. The Agent and each Holder 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.

16.             
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

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rights and remedies with respect to,
the Mortgage Loan other than as provided in the Servicing Agreement. Subject to the terms and conditions of the Servicing Agreement,
the Servicer shall have the sole and exclusive authority to make Property Advances with respect to the Mortgage Loan. Except as
otherwise provided in this Agreement, each Holder agrees that it shall have no right to, and hereby presently and irrevocably assigns
and conveys to the Servicer the rights, if any, that such Holder has to (A) call or cause the Servicer to call an Event of
Default under the Mortgage Loan, or (B) exercise any remedies with respect to the Mortgage Loan or the Borrower, including,
without limitation, filing or causing the Lead Note Holder or such Servicer to file any bankruptcy petition against the Borrower.
Each Holder shall, from time to time, execute such documents as any Servicer shall reasonably require to evidence such assignment
with respect to the rights described in clause (iii) of the first sentence in this Section 16(a).

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

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

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

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

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

(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.

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

The Non-Lead Note
Holders hereby appoint the Lead Note Holder as their agent, and grant to the Lead Note Holder an irrevocable power of attorney
coupled with an interest, and its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of the
Non-Lead Notes. Each Non-Lead Note Holder further agrees that, upon the request of the Lead Note Holder, such Non-Lead Note Holder
shall execute and deliver to or at the direction of Lead Note Holder such powers of attorney or other instruments as the Lead Note
Holder may reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following
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 Notes, and the obligations of the Non-Lead Note Holders to execute and deliver instruments
or deliver the Non-Lead Notes 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 Note is repurchased by BSP, 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 the initial
Note A-1 Holder with respect to the Lead Note or material document defect with respect to the documents delivered by BSP,
as the initial Note A-1 Holder with respect to the Lead 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 16 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.

17.             
Rights of the Directing Holder. (a) 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”, “Owner” 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

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be permitted to consent to the Master
Servicer’s taking any Major Action nor will the Special Servicer itself be permitted to take any Major Action as to which
the Directing Holder has objected in writing within ten (10) Business Days (or 30 days with respect to an Acceptable Insurance
Default) after receipt of the written recommendation and analysis and such additional information requested by the Directing Holder
as may be necessary in the reasonable judgment of the Directing Holder in order to make a judgment with respect to such Major Action.
The Directing Holder may also direct the Special Servicer to take, or to refrain from taking, such other actions with respect to
the Mortgage Loan as the Directing Holder may deem advisable, subject to the terms of the Servicing Agreement.

(b)              
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.

(c)               
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.

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

(e)               
The Directing Holder shall have no liability to the other Holders or any other Person for any action taken, or for refraining
from the taking of any action or the giving of any consent or the failure to give any consent pursuant to this Agreement or the
Servicing Agreement, or errors in judgment, absent any loss, liability or expense incurred by reason of its 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

    -24- 

    	 

    

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.

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.

18.             
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 Holders and the parties to the Note A-1 PSA, the Note
A-2 PSA and the Note A-3 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 the Special Servicer could be terminated under the Servicing Agreement in connection with a “servicer
termination event” thereunder, or otherwise based on a recommendation by the operating advisor under the Servicing Agreement
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 the Servicing Agreement (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.

19.             
Rights of the Non-Directing Holders. (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 Holders (but without regard to whether or not the Directing Holder
actually has lost any rights to receive such information as a result of a Consultation Termination Event), within the same time
frame as specified with respect to the Directing Holder (but without regard to whether or not the Directing Holder actually has
lost any rights to receive such information as a result of a Consultation Termination Event), provided, however,
that if Note A-2 or Note A-3 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

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

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

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

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

(e)               
Any Non-Directing Holder that is the Borrower or an Affiliate of the Borrower shall not be entitled to any of the rights
set forth in this Section 19.

20.             
Advances; Reimbursement of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing
Agreement, the Lead Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the
Mortgage Loan or the Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the
terms of a Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make
P&I Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any
P&I Advance with respect to any Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee will not
be required to make any P&I Advance with respect to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead
Servicer, each Non-Lead Master Servicer and any Trustee will be entitled to interest on any Advance made in the manner and from
the sources provided in the Note A-1 PSA, the Note A-2 or the Note A-3 PSA, as applicable.

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

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

(d)              
The parties to each of the Note A-1 PSA, the Note A-2 PSA and the Note A-3 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, the Note A-2 PSA and the Note A-3 PSA, as applicable.

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

21.             
Provisions Relating to Securitization. 

(a)               
 The Note A-2 Holder shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to
execute amended and restated notes or additional notes (in either case, the “New A-2 Notes”) reallocating the
principal of Note A-2 among other New A-2 Notes; reducing the Interest Rates of such New A-2 Notes or severing the Note A-2 into
one or more further “component” notes in the aggregate principal amount equal to the then outstanding principal balance
of Note A-2, provided that (i) the aggregate principal balance of the New A-2 Notes following such amendments is no
greater than the principal balance of the original Note A-2 prior to such amendments, (ii) all New A-2 Notes continue to have
the same interest rate as the original Note A-2 prior to such amendments, (iii) all New A-2 Notes pay pro rata and
on a pari passu basis and such reallocated or component notes shall be automatically subject to the terms of this Agreement
and (iv) the entity holding the New A-2 Notes shall notify the parties to the Note A-1 PSA and the Note A-3 PSA in writing
of such modified allocations and principal amounts. In connection with the foregoing, (1) the Master

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Servicer is hereby authorized to execute
amendments to the Loan Agreement and this Agreement (or to amend and restate the Loan Agreement and this Agreement) on behalf of
any or all of the Holders solely for the purpose of reflecting such reallocation of principal or such severing of Note A-2, (2)
if Note A-2 is severed into “component” notes, such component notes shall each have their same rights as the respective
original Note and (3) the definition of the term “Securitization” and all of the related defined terms may be amended
(and new terms added, as necessary) to reflect the New A-2 Notes. Rating Agency Confirmation shall not be required for any amendments
to this Agreement required to facilitate the terms of this Section 21(a). The Holder whose Note is being reallocated or
split pursuant to this Section 21 shall reimburse the other Holders for all costs and expenses incurred by the other Holders
in connection with the reallocation or split.

(b)              
The Note A-3 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-3 Notes”) reallocating the
principal of Note A-3 among other New A-3 Notes; reducing the Interest Rates of such New A-3 Notes or severing the Note A-3 into
one or more further “component” notes in the aggregate principal amount equal to the then outstanding principal balance
of Note A-3, provided that (i) the aggregate principal balance of the New A-3 Notes following such amendments is no
greater than the principal balance of the original Note A-3 prior to such amendments, (ii) all New A-3 Notes continue to have
the same rate as the original Note A-3 prior to such amendments, (iii) all New A-3 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
entity holding the New A-3 Notes shall notify the parties to the Note A-1 PSA and the Note A-2 PSA in writing of such modified
allocations and principal amounts. In connection with the foregoing, (1) the Master Servicer is hereby authorized to execute amendments
to the Loan Agreement and this Agreement (or to amend and restate the Loan Agreement and this Agreement) on behalf of any or all
of the Holders solely for the purpose of reflecting such reallocation of principal, or such severing of Note A-3, (2) if Note A-3
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-3 Notes. Rating Agency Confirmation shall not be required for any amendments to
this Agreement required to facilitate the terms of this Section 21(b). The Holder whose Note is being reallocated or split
pursuant to this Section 21 shall reimburse the other Holders for all costs and expenses incurred by the other Holders in
connection with the reallocation or split.

(c)               
Each Non-Lead Servicing Agreement shall provide 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

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provide the other servicers written
notice of such determination within 2 Business Days after such determination was made;

(iii)           
in the event such Non-Lead Note Holder is responsible for its proportionate share of any Nonrecoverable Advances (or any
other portion of a Nonrecoverable Advance) (and advance interest thereon) or other fee or expense pursuant to Section 20,
and funds received with respect to such Non-Lead Note are insufficient to cover such amounts, (x) the related master servicer will
be required to pay the Master Servicer, Special Servicer or Lead Trustee under the Servicing Agreement, as applicable, out of general
funds in the collection account (or equivalent account) established under the related Non-Lead Servicing Agreement and (y) if the
Lead Servicing Agreement permits the Master Servicer, Special Servicer or Lead Trustee to pay itself from the Lead Securitization
Trust’s general account then the master servicer under the related Non-Lead Servicing Agreement will be required to reimburse
the Lead Securitization Trust out of general funds in the collection account (or equivalent account) established under the related
Non-Lead Servicing Agreement;

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

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

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

(d)              
Notice to Parties to the Lead Securitization PSA.

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

(ii)           
The Note A-3 Holder shall provide the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA
(as of the Note A-3 Securitization Date) (provided such party is not also a party to the Note A-3 PSA) notice of the Note
A-3 Securitization in writing (which may be by email) prior to or promptly following the Note A-3 Securitization Date. Such notice
shall contain contact information for each of the parties to the Note A-3 PSA and the identity of the Controlling Class Representative
under such Note A-3 PSA. In addition, after the Note A-3 Securitization Date, the Note A-3 Holder shall send a copy of the Note
A-3 PSA to the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of the Note A-3 Securitization
Date) (provided such party is not also a party to the Note A-3 PSA).

(e)               
The Lead Securitization 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 any Non-Lead Note, net of its Servicing
Fee and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the
Non-Lead Note Holder on the applicable Master Servicer Remittance Date;

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

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

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

(vii)           
the Master Servicer shall withdraw from the related Collection Account and remit to the Holders of a Non-Lead Note, within
2 Business Days of receipt of properly identified funds, any amounts that represent late collections or principal prepayments on
such Non-Lead Notes 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 Notes for such month; provided, however,

    -31- 

    	 

    

that to the extent any such amounts
are received before 3:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts
to remit such late collections or principal prepayments to each Non-Lead Master Servicer within one Business Day of receipt of
properly identified funds;

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

(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 Holders without
their consent;

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

(xiii)           
 “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 Holders as required,
failure to deliver (or cause to be delivered) materials or information required in order for the Non-Lead Note Holders or the depositor
under a related Non-Lead Servicing Agreement to timely comply with its obligations under the Exchange Act, the Securities Act or
Form SF-3, and for rating agency triggers with respect to any Certificates, subject to customary grace periods (provided that,
in the case of failures related to the securities laws, such grace periods will not cause a depositor under a Non-Lead Servicing
Agreement to fail to comply with the applicable provisions of such securities laws); and

    -32- 

    	 

    

(xiv)           
 if a Non-Lead Note becomes the subject of an “asset review” under a Non-Lead Servicing Agreement, the applicable
parties to the Servicing Agreement are required to reasonably cooperate with the related asset representations reviewer or other
applicable party to such Non-Lead Servicing Agreement in connection with such asset review, including with respect to providing
access to related underlying documents to the extent the asset representations reviewer or such other applicable party to the Non-Lead
Servicing Agreement has not obtained such documents from the related Non-Lead Note Holder and such documents are in the possession
of the applicable party to the Servicing Agreement.

(f)               
If any provision required to be included in a Non-Lead Servicing PSA or the Lead Securitization PSA is not included therein
as required in this Agreement, each Holder agrees that each such provision shall be deemed to be incorporated as a provision of
and made a part of such Non-Lead Servicing PSA or Lead Securitization PSA, as the case may be.

22.             
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.

23.             
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

    -33- 

    	 

    

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..

24.             
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 21(a), (b) and (c) of this Agreement may not be modified unless a Rating Agency Confirmation has been delivered
with respect to each Securitization, except that no Rating Agency Confirmation shall be required in connection with a modification
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.

25.             
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.

26.             
Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together
constitute one and the same instrument, and the words “executed,” “signed,” “signature,” and
words of like import as used above and elsewhere in this Agreement or in any other certificate, agreement or document related to
this Agreement shall include, in addition to manually executed signatures, images of manually executed signatures transmitted by
facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”)
and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically
associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of
electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent,
communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually
executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and
any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the
Uniform Commercial Code.

27.             
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

    -34- 

    	 

    

otherwise describe the subject matter
of the paragraphs and shall not be given any consideration in the construction of this Agreement.

28.             
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 or email if the sender on the same day sends a
confirming copy of such notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery
service (charges prepaid) or (iv) certified United States mail, postage prepaid return receipt requested, and addressed
to the respective parties at their addresses set forth on Exhibit B hereto, or at such other address as any party
shall hereafter inform the other party by written notice given as aforesaid. All written notices so given shall be deemed effective
upon receipt.

29.             
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.

30.             
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.

31.             
Withholding Taxes.

(a)               
If the Note A-1 Holder or the Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other
amounts payable to the Note A-2 Holder or to the Note A-3 Holder with respect to the Mortgage Loan as a result of the Note A-2
Holder or the Note A-3 Holder constituting a Non-Exempt Person, the Note A-1 Holder, in its capacity as servicer, shall be entitled
to do so with respect to the Note A-2 Holder or the Note A-3 Holder’s interest in such payment (all withheld amounts being
deemed paid to the Note A-2 Holder or to the Note A-3 Holder, as applicable), provided that the Note A-1 Holder shall furnish
the Note A-2 Holder or the Note A-3 Holder, as applicable with a statement setting forth the amount of Taxes withheld, the applicable
rate and other information which may reasonably be requested for purposes of assisting such Note A-2 Holder or the Note A-3 Holder
to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which the Note A-2 Holder or the
Note A-3 Holder is subject to tax.

(b)              
The Note A-2 Holder and the Note A-3 Holder shall and hereby agrees to indemnify the Note A-1 Holder against and hold the
Note A-1 Holder harmless from and against any Taxes, interest, penalties and reasonable attorneys’ fees and disbursements
arising or resulting from any failure of the Note A-1 Holder (or the Servicer on its behalf) to withhold Taxes from payment made
to the Note A-2 Holder or the Note A-3 Holder in reliance upon any representation, certificate, statement, document or instrument
made or provided by the Note A-2 Holder or the Note A-3 Holder to the Note A-1 Holder in connection with the obligation of the
Note A-1 Holder to withhold Taxes from payments made to the Note A-2 Holder or the Note A-3 Holder, it being expressly understood
and agreed that the Note A-1 Holder shall be absolutely

    -35- 

    	 

    

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.

Contemporaneously
with the execution of this Agreement and from time to time as reasonably requested by the Note A-1 Holder or Servicer during the
term of this Agreement, the Note A-2 Holder or the Note A-3 Holder shall deliver to the Note A-1 Holder or Servicer, as applicable,
evidence satisfactory to the Note A-1 Holder substantiating whether the Note A-2 Holder or the Note A-3 Holder is a Non-Exempt
Person and whether the Note A-1 Holder 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 Note A-2 Holder or the
Note A-3 Holder is created or organized under the laws of the United States, any state thereof or the District of Columbia, it
shall satisfy the requirements of the preceding sentence by furnishing to the Note A-1 Holder an Internal Revenue Service Form W-9
and (ii) if the Note A-2 Holder or the Note A-3 Holder is not created or organized under the laws of the United States, any state
thereof or the District of Columbia, and if the payment of interest or other amounts by the Borrower is treated for United States
income tax purposes as derived in whole or part from sources within the United States, the Note A-2 Holder or the Note A-3 Holder,
as applicable, shall satisfy the requirements of the preceding sentence by furnishing to the Note A-1 Holder 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 Note A-2 Holder or the Note A-3 Holder, as applicable. The Note A-1 Holder
shall not be obligated to make any payment hereunder to the Note A-2 Holder or the Note A-3 Holder in respect of its Note or otherwise
until such Noteholder shall have furnished to the Note A-1 Holder the requested forms, certificates, statements or documents.

32.             
Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than Note A-2 and
Note A-3) will be held by the Trustee under the Note A-1 PSA (or by a custodian on its behalf) under the terms of the Note A-1
PSA on behalf of all of the Holders.

33.             
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 13;

(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 Holders

    -36- 

    	 

    

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 13; 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.

34.             
Termination of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Note
A-1 Holder. In the event that the Agent is terminated pursuant to this Section 34, all of its rights and obligations under
this Agreement shall be terminated, other than any rights or obligations that accrued prior to the date of such termination.

The Agent may resign
at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Holders, has agreed to be bound by this Agreement
and perform the duties of the Agent hereunder. BSP, as Initial Agent, may transfer its rights and obligations to the Servicer,
as successor Agent, at any time without the consent of any Holder. BSP, 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 Note A-1, the Certificate Administrator shall automatically become
and be the Agent.

[NO FURTHER TEXT ON THIS PAGE]

    -37- 

    	 

    

IN WITNESS WHEREOF,
each of the Note A-1 Holder, the Note A-2 Holder and the Note A-3 Holder has caused this Agreement to be duly executed as of the
day and year first above written.

	 	Note A-1 Holder and Initial Agent:
	 	BSPRT CMBS Finance, LLC
	 	By: 	/s/ Micah Goodman
	 	 	Name: Micah Goodman
	 	 	Title: Authorized Signatory
	 	Note A-2 Holder:
	 	BSPRT FINANCE SUB-LENDER I, LLC
	 	By:	/s/ Micah Goodman
	 	 	Name: Micah Goodman
	 	 	Title: Authorized Signatory
	 	Note A-3 Holder:  
	 	BSPRT FINANCE SUB-LENDER I, LLC
	 	By:	/s/ Micah Goodman
	 	 	Name: Micah Goodman
	 	 	Title: Authorized Signatory

WFCM 2021-C59: CO-LENDER
AGREEMENT (HERNDON SQUARE)

 

 

     

    	 

    

EXHIBIT A

MORTGAGE LOAN SCHEDULE

A.       Description of
Mortgage Loan

	Mortgage Loan:	Herndon Square
	Borrower:	 BRIT-BECO Park Herndon LLC
	Mortgage Loan Origination Date:  	March 24, 2021
	Initial Principal Amount of Mortgage Loan:	$30,500,000
	Location of Mortgaged Property:	Herndon, Virginia
	Current Use of Mortgaged Property:	Office
	Mortgage Interest Rate:	4. 02% per annum
	Maturity Date:	April 6, 2031

    A-1

    	 

    

B.       Description of
Notes

	Mortgage Loan Origination Date:	March 24, 2021
	Initial Note A-1 Principal Balance:	$15,500,000
	Initial Note A-2 Principal Balance:	$10,000,000
	Initial Note A-3 Principal Balance:	$5,000,000
	Initial Note A-1 Percentage Interest:	50.82%
	Initial Note A-2 Percentage Interest:	32.79
	Initial Note A-3 Percentage Interest:	16.39%
	Note A-1 Interest Rate:	4.02% per annum
	Note A-2 Interest Rate:	4.02% per annum
	Note A-3 Interest Rate:	4. 02% per annum
	Note A-1 Default Interest Rate:	
        A rate per annum equal to the lesser of (i) the maximum
rate permitted by applicable law, or (ii) 5% above the Note A-1 Interest Rate, compounded monthly

	Note A-2 Default Interest Rate:  	
        A rate per annum equal to the lesser of (i) the maximum
rate permitted by applicable law, or (ii) 5% above the Note A-2 Interest Rate, compounded monthly

	Note A-3 Default Interest Rate:  	
        A rate per annum equal to the lesser of (i) the maximum
rate permitted by applicable law, or (ii) 5% above the Note A-3 Interest Rate, compounded monthly

    A-2

    	 

    

EXHIBIT B

Note A-1 Holder:

 

BSPRT CMBS Finance, LLC

1345 Avenue of the Americas, Suite 32A

New York, New York 10105

Attention: Micah Goodman

 

Note A-2 Holder and Note A-3 Holder:

 

BSPRT Finance Sub-Lender I, LLC

1345 Avenue of the Americas, Suite 32A

New York, New York 10105

Attention: Micah Goodman

 

    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-1Document

Exhibit 10.1

UPLAND SOFTWARE, INC.
ADVISORY AGREEMENT
This Advisory Agreement (the “Agreement”) is made and entered into effective as of March 31, 2021, by and between Upland Software, Inc., a Delaware corporation (the “Company”), and Tim Mattox (the “Advisor”).  
WHEREAS, from July 14, 2014 through March 2, 2021 the Advisor was employed as co-President & COO of the Company and he will be employed by the Company until March 31, 2021 (the “Separation Date”); 
WHEREAS, the Company and the Advisor have entered into that Confidential Separation Agreement and Release of even effective date herewith (the “Separation Agreement”); and
WHEREAS, the Company desires to retain the Advisor as an independent contractor to perform part-time, advisory services for the Company and the Advisor is willing to perform such services, on terms set forth more fully below. 
NOW, THEREFORE, in consideration of the mutual promises contained here, the sufficiency of which is acknowledged, the parties hereby agree as follows:  
1.SERVICES AND COMPENSATION; SERVICE PROVIDER
(a)The Advisor agrees to perform for the Company the services (“Services”) described in Exhibit A attached hereto.  Notwithstanding anything to the contrary contained herein, the Services to be performed by the Advisor hereunder shall not exceed more than 20% of the average level of services that the Advisor performed for the Company and its affiliated “service recipients” (within meaning of Treasury Regulation §1.409A-1(h)(3)) during the thirty-six (36)-month period prior to the Separation Date.
(b)The Company agrees to pay the Advisor the compensation set forth in Exhibit A for the performance of the Services.
(c)      The parties agree that, during the term of the Agreement, the Advisor shall continue to be a Service Provider for the Company as defined in the Company’s Amended and Restated 2010 Stock Plan and 2014 Equity Incentive Plan (collectively, the “Plan”), and further agree that such status has been uninterrupted through the transition from employee to independent contractor. 
2.CONFIDENTIALITY; OWNERSHIP; NON-SOLICITATION; NON-INTERFERENCE – The Advisor hereby affirms his obligations in the Employee Proprietary Information Agreement, dated as of July 9, 2014, between the Company and the Advisor (the “Proprietary Information Agreement”); provided, however, that the parties hereto hereby covenant and agree that the restrictions contained in Sections 2, 5, 6, and 7 of the Proprietary Information Agreement shall terminate on the later of the date of termination of this Agreement or the one-year anniversary of the Separation Date.  
3.TERM AND TERMINATION
(a)Term.  This Agreement will commence on the Separation Date and will continue until December 31, 2022, unless extended, renewed or terminated earlier as set forth herein.  
(b)Renewal. The parties may elect to renew this Agreement by written agreement no later than thirty (30) days prior to December 31, 2022. If the parties elect not to renew this Agreement, such non-renewal shall be considered a termination not for Cause (as that term is defined in, and for all purposes under, those certain Restricted Stock Unit Agreements by and between the Company and the Advisor with grant dates of March 4, 2019 and February 24, 2020 (collectively, the “RSU Agreements”)). 
(c)Survival.  Upon such termination, all rights and duties of the parties toward each other shall cease except:
Advisory Agreement    1    COMPANY CONFIDENTIAL

(i)that the Company shall be obliged to pay, within thirty (30) days of the effective date of termination, all amounts owing to the Advisor for Services completed and accepted by the Company prior to the termination date; and
(ii)Sections 2 (Confidentiality; Ownership; Non-Solicitation; Non-Interference), 3 (Term and Termination solely to the extent applicable to the restricted stock units), 5 (Independent Contractor), and 7-13 (Arbitration and Equitable Relief; Governing Law; Entire Agreement; Attorney’s Fees; Limitation on Liability, Severability; Notices) shall survive termination of this Agreement.
(d)Termination.  The Advisor may terminate this Agreement by 30 days’ prior written notice to the Company.  The Company may terminate this Agreement immediately and without prior notice to the Advisor for Cause (as defined below), and in such event the Advisor’s equity awards shall be treated in accordance with the terms of the Plan and applicable award agreement(s) thereunder and the Advisor shall forfeit his right to receive the compensation set forth on Exhibit A attached hereto.  For purposes of this Section 3(d), “Cause” means (i) the Advisor’s willful failure to perform the duties and obligations of the Advisor hereunder and the Advisor’s breach continues after the Advisor has received written notice of, and a 30 day period in which to cure, the breach; (ii) any material act of fraud or misrepresentation taken by the Advisor which was intended to result in substantial gain or personal enrichment of the Advisor at the expense of the Company; (iii) the Advisor’s violation of a federal or state law or regulation applicable to the Company’s business which violation was or is reasonably likely to be materially injurious to the Company; (iv) the Advisor’s conviction of, or plea of nolo contendere or guilty to, a felony under the laws of the United States or any State, excluding felonies for minor traffic violation and vicarious liability (so long as the Advisor did not know of the felony and did not willfully violate the law); or (v) the Advisor’s material breach of the terms of this Agreement or the Proprietary Information Agreement and breach continues after the Advisor has received written notice of, and a 30 day period in which to cure, the breach.
(e)Change of Control.  If this Agreement is terminated by any party for any reason other than for Cause (as defined in this Agreement) as a result of, or in conjunction with, a Change of Control (as defined in the Plan) of the Company, the parties hereto hereby acknowledge and agree that the RSU’s subject to the RSU Agreements shall be 100% vested as of the date of such termination in accordance with the terms of the RSU Agreements.
4.ASSIGNMENT
Neither this Agreement nor any right hereunder or interest herein may be assigned or transferred by either party without the express written consent of the other party, except that the Company may assign this Agreement to a controlled affiliate of the Company. For avoidance of doubt, a change in ownership of the Company of 50% or greater or a Change of Control shall be considered an “assignment” of this Agreement.
5.INDEPENDENT CONTRACTOR
It is the express intention of the parties that the Advisor is an independent contractor and, as such, is not authorized to bind the Company or any of its subsidiaries or affiliates to third parties.  Nothing in this Agreement shall in any way be construed to constitute the Advisor as an agent, officer, director, employee or representative of the Company, but the Advisor shall perform the Services hereunder as an independent contractor and without any fiduciary duty to the Company or other liability or obligation to the Company other than the express covenants set forth in the Separation Agreement, this Agreement, or any other written agreement to which the Company and Advisor are party.  The Advisor agrees to furnish all tools and materials necessary to accomplish this contract, and shall incur all expenses associated with performance, except as expressly provided on Exhibit A of this Agreement.  The Advisor acknowledges and agrees that the Advisor is obligated to report as income all compensation received by the Advisor pursuant to this Agreement, and the Advisor agrees to and acknowledges the obligation to pay all self-employment and other taxes thereon. 
6.BENEFITS
The Advisor acknowledges and agrees and it is the intent of the parties hereto that neither the Advisor nor any employees or contractors of the Advisor receive any Company-sponsored benefits from the Company either as an advisor, consultant or employee.  Such benefits include, but are not limited to, paid vacation, sick leave, medical insurance, 

and 401(k) participation.  If the Advisor is reclassified by a state or federal agency or court as an employee, the Advisor will become a reclassified employee and will receive no benefits except those mandated by state or federal law, even if by the terms of the Company’s benefit plans in effect at the time of such reclassification the Advisor would otherwise be eligible for such benefits.
7.INDEMNITY
In the performance of the Services under this Agreement, the Advisor shall not be liable to the Company for errors in judgment that are not the result of willful misconduct. The Company agrees to indemnify and hold the Advisor harmless from and against any and all losses, claims, expenses, damages or liabilities, joint or several, to which the Advisor may become subject (including the costs of any investigation and all reasonable attorneys' fees and costs) or incurred by the Advisor, to the fullest extent lawful, in connection with any pending or threatened litigation, legal claim or proceeding arising out of or in connection with the services rendered by the Advisor under this Agreement; provided, however, that the foregoing indemnity shall not apply to any such losses, claims, related expenses, damages or liabilities arising out of or in connection with the Advisor's willful misconduct or fraud, or material breach this Agreement. The terms and provisions of this Section 7 shall survive termination or expiration of this Agreement. 
8.ARBITRATION AND EQUITABLE RELIEF
(a)Disputes.  Except as provided in Subsection (d), this Section, the Company and the Advisor agree that any dispute or controversy arising out of, relating to or in connection with the interpretation, validity, construction, performance, breach or termination of this Agreement shall be settled by binding arbitration to be held in Travis County, Texas, in accordance with the Commercial Arbitration Rules then in effect of the American Arbitration Association.  The arbitrator may grant injunctions or other relief in such dispute or controversy.  The decision of the arbitrator shall be final, conclusive and binding on the parties to the arbitration.  Judgment may be entered on the arbitrator’s decision in any court of competent jurisdiction.
(b)Consent to Personal Jurisdiction.  The arbitrator(s) shall apply Texas law to the merits of any dispute or claim, without reference to conflicts of law rules.  The Advisor hereby consents to the personal jurisdiction of the state and federal courts located in Travis County, Texas for any action or proceeding arising from or relating to this Agreement or relating to any arbitration in which the parties are participants.
(c)Costs.  The Company and the Advisor shall each pay one-half of the costs and expenses of such arbitration, and each shall separately pay its counsel fees and expenses unless otherwise required by law.
(d)Equitable Relief.  The parties may apply to any court of competent jurisdiction for a temporary restraining order, preliminary injunction, or other interim or conservatory relief, as necessary, without breach of this arbitration agreement and without abridgment of the powers of the arbitrator.
(e)Acknowledgment.  THE ADVISOR HAS READ AND UNDERSTANDS THIS SECTION, WHICH DISCUSSES ARBITRATION.  THE ADVISOR UNDERSTANDS THAT BY SIGNING THIS AGREEMENT, THE ADVISOR AGREES TO SUBMIT ANY CLAIMS ARISING OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE, BREACH OR TERMINATION THEREOF, TO BINDING ARBITRATION, EXCEPT AS PROVIDED IN SECTION 7(d) AND THAT THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF THE ADVISOR’S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO ALL ASPECTS OF THE RELATIONSHIP BETWEEN THE PARTIES.
9.GOVERNING LAW
This Agreement shall be governed by the internal substantive laws, but not the choice of law rules, of the State of Texas.
Advisory Agreement    3    CONFIDENTIAL

10.ENTIRE AGREEMENT
This Agreement (and Exhibit A), together with the RSU Agreements, the Separation Agreement, and the Proprietary Information Agreement, represents the entire agreement of the parties and supersedes any prior agreements between them, whether written or oral, with respect to the subject matter hereof.  To the extent there are any conflicts between the aforementioned agreements, including, but not limited to the definition of “Cause”, such conflicts shall be resolved giving precedence in the following order: this Agreement, the Separation Agreement, the RSU Agreements, and the Proprietary Information Agreement. No waiver, alteration, or modification of any of the provisions of this Agreement shall be binding unless in writing and signed by duly authorized representatives of the parties hereto.
11.LIMITATION ON LIABILITY
EXCEPT AS OTHERWISE STATED IN THIS AGREEMENT, THE ADVISOR MAKES NO WARRANTIES, EXPRESS OR IMPLIED INCLUDING EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT.
EXCEPT FOR THE PAYMENT OBLIGATIONS HEREUNDER WHICH INCLUDES THE INDEMNITY OBLIGATION IN SECTION 7 HEREOF AND ANY APPLICABLE RESTRICTED STOCK UNIT OR OPTION GRANTS, IN NO EVENT SHALL EITHER PARTY BE LIABLE ON ANY THEORY OF LIABILITY, WHETHER IN AN EQUITABLE, LEGAL, OR COMMON LAW ACTION ARISING HEREUNDER FOR CONTRACT, STRICT LIABILITY, INDEMNITY, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, FOR DAMAGES WHICH, IN THE AGGREGATE, EXCEED $100 AND NOTWITHSTANDING THE FAILURE OF ESSENTIAL PURPOSE OF ANY REMEDY.  IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND AND HOWEVER CAUSED, INCLUDING BUT NOT LIMITED TO BUSINESS INTERRUPTION OR LOSS OF PROFITS, BUSINESS OPPORTUNITIES, OR GOOD WILL EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGE, AND NOTWITHSTANDING THE FAILURE OF ESSENTIAL PURPOSE OF ANY REMEDY. 
12.ATTORNEY’S FEES
In any court action at law or equity which is brought by one of the parties to enforce or interpret the provisions of this Agreement, the prevailing party will be entitled to reasonable attorney’s fees, in addition to any other relief to which that party may be entitled.
13.SEVERABILITY
The invalidity or unenforceability of any provision of this Agreement, or any terms thereof, shall not affect the validity of this Agreement as a whole, which shall at all times remain in full force and effect.
14.NOTICES

Any notice shall be addressed to the party being notified at the address set forth in this Agreement or such other address as either party may notify the other of and shall be deemed given upon delivery if personally delivered or transmitted via email or reliable overnight carrier (with tracking capability), or forty-eight (48) hours after being deposited in the United States mail, postage prepaid, registered or certified mail, return receipt requested.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

						
	Company:
	The Advisor:

	Upland Software, Inc.   
	

	By: /s/ John T. McDonald            
	By: /s/ Timothy Mattox        

	Print Name:    John T. McDonald
	Print Name:    Tim Mattox

	Title:  Chairman and CEO    
	

	Date: 3/1/2021    
	Date:  3/1/2021    

Advisory Agreement    5    CONFIDENTIAL

EXHIBIT A
SERVICES AND COMPENSATION
1.    Contact.  The Advisor’s principal Company contact will be Jack McDonald.
2.    Services.  The Advisor will, on an as needed basis, advise on:
•the strategic business operation and development of the Company and other related matters;
•cost management, including construction of reliable control systems;
•financial planning and analysis;
•human resources, staffing and compensation and benefits arrangements;
•research and development and related areas;
•relationships with third party vendors for technology services, including participating in telephone conferences and face-to-face meetings as necessary; and
•such other services as may be agreed to in writing by and between the Company and the Advisor (including assistance with special projects).
•The Advisor and Mr. McDonald may meet at least once each calendar quarter, on a date which is mutually agreed to in writing by the Advisor and Mr. McDonald, to discuss the status of the Company’s operations and the Services provided by the Advisor.  
•If requested by Mr. McDonald in writing within 15 days prior to the end of a calendar quarter, the Advisor shall submit a written report of services rendered and results thereof at the end of the applicable calendar quarter and the report shall be issued within 30 days of the end of the applicable calendar quarter. 
•The Advisor shall deliver to the Company any materials, work product and other deliverables resulting from or required by the Services provided by the Advisor hereunder, including any such deliverables agreed by the parties to be provided. The Consultant shall deliver the deliverables when and as agreed by the parties in writing. 
•The Company hereby acknowledges that the Advisor may be employed by a third party and may not always be immediately available. 
3.    Compensation.
•The Advisor will be paid a monthly fee of $500 per month through the contract term.  To the extent the Advisor is asked to provide services in excess of 10 hours in a given month, the Advisor may invoice the Company for those excess hours at a rate of $500 per hour.  
•The Company and the Advisor agree that the RSU Agreements shall continue in full force and effect and continue to vest in accordance with their terms and the terms of the Plan, except as set forth in the Agreement.

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