Document:

EX-10.4

 Exhibit 10.4 

Execution Version 
  

 
 MIDLAND LOAN SERVICES, a
division of PNC Bank, National Association, 
 as Servicer, 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as Indenture Trustee, 

SERVICING AGREEMENT 

Dated as of November 30, 2017 

$80,000,000 
 Secured
Tenant Site Contract Revenue Notes 
  
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	ARTICLE I	  			
		
	DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES	  			
		
	 Section 1.01. Defined Terms
	  	 	1	 
	 Section 1.02. General Interpretive Principles
	  	 	8	 
		
	ARTICLE II	  			
		
	DUTIES OF THE SERVICER; REPRESENTATIONS AND WARRANTIES OF THE SERVICER	  			
		
	 Section 2.01. Servicer to Cooperate with Indenture Trustee
	  	 	9	 
	 Section 2.02. Servicer Entitled to Rely on Information from Manager
	  	 	9	 
	 Section 2.03. Taxes, Assessments and Similar Items; Servicing Advances
	  	 	10	 
	 Section 2.04. Servicing and Special Servicing Compensation; Interest on and
Reimbursement of Servicing Advances; Payment of Certain Expenses
	  	 	11	 
	 Section 2.05. Annual Statements as to Compliance
	  	 	14	 
	 Section 2.06. Representations and Warranties of the Servicer
	  	 	14	 
	 Section 2.07. Access to Certain Information
	  	 	16	 
	 Section 2.08. Debt Service Advances
	  	 	17	 
	 Section 2.09. Reporting
	  	 	18	 
	 Section 2.10. Confidentiality
	  	 	21	 
	 Section 2.11. Additional Obligations of Servicer
	  	 	22	 
	 Section 2.12. Servicing Transfer Events; Record Keeping
	  	 	23	 
	 Section 2.13. Sub-Servicing Agreements
	  	 	23	 
	 Section 2.14. Servicer and Indenture Trustee to Cooperate
	  	 	25	 
	 Section 2.15. Title to Equity Interests; Specially Serviced Tenant Site Assets
	  	 	25	 
	 Section 2.16. Management of Specially Serviced Tenant Site Assets
	  	 	25	 
	 Section 2.17. Sale of Specially Serviced Tenant Site Asset
	  	 	26	 
	 Section 2.18. Maintenance of Insurance by the Servicer
	  	 	29	 
		
	ARTICLE III	  			
		
	COVENANTS OF INDENTURE TRUSTEE	  			
		
	 Section 3.01. No Amendment of Indenture
	  	 	30	 
		
	ARTICLE IV	  			
		
	THE SERVICER	  			
	 Section 4.01. Liability of the Servicer
	  	 	30	 
	 Section 4.02. Merger
	  	 	30	 
	 Section 4.03. Limitation on Liability of the Servicer
	  	 	31	 
	 Section 4.04. Servicer Not to Resign
	  	 	32	 
	 Section 4.05. Rights of the Indenture Trustee in Respect of the Servicer
	  	 	33	 
	 Section 4.06. Designation of Servicer by the Controlling Class
	  	 	34	 

  
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	 Section 4.07. Servicer as Owner of a Note
	  	 	35	 
		
	ARTICLE V	  			
		
	SERVICER TERMINATION EVENTS	  			
	 Section 5.01. Servicer Termination Events
	  	 	36	 
	 Section 5.02. Indenture Trustee to Act; Appointment of Successor
	  	 	39	 
	 Section 5.03. Notification to Noteholders
	  	 	40	 
	 Section 5.04. Waiver of Servicer Termination Events
	  	 	41	 
	 Section 5.05. Additional Remedies of Indenture Trustee upon Servicer Termination
Event
	  	 	41	 
		
	ARTICLE VI	  			
		
	TERMINATION	  			
	 Section 6.01. Termination upon Payment of the Notes
	  	 	41	 
	 Section 6.02. Termination on Issuance of Additional Notes
	  	 	41	 
		
	ARTICLE VII	  			
		
	MISCELLANEOUS PROVISIONS	  			
	 Section 7.01. Amendment
	  	 	42	 
	 Section 7.02. Counterparts
	  	 	43	 
	 Section 7.03. Governing Law; Submission to Jurisdiction
	  	 	43	 
	 Section 7.04. Notices
	  	 	43	 
	 Section 7.05. Severability of Provisions
	  	 	44	 
	 Section 7.06. Successors and Assigns; Beneficiaries
	  	 	44	 
	 Section 7.07. Article and Section Headings
	  	 	44	 
	 Section 7.08. Notices to and from the Rating Agencies
	  	 	44	 
	 Section 7.09. Notices to Controlling Class Representative
	  	 	44	 
	 Section 7.10. Complete Agreement
	  	 	44	 
	 Section 7.11. No Petition
	  	 	45	 
	 Section 7.12. Waiver of Jury Trial
	  	 	45	 

  
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	 EXHIBITS

	
	 Exhibit A: Servicer Report

	
	 Exhibit B: Special Servicer Report

	
	 Exhibit C: Notice of Acknowledgment

	
	 Exhibit D: Acknowledgment of Proposed Servicer

  
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 This Servicing Agreement (this “Agreement”) is dated and effective as of
November 30, 2017, between MIDLAND LOAN SERVICES, a division of PNC Bank, National Association, as servicer (in such capacity, the “Servicer”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but
solely as indenture trustee under the Indenture referred to below (in such capacity, the “Indenture Trustee”). 
 WHEREAS,
the Issuer will issue certain Notes pursuant to the Indenture; 
 WHEREAS, pursuant to the Indenture, the Indenture Trustee has agreed to
act as indenture trustee with respect to the Notes; and 
 WHEREAS, the Indenture Trustee and the Obligors desire the Servicer to service
the Notes on behalf of the Indenture Trustee, and the Servicer is willing to service the Notes for the Indenture Trustee pursuant to the terms hereof. 

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

ARTICLE I 
 DEFINITIONS;
GENERAL INTERPRETIVE PRINCIPLES 
 Section 1.01. Defined Terms. Whenever used in this Agreement, the following words
and phrases, unless the context otherwise requires, shall have the meanings specified in this Section 1.01. Capitalized terms, words and phrases not defined in this Section 1.01 (including in the
preamble and recitals hereto) will have the meanings ascribed to them in the Indenture. 
 “Actual/360 Basis” shall mean
the accrual of interest calculated on the basis of the actual number of days elapsed during the relevant period in a year assumed to consist of 360 days. 

“Advance Interest” shall mean the interest accrued on any Advance for each day on which such Advance is outstanding at a rate
of interest (compounded monthly) equal to the Prime Rate plus 3% for each such day on an Actual/360 Basis, all in accordance with Section 2.03(d) or Section 2.08(c), as applicable. 

“Agreement” shall mean this Servicing Agreement, as it may be amended, modified, supplemented or restated following the
Initial Closing Date. 
 “Annual Performance Certification” shall have the meaning assigned thereto in
Section 2.05. 

  
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 “Debt Service Advance” shall mean the advance required to be made by the
Servicer (to the extent so provided in Section 2.08) on the Business Day preceding each Payment Date in an amount equal to the excess of (i) the Monthly Payment Amount for such Payment Date over (ii) the amount of
funds on deposit in the Collection Account available to pay such amount in accordance with the distribution priorities set forth in Section 5.01(a)(iv) of the Indenture on such date. 

“Defaulting Party” shall have the meaning assigned thereto in Section 5.01(b). 

“Designated Person” shall have the meaning assigned thereto in Section 4.06. 

“Equity Interest” shall mean, with respect to any Obligor, the capital stock, membership interests or other equity interests
of such entity. 
 “Fannie Mae” shall mean Fannie Mae, formerly known as Federal National Mortgage Association. 

“Freddie Mac” shall mean Freddie Mac, formerly known as Federal Home Loan Mortgage Corporation. 

“Indenture” shall mean that certain Indenture dated as of November 30, 2017, between the Obligors and the Indenture
Trustee. 
 “Indenture Trustee” shall have the meaning ascribed to it in the preamble hereto. 

“Information” shall have the meaning ascribed to it in Section 2.10. 

“Interested Person” shall mean the Parent, Issuer, any Asset Entity, the Manager, the Backup Manager, the Servicer, any
Noteholder, or any Affiliate of any such Person. 
 “Liquidation Fee” shall mean, with respect to the Notes if they are
Specially Serviced Notes, the fee designated as such and payable to the Servicer pursuant to Section 2.04(b). 

“Liquidation Fee Rate” shall mean 1.00%. 

“Manager Report” shall mean the report prepared by the Manager, substantially in the form of, and containing the information
set forth in, Exhibit B to the Management Agreement. 
 “Midland” shall mean Midland Loan Services, a division of PNC Bank,
National Association. 

  
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 “Net Liquidation Proceeds” shall equal, for any Payment Date, all cash amounts
(other than Insurance Proceeds or Condemnation Proceeds) received by the Servicer in connection with: (a) the full, discounted or partial liquidation of a Tenant Site Asset (or any proceeds thereof) or any other Collateral or any proceeds
thereof (including the Equity Interest of any of the Obligors) following default, through the Servicer’s sale, foreclosure sale or otherwise, exclusive of any portion thereof required to be released to the Obligors in accordance with applicable
law or the terms and conditions of the Indenture or the other Transaction Documents; or (b) the realization upon any deficiency judgment obtained against the Obligors or the Guarantor during the related Collection Period, net of any expenses
incurred by the Servicer in connection with such disposition. 
 “Nonrecoverable Debt Service Advance” shall mean, as
evidenced by a certificate of an authorized officer of the determining party, any portion of a Debt Service Advance previously made or to be made in respect of the Notes that, together with any then outstanding Advances, as determined by the
Servicer (or, if applicable, the Indenture Trustee), in its reasonable good faith judgment, will not be ultimately recoverable (with interest thereon) from late payments, Insurance Proceeds, Condemnation Proceeds, Net Liquidation Proceeds or any
other recovery on or in respect of the Tenant Site Assets or from any funds on deposit in the Collection Account, giving due consideration to the limited assets of the Asset Entities. With respect to Debt Service Advances, the Servicer shall not be
required to take into account amounts on deposit in the Site Acquisition Accounts and the Yield Maintenance Accounts in making any nonrecoverability determination. In making such determination, the relevant party may consider only the obligations of
the Obligors and the Guarantor under the terms of the Transaction Documents as they may have been modified, the related Tenant Site Assets in “as is” or then-current condition and the timing and availability of anticipated cash flows as
modified by such party’s assumptions regarding the possibility and effect of future adverse changes, together with such other factors, including an estimate of future expenses, timing of recovery, the inherent risk of a protracted period to
complete liquidation or the potential inability to liquidate collateral as a result of intervening creditor claims or of a bankruptcy proceeding affecting an Obligor or the Guarantor and the effect thereof on the existence, validity and priority of
any security interest encumbering the Tenant Site Assets and the Collateral for the Notes, the direct and indirect Equity Interests in the Obligors, available cash on deposit in the Lock Box Account (to the extent attributable to the Tenant Site
Assets) and the Collection Account and the net proceeds derived from any of the foregoing. The relevant party may update or change its nonrecoverability determination at any time. Any such determination will be conclusive and binding on the
Indenture Trustee (in the case of a determination made by the Servicer) and the Noteholders (in the case of a determination made by the Servicer or the Indenture Trustee) so long as it was made in accordance with the Servicing Standard (in the case
of the Servicer). 
 “Nonrecoverable Servicing Advance” shall mean, as evidenced by a certificate of an authorized officer
of the determining party, any portion of a Servicing Advance previously made or to be made in respect of the Notes or a Tenant Site Asset that, together with any then outstanding Advances, as determined by the Servicer (or, if applicable, the
Indenture Trustee), in its reasonable good faith judgment, will not be ultimately recoverable (with interest thereon) from late payments, Insurance Proceeds, Condemnation Proceeds, Net Liquidation Proceeds or any other recovery on or in respect

  
 3 

 
of the Tenant Site Assets or from any funds on deposit in the Collection Account, giving due consideration to the limited assets of the Asset Entities. With respect to Servicing Advances, the
Servicer will not be required to take into account amounts on deposit in the Site Acquisition Accounts and the Yield Maintenance Reserve Accounts in making any nonrecoverability determination. In making such determination, the relevant party may
consider only the obligations of the Obligors and the Guarantor under the terms of the Transaction Documents as they may have been modified, the related Tenant Site Assets in “as is” or then-current condition and the timing and
availability of anticipated cash flows as modified by such party’s assumptions regarding the possibility and effect of future adverse changes, together with such other factors, including an estimate of future expenses, timing of recovery, the
inherent risk of a protracted period to complete liquidation or the potential inability to liquidate collateral as a result of intervening creditor claims or of a bankruptcy proceeding affecting an Obligor or the Guarantor and the effect thereof on
the existence, validity and priority of any security interest encumbering the Tenant Site Assets and the Collateral for the Notes, the direct and indirect Equity Interests in the Obligors, available cash on deposit in the Lock Box Account (to the
extent attributable to the Tenant Site Assets) and the Collection Account and the net proceeds derived from any of the foregoing. The relevant party may update or change its nonrecoverability determination at any time. Any such determination will be
conclusive and binding on the Indenture Trustee (in the case of a determination made by the Servicer) and the Noteholders (in the case of a determination made by the Servicer or the Indenture Trustee) so long as it was made in accordance with the
Servicing Standard (in the case of the Servicer). 
 “Prime Rate” shall mean for any day, a per annum rate of interest
equal to the “prime rate,” as published in the “Money Rates” column of The Wall Street Journal, from time to time. The Prime Rate shall change effective as of the date of any change as published in The Wall Street Journal. 

“Qualified Bidder” shall have the meaning ascribed to it in Section 5.01(b). 

“Qualified Insurer” shall mean an insurance company or security or bonding company qualified to write the related insurance
policy in the relevant jurisdiction. 
 “Representatives” shall have the meaning ascribed to it in
Section 2.10. 
 “Required Claims-Paying Rating” shall mean, with respect to any insurance
carrier, in the case of the fidelity bond and errors and omissions insurance policy required to be maintained pursuant to Section 2.18, a claims paying ability rating from Moody’s and Fitch that is not more than two
rating categories below the highest rated Notes outstanding, and in any event no lower than “B2” from Moody’s and “B” from Fitch or, if such carrier is not rated by Moody’s and Fitch, a rating of “A” from AM
Best. 

  
 4 

 “Servicer” shall mean Midland, in its capacity as Servicer hereunder, or any
successor servicer appointed as herein provided. 
 “Servicer Remittance Date” shall mean the Business Day preceding each
Payment Date. 
 “Servicer Termination Event” shall have the meaning assigned thereto in
Section 5.01(a). 
 “Servicing Advances” shall mean all customary, reasonable and necessary out-of-pocket costs and expenses (excluding costs and expenses of the Servicer’s overhead) incurred by the Servicer from time to time in the performance of its servicing
obligations, including the costs and expenses incurred in connection with, (a) the preservation, ownership and protection of any Tenant Site Asset which, in the Servicer’s sole discretion exercised in good faith and in accordance with the
terms of this Agreement, are necessary to prevent an immediate or material loss to the Asset Entities’ interest in such Tenant Site Asset, (b) the payment of Impositions and Insurance Premiums, (c) any enforcement or judicial
proceedings, including court costs, attorneys’ fees and expenses, costs for third party experts, including environmental consultants, (d) certain Site Owner Impositions pursuant to Section 7.04 of the Indenture and (e) any other
item specifically identified as a Servicing Advance herein; provided, however, the Servicer or the Indenture Trustee, as applicable, will not be responsible for advancing (i) the cost to cure any failure of the Tenant Site Assets
to comply with any applicable law, including any Environmental Law, or to contain, clean up or remedy an environmental condition present at any Tenant Site Asset; (ii) any losses arising with respect to defects in the title to any Tenant Site
Asset, or lack of a survey or updated survey; (iii) any costs of Capital Improvements to any Tenant Site Asset other than those necessary to prevent an immediate or material loss to the Asset Entities’ interest in such Tenant Site Asset;
(iv) amounts required to cure any damages resulting from causes not required to be insured under the Indenture, and not so insured; or (v) any amounts necessary to fund the Reserves. 

“Servicing Fee” shall mean the fee designated as such and payable to the Servicer pursuant to
Section 2.04(a). 
 “Servicing Fee Rate” shall mean 0.04% per annum. 

“Servicing File” shall mean any documents (including any correspondence files) in the possession of the Servicer and relating
to the servicing of the Notes. 
 “Servicing Officer” shall mean any officer or employee of the Servicer involved in, or
responsible for, the administration and servicing of the Notes, whose name and specimen signature appear on a list of servicing officers furnished by the Servicer to the Indenture Trustee on the Initial Closing Date, as such list may be amended from
time to time by the Servicer. 

  
 5 

 “Servicing Report” shall have the meaning assigned thereto in
Section 2.09(a). 
 “Servicing Standard” shall mean, with respect to the Servicer and any Sub-Servicers, to service and administer the Notes in accordance with the following standards: (i) with the same care, skill, prudence and diligence with which the Servicer generally services and administers
comparable obligations for other third parties, giving due consideration to customary and usual standards of practice of prudent servicing by institutional servicers; (ii) with a view to timely payment of all scheduled payments of interest on
the Notes and, if any of the Notes come into and continue in default, the maximization of the recovery on the Notes to the Noteholders, on a net present value basis (the relevant discounting of anticipated collections that will be distributable to
the Noteholders to be performed at the Note Rates for the Notes), (iii) in accordance with applicable law and (iv) without regard to (A) any relationship that the Servicer or any Affiliate thereof may have with the Issuer, the Asset
Entities, the Manager, any Tenant, any of their respective Affiliates or any other party to the Transaction Documents; (B) the ownership of any Note by the Servicer or any Affiliate thereof; (C) the obligation of the Servicer to make Debt
Service Advances or Servicing Advances; (D) the right of the Servicer or any Affiliate thereof to receive compensation for its services or reimbursement of costs, generally under this Agreement or with respect to any particular transaction; and
(E) any debt of the Issuer, the Asset Entities or any Affiliate thereof held by the Servicer or any Affiliate thereof. 

“Servicing Transfer Event” shall mean any of the following events:  

(a) the occurrence of any monetary or material non-monetary Event of Default; or 

(b) the Servicer determines, in its reasonable, good faith judgment, that a Default (other than a Servicing Transfer Event
described in clause (a) above) has occurred that is reasonably likely to materially impair the value of any material portion of the Collateral or the Assets, including the Tenant Site Assets, the Tenant Leases and the proceeds from any
of the foregoing; or 
 (c) a decree or order of a court or agency or supervisory authority having jurisdiction in the
premises in an involuntary action against any Obligor or the Guarantor under any present or future federal or state bankruptcy, insolvency or similar law or the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of
debt, marshalling of assets and liabilities or similar proceeding, or for the winding-up or liquidation of its affairs, shall have been entered against any Obligor or the Guarantor; or 

(d) the Guarantor or an Obligor shall have consented to the appointment of a conservator or receiver or liquidator in any
insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding of or relating to such Obligor or the Guarantor; or 

  
 6 

 (e) an Obligor or the Guarantor shall have admitted in writing its inability to
pay its debts generally as they become due, filed a petition to take advantage of any applicable insolvency or reorganization statute, made an assignment for the benefit of its creditors, or voluntarily suspended payment of its obligations; or 

(f) the Servicer shall have received notice of an intervening Lien that is material to the Noteholders and is not a Permitted
Encumbrance or the Servicer’s notice of a foreclosure of any intervening Lien encumbering a material potion of the Collateral or the other Assets, including the Tenant Site Assets, the Tenant Leases and the proceeds from any of the foregoing.

 “Special Servicing Fee” shall mean the fee designated as such and payable to the Servicer pursuant to the first
paragraph of Section 2.04(b). 
 “Special Servicing Fee Rate” shall mean 0.15% per annum. 

“Special Servicing Report” shall have the meaning assigned thereto in Section 2.09(a). 

“Specially Serviced Notes” shall mean the Notes during any period from the occurrence of a Servicing Transfer Event until
such Notes cease to constitute Specially Serviced Notes in accordance with the following sentence. The Notes shall cease to be Specially Serviced Notes at such time as no Servicer Transfer Event exists that would cause the Notes to continue to be
(or thereafter again be) characterized as Specially Serviced Notes and such of the following as are applicable occur: (i) with respect to the circumstances described in clause (a) of the definition of Servicing Transfer Event that
relate to the failure of the Obligors to pay any amount due on the Notes, the Obligors have paid all delinquent amounts and thereafter made three consecutive full and timely Monthly Payment Amounts under the terms of the Indenture (as such terms may
be changed or modified in connection with a bankruptcy or similar proceeding involving any Obligor or by reason of a modification, waiver or amendment granted or agreed to by the Servicer); (ii) with respect to the circumstances described in
clause (a) of the definition of Servicing Transfer Event that relate to a material non-monetary Event of Default, or with respect to the circumstances described in clauses (b) and
(f) of the definition of Servicing Transfer Event, such Event of Default or default, as the case may be, is cured; or (iii) with respect to the circumstances described in clauses (c), (d) or (e) of the
definition of Servicing Transfer Event, such circumstances cease to exist in the reasonable, good faith judgment of the Servicer; and, with respect to clauses (i), (ii) and (iii) of this sentence, the Issuer has reimbursed
the Servicer and the Indenture Trustee, as applicable, for then outstanding Advances, including Advance Interest thereon, and Additional Issuer Expenses, and paid the Servicer and/or the Indenture Trustee, as applicable, for unpaid fees then due to
the Servicer and the Indenture Trustee. 

  
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 “Specially Serviced Tenant Site Assets” shall mean (i) all Tenant Site
Assets if the Indenture Trustee becomes the owner of the Equity Interests of the Issuer or (ii) the Tenant Site Assets of a particular Asset Entity if the Indenture Trustee becomes the owner of the Equity Interests of such Asset Entity. 

“Sub-Servicer” shall mean any Person with which the Servicer has entered into a Sub-Servicing Agreement. 
 “Sub-Servicing
Agreement” shall mean the written contract between the Servicer and another Person relating to servicing and administration of the Notes as provided in Section 2.13. 

“Successful Bidder” shall have the meaning assigned thereto in Section 5.01(b). 

“Tenant Site Asset Acquisition Fee” shall mean the fee designated as such and payable to the Servicer pursuant to
Section 2.04(b). 
 “Tenant Site Asset Release/Substitution Fee” shall mean the fee designated as
such and payable to the Servicer pursuant to Section 2.04(b). 
 “Transaction Structuring Fee”
shall mean a fee equal to 0.04% on the Initial Class Principal Balance of all Classes of the Notes Outstanding on the Closing Date which shall be payable on the Initial Closing Date. 

“Workout Fee” shall mean the fee designated as such and payable to the Servicer pursuant to
Section 2.04(b). 
 “Workout Fee Rate” shall mean 1.00%. 

Section 1.02. General Interpretive Principles. For purposes of this Agreement, except as otherwise expressly provided or
unless the context otherwise requires: 
 (i) the terms defined in this Agreement have the meanings assigned to them in this
Agreement and include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender; 

(ii) accounting terms not otherwise defined herein have the meanings assigned to them in accordance with United States
generally accepted accounting principles as in effect from time to time; 
 (iii) references herein to “Articles,”
“Sections,” “Subsections,” “Paragraphs” and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement; 

  
 8 

 (iv) a reference to a Subsection without further reference to a Section is a
reference to such Subsection as contained in the same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions; 

(v) the words “herein,” “hereof,” “hereunder,” “hereto,” “hereby” and other
words of similar import refer to this Agreement as a whole and not to any particular provision; 
 (vi) the terms
“include” and “including” shall mean without limitation by reason of enumeration; 
 (vii) any agreement,
instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of
agreements or instruments) references to all attachments thereto and instruments incorporated therein; and 
 (viii)
references to a Person are also to its permitted successors and assigns. 
 ARTICLE II 

DUTIES OF THE SERVICER; REPRESENTATIONS AND WARRANTIES OF THE SERVICER 

Section 2.01. Servicer to Cooperate with Indenture Trustee. The Servicer shall, in accordance with the Servicing Standard,
perform all duties and functions explicitly ascribed to it in this Agreement and the other Transaction Documents on and after the date hereof. In connection with the performance of its obligations under this Agreement and any other Transaction
Document, the Servicer is hereby authorized to direct the Indenture Trustee to withdraw funds from the Collection Account and Reserve Accounts and direct the application of such funds in accordance with this Agreement or the applicable Transaction
Document. The Indenture Trustee hereby grants to the Servicer the power and authority to perform on its behalf the duties, rights and remedies granted to the Indenture Trustee under the Indenture and the other Transaction Documents to the extent
such duties, rights and remedies relate to the servicing and administration of the Tenant Site Assets and related Collateral, and the Indenture Trustee shall have no responsibility or liability for the Servicer’s exercise of such duties, rights
and remedies; provided that such grant shall not obligate the Servicer to perform any such duties, rights and remedies (other than those that the Servicer has expressly agreed to perform pursuant to the Transaction Documents). 

Section 2.02. Servicer Entitled to Rely on Information from Manager. In connection with the performance of its obligations
under this Agreement and the other Transaction Documents, the Servicer shall be entitled to conclusively rely upon written information or any certification provided to it by the Manager without the obligation to investigate the accuracy or
completeness of any such information or any certification and 

  
 9 

 
shall have no liability in reliance thereon. For the avoidance of doubt, the Servicer shall have no obligations with respect to any Site Acquisition Account and is entitled to conclusively rely
on all certifications and information provided by the Manager or the Obligors with respect to any Site Acquisition Account and shall have no liability in reliance thereon. 

Section 2.03. Taxes, Assessments and Similar Items; Servicing Advances; Obligations of the Indenture Trustee Regarding Back-up Servicing Advances. 
 (a) The Servicer shall with respect to the Notes, and based solely on a
certification furnished to it by the Issuer or the Manager pursuant to the Indenture or the Management Agreement, maintain records with respect to the Tenant Site Assets that are Fee Assets reflecting the status (including payment status) of real
estate taxes, assessments and other similar items that are or may become a lien thereon and with respect to all Tenant Site Assets, the status (including payment status) of insurance premiums (including renewal premiums) payable in respect thereof
and, based solely on such certification, and shall use reasonable efforts to effect or cause the Obligors or the Manager to effect payment thereof prior to the applicable penalty or termination date. The Servicer shall be entitled to rely on the
certification with respect to the foregoing items furnished to it by the Issuer or the Manager, without any obligation to investigate the accuracy or completeness of any information set forth therein, and shall have no liability with respect
thereto. 
 (b) In accordance with the Servicing Standard, the Servicer shall advance with respect to the Tenant Site Assets all such funds
as are necessary for the purpose of effecting the timely payment of (i) Impositions and (ii) Insurance Premiums, in each instance if and to the extent that funds in the Impositions and Insurance Reserve Account are insufficient to pay such
item when due, and the Servicer has received notice that, or has Knowledge that, the Obligors have failed to pay such item on a timely basis; provided that in the case of amounts described in the preceding clause (i), the Servicer
shall not make a Servicing Advance of any such amount if the Servicer reasonably anticipates (in accordance with the Servicing Standard) that such amounts will be paid by the Obligors on or before the applicable penalty date, in which case the
Servicer shall use efforts consistent with the Servicing Standard to confirm whether such amounts have been paid. Subject to Section 2.03(c), the Servicer shall make a Servicing Advance of such amounts, if necessary, not
later than five (5) Business Days following confirmation by the Servicer that such amounts have not been, or are not reasonably likely to be, paid by the applicable penalty date. If the Servicer fails to make any Servicing Advance when
otherwise required to do so, then, to the extent a Responsible Officer of the Indenture Trustee has Knowledge of such failure on the part of the Servicer, and subject to Section 2.03(c), the Indenture Trustee will be
required, if deemed recoverable, to make such Servicing Advance on the Business Day following the day on which the Servicer would have been required to make such Servicing Advance. The Servicer will also make Servicing Advances to the extent it is
required to do so pursuant to Section 7.04(c) of the Indenture. 

  
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 (c) Notwithstanding anything herein to the contrary, no Servicing Advance shall be required to be
made hereunder if such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. The determination by the Servicer (or the Indenture Trustee, as applicable) that it has made a Nonrecoverable Servicing Advance or that any
proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance, shall be made by such Person in its reasonable good faith judgment and shall be evidenced by a certificate of a Servicing Officer delivered to the Indenture
Trustee (in the case of the Servicer), setting forth the basis for such determination accompanied by any other material information or reports that the Person making such determination may have obtained and that support such determination, the cost
of which reports shall be a Servicing Advance. The Indenture Trustee shall be entitled to rely conclusively on any nonrecoverability determination made by the Servicer with respect to a particular Servicing Advance. Any such determination will be
conclusive and binding on the Indenture Trustee (if such determination is made by the Servicer) and Noteholders so long as it was made in accordance with the Servicing Standard. 

(d) The Servicer and the Indenture Trustee shall each be entitled to receive Advance Interest accrued on the amount of each Servicing Advance
made thereby (with its own funds) for each day as such Servicing Advance is outstanding and such interest shall be payable out of general collections on deposit in the Collection Account in accordance with the Transaction Documents. The Servicer and
the Indenture Trustee will each be entitled to reimbursement of any Advances made by it from funds in the Collection Account, in accordance with the priorities set forth in Section 5.01 of the Indenture (except if an Event of Default has
occurred and is continuing or during an Amortization Period, the Servicer and the Indenture Trustee may reimburse itself for Advances with any funds available in the Collection Account without regard to the priorities set forth in Section 5.01
of the Indenture). 
 (e) In accordance with the Servicing Standard, the Servicer shall take such actions as are necessary to cause any
recording, filing or depositing of any financing statement or continuation statement necessary to maintain perfection of the security interests in the Collateral Granted pursuant to the Transaction Documents. 

Section 2.04. Servicing and Special Servicing Compensation; Interest on and Reimbursement of Servicing Advances; Payment of
Certain Expenses. 
 (a) As compensation for its activities hereunder, the Servicer shall be entitled to receive a fee on each Payment
Date for the Interest Accrual Period ending on or immediately preceding such Payment Date (such fee, the “Servicing Fee”). The Servicing Fee shall accrue on a 30/360 Basis during each Interest Accrual Period at the Servicing Fee
Rate on the aggregate Outstanding Class Principal Balance of all Classes of the Notes Outstanding on the first day of such Interest Accrual Period. The Servicing Fee shall cease to accrue if no Notes are Outstanding. The Servicing Fee for each
Interest Accrual Period shall be payable in arrears on each Payment Date pursuant to Article V of the Indenture. The Servicer shall also be entitled to recover unpaid Servicing Fees out of any related Insurance Proceeds, Condemnation Proceeds or Net
Liquidation Proceeds. 

  
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 As additional compensation, on the Initial Closing Date, the Servicer shall also be entitled to
receive the Transaction Structuring Fee. 
 After termination or resignation of Midland as Servicer, Midland shall not have any rights under
this Agreement except as set forth in this Section 2.04, the final sentence of each of Section 4.03, Section 4.04, Section 4.06, the second to
last paragraph of Section 5.01, Section 5.02 and Section 6.02. 

Subject to the Servicer’s right to employ Sub-Servicers, the right to receive the Servicing Fee
or Other Servicing Fees may not be transferred in whole or in part except pursuant to this Section 2.04 and in connection with the transfer of all of the Servicer’s responsibilities and obligations under this
Agreement. 
 The Servicer shall be entitled to receive reasonable
out-of-pocket expenses for any consent, approval or other action requested by the Issuer and such expenses shall be payable as Additional Issuer Expenses. 

(b) As compensation for its activities hereunder, the Servicer shall be entitled to receive on each Payment Date a fee (the “Special
Servicing Fee”) with respect to the Notes when they are Specially Serviced Notes. The Special Servicing Fee shall accrue on a 30/360 Basis during each Interest Accrual Period at the Special Servicing Fee Rate on the aggregate
Class Principal Balance of all Classes of the Notes Outstanding on the first day of such Interest Accrual Period. The Special Servicing Fee shall cease to accrue if no Notes are Outstanding or when the Notes cease to be Specially Serviced
Notes. Earned but unpaid Special Servicing Fees shall be payable in arrears on each Payment Date pursuant to Article V of the Indenture. The Servicer shall also be entitled to recover unpaid Special Servicing Fees out of any related Insurance
Proceeds, Condemnation Proceeds or Net Liquidation Proceeds. 
 As further compensation for its activities hereunder, the Servicer shall
also be entitled to receive a fee (the “Liquidation Fee”) with respect to any Net Liquidation Proceeds equal to the product of the Liquidation Fee Rate and the amount of such Net Liquidation Proceeds, which shall be payable upon
receipt of such proceeds. 
 As further compensation for its activities hereunder, if, as a result of a workout or restructuring by the
Servicer, when the Notes cease to constitute Specially Serviced Notes, the Servicer shall be entitled to receive a fee (the “Workout Fee”); provided that no Workout Fee shall be payable from, or based upon the receipt of, Net
Liquidation Proceeds, or out of any Insurance Proceeds or Condemnation Proceeds. The Workout Fee shall be payable out of, and shall be calculated by the Servicer by application of the Workout Fee Rate to, each payment of interest and principal
received on the Notes after the Notes cease to be, and for so long as the Notes are not, Specially Serviced Notes. The Workout Fee will cease to be payable if a Servicing Transfer Event 

  
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occurs with respect to the Notes; provided that a new Workout Fee will become payable if and when the Notes again cease to be Specially Serviced Notes (in accordance with the definition
thereof). If the Servicer is terminated or resigns hereunder, it shall retain the right to receive any and all Workout Fees payable in respect of the Notes thereafter, for so long as the Notes are not Specially Serviced Notes during the period that
it acted as Servicer and that were still not Specially Serviced Notes at the time of such termination or resignation, or if the Notes would have ceased to have been Specially Serviced Notes at the time of termination or resignation but for the
payment of three Monthly Payment Amounts (and the successor servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout Fee for the Notes ceases to be payable in accordance with the preceding sentence. The
provisions of the preceding sentence shall survive the termination or resignation of the Servicer hereunder. Earned but unpaid Workout Fees shall be payable in arrears on each Payment Date pursuant to Article V of the Indenture. 

As further compensation for its activities hereunder, if an Additional Tenant Site Asset or Additional Obligor Tenant Site Asset is acquired,
the Servicer shall also be entitled to receive a processing fee (the “Tenant Site Asset Acquisition Fee”) equal to $1,000 plus reimbursement of all reasonable
out-of-pocket costs and expenses related to such acquisition; provided, however, that in connection with any addition of an Additional Tenant Site Asset or
Additional Obligor Tenant Site Asset in connection with an issuance of Additional Notes, such fee is limited to the reimbursement of all reasonable out-of-pocket costs
and expenses related to such issuance; provided, further, that the Tenant Site Asset Acquisition Fee shall not be payable in connection with acquisitions funded from a Site Acquisition Account. 

As further compensation for its activities hereunder, in case of a disposition or substitution of a Tenant Site Asset, the Servicer is
entitled to receive a processing fee (the “Tenant Site Asset Release/Substitution Fee”) equal to $1,000 plus reimbursement of all reasonable
out-of-pocket costs and expenses related to each such Tenant Site Asset disposition or substitution made in accordance with the Indenture. 

(c) The Servicer shall be required (subject to Section 2.03(c)) to pay out of its own funds all expenses incurred by
it in connection with its servicing activities hereunder including payment of any amounts due and owing to any of the Sub-Servicers retained by it (including, except as provided in
Section 2.13, any termination fees) and the premiums for any blanket policy or the standby fee or similar premium, if any, for any master force place policy obtained by it insuring against hazard losses pursuant to the
Transaction Documents (but excluding incremental increases to such premiums resulting from the addition of any of the Tenant Site Assets or other Collateral to such coverage, which increases shall be reimbursed as Servicing Advances), if and to the
extent that such expenses are not Servicing Advances or expenses payable directly out of the Collection Account in accordance with the Transaction Documents or otherwise, or any Reserve Accounts, and the Servicer shall not be entitled to
reimbursement for any such expense incurred by it except as expressly provided in this Agreement and the other Transaction Documents. 

  
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 (d) In addition to the foregoing, the Servicer shall be entitled to recover unpaid Servicing Fees
and unpaid Other Servicing Fees as provided in Section 3.03 of the Indenture or Article IV of the Indenture. Notwithstanding anything to the contrary set forth herein, the obligation to pay the Servicer Fees earned under this
Section 2.04 shall survive the termination of this Agreement and the termination or resignation of the Servicer. 

Section 2.05. Annual Statements as to Compliance. 

(a) On or before March 31 of each year, beginning in 2018, the Servicer shall, at its expense, cause a firm of independent public
accountants to furnish to the Indenture Trustee a statement generally to the effect that (i) it has obtained a letter of representation regarding certain matters from the management of the Servicer that includes an assertion that the Servicer
has complied with certain minimum mortgage loan servicing standards (to the extent applicable to commercial mortgage loans), identified in the Uniform Single Attestation Program for Mortgage Bankers established by the Mortgage Bankers Association of
America, with respect to the servicing of commercial mortgage loans, during the most recently completed calendar year and (ii) on the basis of an examination conducted by such firm in accordance with established criteria, that such
representation is fairly stated in all material respects, subject to such exceptions and other qualifications as may be appropriate. In rendering such report, the firm may rely, as to matters relating to the direct servicing of the Notes by a Sub-Servicer with which the Servicer has entered into a Sub-Servicing Agreement relating to servicing and administration of the Notes, upon comparable reports of firms of
independent certified public accountants rendered on the basis of examinations conducted in accordance with the Servicing Standard, within one (1) year of the report with respect to those Sub-Servicers.

 (b) The Servicer shall deliver to the Indenture Trustee on or before March 31 of each year, beginning in 2018, at its own expense, a
certificate signed by a Servicing Officer (the “Annual Performance Certification”), to the effect that, to the knowledge of such officer, the Servicer has fulfilled its obligations under this Agreement in all material respects
throughout the preceding calendar year (or such shorter period of time in the case of a successor servicer) (and if it has not so fulfilled certain of such obligations, specifying the details thereof), or in the case of the first such certificate,
the portion thereof commencing on the Initial Closing Date and ending December 31, 2017. 
 Section 2.06. Representations
and Warranties of the Servicer. 
 (a) The Servicer hereby represents and warrants to the Indenture Trustee and for the benefit of the
Noteholders, as of the Initial Closing Date and as of the Closing Date with respect to any additional Series of Notes, that: 

(i) The Servicer is duly organized, validly existing in good standing as a division of PNC Bank, National Association, and the
Servicer is in compliance with the laws of the State in which each of the Tenant Site Assets are located to the extent necessary to ensure the enforceability of the Indenture and to perform its obligations under this Agreement, except where the
failure to so qualify or comply would not have a material adverse effect on the ability of the Servicer to perform its obligations hereunder. 

  
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 (ii) The Servicer’s execution and delivery of, performance under and
compliance with this Agreement, will not violate the Servicer’s 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 material instrument to which it is a party or which is applicable to it or any of its assets, which default or breach, in the reasonable judgment of the Servicer, is likely to affect materially and adversely either the
ability of the Servicer to perform its obligations under this Agreement or the financial condition of the Servicer. 
 (iii)
The Servicer has the full power and authority to enter into and consummate all transactions involving the Servicer 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, assuming due authorization, execution and delivery by each of the
other parties hereto, constitutes a valid, legal and binding obligation of the Servicer, enforceable against the Servicer in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership,
liquidation, moratorium and other laws affecting the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law. 

(v) The Servicer is not in violation of, and its execution and delivery of, performance under and compliance with this
Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any Governmental Authority, which violation, in the Servicer’s reasonable judgment, is likely to affect
materially and adversely either the ability of the Servicer to perform its obligations under this Agreement or the financial condition of the Servicer. 

(vi) No litigation is pending or, to the best of the Servicer’s knowledge, threatened against the Servicer, the outcome
of which, in the Servicer’s reasonable judgment, would prohibit the Servicer from entering into this Agreement or that, in the Servicer’s reasonable judgment, could reasonably be expected to materially and adversely affect either the
ability of the Servicer to perform its obligations under this Agreement or the financial condition of the Servicer. 

  
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 (vii) The Servicer has errors and omissions insurance in the amounts and with
the coverage required by Section 2.18. 
 (viii) No consent, approval, authorization or order of
any Governmental Authority is required for the consummation by the Servicer of the transactions contemplated herein, except for those consents, approvals, authorizations or orders that previously have been obtained or cannot be obtained prior to the
actual performance by the Servicer of its obligations under this Agreement and except where the lack of such consent, approval, authorization or order would not have a material adverse effect on the ability of the Servicer to perform its obligations
under this Agreement. 
 (b) The representations and warranties of the Servicer set forth in Section 2.06(a) shall
survive the execution and delivery of this Agreement and shall inure to the benefit of the Indenture Trustee and the Noteholders for so long as the Notes remain Outstanding. Upon a Responsible Officer of the Indenture Trustee or the Servicer
obtaining Knowledge of a breach of such foregoing representations and warranties that materially and adversely affects the interests of the Noteholders, the party discovering such breach shall give prompt written notice thereof, as applicable, to
the Indenture Trustee, the Servicer and the Controlling Class Representative, if any. 
 (c) Any successor servicer shall be deemed to
have made, as of the date of its succession, each of the representations and warranties set forth in Section 2.06(a), subject to such appropriate modifications to the representation and warranty set forth in
Section 2.06(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it is a corporation, partnership, bank, association or other type of organization; provided that, if the
Indenture Trustee is acting in the capacity as successor servicer, the Indenture Trustee shall have been deemed to have made, as of the date of its succession, the representations and warranties set forth in
Section 2.06(a)(i) through Section 2.06(a)(iv) and its agent shall upon its appointment have made the representations and warranties set forth in Section 2.06(v) through
Section 2.06(viii). 
 Section 2.07. Access to Certain Information. Subject to the provisions of
Section 2.10, the Servicer shall provide or cause to be provided to the Indenture Trustee, the Controlling Class Representative and the Rating Agencies access to any documentation regarding the Notes that are within
its control which may be required by this Agreement or by applicable law, except to the extent that (i) such documentation is subject to a claim of privilege under applicable law that has been asserted by the Noteholders and of which the
Servicer has received written notice or (ii) the Servicer is otherwise prohibited from making such disclosure under applicable law, or may be subject to liability for making such disclosure in the Opinion of Counsel for the Servicer (which
counsel may be a salaried employee of the Servicer). Such access shall be afforded without charge, but only upon reasonable prior written request and during normal business hours (a) at the offices of the Servicer designated by it or
(b) alternatively, the Servicer may send copies by first class mail of the requested information to the address designated in the written request of the requesting party. However, the Servicer may charge for any copies requested by said
Persons. The Servicer shall be permitted to affix a reasonable disclaimer to any information provided by it pursuant to this Section 2.07. 

  
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 Nothing herein shall be deemed to require the Servicer to confirm, represent or warrant the
accuracy of (or to be liable or responsible for) any other Person’s information or report, including any communication from the Issuer, any Asset Entity or the Manager. 

The Servicer shall produce the reports required of it under this Agreement; provided, however, that the Servicer shall not be
required to produce any ad hoc non-standard written reports with respect to the Notes or the Tenant Site Assets. In the event the Servicer elects to provide such
non-standard reports, it may require the Person requesting such report (other than a Rating Agency or the Indenture Trustee) to pay a reasonable fee to cover the costs of the preparation thereof. Any
transmittal of information hereunder, or with respect to the Notes or the Tenant Site Assets, by the Servicer to any Person other than the Indenture Trustee or the Rating Agencies shall be accompanied by a letter from the Servicer containing the
following provision: 
 By receiving the information set forth herein, you hereby acknowledge and agree that the United States securities
laws restrict any person who possesses material, non-public information regarding the Notes or the Issuer, or any of its subsidiaries from purchasing or selling such Notes or any securities of the Issuer, in
circumstances where the other party to the transaction is not also in possession of such information. You also acknowledge and agree that such information is being provided to you for the purposes of, and such information may be used only in
connection with, evaluation by you or another Noteholder, Note Owner or prospective purchaser of such Notes or beneficial interest therein. 

The Servicer may make available by electronic media certain information and any reports that the Servicer is required to provide pursuant to
this Agreement (in addition to delivering such information to the Indenture Trustee as provided herein). 
 Section 2.08. Debt
Service Advances. 
 (a) If, on the Servicer Remittance Date, there are insufficient funds on deposit in the Collection Account properly
available to pay the Monthly Payment Amount in accordance with the priorities set forth in Article V of the Indenture, then the Servicer will be required to make a Debt Service Advance not later than 1:00 p.m. (New York City time) on the Servicer
Remittance Date for the related Payment Date. To the extent that the Servicer fails to make any Debt Service Advance required hereunder, the Indenture Trustee by 1:00 p.m. (New York City time) on the related Payment Date shall make such Debt Service
Advance pursuant to the terms of this Agreement, in each case unless such Advance is determined to be a Nonrecoverable Debt Service Advance. 

  
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 (b) Notwithstanding anything herein to the contrary, no Debt Service Advance shall be required to
be made hereunder if such Debt Service Advance (including interest thereon) would, if made, constitute a Nonrecoverable Debt Service Advance. For the avoidance of doubt it is understood that the Servicer and the Indenture Trustee are not required to
advance any principal due on the Notes, Class A Amortization Amounts, Class B Amortization Amounts, Prepayment Consideration, Post-ARD Additional Interest, Deferred
Post-ARD Additional Interest, or any Reserves. The determination by the Servicer (or the Indenture Trustee, as applicable) that it has made a Nonrecoverable Debt Service Advance or that any proposed Debt
Service Advance, if made, would constitute a Nonrecoverable Debt Service Advance, shall be made by such Person in its reasonable good faith judgment and shall be evidenced by a certificate of a Servicing Officer delivered to the Indenture Trustee
(in the case of the Servicer), setting forth the basis for such determination accompanied by any other information or reports that the Person making such determination may have obtained and that support such determination, the cost of such reports
shall constitute a Servicing Advance. The Indenture Trustee shall be entitled to rely conclusively on any nonrecoverability determination made by the Servicer with respect to a particular Debt Service Advance. Any such determination will be
conclusive and binding on the Indenture Trustee (if such determination is made by the Servicer) and Noteholders so long as it was made in accordance with the Servicing Standard (in the case of the Servicer). 

(c) The Servicer and the Indenture Trustee shall each be entitled to receive Advance Interest accrued on the amount of each Debt Service
Advance made thereby (with its own funds) for so long as such Debt Service Advance is outstanding. Such interest with respect to any Debt Service Advance shall be payable out of general collections on deposit in the Collection Account in accordance
with the Transaction Documents. The Servicer and the Indenture Trustee will each be entitled to reimbursement of any Debt Service Advances made by it, to the extent permitted and in the priorities provided in the Indenture, from funds in the
Collection Account in accordance with the priorities set forth in Section 5.01 of the Indenture (except if an Event of Default has occurred and is continuing or during an Amortization Period, the Servicer and the Indenture Trustee may each
reimburse itself for Debt Service Advances with any funds available in the Collection Account without regard to the priorities set forth in Section 5.01 of the Indenture). 

Section 2.09. Reporting. 

(a) Servicing Reports; Special Servicing Reports. Subject to Section 2.10, by 12:00 p.m. New York City time on
the second Business Day prior to each Payment Date, the Servicer shall (notwithstanding subsection (c) below) provide electronically (or, upon request, by first class mail) to the Indenture Trustee a statement prepared by the Servicer,
substantially in the form of, and containing the information set forth in, Exhibit A (the “Servicing Report”) and, if the Notes were Specially Serviced Notes at any time during the related Collection Period, a report,
substantially in the form of, and containing the information set forth in, Exhibit B (the “Special Servicing Report”). 

  
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 Upon receipt of each Manager Report delivered by the Manager pursuant to the Management
Agreement, the Servicer shall promptly provide such Manager Report to the Indenture Trustee. 
 Each Servicing Report and Special Servicing
Report shall be in an electronic format that is mutually acceptable to the Servicer and the Indenture Trustee. Each Servicing Report, Special Servicing Report and any written information supplemental to either shall include such information with
respect to the Notes that is reasonably required by the Indenture Trustee for purposes of preparing the Indenture Trustee Report, as set forth in reasonable written specifications or guidelines issued by the Indenture Trustee from time to time. Such
information may be delivered to the Indenture Trustee by the Servicer by electronic mail or in such electronic or other form as may be reasonably acceptable to the Servicer and the Indenture Trustee. 

On each Payment Date, subject to Section 2.10, the Indenture Trustee shall deliver the then current Indenture
Trustee Report and shall forward the Manager Report, the Servicing Report and, if applicable, the Special Servicing Report to each Rating Agency and make such reports available to Noteholders, Note Owners, any Placement Agent or Initial Purchaser,
the Servicer and the Controlling Class Representative via the Indenture Trustee’s password protected website. Neither the Servicer nor the Indenture Trustee shall be liable for dissemination of information in accordance with the
Transaction Documents. 
 (b) Financial Reports. The Servicer shall make reasonable efforts to collect promptly from the Issuer or the
Manager, all operating statements, Rent Rolls and other records required to be provided by them pursuant to the terms of the Transaction Documents. The Servicer shall promptly review and deliver to the Indenture Trustee and, upon request, deliver to
each Rating Agency, copies of all such items as may be collected pursuant to this Agreement. 
 (c) Information on the Servicer’s
Website at Servicer Option. The Servicer may, but is not required to, make any Servicing Reports, Manager Reports, Indenture Trustee Reports and Special Servicing Reports prepared by it with respect to the Notes, available each month on the
Servicer’s internet website only with the use of a password, in which case the Servicer shall provide such password to (i) the Indenture Trustee, the Issuer and the Manager, who by its acceptance of such password shall be deemed to have
agreed not to disclose such password to any other Person, (ii) any Placement Agent or Initial Purchaser, the Rating Agencies and the Controlling Class Representative, if any and (iii) each Noteholder and Note Owner who requests such
password. In connection with providing access to its internet website, the Servicer may require registration and the acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may
include, to the extent the Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure of such information, and which may (other than by the Indenture Trustee) provide
indemnification to the Servicer for any liability or damage that may arise therefrom. Notwithstanding anything to the contrary in this Section 2.09(c), neither the Issuer nor any Affiliate shall be entitled to receive any
Special Servicing Report. 

  
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 (d) Additional Reports at Option of Servicer with Consent of Indenture Trustee. If the
Servicer, in its reasonable judgment, determines (but this provision shall not be construed to impose on the Servicer any obligation to make such a determination in the affirmative or negative at any time) that information regarding the Notes or the
Tenant Site Assets (in addition to the information otherwise required to be reported under this Agreement and the other Transaction Documents) should be disclosed to Noteholders and Note Owners, then (a) the Servicer shall be entitled to so
notify the Indenture Trustee in writing, in which case the Servicer shall (i) set forth such information in an additional report, (ii) deliver such report to the Indenture Trustee and (iii) deliver a brief description of such report
to the Indenture Trustee; and (b) the Indenture Trustee shall (i) make available such report to the Noteholders not later than three (3) Business Days following the receipt thereof from the Servicer and (ii) include, in the
comment field of the Indenture Trustee Report for the Payment Date that succeeds its receipt of the relevant information from the Servicer by not less than two (2) Business Days, a brief description of such report (which may be the same
description thereof that was provided by the Servicer, on which description the Indenture Trustee shall be entitled to rely). 
 (e)
Protections for Indenture Trustee and Servicer. The Indenture Trustee will be entitled to conclusively rely on information supplied to it by the Servicer without independent verification and shall not be responsible for recomputing,
recalculating or verifying information provided by the Servicer pertaining to any Servicing Report, Special Servicing Report, Manager Report, Officer’s Certificate or other report. To the extent that the information required to be furnished by
the Servicer is based on information required to be provided by the Guarantor, the Obligors or the Manager, the Servicer’s obligation to furnish such information to the Indenture Trustee, and the Indenture Trustee’s obligation to make such
reports available in accordance with the Transaction Documents, will be contingent on its receipt of such information from the relevant Person. The Servicer will be entitled to rely on information supplied by the Guarantor, the Obligors or the
Manager in any case without independent verification. The failure of the Servicer to disclose any information otherwise required to be disclosed by this Section 2.09 shall not constitute a breach of this
Section 2.09 to the extent that the Servicer so fails because such disclosure, in the reasonable belief of the Servicer, would violate Section 2.10 or any applicable law or any provision of a
Transaction Document prohibiting disclosure of information with respect to the Notes or a Tenant Site Asset. The Servicer may disclose any such information or any additional information to any Person so long as such disclosure is consistent with
Section 2.10, applicable law and the Servicing Standard. The Servicer may affix to any information provided by it any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of
any other party hereto). 

  
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 (f) Means of Delivery (Servicer). If the Servicer is required to deliver any statement,
report or information under any provision of this Agreement, the Servicer may satisfy such obligation by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information
in a mutually acceptable electronic format or (z) making such statement, report or information available on the Servicer’s internet website, unless this Agreement expressly specifies a particular method of delivery. Notwithstanding the
foregoing, the Indenture Trustee may request delivery in paper format of any statement, report or information required to be delivered to the Indenture Trustee, and clause (z) shall not apply to the delivery of any information required
to be delivered to the Indenture Trustee unless the Indenture Trustee consents in writing to such method of delivery. Notwithstanding any provision to the contrary, the Servicer shall not have any obligation (other than to the Indenture Trustee) to
deliver by any other method any statement, notice or report that is then made available on the Servicer’s or the Indenture Trustee’s internet website, provided that it has notified all parties entitled to delivery of such reports, by
electronic mail or other notice, to the effect that such statements, notices or reports shall thereafter by made available on such website from time to time. 

Section 2.10. Confidentiality. Notwithstanding anything herein to the contrary (except with respect to the disposition of
Specially Serviced Tenant Site Assets pursuant to Section 2.17), each of the Indenture Trustee and the Servicer hereby agrees to keep the Manager Reports, the other reports required to be prepared and delivered pursuant to
Section 2.09 and all other information relating to the Obligors and their respective Affiliates received by them pursuant to the Transaction Documents (collectively, the “Information”) confidential, and
such Information will not be disclosed or made available to any Person by the Servicer, the Indenture Trustee or any of their respective officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever without the prior written consent of the Issuer, except that the Servicer and the Indenture Trustee may disclose or make available Information (i) to the Indenture Trustee, the Rating
Agencies and any Placement Agent or Initial Purchaser, (ii) to Note Owners or Noteholders that have delivered a written confirmation in such form as may be acceptable to the Servicer or the Indenture Trustee to the effect that such Person is a
legal or beneficial holder of a Note or an interest therein and will keep such Information confidential, (iii) to prospective purchasers of Notes, or interests therein, that have delivered a written confirmation in such form as may be
acceptable to the Servicer or the Indenture Trustee to the effect that such Person is a prospective purchaser of a Note or an interest therein, is requesting the Information for use in evaluating a possible investment in Notes and will otherwise
keep such Information confidential, (iv) to the Controlling Class Representative or any other Person to whom disclosure is expressly permitted hereby (including, following the occurrence and during the continuance of an Event of Default
under the Indenture, a prospective purchaser of any of the Equity Interests), so long as the Controlling Class Representative or such other Person shall have delivered a written confirmation in such form as may be acceptable to the Servicer or
the Indenture Trustee) to the effect that such Person will keep such Information confidential, (v) in order to comply with the requirements of Section 11.11 of the Indenture, (vi) that is or becomes publicly known other than by the
Servicer or the Indenture Trustee’s breach of this Section 2.10, (vii) if required to do so by any applicable statute, law, rule or regulation, or in working with any taxing 

  
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authorities or other governmental agencies, (viii) to any government agency or regulatory body having or claiming authority to regulate or oversee any aspects of the Servicer or the
Indenture Trustee’s business, as applicable, or that of its Affiliates, (ix) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the
Servicer or the Indenture Trustee, as applicable, or an Affiliate or an officer, director, employer or shareholder thereof is a party, (x) to any Affiliate, independent or internal auditor, agent, employee or attorney of the Servicer or the
Indenture Trustee, as applicable, provided that the Servicer or the Indenture Trustee, as applicable, advises such recipient of the confidential nature of the Information being disclosed and obtains confirmation in such form as may be acceptable to
the Servicer or the Indenture Trustee to the effect that such Person will keep such Information confidential and (xi) any other disclosure authorized by the Obligors. 

Section 2.11. Additional Obligations of Servicer. 

(a) The Servicer shall not be required to pay without reimbursement (as an Additional Issuer Expense) the fees charged by any Rating Agency
(i) in respect of Rating Agency Confirmation or (ii) in connection with any other particular matter, unless the Servicer has failed to use efforts in accordance with the Servicing Standard to collect such fees from the Issuer. 

(b) The Servicer shall maintain at its primary servicing office and shall, upon reasonable advance written notice, make available during normal
business hours for review by the Indenture Trustee, each Rating Agency and the Controlling Class Representative: (i) the most recent annual, quarterly, monthly and other periodic operating statements relating to the Tenant Site Assets and
reports collected by the Servicer pursuant to Section 2.09; (ii) all Servicing Reports and Special Servicing Reports prepared by the Servicer since the Initial Closing Date pursuant to
Section 2.09; (iii) all Manager Reports delivered by the Manager since the Initial Closing Date pursuant to the Management Agreement; and (iv) all of the Servicing File in its possession; provided that the
Servicer shall not be required to make particular items of information contained in the Servicing File available to any Person if the disclosure of such particular items of information is expressly prohibited by applicable law (or would in the
Servicer’s reasonable judgment cause the Servicer to violate any applicable law) or the provisions of the Transaction Documents or if such documentation is subject to claim of privilege under applicable law that can be asserted by the Servicer;
provided, further, that, except in the case of the Indenture Trustee and Rating Agencies, the Servicer shall be entitled to recover from any Person reviewing the Servicing File pursuant to this Section 2.11(b)
its reasonable out-of-pocket expenses incurred in connection with making the Servicing Files available to such Person. Except as set forth in the provisos to the
preceding sentence, copies of any and all of the foregoing items are to be made available by the Servicer, to the extent set forth in the preceding sentence, upon request; provided, however, the Servicer shall be permitted to require,
except from the Indenture Trustee and the Rating Agencies, payment of a sum sufficient to cover the reasonable out-of-pocket costs and expenses of providing such
service. The Servicer shall not be liable for the dissemination of information in accordance with this Section 2.11(b). 

  
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 (c) Prior to causing title to any Tenant Site Asset that is a Fee Asset to be taken in the name
of the Indenture Trustee, the Servicer shall conduct such investigations as may be necessary to understand the environmental condition of such Tenant Site Asset and the reasonable likelihood of potential environmental liabilities relating thereto.
Any investigations conducted pursuant to the immediately preceding sentence shall be conducted in scope and substance in a manner reasonably acceptable to the Indenture Trustee, it being acknowledged that a “Phase I” or “Phase
II” assessment shall not generally be required, but that depending on the specific facts and circumstances of any Tenant Site Asset, may be required in specific instances. In no event shall the Servicer cause title to any Tenant Site Asset to
be taken in the name of the Indenture Trustee if such Tenant Site Asset is the subject of any material adverse environmental conditions without full disclosure to, and the express written consent of, the Indenture Trustee. If title to any
Obligor’s Equity Interest is acquired by virtue of realization on the Collateral or if indirect ownership of any Tenant Site Asset is otherwise acquired, the Servicer shall require the applicable entities to observe all corporate, limited
liability company, limited partnership, or other applicable organizational formalities and protocols, and to observe all separateness covenants set forth in their respective organizational documents, so as to mitigate any potential attempt to pierce
the corporate veil of such entities. 
 (d) The Servicer shall review and confirm the mathematical accuracy of each certification of the
Manager in connection with the addition of Additional Tenant Site Assets or Additional Obligor Tenant Site Assets, as contemplated by Section 2.12(d) of the Indenture. 

Section 2.12. Servicing Transfer Events; Record Keeping. Upon determining that a Servicing Transfer Event has occurred, the
Servicer shall immediately give written notice thereof to the Indenture Trustee, the Rating Agencies and the Controlling Class Representative. The Servicer shall use its reasonable efforts to comply with the preceding sentence within five
(5) Business Days of the occurrence of each related Servicing Transfer Event. The Servicer shall be responsible for the servicing and administration of the Notes as Specially Serviced Notes following the occurrence of a Servicing Transfer Event
unless and until the Notes are no longer Specially Serviced Notes as set forth in the definition thereof. 
 Section 2.13. Sub-Servicing Agreements. 
 (a) Subject to Section 2.13(e), the Servicer may
enter into Sub-Servicing Agreements to provide for the performance by third parties of any or all of its obligations hereunder, provided that in each case, the
Sub-Servicing Agreement: (i) must be consistent with this Agreement in all material respects and shall not subject the Indenture Trustee to any obligations or liabilities without the written consent of
the Indenture Trustee and (ii) expressly or effectively provides that if the Servicer shall for any reason no longer act in such capacity hereunder (including by reason of a Servicer Termination Event), any successor to the Servicer hereunder
(including the Indenture Trustee if the Indenture Trustee has become such successor pursuant to Section 5.02) 

  
 23 

 
may thereupon either assume all of the rights and, except to the extent that they arose prior to the date of assumption, obligations of the Servicer under such agreement or, subject to the
provisions of Section 2.13(d), terminate such rights and obligations, in either case without payment of any penalty or termination fee. References in this Agreement to actions taken or to be taken by the Servicer include
actions taken or to be taken by a Sub-Servicer on behalf of the Servicer; and, in connection therewith, all amounts advanced by any Sub-Servicer to satisfy the
obligations of the Servicer hereunder to make Advances shall be deemed to have been advanced by the Servicer out of its own funds. For purposes of this Agreement, the Servicer shall be deemed to have received any payment when a Sub-Servicer retained by it receives such payment. The Servicer shall notify the Indenture Trustee in writing promptly of the appointment by it of any Sub-Servicer, and shall
deliver to the Indenture Trustee copies of all Sub-Servicing Agreements and any amendments thereto and modifications thereof entered into by it promptly upon its execution and delivery of such documents. The
Servicer shall deliver a copy of any existing Sub-Servicing Agreement to the Indenture Trustee prior to the Initial Closing Date. 

(b) Each Sub-Servicer shall be authorized to transact business in the state or states in which a Tenant
Site Asset is located, if and to the extent required by applicable law. 
 (c) The Servicer, for the benefit of the Indenture Trustee and the
Noteholders, shall (at no expense to the other such party or to the Indenture Trustee or the Noteholders) monitor the performance and enforce the obligations of its Sub-Servicers under the Sub-Servicing Agreements. Such enforcement, including the legal prosecution of claims, termination of Sub-Servicing Agreements in accordance with their respective terms and
the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Servicer, in its reasonable judgment, would require were it the holder of the Notes. Subject to the terms of the Sub-Servicing Agreement, the Servicer shall have the right to remove a Sub-Servicer retained by it at any time it considers such removal to be in the best interests of
Noteholders. 
 (d) Notwithstanding any Sub-Servicing Agreement, the Servicer shall remain obligated
and liable to the Indenture Trustee and the Noteholders for the performance of its obligations and duties under this Agreement in accordance with the provisions hereof to the same extent and under the same terms and conditions as if it alone were
servicing and administering the Notes. No appointment of a Sub-Servicer shall result in any additional expense to the Indenture Trustee, the Noteholders or the Obligors other than those contemplated herein.

 (e) The Servicer shall be solely liable for all fees owed by it to any Sub-Servicer. Each Sub-Servicer retained by the Servicer shall be reimbursed by the Servicer for certain expenditures that it makes in the manner set forth in the Sub-Servicing Agreement, which
shall generally be to the same extent the Servicer would be reimbursed under the Servicing Agreement. The Servicer shall not enter into any Sub-Servicing Agreement in respect of any duties or responsibilities
with respect to the Notes 

  
 24 

 
as Specially Serviced Notes without the prior written consent of the Controlling Class Representative. The Servicer shall not enter into any
Sub-Servicing Agreement with the Issuer or any of its Affiliates. The Servicer shall not appoint any Sub-Servicer which would cause the Indenture Trustee to cease to be
eligible to serve as Indenture Trustee in accordance with the terms of the Indenture. 
 (f) If the Servicer ceases to serve as such under
this Agreement for any reason (including by reason of a Servicer Termination Event), then the Indenture Trustee or other successor servicer shall succeed to the rights and assume the obligations of the Servicer under any Sub-Servicing Agreement unless the Indenture Trustee or other successor servicer elects to terminate any such Sub-Servicing Agreement in accordance with its terms and
Section 2.13(a)(ii). If a Sub-Servicing Agreement is to be assumed by the Indenture Trustee or other successor servicer, then the Servicer at its expense shall deliver to the assuming
party all documents and records relating to such Sub-Servicing Agreement and an accounting of amounts collected and held on behalf of it thereunder, and otherwise use its reasonable efforts to effect the
orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party. 

Section 2.14. Servicer and Indenture Trustee to Cooperate. The Servicer and the Indenture Trustee shall each furnish to the
other such reports, certifications and information in its possession, and access to such books and records maintained thereby, as may relate to the Notes, the Tenant Site Assets, the Tenant Leases or the other Collateral and as shall be reasonably
requested by the other in order to enable each to perform its duties hereunder. 
 Section 2.15. Title to Equity Interests;
Specially Serviced Tenant Site Assets. If title to Equity Interests is acquired by virtue of realization on the Collateral, the Servicer shall act in accordance with the Servicing Standard to liquidate Specially Serviced Tenant Site Assets or
such Equity Interests on a timely basis in accordance with, and subject to the terms and conditions of, Section 2.17 and the Indenture. 

Section 2.16. Management of Specially Serviced Tenant Site Assets. 

(a) Subject to Section 2.15, the Servicer’s decision as to how a Specially Serviced Tenant Site Asset shall be
managed in accordance with the Servicing Standard. The Servicer may, consistent with the Servicing Standard, engage an independent contractor to manage any Specially Serviced Tenant Site Asset, the cost of which independent contractor shall be paid
by the Servicer, and shall be reimbursable to the Servicer, as a Servicing Advance. The Servicer may consult with counsel or other consultants knowledgeable in such matters at (to the extent reasonable) the expense of the Obligors in connection with
determinations required under this Section 2.16(a), which expense will be reimbursed to the Servicer pursuant to the Indenture as an Additional Issuer Expense. The Servicer shall not be liable to the Noteholders, the
Obligors or the other parties hereto for errors in judgment made in good faith in the reasonable exercise of its discretion or in reasonable and good faith reliance on the advice of knowledgeable counsel or other consultants while performing its
responsibilities under this Section 2.16(a). Nothing in this Section 2.16(a) is intended to prevent the sale of a Specially Serviced Tenant Site Asset pursuant to the terms and subject to the
conditions of Section 2.17. 

  
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 (b) The Servicer shall have full power and authority to do any and all things in connection with
the management of a Specially Serviced Tenant Site Asset as is consistent with the Servicing Standard and, consistent therewith, shall withdraw from the Collection Account, to the extent of amounts on deposit therein with respect to the related
Specially Serviced Tenant Site Asset, funds necessary for the proper ownership, management, maintenance and disposition of such Specially Serviced Tenant Site Asset, including: 

(i) all insurance premiums due and payable in respect of such Specially Serviced Tenant Site Asset; 

(ii) all real estate taxes and assessments in respect of such Specially Serviced Tenant Site Asset that may result in the
imposition of a lien thereon that otherwise constitute Impositions; and 
 (iii) all costs and expenses necessary to
maintain, lease, sell, protect and manage such Specially Serviced Tenant Site Asset. 
 To the extent that amounts on deposit in the
Collection Account in respect of the related Specially Serviced Tenant Site Asset are insufficient for the purposes set forth in the preceding sentence with respect to such Specially Serviced Tenant Site Asset, the Servicer shall make Servicing
Advances in such amounts as are necessary for such purposes unless (as evidenced in the manner contemplated by Section 2.03(c)) the Servicer determines, in its reasonable good faith judgment, that such payment would be a
Nonrecoverable Servicing Advance. 
 Section 2.17. Sale of Specially Serviced Tenant Site Asset. 

(a) The Servicer may sell, or permit the sale of, a Specially Serviced Tenant Site Asset (including through a sale of any or all of the Equity
Interests) only on the terms and subject to the conditions set forth in this Section 2.17. 
 (b) The Servicer
shall use its commercially reasonable efforts, consistent with the Servicing Standard, to solicit offers for Specially Serviced Tenant Site Assets at a time and in a manner that is consistent with the Servicing Standard and will be reasonably likely
to realize a fair price on a timely basis as required by Section 2.15. The Servicer may sell Specially Serviced Tenant Site Assets individually, in groups of one or more Specially Serviced Tenant Site Assets or all of the
Specially Serviced Tenant Site Assets together (including through a sale of any or all of the Equity Interests), in each case as the Servicer may determine to be appropriate in accordance with the Servicing Standard to maximize the proceeds thereof.
Subject to Section 2.17(c) and Section 10.06 of the Indenture, the Servicer shall accept the highest cash offer received from any Person 

  
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that constitutes a fair price for such Specially Serviced Tenant Site Asset or Specially Serviced Tenant Site Assets. If the Servicer reasonably believes that it will be unable to realize a fair
price (determined pursuant to Section 2.17(c)) for any Specially Serviced Tenant Site Asset on a timely basis as required by Section 2.15, the Servicer shall dispose of such Specially Serviced
Tenant Site Asset upon such terms and conditions as the Servicer shall deem necessary and desirable to maximize the recovery thereon under the circumstances. 

The Servicer shall give the Indenture Trustee, the Manager, the Obligors and the Controlling Class Representative not less than ten
(10) Business Days prior written notice of its intention to sell any such Specially Serviced Tenant Site Asset pursuant to this Section 2.17(b). No Interested Person shall be obligated to submit (but none of them shall
be prohibited from submitting) an offer to purchase such Specially Serviced Tenant Site Asset, and notwithstanding anything to the contrary herein, the Indenture Trustee in its individual capacity (or in its capacity as Backup Manager) or its
affiliates or agents, may not bid for or purchase such Specially Serviced Tenant Site Asset. 
 (c) Whether any cash offer constitutes a fair
price for a Specially Serviced Tenant Site Asset or Specially Serviced Tenant Site Assets shall be determined by the Servicer or, if such cash offer is from the Servicer or an Affiliate thereof, following notice by the Servicer that it is making
such offer, by the Indenture Trustee or any valuation expert hired by the Indenture Trustee. In determining whether any offer received from an Interested Person constitutes a fair price, the Servicer or the Indenture Trustee shall be entitled to
hire and rely on a valuation expert or similar advisor and the cost thereof shall be payable as an Additional Issuer Expense. In determining whether any offer received from an Interested Person represents a fair price, the Servicer or the Indenture
Trustee shall be entitled to conclusively rely on (and will be fully protected in relying solely on) the most recent valuation (if any) conducted in accordance with this Agreement within the preceding 12-month
period (or, in the absence of any such valuation or if there has been a material change at the subject property since any such valuation, on a new valuation to be obtained by the Servicer (the cost of which shall be payable as an Additional Issuer
Expense)) and the Servicer or the Indenture Trustee shall be entitled to hire such real estate advisors as it deems necessary or desirable in making such determination (the cost of which shall be payable as an Additional Issuer Expense pursuant to
the Indenture or this Agreement) and shall be entitled to rely conclusively thereon. The Person conducting any such new valuation must be a valuation expert selected by the Servicer if neither the Servicer nor any Affiliate thereof is submitting an
offer with respect to a Specially Serviced Tenant Site Asset and selected by the Indenture Trustee if either the Servicer or any Affiliate thereof is so submitting an offer (as notified in writing to the Indenture Trustee). Where any Interested
Person is among those submitting offers with respect to any Specially Serviced Tenant Site Asset, the Servicer shall require that all offers be submitted to it (and, if the Servicer is submitting an offer, shall be submitted by it to the Indenture
Trustee) in writing and be accompanied by a refundable deposit of cash in an amount equal to 5% of the offer amount. 

  
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 In determining whether any offer from a Person other than an Interested Person constitutes a fair
price for any Specially Serviced Tenant Site Asset or Specially Serviced Tenant Site Assets, the Servicer shall take into account the results of any valuation or updated valuation that may have been obtained by it or any other Person and delivered
to the Indenture Trustee in accordance with this Agreement within the prior twelve (12) months, and any Independent valuation agent shall be instructed to take into account, as applicable, among other factors, the occupancy level and physical
condition of the Specially Serviced Tenant Site Asset or Specially Serviced Tenant Site Assets, the Annualized Net Cash Flow generated by the Specially Serviced Tenant Site Asset or Specially Serviced Tenant Site Assets and the state of the outdoor
advertising industry and the local economy. In determining whether any offer received from a Person other than an Interested Person represents a fair price, the Servicer or the Indenture Trustee shall be entitled to conclusively rely on (and will be
fully protected in relying solely on) the most recent valuation (if any) conducted in accordance with this Agreement within the preceding 12-month period (or, in the absence of any such valuation or if there
has been a material change at the subject property since any such valuation, on a new valuation to be obtained by the Servicer (the cost of which shall payable as an Additional Issuer Expense)) and the Servicer or the Indenture Trustee shall be
entitled to hire such real estate advisors as it deems necessary or desirable in making such determination (the cost of which shall be payable as an Additional Issuer Expense pursuant to the Indenture or this Agreement) and shall be entitled to rely
conclusively thereon. Any price shall be deemed to constitute a fair price if it is an amount that is not less than the Allocated Note Amount for the Tenant Site Asset or Tenant Site Assets that constitute such Specially Serviced Tenant Site Asset
or Specially Serviced Tenant Site Assets. Notwithstanding the other provisions of this Section 2.17, no cash offer from the Servicer or any Affiliate thereof shall constitute a fair price for a Specially Serviced Tenant
Site Asset unless such offer is the highest cash offer received and at least two (2) independent offers (not including the offer of the Servicer or any Affiliate) have been received. In the event the offer of the Servicer or any Affiliate
thereof is the only offer received or is the higher of only two offers received, then additional offers shall be solicited. If an additional offer or offers, as the case may be, are received and the original offer of the Servicer or any Affiliate
thereof is the highest of all cash offers received, then the bid of the Servicer or such Affiliate shall be accepted; provided that the valuation expert hired by the Indenture Trustee has otherwise determined, as described above in this
Section 2.17(c), that such offer constitutes a fair price for such Specially Serviced Tenant Site Asset or Specially Serviced Tenant Site Assets. Any offer by the Servicer shall be unconditional; and, if accepted, such
Specially Serviced Tenant Site Asset or Specially Serviced Tenant Site Assets shall be transferred to the Servicer without recourse, representation or warranty other than customary representations as to title given in connection with the sale of
real property. 
 (d) Subject to Sections 2.17(b) and 2.17(c) above and Section 10.06 of the Indenture, the Servicer shall
act on behalf of the Indenture Trustee, in accordance with the Servicing Standard, in negotiating with independent third parties and taking any other action necessary or appropriate in connection with the sale of any Specially Serviced Tenant Site
Asset or Specially Serviced Tenant Site Assets, and the collection of 

  
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all amounts payable in connection therewith. In connection therewith, the Servicer may charge prospective offerors, and may retain, fees that approximate the Servicer’s actual costs in the
preparation and delivery of information pertaining to such sales or evaluating bids without obligation to deposit such amounts into the Collection Account. Any sale of any Specially Serviced Tenant Site Asset or Specially Serviced Tenant Site Assets
shall be final and without recourse to the Indenture Trustee or the Obligors, and if such sale is consummated in accordance with the terms of this Agreement, neither the Servicer nor the Indenture Trustee shall have any liability to any Noteholder
with respect to the purchase price therefor accepted by the Servicer or the Indenture Trustee (including whether such purchase price was fair or adequate). 

(e) Subject to Section 2.10, the Servicer shall provide to a prospective purchaser of any Specially Serviced Tenant
Site Asset or any of the Equity Interests such information as the prospective purchaser may reasonably request. 
 (f) Any sale of a
Specially Serviced Tenant Site Asset shall be for cash only and shall be on a servicing released basis. 
 (g) Notwithstanding any of the
foregoing paragraphs of this Section 2.17, the Servicer shall not be obligated to accept the highest cash offer if the Servicer determines, in accordance with the Servicing Standard, that rejection of such offer would be in
the best interests of the Noteholders, and the Servicer may, subject to Section 10.06 of the Indenture, accept a lower cash offer (from any Person other than itself or an Affiliate) if it determines, in accordance with the Servicing Standard,
that acceptance of such offer would be in the best interests of the Noteholders (for example, if the prospective buyer making the lower bid is more likely to perform its obligations or the terms (other than price) offered by the prospective buyer
making the lower offer are more favorable). 
 Section 2.18. Maintenance of Insurance by the Servicer. The Servicer shall
at all times during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a fidelity bond providing coverage against losses that may be sustained as a result of its officers or employees
misappropriation of funds, which bond shall be in such form and amount as would be required for the Servicer to be a qualified Fannie Mae or Freddie Mac seller-servicer of multifamily mortgage loans. Such fidelity bond shall provide that it may not
be canceled without thirty (30) days prior written notice to the Indenture Trustee. 
 In addition, the Servicer shall at all times
during the term of this Agreement keep in force with Qualified Insurers that possess the Required Claims-Paying Ratings, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in
connection with its obligation to service the Notes, which policy or policies shall be in such form and amount as would be required for the Servicer to be a qualified Fannie Mae or Freddie Mac seller-servicer of multifamily mortgage loans. Such
errors and omissions policy shall provide that it may not be canceled without thirty (30) days prior written notice to the Indenture Trustee. 

  
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 Notwithstanding the foregoing, so long as the long-term unsecured debt obligations of the
Servicer are rated at least “A2” (or equivalent) by Moody’s and “A” (or equivalent) by Fitch, the Servicer shall be allowed to provide self-insurance with respect to its fidelity bond and an errors and omissions policy. The
coverage shall be in the form and amount that would meet the servicing requirements of prudent institutional commercial mortgage loan lenders and servicers. Coverage of the Servicer under a policy or bond by the terms thereof obtained by an
Affiliate of the Servicer and providing the required coverage shall satisfy the requirements of the first or second paragraph (as applicable) of this Section 2.18. 

The Servicer shall cause the Indenture Trustee to be an additional loss payee on any policy currently in place or procured pursuant to the
requirements of this Section 2.18. 
 ARTICLE III 

COVENANTS OF INDENTURE TRUSTEE 

Section 3.01. No Amendment of Indenture. The Indenture Trustee shall not, without the consent of the Servicer, agree to any
amendment or modification of the Indenture or any other Transaction Document, the effect of which would materially increase the Servicer’s obligations or liabilities, or materially decrease the Servicer’s rights or remedies, under this
Agreement or under any other Transaction Document. 
 ARTICLE IV 

THE SERVICER 

Section 4.01. Liability of the Servicer. The Servicer shall be liable in accordance herewith only to the extent of the
respective obligations specifically imposed upon and undertaken by the Servicer under this Agreement. Notwithstanding the foregoing, the Servicer shall indemnify and hold harmless the Indenture Trustee and its officers, directors, employees, agents
and attorneys, the Guarantor and the Obligors against any loss, liability, cost or expense incurred by the Indenture Trustee, the Guarantor and the Obligors arising from the Servicer’s fraud, bad faith, negligence or willful misconduct in the
Servicer’s performance of its duties hereunder. The obligations of the Servicer under this Section 4.01 shall survive the termination of this Agreement and the resignation or removal of the Servicer. 

Section 4.02. Merger, Consolidation or Conversion of the Servicer. Subject to the following paragraph, the Servicer shall
keep in full effect its existence, rights and franchises as a corporation, bank, trust company, partnership, limited liability company, association or other legal entity under the laws of the jurisdiction wherein it is organized, and shall obtain
and preserve its qualification to do business as a foreign entity in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or the Notes and to perform its duties under
this Agreement. 

  
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 The Servicer may be merged or consolidated with or into any Person, or transfer all or
substantially all of its assets to any Person (which, with respect to the Servicer, means its commercial mortgage servicing business), in which case, any Person resulting from any merger or consolidation to which the Servicer shall be a party, or
any Person succeeding to the business of the Servicer, shall be the successor hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that no successor or surviving Person shall succeed to the rights of the Servicer unless the Indenture Trustee shall have received Rating Agency Confirmation with respect to such succession at the Servicer’s
cost and expense. 
 Section 4.03. Limitation on Liability of the Servicer. 

(a) Neither the Servicer nor any of its directors, managers, members, officers, employees or agents shall be under any liability to the
Guarantor, the Obligors, the Indenture Trustee or the Noteholders for any action taken, or not taken, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the
Servicer or any such other Person against liability for any breach of a representation, warranty or covenant made herein, or against any expense or liability specifically required to be borne thereby without right of reimbursement pursuant to the
terms hereof, or against any liability that would otherwise be imposed by reason of fraud, bad faith, negligence or willful misconduct in the performance of obligations or duties hereunder, or by reason of negligent disregard of such obligations and
duties. The Servicer and any of its directors, officers, managers, members, employees or agents may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters
arising hereunder. The Servicer and any of its directors, officers, managers, members, employees or agents shall be indemnified and held harmless by the Issuer out of funds on deposit in the Collection Account against any loss, liability, cost,
claim or expense (including costs and expenses of litigation and of investigation, reasonable counsel’s fees, damages, judgments and amounts paid in settlement) arising out of or incurred in connection with this Agreement, the Notes, the other
Transaction Documents or any of the Tenant Site Assets, other than any such loss, liability, cost, claim or expense: (i) specifically required to be borne by the indemnified party pursuant to the terms hereof or otherwise incidental to the
performance of obligations and duties under this Agreement, including, in the case of the Servicer, the prosecution of an enforcement action in respect of the Notes (except as any such loss, liability or expense will be otherwise reimbursable
pursuant to this Agreement); (ii) that constitutes an Advance and is otherwise reimbursable pursuant to this Agreement (provided that this clause (ii) is not intended to limit the Servicer’s right of recovery of liabilities and
expenses incurred as a result of being the defendant or participating in legal action or claims relating to this Agreement); or (iii) that was incurred in connection with claims against such party resulting from (A) any breach of a
representation or warranty made herein by such party, or (B) fraud, bad 

  
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faith, negligence or willful misconduct in the performance of obligations or duties hereunder by such party, or reckless disregard of such obligations or duties, or any willful or negligent
violation of applicable law. The Servicer shall not be under any obligation to appear in, prosecute or defend any legal action unless such action is related to its respective duties under this Agreement and, except in the case of a legal action
contemplated by Section 2.13, that, in its opinion, does not involve it in any ultimate expense or liability; provided, however, that the Servicer may, in its discretion, undertake any such action which it may
reasonably deem necessary or desirable with respect to the enforcement or protection of the rights and duties of the parties hereto and the interests of the Noteholders hereunder or under the other Transaction Documents. In such event, the legal
expenses and costs of such action, and any liability resulting therefrom, shall be expenses, costs and liabilities of the Obligors and the Servicer shall be entitled to the direct payment of such expense, or to be reimbursed therefor, from the
Collection Account in accordance with the Transaction Documents. 
 The Servicer may consult with counsel, and any written advice or Opinion
of Counsel, provided that such counsel is selected in accordance with the standard of care set forth in this Section 4.03(a), shall be full and complete authorization and protection with respect to any action taken or
suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel. 
 (b) No recourse may be taken,
directly or indirectly, with respect to the obligations of the Servicer under this Agreement or any other Transaction Document or any certificate or other writing delivered in connection herewith or therewith, against any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Servicer, in its individual capacity, any holder of equity in the Servicer or in any successor or assign of the Servicer in its individual capacity, except as any such Person may have
expressly agreed. 
 This Section 4.03 shall survive the termination of this Agreement or the termination or
resignation of the Servicer as regards rights and obligations prior to such termination or resignation. 

Section 4.04. Servicer Not to Resign. The Servicer may resign from the obligations and duties hereby imposed on it upon a
determination that its duties hereunder are no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried on by it (the other activities of the Servicer so causing such a
conflict being of a type and nature carried on by the Servicer at the date of this Agreement). Any such determination requiring the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect which shall be delivered to
the Indenture Trustee. Unless applicable law requires the Servicer’s resignation to be effective immediately, and the Opinion of Counsel delivered pursuant to the prior sentence so states, no such resignation shall become effective until the
Indenture Trustee or other successor shall have assumed the responsibilities and obligations of the resigning party in accordance with Section 4.06 or Section 5.02; provided that, if no
successor servicer shall have been so appointed and have accepted appointment within ninety (90) days after the Servicer has given notice of such resignation, the resigning Servicer may petition any court of competent jurisdiction for the
appointment of a successor servicer. 

  
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 In addition, the Servicer shall have the right to resign or assign its servicing rights at any
other time; provided that (i) a willing successor thereto (proposed by the resigning Servicer and reasonably acceptable to the Controlling Class Representative, if any) has been identified, (ii) the Indenture Trustee has
received a Rating Agency Confirmation, (iii) the resigning party pays all costs and expenses in connection with such transfer, (iv) the successor accepts appointment prior to the effectiveness of such resignation or assignment and accepts
the duties and obligations of the Servicer under this Agreement and the other Transaction Documents and (v) the Indenture Trustee receives prior written notice of such appointment. 

The Servicer shall not be permitted to resign except as contemplated above in this Section 4.04 or as contemplated
in Section 6.02. 
 Consistent with the foregoing, the Servicer shall not (except in connection with any
resignation thereby permitted pursuant to the prior paragraph or as otherwise expressly provided herein, including the provisions of Sections 2.13, 4.02 and 6.02) assign or transfer any of its rights, benefits or privileges
hereunder to any other Person. Upon resignation in accordance with this Section 4.04, the Servicer shall be entitled to receive all unpaid fees due in accordance with Section 2.04 and reimbursement
for Advances, including the applicable Advance Interest and Additional Issuer Expenses. 
 Section 4.05. Rights of the
Indenture Trustee in Respect of the Servicer. Upon reasonable request, the Servicer shall furnish the Indenture Trustee with its most recent publicly available annual audited financial statements (or, if not available, the most recent publicly
available audited annual financial statements of its corporate parent, on a consolidated basis) and such other information as is publicly available regarding its business, affairs, property and condition, financial or otherwise; provided that
the Indenture Trustee may not disclose the contents of such financial statements or other information to non-affiliated third parties other than in accordance with Section 2.10. The
Servicer may affix to any such information described in this Section 4.05 provided by it any disclaimer it deems appropriate in its reasonable discretion. The Indenture Trustee may, but is not obligated to, enforce the
obligations of the Servicer hereunder and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Servicer hereunder or exercise the rights of the Servicer hereunder; provided, however,
that the Servicer shall not be relieved of any of its obligations hereunder by virtue of such performance by the Indenture Trustee or its designee. The rights, protections, immunities, standards of care, limitation on liability and rights to
indemnities set forth in the Indenture shall apply to the duties and obligations of the Indenture Trustee hereunder. The Indenture Trustee shall not have any responsibility or liability for any action or failure to act by the Servicer or any of its Sub-Servicers and is not obligated to supervise the performance of the Servicer or any of its Sub-Servicers under this Agreement or otherwise. 

  
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 Section 4.06. Designation of Servicer by the Controlling Class. The Controlling
Class Representative may, during such time as the Notes are Specially Serviced Notes, at any time and from time to time designate a Person (other than the Indenture Trustee) to replace any existing Servicer or any Servicer that has resigned or
otherwise ceased to serve as Servicer, such successor servicer to be reasonably acceptable to the Indenture Trustee. The Controlling Class Representative shall so designate a Person (the “Designated Person”) to serve as
successor servicer by the delivery to the Indenture Trustee, the proposed successor servicer and the existing servicer of a written notice stating such designation. The Indenture Trustee shall, promptly after receiving any such notice, deliver to
the Rating Agencies an executed Notice and Acknowledgment in the form of Exhibit C. The Designated Person shall become the Servicer on the date as of which the following condition shall be satisfied: (i) the prior written notice to the
Rating Agencies by the Indenture Trustee (at the direction of the Controlling Class Representative); (ii) the Issuer’s receipt of an Acknowledgment of Proposed Servicer in the form of Exhibit D, executed by the Designated Person;
and (iii) an Opinion of Counsel (which shall not be an expense of the Indenture Trustee) substantially to the effect that (A) the designation of the Designated Person to serve as Servicer is in compliance with this
Section 4.06, (B) the Designated Person is validly existing and in good standing under the laws of the jurisdiction of its organization, (C) the Acknowledgment of Proposed Servicer has been duly authorized, executed
and delivered by the Designated Person and (D) upon the execution and delivery of the Acknowledgment of Proposed Servicer, the Designated Person shall be bound by the terms of this Agreement and, subject to customary bankruptcy and insolvency
exceptions and customary equity exceptions, that this Agreement shall be enforceable against the Designated Person in accordance with its terms. Any existing Servicer shall be deemed to have been terminated simultaneously with such Designated
Person’s becoming the Servicer hereunder; provided that (i) the terminated Servicer shall be entitled to receive, in connection with, and upon the effective date of, its termination, payment out of the Collection Account of all of
its accrued and unpaid Servicing Fee, Other Servicing Fees earned pursuant to Section 2.04 and reimbursement from the successor servicer of (x) all outstanding Debt Service Advances and Servicing Advances made by the
terminated Servicer and all unpaid Advance Interest accrued on such outstanding Debt Service Advances and Servicing Advances (in which case the successor servicer shall be deemed to have made such Debt Service Advances and Servicing Advances at the
same time that the terminated Servicer had actually made them) and (y) any outstanding Additional Issuer Expenses previously made or incurred by the terminated Servicer and any other amounts which the terminated Servicer is entitled to receive
and which remain unpaid or unreimbursed, and (ii) such Servicer shall continue to be entitled to the benefits of the final sentence of Section 4.03, Section 4.04,
Section 4.06, Section 5.01, Section 5.02 and Section 6.02, notwithstanding any such resignation or termination; and provided,
further, that the terminated Servicer shall continue to be obligated to pay and entitled to receive all other amounts accrued or owing by or to it under this Agreement or under any of the other Transaction Documents on or prior to the
effective date of such termination. Such terminated Servicer shall cooperate with the Indenture Trustee and the replacement Servicer in effecting the transfer of the terminated Servicer’s responsibilities and rights hereunder to its successor,
including the transfer within two (2) Business Days to the 

  
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replacement Servicer for administration by it of all cash amounts that at the time are or should have been credited by the Servicer to the Impositions and Insurance Reserve Account or any Reserve
Account or should have been delivered to the Servicer or that are thereafter received by or on behalf of it with respect to the Notes. The reasonable out-of-pocket costs
and expenses of any such transfer shall in no event be paid by the Indenture Trustee or the Servicer, and instead shall be paid by the Controlling Class Representative or the holders (or, if applicable, the Note Owners) of Notes of the
Class that voted to remove the terminated Servicer, as such parties may agree; provided, however, that if the Controlling Class Representative (or, if applicable, the Note Owners) does not reimburse the Indenture Trustee or
the Servicer within thirty (30) days of demand therefor, such expenses shall be reimbursed as Additional Issuer Expenses. 

Section 4.07. Servicer as Owner of a Note. The Servicer or an Affiliate of the Servicer may become the Holder of (or, in the
case of a Book-Entry Note, Note Owner with respect to) any Note with (except as otherwise set forth in the definition of “Noteholder”) the same rights it would have if it were not the Servicer or an Affiliate thereof. If, at any time
during which the Servicer or an Affiliate thereof is the Holder of (or, in the case of a Book-Entry Note, Note Owner with respect to) any Note, the Servicer proposes to take any action (including for this purpose, omitting to take a particular
action) that is not expressly prohibited by the terms hereof and would not, in the Servicer’s reasonable judgment, violate the Servicing Standard, but that, if taken, might nonetheless, in the Servicer’s reasonable judgment, be considered
by other Persons to violate the Servicing Standard, then the Servicer may (but need not) seek the approval of the Noteholders to such action by delivering to the Indenture Trustee a written notice that (a) states that it is delivered pursuant
to this Section 4.07, (b) identifies the Percentage Interest in each Class of Notes beneficially owned by the Servicer or by an Affiliate thereof and (c) describes in reasonable detail the action that the Servicer
proposes to take. The Indenture Trustee, upon receipt of such notice, shall forward it to the Noteholders (other than the Servicer and its Affiliates), together with a request for approval by the Noteholders of each such proposed action. If at any
time Noteholders holding greater than 50% of the Voting Rights of all Noteholders (calculated without regard to the Notes beneficially owned by the Servicer or its Affiliates) shall have consented in writing to the proposal described in the written
notice, and if the Servicer shall act as proposed in the written notice, such action shall be deemed to comply with the Servicing Standard. The Indenture Trustee shall be entitled to reimbursement from the Servicer for the reasonable expenses of the
Indenture Trustee incurred pursuant to this Section 4.07. It is not the intent of the foregoing provision that the Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters
arising hereunder, but rather in the case of unusual circumstances. 

  
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 ARTICLE V 

SERVICER TERMINATION EVENTS 

Section 5.01. Servicer Termination Events. 

(a) “Servicer Termination Events”, wherever used herein, shall mean any one of the following events: 

(i) any failure by the Servicer to deposit or to remit to the appropriate party for deposit into the Collection Account, any
amount required to be so deposited under this Agreement, which failure continues unremedied for one (1) Business Day following the date on which such deposit or remittance was first required to be made; or 

(ii) any failure by the Servicer to remit to the Indenture Trustee for deposit into the Collection Account any amount to be so
remitted (including any Debt Service Advance) by 1:00 p.m. (New York City time) on the related Payment Date; or 
 (iii) any
failure on the part of the Servicer to duly observe or perform in any material respect any other of the covenants or agreements on the part of the Servicer contained in this Agreement, which failure continues unremedied for a period of thirty
(30) days (or, in the case of Servicing Advances for the payment of Insurance Premiums, for a period of fifteen (15) days, but in no event past the date on which the related insurance coverage expires) after the earlier of (A) the
date on which a Servicing Officer obtains knowledge of such failure and (B) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by any other party hereto or to the Servicer
(with a copy to each other party hereto) by the Holders of Notes entitled to at least 25% of the aggregate Voting Rights (provided that no direction inconsistent with such written notice shall have been given to the Indenture Trustee by the Holders
of Notes entitled to more than 50% of the Voting Rights); or 
 (iv) any breach on the part of the Servicer of any
representation or warranty contained in this Agreement that materially and adversely affects the interests of Noteholders of any Class and which continues unremedied for a period of sixty (60) days after the earlier of (A) the date on
which a Servicing Officer obtains knowledge of such breach and (B) the date on which written notice of such breach, requiring the same to be remedied, shall have been given to the Servicer by any other party hereto or to the Servicer (with a
copy to each other party hereto) by the Holders of Notes entitled to at least 25% of the aggregate Voting Rights (provided that no direction inconsistent with such written notice shall have been given to the Indenture Trustee by the Holders of Notes
entitled to more than 50% of the Voting Rights); or 
 (v) a decree or order of a court or agency or supervisory authority
having jurisdiction in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy,
insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings is entered against the Servicer and such decree or order remains in force undischarged, undismissed or unstayed for a period of sixty (60) days; or

  
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 (vi) the Servicer consents to the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to it or of or relating to all or substantially all of its property; or 

(vii) the Servicer admits in writing its inability to pay its debts generally as they become due, or takes any other actions
indicating its insolvency or inability to pay its obligations; or 
 (viii) one or more ratings assigned by the Rating
Agencies to the Notes has been qualified, downgraded or withdrawn, or otherwise made the subject of a “negative” credit watch, which the Rating Agencies have determined is a result of the Servicer acting in such capacity; or 

(ix) the Servicer is no longer “approved” as a master servicer or, if the Notes are Specially Serviced Notes, as a
special servicer, by the Rating Agencies, which condition shall be deemed to have been met in the case of Fitch if the Servicer is not rated at least CMS3/CSS3 by Fitch. 

(b) If a Servicer Termination Event described in clause (i) or (ii) of Section 5.01(a) relating to
the Servicer (for purposes of this Section 5.01(b), the “Defaulting Party”) of which a Responsible Officer of the Indenture Trustee shall have actual knowledge, shall occur and be continuing, the Indenture
Trustee shall immediately terminate all of the rights (other than rights to indemnification pursuant to Section 4.03 and those rights to compensation which expressly survive such termination pursuant to
Section 2.03(d), Section 2.04 and the last paragraph of Section 5.02) and obligations of the Defaulting Party under this Agreement other than any rights thereof as a
Noteholder and the Indenture Trustee shall be the successor servicer hereunder as provided for in Section 5.02. If a Servicer Termination Event other than with respect to a Servicer Termination Event described in clause
(i) or (ii) of Section 5.01(a), shall occur and be continuing, then, and in each and every such case, so long as the Servicer Termination Event shall not have been remedied within the applicable grace
period, if any, the Indenture Trustee may, and at the written direction of the Controlling Class Representative or the Holders of Notes evidencing in the aggregate not less than 25% of the Voting Rights of all of the Notes, the Indenture
Trustee shall (subject to applicable bankruptcy or insolvency law in the case of clauses (v) and (vi) of Section 5.01(a)), terminate, by notice in writing to the Defaulting Party (with a copy of such
notice to each other party hereto), all of the rights (other than rights to indemnification pursuant to Section 4.03 and those rights to compensation which expressly survive such termination pursuant to
Section 2.04) and obligations (accruing from and after such notice of the Defaulting Party under this Agreement) and the Indenture Trustee shall be the successor servicer hereunder as provided for in
Section 5.02. From and after the receipt by the 

  
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Defaulting Party of such written notice, all authority and power of the Defaulting Party under this Agreement, whether with respect to the Notes (other than as a Holder of any Note) or otherwise,
shall pass to and be vested in the Indenture Trustee pursuant to and under this Section 5.01(b), and, without limitation, the Indenture Trustee is hereby authorized and empowered to execute and deliver, on behalf of and at
the expense of the Defaulting Party, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things
necessary or appropriate to effect the purposes of such notice of termination. The Servicer agrees that, if it is terminated pursuant to this Section 5.01(b), it shall promptly (and in any event no later than ten
(10) Business Days subsequent to its receipt of the notice of termination) provide the Indenture Trustee or its designee with all documents and records requested thereby to enable the Indenture Trustee to assume the Servicer’s functions
hereunder, and shall otherwise cooperate with the Indenture Trustee in effecting the termination of the Servicer’s responsibilities and rights hereunder, including the transfer within two (2) Business Days to the Indenture Trustee or its
designee for administration by it of all cash amounts held by it that at the time are or should have been credited by the Servicer to the Collection Account, the Lock Box Account or any Reserve Account (if it is the Defaulting Party) or that are
thereafter received by or on behalf of it with respect to the Notes (provided, however, that the Servicer shall, if terminated pursuant to this Section 5.01(b), continue to be obligated to pay and entitled to
receive all amounts accrued or owing by or to it under this Agreement or the other Transaction Documents on or prior to the date of such termination, whether in respect of Advances, Advance Interest, Additional Issuer Expenses and other unpaid fees
due under Section 2.04 or otherwise, and it and its directors, officers, employees and agents shall continue to be entitled to the benefits of Section 4.03, notwithstanding any such termination).
Any costs or expenses (including those of any other party hereto) incurred in connection with any actions to be taken by the Servicer pursuant to this paragraph shall be borne by the Servicer (and, in the case of the Indenture Trustee’s costs
and expenses, if not paid within a reasonable time, shall be paid out of the Collection Account and shall be considered an Additional Issuer Expense under the Indenture). 

Notwithstanding the foregoing, if the rights of the Servicer are to be terminated solely due to a Servicer Termination Event under
Section 5.01(a)(viii) or (ix), and if the terminated Servicer provides the Indenture Trustee with appropriate “request for proposal” materials within the five (5) Business Days after such termination,
then the Indenture Trustee shall promptly thereafter (using such materials) solicit good faith bids for the right to become the successor servicer under this Agreement from at least three (3) Persons that are qualified to act as Servicer
hereunder in accordance with Sections 4.02 and 5.02 and as to which each Rating Agency has delivered written confirmation to the effect that the appointment of such person as successor servicer would not result in the qualification,
downgrade or withdrawal of its rating of any Class and Series of Notes rated by such Rating Agency (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified Bidders cannot be located, then from as
many Persons as the Indenture Trustee can determine are Qualified Bidders; provided that at the Indenture Trustee’s request, the terminated Servicer shall supply the Indenture Trustee with the names of Persons from whom to solicit such
bids; provided, further, that the Indenture 

  
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Trustee shall not be responsible if less than three (3) or no Qualified Bidders submit bids for the right to service the Notes under this Agreement. The bid proposal shall require any
Successful Bidder, as a condition of such bid, to enter into this Agreement as successor servicer, and to agree to be bound by the terms hereof, within forty-five (45) days after the termination of Servicer. The Indenture Trustee shall select
the Qualified Bidder with the highest cash bid (the “Successful Bidder”) to act as successor Servicer hereunder. The Successful Bidder shall enter into this Agreement as successor servicer pursuant to the terms hereof no later than
forty-five (45) days after the start of the bid process described above. Notwithstanding anything herein to the contrary, until the Successful Bidder has so entered into this Agreement as successor servicer, the predecessor servicer shall
continue to act as the Servicer hereunder. In the event that such cash bid does not reimburse all expenses incurred in the transition of servicing, such unreimbursed expenses shall be paid by the Issuer. 

Upon the assignment and acceptance of the servicing rights hereunder to and by the Successful Bidder, the Indenture Trustee shall remit or
cause to be remitted to the terminated Servicer the amount of such cash bid received from the Successful Bidder (net of third party expenses incurred in connection with obtaining such bid and transferring servicing). 

If the Successful Bidder has not entered into this Agreement as successor servicer within forty-five (45) days after the start of the bid
process described above or no Successful Bidder was identified within such 45-day period, the terminated Servicer shall pay or reimburse the Indenture Trustee for all reasonable third party expenses incurred
by the Indenture Trustee in connection with such bid process and the Indenture Trustee shall have no further obligations under this Section 5.01(b). The Indenture Trustee thereafter may act or may select a successor to act
as Servicer hereunder in accordance with Section 5.02. 
 Section 5.02. Indenture Trustee to Act;
Appointment of Successor. On and after the time the Servicer resigns pursuant to the first paragraph of Section 4.04 or receives a notice of termination pursuant to Section 5.01, the Indenture
Trustee shall (unless a successor is identified by the Servicer pursuant to Section 4.04), subject to Sections 4.06 and 5.01(b), be the successor in all respects to the Servicer in its capacity as such under
this Agreement and the transactions set forth or provided for herein and shall be subject to all of the responsibilities, duties and liabilities relating thereto and arising thereafter placed on the Servicer by the terms and provisions hereof,
including the Servicer’s obligation to make Advances; provided, however, that any failure to perform such duties or responsibilities caused by the Servicer’s failure to cooperate or to provide information or monies as
required by Section 5.01 shall not be considered a default by the Indenture Trustee hereunder. Neither the Indenture Trustee nor any other successor shall be liable for any of the representations and warranties of the
resigning or terminated party or for any losses incurred by the resigning or terminated party. As compensation therefor, the Indenture Trustee shall be entitled to all fees and other compensation which the resigning or terminated party would have
been entitled to for future services rendered if the resigning or terminated party had continued to act hereunder. Notwithstanding the 

  
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above, if it is unwilling to so act, the Indenture Trustee may (and, if it is unable to so act, or if the Indenture Trustee is not approved as an acceptable Servicer by the Rating Agencies, or if
the Holders of Notes entitled to a majority of the Voting Rights so request in writing, the Indenture Trustee shall), subject to Sections 4.04, 4.06 and 5.01(b) (if applicable), promptly appoint, or petition a court of competent
jurisdiction to appoint, any established and qualified institution with a net worth of at least $10 million as the successor to the Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the
Servicer hereunder; provided, however, that the Indenture Trustee has received Rating Agency Confirmation with respect to the proposed appointment of the successor servicer. Pending such appointment, the Indenture Trustee will be
obligated to act as successor servicer. No appointment of a successor to the Servicer hereunder shall be effective until the assumption by such successor of all its responsibilities, duties and liabilities hereunder, and pending such appointment and
assumption, the Indenture Trustee shall act in such capacity as hereinabove provided. In connection with any such appointment and assumption, the Indenture Trustee may make such arrangements for the compensation of such successor out of payments on
the Notes or otherwise as it and such successor shall agree, including any increase in the Servicing Fee to the then current market rate for such services (and any such increase shall also be applicable to the Servicing Fee payable to the Indenture
Trustee in its capacity as successor servicer). The Indenture Trustee, such successor and each other party hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. The costs and expenses
of transferring servicing shall be paid by the resigning or terminated party, and if not so paid, shall be treated as an Additional Issuer Expense under the Indenture. 

If the Servicer is terminated as described in Sections 5.01 and 5.02, it will continue to be obligated to pay and entitled to
receive all amounts accrued and owing by it or to it under (and at such times as set forth in) this Agreement and the other Transaction Documents on or prior to the date of termination (including any earned but unpaid Other Servicing Fees, plus
reimbursement of Advances together with Advance Interest). 
 Section 5.03. Notification to Noteholders. 

(a) Upon any resignation of the Servicer pursuant to Section 4.04, any termination of the Servicer pursuant to
Section 5.01, any appointment of a successor to the Servicer pursuant to Section 4.02, 4.04 or 5.02 or the effectiveness of any designation of a new Servicer pursuant to
Section 4.06, the Indenture Trustee shall give prompt written notice thereof to Noteholders at their respective addresses appearing in the Note Register. 

(b) Not later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice or lapse of time
or both, would constitute a Servicer Termination Event and (ii) five (5) Business Days after a Responsible Officer of the Indenture Trustee has actual knowledge of the occurrence of such an event, the Indenture Trustee shall transmit by mail to
all Noteholders notice of such occurrence, unless such default shall have been cured. 

  
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 Section 5.04. Waiver of Servicer Termination Events. The Holders of Notes
representing in the aggregate not less than 66 2/3% of the Voting Rights allocated to each Class of Notes affected by any Servicer Termination Event hereunder may waive such Servicer Termination Event. Upon any such waiver of a Servicer
Termination Event, such Servicer Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. No such waiver shall extend to any subsequent or other Servicer Termination Event or impair any right
consequent thereon except to the extent expressly so waived. 
 Section 5.05. Additional Remedies of Indenture Trustee upon
Servicer Termination Event. During the continuance of any Servicer Termination Event, so long as such Servicer Termination Event shall not have been remedied, the Indenture Trustee, in addition to the rights specified in
Section 5.01, shall have the right (exercisable subject to the Indenture), in its own name and as trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute to enforce its
rights and remedies and to protect the interests, and enforce the rights and remedies, of the Noteholders (including the institution and prosecution of all judicial, administrative and other proceedings and the filings of proofs of claim and debt in
connection therewith). Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy, and
no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer Termination Event. 

ARTICLE VI 
 TERMINATION

 Section 6.01. Termination upon Payment of the Notes. The respective obligations and responsibilities under this
Agreement of the parties hereto shall terminate upon payment to the Noteholders (or provision for payment including defeasance in accordance with the Indenture) of all amounts of principal and interest to be so paid, in accordance with the Indenture
and the applicable Indenture Supplement and payment of all other Obligations then owing under the Transaction Documents. 

Section 6.02. Termination on Issuance of Additional Notes. Notwithstanding anything to the contrary set forth herein or in
any of the other Transaction Documents (including the second paragraph of Section 4.04 of this Agreement), if the Issuer proposes to issue Additional Notes and the Servicer does not consent to continue its obligations under
this Agreement (including its obligation to make Advances), the Indenture Trustee, in consultation with the Issuer, shall use reasonable efforts to appoint an established and qualified institution to act as successor servicer under this Agreement,
provided, however, that the Indenture Trustee has received a 

  
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Rating Agency Confirmation with respect to the proposed successor servicer. Effective with the appointment of such successor, the existing Servicer shall be deemed to have resigned as Servicer
under this Agreement and the existing Servicer will have no obligation to make any Advances with respect to such Additional Notes prior to such resignation. If this Agreement is terminated pursuant to this Section 6.02, the
Servicer shall (upon such termination) be entitled to reimbursement for unreimbursed Additional Issuer Expenses and Advances, including any applicable Advance Interest, and payment of any fees due under Section 2.04. In
addition, the Servicer shall have the right to unconditionally resign as a result of an issuance of Additional Notes. If the Servicer exercises such right in connection with an issuance of Additional Notes, such issuance shall be conditioned on the
appointment by the Indenture Trustee, in consultation with the Issuer, of a successor servicer. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.01. Amendment. 

(a) This Agreement may be amended from time to time by the mutual agreement of the parties hereto; provided, however, that no
such amendment shall (i) adversely affect in any material respect the interests of the Holders of any Class of Notes in any manner, without the consent of the Holders representing more than 50% of the Voting Rights of such Class of
Notes, or (ii) modify the definition of “Servicing Standard,” without the consent of the Holders of the Notes then Outstanding or otherwise increase the obligations of the Issuer or the Asset Entities hereunder, without the consent of
the Issuer. In determining whether a proposed amendment would adversely affect any Class of Notes, the Indenture Trustee may rely conclusively on a certificate of an Executive Officer of the Issuer and an Opinion of Counsel. 

(b) Notwithstanding any contrary provision of this Agreement, the Indenture Trustee shall not consent to any amendment to this Agreement unless
it shall first have obtained a Rating Agency Confirmation. 
 (c) Promptly after the execution and delivery of any amendment by all parties
thereto, the Indenture Trustee shall send a copy thereof to each Noteholder and to the Rating Agencies. 
 (d) It shall not be necessary for
the consent of Noteholders under this Section 7.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such
consents and of evidencing the authorization, execution and delivery thereof by Noteholders shall be subject to such reasonable regulations as the Indenture Trustee may prescribe. 

  
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 (e) Each of the Indenture Trustee and the Servicer may, but shall not be obligated to, enter into
any amendment pursuant to this Section 7.01 that affects its rights, duties and immunities under this Agreement or otherwise. 

Section 7.02. Counterparts. For the purpose of facilitating the recordation of this Agreement as herein provided and for
other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. Delivery of an
executed signature page of this Agreement by facsimile or other electronic transmission (including, without limitation, via Portable Document Format or “PDF”) shall be as effective as delivery of a manually executed counterpart
hereof. 
 Section 7.03. Governing Law; Submission to Jurisdiction. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE
APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 
 (b) EACH PARTY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE UNITED
STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK OR, IF SUCH FEDERAL COURTS DO NOT HAVE SUBJECT MATTER OR DIVERSITY JURISDICTION FOR A PARTICULAR PROCEEDING, IN THE STATE COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH
OF MANHATTAN IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS AGREEMENT. 

Section 7.04. Notices. Any communications provided for or permitted hereunder shall be in writing (including by facsimile)
and, unless otherwise expressly provided herein, shall be deemed to have been duly given when delivered to or, in the case of facsimile notice, when received: (i) in the case of the Servicer, Midland Loan Services, 10851 Mastin Street, Suite
300, Overland Park, Kansas, 66210, Attention: President, facsimile number: (913) 253-9733 with a copy to Andrascik & Tita LLC, 1425 Locust Street, Suite 26B, Philadelphia, Pennsylvania, 19102,
Attention: Matthew Taylor; (ii) in the case of the Indenture Trustee, the Corporate Trust Office or at such other address as the Indenture Trustee may designate from time to time; (iii) in the case of the Placement Agent, Guggenheim
Securities, LLC, 330 Madison Avenue, New York, New York 10017, Attention: Matthew Bissonette, but with respect to any additional Series of Notes, notice to the Placement Agent will be specified in the applicable Indenture Supplement, (iv) in
the case of the Rating Agencies, as set forth in Section 15.04(d) of the Indenture; or as to each such Person such other address or facsimile number as may hereafter be furnished by such Person to the parties hereto in
writing. Any communication required or permitted to be delivered to a Noteholder shall be deemed to have been duly given when mailed first class, postage prepaid, to the address of such Holder as shown in the Note Register. 

  
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 Section 7.05. Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenant(s), agreement(s), provision(s) or term(s) shall be deemed severable from the remaining covenants, agreements, provisions or terms
of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Notes or the rights of the Holders thereof. 

Section 7.06. Successors and Assigns; Beneficiaries. The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto, their respective successors and assigns and the Obligors, the Manager and the Controlling Class Representative, as third party beneficiaries (with all right to enforce the obligations hereunder intended for their
benefit as if a party hereto). 
 Section 7.07. Article and Section Headings. The article and section headings herein are
for convenience of reference only, and shall not limit or otherwise affect the meaning hereof. 
 Section 7.08. Notices to and
from the Rating Agencies. The Servicer shall furnish each Rating Agency such information with respect to the Notes as such Rating Agency shall reasonably request and which the Servicer can reasonably provide to the extent consistent with
applicable law and the Transaction Documents. In any event, the Servicer shall notify each Rating Agency with respect to each of the following of which it has actual knowledge: 

(i) any change in the lien priority of the Collateral securing the Notes; 

(ii) any assumption of, or release or substitution of Collateral for, the Notes; and 

(iii) the occurrence of an Event of Default under the Indenture. 

Section 7.09. Notices to Controlling Class Representative. Upon request, including a one-time standby request, the Servicer, as the case may be, shall deliver to the Controlling Class Representative a copy of each notice or other item of information such Person is required to deliver to the
Rating Agencies pursuant to Section 7.08, in each case simultaneously with the delivery thereof to the Rating Agencies. The Controlling Class Representative must compensate such Person for any costs involved in such
delivery to the Controlling Class Representative. 
 Section 7.10. Complete Agreement. This Agreement embodies the
complete agreement among the parties and may not be varied or terminated except by a written agreement conforming to the provisions of Section 7.01. All prior negotiations or representations of the parties are merged into
this Agreement and shall have no force or effect unless expressly stated herein. 

  
 44 

 Section 7.11. No Petition. Prior to the date that is one (1) year and one
(1) day after the date on which the Indenture has been terminated in accordance with its terms and all Obligations thereunder and under the other Transaction Documents have been fully satisfied, the Servicer shall not institute, or join any
other Person in instituting, or authorize a trustee or other Person acting on its behalf or on behalf of others to institute, any bankruptcy, reorganization, arrangement, insolvency, liquidation or receivership proceedings under the laws of the
United States of America or any state thereof against any Obligor or the Guarantor. 
 Section 7.12. Waiver of Jury Trial.
EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED HEREBY. 
 [Remainder of Page Intentionally Blank; Signature Pages Follow] 

  
 45 

 IN WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their
respective officers thereunto duly authorized, in each case as of the day and year first above written. 
  

			
	MIDLAND LOAN SERVICES, a division of PNC Bank, National Association, as Servicer
		
	By:	 	 /s/ George P. Doyle

		 	Name: George P. Doyle
		 	Title: Authorized Representative
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely in its capacity as Indenture Trustee
		
	By:	 	 /s/ Eric. A Kardash

		 	Name: Eric A. Kardash
		 	Title: Assistant Vice President

 [Signature Page to Servicing Agreement] 

 EXHIBIT A 

FORM OF SERVICER REPORT 

[See attached.] 

 MIDLAND LOAN SERVICES, INC. 

Portfolio Name 
 Borrower
Name 

                       
         ALLOCATIONS                    Date 

 

											
	 Cash Available for Distribution
	  		  				  			
	 Funds to/from the Advance Rents Reserve Account
	  	 Beginning
	  				  	 	0.00	 
		  	 Ending
	  				  			
		  		  				  	  
	  
	 
	 Total Available for Distribution
	  		  				  	 	0.00	 
		  		  				  	  
	  
	 
	 Less Impositions and Insurance Payment
	  		  				  	 	0.00	 
	Tax Escrow	  	 	0.00	 	  			
	 Insurance Escrow
	  	 	0.00	 	  			
		  		  	  
	  
	 	  			
		  		  	 	0.00	 	  			
	 Less Indenture Trustee Fee & Servicer Payment & Other Servicing
Fees
	  				  	 	0.00	 
	 Indenture Trustee Fee
	  	 	0.00	 	  			
	 Servicing Fee
	  	 	0.00	 	  			
	 Other Servicing Fee
	  	 	0.00	 	  			
	 Transition Fee
	  	 	0.00	 	  			
	 Indenture Trustee & Servicer “unreimbursed” advances, including
Advance interest
	  	 	0.00	 	  			
	 Additional Issuer Expenses
	  	 	0.00	 	  			
	 Purchase Money Debt Reserve(s)
	  	 	0.00	 	  			
		  		  	  
	  
	 	  			
		  		  	 	0.00	 	  			
	 Funds from the Yield Maintenance Account(s)
	  
	  	 	0.00	 
	 Funds from the Site Acquisition Account(s)
	  
	  	 	0.00	 
		  		  				  	  
	  
	 
	 Sub Total
	  
	  	 	0.00	 
		  		  				  	  
	  
	 
	 Less Debt Service - Class of Notes pro rata based
	  
	  	 	0.00	 
	 Less Amount due Obligors for Operating Expenses and Other Amounts
	  
	  	 	0.00	 
	 Less Management Fee Payment
	  
	  	 	0.00	 
	 Less Approved Operating Expenses of the Asset Entities
	  
	  	 	0.00	 
		  		  				  	  
	  
	 
	 Remaining Balance to the Cash Trap Reserve
Sub-Account
	  
	  	 	0.00	 
		  		  				  	  
	  
	 
	 Less Class A Monthly Amortization Amount
	  
	  	 	0.00	 
	 Less Amounts Due Each Class of Notes in Direct Alphabetical Order
	  
	  	 	0.00	 
	 Less Due Accrued Interest for Prior Interest Accrual Periods
	  
	  	 	0.00	 
	 Less Amount equal to the Aggregate Principal balance
	  
	  	 	0.00	 
	 Less Due to all of the Deferred Post-ARD
Additional Interest Due on each Note
	  
	  	 	0.00	 
	 Less Due to any unpaid Prepayment Consideration
	  
	  	 	0.00	 
		  		  				  	  
	  
	 
	 Remaining Balance at the direction of the Issuer
	  
	  	 	0.00	 
		  		  				  	  
	  
	 

									
		  	

	 		 	MIDLAND LOAN SERVICES
					
	TO:	  		 		 	EMAIL:	  	
					
	FROM:	  	Midland Loan Services, a PNC Real Estate Business	 		 	PHONE:	  	
					
	DATE:	  		 		 	FAX:	  	
					
	RE:	  		 		 		  	for                        Distribution
		  		 		 		  	(next succeeding if non-business day)

 Please disburse funds from account
                                 in accordance to the instructions below. 

Debit
                                         
       $    —   
  

							
	Credit	  	 (account name)
	  	$0.00	    	 (description)

		  	 (account name)
	  	$0.00	    	 (description)

		  	 (account name)
	  	$0.00	    	 (description)

		  	 (account name)
	  	$0.00	    	 (description)

		  	 (account name)
	  	$0.00	    	 (description)

		  	 (account name)
	  	$0.00	    	 (description)

		  	 (account name)
	  	$0.00	    	 (description)

		  	 (account name)
	  	$0.00	    	 (description)

		  	 (account name)
	  	$0.00	    	 (description)

		  	 (account name)
	  	$0.00	    	 (description)

 ADDITIONAL ALLOCATIONS: 

AMOUNTS TO BE WIRED: 
  

									
		 	Feel free to call me with any questions.	 		  		 	
					
	By:	 	
                     
                                        
	 		  	Officer Approval:	 	  

	Name:	 		 		  		 	
	Title:	 	Senior Loan Servicing Analyst	 		  		 	
				
	Prepared:	 		  		 	
	By	 	
                     
                                        
	 		  	Treasury Approval:	 	  

	Name:	 		 		  		 	
	Title:	 	Complex Loan Administration Team Lead	 		  		 	

 Member of The PNC Financial Services Group 

10851 Mastin Boulevard, Suite 300 Overland Park, KS 66210 

www.pnc.com/midland 

 EXHIBIT B 

FORM OF SPECIAL SERVICER REPORT 

[See attached.] 

																																																			
	1	 	2	 	3	 	4	 	5	 	6	 	7	 	 	8	 	 	9	 	 	10	 	 	11	 	 	12	 	 	13	 	 	14	 	 	15	 	 	16	 
	Transaction ID	 	Group ID	 	Loan ID	 	 Prospectus

Loan ID
	 	 Distribution

Date
	 	 Maturity

Date
	 	 Liquidation/

Prepayment
 Date
	 	 	 Liquidation/

Prepayment
 Code
	 	 	 SS Total

P&I
 Advance

Outstanding
	 	 	 SS Total

T&I
 Advance

Outstanding
	 	 	 SS Other

Expense
 Advance

Outstanding
	 	 	 EMPTY

FIELD
	 	 	In Bankruptcy (Y/N)	 	 	 Foreclosure

Start Date
	 	 	 REO

Date
	 	 	 Bankruptcy

Date
	 
		 		 		 		 		 		 				 				 				 				 				 				 				 				 				 			

																																																					
	17	 	18	 	 	19	 	 	20	 	 	21	 	 	22	 	 	23	 	 	24	 	 	25	 	 	26	 	 	27	 	 	28	 	 	29	 	 	30	 
	Net Proceeds
Received on
Liquidation	 	 Liquidation

Expense
	 	 	 Realized

Loss to
 Trust
	 	 	 Date of

Last
Modification
	 	 	Modification
Code	 	 	Modified Note
Rate	 	 	 Modified

Payment
 Amount
	 	 	 Most Recent

Valuation
Date
	 	 	 Most Recent

Valuation
Source
	 	 	Most Recent
Value	 	 	ARA (Appraisal
Reduction
Amount)	 	 	ARA Date	 	 	Workout
Strategy	 	 	 Most Recent

Special Servicer
Transfer Date
	 
		 				 				 				 				 				 				 				 				 				 				 				 				 			

																																									
	31	 	32	 	 	33	 	 	34	 	 	35	 	 	36	 	 	37	 	 	38	 	 	39	 	 	40	 	 	41	 
	 Date Asset
Expected to

be Resolved
or Foreclosed
	 	 Date of

Assumption
	 	 	 SS Cumulative

Accrued Unpaid

Advance Interest
	 	 	Closing Date of
Original Document
Permitted Extension	 	 	
Balance When
Sent Tto Special

Servicer
	 	 	 Balance at

Effective Date of
Modification
	 	 	 Old Note

Rate
	 	 	 Number of

Months for

Rate Change
	 	 	Old P&I	 	 	 Old Maturity

Date
	 	 	
Total Months for
 Change
of
 Modification
	 
		 				 				 				 				 				 				 				 				 				 			

																																																									
	42	 	43	 	 	44	 	 	45	 	 	46	 	 	47	 	 	48	 	 	49	 	 	50	 	 	51	 	 	52	 	 	53	 	 	54	 	 	55	 	 	56	 
	 Estimated Future

Interest Loss

to Trust $ (Rate
Reduction)
	 	Liquidation Sales
Price	 	 	EMPTY
FIELD	 	 	Minor Adjustment
Passed to
Trust - Cumulative	 	 	EMPTY
FIELD	 	 	Comments
1 - DLSR
or REO	 	 	Comments 2	 	 	Comments 3	 	 	Comments 4	 	 	Comments 5	 	 	Comments 6	 	 	Comments 7 - HLMR/CML	 	 	EMPTY
FIELD	 	 	Special Servicing
Fee Rate	 	 	
Special Servicing
Fee No Days

in Year
	 
		 				 				 				 				 				 				 				 				 				 				 				 				 				 			

																																																													
	57	 	58	 	 	59	 	 	60	 	 	61	 	 	62	 	 	63	 	 	64	 	 	65	 	 	66	 	 	67	 	 	68	 	 	69	 	 	70	 	 	71	 	 	72	 
	 Special Servicing

Fee No Days
in Month
	 	
Special Servicing
Fee Amount plus

Adjustments
	 	 	EMPTY FIELD	 	 	EMPTY FIELD	 	 	EMPTY FIELD	 	 	EMPTY FIELD	 	 	EMPTY FIELD	 	 	Workout
Fee Rate	 	 	Workout
Fee Amount	 	 	EMPTY
FIELD	 	 	EMPTY
FIELD	 	 	EMPTY
FIELD	 	 	EMPTY FIELD	 	 	Liquidation
Fee Proceeds	 	 	 Liquidation

Fee Rate
	 	 	Liquidation
Fee Amount	 
		 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			

															
	73	 	74	 	75	 	76	 	77	 	78	 	79	 	80
	Most Recent Master
Servicer Return Date	 	 Amounts Due

Servicer and Trustee
	 	 Amounts Held

Back for Future

Payment
	 	Accrued
Interest	 	Additional
Trust Fund
Expense	 	Current Period
Adjustment to
Trust	 	 Date of Current

Period Adjustment
 to
Trust
	 	 Other

(Shortfalls)/Refunds

		 		 		 		 		 		 		 	

 EXHIBIT C 

NOTICE OF ACKNOWLEDGMENT 

[See attached.] 

 Notice and Acknowledgment 

Reference is made to that certain Indenture, dated as of November 30, 2017 (as further amended, modified or supplemented from time to
time, the “Indenture”), among LMRK Issuer Co. 2 LLC, as issuer (the “Issuer”), the Asset Entities from time to time party thereto and Wilmington Trust, National Association, as indenture trustee (in
such capacity, the “Indenture Trustee”) and (ii) that certain Servicing Agreement, dated as of November 30, 2017 (as amended, modified or supplemented from time to time, the “Servicing
Agreement”), between Midland Loan Services, a division of PNC Bank, National Association (the “Servicer”) and the Indenture Trustee. Capitalized terms used but not defined herein which are defined in the
Indenture shall have the meaning given thereto in the Indenture. 
 Pursuant to Section 4.06 of the Servicing Agreement, the Trustee
hereby provides notice that the Controlling Class Representative has designated a Person (other than the Indenture Trustee) to replace any existing Servicer or any Servicer that has resigned or otherwise ceased to serve as Servicer. A copy of
the written notice of designation is attached hereto as Exhibit A. 
 [Remainder of Page
Intentionally Blank; Signature Page Follows] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
not in its individual capacity, but solely as Indenture Trustee
		
	By:	 	
                     

	Name:	 	
	Title:	 	

 SCHEDULE A 

Kroll Bond Rating Agency, Inc. 
 845 Third Avenue, 4th Floor 

New York, New York 10022 

 EXHIBIT A 

Designation Notice 

 EXHIBIT D 

ACKNOWLEDGMENT OF PROPOSED SERVICER 

[See attached.] 

 Acknowledgment of Proposed Servicer 

Reference is made to that certain Indenture, dated as of November 30, 2017 (as further amended, modified or supplemented from time to
time, the “Indenture”), among LMRK Issuer Co. 2 LLC, as issuer (the “Issuer”), the Asset Entities from time to time party thereto and Wilmington Trust, National Association, as indenture trustee (in
such capacity, the “Indenture Trustee”) and (ii) that certain Servicing Agreement, dated as of November 30, 2017 (as amended, modified or supplemented from time to time, the “Servicing
Agreement”), between Midland Loan Services, a division of PNC Bank, National Association (the “Servicer”) and the Indenture Trustee. Capitalized terms used but not defined herein which are defined in the
Indenture shall have the meaning given thereto in the Indenture. 
 Pursuant to Section 4.06 of the Servicing Agreement, the
undersigned hereby acknowledges and accepts its designation to serve as successor servicer and, upon satisfaction of the conditions set forth in Section 4.06 of the Servicing Agreement, the undersigned accepts the appointment as servicer and is
vested with the rights and assumes the obligations as servicer under the Servicing Agreement from and after such time. 

[Remainder of Page Intentionally Blank; Signature Page Follows] 

 
			
	[                    ], as successor servicer
		
	By:	 	
                     

	Name:	 	
	Title:	 	

 SCHEDULE A 

Kroll Bond Rating Agency, Inc. 
 845 Third Avenue, 4th Floor 

New York, New York 10022 
 Wilmington Trust, National Association

 1100 North Market Street 
 Wilmington, Delaware 19890 

Attention: Eric Kardash 
 Midland Loan Services, a division of

 PNC Bank, National Association 
 10851 Mastin Street, Suite
300 
 Overland Park, Kansas, 66210 
 LMRK Issuer Co. 2 LLC

 2141 Rosecrans Ave #2100 
 El Segundo, California 90245Exhibit 4.1

 

WARRANT AGREEMENT

 

LEISURE ACQUISITION CORP.

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

Dated as of December 1, 2017

 

THIS WARRANT
AGREEMENT (this “Agreement”), dated as of December 1, 2017, is by and between Leisure Acquisition
Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company,
a New York corporation, as warrant agent (the “Warrant Agent”, also referred to herein as the
“Transfer Agent”).

 

WHEREAS, the
Company has entered into that certain Warrant Purchase Agreement, dated as of December 1, 2017 (the “Private
Placement Warrants Purchase Agreement”), with each of the A. Lorne Weil, George Peng, Eric Carrera, MLCP GLL
Funding LLC, Hydra LAC, LLC and HG Vora Special Opportunities Master Fund, Ltd.
(“HGV”) (collectively, the “Placement Purchasers”), pursuant to which the
Placement Purchasers will purchase an aggregate of 6,825,000 warrants simultaneously with the closing of the Offering (as
defined below) and up to 600,000 additional warrants in connection with the exercise of the Over-allotment Option (as defined
below), if any, bearing the legend set forth in Exhibit B hereto (the “Private Placement
Warrants”) at a purchase price of $1.00 per Private Placement Warrant; and

 

WHEREAS, the Company
is engaged in an initial public offering (the “Offering”) of units (the “Units”)
of the Company’s equity securities, each such Unit comprised of one share of Common Stock (as defined below) and one-half
of one Public Warrant (as defined below) and, in connection therewith, has determined to issue and deliver up to 10,000,000 warrants
and up to 1,500,000 additional warrants in connection with the Over-allotment Option to public investors in the Offering (the “Public
Warrants”); and

 

WHEREAS, the
Company has entered into that certain Contingent Forward Purchase Contract, dated as of December 1, 2017, with HGV, pursuant
to which HGV has agreed to purchase 6,250,000 Units (the “Forward Purchase Units”), each Forward
Purchase Unit comprised of one share of Common Stock and one-half of one Private Placement Warrant (the
“Forward Purchase Warrants” and together with the Private Placement Warrants and the Public
Warrants, the “Warrants”), such purchase to occur simultaneously with the Company’s initial
Business Combination. Each whole Warrant entitles the holder thereof to purchase one share of common stock of the Company,
par value $0.0001 per share (“Common Stock”), for $11.50 per share, subject to adjustment as
described herein; and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on
Form S-1, No. 333-221330 (the “Registration Statement”)
and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended
(the “Securities Act”), of the Units, the Public Warrants and the Common Stock included in the Units;
and

 

     

     

    

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS, the Company
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

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

 

1.           Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this
Agreement.

 

2.           Warrants.

 

2.1           Form
of Warrant. Each Warrant shall be issued in registered form.

 

2.2           Effect
of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this
Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3           Registration.

 

2.3.1        Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of
original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent
shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance
with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall
be shown on, and the transfer of such ownership shall be effected through, record maintained by institutions that have accounts
with the Depositary Trust Company (the “Depositary”)(such institutions, with respect to a Warrant in
its account, a “Participant”). If the Depositary subsequently ceases to make its book-entry settlement
system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry
settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants
available in book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant
Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary
definitive certificates in physical form evidencing such Warrants which shall be in the form annexed hereto as Exhibit A.
Physical certificate, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive
Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile
signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before
such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

    	 	2	 

     

    

 

2.3.2        Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.4           Detachability
of Warrants. The Common Stock and Public Warrants comprising the Units shall begin separate trading on the 52nd day following
the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks
in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding
Business Day following such date, or earlier (the “Detachment Date”) with the consent of Morgan Stanley
& Co. LLC, as representative of the several underwriters, but in no event shall the Common Stock and Public Warrants comprising
the Units be separately traded until (A) the Company has filed a current report on Form 8-K with the Commission containing an audited
balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by the
Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment
Option”), if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and (B) the Company issues
a press release and files with the Commission a current report on Form 8-K announcing when such separate trading shall begin.

 

2.5           No
Fractional Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part of Units,
each of which is comprised of one share of Common Stock and one-half of one Public Warrant. If, upon the detachment of Public Warrants
from Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to
the nearest whole number the number of Warrants to be issued to such holder.

 

2.6           Private
Placement Warrants. The Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are
held by a Placement Purchaser or its Permitted Transferees (as defined below) the Private Placement Warrants: (i) may be exercised
for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until
thirty (30) days after the completion by the Company of an initial Business Combination (as defined below), and (iii) shall not
be redeemable by the Company; provided, however, that in the case of (ii), the Private Placement Warrants and any
shares of Common Stock held by a Placement Purchaser or its Permitted Transferee and issued upon exercise of the Private Placement
Warrants may be transferred by the holders thereof:

 

    	 	3	 

     

    

 

(a)          as
a gift to such person’s immediate family or to a trust, the beneficiary of which is a member of such person’s immediate
family, an affiliate of such person or to a charitable organization,

 

(b)          to
the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors or
any member or affiliate of Hydra Management, LLC and Matthews Lane Capital Partners LLC (collectively, the “Sponsors”
and each a “Sponsor”) or HGV,

 

(c)          by
virtue of the laws of descent and distribution upon death of such person,

 

(d)          pursuant
to a qualified domestic relations order,

 

(e)          through
private sales or transfers made in connection with the consummation of the Company’s initial Business Combination at prices
no greater than the price at which the Warrants were originally purchased, or

 

(f)           in
the event of the Company’s liquidation prior to the completion of the initial Business Combination,

 

(g)          by
virtue of, with respect to the Sponsors or affiliates of the Sponsors, the laws of the state of Delaware or a Sponsor’s or a Sponsor's affiliate's limited liability company operating
agreement upon dissolution of such person and with respect to HGV, the laws of the Cayman Islands or HGV’s memorandum and
articles of association upon dissolution of HGV,

 

(h)          in
the event that, subsequent to the consummation of the Company’s initial Business Combination, the Company consummates a liquidation,
merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders
having the right to exchange their shares of Common Stock for cash, securities or other property;

 

provided, however, that,
in the case of clauses (a) through (e) and (g), these transferees (the “Permitted Transferees”) enter
into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

 

2.7           Forward
Purchase Warrants. The Forward Purchase Warrants shall be identical to the Private Placement Warrants.

 

    	 	4	 

     

    

 

3.            Terms
and Exercise of Warrants.

 

3.1           Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions
of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the
price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section
3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share at which shares of Common
Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any
time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the
Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and,
provided further that any such reduction shall be identical among all of the Warrants.

 

3.2           Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing
on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more
businesses (a “Business Combination”), or (ii) the date that is twelve (12) months from the date of the
closing of the Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five
(5) years after the date on which the Company completes its Business Combination, (y) the liquidation of the Company, or if the
Company fails to consummate a Business Combination, or (z) other than with respect to the Private Placement Warrants, the Redemption
Date (as defined below) as provided in Section 6.2 hereof (the “Expiration Date”); provided,
however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth
in subsection 3.3.2 below, with respect to an effective registration statement. Except with respect to the right to receive
the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant) in the event of a redemption (as
set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant in the event of a redemption) not exercised
on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement
shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior
written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall
be identical in duration among all the Warrants.

 

3.3           Exercise
of Warrants.

 

3.3.1        Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised
by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant
Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed,
and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all
applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common Stock
and the issuance of such shares of Common Stock, as follows:

 

(a)          in
lawful money of the United States, in good certified check or good bank draft payable to the order of the Warrant Agent;

 

    	 	5	 

     

    

 

(b)          in
the event of a redemption pursuant to Section 6 hereof in which the Company’s board of directors (the “Board”)
has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering
the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market
Value”, as defined in this subsection 3.3.1(b) by (y) the Fair Market Value. Solely for purposes of this subsection
3.3.1(b) and Section 6.3, the “Fair Market Value” shall mean the average last sale price of the Common Stock
for the ten (10) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the
holders of the Warrants, pursuant to Section 6 hereof;

 

(c)          with
respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by a Placement Purchaser or its Permitted
Transferees, by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing
(x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the Warrant
Price and the “Fair Market Value”, as defined in this subsection 3.3.1(c), by (y) the Fair Market Value. Solely
for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean the average reported last sale
price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise
of the Warrant is sent to the Warrant Agent; or

 

(d)          as
provided in Section 7.4 hereof.

 

3.3.2        Issuance
of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered
Holder of such Warrant a book-entry position or certificate, as applicable, or for the number of full shares of Common Stock to
which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall
not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of
Common Stock as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated
to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant
exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying the Public
Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations
under Section 7.4. No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock
upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed
to be exempt under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the
conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall
not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of
a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of Common Stock
underlying such Unit. In no event will the Company be required to net cash settle the Warrant exercise. The Company may require
holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason
of any exercise of warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of
such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number,
the number of shares of Common Stock to be issued to such holder.

 

    	 	6	 

     

    

 

3.3.3        Valid
Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and non-assessable.

 

3.3.4        Date
of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for shares of Common Stock is
issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which
the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective
of the date of delivery of such certificate, in the case of a certificated Warrant except that, if the date of such surrender and
payment is a date when the share transfer books of the Company or book-entry system of the Warrant Agent are closed, such person
shall be deemed to have become the holder of such shares of Common Stock at the close of business on the next succeeding date on
which the share transfer books or book-entry system are open.

 

3.3.5        Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5
unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise
of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving
effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge,
would beneficially own in excess of 9.8% (the “Maximum Percentage”) of the shares of Common Stock outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common
Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise
of the Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock
that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person
and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company
beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred
stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set
forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant,
in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common
Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report
on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the Company
or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For
any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days,
confirm orally and in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of
outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of
the Company by the holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported.
By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable
to such holder to any other percentage specified in such notice; provided, however, that any such increase shall
not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

    	 	7	 

     

    

 

4.            Adjustments.

 

4.1           Stock
Dividends.

 

4.1.1        Split-Ups.
If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common
Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar
event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock. A rights
offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair
Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product
of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for the Common Stock) multiplied by (ii) one (1) minus the
quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes
of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock,
in determining the price payable for Common Stock, there shall be taken into account any consideration received for such rights,
as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume
weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to
the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without
the right to receive such rights.

 

4.1.2        Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Common Stock on account of such shares of Common Stock (or other shares
of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection 4.1.1
above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Common Stock
in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of Common Stock
in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify
the substance or timing of the Company’s obligation to redeem 100% of Common Stock if the Company does not complete the Business
Combination within the period set forth in the Company’s amended and restated certificate of incorporation or (e) in connection
with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination (any
such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price
shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or
the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common
Stock in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends”
means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other
cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of declaration of such
dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section
4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of
shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units
in the Offering).

 

    	 	8	 

     

    

 

4.2           Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common
Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification
or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to
such decrease in outstanding shares of Common Stock.

 

4.3           Adjustments
in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by
multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number
of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator
of which shall be the number of shares of Common Stock so purchasable immediately thereafter

 

    	 	9	 

     

    

 

4.4           Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the
par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or
entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the
Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon
the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised
his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance” ); provided,
however, that (i) if the holders of the Common Stock were entitled to exercise a right of election as to the kind or amount
of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash
or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the
weighted average of the kind and amount received per share by the holders of the Common Stock in such consolidation or merger that
affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the
holders of the Common Stock (other than a tender, exchange or redemption offer made by the Company in connection with redemption
rights held by stockholders of the Company as provided for in the Company’s amended and restated certificate of incorporation
or as a result of the repurchase of shares of Common Stock by the Company if a proposed initial Business Combination is presented
to the stockholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer,
the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor
rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2
under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a
part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding
shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of
cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder
had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Common Stock
held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation
of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided,
further, that if less than 70% of the consideration receivable by the holders of the Common Stock in the applicable event
is payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or
is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event,
and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation
of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall
be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii)
(A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as
defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation
of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”).
For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each
share of Common Stock shall be the volume weighted average price of the Common Stock as reported during the ten (10) trading day
period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90
day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the
announcement of the applicable event , and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for
a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid
to holders of the Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all
other cases, the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on
the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in
a change in shares of Common Stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection
4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly
apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the
Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 

    	 	10	 

     

    

 

4.5           Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares of Common Stock issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting
from such adjustment and the increase or decrease, if any, in the number of shares of Common Stock purchasable at such price upon
the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation
is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, the Company
shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder
in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein,
shall not affect the legality or validity of such event.

 

4.6           No
Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares of Common Stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the
holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to such holder.

 

4.7           Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of shares of Common Stock as is stated in the
Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its
sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance
thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or
otherwise, may be in the form as so changed.

 

4.8           Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of
this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i)
avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such
case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized
national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is
necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary,
the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section
4 as a result of any issuance of securities in connection with the Business Combination. The Company shall adjust the terms
of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

    	 	11	 

     

    

 

5.            Transfer
and Exchange of Warrants.

 

5.1           Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by
appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants
shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the
Warrant Agent to the Company from time to time upon request.

 

5.2           Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered
Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that
in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants),
the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received
an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also
bear a restrictive legend.

 

5.3           Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in
the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units.

 

5.4           Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5           Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company,
whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for
such purpose.

 

5.6           Transfer
of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit
in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such
Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included
in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of
Warrants on and after the Detachment Date.

 

    	 	12	 

     

    

 

6.            Redemption.

 

6.1           Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company,
at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered
Holders of the Warrants, as described in Section 6.2 below, at the price of $0.01 per Warrant (the “Redemption
Price”), provided that the last sales price of the Common Stock reported has been at least $18.00 per share (subject
to adjustment in compliance with Section 4 hereof), on each of twenty (20) trading days within the thirty (30)
trading-day period ending on the third Business Day prior to the date on which notice of the redemption is given and provided that
there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a
current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.2 below)
or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection
3.3.1.

 

6.2           Date
Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants, the Company shall
fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (such 30-day period, the
“Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses
as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed
to have been duly given whether or not the Registered Holder received such notice.

 

6.3           Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
subsection 3.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant
to Section 6.2 hereof and prior to the Redemption Date. In the event that the Company determines to require all holders
of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1, the notice of redemption
shall contain the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants,
including the “Fair Market Value” (as such term is defined in subsection 3.3.1(b) hereof) in such case. On and
after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of
the Warrants, the Redemption Price.

 

6.4           Exclusion
of Private Placement Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not apply
to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by a Placement
Purchaser or its Permitted Transferees. However, once such Private Placement Warrants are transferred (other than to Permitted
Transferees under subsection 2.5), the Company may redeem the Private Placement Warrants, provided that the criteria for
redemption are met, including the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement
Warrants prior to redemption pursuant to Section 6.3. Private Placement Warrants that are transferred to persons other than
Permitted Transferees shall upon such transfer cease to be Private Placement Warrants and shall become Public Warrants under this
Agreement.

 

    	 	13	 

     

    

 

7.            Other
Provisions Relating to Rights of Holders of Warrants.

 

7.1           No
Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors
of the Company or any other matter.

 

7.2           Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3           Reservation
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of
Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4           Registration
of Common Stock; Cashless Exercise at Company’s Option.

 

7.4.1        Registration
of the Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days
after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration
statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants.
The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of
this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing
of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st Business Day
after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission,
and during any other period when the Company shall fail to have maintained an effective registration statement covering the shares
of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging
the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number
of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying
the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (as defined below)
by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the
volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day
prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker
or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by
the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request,
provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
stating that (i) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required
to be registered under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable
under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities
Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided
in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised, the Company
shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection
7.4.1.

 

    	 	14	 

     

    

 

7.4.2        Cashless
Exercise at Company’s Option. If the Common Stock is at the time of any exercise of a Warrant not listed on a national
securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities
Act (or any successor rule), the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants
to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or
any successor rule) as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall not
be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Common
Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary. If the Company does not
elect at the time of exercise to require a holder of Public Warrants who exercises Public Warrants to exercise such Public Warrants
on a “cashless basis,” it agrees to use its best efforts to register or qualify for sale the Common Stock issuable
upon exercise of the Public Warrant under the blue sky laws of the state of residence (in those states in which the Warrants were
initially offered by the Company) of the exercising Public Warrant holder to the extent an exemption is not available.

 

8.            Concerning
the Warrant Agent and Other Matters.

 

8.1           Payment
of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company
shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares of Common Stock.

 

8.2           Resignation,
Consolidation, or Merger of Warrant Agent.

 

    	 	15	 

     

    

 

8.2.1        Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the
office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder
of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may
apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent
at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough
of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority,
powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as
Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.2.2        Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any such appointment.

 

8.2.3        Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Agreement without any further act.

 

8.3           Fees
and Expenses of Warrant Agent.

 

8.3.1        Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall,
pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant
Agent may reasonably incur in the execution of its duties hereunder.

 

8.3.2        Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for
the carrying out or performing of the provisions of this Agreement.

 

8.4           Liability
of Warrant Agent.

 

    	 	16	 

     

    

 

8.4.1        Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, Secretary or Chairman of
the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken
or suffered in good faith by it pursuant to the provisions of this Agreement.

 

8.4.2        Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant
Agent’s gross negligence, willful misconduct or bad faith.

 

8.4.3        Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the
Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible
to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount
of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any
act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock
to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock shall, when issued, be valid
and fully paid and non-assessable.

 

8.5           Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised
and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common
Stock through the exercise of the Warrants.

 

8.6           Waiver.
The Warrant Agent hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind or nature
whatsoever (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of,
the trust account established for the benefit of the public stockholders of the Company and into which substantially all of the
proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby
irrevocably waives any Claim it presently has or may have in the future as a result of, or arising out of, this agreement, which
Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account,
and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies
or other assets in the Trust Account for any reason whatsoever.

 

    	 	17	 

     

    

 

9.            Miscellaneous
Provisions.

 

9.1           Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

9.2           Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Company with the Warrant Agent), as follows:

 

Leisure Acquisition Corp.

250 West 57th Street, Suite 2223

New York, NY 10107

Attention: Daniel B. Silvers

 

Any notice, statement or demand authorized
by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5)
days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with
the Company), as follows:

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

9.3           Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum.

 

9.4           Persons
Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or
corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason
of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations,
promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their
successors and assigns and of the Registered Holders of the Warrants.

 

    	 	18	 

     

    

 

9.5           Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant
Agent may require any such holder to submit his Warrant for inspection by it.

 

9.6           Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.7           Effect
of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the
interpretation thereof.

 

9.8           Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment
to increase the Warrant Price or shorten the Exercise Period shall require the vote or written consent of the Registered Holders
of 50% of the then outstanding Public Warrants; provided, further, that any amendment to the terms of the Private
Placement Warrants shall require the vote or written consent of the Registered Holders of 50% of the then outstanding Public Warrants.
Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to
Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

 

9.9           Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

Exhibit A Form of Warrant Certificate

Exhibit B Legend — Private Placement
Warrants

 

[Signature Page Follows]

 

    	 	19	 

     

    

 

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

 

	 	LEISURE ACQUISITION CORP.
	 	 	 
	 	By	/s/ Daniel B. Silvers
	 	 	Name: 	Daniel B. Silvers
	 	 	Title: 	Chief Executive Officer
	 	 	 	 
	 	
        CONTINENTAL STOCK TRANSFER &

        TRUST COMPANY, as Warrant Agent

	 	 	 
	 	By	/s/ Kevin Jennings
	 	 	Name: 	Kevin Jennings
	 	 	Title: 	Vice-President

 

Signature Page to the Warrant Agreement

 

     

     

    

 

EXHIBIT A

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

LEISURE ACQUISITION CORP.

 

Incorporated Under the Laws of the State
of Delaware

 

CUSIP 52539T 115

 

Warrant Certificate

 

This Warrant
Certificate certifies that, or registered assigns, is the registered holder of warrant(s) evidenced hereby (the “Warrants”
and each, a “Warrant”) to purchase shares of common stock, par value $0.0001 per share (the “Common
Stock”), of Leisure Acquisition Corp., a Delaware corporation (the “Company”). Each Warrant
entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the
Company that number of fully paid and non-assessable shares of Common Stock as set forth below, at the exercise price (the “Exercise
Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless
exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant
Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions
set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement.

 

Each Warrant is initially
exercisable for one fully paid and non-assessable share of Common Stock. The number of shares of Common Stock issuable upon exercise
of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial Exercise
Price per share of Common Stock for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment upon
the occurrence of certain events set forth in the Warrant Agreement.

 

Subject to the conditions
set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised
by the end of such Exercise Period, such Warrants shall become void.

 

Signature Page to the Warrant Agreement

 

     

     

    

 

Reference is hereby
made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for
all purposes have the same effect as though fully set forth at this place.

 

This Warrant Certificate
shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant Certificate
shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of
laws principles thereof.

 

	 	LEISURE ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 
	 	
        CONTINENTAL STOCK TRANSFER &

        TRUST COMPANY, as Warrant Agent

	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title: 	 

 

Signature Page to the Warrant Agreement

 

     

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to
receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of December 1, 2017
(the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer
& Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which
Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a
description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the
Company and the holders (the words “holders” or “holder” meaning the
Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder
hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement.

 

Warrants may be exercised
at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed
and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless
exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent.
In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total
number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate
evidencing the number of Warrants not exercised.

 

Notwithstanding anything
else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration
statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus
thereunder relating to the shares of Common Stock is current, except through “cashless exercise” as provided
for in the Warrant Agreement.

 

The Warrant Agreement
provides that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants
set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof
would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to
the nearest whole number of shares of Common Stock to be issued to the holder of the Warrant.

 

Warrant Certificates,
when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by
legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided
in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of
like tenor evidencing in the aggregate a like number of Warrants.

 

     

     

    

 

Upon due presentation
for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange
for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or
other governmental charge imposed in connection therewith.

 

The Company and the
Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution
to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of
the Company.

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

     

     

    

 

The undersigned hereby
irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive shares of Common Stock and herewith
tenders payment for such shares of Common Stock to the order of Leisure Acquisition Corp. (the “Company”)
in the amount of $           in accordance with the terms hereof. The undersigned
requests that a certificate for such shares of Common Stock be registered in the name of           ,
whose address is           and that such shares of Common Stock be delivered
to           , whose address is            .
If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned
requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the
name of           , whose address is           ,
and that such Warrant Certificate be delivered to            , whose address
is            .

 

In the event that the
Warrant has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has
required cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of shares of Common Stock that this
Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of the Warrant
Agreement.

 

In the event that the
Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c)
of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance
with subsection 3.3.1(c) of the Warrant Agreement.

 

In the event that the
Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number
of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the
Warrant Agreement.

 

In the event that the
Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares of
Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement
which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant
Agreement, to receive shares of Common Stock. If said number of shares is less than all of the shares of Common Stock purchasable
hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing
the remaining balance of such shares be registered in the name of , whose address is , and that such Warrant Certificate be delivered
to , whose address is .

 

	Date: __________, 20__	(Signature)
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

     

     

    

 

	Signature Guaranteed:	 
	 	 
	 	 

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE)).

 

     

     

    

 

EXHIBIT B

 

LEGEND

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES
LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN
THE LETTER AGREEMENTS BY AND AMONG LEISURE ACQUISITION CORP. (THE “COMPANY”), HYDRA MANAGEMENT, LLC, MATTHEWS LANE
CAPITAL PARTNERS LLC, HG VORA SPECIAL OPPORTUNITY MASTER FUND, LTD., AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED
BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY
COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED
TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER
PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF COMMON
STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS
AGREEMENT TO BE EXECUTED BY THE COMPANY.

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